Update on David Eby emergency housing meeting

Did you go to the emergency town hall meeting on housing in Vancouver last night? David Eby hosted with seating for 650, with the CBC reporting attendance of over 700.

“These are serious issues, this is a major crisis, and we want the provincial government to take it seriously,” said NDP MLA David Eby,  who organized it.

The event started with Eby citing a long list of media stories highlighting questionable real estate practices and how housing practices have caused residents to leave the region.

Eby said the region’s real estate is governed by “runaway speculation” that is “unpoliced, unregulated and rampant.”

The CBC article has a live blog from the event if you missed it and are curious. Will events like this have any effect on Vancouver house prices or will non-owners eventually move away leaving the city as a home owners paradise?

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bullwhip29
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bullwhip29
reposting from prev thread… regarding this article from the Richmond News (with story likely carried elsewhere). sorry, if it has already been posted here. *** Richmond realtors protest against agency tied to shadow-flipping *** http://www.richmond-news.com/news/richmond-realtors-protest-against-agency-tied-to-shadow-flipping-1.2198721 >>>it would seem some of my (and others) suspicions about New Coast Realty and their shady business practices may prove to be on the money. This is classic late inning type of behaviour often seen when asset bubbles form too quickly and the powers that be take their eyes off the ball and let the inmates take control. This said, I previously thought the two agents mentioned in the article were fully engaged in these shenanigans themselves (and this may still be the case) versus simply being pawns in a bigger scheme. What I find rather curious is that these agents are supposedly owed substantial… Read more »
Many Franks
Member

Regarding money owed: this was covered in more detail elsewhere. There was a clause in New Coast’s contract stating that agents that departed would not be paid outstanding commissions.

bullwhip29
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bullwhip29

we’ll see i guess. imho there seems to be more to the story than what you suggest. why are so many agents jumping ship in the first place?

space889
Member
space889

Probably cuz they are tired of splitting their commissions 50/50 with New Coast Realty? Especially now that they have enough name recognition and clients lists.

bullwhip29
Guest
bullwhip29

Crusty’s exit plan…
toss PM under the bus if LNG plans go off the rails completely (and alienating only potential friend she may ever have going forward)

Clark hopeful LNG terminal will get federal cabinet approval
http://www.theglobeandmail.com/news/british-columbia/clark-hopeful-lng-terminal-will-get-federal-cabinet-approval/article29268825/

bullwhip29
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bullwhip29
regarding the loonie’s dead cat bounce… it has been a nice honeymoon for the PM, Bill Morneau et al, however, this recent move in the CAD is actng like a tightening noose around their necks (and maybe to a certain extent for foreign RE buyers as well). the Fed stayed on hold (and will cont to do so for some time imho) because things arent going that well. with the busier spring and summer driving seasons coming up, expect Cdn retail sales (which never actually rebounded as the loonie tanked) to take another big hit as 1000’s of shoppers from Gr Vanc, southern Ont and Que flee the country again and flood both the US outlet malls, big box grocery stores and drop ship/post office box locations to pickup their goods purchased on amazon’s US site. poor policy decisions have… Read more »
OPEN HOUSE MASSACRE
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OPEN HOUSE MASSACRE

Gordon Gekko[2010] — “Greed” is NOT “good” ; “Money” IS “evil”

https://www.youtube.com/watch?v=5eEAA37N_zw

elvince
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elvince

Who was that again that kept asking about our stock portfolios a few weeks ago?

Anyway stocks are doing fine, thanks.

space889
Member
space889

Calm before the storm?

Funny how you don’t think stocks are over-valued when you own stocks, yet think RE is when you don’t own but want to own. Even though both are being affected by CB’s ZIRP policies.

patriotz
Member

Most of us only have the choice of owning one house or none, while we have thousands of stocks to choose from which we can buy or sell in small increments. Just because we think one stock is overvalued we don’t have to think they all are.

Also if we think the market in general is overvalued we can reduce our exposure by selling part of our holdings and maintain an asset allocation. With a house it’s all or nothing.

space889
Member
space889

so you are saying you made better returns on your portfolio than a Vancouver SFH owner in the last few years?

And btw, I’m sure you know this but not everyone can sell a stock either. Someone always gotta left holding the bag. Good luck beating those HFT firms.

elvince
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elvince

The difference is that when you buy a house (on credit no less) and its price falls to new bottoms every day, you won’t buy a 2nd or 3rd one. When (if) prices come back to their trendline, you haven’t really made any money.

When you stocks keep heading south, you keep reinvesting your dividends and part of your paycheck every other week, so when it goes back to green, you make money, even if you were all-in on stocks when prices fell. You’ve made more money if prices have been temporarily low then you would if prices had stayed flat. As one pundit said (I can’t remember who the quote is from): “With stocks, you make money when the prices go down, it’s just that you don’t know it yet.”

bestplaceonearth
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bestplaceonearth

of course, you smart people always buy low and sell high at the right time as you claimed…with cash stocked under the pillow. however, as for shelter for your family, the most needed basis, why are you so clueless hence priced-out! even a box in the sky is a premium and out of reach now a day.

Yunak
Member
Yunak

Chinese wisdom speaking. .. Your comments are so enlightening that whenever I read them I always end up with healthy bowel movement.

space889
Member
space889

The same kind of movements when you hear / see that house you think you deserve just went up another $100K in the last month while your wage went up 1% before tax & inflations?

Bestplaceonearth
Guest
Bestplaceonearth

Good for you. Unfortunately , you get choked on what just come out at your other end, whenever you read the monthly report from the real estate board.

Shut It Down Already
Guest
Shut It Down Already

Right. Every stock that’s ever dropped in value has rebounded. Nobody has ever bought a stock all the way down to zero. That would be dumb, right?

space889
Member
space889

btw, I’m guessing you shorted Valiant Pharma before the drop? And now picking up some carcass at ~90% off relative to last summer’s high?

elvince
Guest
elvince

Didn’t touch valiant then, won’t touch it now. I have other casino-like stocks I play with, but I don’t delude myself: gambling money is gambling money.

squeak
Member
squeak
““These are serious issues, this is a major crisis, and we want the provincial government to take it seriously,” said NDP MLA David Eby, who organized it.” Oh really? Well, good on Eby, at least one politician sees the elephant, and he is not even wearing glasses! Commendable. But, it is kind of late in the game… I still think that those under 45 or non home owners will need to save their own skins by getting out of BC, this province is not about the born, bred, taxpaying honest Canadians, but about foreign billions of dollars. Those kids that are 7 years old today, will be much better off in another province when the time comes to fly solo, after college/uni. Changes, if at all, will take a long time to come about, and will Vancouver be able to… Read more »
space889
Member
space889

Eh…old money giving way to new foreign money….meh…the average working class is screwed regardless…maybe a little bit more than say 20 years but still just screwed.

And btw, total residential area hasn’t really increased in 20 years but population has what? Doubled to tripled? in the last 30 years? Lower mainland population used to be under 1 million back in the 80s. Now it’s what? 2M, 3M??

patriotz
Member

Metro Vancouver passed the 1 million mark around 1970. You’re trying to make the population growth look a lot faster than it really is. Growth in the last decade was among record lows.

And if you think the total built up residential area hasn’t increased in the last 20 years, you’re not looking very far. Even in the core there’s been a great amount of residential development on former commercial and industrial sites.

space889
Member
space889

We mostly build up via condos, and infill via town houses. I’m talking about SFH with a front & back yard which most bears want since you know, they grow up in one and they deserve it more than some foreigners. I don’t see the supply of those being increased at all, rather the supply is decreasing. So what does that do to the prices when demand for those are increasing? Especially for something that has inelastic supply?

NOM NOM NOM
Guest
NOM NOM NOM

Why are you here? Does it bring you joy to spend countless hours wanking yourself off as to how wise, and superior minded you and your race are?

I am just curious as to why you are always available to lend your lengthy and obtuse opinion?

Trump Canada
Guest
Trump Canada

Vancouver had only 400 people in 1980 and they all could afford 10,000 sf homes on 1/2 acre lots. Now it’s increased by 30million China men!!! And if you deny it people will riot!!!!

I’m gonna build a moat between here and China and call it the pacific because it will bring us peace.

And make China pay for it!!!!!

Yunak
Member
Yunak

How do we get such morons elected and give them power to do nothing but shit?

http://m.huffpost.com/ca/entry/9484932

space889
Member
space889

Did you vote? If yes then answer that question yourself. If you didn’t vote then it’s your fault for not exercising your democratic right and vote for someone who actually want to do something for the society rather than their financial backers.

And how is buying politicians via campaign contributions and fatcat jobs after they retire from politics not considered to be bribes?? yes, I know it’s not outright cash transfer to their pockets, so basically our politicians are cheaper whores. But how is the end result any different? At least in Chinese bribery, they can actually be charged and punished later on.

Bestplaceonearth
Guest
Bestplaceonearth

You are super smart than they are, why don’t you run for office and do their jobs? No? That is what i thought. So who is the moron?

Hyper-mega-Bull
Member
Hyper-mega-Bull

Colleges need international students in part for the tuition revenue, but language and cultural barriers make assimilation a struggle

http://www.wsj.com/articles/heavy-recruitment-of-chinese-students-sows-discord-on-u-s-campuses-1458224413

people should be integrating with the 5000 year old culture and not the other way around.

space889
Member
space889

when education institutions are run as companies with profit objectives, what do you expected? Especially with the now customer is king and students are customer type of philosophy being perpetuated by univ admins.

paulb
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Active Member

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http://www.paulboenisch,com

Ulsterman
Member
The real estate crisis is now getting so much mainstream media attention that even I find myself switching stations when yet another segment starts! Never did i think we’d see the day that this issue would be a daily talking point. The late 20’s girl who cuts my hair has now gone from “I own a condo and this is the best city ever!” to “I own a condo but I’m screwed long term!” She has no chance or ability to make the move to a townhouse or SFH. Today she told me her father just bid on a 1950’s house in North Burnaby. Listed for $1.325m – he bid about 100k over. There were only two other bidders – both Chinese – and they eventually drove the price to $1.7m – for a crap 1950’s house in a boring… Read more »
Yunak
Member
Yunak

HAM fucked up local people immensely and they still freely walk and drive their trophy cars around without shame and like nothing happened. Time will tell, but inevitably pressure will continue to grow until glitch goes off. Those motherfuckers who keep pulling racial cards will eventually shut-the-fuck-up because conflict will be class not race related.

SmellySneakers
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SmellySneakers
Yunak
Member
Yunak

What an irony…

““Money laundering is a clandestine activity,” said Mr. Gibb. “What we are trying to do is shed a light on transactions to ensure that Canadians and the Canadian financial system [are] protected.”

Revolution - End Immigration.
Guest
Revolution - End Immigration.

You sorry asses still confused here.

The cause of the runaway prices is HAM. HAm is coming in via the foreign student program, Supervisa, and 10 year visitor visa. Indians started this route too.

The time to start protesting is NOW. Fuck the establishment if they threaten jail times. This is your livelihood were talking about. Rents have started to skyrocket as well if that isn’t motivation enough.

patriotz
Member
southseacompany
Member
southseacompany

“Bull vs Bear: Are there cracks in the housing market in Canada?”, Globe & Mail video

https://www.youtube.com/watch?v=ECnjvCHIkxs&spfreload=10

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