Friday Free-for-all! July 22nd 2016

It’s the end of another work-week and that means it’s time for another Friday free-for-all!

This is our regular end of the week news roundup and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

CIBC goes negative on bond yield
Lower mainlands wide open areas
CMHC: Low risk in TO condos
More helicopter money?
Four reasons prices keep soaring

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

Sort by:   newest | oldest | most voted
patriotz
Member

Just got my property assessment. 5% gain from Jan 1, 2012 to Jan1, 2016. Ontario assesses only every 4 years and pro-rates the change each year for the tax bill.

http://www.cbc.ca/news/canada/ottawa/home-assessment-mpac-1.3680697

southseacompany
Member
southseacompany

“Home sales down in Metro Vancouver: Conference Board of Canada”, 680 CJOB
http://www.cjob.com/syn/112/207057/home-sales-down-in-metro-vancouver-conference-board-of-canada

“The Conference Board of Canada is out with a new report that says home sales fell in Metro Vancouver for a 4th straight month between May and June.”

“Sales fell in 15 of 28 markets nationally, including Toronto and Montreal.”

“The number of listings rose in 17 areas, including a year-over-year gain in Metro Vancouver.”

southseacompany
Member
southseacompany

“Tax on sizzling real estate sales boosts B.C. budget surplus”, CBC News

http://www.cbc.ca/news/canada/british-columbia/suplus-property-transfer-tax-1.3689660

“Property transfer tax brought in $605 million more than expected”

BubbleTea
Guest
BubbleTea

Of the $93.7 billion in real estate transactions in 2015-16, residential was $79.32b and commercial $14.36b, says BCgov.
Thank you China.

southseacompany
Member
southseacompany

“The Unnatural Disaster Map Of Vancouver’s Real Estate [Interactive]”, Better Dwelling
https://betterdwelling.com/city/vancouver/the-unnatural-disaster-map-of-vancouvers-real-estate-interactive/

” We crunched the most recent numbers from the government on families that were defined as high-risk for a mortgage default – those that are spending at least 30% of their income on their owner-occupied housing.”

“The darker the red, the higher the percentage of people in the neighborhood at risk.”

realist
Member
realist

The last sentence could as well read: “The darker the red, the higher the percentage of homeowners engaged in money-laundering, non-declaration of world incomes, and various other related criminal activities.”
It’s mostly offshore money (including the UBC student in her $31m house), but local drug dealers etc too. CRA needs this map as a little guide as to where to concentrate their efforts.

realist
Member
realist

Lest the above be mis-interpreted, it is not intended to imply that the UBC student or her family has engaged in criminal activity. Rather, the dark red areas are where offshore money is concentrated, and it includes parts of West Pt Grey.

Best place on meth
Guest
Best place on meth

Chances are excellent that they did engage in criminal activity.

50 cents
Guest
50 cents

BPOM
do we need to mention that you beat up on your boyfriend ?

different this time
Guest
different this time

don’t worry Realist no one is going to come and sue you. For that to happen they would to go to court and show how they managed to make $31 Million for a house legtimately and that they were maligned.

Is it even possible to make all that money without bending a few rules, and also remember that China allows $50 K a person to come out. So by definition some laws were broken.

realist
Member
realist

You’re very likely correct. At least with my disclaimer, I’ve managed to avoid a volley of “r-word” accusations…so far!

Combat roach
Guest
Combat roach
BubbleTea
Guest
BubbleTea

Even from Mortgage Broker News: Red flags of possible bubble burst now apparent in Vancouver – analyst.
http://www.mortgagebrokernews.ca/news/red-flags-of-possible-bubble-burst-now-apparent-in-vancouver–analyst-210416.aspx

Brian Ripley
Guest

re: “More helicopter money?”

Nope… it’s drying up according to plummeting global luxury sales. I mashed up a few things including a drop in West Van detached house sales … down 18% Y/Y:

http://www.chpc.biz/history-readings/fomo-vs-fogi

Looks like the 1%-ers are going to lead the rest of us into the trend change.

Best place on meth
Guest
Best place on meth

Despite benchmark prices rising in all areas and all types of real estate in the Lower Mainland right up until now, AVERAGE prices have been falling in some areas since early spring.

A possible sign that high end sales are drying up while clueless locals are still out frantically buying the lower priced properties.

HAMster
Guest
HAMster

The unwashed rabble are always the last to know…

BubbleTea
Guest
BubbleTea

The dreaded “D” word has surfaced again and this time, its from Moonbean “Gregor – It’s discrimination to charge non-residents higher property taxes”. Wonder if his girl friend had any input! In China, Vancouverites are discriminated against by not allowed to buy RE there, take that Moonbean!

Dan
Guest
Dan

It’s sad that the politician always hide under the word discrimination when confronted with hard questions about foreigners buying up and flipping local housing, money laundering, cheating and not paying their share of taxes, using our city as a playground. We all know where these people come from and we need a government with backbone that will stand up and take action.

Best place on meth
Guest
Best place on meth

You have to forgive Mayor Qu, he’s been indoctrinated by his girlfriend and his loyalty is now to the motherland.

He’s our very own Manchurian Candidate.

Combat roach
Guest
Combat roach

…and probably advised by his experienced mother-in-law on politics and business side of things.

ostritch
Member
ostritch

Nicely done.

Combat roach
Guest
Combat roach
Going delusional and following BC’s model of the successful economy… Alberta economy still the best in Canada by some measures “Anne Clarke’s heels click on the imported hardwood floors as the Sotheby’s real estate associate shows off the high-end features of a 5,000-square-foot luxury condominium, which include city and mountain views, direct elevator access and a 24-hour concierge. Of course, this kind of luxury doesn’t come cheap. The asking price for this suite was nearly $8.4 million, a hefty price tag in a city embroiled in a recession. But this unit is already off the market, sold this week for the asking price, the highest sale price for a condo in Calgary in three years. “We are starting to see a lot more optimism and so I think that what this shows is confidence in our market,” Clarke says. She… Read more »
OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

ConocoPhillips Canada to lay off up to 300 employees in September.’Vast majority’ of cuts to come from Calgary head office.

http://www.cbc.ca/news/canada/calgary/conocophillips-layoffs-300-september-calgary-head-office-1.3691548

Dan
Guest
Dan

We don’t pay taxes re sales of principal houses. Is this why we see mainland chinese putting title in names of relatives?

Combat roach
Guest
Combat roach

Of course, fuckers would cheat or do whatever it takes to take advantage of everyone and everything. Canada is just a fruitful playground with the free access where they can undisturbedly exercise the nastiest skills they managed to acquire in the corrupted shithole over the past 70 years and yet get celebrated by local collaborators of all kinds.

Oracle
Guest
Oracle

It’s your politicians that allow it.

I’m at Metrotown right now. 50% Asian. In 10 years I predict it will be 75% Asian.

Good or bad? Your call. But I wouldn’t live here. Too much culture difference.

And again, it’s your politicians that allow this. Soon, the politicians will be Asians. It’s a numbers game.

HAMster
Guest
HAMster
I was over in Dunbar today and I have not been out there for at least two years and holy shit! I saw at least minimum one boarded up house on each block but often more than one derelict house per street. I saw a Chinese lugging multiple suitcases out of a van and into a new huge house on Collingwood and West 34th obviously fresh off the plane from China. The house has several children and adults all standing around outside (guess no one works in that family). Many Asians driving Porsche, Mercedes, BMW, Land Rovers (LOL!), a few Teslas. Traffic on Oak & Granville was a nightmare. Lots of “land assembly” happening for condo builds, block of newer houses on Oak Street near 65th boarded up and fenced off ready to be torn down. Streets that used to… Read more »
Dan
Guest
Dan

Welcome to Chincouver

50 cents
Guest
50 cents

Dan you are missing your KKK meeting this week if you spend too much time with your banjo playing cousins

Newcomer
Member
Newcomer

I wasn’t here in the 60s or 70s but those who were usually tell me it sucked balls at the time. Different strokes for different folks, I guess.

Combat roach
Guest
Combat roach

Vancouver is a politically (external – human rights, internal – racism) well-guarded high-class refuge for wealthy scumbags and their families. If they aren’t scumbags, crocks, corrupted clerks or officials and didn’t have to run with money from something they wouldn’t be here to begin with. It pays off much more to shelter them than to work multilaterally to bring those criminals and gangsters to justice and keep Canada on the path of democratic and progressive western countries.

Is Canada a new Argentina?

http://latinamericanhistory.about.com/od/thehistoryofargentina/a/Why-Did-Argentina-Accept-Nazi-War-Criminals-After-World-War-Two.htm

50 cents
Guest
50 cents

Hamster – I can say the same thing about your trailer trash cousins Surrey

Boombust
Guest
Boombust

I have lived in Vancouver since the 1950’s. It was a VERY dull place for many decades, that’s for sure. (still is, in many respects)

HAMster
Guest
HAMster

I would take “dull” over what we have now.

patriotz
Member

I suppose your definition of “dull” is no visible pollution, not much traffic, not much crime, no homeless, lovely character neighbourhoods, nice people. I also guess you weren’t into rock music since everyone from Elvis and the Beatles on down came to perform.

HAMster
Guest
HAMster

Yup that’s my def of dull. And I was too young to know anything about the Beatles; except the odd beetle crawling around in the garden of my parent’s single family west side home.

Best place on meth
Guest
Best place on meth

Beetles have been replaced by locusts.

They are infinitely more voracious.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
50 cents
Guest
50 cents

just like the locusts between your legs…wait you don’t have any…

Boombust
Guest
Boombust

BY “dull” I mean a paucity of “ethnic” restaurants, a WASP mono-culture, few recreational outlets, only TWO TV channels, constant hydro outages, narrow-minded attitudes and few cultural outlets. So there.

HAMster
Guest
HAMster

I disagree with your assessment. There have always been “ethnic” restaurants, clubs etc. My mom used to tell me about Smilin’ Budda Cabaret and The Cave nightclub, lots of nightlife around back in the 1950s & 60s We went out for Chinese food from time to time. I don’t recall “constant hyrdo outages” As kids we had the PNE and Playland, the Stanley Park Zoo, Aquarium, Planetarium (now the Vancouver museum), etc. I could ride the bus anywhere for 10 cents a trip by myself as an 8 year old and walk to school by myself. TV was good enough for that time. It was hardly dull by the standards of the day.

Boombust
Guest
Boombust
The Smilin’ Buddha? Are you kidding me? That was the biggest dive on East Hastings, on par with the Sunrise Pub…as for ethnic restaurants, you would have been hard-pressed to find Vietnamese, Korean, Afghan or even Indian food in most parts of the city.’ there were a few Greek restaurants here and there and, lots of Chinese cuisine was to be found, but it was mostly in the Chinatown area. The Cave was where the Sun columnist Wasserman, hung out with Mitzi Gaynor and the likes of her. The only drinks available (in the 50’s) were the ones you could smuggle in yourself and mix with the pop you ordered. However a Saturday night out for MOST people was to a brightly lit pub (ZERO ambient lighting in those days) that featured small, round, red terry- clothed tables, 25 cent… Read more »
patriotz
Member

“narrow-minded attitudes”

In the 1960’s and 1970’s? Are you kidding me? Vancouver was the most “out there” city in Canada. First Chinese-Canadian MP, hippie central in the 1960’s, birthplace of Canada’s environmental movement, the country’s most progressive city council (starting in 1972), two black MLA’ s (likewise). That was the city’s golden age IMHO.

Boombust
Guest
Boombust

Oh, those types of things did happen here, of course. However, MOST people never bothered with the Easter Be-In in Stanley Park any more than they would have voted for Mr. Peanut in the 1974 mayoralty contest. or voted for Charles Boylan and the Marxist-Leninists at the federal level.

As for Art Phillips and TEAM, no big deal. He did, however began getting that False Creek eyesore cleaned up and later marrying his chi-chi wife.

Greenpeace was started in 1971 as a response the the nuclear testing at Amchitka; while most people supported their goals, they were, nevertheless, regarded as a “fringe element”.

I was here. I lived it. I know.

Boombust
Guest
Boombust

Oh, and TEAM did save Gastown from demolition and set about “revitalizing” that area…

patriotz
Member

I think you’re engaging in “presentism”. Yes only a few were eco-activists back then. But the environmental movement had to start with a few. That’s what made it exciting.

Most people are NEVER at the forefront of any social movement. Can you see anything happing in Vancouver today that people will remember 40 years from now? I don’t.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yoga

Boombust
Guest
Boombust

I would call it “Taking a look backism”

Boombust
Guest
Boombust

Been through many previous booms too of course. The only difference with this one is its duration and intensity. It’ll go bust, though…after all, the bigger they are, the harder they fall.

BubbleTea
Guest
BubbleTea

“Wealthy (Chinese) buyers who are treating the Lower Mainland real estate market like one giant casino.” “They’re reducing the supply and driving prices by sitting on chunks of properties with no immediate intention to develop.”
http://www.theglobeandmail.com/real-estate/foreign-buyers-snatch-vancouver-land-with-no-immediate-plan-to-develop/article25973695/

Combat roach
Guest
Combat roach

They keep destroying the country on all levels and our governments sit idle.

patriotz
Member

The Chinese aren’t really the problem, but a symptom. The problem is tax laws that encourage owners to hold vacant or underused properties.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

No. The real problem is artificially low interest rates.

Lurker
Guest
Lurker

They’re not artificially low. They are low because of growth. Raising them would kill the country , unemployment would be double digits. You don’t really think they’re low for fun .

Oracle
Guest
Oracle

Quit bullshitting. People here know what the problem is.

You really dumb if you think low interest rates are causing $4 million houses.

Really dumb.

Ooooh Weeee
Guest
Ooooh Weeee

You sir believe have a biased view due to purchasing a property near the peak of the bubble like a lot of sheeple. Sheep will be led to slaughter soon. Get out now or loose your kachi(underwear) will be the slogan soon.

BubbleTea
Guest
BubbleTea

Beginning to like David Eby….. a lot! He’s on NW about housing, ranting about affordable housing, empty home taxes, Krusty, etc.
http://omnyapp.com/shows/the-simi-sara-show/spotlight-on-housing-issues-renters-rights-demovic

realist
Member
realist

David Eby is the only politician whose analysis of Vancouver RE is unfettered by political correctness or financial self-interest, who also has the courage to express his views. The latter is particularly remarkable as he does represent the epicenter of political correctness in the Legislature, along with Ms. UBC Student $31million House.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Do we know she’s actually a UBC student or do we only know she is a student with a 31 million dollar house in Point Grey? Maybe she goes to Langara or any of a half dozen other nearby colleges and universities.

One thing I’ve been puzzling over is if the wealth behind that house were legitimate and if they simply wanted a place where their kid could live and go to school, and if their kid had good enough grades and scores to get into UBC, why wouldn’t they choose a university equally hard to get into but which would open even more doors, like Oxford or Princeton? I figure there must be something special about Vancouver that they picked it out as a place to send their kid other than that it has a good university.

Best place on meth
Guest
Best place on meth

What’s special about Vancouver?

Our politicians welcome money launderers, especially the BC Libs.

It’s that simple.

paulb
Member

New
143
Sold
234
TI:8938

http://www.paulboenisch.com

Newcomer
Member
Newcomer

Sigh.

Ooooh Weeee
Guest
Ooooh Weeee

we will hit 9500 by next week global just ran a story saying RE party is over

Ooooh Weeee
Guest
Ooooh Weeee
Wwwww
Guest
Wwwww

Its in English though.

Ooooh Weeee
Guest
Ooooh Weeee

we will have to wait till 9 to see if it makes it on omni news on ch 8 9PM-10PM in cantonese and mandarin. The realtors will be leading the pack, they make money on volume, market up or down.

Ooooh Weeee
Guest
Ooooh Weeee

we are past the “new paradigm” phase and are in the “denial” phase now.
https://commons.wikimedia.org/wiki/File:Stages_of_a_bubble.png

Ooooh Weeee
Guest
Ooooh Weeee
Shut It Down Already
Guest
Shut It Down Already

9K inventory in late July is now an indication of catastrophe?

We need a sustained MOI of 20-30 for any sort of meaningful crash.

Combat roach
Guest
Combat roach

Locusts still don’t know English?

Ooooh Weeee
Guest
Ooooh Weeee

english or not they understand a bursting bubble very well. Which has been evident in the Shanghai stock exchange many times over the years. Difference is there is no circut breakers or government plunge protection team in yvr real estate. It will be like what happened in the US crash, govt reaction will be too late as usual.

patriotz
Member

Jitters in London luxury flat market as investors sell for ‘bargain’ prices

The first real signs of distress in the market for luxury London apartments are starting to emerge, as investors who agreed to buy homes off-plan are starting to sell them on for less than they agreed to pay for them. Property websites are now advertising many unfinished flats being offered for sale by the buyers who originally agreed deals with the developers.

“Off-plan” is the UK term for “pre-sale”.

Ulsterman
Member

the prices for those London flats are astounding

Ulsterman
Member

Folks, keep calm! We’ve been here before over the years and it’s come to nothing. No one on this board wants a crash more than me, but don’t get too excited just because there’s an NDP politician in the media all the time and a month or two of slowing sales.

I too get the feeling the rising prices may have ended for now, but it doesn’t mean any meaningful decline is imminent.

Boombust
Guest
Boombust

Phooey. It had to end sometime and “this is it”.

Ooooh Weeee
Guest
Ooooh Weeee

new slogan will be “sell now or lose everything”

Ooooh Weeee
Guest
Ooooh Weeee

Krusty and shrimp already know games over thats why they are no longer singing “we will protect your equity” .

bestplaceonearth
Guest
bestplaceonearth

oh no, the end is here! stupid bears get so excited every summer, just to get back to their rental caves when September comes.

Shut It Down Already
Guest
Shut It Down Already

Except this year inventory is half what it is usually! Take THAT!!

Newcomer
Member
Newcomer

By now I’m a perma-agnostic.

Combat roach
Guest
Combat roach

Sort of shelling out the shitloads of money for Vancouver RE…

“Money, as we well know, cannot buy intelligence. Living proof of that is this dude who shelled out $3.7 million thinking he was going to have some sex with a few famous celebrities.

First off, is that a real thing? Paying to have sex with famous celebrities? Do you have to be in the Illuminati to participate or something or is this guy just a flat-out idiot? Let’s find out…”

http://www.dailymail.co.uk/news/article-3671921/Man-claims-paid-Sydney-escort-agency-3-7-million-sex-celebrities.html

HAMster
Guest
HAMster
wow!
Guest
wow!

tax evasion. what a surprise.

this guy was named one of Canada’s top 25 immigrants just last year..

http://www.richmond-news.com/business/winery-owner-named-to-top-25-immigrants-list-1.2002230

HAMster
Guest
HAMster

He is a victim of his own SUCCESS.

50 cents
Guest
50 cents

HAMster- get out of the basement Loser

HAMster
Guest
HAMster

Vancouver’s Shanghai Alley is getting a new name — and becoming the first street in the city named after a Chinese-Canadian.

http://www.cbc.ca/news/canada/british-columbia/lilian-to-way-vancouver-chinatown-1.3691725

“Robertson strongly commended the work of the Vancouver-based immigrant services non-profit, SUCCESS, where To was the CEO for nearly three decades.”

This is the same SUCCESS that openly promotes Chinese issues and values over all others and unashamedly will pander in any way needed to have the Chinese prevail over white Anglo culture.

Did Gregor’s girlfriend influence him in this at all?

Newcomer
Member
Newcomer

Dude, what’s wrong with you? What’s wrong with Chinese culture prevailing, or Polish culture, or Malaysian, or Cuban or Japanese? You think there is something special about “white Anglo culture” that it should come first? Man, that is messed up. Didn’t they teach you anything in kindergarten?

Shut It Down Already
Guest
Shut It Down Already

She was Chinese-Canadian and the street is in Chinatown. Should we call Interpol?

HAMster
Guest
HAMster

There is nothing wrong with me. This particular street renaming is inappropriate because this person was engaged at a high level with SUCCESS which promotes their own political agenda over the greater good of Canada as a whole. They also promote non-integration of Asian culture and encourage new immigrants to retain and develop their own agendas at the expense of other Canadians. I have no problem with this if it was to honour some Asian who contributed to Canada to make the country better for all Canadians . This renaming is completely political and done to appease voters and to make Gregor look good to said voters. You should investigate the real reason why this organization exists before beaking off about that which you do not know.

Shut It Down Already
Guest
Shut It Down Already

Success promotes integration, not divisiveness. The individual who which the street was named has likely done more for Vancouver than you can ever dream of achieving. But hey, vote for Trump and all that.

HAMster
Guest
HAMster

Asians are hardly a disadvantaged group that need help with integration. Care to try again?

Shut It Down Already
Guest
Shut It Down Already

Right. Because in your mind all Asians drive an Audi R8.

HAMster
Guest
HAMster

What about BMWs? Let’s not discriminate here.

Shut It Down Already
Guest
Shut It Down Already

Right. Because in your mind all Asians drive an Audi R8.

50 cents
Guest
50 cents

and we all recognize neo Nazis like yourself are a disadvantage group….what a losa

I\'m With Stupid V
Guest
I\'m With Stupid V

I guess you really are new here lol

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Remember how during the shark’s fin soup controversy, some tried to argue that appreciation for Chinese culture and multi-culturalism required us to allow the cruel practice of cutting off fins from live sharks? Some even went so far as to claim that it was racist to ban it. This argument was made even though many of those speaking up against the practice were in fact Chinese-Canadians, and even though the practice had been popular only in a subsection of middle class Chinese culture in China and only for a relatively short period of time. One has to wonder about that. When you hear people promote “Chinese” values and interests you can ask the question WHOSE values and interests — why think that all people who identify in one way or another with Chinese culture through a Chinese heritage all think… Read more »
I\'m With Stupid V
Guest
I\'m With Stupid V

Cause its easier to lump everyone together?

The Man
Guest
The Man

Robertson is sucking up to Trudeau and the Asian community, because he’s looking to move on to a Federal appointment. Something like Asia-Pacific Trade Commissioner.

50 cents
Guest
50 cents

Hamster – Good to know trailer trash like you can cut and paste shit with no discretion

patriotz
Member
LS in Arbutus
Guest
LS in Arbutus
Sorry but CRA is a joke. They are just as bad as gov’t in this. (Well they are the gov’t aren’t they?) Who are these auditors? Are they properly trained? What’s the plan to actually do this? They are trying to show they are doing something, but they are NOT effectively doing it. Honestly…. But alas, there is something coming down the pike, it’s called the Common Reporting Standard. It’s essentially like FATCA, but all countries other than the US. More and more people will NOT be able to hide their assets and income… China is a signatory and Canada as well…. this is effective from 2018 for these two countries.. Big brother wants its money. So the tax laws and rules will catch up… could get interesting.. or not, I guess we will see. But, I wouldn’t be hiding… Read more »
would-be buyerl
Guest
would-be buyerl
specuskeptic
Member
NDP really using housing as a fundraiser. Whether it will change policy is a different thing – what will Horgan do to “fix” the crisis? ” Christy Clark’s government has had 15 years to get BC’s housing market in check. Right now they’re scrambling to clean up the mess they’ve created. But consider this: BC’s Condo King is the Premier’s chief fundraiser, and her government is raking in millions off this crisis. Enough is enough. John Horgan knows we can’t wait around. He’ll take immediate action to fix the housing affordability crisis. He’s looking out for all British Columbians, not just the wealthy and connected. Unlike the BC Liberals, who are bankrolled by real estate magnates, we rely on small donations from people like you. I know we can elect John Premier and get Christy Clark out of office, but… Read more »
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

NDPers have already started to fix it, at the very least in being leaders in acknowledging that there is a problem and in enabling genuine research into the problem.

Where do we donate?

specuskeptic
Member
ostritch
Member
ostritch

When the NDP was in POWER, Bob just gave to them.

patriotz
Member

Rental condo unit in Vancouver sells for $67,000 over asking ($617K)
The article doesn’t tell us how much it’s rented for. $2-2.5K maybe?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Best quote from the article “There is three years remaining on a 10-year lease for a parking space”

wpDiscuz