Friday Free-for-all! August 19th 2016

It’s that time of the week again, Friday Free-for-all time!

This is our standard end of the week news round-up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

How to deal with 200+ comments
Canada a real estate nation waiting to crash
Industrial market nothing like residential market
Housing Action for Local Taxpayers
Auditor warnings on real estate ignored for 20 years
Subprime lending is booming
Working for free in Vancouver
Is real estate market in free fall?
Agent: best time to buy in 2 years
Absorption rate at 25%
Sold as percent of inventory by day
Vancouver moves ahead with affordable housing

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

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Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I realize that harboring feelings of schadenfreude is probably really bad karma, but all those articles from end of the last thread about how the market looks to be collapsing just warms my tiny heart.

While I do feel some sympathy for people who just wanted a home, I know that many, many recent buyers were pure speculators, shamelessly screwing over the entire city to make a quick buck while contributing exactly nothing to society.

Losing sleep much lately, you f*ckers?

patriotz
Member

“While I do feel some sympathy for people who just wanted a home”

People who pay ridiculous prices to buy because they “just wanted a home” are not victims, they are a very big part of the problem. In any case, if someone buys because they “just wanted a home”, why should they care about where prices go afterward?

Kim
Guest
Kim

I don’t care myself. I have a home but I want prices to go down cuz I can weather it and have no intention of seling and just can’t stand hearing about people gloating. One of my friends, on the other hand, just bought a presale. His equity has already been wiped out

bullwhip29
Guest
bullwhip29

the fact that you cant stand people gloating (as you constantly do here about your supposed millions in the stock mkt) along with the apparent satisfaction you get from your “friend” getting wiped out tells me a whole lot about you as a person.

Combat roach
Guest
Combat roach

Kim rather strikes me as a person who did well but is fed up with the shit that housing craziness and Chinese made out of Vancouver. I believe there are lots of people around like Kim but not post on the blog and don’t necessarily desperately wait on their favorite God-send Chinese to cash out their lottery ticket.

bullwhip29
Guest
bullwhip29

maybe so, but i dont see any of them giving the money back or using some of their windfall gains to help out the homeless. mostly a bunch of complete hypocrites if you ask me. in fact, many of the biggest whiners are those that missed the whole ride and are just expressing sour grapes for the most part. just my opinion…

Shut It Down Already
Guest
Shut It Down Already

Kim doesn’t realize he got as lucky as any homeowner by starting his savings and investments in 2008. When the bear market returns and his holdings are cutting dividends we’ll see what he’s really made of.

bestplaceonearth
Guest
bestplaceonearth

you already have a home. your friend bought his home, made you angry. who the hell is this guy that could buy a house ! Only me, the Kim, can entitle to a house ! Is that sum up everything?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

What I gather from this subthread is that Kim is an effective writer and doing a good job at making the case that there has to be radical change. Kim, you’ve now become a target, it appears.

Kim
Guest
Kim

Pretty soon we will be saying how anyone can pay 600 k for a tiny 1 br apartment where you also automatically lose 600 bucks a month due to taxes and condo fees and more from special assessments. Or paying 2 mil for an east side crack shack. What a great investment Vancouver real estate is!
Alternatively you can buy shares in real businesses that produce real services or goods and that return capital to you.

Madashell
Guest
Madashell

According to data released today to The Wealthy Homeowner™, Vancouver’s housing market has crashed and prices are now plummeting.
The twenty-six point four percent (-26.4%) decline already recorded in Vancouver is a record drop over any six month period anywhere in Canada.
http://www.digitaljournal.com/pr/3044499

patriotz
Member

“the average home buyer is now spending less than seventy-five percent of what they were paying only months ago.”

What is that supposed to mean? What is “the average home buyer”?

rockerguy
Member
rockerguy

OMG I thought that was satire at first..

Oracle
Guest
Oracle

Good grief. Most people on this site have a brain. Sales mix has changed. Prices aren’t falling yet unfortunately

yvr2zrh
Member
With about 9 market days remaining in the month, we can start to look forward to how the month will end up. During the past two weeks, we have seen so many numbers in the media which highlights not only is the market falling but also that the intricacies of the underlying data are not well-understood by so many people. The message (although correct in that the market is bad) is so poorly explained and supported and thus the true state of the market is not clear to people. So – here is the summary of what is really happening. 1.) Sales volumes will be down around 25% for unit sales but 33% for dollar volume. My model predicts a 10% decrease in condo sales (which is not much). 2.) The decrease in average price across the entire market is… Read more »
Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Do you have any insight into why rents are going up so much lately? Based on available migration and construction statistics this shouldn’t be happening. We’ve ostensibly built enough (or even more than enough) condos to match population growth. And incomes have not surged lately. So based on fundamentals rents should not be spiking like they are.

My theories:
1. Speculators caught up in the euphoria of the lat 12 months have been leaving their investment condos empty
2. Inter-provincial migration from laid off Albertans.
3. TFWs, students, 10 year visa holders who are not counted in official immigration statistics, and suggested by Oracle.

bullwhip29
Guest
bullwhip29

foreign students, plain and simple explanation. 2,3,4 students sharing a single unit to spread out cost is also commonplace. they are also used to not having much space to live in.

yvr2zrh
Member

It’s Air BnB – because the value that can be received from those rentals is so high, people are taking units out of the market to be able to do nightly rental.
There is also a supply issue. The main solution for this will be to tax the vacant units into submission as either beings old or run as rental units. Also – to do a serious crack down on AirBNB – – No messing around and lots of publicity when they get caught.

patriotz
Member

Perhaps also investors want to leave units empty to make them easier to sell if they think prices will fall. This of course does not exclude renting them with AirBnB.

Ulsterman
Member

I’d agree = everyone i speak to with a condo or basement suite has it listed on airbnb and gloats about how they get a year’s worth of “rent” between June-Sept.

Oracle
Guest
Oracle

#3

No debate needed. They are flooding the pipeline. Next gov will say they have to clear backlog by gaining students and 10 yr visa holders immediate PR.

Kim
Guest
Kim

Ontario teachers pension fund looking to sell 14 billion worth of Vancouver commercial real estate. Looks like vacancies are up for commercial units but prices keep soaring. Clearly it isn’t demand driving this but the same mantra that real estate goes up forever.

http://www.theglobeandmail.com/report-on-business/teachers-eyeing-sale-of-stake-in-vancouver-property-portfolio-report/article31462693/

david
Guest
david

You’re only off by $10 billion…but that’s nothing for Vancouver, world headquarters of math repression.

Kim
Guest
Kim

Ontario teachers pension fund looking to sell 14 billion worth of Vancouver commercial real estate. Looks like vacancies are up for commercial units but prices keep soaring. Clearly it isn’t demand driving this but the same mantra that real estate goes up forever.

http://www.theglobeandmail.com/report-on-business/teachers-eyeing-sale-of-stake-in-vancouver-property-portfolio-report/article31462693/

Kim
Guest
Kim
Best place on meth
Guest
Best place on meth

Your don’t need a subscription, if you’re using Firefox click the Reader View icon in the address bar.

It looks like an open book.

Shut It Down Already
Guest
Shut It Down Already

But it’s only Chinese who cheat, right?

Best place on meth
Guest
Best place on meth

Are you implying that I’m behaving like a chinaman?

space889
Member
space889

Cheating is cheating, stealing is stealing. If you say chinaman cheats and steals, and you cheat and steals, what’s the difference? Aside from maybe dollar amount, and the size of it?

bullwhip29
Guest
bullwhip29

Bloomberg: Ontario Teachers’ Said to Sell Stakes in Vancouver Buildings
http://www.bloomberg.com/news/articles/2016-08-19/ontario-teachers-said-to-sell-stakes-in-vancouver-buildings

bullwhip29
Guest
bullwhip29
patriotz
Member

Notable that this is the only hard market information cited in the article:

CREB says there are over 6,000 real estate listings currently on the market—the highest number in the last five years.

bullwhip29
Guest
bullwhip29

B.C. university students struggle to find housing in overheated real estate market
http://www.theprovince.com/news/local+news/university+students+struggle+find+housing+overheated+real/12135780/story.html

realist
Member
realist

This is sad mismanagement on a gross and historic scale, with today’s teen-aged students paying the price. To wit: parcel of land in Pt. Grey (“University Endowment Lands”) granted to UBC by Province for development to fund itself: 14 sq km. For comparison, total land area City of Vancouver: 115 sq km. And UBC has a chronic shortage of student housing because of …?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yeah, they ripped up the forest and built and built. But didn’t build for students apparently.

patriotz
Member

UBC does not own the UEL. The developed part (where all those multimillion $ places are) is freehold lots, and the undeveloped part is owned by the BC Government and leased to GVRD as parkland (also claimed by Musqueams).

Having said that UBC itself has lots of vacant land and could be doing more for both student and faculty housing. A lot of people think developments like Hampton Place are on UEL. They are on UBC proper.

realist
Member
realist

All correct. My reference is historical. UBC campus today composes about one third of the original UEL, and is almost the same size as Stanley Park. Student housing has been generally in short supply since WW2, and now faculty and staff housing are even more problematic.

Best place on meth
Guest
Best place on meth

UBC will have tent cities after McCallum gets done importing another million students from china.

bullwhip29
Guest
bullwhip29

the millions of students from china wont need tents, they are alrady have nice place to live. local students wont get in to UBC in the not too distant future

space889
Member
space889

When my kids grow up, it will likely be easier for them to get into Stanford, MIT, Harvard, NYU than UBC.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Why? Curious what you’re thinking of here.

bullwhip29
Guest
bullwhip29

Local real estate board issues “call to action” against foreign buyers tax
http://www.news1130.com/2016/08/19/local-real-estate-board-issues-calls-action-against-foreign-buyers-tax/

Kim
Guest
Kim

Realturds want empty cities with only other realturds and criminals, fraudsters and the like living here. They are a menace to society.

HAMster
Guest
HAMster

But earlier this year these same groups were saying that foreign buyers were no real problem…

bullwhip29
Guest
bullwhip29
Newcomer
Member
Newcomer
I was out last night with a buddy who has flipped eight houses over thirty years. I told him sales were down in his neighborhood and average prices were coming down, but having just received a newsletter from his local realtors association that said otherwise, he didn’t believe me. He stands to make 1 M off his latest flip and he sees zero possibility of a substantial decline. He says that, if it goes down for a bit, like in 2008, it will only go up more after that. Vancouver, he says, is unique in the world and prices will keep rising. I mention this because, while we are all excited about the headlines and predicting panic, the people who actually make up the market have a different view. I have a feeling that folks like this won’t adjust their… Read more »
patriotz
Member

“we are all excited about the headlines and predicting panic”

I’m not predicting panic. That never sets in until it’s too late to get out. What causes the market to start falling from the peak is buyers holding off, not sellers panicking. A few smart ones will get out at the top and people like your buddy will miss out.

bullwhip29
Guest
bullwhip29
as much as i hate to say it, i think he is correct. this market pause, correction, crash or whatever you want to call it will be attributed to the introduction of the foreign tax (even though this isnt entirely true). i say sometime in the new year krusty and co will pat themselves on the back for a job well done, give rennie et al a few week heads up, then whip the rug out from everybody (again) by announcing they are reducing/modifying their tax scheme and/or eliminating it all together all the while citing bits and pieces of data they have carefully cherry picked to support the notion that prices have come down enough. i predict new highs by 2018 and the same cast of characters will be saying, i told ya so for the umpteenth time.
MarKoz
Member

I agree. Before 2008 people believed the market to be bullet-proof but when sales dropped off a cliff, they had their confidence shaken – for about 9-12 months. I’m sure many regretted selling so quickly at a loss after the market rebounded so quickly. You can see that the way things transpired would leave many people thinking that any down-turn in Van will be brief, no need to worry.

Patriotz point below is a valid one but the same psychology affects buyers and sellers.

Best place on meth
Guest
Best place on meth

I would ask those over-confident people how can banks possibly drop mortgage rates by 2.5% the way they did in 2009?

Shut It Down Already
Guest
Shut It Down Already

They don’t need to drop rates. There are other tools which might have similar impact. Return of the 0/40, for instance.

Best place on meth
Guest
Best place on meth

Ha ha ha ha…..bring back the 0/40…..aaaaaahhhhhahahahaha…..

Oh god, my sides. What a fucking idiot.

Shut It Down Already
Guest
Shut It Down Already

That’s how you always respond to being proven wrong. Pathetic.

Why not simply concede that rates aren’t the only parameter under their control? Oh wait, that would entail not being a prick for 5 whole minutes.

Leo S
Guest

> That’s how you always respond to being proven wrong.

You’re the one who’s wrong. 0/40 is a national tool and has zero chance of being implemented unless the entire nation crashes (and even then extremely unlikely). It is 100% against the policy direction for the the last 8 years.

Noclue
Guest
Noclue

Given how low rates are, one could make the case that local speculators will take up the slack withing a few months. However, one big difference between now and 2008 is the ability or willingness of the Bank of Canada and Feds to juice the market as much as they did back then. In particular, insurance and mortgage securitization fees are tightening now. Meanwhile, overnight rates can only go down another 1.25% at most, and that assumes the BoC goes negative.

southseacompany
Member
southseacompany

“Vancouver’s crazy housing market is melting down”, Business Insider

http://www.businessinsider.com/vancouver-home-sales-decline-2016-8

“Vancouver’s frothy housing market appears to be melting down.”

MarKoz
Member

All the news stories compare sales to last year. Last year was off the hook. How do sales compare with the 10 year average?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yes. That’s what I want to know too. It’s not even interesting how they compare to last year since prices have been so out of this world.

yvr2zrh
Member

This is a very good question. August is not going to be the worst for overall unit volume – 2012 was much worse as was 2008. However – The number of detached units sold in August will likely be lower than the lowest month on record in the past 30 years. Even lower than January 2009. It’s a tale of two markets – – the bottom – – and the top – – The bottom is fed by immigration and low interest rates, the top is fed by foreign money. One of them was just torpedoed . . . . You decide.

HAMster
Guest
HAMster

Duelling lawsuits over major Canadian city property deal expose area’s worth.
Businessman, realty firm in court fight after properties sell for almost triple assessed value.

http://www.scmp.com/property/international/article/2004844/duelling-lawsuits-over-major-canadian-city-property-deal

“Wang, who is of Chinese ethnicity, and cannot understand, read nor speak English, asked Laura and Raymond to translate the bonus agreement so he did not understand its contents and relied on Laura and Raymond to explain it to him,”

LOL how to even begin to comment on this gong show.

southseacompany
Member
southseacompany

Getting out at the top?

“Teachers eyeing sale of stake in Vancouver property portfolio: report”

http://www.theglobeandmail.com/report-on-business/teachers-eyeing-sale-of-stake-in-vancouver-property-portfolio-report/article31462693/

“The Ontario Teachers’ Pension Plan is seeking buyers for a minority stake in its $4-billion real-estate portfolio in Vancouver, including office towers and shopping malls”

“Cadillac Fairview is the latest pension group seeking to reduce its holdings in the Vancouver commercial market, where prices have reached record highs amid an influx of foreign cash even as new supply drives up vacancy rates.”

supersogs
Member
supersogs
rockerguy
Member
rockerguy

I think all this indicates is that the houses that have happened to be selling during the last 30 days are the ones that are priced lower. Expensive houses are essentially just not selling right now. This is a good sign that the market is correcting, but don’t confuse it for massive price drops across the board.

Best place on meth
Guest
Best place on meth

We should see the first month of detached benchmark prices falling when August stats come out.

I believe July was the top.

bullwhip29
Guest
bullwhip29

when benchmark prices come down by low single digits (if that) then all the yahoos who have been claiming drops of 20-30 % in weeks will have some explaining to do. the tin foil hat guys will probably say govt is covering up housing crash too…lol

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

“Inflated housing market making investors edgy, RBC report warns”, Global News
http://globalnews.ca/news/2892062/inflated-housing-market-making-investors-edgy-rbc-report-warns/

“Canada’s overheated housing market is making investors more and more worried, a strongly worded report from RBC Capital Markets warned Friday.”

“The Bank of Canada lowered interest rates in 2014 in response to plummeting oil prices. But low rates helped overheat housing markets, Davis explained. As a result, “the availability of cheap credit has stoked concerns that the economy may now be susceptible to a housing market shock as consumer leverage reaches a historical high.””

Madashell
Guest
Madashell

Retail sales dip as Canadians ‘have little left’ after housing costs, economist says
http://www.bnn.ca/retail-sales-dip-as-canadians-have-little-left-after-housing-costs-economist-says-1.550633
When will the government realize that cost of housing is killing the Canadian Economy and Families!

Combat roach
Guest
Combat roach

They certainly realized so they have to play “all or nothing” on housing. The whole McCallum shitshow with bringing millions of Chinese in Canada is 100% in line with that realization.

Newcomer
Member
Newcomer

Millions of people, millions of new houses. What’s the problem? We’ve been doing this since the 15th century. There’s lots of room left. Meanwhile, we’re also getting millions of new retail consumers.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Millions of new houses in Calgary, Winnipeg, and Montreal. Zero new (net) houses in Greater Vancouver.

Newcomer
Member
Newcomer

So what? 30K new net homes per year. Why is it a problem if people choose to live in condos?

You guys are hyperventilating about business-as-usual. Get a grip.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Most people do not want to live in condos. In Greater Vancouver, living in a condo is no longer a choice for the average earner, instead it’s been foisted on them due to a combination of unending immigration and an effective ban on new detached homes.

Newcomer
Member
Newcomer

Yup. Most people also do not want to drive Japanese cars and would prefer to have a Bently or a Rolls. What is your point?

Don’t get me wrong, houses are overvalued here, but it’s not because of immigration. We’ve always had immigration. It’s a normal part of Canadian life. Everyone, even the First Nations people, comes from immigrant stock, so it’s silly and mean-spirited to say, no more just because you find it inconvenient.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I don’t think there’s a good analogy between the cars and the house vs condo “choice”. Most people I know who would prefer to have a garden or at least character in the structure of their abode really do not give a flying f about hot cars.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“houses are overvalued here, but it’s not because of immigration”

Really?
In 1991 Metro Van had about one and a half million people and 600,000 detached houses.

25 years later we now have two and a half million people and 600,000 detached houses.

In another 25 years we will have three and a half million people and 600,000 detached houses.

Please explain how immigration is not one of the causes of increasingly unaffordable detached house prices, today and in the future. And why is it mean-spirited to point this out?

HAMster
Guest
HAMster

There have been many 10,000s of new detached houses built since 1991 . In Surrey especially. Even in Burnaby there are new houses (albeit expensive ones) being built. Coquitlam has also expanded with new SF housing developments.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

As if boxy boring small little condos in towers are what everyone dreams for.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“There have been many 10,000s of new detached houses built since 1991. Surrey especially”

Correct. And for every one built, one is demolished in Vancouver, Burnaby, or Richmond and replaced with condos. That’s why the net total supply of SFH has remained unchanged, and will not increase significantly going forward. The ALR ensures that.

HAMster
Guest
HAMster

Do you have any proof of this? Do you have numbers to back up your statement? Can’t build condos where lots are single family or zoned SF. When I see whole subdivisions being built with 100s of houses in each, and this has been going on for decades now, I can say with confidence there are more houses now than there were 25 years ago, it’s obvious.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

http://www.juneconway.com/static/media/med/1603_2371ba1f_HousingStock.JPG

Source: BCREA

Incidentally I did make a mistake: it’s 300,000 units, not 600,000. But the principle is the same.

HAMster
Guest
HAMster

I don’t know what CMA stands for or who Judy Conway is but anyways that graph appears to apply to the city of Vancouver only.

HAMster
Guest
HAMster

CMA = census metropolitan area
I looked on the metrovancouver website and it does say SF detached inventory has remained fairly constant at around 300,000 for the last 20 years, so you appear to be correct! Live and learn for me.

Combat roach
Guest
Combat roach

Absolutly right, but do they all need to be from China? How about some Norwegians, Germans, Greeks, Italians, Spaniards, Argentinians, Chileans, Egyptians, South Africans, Tanzanians, Mongolians, Avganistans, etc… The World is great. Canada has too many Chinese already, some social and cultural balance would be prudent when developing country by mixing different people and nationalities.

patriotz
Member

In 2014 China accounted for 15% of immigrants to Canada (3rd place behind Philippines and India), but it has 20% of the world’s population. The most overrepresented country relative to population, by far, is the Philippines.

http://www.cic.gc.ca/english/resources/statistics/facts2014/permanent/10.asp

Best place on meth
Guest
Best place on meth

No more than 5% of immigrants should come from any one country.

I don’t give a rat’s ass how much of the world population they are.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I have to agree with Meth here, in this particular case. How is their percentage of world population relevant to their ideal percentage in Canada? We are not the world’s parliament. I think that we should think of it from the point of view of adding to the richness in diversity. How many distinctively different world cultures are there? There must be at least 20. That would make 5% for each of those.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

But of course there are a great deal more than 20. If one culture as such should get more weight (i e. if immigration were looking at cultures rather than individuals which I should hope it is not) I would opt to support those cultures whose language or other precious offerings to humankind were in danger of extinction. This would support having more immigrants from Africa or South America (as well as nonmandarin China and Europe). Of course, this wouldn’t work to preserver endangered languages if they all end up speaking English or French, but in Vancouver that doesn’t seem to be demanded even of people selling residential real estate and creating legally binding contracts.

patriotz
Member

“How is their percentage of world population relevant to their ideal percentage in Canada?”

Some posters appear to believe that Canada’s immigration system is biased toward China. My point was that the numbers show otherwise.

I don’t think there is an “ideal” percentage of any ethnic origin in Canada.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Hi patriotz. OK, acknowledged. However, pointing out that tho China accounts for only 15% of immigrants while having 20% of the world’s population doesn’t really show that our system is not biased towards China. This is because the relevant population for comparison is not the population of the nation of people from which there are immigrants, but rather, the relevant population for comparison is the population from within that nation who want to immigrate. If 100% of a country A containing 100 people want to immigrate, And only 5% of a country B containing 1000 people want to immigrate, and Canada admitted 50 people from A and 50 people from B, I think that would show that Canada was biased in favor of country B, since it took all of those who wanted to come.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

A pluralistic society should be pluralistic, as Combat suggests.

Combat roach
Guest
Combat roach

I wouldn’t be surprised to see Canada to follow Chinese business model and start building “ghost cities”. However, the whole charade would be implemented by Chinese on a large scale. TFW from China as builder and students/tourist visa holders with fasttracked PR as investors. Chinese did it very well there, therfore they can start exporting busness model to countries who don’t know how to run and what to do with their economies.

metalhead
Member
metalhead
Hi all, been years since I posted here. The long awaited by the bears slowdown and grind down might be here. Maybe my 27 yr. old daughter and 23 yr. old son can buy a house in Abby some year. I am retired. Bought and sold a couple houses in the US. The Vancouver metro nuttiness has reached Abby. Former grow op rancher, no garage just carport sold for over asking. 740K. My place is probably worth around a million now. Paid 177K in 1992. 120K reno 3 years ago. New 30K roof and deck 6 years ago. General maintenance through the years of course. Paid it off around 15 yrs. ago. Sell!! Cash in!! You gotta live somewhere. We still like it here. It hasn’t all been R.E. gravy for me. I lost around 80K in Alberta on a… Read more »
Unicas
Guest
Unicas

metal head, your friend from texas here. aggie, that is. I guess every dog has its day, your turn my be just around the corner. Worth the 20 plus year waiting

metalhead
Member
metalhead

Hey guy. Go Tigers. Yeah you had a bad experience with an Abby four plex was it? Some shady people in Abby, lol.

david
Guest
david

Go Tigers?! A confusing greeting to an Aggie, for sure.

metalhead
Member
metalhead

He knows lol.

Hyper-mega-Bull
Member
Hyper-mega-Bull

5 year fixed 2.19%

Ktown
Guest
Ktown

Where?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
Ktown
Guest
Ktown

Awesome! Off to buy 3 more houses!

Combat roach
Guest
Combat roach

Those appear to be very reputable mortgage brokers.

BubbleTea
Guest
BubbleTea

Must listen from yesterday in-case you missed it: Steele and Drex on CRA inaction
http://omnyapp.com/shows/steele-drex/did-the-cra-know-vancouver-was-about-to-become-one

southseacompany
Member
southseacompany

“B.C. Liberals To ‘Get The Blame’ As Vancouver Home Sales Plunge 85%”, Huffington Post
http://www.huffingtonpost.ca/2016/08/19/vancouver-home-sales-crash_n_11609766.html

“B.C.’s Liberal government will likely take a political hit for their decision to impose a foreign buyer tax on the Greater Vancouver housing market, even though the city’s housing correction began before the tax took effect, a report from Capital Economics says.

“According to Multiple Listings Service data obtained by Global News, homes sales in Greater Vancouver collapsed by 85 per cent in the first two weeks of August, compared to the same period a year ago.”

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Isn’t the word “blamed” usually reserved for when something bad happens? Isn’t improved affordability a good thing?

Oh wait, this is the MSM, for whom any decrease in prices is automatically a terrible, awful, abhorrent development.

On the other hand, unearned income from sitting in a house while doing absolutely nothing to earn millions, while in the process pricing out young people from ever owning – that’s something positive to strive for.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I don’t think they do nothing. They fix their hair and buy hot cars.

Best place on meth
Guest
Best place on meth

Why would they take a political hit if 90% of people are in favour of the tax?

Unless they mean a hit to donations from the real estate industry.

Combat roach
Guest
Combat roach

Utter nonsense that foreign tax has anything to do with the housing craziness and flipping slowdown. Hopefully not many buy that bullcrap.

“But despite the fact the slowdown seems concentrated where the foreign buyers are, it appears that the foreign buyer tax had little to do with it, at least at first. Home sales on Vancouver’s affluent west side fell by more than 38% in June, year on year — well before the provincial government announced a 15% foreign buyer tax in late July.

Some market observers say a crackdown by the Chinese government on illicit cash flowing out of the country dampened the flow of cash into Vancouver’s housing market well before the new tax was introduced.”

C.Junta
Member
C.Junta

More “news”.

Immigration Minister says he’s received overwhelming support for more immigrants

http://calgary.ctvnews.ca/immigration-minister-says-he-s-received-overwhelming-support-for-more-immigrants-1.3035853

No comments allowed on the website. I guess people express their support by phone and regular mail.

The Man
Guest
The Man

Overwhelming support from the members of the corporate, academic, media, and political elites who are focused around the power-corridor of Toronto-Ottawa-Montreal and have veto control on defining what is respectable ‘Canadianism’ and what was not.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I get this. And I sort of wish I didn’t.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Holy shit did he smoke crack every morning i swear that kind of delusional statement a crackhead would come up with when 75% country population not in favor of immigrant at this stage ?

We should have vote like Brexit to see if this country wants more immigration .

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Hahaha. Indeed.

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