Friday Free-for-fall!

Autumn is here! Can you smell it?

This being the end of the week, let’s do another Friday Free-for-all shall we?

This is our regularly programmed end of the week news round up and open topic discussion thread for the weekend, we do this every week if you’re new here.

So let’s get to a few links to kick off the chat:

Mayor: foreign buyer tax too little, too late
Opinions? Share them with the city.
Canadians, Aussies and Kiwis in same trap
Bigger bubble than London
AirBn…waitwhataretherulesagain?
Housing Crisis? Blame Canadians.
Skook blogs again! Bowen and Coast stats
Millenials: No Retirement for you!
Correction to be painful.

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

Sort by:   newest | oldest | most voted
Londonernow
Member
Londonernow
I’m starting to smell the faint beginnings of desperation on the horizon. As affordability continues to price out locals, governments will ultimately react. The foreigner tax and clampdown on AirBnB is only the beginning. Ultimately, homes (especially expensive homes) will be taxed heavily. Best of all for politicians is that its a tax that is hard to avoid. To lessen the blow to the voting public, I see the tax rate ultimately being tied to your tax domicile. If you’re not paying taxes on your global income in Canada and own housing there, expect to get reamed (and deservedly so). This will be the same in many other cities that don’t have aspirations of being “resort towns”. The new mayor of London is starting to contemplate similar measures, and this will spread quickly as a way to dampen housing costs… Read more »
Newcomer-can\'t-post
Guest

I wouldn’t get your hopes up. Governments tend to accommodate people with money. It’s just a thing.

Combat roach
Guest
Combat roach

In Vancouver accommodating “people with money” was notoriously counterproductive and damaging in all segments. Think about that…

Newcomer-can\'t-post
Guest

Dude, you are barking up the wrong tree. I’m totally with you. And it has been obvious for a very long time. But they did it anyway. Think about that.

Combat roach
Guest
Combat roach

Sure, no doubt about that. My point was factual, not practical unfortunately.

HAMster
Guest
HAMster

Governments tend to accommodate the voting masses; AKA their electoral base. Politicians want to stay in power and save their own skin.

Newcomer-can\'t-post
Guest

That is one of the things governments may do. But if democracy was as efficient as you suggest, we’d all be living in Eutopia. Governments tend to go for quick fixes for the same reasons. Which is how we got here.

franko
Member
Active Member
franko

Foreign buyers tax, Vancouver vacancy tax, AirBnB clampdown, more CRA audits, and discussions with Quebec to plug the QIIP loopholes…ALL GOOD STUFF, and the mere perception of all that good stuff is working tremendously.
The only fly in the ointment is McCallum who is still staggering to his own drum. He needs to be taken behind the woodshed, and at the very least, smacked out of his stupor.

Whistler or Bust?
Guest
Whistler or Bust?

Not without a lot of protests. Look how long they managed to get away with the “5% of the market” lie. Gov’ts only act when forced to.

Shut It Down Already
Guest
Shut It Down Already

Lie?

bullwhip29
Guest
bullwhip29

definitely smells like something died in richmond alright…

Hyper-mega-Bull
Member
Hyper-mega-Bull

AirBnB was illegal. Now it isn’t. That’s not a clampdown.

patriotz
Member

https://www.theguardian.com/cities/2016/sep/30/vancouver-canada-house-prices-solution-super-heated-housing-market

Good to see an article in the Guardian, but unfortunate bad writing – “That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers” (well no it didn’t), and three paragraphs later, “British Columbia’s premier, Christy Clark, who introduced the tax” (yes she did).

It’s becoming increasingly clear, as Londernow said, that governments must act through tax penalties to stop housing from being used as a means of parking wealth. But the real obstacle to that is the middle class owners who do it, not rich foreigners.

Londonernow
Member
Londonernow

Well, in addition to a heavy penalty tax on non-domiciled individuals (Canadians and non-Canadians alike, so that would include me, a Canadian living abroad) there should also either be a heavy penalty tax on second homes, or on homes that are not rented out to local tax residents.

david
Guest
david

Unlike the other cities mentioned as having a “foreign owner fraud” problem, Toronto and Vancouver share one critically important feature: they’re in Canada.

When the U.S. wakes up to a problem, heads roll. Fast.

But everyone knows that Canadian law is a complete joke, even after someone attempts to apply it (which is NEVER a given.)
…..picture that TV commercial of a “Canadian police chase in winter”. Except instead of both the bandits (a couple of locals) and the police cars spinning their tires and being pushed nowhere, offshore crooks and their lawyers are smart enough to get out and walk away.

While the keystone kops spin their tires, counting the days to their pensions.
“Oh. Sorry, eh. Have a nice flight!”
Canada is a pathetic joke.

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

Scottsdale is a party town. Its more like the Vegas of Arizona.

Boombust
Guest
Boombust

Apart from the big mall, golf courses and nice homes, it’s a dull place.

patriotz
Member

You mean like West Van?

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

“Vancouver, near the U.S.-Canada border, ranks No. 1 on the index this year, meaning it’s facing the greatest risk of a housing bubble of the 18 cities analyzed.

Among other factors cited in the report, real house prices in Vancouver have increased by more than 25 percent since the end of 2014. The report attributes the rise to a weakened Canadian dollar that increased Asian demand for property in the city.”

http://finance.yahoo.com/news/18-cities-might-housing-bubble-222226965.html

patriotz
Member

“it’s facing the greatest risk of a housing bubble”

There is no risk of something that has already happened. Where do these writers come from?

southseacompany
Member
southseacompany

“The low interest rate trap: How cheap money fizzled as home prices soared”, Metro News

http://www.metronews.ca/news/vancouver/2016/09/30/low-interest-rates-lost-impact-in-vancouver-toronto-.html

“At the beginning of the 2000s, lower interest rates made it possible for lower-income households to compete with wealthier people to bid for homes, Smetanin said. But they were gradually edged out by both local and foreign investors who also took advantage of cheap money”

“That’s led Paul Kershaw, a University of British Columbia professor who started an advocacy group called Generation Squeeze, to wonder if interest rates for housing should be somehow different than for the rest of the economy.”

patriotz
Member

“if interest rates for housing should be somehow different than for the rest of the economy”

“If”? They are different now – lower. If capital for housing simply had to compete on a level playing field – i.e. without government guarantees, this bubble would not have got nearly as far.

southseacompany
Member
southseacompany

“Why it’s always better to rent than to buy, and other things we learned from The Wealthy Renter”

http://news.nationalpost.com/arts/books/why-its-always-better-to-rent-than-to-buy-the-wealthy-renter-alex-avery

“Many of us are told that if we rent, we are throwing our money away (note: someone else’s mortgage is the trash can). But in The Wealthy Renter, Alex Avery shows many of our preconceptions cost us money”

patriotz
Member

The headline is false, the author makes no such claim (I saw him on TV recently, he is a homeowner himself, and he says buying was the right choice for him at the time – years ago). Basically he says the buy versus rent decision should be made on the basis of value and personal circumstances (surprise).

rockerguy
Member
rockerguy

Just put up a new chart analyzing the relationship between price changes and inventory. Not surprisingly, a higher rate of price changes is associated with higher inventory.

https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=266227850&format=interactive

For each increase in price changes of 100, inventory soars by more than 6,000. At 86 price changes per day (very roughly the current figure), we would expect inventory to be about 15,500:

https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=2014589138&format=interactive

The data says that watching the price changes metric is a very significant predictor of inventory.

Boombust
Guest
Boombust

Translation, pleeze.

Bbbbb
Guest
Bbbbb

Overanalyzing the situation.

Home buyers and sellers don’t analyze this data LOL

Boombust
Guest
Boombust

They certainly do if higher inventory translates into LOWER prices…like the man said.

Bear Vancouverite
Member
Bear Vancouverite

Wow thanks for sharing these charts. I certainly hope we see 16k inventory. Although in the past few years 16k inventory was not enough to burst the bubble or prevent prices from going higher, even if it brings prices back to 2011 levels that would be a good start. Of course if prices are trending downwards they can (and hopefully will) trend even farther downwards than just 2011 level pricing.

Shut It Down Already
Guest
Shut It Down Already

Every few weeks somebody comes along and picks a new metric. Can set your watch by it.

bullwhip29
Guest
bullwhip29

Vancouver man accused of defrauding Chinese immigrants sponsored lunch with Justin Trudeau
http://vancouversun.com/news/national/accused-fraudster-sponsored-lunch-with-trudeau

bullwhip29
Guest
bullwhip29
FULL TEXT: A few months before being elected prime minister, Justin Trudeau was the featured speaker at a Richmond business lunch sponsored by a company of a Vancouver immigration consultant accused of defrauding Chinese immigrant investors. Paul Oei, accused Monday by the B.C. Securities Commission of perpetrating “a fraudulent scheme” through several investment companies, is the sole director of Organic Eco-Centre Corp. The company, which was named in the Securities Commission allegations, is the listed sponsor for a July 2015 Richmond Chamber of Commerce lunch featuring Trudeau. Photos obtained by Postmedia show Paul Oei breaking bread with Trudeau at the luncheon’s head table, and introducing Trudeau to the sold-out crowd. Oei and Trudeau embraced before the future prime minister addressed a packed room of Richmond business and political figures. Attendees included B.C. Liberal MLA John Yap and key Richmond political… Read more »
franko
Member
Active Member
franko

Justin is obviously not selective when it comes to posing, and I seriously doubt that he has the capacity (smarts) to be conniving. Unfortunately, that can’t be said for Butts and Telford.

bullwhip29
Guest
bullwhip29

Petronas weighs sale to exit $27B Canada LNG project: sources
http://www.cbc.ca/news/business/petronas-lng-project-1.3785389

>>> anyone want to bet that petronas was just stringing everyone along until project got approved by the feds? now what, Krusty? a largely taxpayer backed deal with encana (who will reap 100% of the winnings if all the stars align and the project actually works or get off scott free if the math doesnt add up as many expect)

Bbbbb
Guest
Bbbbb

Thats expected. Go overseas and whoever gets into public office (elected politician) has won the lottery. No different here.

Local caucasians for some reason have forgotten what power being a politician brings. In most of the world and here, it gives you the ‘right’ to ‘steal’.

bullwhip29
Guest
bullwhip29

some weekend humor…. (do with it what you will…)

Dress code guide tells female air cadets not to reveal ‘developing bits’
http://www.cbc.ca/news/canada/newfoundland-labrador/female-cadets-told-to-cover-up-1.3785528

Boombust
Guest
Boombust

I’d delete it if I COULD. What does this have to do with real estate?

bullwhip29
Guest
bullwhip29

and explain this one…

Locals puzzled by one side of China’s ‘dead sea’ turning red
http://globalnews.ca/news/2975225/everyone-puzzled-by-salt-lake-in-china-turning-red/

>>> so locals are puzzled, yet phenomenon is an annual occurrence according to officials. i call BS…

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid
For those interested, here is an objective buy vs rent calculation for a typical 1 bedroom downtown condo. My main objective here is to assess whether it makes sense to buy or rent a condo in today’s market, based on ALL relevant factors (rent, interest, capital appreciation, etc) and using reasonable assumptions. The scenario I am modeling is the following: Alice and Betty are twin sisters who both want to move to downtown Vancouver. Being regular VCI readers, they argue all the time about whether it is better to buy or rent. So they have found a new building to live in, and have agreed to move in to 2 identical units on the same floor. Alice will buy and Betty will rent. Since Betty’s monthly payments will be less than Alice’s, Betty will invest the difference. After 5 years… Read more »
Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Oops, I just found a mistake. I applied the capital gains tax to the entire investment amount, rather than the gain.

So to be charitable to Betty, I’ll just assume she has employed a TSFA and pays no capital gains whatsoever on her. In this case buying is still better than renting, however:

Alice net assets after 5 years (buying): $148,407
Betty net assets after 5 years (renting): $95,707
Difference: $52,700

bullwhip29
Guest
bullwhip29

it all boils down to whether she can sell at that price. i say given everythng that has happened in recent weeks it is entirely plausible that she loses her down payment well before the 5 yr term is up. the condo/apt market is NOT the place to be right now. in the not too distant future there will be a flood of new listings in this category of RE. shrewd buyers will still cherry pick in the detached (and now commercial, farm etc) mkts which will keep a floor under property mkt as a whole but will avoid pretty much everything else.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I agree that the biggest factor by far is the final sale price. But consider this: even if condo prices are flat for the next 5 years, it’s basically a wash between buying and selling. And over the past 30 years, benchmark condo prices have never dropped over a period of 5 years. For the most part they’ve more or less matched inflation (which is why I chose 2%). But at the very least it’s hard for me to see anyone actually selling at a loss over 5 years.

Personally I think prices ARE going to go down over the next 12 months or so, but by at most 10%, followed by a rebound. But that’s admittedly just a guess.

Oracle
Guest
Oracle

Buy in May if Liberals win. July/August if NDP.

No going back to even these prices after this.

Shut It Down Already
Guest
Shut It Down Already

The sale price of the investment account after 5 years is not guaranteed either.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I agree. I debated using a 4% investment return, which actually seems high to me. Given that stocks are at historically very high prices (by several metrics), it’s entirely possible that investment returns could even be negative over the next 5 years.

vangrl
Member
vangrl

Will rates be higher in 5 years, and do benchmark prices of condos tend to still go up when rates are rising? We’ve had a pretty long run of lower and lower rates over the last 25 years.

Bear Vancouverite
Member
Bear Vancouverite
Excellent post, I love actual data driven comparisons. Although I am in the camp that believes condos are overpriced, I think your assessment is worth keeping in mind. I didn’t check your math but I do have the following feedback: 1) Just based on the above, it does seems like buying and renting you come out either ahead with buying, or at worst the same, assuming rental prices are correct and even assuming flat rates for condos. I don’t agree that we should assume the apartment will go down in value over the 5 year period. Some of us here have been advocating for comparing rent to mortgage and NOT on market timing, so any change in this narrative is disingenuous. 2) The maintenance costs work out to around 41.7 cents per sq ft. I think this might be optimistic… Read more »
Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“In your opinion is that affordable for a $60k/yr earner?”

Hell no! One thing that perhaps I haven’t made clear in my posts is that I generally agree the majority sentiment here that Van RE is way too expensive and ought to come down. But just because something ought to become cheaper doesn’t mean it actually will. For a multitude of reasons, local RE is expensive compared to incomes – for both buyers and renters. And as much as I don’t like that, I’m not at all convinced that it’s going to change.

Bear Vancouverite
Member
Bear Vancouverite

I do think more of us need to accept that what something should be isn’t necessarily what something must be. As long as the rent to own in my current area make sense I will continue to rent. I also think the rent to own equation changes greatly when you examine townhomes.

Newcomer-can\'t-post
Guest

As I suggested, you were not able to do it. Cheaper than renting means lower monthly carrying costs than renting before speculative appreciation. Anyone can describe hypothetical scenarios in which a speculative investment gives good returns.

This is significant because, in an ordinary market, buying is cheaper (in terms of monthly costs) than renting, which is why people take the risk of buying. When buying is more expensive than renting, as in your scenario, they buyer must assume that there will be a greater fool at the end of five years.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Okay fair enough – let’s take out all speculation from the model shall we?

If I reduce price inflation to zero and investment returns to zero, I still get the buyer coming out ahead by $13,962. On a monthly basis that’s $232 less than renting.

So taking your objections into account, buying is still cheaper than renting. Can we agree on that much?

Newcomer-can\'t-post
Guest

Fair enough. Assuming no maintenance or special assessments (it’s new so unlikely anyway). Also, we’ll assume that there are no other closing costs such a lawyer fees, that she foregoes insurance, puts nothing into fixing it up for resale, and sells it without any dead time. In that case, over 5 years, she would be coming out slightly ahead.

If it were me though, I’d rent this one next door, which is 70 sqft bigger and comes with a parking spot, for $1650 https://vancouver.craigslist.ca/van/apa/5799679903.html

That’s $334 less than her mortgage payment. Even over 5 years, I’d still be paying $13 less per month. And it took me all of three minutes to find that deal. If I took a half hour, I might do better.

Bear Vancouverite
Guest
Bear Vancouverite

@Kim: Regarding the $868/sq ft 16 yr old building near Oakridge that you posted about. $868/sq ft for such an old building is very expensive. I’m not convinced that would be 2011 prices, SIDA’s quote of $650/sq ft sounds more like it to me.

Can anyone look up the selling price for this unit which sold this week. This is a beautiful near new townhome built in 2014, list was $1.1M for a 1500 sq ft, working out to $753/sqft 2 streets over from Oakridge. MLS # R2109113 Normally units of this age and location would have listed for higher.

http://faithwilsongroup.com/listings/5759-st-george-street/

Someone else said it here best. When relatively good condition (say 5-10yr old) Townhomes are closer to $500/sq ft that would be more affordable to the average family.

Funkeymonkey
Member
Funkeymonkey

Right beside the graveyard. Nice units though I live in that area. My rent is 1.25 a square foot and that’s about normal for anything south of 41st.

Kim
Guest
Kim

I bought a new build near that area in 2011 for 800/sq feet. So maybe not quite 2011 prices. But my point is there is a unit selling across the street for double that, same area but roughly the same age in terms of building. So who knows how much that unit is really worth.

Bear Vancouverite
Member
Bear Vancouverite

I’m definitely seeing some wild disparity of per sq ft prices being listed, even within the same building. I think its a sign of overly optimistic sellers and people who want to move get out while they still can.

vangrl
Member
vangrl

A 5 year old building selling for $1600 a s.ft? you sure?

diadora
Guest
diadora

Foreign-buyers tax too little, too late, Vancouver mayor says
“The federal and provincial governments ignored the problem, which also affects the Toronto market, until Canada’s banks began to voice concern this year”
Both the provincial and municipal had just jumped into the ring with their extremely late solutions but Justin and his crew has done nothing, zilch except open the floodgate wild open to the group that was the main cause of the housing problem. Heaven help us.

UBC in Crisis Mode
Guest

Wow, city ruined under his watch (10 years?) and he blames others!

Best place on meth
Guest
Best place on meth

It’s never too late to exterminate locusts.

donald t
Guest
donald t
donald t
Guest
donald t

Wow, it means the banks need to ask source of income in mortgage applications? THAT IS UNHEARD OF, what kind of world are you living in?

diadora
Guest
diadora

“Earlier this year, the Guardian revealed how a 50-storey block of 214 luxury apartments by the river Thames in Vauxhall was more than 60% owned by foreign buyers. In one of the starkest examples of the impact of foreign investment, it found that a quarter of the flats were held by companies in secretive offshore tax havens, and many were unoccupied.”
Sound so much like Vancouver.

donald t
Guest
donald t

Kensington Gardens on Kingsway probably a lot higher that 60%, I wonder how many of foreign owner will walk, and the financing of the project blows.

Even with 15% buyers still ahead of the game as of now, but I don’t know how much longer it would make sense for them not to walk, especially when they are in another side of the world.

Oh oh
Guest
Oh oh

Kensington views of lovely KFC and Dollar store… should have named it Canadian Condo after Crappy Tire that once stood there. Barf living at its finest

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

And we thought we were special lol.

Oracle
Guest
Oracle

Here is the baseline forecast for the next 10 years IMO. My Assumption is Immigration levels approach 400,000/yr. Also, temporary immigrationlevels increase.

This translates into about800,000 new immigrants to the lower mainland. Add to that about 300,000 more temporary residents that live here full time. This includes foreign students, 10 yr visa holders, tfws , etc.

So by 2017,

Vancouver population will be 3.6 million.

Of the new 1.1 million residents:

700,000 will be Asian
200,000 will be South Asian
200,000 will be other.

The first 2 groups love detached housing.

Reasonfirst
Guest
Reasonfirst

that’s an embarrassing typo….

history
Guest
history

We need immigrants to sustain unaffordable housing, sounds good to me. They are quite capable of stuffing their attics and basements. More density More! Perhaps we need a larger Snivel Service, thats one area of high paying work for dubious value, but i digress. Many here applaud the changing tax regime. I propose we’ll need an army of highly paid house hungry breeding new immigrant snivellers to run it. Except on Vancouver Island, of course. You must be Guay to work in the govt here.

Funkeymonkey
Member
Funkeymonkey

Any facts to support your data?

Combat roach
Guest
Combat roach

As much as I like black humor I wonder, what is your point with all these horror stories non-stop? You probably understand that nobody will start a bloody revolution or a civil war to solve the housing problem. You keep pushing and pushing, without any proposal or alternative except the “white man” to stand up and start kicking butts all around. Boring dude, boring… Come back when hunger starts kicking off, then your thing will start making more sense. There are yet legal mechanisms and tools left that could be used to fix this mess and before we all take cudgels and daggers to start going to open houses.

Confucius
Guest
Confucius

If he wanted to cause a race riot he would be on a KKK website. He’s just pretending to care about immigration cause he’s really just trying to scare bears into buying his sawdust McMansion. Sad really.

donald t
Guest
donald t

yo, load up. There are 10,098 waiting for you. How much u wanna buy a-h. Do you have a sense of community at all? it is all about money to you? How much is your butthole?

Best place on meth
Guest
Best place on meth

80,000 new immigrants a year to the lower mainland?

Give it a rest, already. You’re ridiculous.

HAMster
Guest
HAMster

Average inflow is 28,166 over the last five years 2011-1015.

patriotz
Member

“This translates into about800,000 new immigrants to the lower mainland. Add to that about 300,000 more temporary residents that live here full time. This includes foreign students, 10 yr visa holders, tfws , etc.”

You can’t just add the first figure to the second, because as you keep pointing out yourself, many new immigrants are already living in Canada as students, TFW’s. etc. Anyone granted PR in a given year is counted in the immigration stats whether they came from abroad or were already in Canada. Not to mention most students, TFW’s etc eventually leave.

Newcomer-can\'t-post
Guest

Not that average prices mean much, but it’s interesting to see that Zollo now shows the average sales price in Vancouver to be down 2.8% year-over-year. That’s the first time they have shown YOY losses.

history
Guest
history

http://www.ibtimes.co.uk/india-pakistan-rattle-sabres-while-200000-are-evacuated-kashmir-border-1584137

India, calling India, are you out there? I see you got the memo from Vancouver, and you’re about to embark on a Syria escapade in Kashmir. Good! Well Done. I’ll send along a reco to our Ottawa snivelers to get the money wheelborrow ready.. waiting with open arms for your 200, 000 homeless home buyers!

UBC in Crisis Mode
Guest
UBC in Crisis Mode
UBC in Crisis Mode
Guest
UBC in Crisis Mode

The comment section is fascinating:
“Robert the pinko neocon 22 hours ago
Robertson is a piece of work. For the last few years, he arrogantly labelled anyone who spoke out against the foreign influx of investment as being racist.

I hope Vancouverites send this blowhard packing soon. Vancouver deserves so much better.”

Bag it and tag it
Member
Bag it and tag it

I don’t disagree that Robertson has definitely flip flopped and should be punished for it, but I still think I would vote for him in the next election and I never thought I’d say that. Seems like NPA is less likely to do anything about foreign money, based on some recent comments they made. As long as Gregor is a renter, he is our friend.

Best place on meth
Guest
Best place on meth

I voted for Meena Wong, who actually did want to curtail foreign money.

We don’t have to live in a 2 party system unless we choose to.

patriotz
Member

It’s easy to promise something that CoV doesn’t have the power to deliver on when you aren’t considered to have a chance of winning.

COPE wouldn’t renominate their most respected member of council a few elections ago and they’ve been shut out ever since.

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

LOL Meena Wong.

Best place on meth
Guest
Best place on meth

What does that mean you drooling moron?

paulb
Member
Active Member

New
134
Price Change
66
Sold
132

For the month:

Listings: 4945
Sales: 2312

I suspect that REBGV stats will show sales down 30% year over year and right in line with the 10 year average.

http://www.paulboenisch.com

Oracle
Guest
Oracle

But inventory remains very low compared to 10 year average.

And congrats to Sotheby’s ‘merging’ with Juwai.com

Oracle
Guest
Oracle

BTW, was there a 9K party today?

Confucius
Guest
Confucius

At your Mom’s house.

Best place on meth
Guest
Best place on meth

Oracle’s mom did her 9000th customer?

Way to go, lady!

Oracle
Guest
Oracle

Real classy.

Oracle
Guest
Oracle

I could resort to a similar attack but… nahhh.

I’m above that on an anonymous forum.

Best place on meth
Guest
Best place on meth

You’re not above anything, Oracle.

In the past you’ve insinuated that our wives and girlfriends will be prostituting themselves to make rent payments.

So shut up and quit whining.

Oracle
Guest
Oracle

Nice try Little Billy.

Jealousy of owners of RE will get you nowhere.

Admin can you ban the ad hominem attackers?
Or is this going to become a fringe blog?

HAMster
Guest
HAMster

Month end listings expire.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

I think this is code for you wil have s*x with me for lower rent. Disgraceful. Becoming very third world here.

http://vancouver.craigslist.ca/van/roo/5803708815.html

Combat roach
Guest
Combat roach

Lucky asshole lives in Vancouver. At some other places guys beat the shit out of such douches just for fun while go with a girlfriend to “check” the room.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

In HK a small room like that you get for free in exchange for cook and clean. No sex. Here the guy still needs the money. Loser

Oracle
Guest
Oracle

Same thing in India. But when demand for rentals and jobs is high due to over population, the girls there have no choice but to submit.

The immigration lovers here. These are values you want imported.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
HAMster
Guest
HAMster

Just a discount, but not free. They have a high opinion of themselves…

Shut It Down Already
Guest
Shut It Down Already

You must have a twisted mind to read so much into so little.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Hi Space

Chinabuyeverything
Guest
Chinabuyeverything

Lol. Really??? He uses the term FWB?!?! Not hard to read into that. Guess you didn’t see the news investigating this type of thing this week

Chinabuyeverything
Guest
Chinabuyeverything

Or. You are over 60 and don’t know that internet lingo. In any event, it means Fruends with Benefits ,and it has no place being in a rental ad.

Best place on meth
Guest
Best place on meth

FWB means “friends with benefits” you fucking moron.

Why don’t you shut it down already and fuck off forever (FOF)?

Get lost you piece of shit (POS=Garth).

Shut It Down Already
Guest
Shut It Down Already

So I skimmed and misread it. But you’re right – a small mistake like that is definitely on a par with being wrong about pretty much everything for 10+ years. As you were, genius.

Best place on meth
Guest
Best place on meth

So don’t insult people if you can’t fucking read you piece of shit.

Billybonger
Guest
Billybonger

Thanks Paulb.

Well, Oracle’s call for 7,000 listings for Sept did not come to pass.

I think the market is in denial and that reality continues to set in. higher listings and lower prices will remain the theme of the day. Chinese ponzibschemes will get f’ed up as the music dies down, which will feed the slowdown.

For owners, equity declines will remain the trend.

Stick a fork in it, she’s done.

Good luck on your particle board real estate empire Oracle.

Bear Vancouverite
Member
Bear Vancouverite

Sales being in line with 10 year average is something the industry will use to try to calm the waters. It’s possible it will curb panic.

Boombust
Guest
Boombust

Well, they can try all they want. We are now in “crash ,ode”.

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