Friday Free-for-all! We (heart) bubbles!

Hey now, it’s the end of another work week and the start of a very special weekend!

It’s Friday Free-for-all time!

Lets do our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Hot! Hot! Hot!
Home prices turn negative?
New mortgage rules
Take the money and run!
Fond memories of the VSE
Laundering?
Assignment flipping
Expect rates up says Yellen
Vancouver a better China
CRA looks for flippers

So what are you seeing out there? Post your news links, thoughts and anecdotes below and have an excellent love-filled weekend with lots of snogging and chocolate!

Sort by:   newest | oldest | most voted
guest
Guest
guest
Bird
Guest
Bird
Agreed! And considering the impact of the assignment flipping story she has a very good point about real journalism vs. the quick and easy: The impact this story is having it really shows the importance of journalism to the public. I’m not just saying this because they pay me: The Globe and Mail deserves a huge amount of credit and support for the kind of support it gives me and other investigative journalists to do this kind of work. It cannot be done quickly. You can’t tweet about it. You can’t come up with it in a day or even a week. This took three months from the last time I filed a story. I have been a reporter for almost 30 years; no one’s ever given me three months to do a story. What you get out of it… Read more »
Shut It Down Already
Guest
Shut It Down Already

What impact is that then? The same as the donthaveamillion/giveusdata Robson Square rallies? The common person simply doesn’t give a crap about this stuff – and that’s exactly why the market is in the state it is. Greedy, greedy locals who think that RE is a retirement plan and “always goes up!”. This story has zero impact outside of the blogosphere.

Bird
Guest
Bird

Did those other examples spur politicians to comment and call for inquiries? Because I don’t remember that they did. No matter how sincere politicians are when the spout off on a topic, the fact that they spout off on it at all is an indication as to its importance in at least a sizable chunk of the general population.

space889
Member
space889

So she reported some potentially scandalous and rage generating story about evil Chinese Realtors ripping off greedy but ignorant homeowners. But in the grand scheme of thing, this is really small potatoes and isn’t the cause of the unaffordable RE market we have in Vancouver, despite what the angry racist bears like to believe.

Dinnertime
Guest
Dinnertime

WTF does assignment flipping have to do with race? Are you saying only a specific race is doing this?

Best place on meth
Member
Best place on meth

She deserves The Order of Canada.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

1. “shadow flipping” only had a small effect on Vancouver housing price, e.g 5%. It is the immigration policy and foreign money which had major effect.
2. Premier Clark will be re-elected, as most voters in BC are home owners, and the premier is protecting their equity of their home.

Hyper-mega-Bull
Member
Hyper-mega-Bull

i don’t understand why shadow flipping has excited the public so much. has anger in general increased, or is there something about shadow flipping that especially pisses people off.

if a chinese guy comes knocking on your door and says he has a suitcase full of money, you don’t have to sell.

space889
Member
space889

Cuz the sellers feel they have been cheated about not getting the final sales price, and it is all their realtors and the Chinese people’s fault! Off course they also have to get on a moral high horse about why Chinese buyers are all foreign and evil and lie and didn’t do their fiduciary duty to pay the higher final sales to them in the first place.

Best place on meth
Member
Best place on meth

“if a chinese guy comes knocking on your door and says he has a suitcase full of money, you don’t have to sell.”

You make a good point.

The homeowner could say “go back to china, you sleazy piece of shit!”

And why not? There’s nothing illegal about it.

Best place on meth
Member
Best place on meth

I know several home owners who despise Christy and the BC Libs. so their support is hardly a given.

patriotz
Member

The real point is that the NDP will not take a positions which is materially (as opposed to rhetorically) different from Christy because that would lose the support among homeowners which they already have.

patriotz
Member

It doesn’t have any effect on the market price, because only purchases on the open market affect the market price. The property featured in the story was not sold on the open market in the first place. Even if a property was initially sold on the open market, flipping the assignment would not affect the market, because it just passes on the property to someone else without any open market participation.

space889
Member
space889

Premier announces $355 million affordable housing investment for B.C.

Read more: http://www.vancouversun.com/business/affordability/premier+announces+million+affordable+housing/11716011/story.html#ixzz3zyyCPQtS

Is the per unit cost of $170K reasonable?? If it is and your average 1br 500 sq ft condo is selling for $350K+ then it means the developers are having a ~50% net profit margin??? That extremely high?!!

patriotz
Member

“Is the per unit cost of $170K reasonable?? ”

That’s not the per unit cost, but the per unit provincial contribution. As the story itself indicates, she’ s expecting money to come from other parties. And likely provision of land from other parties as CoV has recently proposed.

Not to mention the bulk of the cost of many projects could be financed by borrowing as has been commonplace for co-ops.

patriotz
Member

” If it is and your average 1br 500 sq ft condo is selling for $350K+ ”

Forgot to add, the City of Vancouver is not BC.

space889
Member
space889

Shadow flipping could put Vancouver real estate deals under scrutiny from the taxman

Read more: http://www.vancouversun.com/business/shadow+flipping+could+vancouver+real+estate+deals+under+scrutiny+from+taxman/11714181/story.html#ixzz3zz16XcTR

Interesting quote:
It’s not the first time the provincial government has investigated the issue. Shadow flipping was rife in Metro Vancouver during the early 1980s housing boom, and, like today, was blamed for boosting foreign property investment and making housing unaffordable for first-time buyers.

bestplaceonearth
Guest
bestplaceonearth

your posts pissed some people off. keep posting, you are doing fine. people need to learn to accept and adapt, not being angry all the time. i hope no children are raised by these angers.

space889
Member
space889

We can only pray and hope…..

Yunak
Member
Yunak

What to do? Do we all leave VCI go elsewhere and leave it to spacefuck to post his garbage indefinitely? Spacefuck and VCI are the same case as Chinese and Vancouver, not welcomed any more but impudently keep coming even in bigger volumes. What the fuck is wrong, why so much annoyance, stubbornness and pushiness. Different common sense, culture, total fuckup…

Yunak
Member
Yunak

Thanks Pope for the clean-up.

Shut It Down Already
Guest
Shut It Down Already

“What to do? Do we all leave VCI”

Yes. Take your vile filth elsewhere. Ideally another country.

bestplaceonearth
Guest
bestplaceonearth

certainly there is choice. no one forces anyone to do anything in this best place on earth. if a person’s choice is to f%ck oneself up, well, be at their own will.

Best place on meth
Member
Best place on meth

Speaking of pushy, I’m surprised the asshole hasn’t yet demanded that this blog be conducted in mandarin only.

The only other real estate blog is RETards and there doesn’t seen to be anyone left there.

We may have to start our own.

space889
Member
space889

Look in the mirror buddy.

Vanco
Guest
Vanco

Maybe start skinheadinfo.ca? I am sure that will keep space away.

Shut It Down Already
Guest
Shut It Down Already

Presumably everybody on that site talks about nothing but real estate.

Null
Guest
Null

Chinese people which assault Uighur child.

https://youtu.be/78Gp4R_u30Q

space889
Member
space889

Background on Uighur street children and it is sad all around, plain old child trafficking.

And I doubt street children that are part of theft groups anywhere in the world are treated much better if they consistently steal from the locals.

http://saveeastturk.org/en/index.php/Assessment%20of%20Uyghur%20Street%20Children%20in%20Inland%20China

Chabar
Member
Chabar

Alright, so we should expect soon to see such things here in Vancouver as part of global trend when it comes to dealing with problematic kids? Nice justification asshole.

Best place on meth
Member
Best place on meth

Oh come on, I see lynch mobs kicking the shit out of small children from ethnic minorities all the time around here.

Anywho, it’s not possible for chinese to be racist. They’re always the victim, it’s a fact.

Ethnic cleansing is the white mans burden.

Chabar
Member
Chabar

In British Columbia it is white woman’s burden but literally.

Shut It Down Already
Guest
Shut It Down Already

So many logical fallacies in a single thread. Well done.

Best place on meth
Member
Best place on meth

U mad, traitor?

space889
Member
space889

Also, nice of you to simply ignore the other side of the story. And yeah, I guess China is the only place where some people would ever harm a kid of stealing. This is just one more proof all Chinese people are barbarians, right?

I guess all those Canada white males that buy child sex in places like Thailand proves all Canada born white males are sexual pedophile predators too right?

DISGUSTED
Guest
DISGUSTED

SHOCKING! No matter what the child had done does not deserved to be kicked in the head or have the hand broken. Where are the Police! Are we living in the middle ages?

bestplaceonearth
Guest
bestplaceonearth

isn’t it a bit off topic? i am sure there is another blog for it.

Chabar
Member
Chabar

Nice try motherfucker after scolding us on kids upbringing.

your posts pissed some people off. keep posting, you are doing fine. people need to learn to accept and adapt, not being angry all the time. i hope no children are raised by these angers.

bestplaceonearth
Guest
bestplaceonearth

“motherfucker ” really? do you that?

wwwww
Guest
wwwww

How can someone look at the child being abused and not feel empathy and horror.

space889
Member
space889

But what if that child is stealing from you or your business as part of criminal group every day, scaring your customers away, and the police refuses / can’t do anything about it? What then? If you suffer that problem day in day out, how would you eventually respond?

It’s easy to get on a moral high horse when you aren’t dealing with the problem yourself. This is a sad case for everyone, except the human traffickers and organized crime. The kids are victims too but unfortunately they are unlikely to get much sympathy from the people they steal from.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Investigation underway after glass case with bear paws found near UBC

http://globalnews.ca/news/2512960/rcmp-investigate-disturbing-find-near-ubc/

Chabar
Member
Chabar

“If I cannot have both Bear’s Paws and Fish, then I would prefer Bear’s Paws.” –Mencius

Bear’s paws 熊掌 have always been considered a rare delicacy in China. This is still true today. Even in ancient times, when there were more bears roaming the wilds in China, bear’s paws were a food for the elite, not the common diner.

http://impexco.org/?p=81#sthash.WK3btVWU.dpuf

DISGUSTED
Guest
DISGUSTED

I thought the dinner for the Chinese elite is the brain of a monkey.

crabman
Guest
crabman

Sprinkled with some groud-up rhino horn. Yum!

Chabar
Member
Chabar

Plethora food for the elite, and I bet you can get some of those in local private clubs

The Menu:

http://factsanddetails.com/china/cat11/sub73/item145.html

space889
Member
space889

And you people eat beef from cows that are sacred to Hindus. I don’t think a lot of them getting up in arms about your eating habits. And really? Quoting someone who’s been dead for 2000 years?

Best place on meth
Member
Best place on meth

Let’s not jump to racist conclusions here.

Probably just a biology prof accidentally dropped them on his way to class.

Amirite?

wwww
Guest
wwww

Also at UBC but in the summer:

Bear paw found in fridge of 5 Tastes Chinese Bistro in Vancouver

http://www.cbc.ca/news/canada/british-columbia/bear-paw-found-in-fridge-of-5-tastes-chinese-bistro-in-vancouver-1.3101270

Canada First
Guest
Canada First

Space:

That video is disturbing. if those are the values we are importing into Vancouver, then i will do everything in my power to drive those with similar values out of here. is it really like that in China?? Is this an accurate representation??

Beating up a child. This video needs to be shared. Lowest of the Low!

Best place on meth
Member
Best place on meth

Sure it looks bad, but he’s still relatively lucky.

His sister was forcibly aborted.

paulb
Member

New
237
Sold
194
TI:8032

For weekly sales and/or new listings info on a specific neighbourhood/city of your interest, email me and I will customize a weekly update for you. The daily sales numbers only mean so much. Each neighbourhod and market segment can be quite different.

http://www.paulboenisch.com

would-be buyer
Guest
would-be buyer

I will vote for the party that bans foreign ownership. Period. David Eby should strike while the iron is hot.

http://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

patriotz
Member

As the article makes clear, PEI’s restrictions apply only to large acreages and waterfront.

Anyway, that West Side boomer couple thought they were selling to a rich foreigner in the first place. That’s not what they’re mad about. They’re mad because they didn’t have the common sense to list the property and get the highest price any buyer was willing to pay. Ironically one of parties the property was flipped to was a local.

Christy has already made her position clear – that foreign investment restrictions will make prices go down (her claim not mine). Do you think advocating such restrictions is going to win votes from homeowners?

would-be buyer
Guest
would-be buyer
I understand PEI’s restrictions. My point was that provincial governments have the power to restrict ownership of land. If, as most on this site attest, foreign ownership is the culprit for Vancouver’s rising house prices, then we should ban foreign ownership. Problem solved. Pretending to “monitor” or “investigate” bad realtors or legal practices such as assignment flipping is just noise. It does nothing to solve the problem. It won’t bring prices down and does nothing to help those priced out. So, if everyone agrees that the BC government is not going to ban foreign ownership, then what? What is the end game here? Can we say the market is in a bubble then? Likely not, since their will always be foreign money pouring in. Will rates rise and kill the market? Likely not for at least a decade and that… Read more »
patriotz
Member

“51% of Vancouverites rent. I suspect that statistic will only go up over the next years as boomers die and locals increasingly get priced out. ”

CoV does not elect the provincial government. If it did there would be an NDP government now. More broadly, CoV is not demographically typical of the metro.

I believe that this year’s census will show an all time high ownership rate in the metro and the province. A lot of people think that rising prices result in falling ownership, but that’s at odd with the historical fact that ownership rates rise and fall together with prices.

wwww
Guest
wwww
wwww
Guest
wwww

vanity plate says “CHINA”

Best place on meth
Member
Best place on meth

Cops are right behind him.

Looks like they got him for “impersonating a driver”.

I\'m With Stupid ^
Guest
I\'m With Stupid ^

Great comment. You sure showed him!

wwwww
Guest
wwwww

I got the picture from reddit. The person who took the picture says that a tow truck was arriving. Someone else says that the car belongs to a corruption suspect named Michael Ching.

https://www.reddit.com/r/vancouver/comments/45hz6t/how_very_vancouver/

Diadora
Guest
Diadora

Michael Ching is not stupid enough to have a plate saying china.

wwwww
Guest
wwwww

hmmm.. it was probably a joke and i didn’t pick up on the sarcasm.

OpenCourse
Guest
OpenCourse

good one

GreenSalad
Guest
GreenSalad

Warning about real estate ‘shadow flipping’ from alleged victim

http://bc.ctvnews.ca/warning-about-real-estate-shadow-flipping-from-alleged-victim-1.2774998

Shut It Down Already
Guest
Shut It Down Already

Victim? He agreed to the sale price! Victim of his own stupidity maybe?

Shut It Down Already
Guest
Shut It Down Already

Market data doesn’t get discussed anymore. Have we ever seen 8K inventory in February? Absolutely insane. Must be impossible for move-up buyers right now – sure, they’d be able sell their place in a heartbeat but what could they possibly buy when what little inventory is out there surely gets lots of interest?

dyugle
Guest
dyugle

This is classic, sellers can’t sell right now as they would be priced out of their own house after the shadow flipping prior to the close. Thus inventor drops and the market romps higher as listings drop. Best to let it burn its self out or price high and let the market come to you.

patriotz
Member

Should this woman hold onto her rental condo for retirement income?

Yet another boomer betting her future on RE. This one is in Toronto, but there are many like her in Vancouver.

Oracle
Guest
Oracle

I think China needs to be taught a lesson in the South China Sea. Building artificial islands is provocation for war. We and the USA must take preemptive action and send these guys back to the Stone Age if their aggression keeps growing.

The USA sent in a ship by the islands. I say send in the US Navy and seize the islands.

And maybe keep close watch on people who seem to hate and ‘fight’ against the west.

Thai includes you space. But I’m sure your on the watchlist if ever the inevitable war with China breaks out.

Diadora
Guest
Diadora

US does not have to sent in a Navy to teach China a Lesson, just take away the Most Favorite Nation status and China’s economy will tank instantly.

crabman
Guest
crabman

The corporate masters wouldn’t allow it.

US Naval presence is to let China know those international shipping lanes will not be taken-over by the PRC.

history
Guest
history

“Flight to safety not only led to a sell-off in the Yuan but has spiked demand for Gold. If you can’t get your capital out of China to buy real estate in Vancouver or Sydney then the next best alternative is to buy gold. ”
http://tradingdiary.incrediblecharts.com/2016-02-13-markets-gold-forex.php

Ulsterman
Member

This market has truly now jumped the shark. In the past year wages in the Lower Mainland were basically static, interest rates stayed the same give or take, and a year ago houses were at historically high, bubblicious prices, stretched beyond the reach of 95% of local income buyers. And then what happened? In my neighbourhood or North Burnaby they went up another 30%. I guess it must be al those local buyers who went to the bank and said “Hey, i’m not making anymore money than last year. Fancy increasing my mortgage approval by 30%?” Maybe in La La Land this IS what happens and it’s ME who’s out to lunch.

Shut It Down Already
Guest
Shut It Down Already

Maybe your neighbourhood isn’t representative of the total market (it isn’t)?

Maybe not everybody sets their budget at the top-end of what they’re approved for (they don’t)?

You’ve also interpreted the “95%” incorrectly.

Ulsterman
Member
I’d say North Burnaby is fairly representative. Reading all the hoopla about property tax assessments going up the media was suggesting most SFH’s rising between 25-35% in assessed value, so i’d say my 30% N Burnaby increase isn’t outlandish. Also, it’s been reported widely that in the lower mainland, people are not being fiscally prudent and buying conservatively. The vast majority cannot afford to be conservative. They find out what their max, qualification is and go shopping. I know a few people pulling their hair out trying to get into the SFH market and being pushed further and further into the suburbs, and into areas they’d never dreamed of living in. They have a few hundred in equity and are desperate. Their shopping logic is: go to broker and get the highest qualification possible, add existing equity, take money from… Read more »
Zero Down Forty
Guest
Zero Down Forty
After being flat since 2011, Poloz dropped BoC rates twice in the early part of the year. Most Banks passed that on for their variable rates. Then Morneau announced the upping of CMHC standards kicking in Feb 15. Every time Flaherty announced changes to CMHC standards there was a rise in buying before the date. High end home sales make up a fraction of sales in metro; 5-7% of sales for homes over $3 mil. 80% of sales are for home below $1 mil. Home prices have double to triple in all 20 major Canadian centres over the last 10-15 years. The average income household can borrow 2-3 x more than they could in 1999. The world money supply has been expanded from $35 trillion a decade ago to $70 trillion today – unprecedented in world history. This has created… Read more »
Ulsterman
Member
I checked out variable rates from superbrokers.ca and in 2011-14 they were 3%, 2015 (2.79%), 2016 (2.7%). The drop isn’t significant to the max mortgage amount. So my point stands, we’ve heard for years buyers in the heated lower mainland need to stretch themselves to get onto the property ladder and that buyers are not conservative. Buy now (at all costs) or be priced out etc. So lower rates can’t account for the massive price increases since 2011. CMHC has become MORE conservative – no help there. Where are the local buyers of the sub $1m homes getting the money to bid $100k+ over asking? A colleague recently went to a Poco SFH open house. $788 ask, $1,030,000 close. 100+ at open house according to him. Him and his wife do well enough with a joint income of about 150.… Read more »
Zero Down Forty
Guest
Zero Down Forty
Yep. Home prices go up because most are pricing themselves in, not being priced out. Metro homeownership rates have risen form 55% in the mid-80’s to 65% today. Most of the millenials I work with have bought condos. Some just out of uni. I’ve had to write their confirmation of income letters for their banks. We start new grads at $45k-$55k range. A 30 something woman I work with bought a East Van tear down for $700k a few years ago. She and her husband together make maybe what I make, and I wouldn’t think of doing that and be able to save for retirement. She claimed she could only do it because they created a rental suite in the basement. I told her that the average couple needs $1.5 mil to retire. She looked blank for a while then… Read more »
Oracle
Guest
Oracle

What you guys think of starting an anti-immigration part?

I’m an ethnic visible minority so the establishment can’t use the race card against me!

The premise would be how uncontrollable immigration is affecting the quality of life for residents already here at the benefit of the Real estate, corporate, and bank sectors.

Anyone cry racism…Ill just smile at them and say “maybe it is.”

Time to fight back. Most people on the street are getting this attitude as well.

Space: you with us or against us?

Best place on meth
Member
Best place on meth

No, on the the contrary. We need to lobby Ottawa to bring in 100,000 Uighur refugees on the grounds of cultural genocide at the hands of the chinese.

Once approved they should all be resettled in Richmond.

space889
Member
space889

Yes and then maybe you can either enjoy spending lots of money on them as refugees, or maybe get to enjoy the experience of roaming street kids gangs.

recco
Guest
recco

Chinese eating a fish while it is still alive

https://www.youtube.com/watch?v=2BYPuLnAscA

Shut It Down Already
Guest
Shut It Down Already

Should we bring out some seal cull videos? Seriously, what is the point of you posting this? More childish race-baiting on a blog that purports to discuss RE…

wwwww
Guest
wwwww

Are the sealers poking a dying seal and laughing when it flinches, and then eating it alive? If so, please post the video. I will gladly condemned them.

Shut It Down Already
Guest
Shut It Down Already

There are many videos of barbaric seal culls. The fact they’re not eating the seals is irrelevant. Stop making excuses for your pathetic support of this practice.

space889
Member
space889

Actually this is a Japanese sushi practice. A simple Google search would have confirmed this, and you can get this in almost any self-respecting sushi place in Japan. But I guess it’s ok if Japanese do it since they aren’t communist.

Concerned Racist
Guest
Concerned Racist
GreenSalad
Guest
GreenSalad

Calgary show home loaded with frills sells for $500,000 under asking
http://www.theglobeandmail.com/life/home-and-garden/real-estate/calgary-show-home-loaded-with-frills-sells-for-500000-under-asking/article28746167/

While myopic idiots in Vancouver chase overpriced shacks, the smart money persues much better value elsewhere…

wwwww
Guest
wwwww

So you bought in Calgary?

Tiger
Guest
Tiger

CRACK CENTRAL NEAR MAIN & HASTINGS

$1325 / 1br – 510ft2 – BRAND NEW – 1 BDRM 1BTRM “SEQUEL 138” (138 E. HASTINGS STREET)

http://vancouver.craigslist.ca/van/apa/5420593246.html

gordholio
Member

Sam Cooper over at The Province strikes again. Posted on a Saturday night, no less. This isn’t quite as notable as some of his previous pieces, but this guy continues to do great stuff – one of the only voices in the local media who researches his ass off and bit by bit continues to throw wrenches into the machine.

http://www.theprovince.com/news/vancouver/real+estate+council+warns+realtors+public+confidence+them/11718780/story.html

wpDiscuz