BC, Canada, debt, economy, predictions, prices

Will dropping house values help affordability?

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According to RBC, Vancouver just saw the biggest back to back deterioration in housing affordability in 26 years of record keeping. So for those thinking they might want to be able to afford property, they might like to hear that the Vancouver market is apparently ‘softening’ according to TD:

A new study suggests the two hottest real estate markets in Canada appear to be headed in different directions, as Vancouver softens and Toronto looks to maintain its momentum.

In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on non-residents.

“Home prices are projected to decline by about 10 per cent in the region by mid-2017, before stabilizing later in the year,” TD said.

Of course even with that predicted price decline, it’s not exactly going to bring Vancouver house prices into the really ‘affordable’ range.  Read the full article here.

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Openhousemassacare

Holy shit WTF ?

One man even suggested making Chinese an official language in Canada. Do that and “you will certainly be bigger than your father to a lot of Chinese people,” the man said, referring to Pierre Trudeau’s renown from more than four decades ago, when Ottawa was among the first Western countries to diplomatically recognize Communist China.

http://classroomedition.ca/trudeau-calls-for-new-era-of-positive-collaboration-in-first-china-meeting/

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Openhousemassacare

Herpes Justin Trudeau shows readiness to bolster ties by joining Chinese-led bank which is going to be easier for more money laundering.

http://www.theglobeandmail.com/news/world/trudeau-looking-very-favourably-at-joining-china-led-bank/article31630276/

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Madashell

“In many ways, China remains one of the greatest ongoing threats to Canada’s national security and Canadian industry,” the report says.
The Chinese government and Asian criminal gangs have been working together in drug smuggling, nuclear espionage and other criminal activities that constitute a grave threat to Canadian security, a secret study by federal law-enforcement and intelligence analysts says.
http://www.theglobeandmail.com/news/national/china-set-up-crime-web-in-canada-report-says/article4163320/
Wonder if Baby Trudeau ever read Canada’s intel report in between the photo ops

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Diadora

Sorry to say we are losing this country due to incompetent and self-serving politicians at all levels!

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C.Junta

US biz immigration program? This kind of news deserves an article in http://www.scmp.com or a similar source read by our foreign wannabe-investor friends. The Land of the Free and the Home of the Brave is opening its doors for them (knock the wood). “The Obama administration proposed new immigration rules Friday that would allow foreign-born entrepreneurs to remain in the United States for up to five years if they own a significant stake in a start-up company that has the potential for “rapid business growth and job creation. Immigrant entrepreneurs who hold an ownership interest of at least 15 percent and have an “active and central role” in the company’s operations are eligible to apply for parole, or temporary permission to remain in the United States, for up to two years. If granted, they can apply to extend the parole… Read more »

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Super Rich Chinese Houses owner

Chinese are so rich and with the backing from our motherland that any attempt of damping Chinese dominance in Vancouver RE will fail miserably . China is new master of the world.

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Billybonger

Just a simple question:

Given the watershed change to the Quebec iip program, could Oracle’s house actually drop in price/value?

Or is that impossible? Could an Oracle be proven wrong in his thesis?

Just windering, that’s all. He is so confident in his views. Wish I could say the same…he just seems so one sided in his estimates of what’s to come. Such clarity.

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southseacompany

“This graphic shows how out-of-control San Francisco housing prices have gotten”, Business Insider

http://www.businessinsider.com/graphic-shows-out-of-control-san-francisco-housing-prices-2016-8

“In 1986, America’s most expensive housing market was San Francisco, where the median value of a home was $160,955. Today, it remains the country’s most expensive housing market, with a median home value of $1,058,474. That’s a 557% rise over 30 years, more than any other US metro area.”

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Kim

Keep in mind these are reported MEDIANS whereas for some dirty reason, AVERAGE prices are reported here. (Vancouver’s median prices last I heard was around 750k)

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space889

Dear VCI pigs : since you feel you have the right to tell China how to run their country, I have 3 suggestion for you as well.

1. Stay the fuck out of their business.

2. Eat Chinese shit.

3. Die

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Royce McCutcheon

[sad trombone]

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bullwhip29

Poor, lonely and bitter ol’ space…your skills and sharp wit would probably be better served somewhere else. 告别

“Has the good old fashioned romance gone the way of fairy tales? Am I just being a hopeless romantic here, forever wandering alone looking for my true love…”

♪ ♫ ♬….
https://www.youtube.com/watch?v=XGN0qiogwks

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bullwhip29

A renter’s nightmare: Vancouver’s other real estate disaster
http://www.metronews.ca/views/metro-views/2016/08/31/vancouvers-other-real-estate-disaster.html

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bullwhip29

The motivation behind Vancouver’s foreign tax is pure political survival
http://www.theglobeandmail.com/news/british-columbia/the-motivation-behind-vancouvers-foreign-tax-is-pure-political-survival/article31628911/

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Best place on meth

This paragraph – the irony…

“It has been fascinating, in the interim, to observe the angst the tax has stirred in the same real estate sector that had been insisting foreign nationals had little to do with the spectacular rise in house prices. Today, many realtors are suggesting sales have fallen off a cliff since the tax was introduced. Prices are cratering. Locusts should be arriving any day now.”

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bullwhip29

Chinese entity created immediately before $2.1-billion offer for InnVest
http://tinyurl.com/htpgdlz

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bullwhip29

Airbnb bonus not helping housing rental shortage in Vancouver: Expert
http://www.news1130.com/2016/08/31/airbnb-vancouver-rental-shortage/

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southseacompany

“Runaway housing growth in Toronto and Vancouver: TD”, BNN video

http://www.theglobeandmail.com/report-on-business/video/video-runaway-housing-growth-in-toronto-and-vancouver-td/article31611288/

“Derek Burleton, VP & Deputy Chief Economist, TD Bank Group talks about TD’s latest housing report.”

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southseacompany

“Canada’s housing in “extreme bubble” says ex-Lehman exec”, Canadian Rea Estate News

http://www.canadianrealestatemagazine.ca/market-update/canadas-housing-in-extreme-bubble-says-exlehman-exec-212955.aspx

“A former executive of Lehman Brothers says that Canada’s housing market is building to a huge bubble surpassing that in the US when its bubble burst.”

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bullwhip29

Canada to join China-led infrastructure bank in Win for Xi
http://www.businesstimes.com.sg/government-economy/canada-to-join-china-led-infrastructure-bank-in-win-for-xi

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bullwhip29

Chinese going ‘out of their way’ to welcome Trudeau as AIIB announcement signals rapprochement
http://news.nationalpost.com/news/canada/canadian-politics/chinese-going-out-of-their-way-to-welcome-trudeau-as-aiib-announcement-signals-rapprochement

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bullwhip29

British Columbia offering debut Masala bonds
http://www.reuters.com/article/british-columbia-debt-bonds-idUSL3N1BC30G

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southseacompany

“Vancouver foreign buyers tax was the right move: Scotiabank CEO”, BNN
http://www.bnn.ca/vancouver-foreign-buyers-tax-was-the-right-move-scotiabank-ceo-1.557998

“The bank is taking its “foot off the gas a little bit” when it comes to mortgage lending in Canada’s hottest real estate market, he said Tuesday. It’s a move Porter credits to a “longer term perspective of our balance sheet and our asset quality.””

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southseacompany

“Prices for Vancouver mansions drop, but realtors don’t expect a trend”, Vancouver Sun
http://vancouversun.com/business/mortgages/prices-for-vancouver-mansions-drop-but-realtors-dont-expect-a-trend

“Less than a month after the B.C. government imposed a 15-per-cent tax on foreign buyers of residential real estate, sellers of a handful of multi-million mansions have slashed their asking price, in one case by millions.”

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Diadora

If it is like the 51 million home that was sold last year, whats a million or two.

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CanNeverThinkOfAGoodName

I don’t think this has been posted yet.
http://www.businessinsider.com/people-are-freaking-out-over-canadas-housing-market-2016-8

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YVR

CTV News reporting tonight changes to the Quebec Immigrant Investor Program. New applicants will be rejected if there is any indication they will not be settling and staying in Quebec. This includes rejecting those who already own property or have family outside Quebec. Just another nail in the coffin for YVR RE.

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YVR

http://www.ctvnews.ca/video?clipId=940972

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Best place on meth

Awesome!

If they follow through on their promise then all applicants from china will be immediately disqualified.

KEEP THEM OUT!!!

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Whistler or Bust?

Wow if this isn’t just lip service I would say this is a really big deal.

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BubbleTea

When you think about it, it makes sense for Quebec to crack down on the QIIP cheats because it would force these monkeys to set up residence in Quebec thous helping their bewildered housing industry and buys lots of brownie points from the rest of Canada.

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Combat roach

It would be terrific if this change could apply retroactively. It could clean up a boatload of crap which polluted Vancouver so badly over several years.

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D Trump

Can you imagine taking out the lie detector on people? or at best, there is one more box to check on the application. The BS index has hit a new high here.

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CanNeverThinkOfAGoodName

It isn’t “just one more box”. They have to answer lots of different kinds of questions some of which get at the same information in different ways, so inconsistencies can be noticed. If they lie about where they own property or how long they’ve spent in Canada or location, or employment etc., they will lose their PR status.

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Combat roach

Why would you put lipstic on the pig at our expense?

“Justin Trudeau suggests China improve its image by tightening ties with Canada”

http://www.cbc.ca/news/politics/trudeau-china-day-1-1.3741070

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Best place on meth

“Canada, Trudeau added, can help China when it comes to governance and rule-of-law issues as well as global fears about the “tremendous appetite” of Chinese entrepreneurs and companies as they seek out foreign investments and partnerships.

“This isn’t always well received by populations and governments around the world,” he said.”

Tremendous appetite? Not well recieved?

Holy shit, if I didn’t know better I’d swear he just called them locusts in a very diplomatic way.

Better speech than I expected, I must say. We’ll see how he does tomorrow when he meets with the head gangsters/vermin from the communist party.

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Bag it and tag it

At the expense of Canada’s image

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CanNeverThinkOfAGoodName

He’s selling association with Canada’s positive reputation in the area of human rights.

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Best place on meth

Did spacetard’s rude post disappear?

It doesn’t seem to be here anymore.

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paulb

New
124
Sold
88
TI:9280

http://www.paulboenisch.com

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xyz

China doesn’t want our canola apparently due to contamination concerns, so should we ban all cash inflows from China into our residential housing until we are 100% sure of it’s source?

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CanNeverThinkOfAGoodName

Contamination with what? The US and other countries import it with no contamination concerns. Are you joking?

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YVR

That would make China happy. They would prefer to keep the money in China.

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xyz

@YVR

It’s a deal….someone call Trudeau.

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