BC, data, economy, supply

Big Drop in October BC Housing Starts

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204 Comments

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.

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

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would-be buyer

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

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Best place on meth

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.

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Boombust

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

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Shut It Down Already

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

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Tac

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

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StrataHacker

You sound really upset.

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Tac

There are Americans that live in Canada

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xyz

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

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Royce McCutcheon

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.

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StrataHacker

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.

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Royce McCutcheon

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.

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Royce McCutcheon

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.

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Tac

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

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Oracle

Jail them.

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Tac

For what reason?

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Tac

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

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Boombust

Then they should parade around in Blaine.

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Best place on meth

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.

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xyz

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

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paulb

New
122
Price Change
44
Sold
88
TI:9507

http://www.paulboenisch.com

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Oracle\'s sawdust house

Same day last year 9904 listings.

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Oracle

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!

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Kim

So will Surrey crash?

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Oracle

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.

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history

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

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Confucius

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

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Combat roach

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

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Tac

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

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nufio

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.

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HAMster

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

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Diadora

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.

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Shut It Down Already

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?

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Combat roach

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

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Best place on meth

How was the protest?

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Shut It Down Already

See my earlier comment, genius.

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Best place on meth

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.

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Jay Lee

or collect insurance on the assessed value?

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Hibernating Renter

or have an excuse for why the land is unoccupied?

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BubbleTea

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

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HAMster

Hope there is a website to report the addresses.

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Bear Vancouverite

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.

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Bear Vancouverite

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

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YVR

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.

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oh la la

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.

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Heyo

They know it through hydro

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ostritch

3237 Columbia St

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Madashell

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

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Best place on meth

“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!

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Newcomer

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.

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HAMster

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?

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HAMster

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

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Hyper-mega-Bull

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.

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Oracle

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.

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No Money Down

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

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southseacompany

“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.”

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Newcomer

The tide goes out.

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chilled

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.

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southseacompany

“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.”

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Hyper-mega-Bull

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

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Best place on meth

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

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Tac

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?

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Hyper-mega-Bull

Alibaba’s U.S. Growth Ambitions at Risk After Trump Victory

https://www.bloomberg.com/news/articles/2016-11-10/alibaba-s-u-s-growth-ambitions-at-risk-after-trump-victory

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ostritch

Everyone is panicking.

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southseacompany

“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.

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southseacompany

“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

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chilled

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?

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No Money Down

Vancouver is not Canada

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Combat roach

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

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david

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

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YVR

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/

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Newcomer

Are we moderating now?

That’s a lot of work, but appreciated.

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Best place on meth

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/

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Oracle

Nobody coming here. All BS.

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

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Best place on meth

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

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Combat roach

Oracle, you are so cute!

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OracleFanBoy

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

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paulb

New
127
Price Change
59
Sold
107
TI:9531

http://www.paulboenisch.com

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Just me

Wow. The market is back on fire?

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Best place on meth

LOL!

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space889

Best place on meth

1 day 1 hour ago

LOL

What kind of retard still goes “LOL”?

Oh yeah, lazy scum with mental issues.

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Reasonfirst

What kind of idiot cares if people use LOL.

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Bear Vancouverite

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

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Reasonfirst

and I care?

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Best place on meth

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

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Oracle\'s sawdust house

Dead cat bounce

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Shut It Down Already

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

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Shut It Down Already

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

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Best place on meth

LMAO!

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Slava

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

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Hyper-mega-Bull

B.C. moms turned away as birth tourism spikes at hospitals

http://bc.ctvnews.ca/b-c-moms-turned-away-as-birth-tourism-spikes-at-hospitals-1.3150142

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Best place on meth

These baby locusts should not be getting automatic citizenship.

What’s Turdeau going to do about this travesty?

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Bag it and tag it

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

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Confucius

Occupation: Baby

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patriotz

Minors cannot purchase RE in BC.

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Oracle

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

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Combat roach

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.”

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franko

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

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space889

Hmmm…so basically no fetus rights then.

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space889

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.

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FlipFlop

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

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southseacompany

“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.”

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southseacompany

“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.”

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Newcomer

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

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Just me

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

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