Condos are hot again, buy two or three

CMHC has surveyed condo owners in Vancouver and Toronto and found that the number of owners with multiple units is growing.

…the total number of investors in the two regions who say they have purchased at least two condo units in addition to their primary residence has risen nearly 13 per cent over the past two years. Nearly a quarter of condo investors told CMHC that they owned least two units, with close to 10 per cent reporting that they owned three or more condos.

Buyers are looking for both rental income and appreciation, with some interesting math:

Among condo investors in Toronto and Vancouver, half told the federal housing agency that they had bought their investment unit for rental income. Of those, 56 per cent expect the value of their condo to go up, while only 8 per cent thought that it would go down. The share of condo investors in Toronto who expected their unit to increase in value fell to 60 from 64 per cent from a year earlier, while the share in Vancouver who expected their condos to increase in value rose to 50 from 41.5 per cent.

A slightly larger share of investors in Vancouver reported paying higher prices for units than in Toronto, although the survey found that the reverse was true of rents, which were higher in Toronto. Nearly 16 per cent of Vancouver landlords reported charging less than $1,000 in rent for their condos compared with fewer than 5 per cent in Toronto. By contrast, nearly 50 per cent of condo landlords in Toronto said they charged more than $1,500 for their units, compared with 33 per cent in Vancouver.

Read the full article over at the Globe and Mail. So how many condos do you own and how many are you thinking of buying this year?

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Hyper-mega-Bull
Member
Hyper-mega-Bull

Chinese teenager loses it over hell money featuring her idol, Korean pop star Song Joong-ki

The notes might have been designed for those who believe their late loved ones can travel abroad in their afterlife.

http://www.scmp.com/news/china/society/article/1934015/chinese-teenager-loses-it-over-hell-money-featuring-her-korean

space889
Member
space889

Interesting….saying an entire race / group of 1 billion+ people are locust, scums, cheaters, money launderers, etc = informative posts

Pointing out, no, you can’t generalize and prejudice a general population based on actions of 0.001%, or that things aren’t that different locally/internationally = racist sh*tbag who doesn’t know what racism is…..

ok…..

bullwhip29
Guest
bullwhip29

no one is saying entire race is tainted. the problem is that many that move here simply do whatever they please (as having money apparently trumps everything) , have little (or absolutely no) regard for the local customs/laws/people and exhibit no willingness to ever fit in or change this behaviour. and you wonder why your people are getting flack from the rest of us? give your head a shake please…

(and sorry, continuing to play the ignorance card is getting so tiresome now. i’m convinced many just dont give a crap and simply find it easier and more convenient to have their kids shit on the floor or piss into a garbage can than walk a few feet to the restroom)

http://forums.beyond.ca/showthread.php?threadid=373972

Yunak
Member
Yunak

You are right, it is not the race problem but the right fit. For example, it would be quite easy to graph overall deterioration of the entire GVRD with relation to the growth of Chinese population. The decline was steady since 1986, occasionally changing pace depending on a supply of newcomers but significantly accelerated with Mainland China migration. One should also question the “Mosaic” idea and wonder if that weren’t a codename for the replacement of Canadians with people from China at least in BC, given that these two in long term can’t fit that well if at all. Unfortunately, just not natural, cultural or mental compound.

space889
Member
space889

Uhm…read any of BPOM & Co posts?? Are you telling me he’s not blatantly calling everyone in China a locust, scum, etc, etc, etc??

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

Is this some local porn star?

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
Hyper-mega-Bull
Member
Hyper-mega-Bull

who are you responding to?

space889
Member
space889

Steve

Steve
Guest
Steve

If are you consequential, keen to make the statement, add value to dialog and in any way contribute to this community then you should leave this blog and never come back. If you do that you will see how the quality discussion will suddenly soar and creativity shine.

Royce McCutcheon
Member
Royce McCutcheon

You are the single most race-focused/ conversation-derailing poster on this site. That makes you the biggest part of the problem.

Fixing the crap tone of many of the discussions here starts with you shaping up or leaving and goes from there.

space889
Member
space889

I’m the guy who’s posting all those non-RE related anti-Chinese news stories and then insinuating that all Chinese are just like that?? Really?? This blog is rife with racist posts from BPOM & Co, and I’m the one who needs to shape up for pointing that out?? And I’m the most racial focus / conversation derailing poster on this site?? Seriously?

How about you people stick to the topic on hand, stop with the China/Chinese racist bashing posts, and see how well the conversation goes.

oh wait, that would never happen with attitude like this and tolerance for people like BPOM. This is like telling a kid that it’s your fault to be bullied, buckle up or leave school, while giving the bully a high 5 for standing up for bullying rights.

Royce McCutcheon
Member
Royce McCutcheon

I am not condoning any other poster. There is a reason BPOM is also one of the leading vote-getters for an IP ban.

Your reflexive, one-note, pathological need to inject race into 30+ comments on ANY given VCI post is why you should be the first to go. You seem to want some sort of volume discount. You go first and then the target becomes the next highest volume derailing poster.

southseacompany
Member
southseacompany

“Yellen, alongside Fed alum, says rate hikes on track”, Reuters

http://www.reuters.com/article/us-usa-fed-yellen-idUSKCN0X42UV

“The U.S. economy is on a solid course with some hints of inflation so the Federal Reserve is on track for further interest rate hikes, Federal Reserve Chair Janet Yellen said on Thursday in a defense of her decision to tighten policy late last year.”

bullwhip29
Guest
bullwhip29

msm is having a field day…

Homebuyers head further afield to escape Vancouver property prices
http://vancouversun.com/business/real-estate/homebuyers-head-further-afield-to-escape-vancouver-property-prices

>>> through rose coloured glasses, the cup always appears half full (while homes that lie outside of gong-show central that aren’t selling for $1M over asking look CHEAP)

bullwhip29
Guest
bullwhip29

the “Joneses”??? where are they at???
funny that keeping up with the “Xi’s” or the “Yu’s” is never, ever, ever mentioned in such articles.

The true cost of keeping up with the Joneses
http://www.theglobeandmail.com/report-on-business/careers/business-education/the-true-cost-of-keeping-up-with-the-joneses/article29491497

southseacompany
Member
southseacompany

“Nomura warns Hong Kong home prices set to fall 19 per cent in the next 15 months”, South China Morning Post

http://www.scmp.com/property/hong-kong-china/article/1934706/nomura-warns-hong-kong-home-prices-set-fall-19-cent-next-15

“Hong Kong home prices are expected to fall a further 19 per cent through to the second quarter of 2017, but the decline could go even deeper in the event of yuan devaluation or an uptick in interest rates, according to Nomura.”

“Together with a 11 per cent decline from September’s peak, Nomura’s prediction amounts to a cumulative 30 per cent correction in home prices.”

space889 = dickbag
Guest
space889 = dickbag

Good thing that can’t happen here.

bullwhip29
Guest
bullwhip29

sure, let’s trade our water (soon to be the new “oil”) for their sewage and other toxic sludge…makes perfect sense to me.

Canada can be part of the solution to Asia’s looming water crisis
http://www.theglobeandmail.com/report-on-business/rob-commentary/canada-can-be-part-of-the-solution-to-asias-looming-water-crisis/article29559921

space889
Member
space889

Would a Swiss company, who don’t believe water is a fundamental human right, currently pumping it out at a rate of $2.25 per 1 million Liters and shipping it to US make you feel any better?

bullwhip29
Guest
bullwhip29

and again on the same note…

Trump’s surge highlights what Canada is all about, leading realtor says
http://www.theglobeandmail.com/report-on-business/top-business-stories/donald-trumps-surge-highlights-brand-canada-leading-realtor-says/article29564413

Best place on meth
Member
Best place on meth

“The economic miracle that is contemporary Canada is driven in significant measure by our success at attracting quality immigrants to our land,” Mr. Soper said yesterday in LePage’s first-quarter home price survey.”

What a hilarious way of describing money-laundering chinese crooks.

Quality immigrants……HA HA HA HA HA HA!!!

Combat roach
Guest
Combat roach

Wow, those guys are drinking vodka made of shit and sniffing glue at the same time if they are serious about what they say.

bullwhip29
Guest
bullwhip29

more shameless pumping by the msm as surrey shooting crisis marketed as buying opportunity

New condos for less than $200K in Surrey, but there’s a catch
http://bc.ctvnews.ca/video?clipId=845194

1234
Guest
1234

China emerging as hub for global money laundering, AP investigation shows
Mounting evidence indicates that China is becoming a global banker for the criminal economy, according to interviews with police officials, court records in the United States and Europe, and intelligence documents reviewed by the AP.
http://triblive.com/business/headlines/10222836-74/china-mattel-money

space889
Member
space889

Meanwhile: Here Is Rothschild’s Primer How To Launder Money In U.S. Real Estate And Avoid “Blacklists”

http://www.zerohedge.com/news/2016-04-07/exclusive-here-rothschilds-primer-how-launder-money-us-real-estate-and-avoid-blackli

Whistler or Bust?
Guest
Whistler or Bust?

Space why are you trying to take the attention off your race and brothers in arms?

Shut It Down Already
Guest
Shut It Down Already

Why are you trying to put the attention on them on a blog that’s about real estate which you already quit once?

Hyper-mega-Bull
Member
Hyper-mega-Bull

we are part of the sinosphere. chinese politics and chinese culture have more impact on vancouver than canadian politics and canadian culture.

Nom Nom Nom
Guest
Nom Nom Nom

What is it about the Chinese that requires them to self aggrandize themselves and their culture incessantly. Is it the ‘saving face’ shtick? Napoleon complex? what?!?! i am actually curious?

space889 = dickbag
Guest
space889 = dickbag

You and spacehole haven’t come yet? How long does a circle jerk take?

Steve
Guest
Steve

Everyone must be impressed how prepared and ready you are to return with counter argument and enlighten audience how Chinese are great actually, and all bad stuff they saw and learnt from the white folks. You are fucked up to the bone as someone said, bitter little racist who doesn’t even know what that is.

paulb
Member

New
200
Sold
257
TI:8271

http://www.paulboenisch.com

BubbleTea
Guest
BubbleTea

With this Panama fiasco unfolding, it shows how important it is to identified the actual owner of the houses in Canada and not let them hide behind a company. Perhaps this will bring some normalcy back to Canada.

Best place on meth
Member
Best place on meth

Wouldn’t it be incredible if the Panama Papers set off a chain of events that ultimately brought down the communist party?

https://www.yahoo.com/finance/news/china-top-leaders-every-reason-211251393.html

wwwww
Guest
wwwww

If you were a successful Chinese business man, what would you do if you thought the government was going to fall?

Best place on meth
Member
Best place on meth

Successful chinese businessman my ass.

Most of these people fleeing are crooks.

Combat roach
Guest
Combat roach

Join to communist party, what else?

wwwww
Guest
wwwww

You don’t join the government you think is going to fall. You take your money and your family and you get out of the country.

Combat roach
Guest
Combat roach

That doesn’t make sense. When times get tough one should ally and support those who made him/her successful not the other way around as most of Chinese do and think.

TLL
Guest
TLL

The bigger picture is the dirty money flushing out of China and condoned by the West. The collapse of China will not curtail the problems. “Google” Chinese control the economy of SEA, and the social chaos afflicting the common people while the crooks golfing with the influential and powerful. The likes of sinoXXX partner with overseas businesses, people who had been jailed for bribery, smuggling contraband, money laundering, etc.

bullwhip29
Guest
bullwhip29
TLL
Guest
TLL

Panama papers: China Red Nobility – Infographic
source: Chris Zubak-Skees, Jesús Pérez.

http://i.imgur.com/4Wg4mtS.png

TLL
Guest
TLL

Chinese Oligarchs quietly parked up to $4 Trillion In the Caribbean.
Rumors abound that some are Canadian PRs.

Che Feng (shadowy owner of LA/ Vancouver-based Digital Domain)
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/01/ICIJ%207.jpg

Ulsterman
Member

I’m surprised they didn’t park that $4 trillion in Vancouver real estate. It would be work $10T now and a gazzilion trillion in another decade.

space889
Member
space889

Are Canadian & US & European Oligarchs any different?

Yunak
Member
Yunak

“Condo ownership by foreign buyers most prominent in newer buildings: CMHC”

That absolutely makes sense because those are EXPORT products initialy and exclusively offered to foreign markets. Same as Germany makes cars for export and sells them abroad Canada does with condos (less demanding indusry with higher return). All talks how low CAD will support export weren’t for nothing and not to mention all those RE missions and offices accross the China.

http://www.cbc.ca/news/business/condominium-ownership-foreign-cmhc-1.3524841

Hyper-mega-Bull
Member
Hyper-mega-Bull

HAM just like new. ask anyone with a renovated basement suite in richmond. foreign students will pay top dollar for that. or ask this builder who is tearing down houses he built 10 years ago.

>Jhaj’s family-based demolition and homebuilding company is busy these days, tearing down the same homes it built only 10-20 years ago. One home, built in 1992 with an original selling price of $280,000, sold last January for $2.2 million; it was torn down by Jhaj and a new home was built on the property, which promptly sold last month for $4.9 million.

http://www.richmond-news.com/news/weekly-feature/political-policies-come-home-to-roost-in-richmond-s-housing-crisis-1.2217152

space889
Member
space889

Cuz you shouldn’t be allowed to torn down & built new house if the house you bought is under 20, or over 40, or has any characteristics your neighbors or people you never meet desires?? So basically no demolition of houses allowed unless it’s for densification or the house falls over by itself, or earthquake/fire?

Hyper-mega-Bull
Member
Hyper-mega-Bull

i’m saying what chinese buyers and renters prefer. i’m not saying it’s good or bad. if there is any subtext in my post it’s this: if you have a basement suite, think of renovating it. you can get a lot of money from wealthy chinese students.

you are way too sensitive and insecure. you’re always trying to “save face”.

space889
Member
space889

I’m just raising a general question, seems bears always complain about livable houses being torn down and how all they want is a nice
sized old bunglow house. Where is the insecurity or sensitivity here?

Why are you so worried about something if you aren’t insinuating anything about race?

Hyper-mega-Bull
Member
Hyper-mega-Bull

you guys think things are crazy now? just wait until the saudis start bidding against the chinese.

Yunak
Member
Yunak

It’s cooking, interesting times ahead of us. Looks like the global situation is ripe for some sort of “reset”?

http://www.thestar.com/news/world/2016/04/05/global-military-spending-rose-to-nearly-17-trillion-in-2015.html

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

F*cking cunt and a bitch Christy Clark rejects calls for spending reforms

Clark says she doesn’t walk into meetings with anyone asking how much they donated to her party.

http://www.macleans.ca/news/canada/b-c-premier-rejects-calls-for-spending-reforms/

patriotz
Member

“Clark says she doesn’t walk into meetings with anyone asking how much they donated to her party.”

Of course not, she knows beforehand.

This is really another of her “if you don’t like it you know what you can do about it” statements.

Yunak
Member
Yunak

Is corruption illegal in BC?

space889
Member
space889

When it is called Campaign Donation, then no. And you get a tax credit for it too! A pretty good tax credit too.

bullwhip29
Guest
bullwhip29

One in 10 newer Toronto condos owned by foreign buyers: CMHC
http://www.theglobeandmail.com/real-estate/the-market/one-in-10-newer-toronto-condos-owned-by-foreign-buyers-cmhc/article29551058

>>> seriously? who makes up this stuff?

space889
Member
space889

So CMHC do have data on foreigner buyers, at least for condos, after all…

Is there a breakdown by country? Cuz US is usually the biggest foreign buyers in Canada.

Shut It Down Already
Guest
Shut It Down Already

They don’t have data. You need to read the last paragraph.

bullwhip29
Guest
bullwhip29

and neither does fintrac i suppose…

bullwhip29
Guest
bullwhip29
B.C. real estate advisory group to submit interim report http://vancouversun.com/business/real-estate/real-estate-advisory-group-to-submit-interim-report >>> as a refresher… Carolyn Rogers, CEO of FICOM Ms. Rogers holds an undergraduate degree in Economics from Brandon University and MBA from Queen´s University. She is also a certified management accountant Prior to joining the Public Service, Rogers worked in the financial services sector. She held a number of progressively senior roles in the Canadian Credit Union System and before that, at Royal Bank of Canada. In 2005 Rogers left financial services to work for an environmental technology company based in Victoria, B.C. She served as the company´s Chief Financial Officer and was appointed by the board to CEO in July 2006. Rogers also spent some time in private consulting practice where her focus was on financial and operational restructuring and transformation projects for small and mid-size private companies… Read more »
space889
Member
space889

If you are paid very very handsomely for not understanding something, how likely are you going to understand it??

bullwhip29
Guest
bullwhip29

the point is that advisory group is headed up by a friendly face

bullwhip29
Guest
bullwhip29

How a family of seven makes condo living work in Vancouver
http://vancouversun.com/news/local-news/video-how-a-family-of-seven-makes-condo-living-work-in-vancouver

>>>if you owned the IKEA empire, would you sell some/all of it? nah, didnt think so….

space889
Member
space889

Wasn’t that posted a long time ago by Van Sun? And the guy only has the kids over for like weekends to 3/4 days max on a bi-weekly basis or something, while the kids mostly live with the mom at a big house.

southseacompany
Member
southseacompany

“First Bank of Canada rate hike draws closer on fiscal stimulus: Reuters poll”, The Fiscal Times

http://www.thefiscaltimes.com/latestnews/2016/04/07/First-Bank-Canada-rate-hike-draws-closer-fiscal-stimulus-Reuters-poll

” The Canadian economy’s strong start to the year allied with fiscal stimulus from the country’s new Liberal government will allow the Bank of Canada to start raising interest rates sooner in 2017 than had been previously expected, a Reuters poll found.”

bullwhip29
Guest
bullwhip29
nope, not gonna happen. two simple reasons… the “too big to fail” housing mkt (and cdn banking system) propped up in part by overleveraged average joe’s who can’t afford higher payments. the powers that be could have let the system reset years ago but instead opted to create an elephant sized moral hazard to which there is no clear (and palatable) exit plan the powers that be in Cda won’t win the race to the bottom (or even stay somewhat competitive vs the likes of mexico) if the loonie is bid up further. not only this. as the price of oil collapsed (which took the cdn dollar with it) the appetite for Cda as a vacation destination and assets like RE was kicked up several notches higher. regardless of what the “experts” think, the BoC will follow along with what… Read more »
space889
Member
space889

Too big to fail Can’t fail.

I’m guessing stealth inflation is the preferred answer by the policy makers. Whether they can pull it off without huge un-intended consequences is another matter.

patriotz
Member

You mean wage inflation. Consumer price inflation with stagnant wages isn’t going to support house prices.

This is exactly what the government is trying to do. No stealth about it, JT came out and said it during the election campaign.

space889
Member
space889

Central banks clamps down harder on wage inflation than actual general CPI inflation cuz believe wage inflations causes CPI inflations and must be killed at all cost. Never mind that wage inflation can also be due to increase productivity too. Explains why adjusted for inflation, real wages hasn’t gone up since mid 80s while actual inflation, taxes, and productivity have all gone up, WAY UP!

bullwhip29
Guest
bullwhip29

Questions arise over anti-money laundering agency’s decision not to name Canadian bank it fined $1.1 million
http://business.financialpost.com/news/fp-street/questions-arise-over-anti-money-laundering-agencys-decision-not-to-name-canadian-bank-it-fined-1-1-million

>>> the reason for this is simple. the whole house of cards is being propped up by hot money primarily from china, russia and various other european and s. american countries. without the massive influx of such sources of funding, the cdn RE bubble would cave in on itself in short order beginning from the top and take down all the heavily indebted average joe’s with it (who wound up overpaying for shoe boxes solely because of the so called trickle down effect). it is for this reason that politicians, bankers and homeowners of all shapes and sizes will remain mum on the subject as they all have a vested interest in not tipping over the apple cart.

Cat in the hat
Guest
Cat in the hat

hsbc,

would-be buyer
Guest
would-be buyer

Interesting that Vancouver RE is on fire, when HK is slashing prices 20%, in what is being called the worse downturn since the SARS epidemic.

http://www.scmp.com/property/hong-kong-china/article/1934546/swire-slashes-new-flat-prices-fifth-hong-kongs-prime-mid

Bubble Tea
Guest
Bubble Tea

Hong Kong’s RE is supposed to be bullet proof as the money from the mainland and locals kept it in the atmosphere for years. If HK can crash, Vancouver is surely not on very sound footing.

space889
Member
space889

It went down a lot during 08 and then bounced back. HK housing market go through regular bear market flushing before shooting to the next all time high. Locals are used to it. They just don’t like the fact that the peasants next door they used to look down & spit on are now richer than they are.