Bubble mostly driven by risky lending conditions

A UK firm is saying that Vancouver house prices are being primarily driven by low interest rates and lax lending standards rather than foreign buyers:

In an effort to explain why Vancouver and Toronto have experienced sharper increases in home prices compared to other Canadian cities, the paper looks at lending conditions for insured mortgages.

It states that last year in Montreal and Ottawa, about 10 percent of insured mortgages had a loan-to-income ratio of more than 450 percent.

Meanwhile, in Toronto, about 40 percent of insured mortgages were made at that risky quotient, and in Vancouver approximately 33 percent of insured mortgages had a loan-to-income ratio of more than 450 percent.

“We’re reliably informed that the mortgages in Toronto now stretch to 600% of combined gross income,” the newsletter reads. “So two people both earning $100,000 gross can borrow $1,200,000. What has really changed in the past 12 months is not a big increase in foreign buyers, but a further decline in interest rates, which has allowed lenders to relax lending standards even further.”

The paper concludes with an alarming statistic related to Canada’s gross domestic product (GDP).

It states that while real estate ownership-transaction costs still only account for 1.8 percent of GDP, since the first quarter of 2014 commissions on real-estate sales accounted for 21 percent of Canada’s overall gain in nominal GDP.

Read the full article in the Georgia Straight.

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Diadorea
Guest
Diadorea

China (Mainland Chinese). Most of the talks on this site and lots of news were directed at this group. Every time I go out, I have notice more and more of this group everywhere along with advertisement towards this group. Saw a boy piss on the side of a pool was mainland chinese, glad he did not piss inside the pool. Every time I go to a open house, its groups and groups of Mainland Chinese going through it. I am so OVERDOSED with Mainland Chinese and according to Baby Trudeau, we need more Mainland Chinese!

Oracle
Guest
Oracle
People are scared to say its immigration. What the Liberals and Conservatives did was form a entirely new category that excludes the traditional PR category. In this traditional category, numbers went up from about 200,000 to 300,000 this year. Trudeau wants to up this number to about 450,000. Why up these numbers? Because there is a backlog in the new categories. Foreign students and those work permits: 436,000 in Canada by end of 2016 10 year visitor visas: 540,000 issued in 2015. They won’t release the total number of people who have these. I’m guessing well over 1 million by now. TFW/IMP and all the different names for it: I won’t even go here. So just the foreign students and 10 year visa holders amount to 1.5 million. THINK ABOUT THIS! and they are not counted in any immigration stats… Read more »
Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Rents are already skyrocketing, as anyone who’s looked for a rental in the last 6 month can attest. Up 20% in one year. It’s perplexing, because the construction stats indicate that we’ve more or less built enough condos to manage our population growth.

Something doesn’t add up, and the above is the only theory I’ve seen that comes close to potentially explaining what’s been going on.

http://www.metronews.ca/news/vancouver/2016/08/17/vancouver-rents-on-track-to-jump-20-per-cent.html

bullwhip29
Guest
bullwhip29

having 2,3 and even 4 students sharing a 1 br+den apartment for well over $2000/mo is commonplace now

HAMster
Guest
HAMster

Rents are determined by incomes and incomes are not going up so neither will rents.

Oracle
Guest
Oracle

Wrong. Rents are determined by what foreign students are willing to pay and what 10 year visitor visa holders are willing to pay.

Go to New Delhi India. Rents are not determined by income when you have overpopulation.

HAMster
Guest
HAMster

Foreign students? LOL good one. FYI: This is not India.

bullwhip29
Guest
bullwhip29

d/t vanc (and elsewhere) is basically an ESL campus littered with bubble tea joints, asian fast food of every variety etc. has been so a long time too.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Then how do you explain the 20% yearly increase in rents we just had? Sincere question.

HAMster
Guest
HAMster

Where is this 20% ? I don’t see it. That article does not say there has been a 20% increase, it is just an academic’s forecast. Rents do not track house prices. They are completely different and disconnected which is one metric to show we are in a housing bubble. I see many rentals languishing on Craigslist because they are overpriced and often the rents have been lowered to get the places rented.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

With all due respect, it’s pretty obvious you have no idea what you’re talking about regarding rents.

They have very suddenly (within the last year) shot up for seemingly no reason. I know this first hand. If you go looking for a rental in DT Vancouver you will see that 1 bedrooms that were going for 1500-1600 2 years ago are now going for 2000. And the showing will be packed with desperate people trying to impress the owner (We’re such nice people! We don’t make noise! Rent to us, please!).

Go on, ask anyone who’s tried to rent lately.

HAMster
Guest
HAMster

And how do you know this? Are you going to all these rental showings? Or are you using anecdotes from other people? Show me your data that comparable places have increased from $1600 to $2000 where? How did that academic in that article gather his data sets? Did he cherry-pick rents to support his claim? Point being there is always a story behind the numbers and there are always two sides to every debate. But you are entitled to believe whatever you want.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Okay, let’s be honest and admit that neither one of us has hard data. So we will have to wait and see when it comes out. The next CMHC report will be released in October. I will gladly admit that I was wrong if it does not show a large year over year increase.

Oracle
Guest
Oracle

Don’t get owned by the lies. Rents are up. HAMster just wants the immigration party to continue.

Oracle
Guest
Oracle

HAMster is a troll. Pumper.

HAMster
Guest
HAMster

YOU call me a troll and pumper? That’s rich coming from the guy who constantly pumps immigration numbers as the leading cause of high real estate prices. But you are a realtor so that’s to be expected.

Best place on meth
Guest
Best place on meth

If he was a realtor, he wouldn’t be against immigration.

50 cents
Guest
50 cents

We are equally sick of hearibg rednecks cry me a river rant ….

Oracle
Guest
Oracle

Madani (Garth’s buddy) works for that firm.

Ross Kay is also buddy buddy and also wants people to sell homes and then invest in their fund.

Seen journalism like that for many year now.

Best place on meth
Guest
Best place on meth

“”Manias like housing bubbles are, by nature, irrational,” the report continues. “All that irrationality requires is access to credit and the mistaken belief that prices will keep on rising in perpetuity.”

And where does that belief that prices will keep on rising in perpetuity come from?

Maybe the same belief that enormous amounts of money from china will keep flowing into our real estate market forever?

Zero Down Forty
Guest
Zero Down Forty

Yes. Key word is “belief”.

And I would have no doubt that if for some reason,
China disappeared from the surface of the globe.
In a short time, a new belief would would replace that.
– Not making any more land.
– Boomers passing $ to millennials.
– Interest rates will never go up.
– Immigration
– Everyone wants to live here.
There are many beliefs waiting in line.

Bear Vancouverite
Guest
Bear Vancouverite
I think we can honestly say that many of those beliefs are true or near enough to truth that it doesn’t matter. – Not making anymore land: absolutely true. – Boomers passing $ to millenials – I am seeing a lot of “ban of Mom and Dad” type scenarios when I visit open houses – Interest rates will never go up – at this point the chance of a rate increase in 2016 is only 50/50 and all indicators are that by end of 2017 the interest rates might be up 1%, if even that. – Immigration – there’s always immigration, not sure how this can lead to million dollar homes when most of the immigrants can’t afford them. – Everyone wants to live here – certainly anyone in very poor countries want to live here. The opposite is also… Read more »
Kerry Hird
Guest
Kerry Hird

The only people benefiting from the real estate bubble are money launderers, developers and realtors – a very small (and undeserving) segment of the population.

Everyone else is getting royally screwed, and the city is being destroyed before our eyes.

Combat roach
Guest
Combat roach

Money launderers and realtors from China are huge segment of people (not necessarily local population but scum that operates currently here) compared to size of population. All together with their clients from China they keep destroying the city. Foreign tax is good but we must get something more powerful to fight destruction and the locusts overrun.

bullwhip29
Guest
bullwhip29
Best place on meth
Guest
Best place on meth

Glavin gets it, he 100% gets it.

Now he’ll be savagely attacked from all sides by vicious, shrieking race-baiters.

50 cents
Guest
50 cents

Glavin is your former boy friend thats why….

Combat roach
Guest
Combat roach

Amazing article exposing the locusts rotten nature and Canadian weakness to deal with it. This should get red and distributed everywhere in Canada. Hope Justin has it on his table.

Kim
Guest
Kim

Canadians are dumb. Blinded by hatred of the US they would rather sell themselves to locusts,vermin, criminals, fraudsters and dirty rats. We deserve what’s coming as we voted for this inept government.

Best place on meth
Guest
Best place on meth

Britain’s new PM is one very smart lady.

http://www.worldpoliticsreview.com/articles/19691/may-appears-to-abruptly-walk-away-from-britain-s-embrace-of-china

Meanwhile back in Canada, the dimwits we elected in Victoria and Ottawa continue to sell us out to the worst people on the planet.

realist
Member
realist

PM May is a smart lady, and smarter than PM Cameron, whose own former director of strategy accused him of “sucking up to the Chinese regime”,
http://www.independent.co.uk/news/uk/politics/britain-humiliated-by-sucking-up-to-chinese-regime-says-david-camerons-former-guru-steve-hilton-a6702261.html

Even the Queen has had quite enough:
http://www.cbc.ca/news/world/queen-cameron-comments-1.3576585

franko
Member
Active Member
franko

“High price of our relationship with China”

Totally baffled by McCallum’s mission to swamp us with more Chinese immigrants. There’s gotta be more to his irrational behaviour than old parasites like him and Goodale just trying to pad their pensions while “baby” Trudeau takes his advice from buddies like Butts and Telford who are even younger than him and God only knows what their mission might be.

Best place on meth
Guest
Best place on meth
Combat roach
Guest
Combat roach

O tempora o mores! Why do I feel insulted and humiliated?

“China’s Foreign Minister, in Ottawa to meet with his Canadian counterpart, demanded and received a meeting with Prime Minister Justin Trudeau – an unusual diplomatic move that underscores China’s increasingly assertive posture on the world stage.

Foreign leaders typically meet with ministers who are equal to them in political stature.

But last week, the Chinese side also demanded a visit with Mr. Trudeau. When they were told the Prime Minister might not be available, they insisted a meeting be arranged, according to four sources with knowledge of the situation. One source said the Chinese side implied it might cancel the visit if Mr. Wang was not given time with Mr. Trudeau.”

Best place on meth
Guest
Best place on meth

Barbarians at the gate!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Didn’t that happen awhile ago, or did it happen a second time? (Guess I should click the link and find out. ) ;-/

history
Guest
history

High housing prices are being driven by a form of Conceit, connected to borrowing.
That is to say, “i am worth more tomorrow, than today, therfore I feel comfortable borrowing against my future labour. The snivel servants and the BOC has my back. Goo immigrant policy has my back. I feel wonderfully Full Of Myself (conceit) that i can continue to exploit the margin, therefore i Fix myself with a house/mortgage purchase”

Madashell
Guest
Madashell

John McCallum on NW: “Way back under the Brian Mulroney government, I believe, they negotiated with Quebec Canada accord whereby Quebec has largely control over it’s own immigration policies.”
Really, if Quebec is controlling their QIIP, then there should not be over 90% ending up in Vancouver. Quebec is basically making money at the expense of BC and this minister too dumb to do anything about it.

patriotz
Member

No, he’s too smart to do anything about it. The Feds need the co-operation of Quebec on many important issues (e.g. Energy East), and they are not going to get into a fight over QIIP when BC is not willing to anything about it, i.e. implementing asset-based taxation. Christy needs to the incoming capital to prop up prices in the wake of her poll-driven foreign PTT.

If the people of BC want to do something about it they can elect a government that has a rational plan for the bubble.

HAMster
Guest
HAMster

Vandals use paint to ruin new North Vancouver home.
Damages over $80,000
Now on news1130 website
Someone may be disgruntled against property speculators/Asians/flippers?

wwww
Guest
wwww

Looks like an unpaid subcontractor to me.

Oracle
Guest
Oracle

did anyone here write Trudeau or McCallum? I did and used some 4 letter words. You Caucasians are tooo schooled.

Asians and southasians will eat you for lunch. They would never allow what you allowed to happen in New Delhi or Beijing.

I guess I can say that since I’m from New Delhi.

franko
Member
Active Member
franko

” Did anyone write Trudeau or McCallum? ”

Just did, to McCallum.
johnmccallum@parl.gc.ca
Tried to abstain from profanities, but included a link to this website.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Good. I hope he or his minions read lots of threads, and that they have enough breadth and depth n their educational backgrounds to take in the development of some of the ideas. (Likely someone will just be assumed to tally up scores on some pro-con question framed in terms of an outmoded scheme. But maybe we’ll be lucky and someone with influence will think his/her way through some of this.)

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

assigned not “assumed”

Kim
Guest
Kim

You really think that spineless libtard reads his emails? He doesn’t answer to you; he answers to China!

franko
Member
Active Member
franko

Unfortunately, that’s the only ammo I have, and it’s no harder than posting here which is probably just as futile. Never stop bitching or give up hope…after all, Christy seems to have gotten the message.

patriotz
Member

The message Christy has gotten is that she had to conjure up some smoke and mirrors to have a chance in the next election.

The message you need to get is that you have to focus on the election next spring. Three years + is an eternity in politics and there is no reason for the Feds to do anything now.

franko
Member
Active Member
franko

Fuck you Patriotz.
You’re just an apologist for every incompetent politician of your ilk.

Joe
Guest
Joe

Funny, most Asian Countries (such as Singapore, Thailand, HK, etc) are sick & tired and are protesting against Mainland Chinese immigration and tourism. And meanwhile our PM has just open the flood gate wide open to more cockroaches.

Combat roach
Guest
Combat roach

PM got legally elected but not necessarily people should agree with him toward foreign policy especially at the point when sovereignty, security and overall well-being of Canadians are getting significantly jeopardised with irresponsible and wrong political intentions. There must be some parliamentary mechanisms to regress such ruinous intentions, instead off a disorder and social unrest.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I just think that a lot of people in positions to create or implement policy must be using really outdated paradigms and old stereotypes about the nature of immigration and also to be ignoring broader considerations about what’s required for the health of human communities. They need to get up to speed on the social issues and think more ecologically. Also they need to stop assuming that profit by one segment of society raises everyone’s economic well-being. Maybe I lack imagination but I just can’t see how the present foreign policies can benefit Vancouver or BC at all.

Kim
Guest
Kim

The elites are either in bed with the Chinese or they are so ignorantly stupid about the whole situation. Doesn’t matter who we vote in. We need a trump in Canada to shake things up. Will never get elected but if someone will speak up and not worry about political correctness that would be ideal

Madashell
Guest
Madashell

Look at Brexit, Brits voted out of EU largely because of immigration.

Shut It Down Already
Guest
Shut It Down Already

Largely because of baseless fear-mongering by the Daily Mail and the Daily Express. Unfortunately the morons lapped it all up.

Best place on meth
Guest
Best place on meth

There was far more fear-mongering from the Remain camp, moron.

patriotz
Member

You mean fear-mongering like
– the UKP would drop to record lows
– UK would be heading for a recession
– the UK itself would be at risk of breaking up

Shame on them.

50 cents
Guest
50 cents

Googled fear nonger and a picture of you doggie style comes up…

patriotz
Member
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Ignoring the effects of globalisation on housing for the people is a DIRECT cause of authoritarian nationalism, even fascism. It is the most efficient way to bring it on. (By “globalisation” I mean in part, the phenomenon of opening local housing markets to buyers with non-local salaries. By “effects on housing” I mean the effect of chasing people out of the regions they grew up in and discouraging others who have invested 20 or 30 years of their lifeblood and are committed to the region.) This is one reason why so many here are so angry.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Their short-sightedness is unbearable.

50 cents
Guest
50 cents

Im speaking up now
You dumb redneck
Go play your banjo

Oracle
Guest
Oracle

They know exactly what they are doing. Liberal MP Dhaliwal has interests in many RE related companies. He was talking to Liberal MP McCallum yesterday.

Madashell
Guest
Madashell

Joke of the day: John McCallum says gov’t wants to boost immigration from China but doesn’t want all landing in Van and TO. Ha ha ha

Kim
Guest
Kim

This is what I mean by ignorance. These white elites have no idea how Chinese think. Sure they will immigrate through Quebec but how did they end up in Vancouver? Don’t they get it? The Chinese are cunning and they will devise ways around everything. Or do you still believe that the true child poverty rate in west Vancouver is really that high??

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Make sure to note: this is a cultural thing, not an inherent genetic thing.

The white elites do have potential for thinking through things more carefully: it’s just that their culture does not allow it.

realist
Member
realist

As an example of your thesis, consider Ralph Sultan, MLA West VancouverCapilano. He has an MBA and PhD from Harvard, where he later taught. He is widely admired for hard work and probity. His investigation of child poverty in his own riding in 2010 puzzles over the data for 100 pages, yet not once is fraud suggested.
http://ralphsultanmla.ca/wp-content/uploads/sites/60/2014/07/Poverty-report_Dec_8_10_Sultan-2.pdf

Kim
Guest
Kim

God and these guys get million dollar grants to “study” every problem to death. Do they not realize that the problem starts with the data??? It’s not correct so it doesn’t matter how you analyze it, your conclusions will be BS. Prepare for more of this as Chinese simply lie on everything. Zero income, zero net worth but I can buy a 10 million dollar house. Wink wink.

HAMster
Guest
HAMster

People see what they want to see. We are all products of our environment and we all have built in biases that influence our thinking. We have to be looking for something in order to find it.

Shut It Down Already
Guest
Shut It Down Already

The child poverty in West Vancouver is primarily concentrated at the north end of the Lions Gate bridge. Any guesses why?

Best place on meth
Guest
Best place on meth

The north end of the Lions Gate bridge is not in West Vancouver.

Shut It Down Already
Guest
Shut It Down Already
realist
Member
realist

Sultans findings are not attributable to Aboriginals, irrespective of residence. From Sultans report, p. 10:
One anticipated explanatory factor was surprisingly absent: the percentage of Off-Reserve Aboriginals to be found in households in the community when measured on an after-tax basis. (The Statistics Canada household census data employed in this study, based on municipal boundaries, did not encompass On-Reserve Aboriginals.)

50 cents
Guest
50 cents

About as cunning as you jerking off in a public wash room

southseacompany
Member
southseacompany

True or not, I love the headline:

“Is the Metro Vancouver real estate market in free fall?”, Global News

Newshttp://globalnews.ca/news/2887766/data-is-the-metro-vancouver-real-estate-market-in-free-fall/

“Evidence from realtors and MLS data is showing the Vancouver real estate market is in the midst of a major slow down, with prices dropping and sales plummeting, but some experts say it’s too soon to tell.”

southseacompany
Member
southseacompany
southseacompany
Member
southseacompany

PS Don’t forget to vote at the bottom of the article

“Do you think Vancouver’s real estate market is starting to crash?”
Yes
No
Too early to tell

Madashell
Guest
Madashell

As of 5:30 and votes, 50% said yes, evenly spit between the no and early. If the majority of the people think its going to crash, it will crash.

Madashell
Guest
Madashell

correction: As of 5:30 and 528 votes

xyz
Guest
xyz

So what is the point of this poll….I don’t get it.

Best place on meth
Guest
Best place on meth

To gauge public sentiment.

xyz
Guest
xyz

Granted….but some people think it’ll go up and some people think it will go down….wow, I learned something!

Shut It Down Already
Guest
Shut It Down Already

And all of the participants were self-selected. Online surveys should be treated as fun rather than fact.

Newcomer
Member
Newcomer
“East Vancouver’s Nina MacDonald echoes that belief telling Global News she hasn’t had any nibbles on her $1.28 million, 59-year-old bungalow on Napier Street that she’s owned for over 20 years. She’s even cancelled an upcoming open house because she felt like it would be pointless. She initially wanted to sell because the real estate windfall would allow her to purchase a turn-key property and pay the down-payment on houses for her grandchildren.” Ah, the stupidity ripple effect. For her goddamn grandchildren! That, right there, is the essence of this market. What do we know about this woman? She bought a bungalow on Napier 20 years ago. In other words, she is basically poor. Probably had a lifetime max household income of 60K. The house probably cost her 300 K. If reality hadn’t gotten in the way, she would have… Read more »
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

20 years isn’t even very long.

Kim
Guest
Kim

So much for the mantra real estate goes up forever. A 20% drop in “average” prices in a month is significant. And Mr Sommerville all of a sudden says “averages” are a bad measure of central tendency all of a sudden but never said this when prices were going up. I wonder why. (Notice that Americans use median prices which are a lot more reflective of the market. Most Canadians are too stupid to notice the difference because they didn’t pay attention in math class.

Oracle
Guest
Oracle

Nothing dropped. Sales mix changed

Shut It Down Already
Guest
Shut It Down Already

Combination of sales mix and fairly small (in a statistical sense) number of sales. If you drill down to a tiny subsection of the market don’t expect a high signal:noise ratio.

bullwhip29
Guest
bullwhip29

what utter nonsense. prices in vanc have not dropped by 25% in the last few months. next thing you know Krusty will pat herself on the back saying the implementation of this tax was effective and then either lower tax rate in 2017 (post election) or get rid of it entirely. everyone happy again…

Oracle
Guest
Oracle

I’m going to be posting less here since most people here get it. One final point.

The decrease in buyers caused by the 15% tax is going to be made up by a greater amount of foreign students getting expedited PR.

I’m sure there was an understanding between McCallum, Trudeau, and Christy.

Only thing you need to know going forward is immigration numbers for rent and prices.

And McCallum is going to massively increase numbers by saying other areas of Canada needs them. This is a scam. Foreign school in Northwest Territories will get a allotment. And they all know where they are going to end up.

xyz
Guest
xyz

Canada needs youth they say…..but Canadians probably are having fewer kids. Hmmmm maybe paying sky high mortgages and rents have something to do with it?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Vancouver is the most expensive rental market in CanadaFor our first ever PadMapper Canada Rent Report, we analyzed hundreds of thousands of listings to identify the 25 most expensive cities for renters across the country. Vancouver, BC topped our study as the most expensive city for renters. The median one bedroom rent this May was $1,700, while the median two bedroom was $2,780

http://blog.padmapper.com/2016/06/14/canada-average-rent-report-june-2016/

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
Newcomer
Member
Newcomer

Median asking price may be quite different from median signing price. I see things on Craig’s List prices coming down by 10 to 15% all the time.

squeak
Member
squeak

And meanwhile you can rent a spacious 2Br house in Winnipeg for 800/month probably no worse than the crackshacks in Vancouver AND have a higher average pay they enjoy. That will save you a cool $2000/month compared to the $2780 apt rent. Or a lovely $24,000/years.
Just imagine… in 10 years $250,000 , and if invested: drool.

Lurker
Guest
Lurker

Cool, so you moving to Winnipeg? Yeah, me neither. Look Vancouver isn’t New York but it sure and fuck isn’t Winnipeg. That’s an embarrassing comparison.

Best place on meth
Guest
Best place on meth

I’d rather move to Chilliwack than Winnipeg if it’s $800 a month rent I’m after.

On the Universal Shithole Scale, Winnipeg is only 2 notches above china.

squeak
Member
squeak
If I did not have the relatively good job I have at this time, I would move in a heart beat. If the winter is harsh, one can easily afford to take a holiday down south or maybe quebec. It is quite possible to have fun in the snow. Time goes fast and so do the winters. We don’t live in drafty log cabins anymore, we are quite insulated in our cars too. Think of all the reading you can do on cold winter days, great time to study. Join a hiking/snow shoeing/cross country group. And you will have money to travel. Libraries! Getting a little chilled makes the sauna or fireplace so much nicer. I think 250k over 10 years invested can buy you freedom much sooner and a lifestyle meanwhile. I don’t think that is common for the… Read more »
Funkeymonkey
Member
Funkeymonkey

Comparing Vancouver and Winnipeg is like comparing Vancouver and New York.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

who the fuck want to live in Winnipeg over Vancouver ?

squeak
Member
squeak

Lol. Sure, Chilliwack is doable if you have a job that pays decent nearby.
But if you are stuck in Vancouver unreal rents and poor paying job,why not work for your future where they allow you to have a future? You are free to move once you have your nest egg secured.

Of course Peg is not as nice, but pick your poison, stay in Van and be stressed out and broke or go to ie. Peg where you can get ahead.
Where will you be in 10 years?
(no im not a RE agent in Winnipeg)

Zero Down Forty
Guest
Zero Down Forty

Who knows? But, the Peg’s home prices have had the highest rate of growth in Canada 2005-2015

“Winnipeg house prices soared by 103% over a decade, report finds”
http://www.cbc.ca/news/canada/manitoba/house-prices-winnipeg-peg-1.3713717

“The average price of a single detached home rose to $278,220 in 2015 from $137,062 in 2005 — a hike of 103 per cent in that period. That’s a rate of growth higher than across Canada”

paulb
Member
Active Member

New
169
Sold
149
TI:9531

http://www.paulboenisch.com

Oracle
Guest
Oracle

As expected. McCallum’s announcement is going to set the low end on fire.

Best place on meth
Guest
Best place on meth

I’ve been expecting a brief “beat the new tax” bounce in sales, we’re now seeing sales from that period being recorded.

rockerguy
Member
rockerguy

Absorption is now at 25%. In a month, it has collapsed from 50%.

ttul
Member
ttul
Member

Mind you, 25% is still very much a sellers’ market.

mls watch
Guest
mls watch

‘So your $2 million house became $800,000 in five months’.
I know some over leveraged people that must be shitting in their pants.

Kim
Guest
Kim

My friend put money down in a prebuild. Wanted to build equity he said. More like wipe out your equity.

Another friend told me he likes investing in real estate because you can leverage and magnify your gains. I told him you can do that with stocks too-it’s called buying on margin. But he said with Vancouver real estate it’s a sure thing. Someone forgot to tell him the market can turn quick and you can easily wipe out your investment. Worse, when it comes time to sell, real estate is completely illiquid. So you are stuck paying condo fees, taxes and hoping your rent can cover your mortgage.

Newcomer
Member
Newcomer

Unless they come to the table with a 50%+ downpayment, nobody in Vancouver hopes their rent can cover their mortgage. You would not be able to find a single example.

kim
Guest
kim

Whatever happened to renters paying my mortgage?
Stupid RE investors. If you’re so horny for RE, buy a REIT and be cash flow positive from day ONE.

ttul
Member

I like to think of horny real estate buyers as the kind people who fund construction of the future cheap housing that I will buy when they are all bankrupt.

Combat roach
Guest
Combat roach

Disaster in making…

Liberals will give international students an advantage in the express entry system to obtain permanent residency by giving them more points in the system for their student status.

“If you ask me what is the best group of people in the world to become future Canadian citizens, I would say international students,” said McCallum.

“We want international students to come to Canada, not necessarily to Vancouver,” he said.

Best place on meth
Guest
Best place on meth

What we don’t want is for these weasel chinese to sponsor their parents after getting PR.

Oracle
Guest
Oracle

Back door to PR.

It’s The immigrant investor category in disguise. To get a student visa, you have to be wealthy. Then the student goes to school and you think they will work for measly jobs? Hahaha

Canada is scam central. Beyond third world countries now.

Oracle
Guest
Oracle

To clarify further, only wealthy families can get a student visa as consular offices overseas ask for bank and land statements. If you have none, they think you are going to become an illegal after you finish studies.

Trust me, I tried this with relatives.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

He’s making a seriously mistaken assumption, namely that the students who come are good students or serious students. Some are, of course, but many (at this point, maybe even most) are not. They are not scholarship students and they are not going to the universities with the highest entrance requirements. Again, some are, but most I’d be willing to bet, are not serious students. Serious students succeed in being one of the very few who get into universities in China. (They have low acceptance rates, and track people into careers depending on how they do on the entrance exams, I understand. [Sorry, I should find a link]) We mostly get the ones without good enough scores to get into university in China.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s one of the out of date stereotypes about immigration. Politicians and marketers are relying on these to try to keep things going.

Combat roach
Guest
Combat roach

McCallum said visas have been increasing from China, to about 500,000 per year, but opening more visa offices could help Canada compete for Chinese workers, students — and lucrative tourist business.

http://www.cbc.ca/beta/news/canada/british-columbia/chinese-immigration-canada-china-1.3725202

Best place on meth
Guest
Best place on meth

McCallum is so stupid, if he doesn’t want immigrants settling in Vancouver and Toronto then don’t bring in immigrants from china or anywhere in Asia.

Try Europe, idiot.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yes, that’s true. Europeans would be more likely to settle in the Maritimes, or Montreal or Toronto.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Wow look at this women complain about 15% tax, when her home is worth 500% times more than she paid 15 years ago in 2001 for $276,000.

http://globalnews.ca/video/2884660/foreign-buyers-tax-slowing-down-housing-frenzy

https://www.propertyinsight.ca/3323-napier-street-vancouver-bc-qsd1a54zuv2u

Best place on meth
Guest
Best place on meth

Sympathy for that old bag is running just slightly above zero percent.

The media should stop with these pathetic sob stories about accidental millionaires being so hard done by, nobody gives a shit.

Combat roach
Guest
Combat roach

What that greedy bastard has to do is to lower the price and shut the fuck up, while still making a shitload of money that she didn’t work for.

Kim
Guest
Kim

The market was already slowing. Stop blaming the tax. This government cannot have its cakes and eat it too. It is impossible to have affordable homes and not hurt homeowners equity. That bungalow would’ve sold for about 600k about 5 years ago. Stupid greedy old bag

bullwhip29
Guest
bullwhip29

i agree the market was already cooling or at least taking a rest. now whatever happens in the short term will be attributed to the foreign buyer tax. if krusty whips tax off the table after the election due to supposed softening of prices or pressure from various sources, market will take off like a shot gun and surpass previous high and experts will deem current situation as a head fake or “correction” which has come and gone yet again. at this point when all seems good again, it will be time to run for the hills and not look back….

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
southseacompany
Member
southseacompany

“Why The BC Liberals Rushed A Foreign Buyer Tax – Absorption Rates Explained”, Better Dwelling
https://betterdwelling.com/city/vancouver/why-the-bc-liberals-rushed-a-foreign-buyer-tax-absorption-rates/
“Think the foreign buyer tax had an impact on BC real estate? We reviewed the latest numbers from the BC Real Estate Association (BCREA) to see what how the new tax is changing the numbers, and guess what? It didn’t have much impact at all. According to the report the absorption rate reached peak in March 2016 – moving lower since. The foreign buyer tax was abruptly implemented in August 2016 likely so the current administration could claim they cooled the market. In actuality, BC real estate prices have become so high that the market can’t support the increases we’re seeing anymore.”

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Best place on meth
Guest
Best place on meth

Damn racist Corsicans, the nerve of them trying to make their homeland affordable for….you know…actual Corsicans.

I’m going to sic Layla Yang and her Harbin mafia on those bastards.

IT’S A FREE MARKET, NOBODY CAN STOP IT!!!

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Even Thailand #1 prostitution capital of the world doesn’t allow anybody own a land, while in Vancouver we impose a 15% tax to cool the market for non residents everybody cry foul .

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

VANCOUVER SHOULD BELONG TO PEOPLE WHO ARE BORN & RAISED IN VANCOUVER. THE PEOPLE WHO HAVE LIVED & WORK IN THIS CITY FOR AT LEAST 10 YEARS. THERE ARE ONLY ONE SHOULD ALLOW TO OWN A HOME.

franko
Member
Active Member
franko

McCallum said “he had positive discussions with CHINESE OFFICIALS last week, seeking permission to double or triple the number of visa application centres where Chinese could apply to come to Canada”.
Is this guy for real??? How about asking our permission first???
No wonder the son of a bitch had to sneak into town to drop his bombshell and sneak out again before we had the chance to run the asshole out of town.

Please people, let him know how you feel: johnmccallum@par.gc.ca
How long do we have to put up with this shit???

franko
Member
Active Member
franko

Got me so pissed off that I misspelled his fucking email address.
johnmccallum@parl.gc.ca

xyz
Guest
xyz

The election is over franko…..you’re expected to crawl back to your couch and fall in line. Activism is only allowed at the rink when the ref makes a bad call.

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