Canada, economy, prices

House prices up across Canada

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96 Comments

It’s not just Vancouver – House prices are up 17% in one year across Canada.

Of course the big increases are happening in Toronto and Vancouver where sales and prices seem to just keep going up and up, while inventory stays low:

That”s even the case in hot markets, where homes are snapped up in record time. “Vancouver’s market is drum tight, with an almost unheard of 91 per cent sales-to-new listings ratio,” BMO economist Robert KAvcic said. “In other words, almost every new listing is getting absorbed within the month as record sales meet average growth in new listings.”

We have found the secret to unlimited wealth and it is housing debt!

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[…] $47 / hour –Premier warns on shadow flipping –No God-given right to live here –BC parents delay birth –Down in USD? –Unsolicited offers? –Credit fueled bubble –Shark jumped […]

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Interesting

So Pope are you going to do anything about the voting and IP ban Space or do we slide further in the shitter?

You will notice Space makes up about 15% of the posts. I sure liked it better when he was instantly voted into oblivion and I didn’t have to read his race baiting garbage.

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Hyper-mega-Bull

House My Style

House My Style is a half-hour docu-reality series on Omni TV (Feburary 2016) that explores the booming Vancouver real estate market from a uniquely Chinese Canadian perspective.

https://youtu.be/Ru2S9hZnalc

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space889

Imagine the glee from team BPOM and Company if the perp has been reported as Chinese, especially one that couldn’t speak English well. Just more proof every Chinese from PRC is a dirty violent thieve. But that would be totally on topic and no racists right, Whistler or Bust?

http://www.vancouversun.com/news/staffer+stabbed+trying+stop+alleged+shoplifter+surrey/11725070/story.html

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VanCity Guy

More unnecessary race baiting. If you don’t plan on being constructive, go away.
You do have the occasional worthwhile post, but for the most part you’re just trying to agitate people.

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@ubc in crisis

That agency only cares about Canadian working stiffs. I suggest you start evading taxes rather than trying to figure out who netted $4 mil without paying taxes.

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UBC in Crisis mode

How can you report to CRA a flipped house claiming primary residence as no one lived there before flipping? CRA is asking for the name of the owner, but how can you find out the owner’s name as the house stayed empty? The gain was $4 million.

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bestplaceonearth

call 1-888-JEA-LOUS to find out.

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Best place on meth

That number is not in service, maybe I’ll try 1-888-LAU-NDER or 1-888-COR-RUPT.

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Hyper-mega-Bull

how do you know it was claimed as primary residence?

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space889

Pay the $25 or $50 fee and do a title search. As for proofing it is empty, I guess you probably need to take some photos of empty house, no furniture, empty garbage cans, etc. Otherwise, the owner can have the utility bills mailed to the address and then claim residence based on that.

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West Coast Woman

The BC Assessment office has books of all the registered owners of properties listed by property address. Go to their office (it used to be on Cornwall (&Cypress?) near the Burrard bridge) and look up the address to get the registered owner, property identification number, legal description, etc. No charge, but you have to go in person.

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Hyper-mega-Bull

B.C. moms give birth later than rest of Canada

New data indicating that women in B.C. have children later in life than in any other province is a sign of a “massive unaffordability problem for young British Columbians,” according to one UBC expert.

http://vancouver.24hrs.ca/2016/02/16/bc-moms-give-birth-later-than-rest-of-canada

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space889

So, let us get this straight. Team BPOM posts some articles that has nothing to do with RE and sole purpose is to stereotype 1 billion Chinese from PRC in a bad light, that’s GOOD! If they get tons of up votes, that’s just and right cuz it is. They are on the pulse of Vancouver and can do no wrong. But if they get down voted, then it must be because the voting is rigged and hack. If someone calls them out on the crap then that someone is a scum, locust, shit that must be banned forever. And if those people’s posts are up voted, well, that’s just all the proof you need the vote is rigged and they are ruining ruining the blog!!! They are why there is an Asian, sorry, Chinese, sorry, PRC Chinese (non-Racist!) locust… Read more »

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VanRant

Uh On, this can’t be good for Ham…
“An amended Property Transfer Tax Act will authorize Victoria to collect new information on the citizenship of individual homebuyers, and compel directors of corporations involved in transactions to disclose their citizenship. Transferees will also be required to disclose whether they are holding land as “bare trustees” and provide information on the beneficiaries of trust funds. The use of bare trusts has been identified as a “loophole” in B.C.’s real estate market that obscures buyer identities and encourages speculation from foreign investors, according to critics.
http://www.theprovince.com/homes/government+begin+tracking+citizenship+home+buyers/11723363/story.html

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Hyper-mega-Bull

it’s not good, but it’s not bad either. after decades of foreign money impacting our market they have decided to analyze the problem.

how much longer until ANY action is taken? how much longer until EFFECTIVE action is taken? HAM are experts at getting around the rules.

also, this doesn’t address the issue of people who are citizens and PR in name only, PR for sale, schools that just act as student visa mills. the discussion on this issue hasn’t even begun.

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space889

I’m sure those highly paid lawyers and accountants will find a way around it. That’s what they are paid for and why they are so highly paid.

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Hyper-mega-Bull

“If B.C. and Ontario were stripped out, the picture would look even bleaker — the average price of a Canadian home would have dropped by 0.3”

vancouver #1 HAM city. toronto #2 HAM city.

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history

“With slow economy growth, commodity and property price fall, the asset quality outlook for Asian banks quickly deteriorate, and will adjust downward Standard Charter Bank EPS in 2015, 2016, 2017 and 2018 by 75%, 42%, 30% and 22% respectively.”

“Morgan Stanley in its report, reiterated its Underweight rating for STANCHART with Target Price cut from $68 to $46, as the bank will underperform its European and Asia-Pacific counterparts. Under the bearest scenario the target price is at $29. “

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ChinaOne

My cousin buy rancher last year. It go up in value. He say now raise rent. he take cash only.

i told my mom buy another rancher. we then raise rent. we love this county.

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southseacompany

“Is a housing price correction coming in Toronto and Vancouver?”, Maclean’s magazine

http://www.macleans.ca/economy/realestateeconomy/home-sales-up-8-last-month-average-price-soars-17-per-cent/

“Surging sales in the piping hot real estate markets of Toronto and Vancouver last month prompted one of Canada’s big banks to express concerns Tuesday that the cities may be at risk of a home price correction.”

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Squamish22

Anyone know if a map of planned future developments on the Quest University lands in Squamish can be found anywhere?

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Nong

Don’t go EXO in Vancouver

https://www.youtube.com/watch?v=ZSTJiGFHJnw

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Whistler or bust?

Start with IP bans on Space and Hyper Mega Bull. Notice the 15 up votes for ridiculous articles

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Hyper-mega-Bull

first, just because you don’t like the articles i post doesn’t make them ridiculous. second, i have nothing to do with the voting discrepancies.

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space889

But the flurry of down votes for all those articles posted by BPOM that has nothing to do with RE are what? Purely on topic and good?

And article regarding BC Budget are ridiculous?? Seriously?

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Whistler or bust?

Pope by letting Space and his gang of fools game the voting it makes the rest of the people who actually contribute not want to even bother.

You need IP bans now and you need to take control of your blog back.

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vangrl

agree. why bother having the voting when it’s rigged? Ban that IP.

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Shut It Down Already

Best way to fix this blog is to get back to discussing RE again. A good start might be to hold all posts containing links in a moderation queue and can all of them that contain pointless off-topic negative news articles about Asians. IP bans for repeat offenders, including the “regulars”.

The lunatics are running the asylum.

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patriotz

If you mean PRC Chinese say so, not “Asian”. Spare us the political correctness.

Of course neither the Chinese nor any other nationality from Asia call themselves “Asian”, unless they are referring to the whole continent collectively. The word itself is European (it originally meant present day Western Turkey).

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Shut It Down Already

Oh dear. Mr Nitpicker strikes again.

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Shut It Down Already

Also, I don’t recall you making the same pointless comment to explain how “HAM” should really be “HPRCM”. A little hypocritical, wouldn’t you say?

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patriotz

As you already know, I don’t think foreigners are responsible for the bubble in the first place, so why should I “correct” one bogus term with another?

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Shut It Down Already

You clearly work for the government.

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ChinaOne

We like Christy Clark and Bc Liberal. We pay no MSP premium. My cousin pay no MSP premium. We drive Lexus. We like sleep in on weekdays. we like noodle for lunch on No 3 road Richmond. Best county in world after China.

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Yunak

Is this you and cousin?

https://c1.staticflickr.com/7/6217/6332801505_c6383883ef_b.jpg

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Best place on meth

We need to build a wall around Richmond, and make China pay for it.

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A-hole

Then fill that wall with water

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Best place on meth

Then fill that water with piranhas.

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Shut It Down Already

The toss the ignorant racists into the water with bacon wrapped around their genitals.

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Oracle

The changes in the budget are to drive up prices in the valley. Many MLAs own multiple properties there.

Lots of new homes will be sold there.

This is what happens when you let a criminal gang be elected.

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ostritch

So what’s next a run on condo prices under $750,000? Prices have already been bid up quite a bit in the last year. I hear the ultimate high end SFHs have slowed as money is getting held up in China. If this is true, the next year of price wars could be totally Locals on Crack(Credit) doing themselves damage. One thing is certain, this market is never dull.

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ostritch

Plus T2 is going on a spending spree into these headwinds. Not good long-term for the locals here. It could be Wily E Coyote running out past the cliff in 2-3 years. BUT NOT NOW.

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vangrl

You’d save 1.7% of the purchase price with this tax break. Plus you have to buy new, so GST will eat that up x3.

But of course we’ll probably see a run just as we did with people trying to beat the new higher downpayment rules. Bidding 10-15% over asking in fear of having to put down an extra 5%… morons.

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ILoveCharts

This rule came into effect immediately.

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diadora

Exclusive: China sends surface-to-air missiles to contested island in provocative move.
http://www.foxnews.com/world/2016/02/16/exclusive-china-sends-suface-to-air-missiles-to-contested-island-in-provocative-move.html
One thing people in the west fails to realized, China is still a “Communist Dictatorship”

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Best place on meth

No worries, President Trump will deal with those vermin next January.

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space889

And the military bases the other countries have in that contest region have what?? Just tourist attraction props??

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Mortgageslave

@space

It’s obvious that you don’t own a house or any investments with your complete BS….

“Good managers who aren’t bond to an index mandate can usually get out in the first 25% fall and avoid the rest of the 75% fall”

Classic clueless investor, worried my stock will go to zero when they are falling…. If you sold out of the market in the past few weeks and missed Friday and the past two days you can write off 2016. I have stocks up 25% in that time, dividend payouts account for 71% of returns over the past 30 years in stock market. Space, once again you’ve proven that your ACFI. How’s your mom basement anyways?

Is it only me or does everyone feel dumber when they read a spacecase comment?

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ostritch

Gotta agree.

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ostritch

What is ACFI? A c*nt without a clue? That would be CWAC.

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space889

Actually you don’t know what you are talking about. Nobody is worried that an index would go to 0. And no, dividend don’t account for 70% of the total returns, unless you are talking only about the last 10 years.

As for timing the market, missing the worst declines and best days will still beat buy and hold. And frankly there are better ways that can get you to miss most of the bad days, and still get a lot of the good days like the last month. But I don’t feel like enlighten jerks like you. Suffice to say, a lot of very highly paid people disagree with your views.

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vangrl

Space = The only person who’s been Bullish on the market forever yet never bothered to buy.
No real estate and obviously no stocks. Yet he spends all his time on here talking about both.

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Tim

If space889 is the inimitable Victor Wong, then his family does own several properties in Vancouver, which he helps manage. If he’s Victor, any claim that he isn’t involved in this market is far from the truth.

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Best place on meth

There is no way space is Victor Wong, he’s way too stupid.

Although they are both similarly deranged.

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space889

I’m not a realtor and I did said I own but you don’t believe me. So whatever….you can believe whatever makes you feel better but it still doesn’t make you a better person.

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ILoveCharts

that budget….. unbelievable……. I don’t even have words.

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Best place on meth

This is Krusty math:

“De Jong’s budget outlined $47.5 billion in spending for the 2016/17 fiscal year, starting April 1, with a projected $264 million surplus. ”

“Total provincial debt is estimated to rise $2.4 billion next year, to $67.7 billion.”

Hello, accounting department?

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Andy

Wow. So glad that we are going to start to track foreign ownership. It’s going to have a real impact. http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west

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ostritch

I wish they could just track the money rather than the mortgage signer or title holder because we’ve already seen local agents take on that job for their clients. I’m sure they’ve got cousins who aren’t agents who would like to earn a few extra bucks.

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Yunak

Right, they just created a framework to support status quo and legalize laundering and tax evasions.

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space889

Also, what about those absent Canadian citizen or PR who are Canadian in name only, but really reside and live elsewhere? It really doesn’t do much, though I guess once the number is out after a few years, at least we could say, foreign buyers really only account for about xxx% , and $yyy billions of total RE transactions. Then we can actually say if the amount of $$ is actually consequential or not.

But I’m guessing some people just simply will not stop blaming foreigners & immigrants no matter what.

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patriotz

Nobody is a Canadian “in name only”. Either you’re a citizen or you’re not, whether you live in Vancouver or on Mars.

PR status is contingent on residence in Canada and this needs to be enforced more strictly.

Also note a citizen may be non-resident for tax purposes (e.g. Wayne Gretzky) and as such subject to the same taxation rules as a non-resident non-citizen.

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space889

So you are saying citizens of convenience don’t exists?? Cuz I’m sure a lot of Canadian citizens in Lebanon, HK, etc don’t really consider themselves to be Canadian and I doubt they will do anything patriotic for Canada.

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space889

The new BC budget with some RE measures:
http://www.vancouversun.com/news/metro/budget+offers+help+buyers+homes/11723141/story.html

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patriotz

The government will, starting Wednesday, exempt any purchaser of a newly-built home, condo or townhouse valued under $750,000 from the property transfer tax, potentially saving them up to $13,000.

I have to say I thought the subsidy to the RE industry would be a bit more subtle.

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Many Franks

Yep. I had low expectations and they still managed to disappoint.

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ostritch

Yup. Pathetic.

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