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!

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ostritch
Member
ostritch

How does this market turn around with rental vacancies at close to 0?

Newcomer
Member
Newcomer

Rental vacancies have no impact in this case because rents do not support prices. Normally, an owner faced with a choice between lowering the price or holding will hold if they can rely on rent to cover carrying costs. So, in a low vacancy environment, prices will not fall below rents. In the current environment, carrying costs on a one million dollar property are around 5000/month. While it is hard to find any example of a property for a mere million dollars, nobody could find an example of a million dollar property in Vancouver returning 5000 a month in rent. That means that, if prices go down, people who bought at current prices will loose money every month by holding, making the option of lowering prices more attractive.

ostritch
Member
ostritch

This is nonsense and hasn’t described our market for close to a decade. HAM with property may hang onto property now more than ever.

HAMster
Guest
HAMster

If real estate prices decline, speculators will not lower rents, if they are underwater many will bail out because they are only in it for the appreciation. Bailing speculators is where the cracks will start first.

Newcomer
Member
Newcomer

I agree. If I were holding an underwater property, I would bail. Smart people say, however, that increasing rental vacancies and lower rents are typical signs of a bust and, in fact, we are seeing it in Calgary where, as in Vancouver, prices are not supported by rents.

ostritch
Member
ostritch

But you are not HAM. Isn’t that the reason you’ve been wrong for so long? You’re not thinking like,the foreign owner of property.

burntout
Guest
burntout

I just bought in Victoria. Just over a Mill for a nice house. Probably 2 X that much in Vancouver.
Outta here and wish you all the best.

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

You spent over 1 mil for a house in Victoria and Chinese are the problem. Hmmmmm

HAMster
Guest
HAMster

I call BS on this story anyways. Someone posting here who just bought $1+mill house in Victoria? Nope.

Yikes
Guest
Yikes

You been fooled…..market is dead, realtors hire stunts to browse their opens these days to create a sense of desire and panic to get suckers like you to pay too much.

Get with the program

HAMster
Guest
HAMster

What about all those Chinese buyers? Did you have to bid “well over”?

burntout
Guest
burntout

looking at a property in victoria
two sets of chinese buyers showed up at the open house.
both saying they want it for investment to the listing realtor
offers accepted today at 4pm. our realtor called and was told dont bother unless you are well over asking. the two both bid no subjects well over asking. we are sooooo screwed.

Boombust
Guest
Boombust

We’re not screwed. They are. Those dunces have showed up late to this Mad Hatter’s Tea Party..

Sold to china
Guest
Sold to china

Stupid asshole Christiy takes realtors to chins with her as well
A more corrupt piece of crap than these crooks would be hard to find

patriotz
Member

Since you’re not bidding on this property, how about the address?

HAMster
Guest
HAMster

Why are we screwed? It sounds like the buyer will be the one who’s screwed.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Dammit. I’ve been thinking of retreating to V.I. or the Sunshine Coast, where I could still commute once a week to do my job. But what you say fits with the impression I’ve formed over the last 8 months, plus for example there was this comment in the Vancouver Sun:

“i live in a small town on the sunshine coast. at least once a week . a bus comes up here from the mainland on B.C. Ferries. the passengers are all asian. they buy all the properties that are for sale and leave the same day. this is not a racial comment, this is the truth.”

I hate this. I don’t want to go deep into debt to compete with these guys. Why can’t they buy property somewhere else where people don’t need to live?

HAMster
Guest
HAMster

I will also add that if the market begins to really slide, you will hear more stories like this usually started by desperate realtors to try and hype the market. Bus loads of Asians buying every property that’s for sale every week… Ha ha ha good one!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I would like to see about 1/2 as many realtors as we presently have together with a requirement that no residential property can be sold without an inspection after, not prior to, the offer.

Can we have a rule like that? This would be one way to even the playing field between pure speculators (on land value) and those who want to use a property either to live in themselves or to rent out to other people. In fact, not having a rule like that specifically privileges the worst kind of speculator. How do you like my idea?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

The more I think about it, the more I LIKE my idea. Maybe no one did it before, but it makes perfect sense. It’s a way of slowing the market to favor people who actually live here just as various taxes and so on might do, and causes no harm at all. Perhaps some people won’t be able to sell so fast without fixing their moldy basement or killing some termites or whatever. So what?

I dare you, people on this blog: shoot down this idea. How is it flawed? Then we can go to version 2.0

HAMster
Guest
HAMster

I would not be too concerned about stories like this; they are most often either exaggerations, or downright urban legends. Think about it… At least once a week a full bus load? I don’t buy it.

HAMster
Guest
HAMster

Chinese discover a clean environment, so how long before they mess it up here too?

http://www.cbc.ca/news/canada/british-columbia/blue-sky-vancouver-versus-wuhan-1.3692101

BPOE boyfriend
Member
BPOE boyfriend

You already messed it up here with your trailer trash !

southseacompany
Member
southseacompany

“BC Liberals face housing balancing act, say experts”, Global news
http://globalnews.ca/news/2844310/b-c-liberals-face-housing-balancing-act-say-experts/

“Telford said the government might have been reluctant to act in part because its supporters tend to live outside the Lower Mainland. In Vancouver, the Liberals draw support from older residents who have more equity built up in their homes, he said.”

““But I think the prices have become so astronomical, and particularly, the prices have become so detached from income,” Telford said. “I think older constituents are worrying about the future for their children and grandchildren.””

LS in Arbutus
Guest
LS in Arbutus
Absolutely. The guy on the street, homeowner etc, this has gotten way out of hand. Particularly if you’re older with equity you’ve got to know this won’t end well and you certainly would NOT wish a debt load upon your kids/ grand kids to buy into this mess. I am sorry but it’s a no-brainer. I would never have seriously considered voting NDP before. I think I have made up my mind to vote NDP in the next election. I will hold my nose and vote for more spending and I will do this if it sends a clear message that there must be balance. We cannot have the gov’t/ private citizens making a FORTUNE off of this run up while there is no money for anything else. My own version of voting for Brexit/Trump. I am fed up and… Read more »
ostritch
Member
ostritch

You’ve got to know that the NDP is so against racial profiling they would never take steps to name and stop the people from one country doing anything. And they would never do a name/ethnicity search for who owns what. Never.

MarKoz
Member

I hope you are right. I have been waiting for a correction since 2004. I n 2005 Robert Schiller said Vancouver was the “bubbliest housing market in the world”. Any correction is too late for me now. Best.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Why? Is there an age past which one should not buy?

LS in Arbutus
Guest
LS in Arbutus
This got buried up above but I think it’s worth noting. 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. Gov’t will be sharing people’s assets and incomes cross border automatically. It will be harder and harder for people 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 income/assets anywhere. And also India gov’t is cracking down on this as well. As per usual Wiki does a good job at summarizing it (love when the kids come home from school and their… Read more »
Oracle
Guest
Oracle

The Chinese have 2 names. I foreign one for the passport. One domestic one that overseas their wealth back home.

They are ahead of this

BPOE boyfriend
Member
BPOE boyfriend

Oracle – and you have one name: “LOSER”

LS in Arbutus
Guest
LS in Arbutus

You have to use your TIN (tax identification number) – in Canada that would be your SIN, in the US your SSN. Every country has one. So yes, while system won’t be perfect… it will catch up.

Ooooh Weeee
Guest
Ooooh Weeee

This is great.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I’m not sure it’s great. Do I want China or Saudi Arabia officials looking at my private financial matters? No. Or am I misunderstanding how this works? Does it share everyone’s information with everyone?

LS in Arbutus
Guest
LS in Arbutus

My understanding is it only works when there are flags to consider you are a resident/ citizen of one country with banking or assets in another country. A Canadian with only Cdn assets/bank accounts would not be reported. A Cdn with a bank account in China would get reported to Canada and vice versa. But yes, not much privacy if you have cross border transx.

Yikes
Guest
Yikes

Open house watch this week on my street, new listing …..crickets just 2 months prior another house same price range was bomabared with Mercs BMWs etc and swarms of buyers. Stunning to say the least, sad for this seller, 2 months ago was the peak

Newcomer
Member
Newcomer

I’ve seen this movie so many times before. I sure hope it’s different this time.

Ooooh Weeee
Guest
Ooooh Weeee

This is happening in a majority of neighbourhood in the lower mainland, maybe a few lookie loos but no serious buyers. When you ask the realtor they make up an excuse like its summer time everyone is on vacation or the market is so hot people don’t come to open houses they just buy site unseen. A few of the honest realtors will straight up and tell you they don’t know what is happening and things have really slowed down. I dont want to sound doom and gloom but 2016 may be the year that yvr RE peaked.

ostritch
Member
ostritch

A pretty well known realtor just told me certain sections have slowed where prices went nuts, money outta China has slowed plus locals are waiting to see if the NDP will be elected.

would-be buyerl
Guest
would-be buyerl
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Great in depth article. It gives a good sense of how far this poison has spread. Thank you Sam Cooper.

Combat roach
Guest
Combat roach

This is racist, right? All of these good business people happened to be Chinese and they are doubted just because of their racial background? And how can one even think that Chinese are behind this Vancouver RE shitshow in past several years when this good business people where focused just on few high end properties so their kids can go in good schools, their wifes can go to market in good cars and all of them can enjoy clean air and beautiful scenery in Vancouver, right? We are just jealous group of racist that blame good business people from China for our failures.

Shut It Down Already
Guest
Shut It Down Already

No, it’s not racist to report on an individual who happens to be Chinese. It’s racist when you generalize to the entire population (which you just implied), hurl racial slurs around (which you do daily), cherry-pick out of prejudice (see above) etc. It does not surprise me you’re unable to see the difference.

And yes, you continually choose to overlook the fact that 95% of sales are to greedy over-stretched locals furiously outbidding each other because “real estate always goes up!”. You focus on the <5% for reasons unknown. What else would you call it other than jealous racists? Just own it – you seem proud enough of your opinions, so you should happily accept the accompanying label.

Combat roach
Guest
Combat roach

Never implied to entire Chinese nation but to those individuals involved in money laundering, house flipping, false biddings, money smuggling, others names using, clients deceiving, etc. that all happens to be Chinese. I am sorry they aren’t from Venezuela or Zimbabwe, because reaction would be the same. Feel free to think whatever you want and label me as you wish and enjoy the fact that this country and society got fucked up to the bone because of hypocrites like you who jumped on the boat of bogus political correctness to protect criminals of all kinds and colors.

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

I think thats how racism works.

patriotz
Member

Instead of blaming Chinese, who don’t owe you anything, blame your neighbours who elected Christy Clark, whose favourite people were well known beforehand.

nnnn
Guest
nnnn

Govt at all levels did far too little for far too long and now young families have been literally pushed out of Vancouver. Young families don’t give a crap whowhathow is causing it….(many who are asian themselves) they just know that their middle class incomes are no longer enough. It’s insulting to peddle accusations of racism at them.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yeah. Accusations of racism — same as some did with the shark fin soup controversy when the protest against it in the first place was initiated by Chinese-Canadians.

patriotz
Member

People who accuse Chinese for the high RE prices aren’t racists, they are just playing into the hands of Christy and the RE industry who want to accuse their opponents of racism.

It’s an economic problem and everyone – repeat everyone – who buys is part of it and measures to address it should apply to everyone.

Truth
Guest
Truth

Overheard today…rockstar agent Remax specialize SFH detached in east side Fraser main st area…”..just like that someone turned off a switch” “surprised it didn’t happen sooner” ” “its all downside for the foreseeable future” “holding back listings to ease the growing inventory

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

Dejavu moment right now. I think I heard that exact same thing in 2013, or 2014 cant remember.

Ooooh Weeee
Guest
Ooooh Weeee

Ive heard the same from a few realtors, I’ve also heard over leveraged developers are quietly trying to unload property they were holding for future development. Once it hits the main stream its over for the amateur developers/speculators/landlords. Those with high debt loads will panic sell first. Those with little to zero debt will most likely hold for long term. What ever happens it will be very interesting.

ostritch
Member
ostritch

Not you again?

Shut It Down Already
Guest
Shut It Down Already

Which agent? There’s no reason not to name him or her.

Tcg
Guest
Tcg

Fuckng lying real estate agents! My God. No integrity whatsoever. Just heard an agent tell someone that this was the first open house for this property and they would be setting a date soon to take offers. Except they had 2 open houses last weekend and nobody submitted offers so for the Tuesday deadline. Add that to the lies in the listing about stainless steel appliances, granite counertops, newer paint… I can’t believe they get away with it. It makes me sick.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Everywhere I went today I overheard people talking about foreign speculation and empty homes. In a high-end coffee shop two ladies were talking about whether one of them had paid the appropriate taxes(or any– she didn’t seem to know whether she had paid them) having to do with a recent property transaction (both of the ladies seemed to be referring to some third party upon whom they relied to figure out those sorts of things). In the hardware store a guy with work overalls on was talking in a disgusted fashion about a neglected home. An acquaintance told me that now that he was going back to his country of origin in Europe after 35 years of life here. He explained this by saying that he was ready to retire and that he and his now deceased wife had never… Read more »
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Maple, maybe.

Boombust
Guest
Boombust

Well? Where is this shack?

patriotz
Member

What? Include hard information in a post? That’s so un-VCI.

Boombust
Guest
Boombust

Pppppphhhhhffffttttt!

Boombust
Guest
Boombust

It doe’t count, then. Mere hearsay…

Boombust
Guest
Boombust

…er, “doesn’t”…

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

For those interested, here’s a link to the article mentioned above about Gregor’s objection to a tax on non-resident owners. Because, y’know, that would be “discrimination”.

http://www.theglobeandmail.com/news/british-columbia/vancouver-mayor-against-proposed-housing-tax-targeting-non-residents/article31072480/

ostritch
Member
ostritch

He’ll be our NDP premier one day.

Specuskeptic
Member

The NDP won’t have him – their perception is that he abandoned them. I wouldn’t be shocked to see him as a BCLib Premier though….

The Man
Guest
The Man

Word is that Gregor is sucking up to Trudeau to get a nice cozy position, post politics. Asia-Pacific Trade Commissioner would fit him very well. Of course, in dealing with those non-residents in Asia, it would be nice to be remembered as someone who opposed such a tax.

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”

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 »
ostritch
Member
ostritch

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

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
would-be buyerl
Guest
would-be buyerl
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 »
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?

BPOE boyfriend
Member
BPOE boyfriend

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

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.

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?

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?

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

I guess you really are new here lol

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?

BPOE boyfriend
Member
BPOE boyfriend

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

Shut It Down Already
Guest
Shut It Down Already

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

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

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

HAMster
Guest
HAMster
BPOE boyfriend
Member
BPOE boyfriend

HAMster- get out of the basement Loser

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.

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

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.

Newcomer
Member
Newcomer

By now I’m a perma-agnostic.

Boombust
Guest
Boombust

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

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!!

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” .

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

paulb
Member

New
143
Sold
234
TI:8938

http://www.paulboenisch.com

Ooooh Weeee
Guest
Ooooh Weeee

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

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.

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.

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.

Ooooh Weeee
Guest
Ooooh Weeee
Newcomer
Member
Newcomer

Sigh.

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.

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/

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.

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.

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 .

Combat roach
Guest
Combat roach

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

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.

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)

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.

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.

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.

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.

Boombust
Guest
Boombust

I would call it “Taking a look backism”

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yoga

Boombust
Guest
Boombust

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

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 »
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.

BPOE boyfriend
Member
BPOE boyfriend

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

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
HAMster
Guest
HAMster

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