Friday Free-for-all! March 18th 2016

It’s the end of another week and that means it’s Friday Free-for-all time!

This is 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:

Ignorance not bliss?
Conrad Black, renter
Not a good renter
500 imaginary sq. feet
Fed keeps rate steady
How FTBs are doing it

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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bullwhip29
Guest
bullwhip29
Canadian retail sales rise at fastest pace since 2010, boosted by auto purchases http://business.financialpost.com/news/economy/canadian-retail-sales-rebound-more-than-expected-in-january-boosted-by-auto-purchases >>> expect this short term blip to reverse in the coming months as the loonie has recovered enough to get the 1000’s of price conscious x-border shoppers in Cda’s 3 largest mkts to venture back to the US during the busy spring and summer seasons. perhaps to a lesser extent this recent rebound in the loonie will also have some potential intl visitors (and RE investors) thinking twice about making that trip north of the border too. if the US Fed has indeed entered the race to the bottom in a meaningful way (because things arent going so well), then we will be facing a whole host of issues in the coming yrs. the BoC and the powers that be in Ottawa had plenty of time… Read more »
space889
Member
space889

Wait until cash is banned then the NIRP fun really starts. Not to mention giving banks even more leeway to gorge customers on FX rates.

bullwhip29
Guest
bullwhip29

this means little for those without any cash to spend

space889
Member
space889

You want to see a real RE bubble?

http://www.zerohedge.com/news/2016-03-18/stunning-size-chinas-housing-bubble-one-chart

When RE prices go up like this and that’s all the new millionaires knows, would Vancouver prices even give them pause?

bullwhip29
Guest
bullwhip29

one bubble has burst, others will surely follow. somehow govts around the world think there can be an outright winner in race to bottom, but basic laws of gravity always prevail in long run.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Chinese real estate bubble already popped once. Then their stock market bubble popped, and around and around we go.

david
Guest
david

Musical Chairs is a fun game…but chairs have to be limited in availability….that’s the rules.

Canada is more likely to put more chairs out for whoever wants one than to take any away.

Softy
Guest
Softy

The problem is that the laws of physics apply to physical phenomena, not to market phenomena. This is one of the errors of bear logic.

bullwhip29
Guest
bullwhip29

perhaps the use of the term “gravity” in such an example is not entirely appropriate. in market speak, i am suggesting there will some sort of “endgame” and not everyone will survive to play the next round. the average chinese ma and pa’s should know very well that the longer they play, the greater the chance that they get completely emptied of whatever savings they may have remaining after getting their asses handed to them in the stock market. imho, there is simply too much debt and hot money sloshing around in the system. assets are being completely mispriced. people. govts. corportations etc just buying for the sake of it or as some sort of perverse hedge against a possible catastrophic outcome.

space889
Member
space889

Uhm…gravity pull things toward the bottom, and you are talking about winning the race to bottom? But gravity wins? Since you are racing to the bottom, don’t you want gravity to help??

franko
Member
franko

At least one community in GV has the guts to ban Chinese language documentation and translators for real estate purchases by locusts.

http://www.macleans.ca/news/Canada/in-british-Columbia-a-real-estate-rage-gets-real/

…and that’s only the beginning as politicians can no longer ignore us and are starting to take notice.

david
Guest
david

Someone finally realizes they should look for the key to the barn door//to maybe lock it. Someday.

And not only is the horse long gone, but barn burned down years ago.

patriotz
Member

RE purchases go though Land Titles, not municipal offices. But it’s a start.

space889
Member
space889

The article is so all over the place and not explicitly stating what heck the bylaw does. I’m guessing it means that the municipal staff will only be dealing in English to all inquiries in written form or speaking?? But what if someone wants to communicate in French? Isn’t that an official language and gov’t are required to provide services in French?

What if the rich Chinese who I imagine can easily afford a translator decides to be jerks and demand services in French?? What is the city council going to do? Invoke the Non-Withstanding Clause?

Yunak
Member
Yunak

Don’t worry, those rich Chinese shopping around BC never heard of “French”. They think it is handbag or fragrance brand.

/dev/null
Member
/dev/null

B.C. premier vows to end ‘predatory’ practice of shadow flipping
http://www.theglobeandmail.com/news/british-columbia/bc-premier-vows-to-end-shadow-flipping/article29289313/

“We have to make sure there is no room for shady operators who take advantage of people,” Clark told reporters at an event in Vancouver’s Stanley Park.

Nice use of “shady operator” to imply that just a few bad apples are tarnishing the pristine ethics of the real estate industry.

patriotz
Member

Christy is just reassuring the boomers selling their houses that nobody is going to get in their way of getting top dollar.

Many Franks
Member

If it’s effective, does this not also have the side benefit of cutting out an easy opportunity for unlicensed realtors (“Amanda”) to participate illegally in the market?

If the Vancouver market is a VSE-style slippery slope from above-board transactions down to outright fraud and money laundering, then the more the middle of the ramp can be knocked out, the less easy backsliding and enforcement gray area there will be.

In any case, it’s nice to see the Libs finally feeling some pressure on this. I’ll be happy to see the last of Coleman’s smug mug, among others.

franko
Member
franko

Pretty well all the homeowner boomers I know are more concerned about their kids and grandkids never being able to own a house in GV and loosing our culture than getting top dollar for their homes.
Christy is shrewd enough to listen when the uproar against foreign buyers gets loud enough.
Sadly Justin not so much.

Yunak
Member
Yunak

Here comes the solution. The whole RE business just goes “private” and rules will be unnecessary. Or even better all BC RE business should be outsourced to China and conducted and managed from there.

“There is so much money coming in, it’s unbelievable. I’ve got overseas clients who say, ‘Andrew, I have money to spend. If you could find me a 20,000- to 30,000-square-foot lot on the west side, let me know.'”

http://www.theglobeandmail.com/life/home-and-garden/real-estate/private-sales-rising-across-all-ends-of-the-vancouver-real-estate-market/article29289929/

Best place on meth
Member
Best place on meth

“We have to make sure there is no room for shady operators who take advantage of people,” Clark told reporters at an event in Vancouver’s Stanley Park.”

So she’s resigning?

Yunak
Member
Yunak

or in accordance with her motto “Chinese Families First”.

“We have to make sure there is no room for shady operators who take advantage of Chinese people,”

space889
Member
space889

So what’s to prevent someone buying a house and then transfer the title to someone else for a fee after the sale closes? Are they going to ban private title transfer as well?

As for prevent “unlicensed realtors” like Amanda, how does this do it? She is a buyer, not a seller agent representing the seller. Why does she have to be a realtor to buy a house? Or buy it for someone? Are we going to eventually be required to use a realtor to buy a house?

patriotz
Member

“So what’s to prevent someone buying a house and then transfer the title to someone else for a fee after the sale closes? ”

Also known as “selling”. I think this assignment thing is only an issue because some sellers think they are getting less than is due them and that’s why Christy is talking about it. I think it’s irrelevant to the ordinary buyer and to prices in general.

“She is a buyer, not a seller agent representing the seller.”

Someone who has already made an arrangement to pass on the title to someone else is probably a buyer’s agent under the law. But it’s difficult to prove.

space889
Member
space889

Btw, even with this clause, the boomers are not going to get the top dollar for their property. The simple reason is that the buyer willing pay $500K over their asking price for their west side SFH is in China, and s/he has no way to really directly connect with the seller’s agent here. The seller agent also has no way to connect with that buyer in China. So in the end, the boomer have to take what the local buyer agent offers. Just because there is no assignment doesn’t mean the seller is now going to get $3.5M instead of just $3M currently.

peanutgallery
Guest
peanutgallery

If her goal was to eclipse Eby with her own dialogue and headlines in the weekend papers, then she succeeded nicely, didn’t she?

Yunak
Member
Yunak

Right on. Btw if comments are indicator of the overall mood then…

“Cynical in Toronto 4 hours ago
I agree, Walt, this is a long-standing problem, and we’re dealing with a deeply ingrained cultural bent. The people doing this come from a culture where rules only matter if you are caught (how else do you accumulate millions in China? Not by working in a Foxconn factory …). It’s up to Canadian agencies to stringently protect Canadian laws and values. Every single realtor in BC should be audited, at least annually. And add Toronto to the audit list. Sure, this adds costs and red tape, but the situation is wildly out of control and we need to spend serious dollars on law enforcement. This is CRIMINAL activity. In fact, people need to be sent to jail.”

http://www.theglobeandmail.com/news/national/vancouver-housing-market-vulnerable-to-money-laundering/article29285770/comments/

Shut It Down Already
Guest
Shut It Down Already

Are you suggesting it’s not possible to acquire wealth legally or honestly in China?

Yunak
Member
Yunak

In theory NO. People’s Republic of China (PRC), is still the communist country afaik unless there is a bigger fakery or scam going around.

“The most important principle of communism is that no private ownership of property should be allowed. Marx believed that private ownership encouraged greed and motivated people to knock out the competition, no matter what the consequences. The property should be shared, and the people should ultimately control the economy. The government should exercise the control in the name of the people, at least in the transition between capitalism and communism. The goals are to eliminate the gap between the rich and poor and bring about economic equality.”

http://www.ushistory.org/gov/13b.asp

space889
Member
space889

And you just proved you know nothing about China. Seriously, you are basing your believe on what goes on in China today on some communist theory paper write 100+ years ago??

Shut It Down Already
Guest
Shut It Down Already

Appears that way, doesn’t it? Has a lay-persons understanding of the word “communism” and then shapes everything they see to fit.

Guess what? It’s possible to be wealthy in China through skill and honest hard work. In fact, when you live in an economy that grows double-digits per year it’s even easier.

The racist morons who infest this blog probably think that Jack Ma is a corrupt party official… IN THEORY.

Yunak
Member
Yunak

I get your limitations to understand sarcasm subtly combined with irony but pulling fucking “race” card again and again (although I don’t care ) is just shallow and in line with usual asshole jerk routine.

Shut It Down Already
Guest
Shut It Down Already

You guys must live together.

space889
Member
space889

When did a social political philosophy like communism or a country became a race? And who raised the race card beside you & BPOM?

Best place on meth
Member
Best place on meth

“The racist morons who infest this blog probably think that Jack Ma is a corrupt party official”

Nice try with the wordplay, asshole.

Everyone knows he’s not a party official but he’s a party member with strong ties and without their consent he goes nowhere.

So the original point hold true as far as wealth goes in china – people do not become immensely rich unless they’re part of the corrupt group of gangsters that rule the country.

space889
Member
space889

I don’t see multiple Amazons, EBay, Facebooks, Google, LinkedIn in US either. Does that mean the owners of those companies all bought off Washington politicians so their company can be only one of their kind?

bullwhip29
Guest
bullwhip29

RE: Anbang Insurance’s recent buying binge…

What is Anbang Insurance?
http://blogs.wsj.com/briefly/2016/03/18/what-is-anbang-insurance-the-short-answer/

“Much of Anbang’s funds come from sales of what in China are called wealth-management products…”

China banks face credit risks from ties to wealth management products
http://www.cnbc.com/2016/03/16/china-banks-face-credit-risks-from-ties-to-wealth-management-products-other-banks.html

david
Guest
david

The sport of Free diving is very dangerous….because if you go so deep that you can’t survive long enough to get back up to the surface, you’re already dead.

But people continue to marvel at Vancouver’s ever-increasing ‘depth’ records.

BubbleTea
Guest
BubbleTea

CMCH: Banks should take on more home mortgage risk.
Getting banks to pay a deductible on mortgage insurance on the table.
http://www.moneysense.ca/spend/real-estate/cmhc-banks-should-pay-deductible-on-mortgage-insurance/

what
Guest
what

Does this remove all upside from condo pre-sales?

BubbleTea
Guest
BubbleTea

The Financial Transactions and Reports Analysis Centre (FinTRAC), which enforces the legislation, says it found “significant” or “very significant” deficiencies within some five dozen B.C. brokerages in the past year. It decided to step up scrutiny over worries that money primarily from China is being laundered through Vancouver real estate.
“There were concerns being raised that those in the real estate sector were not fulfilling the obligations under the act, as well as other concerns expressed about the movement of money,” said spokesperson Darren Gibb. “The real estate sector is highly vulnerable to money laundering.”
http://www.theglobeandmail.com/news/national/vancouver-housing-market-vulnerable-to-money-laundering/article29285770/?utm_source=twitter.com&utm_medium=Referrer:+Social+Network+/+Media&utm_campaign=Shared+Web+Article+Links

VanRant
Member
VanRant

Lets face it, this market is driven by Chinese HAMs and money laundering. Until the politicians acknowledge it and do something about it. The average joe will be priced out of their city and the flippers/speculators will make millions on the backs of our young’s and turn this town into a zombie town.

Shut It Down Already
Guest
Shut It Down Already

The market is driven by locals except possibly at the ultra high-end.

Everybody I know right now is buying out of fear of being priced out.

Wouldn’t surprise me if they’d been in bidding wars against each other without realizing.

Blaming foreigners is lazy, lazy, lazy.

david
Guest
david

Sometimes it simply doesn’t require any more work to figure stuff out. The ‘lazy’ answer happens to be the undeniably correct one here.

Shut It Down Already
Guest
Shut It Down Already

Undeniable except for the fact there’s zero evidence in its support, but plenty of evidence against?

david
Guest
david

Madoff went on for decades. No one looked at the brutally obvious evidence.

space889
Member
space889

And yet they are doing nothing to actually you know curb this?! Why?? They have the power to really make violators life miserable. So why such lax enforcement attitude towards RE??

Yunak
Member
Yunak

Because of the fucking “RACE” shield.

patriotz
Member

No. It’s really just about the money. Christy came right out and said it, BC needs continued high RE prices to enable people to borrow money to keep the economy going.

bullwhip29
Guest
bullwhip29

the whole housing sector across Cda is too big too fail now. despite the water getting colder, deeper and more turbulent, people continue to jump into the pool without fear as they believe the powers that be will continue to keep their water wings inflated.

patriotz
Member

Except for Vancouver and Toronto, the housing sector in Canada is flat or declining right now. Alberta, Sask and Nfld are headed for hard landings unless oil turns around soon.

Toronto may be too big to fail politically, but that didn’t stop it from failing in the early 1990’s. And don’t think that the federal government really cares about Vancouver one way or another.

Yunak
Member
Yunak

Sounds like very busy realtor of certain background working with upscale offshore clients who have no the time to waste when bidding on several multi-million properties simultaneously. Logically tickets are claimed as the cost of business. Amazing what circus of the city Vancouver became in this lovely multicultural exchange.

http://www.lfpress.com/2016/03/18/vancouver-woman-not-getting-the-message-after-14-distracted-driving-tickets

Best place on meth
Member
Best place on meth

Strange that they won’t release the name of this woman.

If a pedophile moves into your neighborhood the police will make a public announcement giving out the name and photo, but someone like this who is putting everyone’s lives at risk on the roads (and sidewalks) of Richmond gets to keep her name hidden from public view.

OpenCourse
Guest
OpenCourse
UBC in Crisis
Guest
UBC in Crisis

Just in case you missed the housing townhall meeting, here is the video:
https://www.youtube.com/watch?v=upTGzdlPUdA

Runawayscreaming
Guest
Runawayscreaming

That was worth watching.

Best place on meth
Member
Best place on meth
Yunak
Member
Yunak

It’s in their nature and practice to gradually provoke and probe how far they can go with their shit (eg. Southeast sea, Vancouver money laundering, US spying, and hacking, etc…). Unfortunately in Canada with notorious “lack of balls” and self-respect supported with some groups with their personal interests, locusts can go infinitely, or as their agents and aficionados on VCI would say “sky is the limit”.

paulb
Member

New
223
Sold
123
TI:8220

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 neighbourhood and market segment can be quite different.

http://www.paulboenisch.com

Ulsterman
Member

The other day a friend sent me a link to Global TV’s rent v buy calculator. He’s in the market for a SFH in the $1m range and is having a shitty time finding anything in the cool hypster regions known as Port Moody and Coquitlam. Anyhow, i plug in the numbers and I’m shocked at how frequently buying is only slightly more expensive than renting. Whaaaat? Then i read the assumptions. Amongst other things, the calculator assumes a 4% annual price increase and then SUBTRACTS that monthly amount off your monthly payments! OK in the long run maybe that’s fair, but talk about misleading people about the month to month costs of buying.

http://globalnews.ca/news/2563940/should-you-rent-or-buy-this-real-estate-calculator-will-help-you-decide/?utm_source=Article&utm_medium=EditorsPick&utm_campaign=2015

patriotz
Member

“OK in the long run maybe that’s fair”

It’s not fair at all, it’s just assuming that the excess ownership cost will be borne by the next owner rather than you. That’s not a buying versus renting comparison.

A proper comparison uses price versus future rental value, i.e. income. This of course is what is used by real investors in stocks or commercial RE. Assuming price appreciation a priori is a bubble by definition.

Shut It Down Already
Guest
Shut It Down Already

I noticed that leasehold properties on Granville Island aren’t priced too differently to comparable freeholds. Given a leasehold essentially has no speculative value, and should command a price equivalent to future rents, does that suggest that freeholds are also fairly priced?

Or are people now speculating on what happens in 20 years as the leases in that area come up for renewal?

realist
Member
realist

The relationship between leasehold and freehold prices is complex. Because future rents are not fixed, a leasehold does have speculative value, and the longer the term of the leasehold, the more speculative it becomes.

Shut It Down Already
Guest
Shut It Down Already

True, but if, say, a 2 bedroom leasehold (with 20 years remaining) which would rent for $2500 sells for $600K (2500*12*20), then isn’t a comparable freehold a good deal at that same $600K selling price? This is assuming no future rent changes, of course.

The leasehold prices I’ve seen suggest that, broadly speaking, there’s no bubble in the condo market. Sure, Westside SFH are insane – but they’re a small fraction of the market.

realist
Member
realist

I should think so, but is the given example representative of what you have seen being on offer on Granville Island?

realist
Member
realist

“Assuming price appreciation a priori is a bubble by definition.” Well yes, but realistic in a world where central bankers have arranged permanent price inflation for over a century. They did have the help of 2 wars to accomplish this, and they had a few bad years in the 1930’s, but overall their record has been hideously successful.

patriotz
Member

Of course it’s reasonable to expect nominal prices to increase in the long run. What makes a bubble is expecting enough of a price increase to make up for the deficiency in income relative to purchase price.

realist
Member
realist

There has been an increase in not only nominal but also real RE prices since the 19th century in the US, according to Dr. Shiller. As such, expectation of such real price increases would be reasonable. Moreover, speculation on declining interest rates as cap rates also might be very reasonable, and has certainly been profitable for the past 30 years.

patriotz
Member

No. Shiller produced this graph at the top of the US bubble, it’s now all over the net with updates to today.

https://thetruthno.files.wordpress.com/2012/01/boligpriser_us.jpg

realist
Member
realist

Not quite…here’s his data, which is updated monthly:
http://www.econ.yale.edu/~shiller/data/Fig3-1.xls
But the increase is small…about 1% pa, while others place it higher. Moreover, the trend can be and has been negative, and for extended periods of time.

patriotz
Member

http://www.cbc.ca/news/canada/british-columbia/christy-clark-affordable-housing-1.3497586
Wow, see the irony in the link name the CBC chose? As I said and as Christy says, this is about putting more money into the pockets of her supporters, the boomer sellers and licensed RE agents. If assignments are not allowed, it will create more business for licensed buyers’ agents who will represent end buyers directly rather than flip to them. In the end the same properties will be sold to the same people,

No Money Down
Member
No Money Down

Pure political theater. Christy is “doing something” about housing affordability…but not really “she didn’t believe homeowners should be penalized for making a good investment.”

Ulsterman
Member

Don’t know if this was posted already, but Macleans has a good article of local real estate rage. It’s Canadian rage mind you, not actual burning cars in the streets and breaking window rage.
http://www.macleans.ca/news/canada/in-british-columbia-a-real-estate-rage-gets-real/

history
Guest
history

latest Centa-City Leading Index (CCL) fell 2.15% weekly to 127.5 pts, hitting 77-week new low, marking the greatest decline since the financial crisis on 16 November 2008. Mass Centa-City Leading Index (CCL Mass) faded 1.79% weekly to 127.73 pts, marking the 78-week low. CCL (small/medium units) declined 1.83% weekly to 126.47 pts, hitting 77-week low.

Mr. Wong Leung Sing, senior associate director at research department of Centaline Property, pointed out that HK property already entered into bull market during the second week after Spring Festival, with evident increase in turnover, yet prices posted significant drop as buyers mainly purchased properties at flat price. He projected home prices to remain downward.
http://www.aastocks.com/en/default.aspx

me with a question
Guest
me with a question

Interesting article on McLeans. My main worry is that there may be a large section of the population which is silent but supports Clark and her interest group. It has happened in the past in BC: the NDP raises some good points, it seems reasonable to vote for them and replace the interest groups gravitating around the BC libs, but come election time…
Will it be different next Spring. Is there any concrete possibility that the NDP (or someone else) will be elected? And should Eby run for Premier, rather than Horgan?

BubbleTea
Guest
BubbleTea

Cristy looked so pathetic on TV as she announce new measure to curb shadow flipping. Someone forgot to tell her is not shadow flipping thats distorting the market, it HAMs and money laundering from you know where. When will she get her head out of the sand and look at the bigger picture.

patriotz
Member

She’s looking at the bigger picture all right. She has said plainly that her government will not take any measures that may lead to lower prices. If you don’t like it you know what you can do about it.

jim
Guest
jim

@patriotz
Vote her out? If that is what you are suggesting….and by extension, the concept that any opposing party will do anything that will *significantly* alter the RE landscape in Vancouver, is simply not backed up by anything that I have seen…..my mind is open, so kindly please enlighten me Mr P

patriotz
Member

No party provincial or federal is going to give us everything we want. But take a look at what Christy has said recently versus what Eby has said – can you see a difference worth voting for?

Also the RE industry hates the NDP, while no politician has received as much backing from them as Christy. So if you don’t think my viewpoint matters much, look at theirs.

Mark Etting
Guest
Mark Etting

My worry with Eby is that he’s simply saying what he’s saying in opposition to the leading party. If he were to take over the office would anything really change?

southseacompany
Member
southseacompany

“March Madness: Canada’s Fastest-Growing Real Estate Markets”, Huffington Post

http://www.huffingtonpost.ca/ypnexthome/fastest-growing-real-estate-market_b_9500126.html

“We paired the top proximate markets across the country, using official CREA average price growth as the deciding factor. We chose a four-year window, from 2012 to end of 2015, to provide a longer-term, bigger picture context of market performance.”

“It’s East versus West, as city market takes on city market to determine the eventual Canadian slam-dunk champion.”

“Spoiler alert: it’s not Toronto or Vancouver.”

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Bless you, bless you, bless you, Professor Ley.
http://www.vancouversun.com/news/metro/blame+politicians+metro+vancouver+housing+price+crisis/11797902/story.html

Also thank you to the SFU researcher mentioned in the story.
And a million times thank you to David Eby and the Globe and Mail reporter from a few weeks back.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s also in The Province!

Runawayscreaming
Guest
Runawayscreaming

“…Ley concludes most politicians have accepted that astronomical prices and mortgage debt are just the “collateral damage” from expanding the B.C. economy.”

What expanding economy? Selling Vancouver houses to the worst rich people in China has displaced any hope of a local economy. The few Canadians left working in Vancouver are forced to subsidize non-contributing parasitic rich bastard foreign citizens who drive Lamborghinis through red lights. I would not call being reduced to serfdom an “expanding economy”. It’s a disaster, not an expanding economy.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I agree.

Your description is spot on.

It is also something that one almost has to be here (has to have been here over time — 15 or 20 years–) to actually see. Telling other people is very difficult. It is hard to describe it in a way that they can take in the reality of it.

Yunak
Member
Yunak

“Rich bastard foreign citizens who drive Lamborghinis through red lights.”

When walking Vancouver streets I usually carry a cup of grande latte just in a case of any “traffic rules misunderstanding” or “close verbal exchange” with bastard so I can ensure his/her windshield gets the proper treatment. When it happens the expression on their face is simply priceless. Shock combined with utter dullness.

Tim
Guest
Tim

When walking the dog, I used to throw out the poop bag as quickly as possible. Then I discovered the great respect that drivers give you if you’re a pedestrian waiting by the side of the road with a bad of fresh dog shit. Now I carry the bag until the end of the walk.

Combat-roach
Guest
Combat-roach

It almost sounds like only a war with China would fix Vancouver situation as collateral effect.

southseacompany
Member
southseacompany

Sherry Cooper begs the feds not to bring home prices down;

“Opinion: Ottawa shouldn’t risk over-regulating housing sector”, Vancouver Sun

http://www.vancouversun.com/business/Opinion+Ottawa+shouldn+risk+over+regulating+housing+sector/11795015/story.html?__lsa=b854-abc5

“Housing affordability in these two cities has been a concern. Canadians would, however, suffer if governments imposed sufficient regulation to trigger a collapse in housing in Toronto and Vancouver. Financial institutions, as well, would be adversely impacted and the overall dampening effect on the economy as a whole would be highly deleterious.”

“It would have a negative impact not just on the economy, but also on household net worth and consumer spending, which is still two-thirds of the economy.”

Combat-roach
Guest
Combat-roach

A nasty clown with interest in RE scam.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Sherry Cooper. Why do you get a voice? Canadians are suffering now. Don’t look at whether it is growing, look at how it is growing. A couple days ago on Broadway and Cambie I saw some famous financial type (maybe a banker? a realtor? a financial minister? some other politician?) getting interviewed by a TV man with a camera. I asked what the interview was about. I was told “a story on growth”. As I was told that, the camera man and the man in the suit being interviewed carefully stepped out of the way so that the man lying on the sidewalk in a blanket next to us wouldn’t be in the picture. We have too many people lying on the sidewalk in Vancouver and they have increased no doubt with exactly the same curve as the “growth” that… Read more »
realist
Member
realist

“a story on growth”. Do you mean a story about a tumour, as in, RE cancer? That’s why the poor man is lying on the sidewalk in a blanket.

bullwhip29
Guest
bullwhip29

I would expect nothing less from the chief spinmeister for Dominion Lending. The scary thing is that lots of people think she’s credible. One slippery slope for sure…

realist
Member
realist

spinmeister, spinmistress, or spinster?!? She’s a Yank, too, so it’s expected. A girl from Baltimore, latterly the “belle of Bay Street”…

patriotz
Member

Right on Sherry. Let’s get government out of the RE business:

– no direct or indirect mortgage guarantees though CMHC or otherwise.
– no tax breaks, deferrals or grants for home ownership.

Oh that’s not what you really meant?

franko
Member
franko

Sherry has made more than a few blunderous statements in the past and they don’t seem to be diminishing with age. Certainly not the belle of Bay Street anymore, hence her gradual demotion from Burns Fry and BMO to Dominion Lending. Maybe time to put her out to pasture.

bullwhip29
Guest
bullwhip29

yeah, but she’s probably making more than she ever has in her career. same as Bill Good. “CAPITAL DIRECT…DOT CEE AYYYY” ♫♫♫

Best place on meth
Member
Best place on meth

“The growth in home values in B.C. and Ontario is based on fundamentals.”

Ha ha ha….good one….

Housing, particularly in the Toronto and Vancouver markets, remains one of the pillars of the Canadian economy. While I do not expect the recent explosive price growth, especially for detached single-family homes, to continue at its recent pace, the likelihood of a price collapse any time in the foreseeable future is remote.

Sherry’s idea of “foreseeable future” extends all the way to the end of next week.

wwwww
Guest
wwwww

coming to canada in the near future.

Mexico is mounting an unprecedented effort to turn its permanent residents in the U.S. into citizens, a status that would enable them to vote — presumably against Donald Trump.

http://www.bloomberg.com/news/articles/2016-03-20/stop-trump-movement-gets-boost-from-mexico-s-efforts-in-u-s

Hyper-mega-Bull
Member
Hyper-mega-Bull

WORLD CLASS CITY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Philip Tiu guesses ‘What is Vancouver?’ on Jeopardy! to win $19,000

http://www.cbc.ca/news/canada/british-columbia/what-is-vancouver-jeopardy-contestant-1.3500211

Polozi Scheme
Guest
Polozi Scheme

It was a total last second guess by the Atlanta professor. Perhaps Vancouver isn’t the “World Class” city local RE pumpers and politicians want it to be – just the most expensive fairly small unknown port town on the west coast 15 miles north of the USA border.

Hyper-mega-Bull
Member
Hyper-mega-Bull

exactly, we are almost completely unknown in the US. seattle residents are more aware of victoria and whistler. go to seattle and they talk about taking the ferry to victoria, or taking a float plane to victoria, or diriving to whistler. hardly anyone comes to vancouver.

China on the other hand though….

Yunak
Member
Yunak

It is well known in China as a place with no restrictions on money laundering and other shady businesses that they have experience and like to practice. Same case as some group of rocks in the ocean so called the Cayman Islands is well known due to certain reasons.

Mark Etting
Guest
Mark Etting

I met some australians and brits while traveling in the Czech republic. I can’t remember which one it was, but the response I got to “I’m from Vancouver Canada” was “Is that the one with the tall tower?”

No, that’s either the space needle or the CN tower you’re thinking of…

Average Vancouver Homeowner
Guest
Average Vancouver Homeowner

Vancouver mentioned on US TV? Honey, our equity is gonna soar!!! Let’s take out a HELOC and go to Hawaii.

Best place on meth
Member
Best place on meth

It is the largest laundromat in the world for corrupt, stolen chinese money fleeing the mainland.

“What is Vancouver?”

Correct!

Combat-roach
Guest
Combat-roach
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