Friday Free-for-all! April 29th 2016

You made it to the end of another work week!

And most of you are still living in Vancouver, which means you love it and find it worth the price. Good job!

With the weekend here it’s time for another Friday Free-for-all, our regular end of the week news link round up and open topic discussion thread for the weekend.  Here are a few links to kick off the chat:

CMHC: Many markets overvalued
Fed leaves rate flat
Donors top up Clarks’ salary
US Ownership rate falls to 48 year low
Who’s at the open house?
How is Comox?
How is Kelowna?
Danger in the bond market

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

98 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
flagger
flagger
4 years ago
Reply to  patriotz

Looks like it’s leveled off and has been for years. Unlike Vancouver house prices.

Zero Down Forty
Zero Down Forty
4 years ago
Reply to  flagger

Actually, the graph makes sense as condo prices have been pretty flat for the last 6 years, and that’s probably where most of that debt has been going, considering 70% of sales are for product worth less than $ 1million.

Greater Van benchmark apartment only up $10k since 2010.
2010: $452k
2016: $462k
http://www.rebgv.org/home-price-index?region=all&type=all&date=2016-03-01

BTW – taking inflation into account, that’s actually a $12k loss.

space889
space889
4 years ago
Reply to  patriotz

Looks like Aussies got a much bigger problems than us.

ostritch
ostritch
4 years ago
Reply to  patriotz

Show me Hong Kong because along with OZ, the Mainlanders have bid up prices there too. Until! Until the HKers put rules in place last year to stop foreign spekkers.

Bear Vancouverite
Bear Vancouverite
4 years ago
Reply to  patriotz

patrioz – doesn’t this chart imply that Canada’s household debt to disposable income can increase significantly without triggering a downturn in housing prices? We’re not even at the level of the US yet at its’ peak and basically near where Australia was in 2003. Seeing a chart like this one must conclude that those who had a chance to buy in 2006 but who didn’t made a big mistake. Wish I had seen this chart in 2011 when I was considering buying again after having sold my townhome.

Zzzz
Zzzz
4 years ago

Have Donations To B.C. Liberals And NDP Crossed The Line?

The 2015 political donations were out this week and they contained some numbers that should cause a bit of unease. It’s not just the 2015 amounts that are of interest, it’s the running totals as well.

http://www.huffingtonpost.ca/dermodtravis/political-donations-liberals-ndp_b_9654186.html

space889
space889
4 years ago
Reply to  Zzzz

And we all know those donations aren’t bribes and hence will have no effects on the politicians that make all the important decisions, right??

Queue2
Queue2
4 years ago

Kash on Christy’s cash: Trouble for B.C. Libs, says former top cop

Now Kash Heed, a former police chief and solicitor-general in the Liberal government, is warning his ex-colleagues that they risk a backlash from voters over the issue.

“It absolutely floors me that they’re taking such a dismissive attitude on this controversy,” said Heed, who thinks there should be strict limits on contributions to political parties and Clark should stop pocketing money from party coffers.

http://www.theprovince.com/news/kash+christy+cash+trouble+libs+says+former/11887102/story.html

Oracle
Oracle
4 years ago

And with regards to retail sales data from Statscan. Don’t believe it at all.

Cash retail is huge nowadays. Especially for stuff directly imported by retailer. The entire Indian wedding industry is a billion dollar cash business here in Vancouver.

Oracle
Oracle
4 years ago

2 hours 36 minutes ago
I think that after 30 years of immigrants coming here primarily from Asia, it’s time switch over to immigration from Europe for a period of time to help balance things out.

–>. Europeans don’t want to come to Canada. Weather sucks in rest of Canada and Vancouver rents too high now. It will be Asian immigrants for the foreseeable future. Until the Caucasian backlash. But Asians will have a voting majority here within 5-10 years.

I’m pretty sure it will happen. I don’t condone it though as it is the politicians that make the policies that are to blame.

ostritch
ostritch
4 years ago
Reply to  Oracle

Too late. Europe isn’t European anymore. Won’t make a difference unless you set immigration based on straight out race. Ain’t gonna happen.

@wwwww
@wwwww
4 years ago

Christy is going to win as people this day an age only think about their family. Their neighbours could starve and they wouldn’t care.

The suckers are going to be those working stiffs without RE who pay their taxes and support the wealthy leisure class who don’t contribute anything tax base wise. The new type of immigrant would rather move away than pay taxes here. Huge underground economy in Vancouver. 90% of ethnic businesses are cash only.

Regardless, Vancouver is in the process of becoming an Asian city. Indian, Phillipino, and Chinese customs will rule here. Caucasians will be forced out as they don’t live in intergenerational families.

@wwwww
@wwwww
4 years ago

Wwwwww:

He works for the Feds. Immigration dept. has been pointed out before.

wwwww
wwwww
4 years ago

B.C. residents support tax on absentee homeowners: poll

According to a poll released today from Insights West, 73% of British Columbians believe a tax on homeowners who don’t live in their properties would be a good idea.

https://www.biv.com/article/2015/6/bc-residents-support-tax-real-estate-speculation-p/

Patriotz has lead so many people astray. I wouldn’t listen to him. He denied that HAM had an impact on the market for years. He told people not to buy even when he was buying. He lives in Ottawa and has for many years. What is his agenda?

Best place on meth
Best place on meth
4 years ago
Reply to  wwwww

“Poll respondents of East Asian descent were more likely to think the debate around foreign ownership is inherently racist (35%), compared to 21% of poll respondents as a whole.”

Race baiting assholes should STFU, we can’t even discuss a serious issue without their incessant whining.

space889
space889
4 years ago

Coming from the leader of racists baiting shit poster.

patriotz
4 years ago

Christy Clark isn’t worried – and she doesn’t think you are, either

“You” implicitly being the 70% who are homeowners and don’t want prices to go down.

8888888
8888888
4 years ago
Reply to  patriotz

Please provide stats that 70 % of voters own homes.BS

patriotz
4 years ago
Reply to  8888888

https://www12.statcan.gc.ca/nhs-enm/2011/as-sa/99-014-x/2011002/c-g/c-g02-eng.cfm

Granted this data is from the Household Survey which is open to criticism, but it is consistent with other data. Also note the increase in home ownership for young people:

http://www.theglobeandmail.com/real-estate/how-young-vancouver-buyers-are-crashing-the-real-estate-party/article21142644/

Newcomer (N)
Newcomer (N)
4 years ago
Reply to  patriotz

Most important line in the second article:
““She kept pushing me even though I was saying: ‘I can’t qualify, I’m poor, I’m just a kid.’” To his surprise, he found the bank would indeed lend him money.”

8888888
8888888
4 years ago
Reply to  patriotz

Well I am surprised by those figures ,it really is easy to buy a place in Canada, it’s so easy, I’m surprised it’s not 90% ownership rate.Maybe the prices are going to go up another 50%.

8888888
8888888
4 years ago
Reply to  8888888

Now we know why Christy and Crew aren’t going to change anything,she’s going to win by huge margin in the next election.

Oracle
Oracle
4 years ago

The real discussion we should be having is whether the new type of immigration into Canada is a good thing or not.

The wealthy coming in via the foreign student programs and fake temp worker assignments will not end up paying income taxes. They are above the working class they think and that’s how they lived life overseas.

They only benefit the corps and real estate industry. The working Joe in Canada will face ever increasing taxes.

People got to wake up and cut immigration in half. They have the data (CRA) and know this new breed of immigrant will do everything not to pay income taxes.

Time to chop immigration by 75%.

8888888
8888888
4 years ago
Reply to  Oracle

The RCMP should be using RICO laws against these crooks.I bet in the US they would be prosecuting them.

Best place on meth
Best place on meth
4 years ago
Reply to  Oracle

I think that after 30 years of immigrants coming here primarily from Asia, it’s time switch over to immigration from Europe for a period of time to help balance things out.

Overall numbers can stay the same but there will be far fewer of them setting in Vancouver.

Obviously, immigrant numbers from china should be negative with zero coming in and thens of thousands going out in mass deportations.

Oracle
Oracle
4 years ago

Bubble tea:

1400 homes in negative equity out of a total stock of millions of homes.

That news story is worthless. Sorry, but it’s the truth.

BubbleTea
BubbleTea
4 years ago
Reply to  Oracle

This is just the begining. Wait a few more months. Boom.

Queue2
Queue2
4 years ago

Australia blocks sale of Ireland-sized chunk of land to private Chinese company

Foreign ownership of agricultural land is a touchy subject in Australia and New Zealand. Some have voiced concerns that Chinese companies may give Chinese vendors preferential pricing, and public animus arose in Auckland, New Zealand’s biggest city, after media leaked reports that buyers with Chinese surnames accounted for half the purchases of homes there worth more than $1 million (in New Zealand dollars).

https://www.washingtonpost.com/news/worldviews/wp/2016/04/30/australia-blocks-sale-of-ireland-sized-chunk-of-land-to-private-chinese-company/

BubbleTea
BubbleTea
4 years ago

Number of people with apartments worth less than their mortgages in Hong Kong has surged
http://www.bloomberg.com/news/articles/2016-04-29/hong-kong-negative-equity-mortgages-jump-15-times-as-prices-drop

wwwww
wwwww
4 years ago
Best place on meth
Best place on meth
4 years ago
Reply to  wwwww

Goodbye tigers and rhinos, it was nice knowing you.

ostritch
ostritch
4 years ago

Really? Why did this get voted down? It’s a fair comment. No?

Bestplaceonearth
Bestplaceonearth
4 years ago

Very high quality RE posts from this blog, “flatulating” included in the discussion. Classic Vintage bears at best!

southseacompany
southseacompany
4 years ago

“Fed’s Kaplan says he will advocate for raising interest rates gradually”, CNBC

http://www.cnbc.com/2016/04/29/feds-kaplan-says-he-will-advocate-for-raising-interest-rates-gradually.html

“Dallas Federal Reserve President, Robert Kaplan, on Friday pledged to push for gradual increases in the U.S. benchmark interest rate, as long as inflation continues to rise and the U.S. economy remains near full employment.”

Queue2
Queue2
4 years ago

Oil bubbles, RE bubbles here a bubble, there a bubble

Dallas Fed cautions on fresh oil bubble as glut keeps building

The US Federal Reserve has warned that the world is awash with excess oil and starting to run out of places to store the glut, with no sustained recovery in sight for the oil industry until 2017 at the earliest.

http://www.telegraph.co.uk/business/2016/04/29/dallas-fed-cautions-on-fresh-oil-bubble-as-glut-keeps-building/

paulb
paulb
4 years ago

New
158
Sold
260
TI:8260

Thinking of buying or selling? Or just want to find out what your neighbours house sold for? 😉 Contact me anytime http://www.paulboenisch.com

8888888
8888888
4 years ago
Reply to  paulb

Hopefully we can get the new listings down to zero and shut this thing down soon .

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  8888888

7K party on Monday!

ILoveCharts
ILoveCharts
4 years ago

What’s the deal with this? Family to family sale?

R2062992

Original Price $1,225,000
Sale Price $1,225,000

Listed Apr 27/16
Entered Apr 28/16
Status Chgd Apr 29/16
Sale Date Apr 27/16
Days on Mrkt 0

wwwww
wwwww
4 years ago
Reply to  ILoveCharts

Tax evasion.

The remainder of the sales price was likely handed over as cash.

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  wwwww

Because as a buyer you’d give a bunch of cash to help a stranger evade taxes?

ILoveCharts
ILoveCharts
4 years ago

Buyer pays the PTT.

patriotz
4 years ago
Reply to  ILoveCharts

From BC Assessment:

1153 REDWOOD ST NORTH VANCOUVER V7P 2V3
Total Value $895,200
Assessed as of July 1st, 2015

dead in the hit
dead in the hit
4 years ago

you already know the reason we won’t tax foreigners.

wwwww
wwwww
4 years ago

This is why Apple’s stock is tanking. In China, the government owns huge stakes in all companies. So, in this case, the Chinese government is competing against Apple. How is Apple going to sell in it’s second biggest market if the government is against them and there is no rule of law.

First he slams Apple, now Chinese tech rival moves onto its turf

http://www.cnbc.com/2016/04/29/first-he-slams-apple-now-chinese-tech-rival-moves-onto-its-turf.html

space889
space889
4 years ago
Reply to  wwwww

Obviously no one is allowed to compete with the great Apple and no one would ever want to buy a bon-Apple smart phone or watch or tablet, ever!!
Just like how no one should ever used any browser beside Netscape, or messenger system beside ICQ, or social network beside MySpace, or use anything beside Windows for their PC.

wwwww
wwwww
4 years ago
Best place on meth
Best place on meth
4 years ago
Reply to  wwwww
Combat roach
Combat roach
4 years ago

Easy, belching and burping, Just to switch to other dialects.

space889
space889
4 years ago

Cuz when nature starts calling, especially due to something you ate, it is obviously no problem for you to control it, right? Those upset stomach pills must only be invented for Chinese only

southseacompany
southseacompany
4 years ago

“China’s housing bubble is starting to look a lot like the US before the crash”, Business Insider

http://www.businessinsider.com/china-housing-market-us-subprime-mortgage-crisis-2016-4

“China’s property market is staging a major turnaround as property prices in tier 1 cities have heated up quickly over the past few months.”

BubbleTea
BubbleTea
4 years ago

China’s inventory of unsold new homes rises 11.2pc in 2015.
Unsold inventory was up 11.2 per cent for the year to 452.5 million square metres, increasing 11.6 million square meters in December, according to National Bureau of Statistics data
http://www.scmp.com/property/article/1903244/chinas-inventory-unsold-new-homes-rises-112pc-2015
When this baby blows. Look out world, especially you, Vancouver.

space889
space889
4 years ago
Reply to  BubbleTea

Yes but when? People has been saying China should implode for ages, just like the Vancouver RE bubble. When is it going to happen? Cuz if it happens after another 5 years and 100% price run up, that is no use even if there is a 50% price drop.

southseacompany
southseacompany
4 years ago

US Blogger on Canada; “Canadian Housing Market Crash? Maybe.” http://livingstingy.blogspot.ca/2016/04/canadian-housing-market-crash-maybe.html “Having lived through not one, but two housing crashes in the United States, I have seen a pattern in both instances, right before housing prices took a nosedive. In both cases, we saw a number of the same things happening. First, the talk. We heard a lot of happy-talk from folks right up until the foreclosures started: 1. People denying there was a bubble. 2. People denying that bubbles even existed. 3. People saying that “Housing will always go up in value.” 4. People saying that, “This time, it’s different” (if they admit to past bubbles). 5. People saying, “Our area is different” (again, if they even admit to bubbles existing). 6. People quoting Mark Twain, who supposedly said, “Buy land – they’re not making any more of it!” 7.… Read more »

Whistler or Bust?
Whistler or Bust?
4 years ago