Big Drop in October BC Housing Starts

Sales are down and prices have been flattish lately, but developers seem to be taking a ‘wait and see’ approach as BC housing starts saw a big drop in October.

CMHC says the pace of urban housing starts picked up in Ontario last month but there were declines in Quebec, the Prairies, Atlantic Canada as well as British Columbia

The annual pace of urban starts in B.C. fell to 25,517 in October compared with 46,294 in September.

Bank of Montreal senior economist Robert Kavcic said British Columbia was the big story.

“We’ll see if this level of activity, particularly in Vancouver where starts fell to the lowest since 2011, holds in the months ahead in response to softening demand conditions,” Kavcic wrote in a note to clients.

The drop in home starts in Vancouver comes as real estate sales in the region have also fallen sharply in recent months.

Read the full article over at BNN.

204 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
trackback

[…] –Empty home tax fine $10k a day –Vacant house fires –Higher Rates Coming? –West Van sales avg 16% below list – […]

would-be buyer
would-be buyer
3 years ago

Perhaps one good thing from a Trump presidency is that rates will likely rise sooner and faster. Canadian RE look out below, unless we tolerate the Loonie tanking:

http://business.financialpost.com/investing/global-investor/1-trillion-gone-the-global-bond-market-has-only-seen-a-rout-this-bad-twice-in-20-years?__lsa=42d5-e0cc

Best place on meth
Best place on meth
3 years ago

Was anybody here at the protest in front of Vancouver’s Trump Tower tonight?

I heard there were around 200 YUGE LOSERS embarassing themselves to no end.

Boombust
Boombust
3 years ago

Stupid people. Their time would be BETTER spent doing something useful. After all, it’s not our circus, not our monkey.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Boombust

I agree. At 4pm on a Thursday they’d be better off having a job.

Tac
Tac
3 years ago

Maybe you should get a job and not spend time posting here.

StrataHacker
StrataHacker
3 years ago
Reply to  Tac

You sound really upset.

Tac
Tac
3 years ago
Reply to  Boombust

There are Americans that live in Canada

xyz
xyz
3 years ago

Pretty bizarre activity….protesting against what is ultimately the ballot box

Royce McCutcheon
Royce McCutcheon
3 years ago
Reply to  xyz

Not agreeing with the decision to protest here in any way, but let’s be fair: the ballot box did not show Trump to be the winner.

StrataHacker
StrataHacker
3 years ago

According to the electoral system in place at the time the ballot box certainly showed him to be the decisive winner. Had she won in an identical manner, I am quite sure you would NOT be questioning the legitimacy of her electoral victory.

It is precisely this sort of self serving hypocrisy and malicious dishonesty that has discredited the left’s narrative in the eyes of the apolitical centrist voters, who in the end are mostly interested in economic truths.

Royce McCutcheon
Royce McCutcheon
3 years ago

False. I would absolutely have the same problem, just as I questioned both the Harper and Trudeau “majority” governments (even though in one instance it reflected the bunch I supported).

Feel to project your lazy narrative onto someone else.

Royce McCutcheon
Royce McCutcheon
3 years ago

Further, I am not for one moment denying that Trump’s victory is legitimate. It 100% was in the present US system. But I don’t see it as a “ballot box” victory in the sense that it was a victory based on a pure vote count. It was an electoral college victory.

And, again it would’ve been equally problematic if Clinton had won in this way.

Tac
Tac
3 years ago
Reply to  xyz

What is bizarre about protesting an individual who has promoted racism and now chosen to lead a superpower country?

Oracle
Oracle
3 years ago

Jail them.

Tac
Tac
3 years ago
Reply to  Oracle

For what reason?

Tac
Tac
3 years ago

The Trump sympathizers among Canadians must be the Canadian white supremacists. The Americans residing in Canada have every right to show their discontent

Boombust
Boombust
3 years ago
Reply to  Tac

Then they should parade around in Blaine.

Best place on meth
Best place on meth
3 years ago
Reply to  Tac

This is precisely why the crazed leftists lost, their smugness, arrogance, sense of supereriorty, their constant painting of Trump supporters as deplorable and constant berating of Trump supporters as if they were ignorant children.

It was actually you idiots that brought out the fed up voters and got Trump elected.

Look at your own stupidity first.

xyz
xyz
3 years ago
Reply to  Tac

Sorry to inform you Tac, but a lot more than just “whites” voted for Trump.

paulb
paulb
3 years ago

New
122
Price Change
44
Sold
88
TI:9507

http://www.paulboenisch.com

Oracle\'s sawdust house
Oracle\'s sawdust house
3 years ago
Reply to  paulb

Same day last year 9904 listings.

Oracle
Oracle
3 years ago

What India did on Tuesday can be thought of as the biggest policy change EVER to fight corruption and graft.

If China did this next week, it would basically eliminate capital flight a few days later.

India basically eliminated our equivalent of $20, $50, $100 bills overnight. There is chaos there for a few days. The drug dealers, corrupt officials, and politicians can’t do anything with their stashed money. The leader announced at 3 pm that the bank notes would not be legal tender effective midnite. Wow.

If Canada really wanted to get rid of the underground economy/cash hoardings…they can do this if they’re serious.

By the way, those notes eliminated in India were 85% of the total currency outstanding.

And Hot Indian Money from India? Forgettaabogutit !

Your turn China!

Kim
Kim
3 years ago
Reply to  Oracle

So will Surrey crash?

Oracle
Oracle
3 years ago
Reply to  Kim

Surrey is being held up by Chinese money.

That is what is keeping the market double what it should be. Eliminate immigration and money from China and you have a return to sanity.

Sorry I’m not PC, but that is the truth.

history
history
3 years ago
Reply to  Oracle

You dont know Curry, slury. Immigration from the destitute Mexicans is next up

Confucius
Confucius
3 years ago
Reply to  history

Well, at least they’ll have lots of choices for spicy food.

Combat roach
Combat roach
3 years ago
Reply to  history

Right, Mexicans are famous about being RE speculators with tons of cash that need laundering services.

Tac
Tac
3 years ago
Reply to  history

Canadians who are racists, either claim that immigrants are below them or that they have too much money.

nufio
3 years ago
Reply to  Oracle

a friend of mine, whoz dad is in the jewellery business. He had told me 2 months ago that 500 and 1000 ruppe notes were going away. So for most of the big money, this was planned for and the money has moved to other assets.
It is rumored that reliance, has invested all its black money in the jio infrastructure just before this rule came out.
That said I still stupport this move as a lot of real estate speculators in the domestic indian real estate will be affected.

but if you think the big owners of capital in india are affected you are delusional.

HAMster
HAMster
3 years ago

Police seek public’s help after 25 suspicious fires at vacant homes in Vancouver.
http://www.cbc.ca/news/canada/british-columbia/vacant-home-fires-1.3845748

Diadora
Diadora
3 years ago
Reply to  HAMster

To give them thanks? … after all the houses are empty and now the owner has to do something about the house, fix it up, sell it or rent it out.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Diadora

Pretty dispicable attitude. Or did Tuesday’s events mean we’re now meant to celebrate potential hate crimes like the morons after Brexit? Would you take the same tone if you perceived the victims to be locals?

Combat roach
Combat roach
3 years ago

Whenever such tragedy happened to locals they had names and faces, lately not so much.

Best place on meth
Best place on meth
3 years ago

How was the protest?

Shut It Down Already
Shut It Down Already
3 years ago

See my earlier comment, genius.

Best place on meth
Best place on meth
3 years ago

I’m just mocking you for your pathetic “potential hate crimes” comment.

There is zero evidence but that doesn’t stop you from manufacturing a claim of racism every chance you get.

And yet you’re ok with a strata banning non-chinese from being on council.

You filthy fucking hypocrite.

Jay Lee
Jay Lee
3 years ago
Reply to  Diadora

or collect insurance on the assessed value?

Hibernating Renter
Hibernating Renter
3 years ago
Reply to  Jay Lee

or have an excuse for why the land is unoccupied?

BubbleTea
BubbleTea
3 years ago

Vancouver slaps $10,000 a year tax on empty homes. Lie about it and it’s $10,000 a day.
http://business.financialpost.com/news/property-post/vancouver-slaps-10000-a-day-fine-on-empty-homes-to-fix-rental-housing-crisis

HAMster
HAMster
3 years ago
Reply to  BubbleTea

Hope there is a website to report the addresses.

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  HAMster

I know there’s an anti “finger pointing” sentiment here, but maybe there should be a bounty/finder’s fee for reporting such addresses that are then successfully penalised. Or else the city can allow independent businesses to research and report such addresses and get a bounty on each successful penalty. that could help with discovery and also reduce the cost of looking for non-compliance.

Bear Vancouverite
Bear Vancouverite
3 years ago

And yes, I understand this would smack of “Big Brother” police state tactics and might be a slippery slope.

YVR
YVR
3 years ago

People could just report every house/condo in Vancouver. There would be too many leads if you rewarded them. I don’t think people will hesitate to report this.

oh la la
oh la la
3 years ago
Reply to  YVR

hmm. What if i report all the adresses around me hoping I get 1 right? Imagine my neighbors do the same haha. Forget about it. They cant even have access to hydro. All they can do is random audit to validate claims. If your relative lives at your 2nd property…then no tax no problem.

Heyo
Heyo
3 years ago
Reply to  HAMster

They know it through hydro

ostritch
ostritch
3 years ago
Reply to  BubbleTea

3237 Columbia St

Madashell
Madashell
3 years ago
Reply to  BubbleTea

With approx 10800 empty homes, condos and apartments in Vancouver, this could be big money. Hope they will set up a website or a phoe number. There are presently 3 houses on my block that’s empty

Best place on meth
Best place on meth
3 years ago
Reply to  BubbleTea

“Want to keep your million-dollar luxury pad in Vancouver empty?”

These out of town reporters are hilarious. Luxury for 1 million. In Vancouver.

Hahahahah….I mean….LOL!

Newcomer
Newcomer
3 years ago
Reply to  BubbleTea

I could see this having some fairly major price damping effects:

a) some people will take this as additional pressure to sell because they don’t want to pay the tax (the tax is small potatoes, but for those on the fence…);
b) the annual declarations make it much harder to be vague about which house is your principal residence at any given time, which has capital gains implications;
c) people who see themselves as investors will be less comfortable buying into a regulated market, where they don’t feel free to treat their investment as an uncomplicated store of wealth; and
d) the increased vacancy rate will cause a drop in rents and this change in the trend will lower the perceived worth of the properties.

HAMster
HAMster
3 years ago

Some Canadian residents left with worthless cash after Indian rupee cancellation.

http://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TG134&mobile=false

China next?

HAMster
HAMster
3 years ago
Reply to  HAMster

and they should have converted it to gold instead of holding onto cash.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  HAMster

india has a high inflation rate which means cash is a hot potato. you want to exchange it for something that’ll hold it’s value as fast as possible.

Oracle
Oracle
3 years ago

Trump gonna be pissed if we don’t raise rates along with theirs and let our currency slide. Doesnt work in a non globalized world.

That trick is done. Canada in for a world of pain going forward.

But wait, we got uncontrollable immigration. And 500,000 illegals in USA may show up at the Blaine border in 3 months.

No Money Down
No Money Down
3 years ago

An interesting West Vancouver Detached statistic, apart from the 65% drop in sales Y/Y, is the sales to list price of 84%. Detached houses that do sell are averaging 16% below the list price.

https://www.zolo.ca/west-vancouver-real-estate/trends

southseacompany
southseacompany
3 years ago

“The Market Is Betting Trump Will Bring Higher Inflation and Interest Rates”, New York Times

http://www.nytimes.com/2016/11/10/upshot/the-market-is-betting-trump-will-bring-higher-inflation-and-interest-rates.html

“The bond market is, as a rule, a more reliable guide to what global investors believe the future will look like than the erratic stock market.”

“And on Wednesday, bond markets sent one signal loud and clear: The Trump years are likely to feature higher inflation and higher interest rates than have prevailed in recent years.”

Newcomer
Newcomer
3 years ago

The tide goes out.

chilled
chilled
3 years ago

I’m not sure if you are serious or simply Lampooning the mainstream media, ESPECIALLY the NY Times, which has been consistently wrong on anything Trump for the last 18 months. If you are serious, I suggest you find another source for information, the MSM is dead.

southseacompany
southseacompany
3 years ago

“Trump Victory Could Prompt Fed to Raise Rates More Quickly”, New York Times

http://www.nytimes.com/2016/11/10/business/economy/trump-federal-reserve-interest-rates.html?_r=0

“The Federal Reserve remains on course to raise its benchmark interest rate in December as investors generally reacted with equanimity to the election of Donald J. Trump as the next president of the United States.”

“And some analysts said Mr. Trump’s economic plans could prompt the Fed to keep increasing the rate.”

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

China says Trump should recognize economic benefits of co-operation

https://www.yahoo.com/news/china-says-trump-recognize-economic-benefits-co-operation-162046377.html

Best place on meth
Best place on meth
3 years ago

Trump says china should bend over because he’s coming to see them in a couple of months.

Tac
Tac
3 years ago

Ya right!? would that be while he manufacture Trump labeled goods in China?

For Americans to say this stuff is something and for Canadians to believe it something else.

Is that PR or are you naive?

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
ostritch
ostritch
3 years ago

Everyone is panicking.

southseacompany
southseacompany
3 years ago

“Wynne says Ontario will make ‘small change’ to help first time home buyers”, Toronto Sun

http://www.torontosun.com/2016/11/10/wynne-says-ontario-will-make-small-change-to-help-first-time-home-buyers

“Wynne says first-time buyers have a real challenge saving a big enough down payment to get into the market, so the government will make “some small adjustments” to help them out.”

Ontario RE agents are smiling.

southseacompany
southseacompany
3 years ago

“Got dreams of moving to Canada? You probably can’t afford it”, Seattle Post Intelligencer

http://www.seattlepi.com/realestate/article/Got-dreams-of-moving-to-Canada-Not-so-far-10604856.php

chilled
chilled
3 years ago

You’ve gotta’ love how the article fails to mention that almost 1 mil condo is in the heart of one of the biggest shit stains in the developed world. But hey, SJW’s and Libtards love being with “the people” don’t they?

No Money Down
No Money Down
3 years ago

Vancouver is not Canada

Combat roach
Combat roach
3 years ago
Reply to  No Money Down

Right, not sure if US folks would move to China?

david
david
3 years ago
Reply to  No Money Down

…but it is “Seattle lite”. You know….without the jobs.

YVR
YVR
3 years ago

Empty home tax is going to be 1%. Total property tax for a $1M property is ~$13K per year. Fine for a false declaration is $10,000 per day. Not sure how the per day fine works but I assume it is from the time they catch you until the time you properly declare. If it takes someone 2 weeks that is a $140K fine. 2000 audits per year planned. This should be fun to watch.

Property owners who fail to declare their property’s status will be charged the tax while failure to pay will tack on an extra five per cent late penalty. Making a false declaration will result in a $10,000 per day fine.

http://www.news1130.com/2016/11/09/city-vancouver-releases-details-empty-home-tax/

Newcomer
Newcomer
3 years ago

Are we moderating now?

That’s a lot of work, but appreciated.

Best place on meth
Best place on meth
3 years ago

Here comes the flood of US liberals escaping to Canada:

The flood of Trump-fearing American liberals sneaking across the border into Canada has intensified in the past week. The Republican presidential campaign is prompting an exodus among left-leaning Americans who fear they’ll soon be required to hunt, pray, pay taxes, and live according to the Constitution.

Canadian border residents say it’s not uncommon to see dozens of sociology professors, liberal arts majors, global-warming activists, and “green” energy proponents crossing their fields at night.

https://www.theburningplatform.com/2016/11/09/breaking-news-from-canada/

Oracle
Oracle
3 years ago

Nobody coming here. All BS.

They going to come to live here in the rain and snow? Complete Media BS.

Best place on meth
Best place on meth
3 years ago
Reply to  Oracle

Does excessive sawdust inhalation interfere with ones ability to process satire?

Combat roach
Combat roach
3 years ago
Reply to  Oracle

Oracle, you are so cute!

OracleFanBoy
OracleFanBoy
3 years ago
Reply to  Oracle

Lol. I love when idiots wave their idiot flag. We get it Oracle – you’re a moron. You don’t need to drive home that fact day in and day out

paulb
paulb
3 years ago

New
127
Price Change
59
Sold
107
TI:9531

http://www.paulboenisch.com

Just me
Just me
3 years ago
Reply to  paulb

Wow. The market is back on fire?

Best place on meth
Best place on meth
3 years ago
Reply to  Just me

LOL!

space889
space889
3 years ago

Best place on meth

1 day 1 hour ago

LOL

What kind of retard still goes “LOL”?

Oh yeah, lazy scum with mental issues.

Reasonfirst
Reasonfirst
3 years ago
Reply to  space889

What kind of idiot cares if people use LOL.

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Reasonfirst

he made BPOM look like a damn fool and a hypocrite, your post only reinforces his point.

Reasonfirst
Reasonfirst
3 years ago

and I care?

Best place on meth
Best place on meth
3 years ago
Reply to  space889

Those of you who who are too stupid to see blatantly obvious sarcasm should just keep your traps shut.

Oracle\'s sawdust house
Oracle\'s sawdust house
3 years ago
Reply to  Just me

Dead cat bounce

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

It’s just the sales reporting lag from the rush to beat the mortgage rules change amiright?

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

It’s just the sales reporting lag from the rush to beat the mortgage rules change amiright?

Best place on meth
Best place on meth
3 years ago

LMAO!

Slava
Slava
3 years ago

To the tune of Black and Yellow-Wiz Khalifa:
AHA! u know what it iz!……..Donny Trump, Donny Trump, Donny Trump, Donny Trump…….AHA!

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Best place on meth
Best place on meth
3 years ago

These baby locusts should not be getting automatic citizenship.

What’s Turdeau going to do about this travesty?

Bag it and tag it
Bag it and tag it
3 years ago

I’m guessing latest thing is buying a Vancouver house and putting it in newly born babies name, who is citizen, and avoiding tax.

Confucius
Confucius
3 years ago

Occupation: Baby

patriotz
3 years ago

Minors cannot purchase RE in BC.

Oracle
Oracle
3 years ago
Reply to  patriotz

2 passports.

1) Canadian – age 0

2) foreign – age whatvenr you’re willing to pay.

And welll throw in a new first name for free. Lol

Combat roach
Combat roach
3 years ago

Until Canadians figure out what is going on, locust continues to dilapidate this country further up. Those f*ckers have no limits whatsoever…

“According to Vancouver Coastal Health, one in six babies born in Richmond are born to foreign mothers. These children will gain a lifetime of Canadian benefits, including automatic Canadian citizenship and free education when they turn five years old. Sometimes when hospital beds are full, local mothers are diverted to other hospitals.”

franko
franko
3 years ago
Reply to  Combat roach

Fetuses should be declared contraband at the airport and should not be allowed to clear customs!
Maybe we need a Trump in this country.

space889
space889
3 years ago
Reply to  franko

Hmmm…so basically no fetus rights then.

space889
space889
3 years ago
Reply to  Combat roach

Aren’t these babies also liable for their future worldwide earnings to CRA?

What’s the difference between this and locals who get free education and then go work in US and never paid a dime in Canadian income tax? Not that much in reality.

But whatever, don’t let actual logical thinking stop you from yelling and screaming as if somehow that justifies your existence.

FlipFlop
FlipFlop
3 years ago
Reply to  space889

Logic says they wouldn’t be doing it unless there was a significant benefit.

southseacompany
southseacompany
3 years ago

“Trade chill from Trump win makes Bank of Canada cut more likely”, Calgary Herald

http://calgaryherald.com/business/trade-chill-from-trump-win-makes-bank-of-canada-cut-more-likely?__lsa=e7b0-5a12

“Chances of a Bank of Canada interest rate cut just increased with anti-trade candidate Donald Trump’s election victory.”

southseacompany
southseacompany
3 years ago

“Trump win casts doubt on Fed’s plans to hike interest rates”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/economy/trump-win-casts-doubt-on-feds-plans-to-hike-interest-rates/article32749626/

“Donald Trump’s victory in the U.S. presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon and follow with further gradual hikes over coming years.”

Newcomer
Newcomer
3 years ago

Should be interesting, given Trump’s stated view that the Fed should raise rates.

Just me
Just me
3 years ago
Reply to  Newcomer

Trump has no views. Don’t read too much in what he says. He is like a flag, changes direction with the wind.