Friday Free-for-all! October 14th 2016

It’s the end of another week!

Let’s do another Friday free-for-all, our regular 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:

RBC: sfh out of reach
Slower growth or reversal
Blissful ignorance stage
Big market swings
Interest rate optimism
Change and pain
Condo prices dropping

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

Sort by:   newest | oldest | most voted
Billybonger
Guest
Billybonger

Wonder if a sales surge materializes this weekend in advance of the mortgage rule changes on Monday, and moves total listings down to the 7,000 predicted by ournown local Oracle?

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

Spoke with my banker yesterday.

Had one person wire gift money from overseas right before closing date, which was end of the month (not sure if rules apply for that?) But other than that she said it was slow.

Slava
Guest
Slava

It’s obvious that “Oracle’s” predictions are wishful thinking in regards to its personal stake and its fear around that.
The trend for listings is up, the piper needs to be paid.

By mentioning its name all the time you are just giving legitimacy to its “opinions”

Combat roach
Guest
Combat roach

Oracle is Honorary Advisor and Professor Emeritus at the VCI University, therefore should be always called by his reputable name.

Whistler or Bust?
Guest
Whistler or Bust?

Have a “friend of a friend” in White Rock who bought his place for $850K many years ago. Listed it for $2.5 mil 4 months ago. Turned down an offer for $2.15 at the time. Has dropped it to $2.3, then $2.1 and is now considering $1.9.

He used the house as an ATM so I think he needs to get at least $1.9 to cover his debts.

I wonder how many stories like this are out there?

Slava
Guest
Slava

Willing to bet that he’s a baby boomer. No sympathy for these greedy sellouts.

Just me
Guest
Just me

That’s still a tax free return of over 1 mil. Try to beat that with stock trading.
I think we should cap the tax exemption on principal residences, there is no reason to guarantee unlimited capital appreciation tax free.
Why not establish a dollar limit, say 800k or so?
This would make housing affordable again to the general population. No more specuvesting, or househoarding by boomers and Chinese.
Christy are you listening? Justin?

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

We should get rid of the principle residence tax exemption entirely. Capital gains are already taxed at a very low rate compared to labour. Even if we got rid of the exemption, housing gains would still only be taxed by 20-25%, for doing absolutely nothing productive. That’s a lot less than us working people pay from actually producing things of value.

Newcomer
Member
Newcomer

The real reason for the CG exemption is that, if you didn’t have it, and you sold your house to move in a rising market, you would not be able to buy an equivalent house because your purchasing power would be reduced by the CG tax. That is a massive disincentive against buying. How about providing the exemption only on that portion that goes to buying another house?

patriotz
Member

Further to the above, there’s a problem with granularity. If I have a stock portfolio (non-RRSP) I can sell any stock I want in any amount I want any time I want, and balance gains against losses. You have to sell the whole house at once and take the whole CG in one year, unless you have losses to carry forward.

This would produce a serious barrier to labour mobility. In addition, it would greatly incent those who do move to borrow against the old house to buy a new one instead of selling it, which is the last thing we need.

yvr2zrh
Member

Why doesn’t Canada do what the Swiss do . . No capital gains on stocks and 100% speculation tax on real estate owned less than 10 years. . That will kill the market but also promote a more diversified asset base of the population.

Just me
Guest
Just me

If you read what I wrote, I suggested to put a cap on the exemption, not scrap it altogether. If there are peculiar features of housing markets, let’s by all means recognize them by giving a generous 800k tax credit on any appreciation. Who gives people the right to become multimillionaires just by flipping or hoarding houses? That was NOT the intention of the legislation when it was introduced.

YVR
Guest
YVR

There should be a cap on capital gains exemption of say $1 million life time. The exemtion should include everything. Stocks, prinipal residense and businesses. Right now houses and some businesses get a free ride with houses being unlimited. Why should stocks not qualify? When you have ultra rich selling a house for 10s of millions in tax free gains that is silly.

Oracle
Guest
Oracle

Listen to this guy. One of the few who gets it here!

xyz
Guest
xyz

@ Its_the_ALR_stupid

There’s a reason why PR is not taxed for capital gains and that is because the PR is a HOME here in Canada which is considered a necessity where you raise your family and pay for it with after tax money. If that is being abused then DEAL WITH THE ABUSERS THEMSELVES.

Newcomer
Member
Newcomer

I don’t think that is the reason. If that were the case, there would be tax break for renters too. Keep in mind that, on the personal income tax level, everything is paid for with after-tax money.

JayTor
Guest
JayTor

Second this idea, close the loop hold that has allowed people sell investment properties tax free.

No Money Down
Member
No Money Down

Try and earn $1M from your house in a year going forward

Best place on meth
Guest
Best place on meth

It’ll be easier to lose $1M from your house going forward.

Newcomer
Member
Newcomer

I definitely know people who have been living off their growing equity, quite a few, in fact, have opted not to work because it wasn’t really necessary.

patriotz
Member

You mean they’ve been selling fractional interests in their houses? Or have they just borrowed money and pretended they’ve realized a gain?

Newcomer
Member
Newcomer

Just borrowing. I was tempted to put “equity” in quotes, but I hate it when people put things like that in quotes.

Shut It Down Already
Guest
Shut It Down Already

Shhh, you’ll wake the nitpicker.

Boombust
Guest
Boombust

There are a LOT of people out there who have done exactly the same thing.

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

WTF did your friend of a friend spend 1+ million on???

Billybonger
Guest
Billybonger

Whistler

I believe we have a lot of folks who used their houses as atm’s.

In many cases, the emperor has no clothes.

When the tide goes out….naked.

That said, oracle promises us that if there is any weakness and build in listings he and his relatives will buy it all up, hence preventing any correction.

Oracle
Guest
Oracle

Yes. If market falls, we will buy.

See the irony?

YVR
Guest
YVR

Buy with what money? Once prices go down you will be broke and uncredit worthy. Thats why bubbles collapse. Once it start to implode even fools can’t buy.

Combat roach
Guest
Combat roach
This is worth reposting from yesterday. Thanks, Just me. Just me 13 hours 2 minutes ago This is a great idea! https://www.theguardian.com/business/2016/oct/13/properties-seized-assets-corrupt-cash-crackdown-criminal-finances-bill-tax-haven Will any of our politicians use it for inspiration for Canada? Mr Eby, are you listening? This would be one of the most popular legislative initiatives of the last 20 years.
Combat roach
Guest
Combat roach
Brian Ripley
Guest
“The WTO projects that export growth in 2016 from North America will drop from their April 2016 guess of 3.1% to their current forecast of 0.7%.” This quote is from my latest post on the chronic negative trend in Canadian trade income. We buy more than we sell, and we invest more outside of Canada than in. The 30 year chat on global GDP growth slowdown from WTO here: charthttp://www.chpc.biz/history-readings/uncertain-uncertainties As we know there is a lot of interest in keeping interest rates low and asset prices high. That’s all good if we can build a high enough wall, but the forces of cheap and tireless global labour is probably the current real driver of potential asset deflation. It may not have shown up yet in Vancouver or Toronto housing prices, but it’s coming as labour participants compete for the… Read more »
Brian Ripley
Guest

Should read:

The 30 year chart on global GDP growth slowdown from WTO here: http://www.chpc.biz/history-readings/uncertain-uncertainties

kabloona
Member
kabloona

Capital gains tax break becomes part of a double whammy when home prices fall: Don Pittis

http://www.cbc.ca/news/business/crea-house-prices-capital-gains-1.3801499

Madashell
Guest
Madashell

Say it isn’t so, Montreal is going to be a hot spot for the mainland Chinese!
“Chinese buyers look beyond Vancouver to Montreal’s real estate market
‘People assume that it’s going to be luxury buyers, but the main interest is low-level condos,’ realtor says”
http://www.cbc.ca/news/canada/montreal/montreal-real-estate-china-1.3803445

BubbleTea
Guest
BubbleTea

Isn’t it time to stop the foreign invasion before the whole country is overrun!

HAMster
Guest
HAMster

Maybe when Quebec starts to complain then Ottawa will listen.

patriotz
Member

If and when Quebec decides it has a problem with foreign ownership, it will deal with it using its own powers, rather than ask the Feds for help. Obvious to anyone familiar with La Belle Province.

patriotz
Member

That goes for BC too. I mean really deal with it, not just pretend to.

Best place on meth
Guest
Best place on meth

How ironic.

We get all of Quebec’s shit via IIP, then we put a 15% locust tax on these vermin and they go right back to where they (sort of) came from.

Fuck Yeah!

Combat roach
Guest
Combat roach

WTF…

The number of immigrants applying for citizenship has dropped significantly for the second year in a row after fees went up from $100 to $530.

https://www.thestar.com/news/immigration/2016/10/12/citizenship-applications-plummet-as-fees-soar.html?google_editors_picks=true

Bag it and tag it
Member
Bag it and tag it

Sounds like PRs are just staying PRs a bit longer until they save up the money, or they are of the school of refusing to pay their fair share for anything, and are looking for another country to freeload off of…just spit balling here…
Doubtful there is any impact to overall immigration numbers.

Oracle
Guest
Oracle

Doesn’t pay to have Canadian citizenship. You risk losing rights in motherland.

Your pensions, bank accounts, real estate, and businesses are at risk if you take Canadian citizenship because the motherland knows you are in another country. And then Canada knows you may have stuff overseas.

Just getting PR is what people want. All the benefits of Canada (plus can claim poverty) while having an empire and pensions overseas hidden from c r a.

Best place on meth
Guest
Best place on meth

PR’s can be deported if need be.

And there will be a great need.

Oracle
Guest
Oracle

Only for criminal offences.

Handful of cases in recorded history of YVR real estate.

Shut It Down Already
Guest
Shut It Down Already

Oracle, that’s simply not true.

Six Figs Ain\'t What It Used To Be
Guest
Six Figs Ain\'t What It Used To Be

Coincidentally the number of years you must be a permanent resident before applying for citizenship also increased from three to five a couple years ago.

Bag it and tag it
Member
Bag it and tag it
Talking to my cab driver yesterday. I had a minor complaint with my day which was the reason I was taking a cab. He said “you think you’re having a bad day, I’m having a really bad day”. He then goes on to explain how he had an accepted offer on a $650K home in Surrey (yes I know, cab driver stereotype exists for a reason), which he was pre-approved for, but now the underwriter is pulling the approval. He was blaming the new rules coming on Monday. He said his income was $70K, but sounded like his wife had some income too…not sure if the $70K was for just him or both. I tried pressing for more details but he wasn’t very clear. He referenced the higher qualifying rate, but sounded like part of the issue is that the… Read more »
YVR
Guest
YVR

Maybe that was Oracle?

Best place on meth
Guest
Best place on meth

$70K is for both, a cab driver is lucky to make half that.

Combat roach
Guest
Combat roach

More granular data from SnapStats shows that adjustment is already happening. There was a 16-per-cent price drop in detached houses on Vancouver’s west side in September. The median sale price dropped from $3.55-million in August to $2.99-million. Out of 617 houses listed, only 10 per cent sold. However, 40 per cent of west-side condos and townhomes sold that month, holding steady with a median price of $665,000. On the east side, 54 per cent of condos and townhomes sold, with a median price of $475,000. In north Vancouver, condos and townhouses rose 23 per cent in price, to $590,000. In Tsawwassen, condos and townhouses shot up 40 per cent. Only west Vancouver’s condo and townhouse sales dropped in price, by 23 per cent. Overall, according to the stats, the attached market is holding far steadier than the single-family house market.

http://www.theglobeandmail.com/real-estate/vancouver/the-reign-of-the-townhouse-begins-in-vancouver/article32371019/

Boombust
Guest
Boombust

That Globe and Mail…always behind the curve, T/H and condo stats are adjusting downward, too.

If anyone thinks for a minute that those products are somehow “immune”, I have a bridge for sale.

Combat roach
Guest
Combat roach

Of course, it is cunning way to pump townhouses now, infomercial garbage.

“In terms of price, Mr. Duyker believes the townhouse is at or below where the single-family starter house was five years ago.

“It’s made me wonder, ‘what is this shift?’” says Mr. Duyker. “And I really believe it’s the escalation of single-family home prices, and the lack of accessibility and supply of a single family home.

“It’s a monumental shift in housing expectations. You had many young buyers and young families holding out for a single family house and they have reconciled that fact that it might just not be in their future. The townhome is the next best option.””

Combat roach
Guest
Combat roach

Do these f*cking clowns think that everyone in Canada is just a plain retard and keep selling their bullshit further? Do they really think of themselves of being extremely smart and others are just idiots? This explanation nonsense is even more insulting than their flag shitty business.

“It was a really nice event” that was not meant to make anyone uncomfortable, said Shumei Liu, the secretary at the Canadian Alliance of Chinese Associations, on Thursday.

When asked whether she thought Jang should resign over the controversy, she said: “Of course not.”

Liu, who came to Canada in 1999, said attendees sang the Chinese and Canadian anthems before the event. They had planned to raise both flags, but there was just one flagpole !!!.

http://vancouversun.com/news/local-news/flag-event-in-vancouver-meant-for-fun-not-offence-says-organizer

BubbleTea
Guest
BubbleTea

“China is snubbed by Hong Kong legislators at their oath-taking.” Even some HK legislator will not have anything to do with this murderous regimes.
http://www.economist.com/news/china/21708651-new-tensions-loom-hong-kongs-troubled-politics

Best place on meth
Guest
Best place on meth

No, we do not believe CACA’s bullshit.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
paulb
Member
Active Member

New
152
Price Change
58
Sold
110

MTD

New 2004
Sold 1017

http://www.paulboenisch.com

jimmy
Guest
jimmy

TI?

Newcomer
Member
Newcomer

That 2:1 ratio definitely seems to be steady.

Oracle
Guest
Oracle

9K party again

BubbleTea
Guest
BubbleTea

Watchdog to review loophole that allows foreign firms to deal in B.C. real estate
A spokesman for B.C. Finance Minister Mike de Jong said the new Superintendent of Real Estate, who starts his job next week, will review this
http://www.theglobeandmail.com/news/british-columbia/watchdog-to-review-loophole-that-allows-foreign-firms-to-deal-in-bc-real-estate/article32360090/ practice and make recommendations on whether it should continue.

BubbleTea
Guest
BubbleTea

Watchdog to review loophole that allows foreign firms to deal in B.C. real estate
A spokesman for B.C. Finance Minister Mike de Jong said the new Superintendent of Real Estate, who starts his job next week, will review this practice and make recommendations on whether it should continue.
http://www.theglobeandmail.com/news/british-columbia/watchdog-to-review-loophole-that-allows-foreign-firms-to-deal-in-bc-real-estate/article32360090/

Oracle
Guest
Oracle

Now the women are accusing Trump of sexual assault? Why not report it before??

The establishment scared of a Trump victory.

Best place on meth
Guest
Best place on meth

“Why not report it before??”

They weren’t offered a bagful of cash before.

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

Wow that is a really mean thing to say.
You are basically saying sexual assault victims have no credibility unless they report a crime immediately.

Horrible horrible thing to say.

Best place on meth
Guest
Best place on meth

Bullshit, the timing is as suspect as can be. 4 weeks before the election they all come forward at once.

These women may well be plants by the Democratic party, if you’ve been reading the leaked e-mails from them you’ld understand what master manipulators they are.

Everthing about Hillary Goldman Clinton is calcualted, there is nothing real about her whatsoever.

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

Could not care less who wins, they are both deplorable.
My comment still stands.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

As I say in a comment below, the timing is not at all suspect. If it were me, I would not have put myself to the trouble and pain and punishment of reporting it unless the asshole turned out to be threatening to win the office of US President. Then I would report it out of civic duty and only for that reason.

Shut It Down Already
Guest
Shut It Down Already

Why not report it before? Fear of not being believed maybe? It’s “easier” when you’re not the first to step forward. They all have a similar story to tell, too. The mounting evidence is impossible to ignore.

Of course, morons would say they got paid to lie. Same as how they’ll defend him for boasting about sexual assault.

YVR
Guest
YVR

Yes it was all a coincidence the locker room talk tape came out 2 days before the debate then all of a sudden there at 12 women claiming sexual assault 2 days after. The Clinton machine at work. Divert attention away from the latest Clinton scandal and the issues at hand. The sheep are easily fooled.

patriotz
Member

” The Clinton machine at work. ”

Yep, the Clintons set up George W. Bush’s nephew during GWB’s presidency to get Trump to brag about sexually assaulting women and recorded it so they could use it against Trump if he ever ran for president.

Gotcha.

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

Yah it was just like that time Bill Cosby was running for president and then all those allegations suddenly turned up….. facepalm.

Your mother, sister, daughter, wife, woman in your life should be ashamed of you.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

If I had been assaulted by him I would have done exactly the same thing. Namely I would refrain from reporting it at the time it happened so as not to deal with the further abuse that would result and to just get on with my life, but then definitely report it years later if the guy of that low calibre decided to run for the highest office in the US and could possibly win. I would do it as a matter of civic duty.

Best place on meth
Guest
Best place on meth

He’s been the GOP candidate for 5 months already.

Why not speak up in May?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

The Bush tape provided an opening. The women would not have been ‘heard’ before. People would have thought “he said she said we’re in the middle of a political battle”. But given the Bush tape, now people know the attitude Trump is prepared to promote about women and we know the acts that he is/was alwaysprepared to take — actsthat are an affront to the basic rights and dignity of half the population. So we believe the women. How could such a person be tasked with the job of commander in chief of America or with any responsibility for keeping people safe? He does not believe in keeping women safe. He has proven this.

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

Pointless to reason with this sex offender apologist.

Combat roach
Guest
Combat roach

Conspiracy… The best place on earth didn’t make it? World class city?

The Top 50 Cities To See In Your Lifetime

http://www.huffingtonpost.com/minube/the-top-50-cities-to-see_b_5547308.html

Oh NO
Guest
Oh NO

What??? Vancouver is the only city on the planet where there is at least 1 condo under blue tarp 365 days a year. Show me 1 other city that can hold a wick to Vancouver. Cause everyone should see what leaky condo city looks like

Just me
Guest
Just me

To all Trump supporters on the blog: defending that racist, sexist buffoon is only going to reduce your credibility when you say sensible things about RE and immigration.

Trump, and his ilk, would be the very first ones to sell this city to chinese millionaires if it was in their interest. In fact, I actually see similar traits (unbounded ambition, willingness to lie and manipulate, lack of understanding about what everyday life is for the average guy) in both Trump and Christy Clark. I found it funny today when Christy tried to score a few cheap points by attacking him.
Christy, you are in many ways like him, perhaps a bit more polished and polite (we are Canadians after all)!

Just me
Guest
Just me

In fact, I should have added that Trump is already selling Vancouver to chinese corrupt officials and millionaiires: he built a tower downtown with his name on it, to do just that.

YVR
Guest
YVR

Actually Trump didn’t build anything. He just licenced his name to the project and will manage the hotel. Smart, zero risk. He has nothing to do with who will buy it. But if he is such a racist wouldn’t the Trump name keep the Chinese and other foreigners away?

Just me
Guest
Just me

He is racist when he needs to please blue collar americans whose jobs wee outsourced. But he is smart enough to know that the deep-pocketed buyers right niw are all from China.
Of course, he did not build it! He is a marketer, not a maker. Like Christy and Bob Rennie.
But hey, if you really think he’s got your back, who am I to disappoint you…

YVR
Guest
YVR

You are saying Trump is racist for wanting to deport people who illegally came into the US and illegally work there because they are all Mexican. But you are what for not wanting the Chinese race to legally come to Canada and legally buy property here? By definition you are the racist not Trump.

Just me
Guest
Just me

actually, I don’t want rich money-launderers to use this city to get ahead. Unfortunately in Vancouver money launderers appear to be coming from China. But frankly, I feel the same way about criminals from elsewhere. Rich russuans or southamerican druglords are just as bad.
Trump is racist towards fellow americans who are not white. Just observe how he comments police violence on african americans.
By the way, I would be happy to go back to real estate: Trump is an exoert marketer in that area, just like our very own Bob Rennie.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

There are many other reasons to say Trump is racist besides his position on wanting to deport people.

Best place on meth
Guest
Best place on meth

He’s racist because he wants to deport people who entered the country illegally?

That’s called upholding the law.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Right. There are many reasons OTHER than that, I meant to say.

patriotz
Member

“But if he is such a racist wouldn’t the Trump name keep the Chinese and other foreigners away?”

Chinese don’t have a problem with racism as long as it’s not directed at themselves, and in fact most of them agree with Trump’s views of blacks and Muslims. Trump has criticized PRC policies (with some justification) but he has never said anything negative about Chinese people whether in China or in the US.

http://www.cnbc.com/2016/03/28/why-some-chinese-like-donald-trump.html

YVR
Guest
YVR

“Chinese don’t have a problem with racism”

Generalize much? I have to laugh at how the politically correct lefties are actually the most racist. You have no problem stereotyping a whole race as this or that.

patriotz
Member

“Generalize much?”

I find this a bit funny considering I can remember when all Chinese had to dress the same and think the same (or at least had to pretend to think the same), on the orders of the guy on the yuan.

YVR
Guest
YVR

Great logic. Because China in the past had a dictator who made strict rules “all Chinese” are now racist.

patriotz
Member

Hey guy, don’t say something that nobody else said and put two words in quotes to give the impression that someone else did say it.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

+1 to what Patriot says here.
“don’t say something that nobody else said and put two words in quotes to give the impression that someone else did say it.”

Ulsterman
Member
My sample size is admittedly small, but over the past five years I’ve had 6 Chinese students live in my house for various amounts of time ranging from 3 months to two years. Much can be learned through dinnertime chit chat (if you can call it that) and one thing i did learn without question is that they do not respect black people. I used to tell them that we all originated from Africa and as such are interconnected. The Chinese student absolutely would not accept that. They honestly consider black people a sub species and that marrying a black person would be unthinkable and bring great shame on their families. I have no idea what they think of whites, indians, other asian ethnicities, but their views on black people were consistent and very strongly held. Now before anyone gets… Read more »
YVR
Guest
YVR

Sounds like you and Christy are on the same page.

Just me
Guest
Just me

Christy is on nobody’s oage but her own. Like Trump. They should get together some time…

Boombust
Guest
Boombust

Her “attack” made me laugh, too. It may have seemed more “credible” to me if she’d wrapped herself in a First Nation’s blanket.

Oracle
Guest
Oracle

Trump might win. People too afraid to say they support him openly. But when alone with the ballot , look out.

That’s why a 45-40 lead for Clinton in the polls is shaky

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

If Trump wins there will be a military coup in the U.S.

Best place on meth
Guest
Best place on meth

A coup is more likely if Killary wins, she loves war and won’t hesitate to waste soldiers by the thousands.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I agree that she is militaristic and may be more likely than him to prosecute wars.

What I meant by my earlier comment is that the military and secret services branches especially will not find it possible to let Trump have access to the button. They will consider the risks too great to sit idly by.

Just me
Guest
Just me
Yyy
Guest
Yyy
Combat roach
Guest
Combat roach

Why is it shocking? This is a genuine part of multiculturalism that everyone should accept and be comfortable with. Maybe CACA or Success should explain and justify such common educational practice?

Best place on meth
Guest
Best place on meth

Any notices posted in chinese only should be ripped down immediately.

This must not be tolerated.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I know someone who did that once and her office got broken into the next day, the culprit never found. True story. Happened several years ago.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Oh yeah, and the notices that were in Chinese only and no English were purely political, nothing to do with any “study aids” or other quick ways into riches.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

In fact they were for an anti-Tibet rally these Chinese-only signs. Well there was one English word.

patriotz
Member

Chinese signs divide resort-area owners near Algonquin Park

But not the kind of signs causing controversy in Vancouver. They are “do not enter” signs on private property. Note they are in English and Chinese, not just the latter. Of course, you can see the same kind of sign in China, or on other Asian countries in English and the local language.

HAMster
Guest
HAMster

I attend car shows and I see many cars on display with do not touch signs in both English and Chinese.

Shut It Down Already
Guest
Shut It Down Already

Troll.

Bag it and tag it
Member
Bag it and tag it

I think it’s totally acceptable to have ‘Do Not Enter’ signs written in Chinese only.

BubbleTea
Guest
BubbleTea

Nat Bosa: I heard recently there’s one guy in West Vancouver that bought 37 homes, and I wouldn’t be surprised if they’re all empty. I bet there are some streets in West Van where you can’t find neighbours. That’s what’s wrong. There should be a rule that you have to put people inside of the homes at least and rent the place out.
This is a repeat of the of late 80’s from Hong Kong. They were buying the homes as an insurance policy.
https://www.naiopvcr.com/blog/posts/2016/tackling-real-estate-headlines-with-nat-bosa/#.WAGnLQFoAWU.twitter
37 Houses by one guy, this is insane!

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

This is exactly the kind of thing you get when you have a combination of large population growth and zero growth in detached housing stock. And after the minor upcoming correction, you’re going to see more of this behavior because many people have figured out that when you have a fixed housing stock and rising population, prices will keep going up.

But for some reason few people on this blog want to acknowledge this fundamental economic truth, which I find immensely puzzling.

YVR
Guest
YVR

“many people have figured out that when you have a fixed housing stock and rising population, prices will keep going up.”

That would be true if we had a fixed housing stock. We don’t. Housing stock has kept up with the population growth. The problem is when housing stock gets held empty in speculation, used as pier de tere or are turned into hotels through airbnb. All of this will come to an end with the new government measures which will reverse the shortage and create a glut. Even without the government measures a price decline would cause a rush to the exits in all of these areas. Both together will create a crash.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

You will note that I was talking about detached housing stock being fixed, not all housing stock. I agree that condos have been added and will continue to be added more or less matching population growth.

Also agree that there are many factors other than supply constraints that explain our housing outrageous prices.

YVR
Guest
YVR

FIrst off Vancouver has been out of SFH stock since 1975. That is nothing new. But Surrey, Tri Cities, and the Fraser Valley have had massive amounts of SFH housing stock added throughout this bubble. And every jurisdiction in Metro Vancouver and the Fraser Valley has had massive amounts of townhouses and condos added. Massive amounts of second and third suites added to houses. All of this surpassing population growth. If we were just seeing an increase in SFH houses in Vancouver proper then you may have a point. Vancouver proper SFHs are well under 5% of the housing stock. Every type of housing stock is in bubble territory which tells a different story than limited supply.

Newcomer
Member
Newcomer

This argument has been made to ALR_stupid before. It doesn’t stick. They (gender unknown) are convinced that prices make sense because of it being different here and will not listen to reason.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

First of all, I don’t know why you keep insisting on talking about condos when I have repeatedly stated that agreed with you that their numbers are growing.

Second, when I say that detached housing stock in fixed, I am referring to metro Vancouver, not the just the city. And the detached housing stock in metro Van is the same today (about 300k units) as it was 25 years ago.

Now, which part of the above are you disputing, exactly?

Newcomer
Member
Newcomer

For my part, my part, I’m not disputing it, I’m asking, “so what?” You might as well be saying that house prices are high because the grass in Vancouver is green. It’s true but it’s not noteworthy.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“For my part, my part, I’m not disputing it, I’m asking, “so what?” You might as well be saying that house prices are high because the grass in Vancouver is green. It’s true but it’s not noteworthy.”

I guess I can’t speak to what you may or may not find interesting. Personally, I find it interesting because I’m interested in the truth, logic, and facts. And I see it as a curiously overlooked or outright denied factor in our crazy house prices. If we’re going to have a discussion about factors influencing prices, shouldn’t we at least acknowledge all of them?

And btw I appreciate you not assuming I’m male.

Newcomer
Member
Newcomer

For my part, just about every RE conversation I have starts with someone pointing out that Vancouver is between mountains and a border and tens of thousands of people are moving here. Scarcity is the single most commonly cited reason for RE price rises. Who on earth have you been talking to?

YVR
Guest
YVR

Scroll down and look at the chart for 25 years of new supply compared to new residents. Look at the 90s then look at the last 15 years. Prices went down in the 90s yet supply vs residents was worse than the last 13 years of this bubble. Metro Vancouver has also had more supply vs new residents than both Calgary and Toronto. This proves it is not supply.

You cannot take the supply of 5% of the housing stock (Van SFH) which has not increased and claim it makes the other 95% increase permanently the same amount when that 95% has grown more than the population growth requires.

http://www.theglobeandmail.com/real-estate/vancouver/vancouver-housing-supply-isnt-the-issue-affordability-is-data-shows/article31794288/

Newcomer
Member
Newcomer

It’s not that anyone has trouble understanding that the limited stock of SFH in conjunction with increasing population puts upward pressure on prices. Everyone completely gets that. After all, the same thing has happened in countless cities all over the world, and has been happening since the days of Ur. It makes perfect sense.

What is disputed is whether this upward pressure alone explains why people are paying two million dollars for bungalows in a third tier city. You can buy a SFH for half that in Tokyo (and not the suburbs either). You will be aware that they too have run out of SFH stock and have a slightly larger population than Vancouver.

Nobody denies the upward pressure, the question is how much force that pressure exerts and what other factors should be considered.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

You can count me among those who believe there are many factors driving prices, supply constraints being just one.

However when it comes to detached housing, it is my observation that many bears on this blog significantly underestimate the role played by the combination of population growth and fixed housing stock. As a result they think that we will see detached price drops of 50 to 80%, which is frankly laughable.

And for the record I would be thrilled to see a 50% + drop. But it isn’t going to happen.

YVR
Guest
YVR

“it is my observation that many bears on this blog significantly underestimate the role played by the combination of population growth and fixed housing stock. ”

FFS housing stock is not fixed!

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“FFS housing stock is not fixed!”

No, but I detached stock is. And not just in Vancouver – metro wide. How many times do I have to say this before you abandon your straw man?

Oracle
Guest
Oracle

Can’t argue with trolls here trying to lead the s sheep astray.

YVR
Guest
YVR

They are building thousands of new SFH in Coquitlam, Port Coquitlam and Surrey every year. All part of Metro Vancouver.

Oracle
Guest
Oracle

Hahahaha

Delusional.

Oracle
Guest
Oracle

They are teardowns son

Newcomer
Member
Newcomer

A 50% drop would only bring us back in line with Tokyo, New York and London, and I think an argument can be made that there is less demand for housing in Vancouver than in Tokyo, New York or London.

Oracle
Guest
Oracle

Bingo!

Oracle
Guest
Oracle

Umm best and easiest immigration nation in first world to get into. Can bring extended family.

But continue to be confused by all means.

patriotz
Member

“This is exactly the kind of thing you get when you have a combination of large population growth and zero growth in detached housing stock.”

What, you mean houses being left empty? On the contrary, in rational economic terms it’s what you’d expect in a place like Detroit with declining population. If houses are being left empty in the face of rising population, that has nothing to do with economic fundamentals and everything to do with a tax system that encourages speculation and sheltering of assets in housing.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

No, I was not talking about leaving houses empty. I was talking about the phenomenon of people buying several of them as investments (empty or not), which is perfectly rational if you expect prices to rise. And economically speaking that’s a perfectly rational expectation for just about anything where you have a fixed supply and ever-increasing demand (and yes I understand the difference between supply vs stock demand vs population).

Oracle
Guest
Oracle

Don’t bother arguing here. Trolls leading the sheep to oblivion.

patriotz
Member

“I was talking about the phenomenon of people buying several of them as investments (empty or not), which is perfectly rational if you expect prices to rise.”

Oh you mean speculation then. Well I also said our tax system encourages speculation. Change the tax system to discourage it.

Oracle
Guest
Oracle

They don’t want to acknowledge this truth. I’m waiting for polling numbers on prov election. Then gonna pull the trigger before next fall buying detached homes …as much as I can leverage.

Also fix the mobile site. Lag causing autocorrection to go crazy.

Best place on meth
Guest
Best place on meth

Anyone who owns 37 houses around here should be taxed into oblivion.

No Money Down
Member
No Money Down

Cheapest detached house in Fraser now under $1M
465 E 18TH AVENUE, Vancouver, BC, V5V 1E9
Estate Sale. 25′ lot. Peat bog. Small house , sounds unliveable. Lot value only.

Listed early October 2016 $1.098M
Reduced 14 October 2016 $988k
July 2015 Assessed $926k

http://www.remax.ca/bc/vancouver-real-estate/na-465-e-18th-avenue-na-wp_id155703134-lst/

Patiently Waiting
Member
Patiently Waiting

“no heating system” Sad.

YVR
Guest
YVR

Noteable is asking price just over 2015 assessed. I thought prices were up 30% since 2015?

Newcomer
Member
Newcomer

The average property price will soon be back under a million and, likewise, the average net worth of Vancouverites will likewise return to six figures.

Kim
Guest
Kim

http://www.theglobeandmail.com/real-estate/calgary-and-edmonton/calgary-landlords-feel-the-fallout-from-a-tumbling-market/article32372800/

Uh oh, Calgary landlords feeling the squeeze. I thought the Chinese were all going to go to Calgary to buy up their land

Newcomer
Member
Newcomer

Interesting that the guy paid 93 K and now claims that he can’t cover the mortgage with the rent. Sounds like he’s HELOCed for the fully appreciated price.

Ulsterman
Member

I thought the same thing. He only paid 93k 21 YEARS AGO! What on earth has be been doing with those mortgage payments for 18 years and rental cheques for the past 3???

patriotz
Member

“It’s those small ‘mom and pop’ landlords that are finding it most challenging. ”

That’s a polite way of saying they’re the idiots who bet on RE always going up. Exhibit A:

“The same decision making process applied with the condo,” he says. “It was costing $1,300 a month in expenses and we were making $1,100 a month in rent, but it was an investment.”

Duh.

Kim
Guest
Kim

And this is Calgary. No way rent covers most “investment” mortgages in van city.

Ulsterman
Member

But i suppose if someone had bought a condo or house in Vancouver 5-10 years ago, subsidized it by $200/month and then watched it double/triple in price it would still be a nice investment. To but now though and be subsidizing a renter as the price drops, that’s not an investment.

wpDiscuz