BC, economy, hype, opinion, politics, prices, west side

Developers kindly provide support to government

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165 Comments

Those of you who complain about the local real estate market should calm down and take a moment to reflect on the benefits of the current situation.

Without financial support from real estate developers how would the provincial government be able to provide necessities like salary top-ups for the premiere?

Without fundraising  by condo marketers it would be you the taxpayer that would have to pay for that extra $300k given to the premiere since 2011.

And if you’re concerned about conflicts of interest, don’t be! The premiere herself has addressed this issue:

‘The issue for us is to make sure we always separate our public duties from any sources of funding for political parties, and I think that’s the most important thing for all of us to remember,” Clark has reportedly said in defense of the stipend. ”I always keep that utmost in my mind when we’re making decisions.”

If you want to read David Ebys concerns about the current situation, you can find them over at the Tyee but  just remember, he’s likely motivated by sour grapes or jealousy.  After all, Eby has been stuck with the MLA responsibilities for Vancouver Point Grey for the last few years while Clark gets to enjoy Kelowna.

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[…] –If I can do it, you can do it –Casino crackdown –Another Hollywood hater –Vancouver stressful for millennials –Why own and be in debt? –All in for RE –Cariboo deals with Vancouver invaders –Affordability crisis – […]

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patriotz

A $836,000 home on a single salary – the reality of ‘pink mortgage’ living

Some estimates indicate that at least 25 per cent of home buyers in Canada are women, and if they aren’t actively in the middle of buying now, they plan to purchase their first home within a couple of years. According to Canada Mortgage and Housing Corp., women are driving sales in the condo market, too.

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mls watch

http://vancouver.24hrs.ca/2016/05/05/reality-tv-show-set-in-vancouver-housing-market
re you ready for the Real Realtors of Vancouver?

A local production company appears to be launching a Chinese-language reality TV show this month that will take viewers behind the scenes of the Lower Mainland’s booming housing market.

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Best place on meth

5K party tomorrow!

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Shut It Down Already

When you’ve been wrong for this long I guess you have to swing for a home run every once in a while. You seem mighty confident we’ll not see 7K again though. Let’s hope you’re right about something for a change.

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paulb

New
250
Sold
252
TI:8345

http://www.paulboenisch.com

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Combat roach

A new Shaughnessy, 25 years forward, lol…

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Bestplaceonearth

People drool for a unit like that. Home sweet home.

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wwww

Tedeastside’s identity reviled:

http://www.z953.ca/tmzed/2016/05/05/celebrity-slams-horrific-vancouver-gulag

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Yunak

Not the best time for insurance companies…
Fort McMurray fire could cost insurers $9B, BMO predicts
http://www.cbc.ca/news/business/fort-mcmurray-insurance-cost-1.3568113

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space889

Manulife profit jumps 45 percent

https://ca.finance.yahoo.com/news/canadas-manulife-posts-45-percent-rise-profit-102505087–sector.html

Ever tried to get serious $$ from insurance companies?

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Nom Nom Nom

Yes… without hassle I might add. Its called a unilateral contract. What was your point numb-scull?

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space889

Right, cuz your own personal experience is representative of everyone who has to deal with insurance companies. No wonder you suck so bad at this RE market prediction.

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StupidityCheck

Shut up you idiot.

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franko

Personal property and casual insurance in Canada is a tiny portion of Manulife’s overall business. Intact Financial is expected to bear the brunt of the damage which has been reflected in the price of its the last couple of days.

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franko

…casualty

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vangrl

what was the point of the poll on the left side?

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space889

To prove haters, racists, and bullies don’t like people who call them out on it?

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StupidityCheck

Shut up you idiot.

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Oracle

You guys will never get it.

The only way to stop this is to reduce immigration massively.

Join an anti – immigrant party.

Spread the word.

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space889

So you are volunteering to go back to your country of birth as an example to all the bears & team BPOM here?

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Hyper-mega-Bull

are there any bears left? i think the fast majority accept that HAM demand is causing price increases and that HAM isn’t going to stop.

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space889

Really? Cuz I’m starting to switch from HAM is causing luxury market to go up with spillover effects to now HAM have decreasing effects on the market. Now that > $3M market is almost pure HAM who trades among themselves, that segment is pretty much a segregated market now with limited outflows to other market segments. Rather, it is now pretty much just stupid locals desperate to get in that’s driving the majority of the market.

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Hyper-mega-Bull

yes, really. the fact that your opinion has changed means nothing.

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space889

And yours even less…

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Best place on meth

Space, your country needs you, go home.

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

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space889

Well, at least it’s nice to be needed. Now who needs a hateful racist like you?

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Best place on meth

No seriously, get the fuck out of here and go back to china.

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space889

You first…

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123

What does space do for a living….always on here

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Bestplaceonearth

Space does good job on bear patrol.

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StupidityCheck

Space work for fiffy cent pahty. He make big buck!

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Shut It Down Already

Isn’t BPOM from Hong Kong or something?

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Combat roach

Law & Justice, classic…

‘Apple Loses Lawsuit Over iPhone Name In China’

http://www.huffingtonpost.ca/2016/05/04/iphone-trademark-china-lawsuit_n_9842924.html

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space889

Justice is served, what’s your problem? Oh I get it, it’s because a Western company got screwed in China because it didn’t trademark it’s brand name early enough? Seems like it’s Apple’s own fault. If the situation were reverse, I think you would have been cheering that the Chinese company lost the case.

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Best place on meth

Chinese court sides with chinese company, no surprise there.

The theft and ripoffs continue.

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space889

So if a Canadian court ever side with a Canadian company then it is also theft and ripoffs?

Apple didn’t trademark “iPhone” in China and it didn’t sell iPhone until 2009, no reason that China has to follow other country’s trademark / patents until it agreed to a reciprocal treaty with that country.

If you trademarked “Hulu” in Canada and run a store under that name, how would you like it if a Chinese company called Hulu comes to Canada, set up shop, and then demand you change your company name? You think it’s got a right to?

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space889

Oh geez…why am I explaining this using logic to you people.

here is something you can understand – just learn it from VanGrl, hope she didn’t trademark it.

FU BPOM.

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StupidityCheck

Shut up you idiot.

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Combat roach

The other asshole recently posted the article where baboon Cameron Muir was shilling on millennials and their embracement of Vancouver. Here is the other side…

http://www.vancourier.com/opinion/staying-in-vancouver-stressful-for-millennials-1.2246671

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Bestplaceonearth

A guy on the street called my A**h*le once, I pointed to my rear and told the guy, “are you that lonely that you wanna talk to my a$$h@l@, sorry, it does not talk ”

Oh yes, the millennials, a generation with dogs, latest iPhone, fancy shoes, latte, travelling. It’s a “I got to have it all” generation.

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Bestplaceonearth

Why my post need moderating, when others spewed fuck and asshole got posted. Oh well good luck bears, time to find a rental in hope.

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space889

Maybe because you didn’t throw in enough approved words like locusts, scum, cheaters, criminal, etc?

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Best place on meth

Shut your locust-hole, scumbag.

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Sigh

THIS!!! This article is exactly what I have been trying to articulate to friends. I remember just over a decade ago going to the dog park and chatting with other people in my working class neighborhood, which at the time was Mount Pleasant. Everyone owned their own condo, or rented an affordable place. We would chat about music, food, etc… small talk, you know? Nothing stressful. Most of us worked in caring professions in social services, and many volunteered in the community. Fast forward to now, and the talk is dominated by “holy shit, what am I doing living here?” Noone is sure if they are able to stay, so there isn’t a whole lot of “giving back” happening. I myself feel a lack of empathy towards those less fotunate because I am white knuckling it to stay here for… Read more »

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Hyper-mega-Bull

and everyone knows they are in competition with everyone else. this creates a dog eat dog mentality in vancouverites.

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Best place on meth

Don’t mention eating dog, you’ll make space hungry.

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space889

I’m not the one getting up in arms about the practice….rather I think it’s you people that get so upset about it.

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Shut It Down Already

This might be interesting to follow. All-in on RE (including employment in the industry) and close to zero liquid funds. I wonder if Karl is Chinese?

http://www.milliondollarjourney.com/net-worth-update-april-2016-karl-the-real-estate-agent-4-94.htm

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space889

Obviously! I’m mean isn’t the name just a dead giveaway? And off course, who else beside Chinese is this crazy about RE and gambling? right?

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StupidityCheck

Shut up you idiot.

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paulb

New
278
Sold
200
TI:8442

http://www.paulboenisch.com

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Best place on meth

6K party tomorrow!

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Shut It Down Already

I’m not wrong often, so you have to enjoy these small victories whilst they last. Getting a next day inventory prediction wrong isn’t quite equivalent to being flat out wrong for 10 years, though. I can understand you trying to dress things up that way though. Good luck.

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Confucius

You only have to be wrong once to be wiped out in a housing bubble. Good luck!

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space889

Really?? A 50% price fall tomorrow would still mean that West Van / Van West SFH is out of reach of the bears. Condo at say Marine Gate would fall from about $800-$900 / sq ft to $400 – $450 / sq ft, still a bit pricey.

If this bubble goes on for another year or 2 with 25% annual increase, that same 50% price would only take prices back to *gasp* 2015/2016 price! I doubt people who bought now would be wiped out in that case.

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Confucius

That’s assuming a lot. Basically, If the market turns and you are leveraged, you could easily be wiped out. If you doubled down or helped your kids buy houses recently and your overall equity is between properties is 30-50 percent then a 30-50 percent drop will wipe you out.

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space889

That’s assuming a 50% crash happens now. Has it happened? No!
Is it likely to happen in a short period of time in the near future? I’m going to say not very likely.

Look at Alberta, housing boom driven mostly by local income & job market that pretty much went kaput. So far, housing market hasn’t corrected yet, never mind crash.

Regardless, even a 50% price crash is not going to restore price / income ratios to say 3x to 5x in Vancouver and 50% is not very likely this year or next. So, your crash scenario is really relevant to most of existing buyers, and certainly isn’t going to help prospective buyers either.

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Confucius

Your logic is based on recency bias. Just because it hasn’t happened, doesn’t mean it won’t. Calgary’s prices are indeed down, I know people that live there and have sold recently. The only reason it hasn’t crashed is because of the easy money policies which are benefiting Vancouver, Toronto and actually the entire world. The central banks have flooded the world with cheap money and people have chosen real estate as their main investment. How has crowding into one investment worked out for people in the past? The central banks have only managed to increase asset prices without helping wages much. They can be out of synch for a long time, but cannot stay detached forever. The world economy is slowing despite all of the money printing. There will be a day of reckoning and those up to their eyeballs… Read more »

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space889

And you are focusing on this crash thing way too much without even bothering to step back and take a look at the big picture. 50% crash is not going to happen this year, nor likely next. What’s more likely to happen? Another run up in prices in Vancouver this year, and like next, probably cumulative of 30% to 50% or even more. So even if you get a 50% price crash in 2018, that only take prices back to 2015 which is still very high, and you aren’t really denting existing owner’s equity which stands at what? almost 70% of the households?

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Confucius

Nobody knows what will happen, I’m not saying I do, but the risk of a crash is high. You seem pretty confident it won’t crash, you should buy. Oil was high in 2014 and all the oil companies and analysts said no crash was in sight. Nobody knows, even the companies that depend on knowing do not know what will happen next. Commodities were nearing the end of it’s cycle time wise, so the risk was there, but it was ignored. Real estate could be closer to the end of it’s cycle than you or others think, but everyone can continue to ignore it.

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Best place on meth

“I’m not wrong often”

Harper majority!

Trump gone by Christmas!

HAM not driving up prices!

Oh right, you’re still furiously denying that last one.

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space889

The guy admits when he’s wrong, tries to find out why, and then move on. He doesn’t go and call everyone who disagree with him locust, shit, scum, or does he go on a hate rampage.

Now compare that with your continued mistake with RE and full on hate for Chinese. Did some Chinese immigrant girls turn you down in high school / univ when you thought just saying “Ni Hao Ma” will get them in bed with you? Did that make you so butt hurt that you still carry a grudge to this day?

And no Chinese foreign money didn’t really cause the RE run-up pre-2008. Even now, the price run up in attached dwelling aren’t really caused by Chinese foreign $$ either.

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Best place on meth

Death to China!!!

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Shut It Down Already

Exactly. I’ve been wrong 2-3 times and you’ve been wrong every time you’ve posted for the last few years.

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Hyper-mega-Bull

you’ve never seen anything like this before.

https://queenannyslace.files.wordpress.com/2015/09/grandechakras.jpg

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Hyper-mega-Bull

vancouver real estate is entering trans-dimensional hyper space ppl

https://lovecraftianscience.files.wordpress.com/2014/02/zamandayolculuk-com.gif

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Hyper-mega-Bull

white flight continues

Vancouver’s real estate boom reaches Cariboo

https://www.biv.com/article/2016/5/vancouvers-boom-reaches-cariboo/

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mls watch

May be this is how Canadians are perceived by foreign money: https://www.youtube.com/watch?v=noXyY13W6cc

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Hyper-mega-Bull

Escape from FortMac

https://www.instagram.com/p/BE_by7VKiwx/

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elvince

The whole top-up from corporation is funny seen from the east coast. Although Quebec has been called by McLean the “most corrupt province”, all that stuff is either illegal (contributions from corps) or extremely frained upon (top-up from the party).

Christy would have been handcuffed by now if she had been a Quebec politician. In Ontario, Kathleen Wynne had to backpedal on the same topic. In BC, that’s just buisness as usual.

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Best place on meth

‘Crazy’ real estate bidding wars infect the suburbs Frustrated Toronto and Vancouver buyers invade nearby regions, sparking bidding wars http://www.cbc.ca/news/business/real-estate-prices-suburbs-soar-1.3562481 >>>According to the Fraser Valley Real Estate Board, the average price of a detached home in that area has increased by 38.2 per cent from a year ago. The average price of a home has soared from $679,817 to $939,503 since April 2015. “Of course if we had a crystal ball I would have gone back and bought as many houses as I could myself, right. I had no idea that we would see an increase this quickly,” said Realtor David Corrie in an interview with CBC News. He has been a real estate agent for 22 years in the Vancouver area and is based in Abbotsford, about an hour’s drive east of Vancouver. In the last few months, Corrie… Read more »

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realist

An easier link to Jon McComb’s interview with Josh Gordon:
http://preview.tinyurl.com/goa34r9

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realist

Josh Gordon is interviewed today about his report “Vancouver’s Housing Affordability Crisis” by Jon McComb of CKNW:
http://www.cknw.com/the-jon-mccomb-show/
Scroll down to: Vancouver’s Housing Bubble Could Soon Burst – The John McComb Show – May 4.

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realist

Josh Gordon, School of Public Policy, SFU is author of this just-released report:
“Vancouver’s Housing Affordability Crisis: Causes, Consequences and Solutions”

http://www.sfu.ca/mpp/centre_for_public_policy_research/cppr.html

From the Exec Summary: “In regards to causes, it finds: The dominant explanation for the crisis in Vancouver is a large and continuous flow of foreign money into the region, especially from China, which has reached unprecedented levels in the past year. This factor accounts for most of the crisis, on its own.
Of secondary importance have been low interest rates and geographic constraints on
development….Other alleged causes, such as a ‘strong local economy’, Vancouver’s ‘desirability’, ‘strict zoning/regulations’ and ‘low social housing investment’ have played negligible roles in generating the crisis.” etcetera…

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Shut It Down Already

Read the whole report. They present basically zero evidence for their claims, and simply cite other garbage reports that have already been discussed here. For example, discredited surveys that look at names of buyers of $5m properties and assume nationality from them as well as extrapolating across the rest of the market.

The presentation also has considerable bias, using terms such as “the government has been asleep at the wheel”.

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space889

As I said of that report from National that claimed 35% of RE buyers in Canada are from China, if I presented research with that kind of assumptions and methodology at work, I would probably be fired pretty fast. I still don’t know how that piece of crap got past National Bank’s compliance & legal department for public distribution. Or maybe there isn’t a real one at National Bank.

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Best place on meth

You two remind me of the flat earth society.

What a pair of loonies.

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space889

Hmmm…you mean flat earth society relies on facts, numbers, evidence, and model prediction accuracy to assess a theory?? Really? I totally didn’t know that.

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space889

Care to present your evidences about HAM $$ causing condos to go for $700+ / sq ft?? So far, I haven’t seen any credible ones from you people aside from a lot of posts filled with nothing but hate, stereotyping, conjecture, anecdote evidence, and just plain irrelevant stuff to VAN RE.

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Best place on meth

REBGV April numbers are showing prices increases getting even more vertical.

Increases from a month ago:

Detached +4.5%
Condo +2.6%
Total +3.7%

The rest of the country is flat or slightly down.

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Newcomer (N)

I’m pretty sure Victoria is up.

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Best place on meth

Down last month.

http://www.housepriceindex.ca/default.aspx

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