Friday Free-for-all! May 26th 2016

It’s the end of another work week and you know what that means…

It’s Friday free-for-all time here at VCI. 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:

Housing market concerns at BOC
Broker Economist on concerns
Vancouver ‘freakshow’ market
Peterborough up 24% YOY
Save for 23 years
4 out of 10 caught short on money
lack of compliance on money laundering
high cost of ultra-low rates

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

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patriotz
Member

@previous: “if you think that Peterborough’s location justifies a doubling in houses prices”

I don’t think any location in or near the GTA justifies current house prices. I’m just offering an explanation of why somebody might be willing to buy in Peterborough at current prices. Somebody obviously is. Same goes for Hamilton and other lesser known towns.

Newcomer
Member
Newcomer

Fair enough. I’m not a massive fan of Hamilton either, but it is at least a genuine city, with a university and those sorts of things. Peterborough is more like Mission.

patriotz
Member
Housing wealth: The taxing issue of our time Good idea in principle, but: One suggestion was to use a variation on property taxes that ties your tax burden to the equity you have in your home, not the market value (young people have little equity) This is faulty on a number of levels. It would discourage people from paying off their mortgages and encourage those who have paid them off to remortgage. Also the wealthy would engage in financial engineering to keep mortgages on their properties and put their net wealth somewhere else. It would do nothing to discourage people from buying at excessive prices. In effect it would be much like mortgage interest deductibility for principal residences, which is a very bad policy. What we need is higher property taxes across the board with other taxes lower (like Texas,… Read more »
Newcomer
Member
Newcomer

What we need is for the CMHC to stop insuring things over 500K. It was supposed to be a system to help people. People who need help do not need to live in a place worth more than 5x income.

space889
Member
space889

What about that doctor couple features on Garth’s blog a few days ago who makes $800K combined? If they buy a conservative 3x income home, that would be $1.8M which would be above your $500K limit. It is conceivable for young doctors to have high to very high income but very limited assets.

StupidityCheck
Guest
StupidityCheck

They don’t need a government insured loan, they can get a low LTV private mortgage.

P. S. Shut up, you argumentative PRC-loving troll.

david
Guest
david

Another week punched ! ….elected Canadian politicians have both another week of “earned” (uurrpp…) pension money, and are all one week closer to cashing out, without admitting or dealing with the [gigantic herd of morbidly obese] elephants in the room that is the national housing gasbag.

Huzzah!

would-be buyer
Guest
would-be buyer
StupidityCheck
Guest
StupidityCheck

Downtown condos selling for 50% more than assessed value.

https://vancouverhousingblog.com/2016/05/26/condo-prices-exploding-part-2/

Perfectly normal, nothing to see here.

Newcomer
Member
Newcomer

I have just started to see asking prices for Victoria condos hit nearly the same levels (40% over assessed).

space889
Member
space889

You do realize that assessed value is NOT the same as market price, right?

Newcomer
Member
Newcomer

Space, how could anybody not realize that, seeing as market price means what a place sells for? Jeaze!

space889
Member
space889

So why all the rage and anger from bears about condos selling for 40% above assessed values? As if it is almost a crime to do so. Geez….

Shut It Down Already
Guest
Shut It Down Already

Perhaps assessed values are wrong…

patriotz
Member

Assessed values are an estimate of market price as of Jul 1, 2015 which is almost a year ago. That does not make them “wrong”, they are just not intended to reflect the market in real time.

Shut It Down Already
Guest
Shut It Down Already

They’re a very poor estimate of market price.

patriotz
Member

You get what you pay for. BC assessment’s annual budget is $77 million for 2 million properties.

Anyone who wants a real appraisal is free to pay for one. They are also free to appeal their assessment if they don’t like it.

StupidityCheck
Guest
StupidityCheck

Why such willful ignorance from a China loving troll? Geez…

StupidityCheck
Guest
StupidityCheck

Assessed valued was market value last July, you idiot.

southseacompany
Member
southseacompany

“John Robson: The debt bell tolls for thee”, National Post

http://news.nationalpost.com/full-comment/john-robson-the-debt-bell-tolls-for-thee

“It may be easy to criticize government improvidence or foreign buyers for inflating the housing bubble while shrugging off personal responsibility. But in the end, Canadians will be the victims when the bubble bursts, just as Americans were when the sub-prime market exploded in 2008.”

patriotz
Member

The US sub-prime crisis was in 2007, and was the proximate cause of the financial crisis of 2008, which the writer is apparently confusing it with.

Also, people who buy at inflated prices aren’t victims of falling prices, since inflated prices are the cause of falling prices in the first place.

Shut It Down Already
Guest
Shut It Down Already

I think his point is that all will suffer the economic consequences, not just those who overpaid.

Polozi Scheme
Guest
Polozi Scheme
Newcomer
Member
Newcomer
bullwhip29
Guest
bullwhip29
space889
Member
space889

White guys trying to be Chinese culture aware?

patriotz
Member

The Conservatives should be (Chinese-Canadians’) natural party, Harper told a banquet hall where people stood in the aisles ten deep, many holding their phones aloft to record his remarks.

“A strong work ethic, a commitment to education, dedication to family and faith are keys to success,” Harper said.

“These are the values of the Chinese Canadian community and they are also Conservative values.”

Of course he was just using dog whistles about gay marriage, welfare and the like, but Steve was on to something – the only big city ethnic ridings which the Cons held on to have substantial Chinese populations.

chip
Guest
chip

Because Harper never talked about work ethic, education, family and other Con principles before gay marriage and the dog whistle came along?

These unthinking, political and emotional posts are really boring. Critical thinking and objective reasoning take some effort but at least they will help you say something interesting – rather than dull, predictable sludge that you’ve been saying for years.

bullwhip29
Guest
bullwhip29

Brokers may not want foreign investment controlled
http://www.mortgagebrokernews.ca/news/brokers-may-not-want-foreign-investment-controlled-207976.aspx

>>>hmm, ya think?

space889
Member
space889

Me neither as long as they are appropriate taxed for our benefits…like maybe eliminating provincial income tax, reduce provincial debt, upgrade our schools to be Richter 9 earthquake resistant, sufficient hospital equipment and services without the crazy waitlist, etc, etc, etc.

StupidityCheck
Guest
StupidityCheck

Eliminating Provincial income tax? God, you really are a fucking idiot!

bullwhip29
Guest
bullwhip29

For sale: 1,273-sq.-ft. float home — great views and close enough to commute to Vancouver. $479,000
http://news.nationalpost.com/homes/for-sale-1273-sq-ft-floating-home-great-views-and-close-enough-to-commute-to-vancouver-479000

http://wpmedia.news.nationalpost.com/2016/05/001.png

>>>option B: if you can’t afford a lot in Vanc, dont live on solid ground…

space889
Member
space889

Might be more earthquake resistant than the ones on “solid” ground, especially in Richmond.

But are you allowed to live on it full time though? I thought a lot of marinas/docks do not allow it now.

bullwhip29
Guest
bullwhip29

Taming of hot housing market Metro Vancouver a divisive issue
http://globalnews.ca/news/2725531/taming-of-hot-housing-market-metro-vancouver-a-divisive-issue/

“The NDP is clearly betting its demand for direct government intervention is an appealing message, but remember that older people (many of whom own homes and are now sitting on proverbial gold mines) tend to vote in far greater numbers than a younger crowd frustrated about not being able to get into the market.”

YLTNboomerang
Member

My folks, born in the late 40’s have been long time liberal supporters and own a property that has exploded in what it is currently worth. They want higher interest rates (retired, fixed income) and are sick of the Chineseification of Vancouver. I used to call them mildly racist but now agree as I feel like a minority. They are going to be voting NDP. BTW, Imhave many Asian friends but none from the mainland and my HK friends refer to them as locusts, not a word I use.

Best place on meth
Guest
Best place on meth

Locust is a great word for them, you should start using it.

Shut It Down Already
Guest
Shut It Down Already

And you protest when people call you out as a racist. Good grief.

Best place on meth
Guest
Best place on meth

I don’t care what you call me you fucking traitor.

StupidityCheck
Guest
StupidityCheck

The term “locust” came from Hong Kong, and it has nothing to do with race. Idiot.

Shut It Down Already
Guest
Shut It Down Already

It’s a racial slur, genius. Keep telling yourself otherwise, though.

Best place on meth
Guest
Best place on meth

How about pestilence?

Is that a racial slur too, fucker?

Shut It Down Already
Guest
Shut It Down Already

I love how you resort to abuse when you have no valid counter argument.

StupidityCheck
Guest
StupidityCheck

I gave you one and you ignored it. Fucker.

Shut It Down Already
Guest
Shut It Down Already

Check yourself. It’s a racial slur, and people who continue to use it once that’s been pointed out to them are ignorant racists.

StupidityCheck
Guest
StupidityCheck

You’re a fucking idiot. How can Hong Kongers be racist against Chinese?

bullwhip29
Guest
bullwhip29
space889
Member
space889

Uhm…no, that’s just advertising trying to score a deal below market price.

This is selling yourself for a house – HK style:
https://www.youtube.com/watch?v=jCdRTXNK76s

StupidityCheck
Guest
StupidityCheck

Uhm, that was his point. In a normal market, free of locust, that crap isn’t necessary. Dope.

MLS watch
Guest
MLS watch

Isn’t it a way of saying :’I am a local, and I do not flip houses’? There must be many sellers reluctant to sell to foreign money.

bullwhip29
Guest
bullwhip29

1029 Café is one of the successfully initiated projects by Canada Luxmore Crowdfunding; the first of its kind in Canada with its unique theme featuring startup incubation, entrepreneurs club and investment opportunities. The Café aims to create an entrepreneurship exchange platform, and to provide an open multi-cultural floor for talents all in an elite club-like environment. http://www.1029cafe.com/

https://static.wixstatic.com/media/c9ab3c_dac5ac562eb644caa0e918b3482b72d4.jpg/v1/fill/w_220,h_268,al_c,q_80,usm_0.66_1.00_0.01/c9ab3c_dac5ac562eb644caa0e918b3482b72d4.jpg

>>>so after getting steamrolled and trampled over while shopping at costco across the street, stroll over to 1029 Cafe for more fun and excitement

space889
Member
space889

At least they have more girls than guys…..

bullwhip29
Guest
bullwhip29

you might want to check it out then…

space889
Member
space889

But the girls are barely average, at least going by the pic you posted….and likely spoiled bitches…just not worth the time.

8888888
Guest
8888888
space889
Member
space889

Geez…bears have been saying this for how many years???

How about actually be a bit modest and conservative and wait a bit before calling the big drop?

mono
Guest
mono

@ space

If you’re patient enough, you only have to be right once.

Loon
Guest
Loon

This article is from Sep 20, 2012, prices have almost doubled, not dropped 40% since then Garth f*cking Turner.

Best place on meth
Guest
Best place on meth

“But the girls are barely average”

This coming from the loser who last tasty pus$y while exiting the womb.

Lance Romance
Guest
Lance Romance

Why does it have to be an “elite club-like environment” ? Wouldn’t “hanging around with other assholes” cover it?

Polozi Scheme
Guest
Polozi Scheme
would-be buyer
Guest
would-be buyer
paulb
Member

New
189
Sold
264
TI:8265

Thinking of buying or selling? Contact me anytime http://www.paulboenisch.com

Best place on meth
Guest
Best place on meth

The new poll on the left should actually be “Worst thing about Vancouver”.

We could easily come up with 100 choices.

By the way, whoever chose #2 is doing a lot of #5.

8888888
Guest
8888888

This could be a solution to the housing problem in Vancouver. http://www.japantoday.com/category/crime/view/woman-arrested-for-living-in-closet-in-fukuoka

StupidityCheck
Guest
StupidityCheck

The ultimate winner in a “Worst thing about Vancouver” poll would be: Locusts. It wouldn’t even be close!

would-be buyer
Guest
would-be buyer
http://wolfstreet.com/2016/05/27/market-timer-sam-zell-fed-interest-rate-commercial-real-estate/ “I think when you talk about interest rates being close to zero for a long period of time, I’m very concerned about the fact that we have desensitized our business community to the cost of capital.” “And we know that the cost of capital ain’t free,” he said. “Every time you defer facing up to the cost of capital, it’s going to catch up to you. That I think is the biggest concern.” “We have distorted markets. Maybe we have bubbles.” Then, on second thought, he said, “I don’t even know what a bubble is, so I wouldn’t want to be the definer of it. But I think that we have too much intervention and not enough market movement in interest rates – and in other assets.” “You know what the problem is? The problem is I think the… Read more »
Maria
Guest
Maria

B.C. real estate companies join Christy Clark on trade mission to Asia

http://www.cbc.ca/news/canada/british-columbia/bc-christy-clark-trade-mission-asia-real-estate-1.3604817

“It’s bad optics,” said University of British Columbia business professor Tsur Somerville.

“At a time when people in the Lower Mainland are very concerned about the extent to which foreign capital is driving up prices here and contributing to affordability options, it seems a little bit politically dicey to take [brokerage] firms … along on a trip to Asia.”

squeak
Member
squeak

” B.C. real estate companies join Christy Clark on trade mission to Asia”

Oh God help you British Columbians (the honest hardworking and taxpaying)

Summer is a good time to move out of this province, weather is more cooperative for moving/travelling.

8888888
Guest
8888888

Maybe she’s looking for donation’s to the Liberal Party ,somebody’s gotta pay her wage every month.

squeak
Member
squeak

Testing, problems with posting, all of a sudden.

southseacompany
Member
southseacompany

“Fed chief Janet Yellen says interest rates will rise ‘in coming months'”, The Guardian

https://www.theguardian.com/business/2016/may/27/interest-rate-hike-janet-yellen-federal-reserve-memorial-day

“Federal Reserve is expected to announce two to three interest rate hikes this year after it increased rates in December for the first time in nearly a decade”

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
victoria
Member
victoria
tedeastside
Member
tedeastside

that poll is interesting, all those things are terrible in Vancouver……even the quality of drugs in vancouver is dismal

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

TED WE KNOW UR A CRACK HEAD, NOT SOMETHING ANYONE WOULD BE PROUD OF.

tedeastside
Member
tedeastside

vancouver is scamville , most homeowners I know in dumpcouver bought their house with money from some ICBC scam they pulled

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Are u living under the rock in the last 10 years ?

People in BC are saying it is the Chinese.U say that scam money pulled from ICBC, that would be lot of scam to pull just to own a house .

Ted go back to living in ur mom basement.Ur don’t know what is reality is , smoking crack has turned u into mental retarded person ?

bullwhip29
Guest
bullwhip29
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