Friday Free-for-all! August 26th 2016

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

This is our regularly scheduled 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:

Royal Bank ‘closely monitoring’ housing
CIBC can weather housing crash up to 30%
Pumping Tax Free Zones
Metro house sales plummet
Home sales down 63% in first weeks of August
Foreign buyer tax in four charts
How can Vancouverites afford to buy?

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

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Openhousemassacare
Guest
Openhousemassacare

FIRST

yvr2zrh
Member

wrong website. . .

BubbleTea
Guest
BubbleTea

I think you’re looking for Garth Turner’s website.

Openhousemassacare
Guest
Openhousemassacare

Garth banned me when i made fun of him about his brexit prediction.

chilled
Member
chilled

Garthy is a big baby who only supports group thinkers with bad memories.

Shut It Down Already
Guest
Shut It Down Already

Somebody should invite him here. We can talk about the post-Olympic crash.

david
Guest
david

CIBC was among the Cdn banks who all reported robust earnings this week. And it proudly commented that it could “weather a housing crash of up to 30%”.
Which is a comforting and reassuring message for CIBC shareholders.

But for the rest of us, it’s the explanation of why they were so utterly disinterested in doing anything about what they know is a critical real estate bubble.

“We’ve already made a fortune from this racket, and when it finally does pop, we’ll be fine.”

Their customers will be ruined, but whatever.

bullwhip29
Guest
bullwhip29

not only this, their customers will be footing the bill when Ottawa bails the banks out again (like we saw in 08/09 when 10s of billions in mortgages were moved onto CMHC’s balance sheets)

patriotz
Member

The mortgages were already guaranteed by CMHC. The goal of the purchase was to supply liquidity to the banks so they could lend more and support prices. If it was a bailout of anyone, it was of homeowners.

Re the previous post, there is nothing CIBC or any bank could do about the bubble without forming a combine, which is illegal. The federal government makes the rules and the only thing any bank can do is participate or withdraw from the market and lose business. Remember other lenders are eligible to make CMHC guaranteed mortgages.

bullwhip29
Guest
bullwhip29

it was a back door bailout no two ways about it. 99% of public completely unaware this even occurred

david
Guest
david

It is this kind of idiotic justifications for utterly stupid decisions that leads directly to the problems of ‘capitalism sans consequences’. Well done…you are another idiotic, buck passing tool.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

That is alright, maybe he just didn’t know the rules and probably is not going to do that ever again. After all, they are all nice and lovely people trying to do some humble business aboard and promote Vancouver across the globe.
Real problem is that public enemy from the Skytrain who told Asian women to go where she came from therefore all available forces must be after him to catch him and punish him badly in order to send a message to all foreigners that they are welcome to come here do whatever they like and our little society will welcome it by all means and be so proud of it.

Best place on meth
Guest
Best place on meth

Rules?

Rules are for the round-eyes.

bullwhip29
Guest
bullwhip29

They built towering new cities in China. Now they’re trying it in downtown L.A.
http://www.latimes.com/business/la-fi-0825-china-dtla-snap-story.html

Best place on meth
Guest
Best place on meth

““The speed is so dramatically different in China,” said Sonnet Hui, executive project director for Shenzhen Hazens, which is building a $700-million mixed-use project across from Staples Center. “There’s a lot of planning and study here, whereas in China it’s just ‘Let’s go, let’s go.’”

Yes, let’s go, go, go and get those towers built quickly just like in china.

We’ll worry about the earthquakes later.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Exactly. There are lots of earthquake standards laws in California at the state and county level, but I don’t suppose that any community is entirely immune from the corrupting effects of big money, global investor money.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Also, there are ways around the laws for people who don’t care about what is at stake.

patriotz
Member

Keep in mind that the tenants for such projects would be big businesses who don’t want their premises tumbling down. Any project built by Chinese would have to go the extra mile to earn their confidence.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

That makes sense.

bullwhip29
Guest
bullwhip29

more MSM manipulation. This supposed random comment penned by hired gun (disguised as typical citizen) planted in the Richmond News

http://www.richmond-news.com/opinion/letters/letter-vander-zalm-is-just-wrong-1.2331289

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yeah, that’s an interesting one.

bullwhip29
Guest
bullwhip29

MacLean’s: After new tax, buyers from China cool to luxury Vancouver homes
http://www.macleans.ca/economy/after-new-tax-buyers-from-china-cool-to-luxury-vancouver-homes/

“Interest from China in Vancouver real estate listings worth more than $1 million is down sharply, but local buyers shouldn’t get too excited.”

bullwhip29
Guest
bullwhip29

Economist blames media, not foreign money, for high housing prices
http://www.news1130.com/2016/08/26/economist-blames-media-not-foreign-money-for-high-housing-prices/

Billybonger
Guest
Billybonger

I think we need to see inventory spike above 15,000 before getting too excited.

Will be interesting to see if and if so by what magnitude listings surge in Sept…I am somewhat surprised by the lack of inventory growth this month.

bullwhip29
Guest
bullwhip29

Real Estate Board of Greater Vancouver achieves Excellence Canada certification
http://www.remonline.com/real-estate-board-greater-vancouver-excellence-canada/

bullwhip29
Guest
bullwhip29

Banks’ exposure to loans backed by residential real estate more than $1 trillion
http://vancouversun.com/business/real-estate/banks-exposure-to-loans-backed-by-residential-real-estate-more-than-1-trillion

>>> so how much do this work out to per taxpayer?

rockerguy
Member
rockerguy

35 million Canadians… It works out to nearly 30,000 for every man woman and child.

chilled
Member
chilled

Times 4 considering only about a quarter of us actually work and pay taxes.

bullwhip29
Guest
bullwhip29

and ratchet up further due to initial understatement of exposure followed by rape and pillage by the crooks who will later say they were completely blindsided by great depression 3.0 and now need a blank cheque

bullwhip29
Guest
bullwhip29

West Vancouver to push for real estate reform at meeting of local government
http://www.nsnews.com/news/west-vancouver-to-push-for-real-estate-reform-at-meeting-of-local-governments-1.2331265

bullwhip29
Guest
bullwhip29

Rest of B.C. making up for sluggish Vancouver housing sales
https://www.biv.com/article/2016/8/rest-bc-making-sluggish-vancouver-housing-sales/

bullwhip29
Guest
bullwhip29

Parents pay thousands to hold unused daycare spots
http://bc.ctvnews.ca/parents-pay-thousands-to-hold-unused-daycare-spots-1.3044935

>>> coming soon, AirBnB for daycare…

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Husband plotted the demolition of multi-million-dollar modernist mansion, wife alleges
http://vancouversun.com/news/local-news/husband-plotted-the-demolition-of-multi-million-dollar-modernist-mansion-wife-alleges

Combat roach
Guest
Combat roach

Vermin’s psychology as a textbook case. Destruction and extermination.

BubbleTea
Guest
BubbleTea

Fed’s Bullard’s Bubble Warning: “I Could See This Getting Away From Us”
WTF. These weasels were the ones that created the bubbles around the world and he’s worry just before each and everyone of them is about to burst!
http://www.zerohedge.com/news/2016-08-26/bullards-bubble-warning-we-are-high-side-fairly-valued-i-could-see-getting-away-us

Future Vancouver
Guest
Future Vancouver

Maybe there is Favelas in Vancouver’s future, akin to those neighbourhoods in Rio de Janeiro. The benefit of these are it would clear areas of undesirables and cluster them in particular areas of the city. This way, the city can go on. Many cities with high house prices have these and run perfectly fine as was demonstrated by the Rio Olympics.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yeah, in the favelas we’ll have the firemen and women, police, high school teachers, professors, scientists, half the lawyers and doctors, nurses and other health care practitioners, along with librarians, artists and musicians, bakers, food growers and candlestick makers. In the “city that goes on” there will be the real estate agents, property developers, mortgage brokers, tourists, investor immigrants, CEOs of pharmaceuticals, government officials and olympics organizers.

Future Vancouver
Guest
Future Vancouver

True. It was just a suggestion. In every world class city you have the haves and have nots. The haves will not want the have nots living in close proximity. It is a safety risk for their families.

Something like Favelas will happen. Maybe with policy.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
@Future Vancouver” “in every world class city you have the haves and have nots” Not necessarily. You’re talking about cities from places that always had huge differences between the haves and have nots, from the time of colonialization or the dawning of the industrial age, such as Rio, or Mexico City. and now a days China. Traditionally in the US, and even more so in Canada the difference between the upper 10% and lower 20% was not so great. The difference between the upper 1% and the rest of the 10% was not so great, and there was a huge and thriving middle class. Since approximately 1982, and accelarating in the 90s and 2000s, especially since 2008 QE, that has changed. The middle class is in the process of being destroyed. The message I want to bring home to you… Read more »
chilled
Member
chilled

Sadly, you are right.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Chilled, what credentials do you have for making such a judgment? Probably none whatsoever.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Apologies, Chlled. I think I was misinterpreting what you were agreeing to.

patriotz
Member

” In every world class city ”

Yes, but what about Vancouver?

Combat roach
Guest
Combat roach

Excellent, the funny part is that there are lots of “visionaries” and those “in charge” who takes this parody as a serious vision about Vancouver’s direction. Apparently, they never heard of or possibly read a novel Animal Farm by George Orwell, although even if they did, probably it wouldn’t help.

Future Vancouver
Guest
Future Vancouver

Those police, teachers, and other workers that foreseen and bought land at a good time can live outside the Favelas. This is no different than those families who bought land in Rio prior to urbanization and the movement of people from rural areas to urban ones. Those that had vision bought in early.

What’s happening in Vancouver is no different and things are not likely to change. Favelas are a way of making the city work if we want continued investment.

Combat roach
Guest
Combat roach

Either you don’t know what favela is or possibly coming from some 3rd world shitholle, otherwise wouldn’t insist on favelas as a norm in the approximately developed world. I haven’t seen any favelas in Berlin, Oslo, Stockholm, Copenhagen, Melbourn, Vienna, Huston, Rome, Brisbane, Singapore, Boston, Helsinki, Montreal, Munich. And I am not talking here of nonsensical “world-class cities” or whatever that shit means with an association to Vancouver.

Newcomer
Member
Newcomer

We have them already, they are just more homogeneously dispersed than they are in Rio. We call them laneways.

chilled
Member
chilled

Or Surrey?

best place on earth
Guest
best place on earth

So, it’s friday afternoon, the weather is beautiful, and the angry people are still here being …angry! nothing can please them, except…themselves ! Go out, watch some of the Master games, enjoy the city, have a drink for your own sake!

Combat roach
Guest
Combat roach

Lol, “enjoy the city” that’s a good one. What do you think we keep bitching here about?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

One really wonders about what they are using as a comparison. Certainly not the Vancouver of 15 years ago.

Fear monger
Guest
Fear monger

BPOM,
As the city is overrun by locusts, where do you go to have a drink and relax?

chilled
Member
chilled

McD’s at Main and Terminal

bullwhip29
Guest
bullwhip29

sadly this will be torn down along with everything else along that stretch of Main

space889
Member
space889

Because progress is just bad and we should just leave everything as it were, and always was?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Not all change is progress. Some change is and some change is not. Some is regression.

Shut It Down Already
Guest
Shut It Down Already

Only a dollar all summer!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

for all the criticisms in the past of McD’s, especially to do with the source of beef used and the number of calories in the food dishes they serve, the outfit fills an important niche, both for people walking around sometimes hot, dusty, polluted cities. and people on the road looking for a place to stop, cool off, refresh themselves. they are also good for those with kids

only crude, nouveau riche would bother to dis them these days imho.

space889
Member
space889

Because nouveau riche are too damn cheap and only bothers to buy from Little Caeser?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

You seem unfamiliar with North American culture.

Madashell
Guest
Madashell

Heaven help us.
Yellen: “In the future, Fwd Guidance & QE are now conventional tools. Fed able to deal with most downturns using these”

ostritch
Member
ostritch

Just came back from 3 weeks in the southwest. Globalization and Californication still ongoing throughout the US. Real estate prices continue to go up, up, and up wherever the Chinese–scratch that–the Californians flee. Texas is next up for major price inflation.

Coming home looks like nothing much has changed. Lots of Asians and no -Asian panicked buyers at the preview open house right next door to us. Lots of condo move up buyers instead of the Dunbar move down buyers. Demand is demand and money is money. Only the die hard bears seem to be counting their chickens before they hatch. Foreign tax may cause certain properties to be mispriced creating an opportunity for those paying close attention.

patriotz
Member

“Texas is next up for major price inflation. ”

Ha Ha. You need learn about Texas’ property tax system (e.g. 2.74% in Dallas) and development restrictions (minimal). Oh, and Texas is really big.

ostritch
Member
ostritch

Just like Canada then. So no potential price inflation here either, I presume Dr. Watson.

bullwhip29
Guest
bullwhip29

China to prosecute former statistics bureau chief for corruption
http://www.reuters.com/article/us-china-corruption-statistics-idUSKCN11112X

patriotz
Member

Executive summary: he didn’t cook the numbers to his bosses’ satisfaction. The laundry list of supposed offenses is something I haven’t seen lately outside of North Korea.

bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

“Metro Vancouver Facing Serious Alterations According To MLS Data”, HIBusiness
http://hibusiness.ca/2016/08/26/metro-vancouver-facing-serious-alterations-according-to-mls-data/

“Zolo, a Canadian real estate brokerage compiled fresh MLS data which showed that most of Metro Vancouver’s real estate is presently witnessing a significant correction, as was predicted by OECD about three months ago.”

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Really poorly written article.

paulb
Member

New
88
Sold
92

TI:9355

http://www.paulboenisch.com

Tim
Guest
Tim

That seems low on both sides

Bag it and tag it
Member
Bag it and tag it

Call a realtor right now and ask them to list your home…let us know what the tell you…

rockerguy
Member
rockerguy

My guess: “Wait until after Labour Day. I’m on holiday and so is everyone else.”

Madashell
Guest
Madashell

Thank you Real Paulb. Have a nice weekend.

Fear monger
Guest
Fear monger

Dead market.
Lots of open houses, though.
Realtors are working for nothing.
And Christy is not getting any transfer taxes.

Lurker
Guest
Lurker

Listings have stalled. Prices don’t move unless inventory goes up. Supply, demand.

Madashell
Guest
Madashell

Ian Young’s CRA leaked story is the Front page story of the Chinese Epoch Times: ‘Who is leaking the CRA’s secrets’. Meanwhile the local media deems it not news worthy.

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