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.

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No Money Down
Member
No Money Down

A large number of construction workers have migrated to Vancouver to meet the construction demand.

https://www.bccassn.com/resources/news/bc-construction-industry-hiring-workers-back-from-alberta

I suspect this has been a big factor in rental price increases in Vancouver that may reverse as the construction boom unwinds. Two fold: additional rental stock coming on the market and outward migration of unemployed construction workers.

Midnight toker
Guest
Midnight toker

Yep, I’ve seen so many trucks with Alberta plates recently

history
Guest
history

Construction workers?

The Canadian Immigration web site went down last night.

It wasn’t because of liberals looking to get out. It was Mexicans.

YVR
Guest
YVR

Although I expect at some point housing starts will drop off a cliff we are not there yet. Most new housing is attached. Any developer who was planning a development earlier in the year will still go forward. They would have already aquired land, etc and prices are still high enough they will make lots of money. For SFH it is a different story. The planning cycle is much shorter. The SFH home builders will not be taking on any new spec projects. That is why all the tare downs are sitting and will be the first to crash. Little rental value and no owner wants to live in them. It would suck to have recently bought a lot in Surrey at peak and be in the process of building a sawdust house.

Billybonger
Guest
Billybonger

No money down

Good thesis and one I think holds water.

Virtuous cycle. In both directions.

Btw, we could see global bond (interest rates) yields head higher. Look at what some of the commodities are doing right now.

Imagine Canadian lenders raising rates! Would be quite the shock as nooooo one believes (it’s like a religious belief based on hope and faith) that rates could ever go higher.

WoW

ostritch
Member
ostritch

Is it cost-push inflation causing this? Possibly. Feds will let it run a little hot, maybe, then raise rates. They could cause a recession by (over)doing it then it’s back on the hamster wheel.

Billybonger
Guest
Billybonger

Of course oracle will claim that builders are slowing down to drive up rents.

Combat roach
Guest
Combat roach

Sounds like all is well in the Locust-land. Typo, meant to say the Lotus-land…

Vancouver presale market strong, attracting interest of foreign buyers

http://www.theglobeandmail.com/news/british-columbia/vancouver-presale-market-strong-attracting-interest-of-foreign-buyers/article32722118/

ostritch
Member
ostritch

“Thirteen of the 111 sales in the tower, selling at around $1,700 a square foot, were to non-residents.”

Uh huh.

Combat roach
Guest
Combat roach
Apparently, locust won’t give it up, 15% is still amazing incentive for the money to get laundered. They like to do it here as well as their Liberal Service Provider likes to enable it, 15% is just an election’s decoration. As always good summary by Doctor Demento in the comment section: The facts contained in the fifth paragraph can be re-worded as follows: “The percentage of foreign buyers is actually higher today than it was a few years ago, indeed, in the presale market, the portion of units being sold to foreign buyers is today up over 250 percent from the level it was a few years ago, and numerous sellers of large complexes are noting this same trend”. Translation: The government’s feeble, window-dressing approach to discouraging overseas money from flooding in to Vancouver, that approach is a TOTAL FAILURE… Read more »
YVR
Guest
YVR

The 15% tax is not due on a presale until it finished. A foreigner can put down a deposit but and flip it prior and not pay the tax.

Combat roach
Guest
Combat roach

Exactly why BC needs stricter policies to oust the foreign speculators and vermin-gamblers out of their favourite casino.

UBC in Crisis Mode
Guest

An interesting read, like a novel.
Guo sold his duplex last month for $3.8 million (6050 Chancellor Blvd, UBC), making a profit of $1.3 million in 6 years.

Kevin Sun incorporated Sun Commercial in September 2013, and made De Xue Guo a co-director. Around the time he joined Sun Commercial, according to corporate records, De Xue Guo changed his name to Davidson Guo. Davidson Guo is listed as owner of 6050 Chancellor Blvd., a $2.5-million UBC area duplex purchased in 2010. As SunCom president and CEO, Guo does not answer media questions, SunCom staff said.

http://news.nationalpost.com/news/canada/meet-the-mysterious-tycoon-at-the-centre-of-half-a-billion-in-b-c-property-deals

ostritch
Member
ostritch

Soon 1/10th of the westside is gonna be on fire. My friend who is crazy HAM obsessed says the vacant church that was torched last night is Chinese-owned. I guess even churches are real estate.

Kim
Guest
Kim

Churches are being converted to developments. This city has lost its soul.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

This city hasn’t had a soul since 1975

C.Junta
Member
C.Junta

“churches are real estate”
Oh yes. And church land is changing hands a lot these days, saw a few examples recently. Parishes shrinking, media calling market top. And there are local guys who specialize in this – churchforsale.ca.

Kim
Guest
Kim
Combat roach
Guest
Combat roach

Lucky bastard, neither will be sentenced for life in prison neither will be deported.

Kim
Guest
Kim

I know the person who died. Very sad. Very prominent man in the community.

Polozi Scheme
Guest
Polozi Scheme

Dr Alphonsus Hui – an amazing man

Madashell
Guest
Madashell

This f***en idiot is driving 143 km in an oakridge neighborhood!

Combat roach
Guest
Combat roach

Car at that speed in the densely populated area is an absolute equivalent to a weapon of mass destruction. F*cking terrorist could have killed many more civilians…

Shut It Down Already
Guest
Shut It Down Already

Oh dear god. WMD ? Terrorist? Get some perspective please.

paulb
Member
Active Member

New
172
Price Change
56
Sold
128
TI:9568

http://www.paulboenisch.com

Ulsterman
Member

Thanks for the updates PaulB. R2117325 in my neighborhood just sold after being reduced from $1,499,000 to $1,298,000 over a few weeks. Any word on what it finally sold for?

paulb
Member
Active Member

New
172
Price Change
56
Sold
128
TI:9568

http://www.paulboenisch.com

Best place on meth
Guest
Best place on meth

Watch Dow futures go ballistic as a Trump victory starts to look possible, down over 600 points at the moment.

https://www.barchart.com/futures/quotes/YMZ16/all-futures

Gold is up $38.

Abdul Lahazi
Guest
Abdul Lahazi

Mex peso getting hammered….

Best place on meth
Guest
Best place on meth

Mexicans are getting hammered….

Newcomer
Member
Newcomer

Canadian peso, too.

Just me
Guest
Just me

And you happy about that?

Best place on meth
Guest
Best place on meth

No, I won’t be truly happy until Trump is declared the winner.

Just me
Guest
Just me

Begs the question why.

Best place on meth
Guest
Best place on meth

Shut the fuck up.

Just me
Guest
Just me

Oh, now I see. Enjoy your five minutes of nonsense.

Best place on meth
Guest
Best place on meth

Come back when you learn to speak English.

That way I can berate you more effectively.

Just me
Guest
Just me

I will ask again: why do you like that molester and groper? Happy if he did it to your daughter?

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

Duh Cause hes a racist.

Best place on meth
Guest
Best place on meth

Nothing says stupid like playing the race card.

Shut It Down Already
Guest
Shut It Down Already

You’re proud of your opinions. You should be equally proud of the label they carry.

Nothing says stupid like being a racist.

Best place on meth
Guest
Best place on meth

Your labels mean nothing to me.

Nobody cares what you think.

ostritch
Member
ostritch

Garth was 100% sure Hillary would win. Typical bear. Tone deaf and blind.

Best place on meth
Guest
Best place on meth

She may still win, it could be a very long night.

It’s coming down to Michigan and Wisconsin, 2 states Hillary was expected to win and has to win.

Trump is leading in both at the moment.

Garth is a traitor and a lying piece of shit.

Oracle
Guest
Oracle

I agree with BPOM. wow

No Money Down
Member
No Money Down

I’ve noticed a few Detached sales in East Van in the last week.

804 E10th vancouver
Listed Aug 11: $1.798M
Reduced Sep 26: $1.698M
Reduced Oct 18: $1.598M
Sold Nov 6: $1.53M after 82 days (15% off original list price)

https://www.zolo.ca/vancouver-real-estate/804-e-10th-avenue

Ulsterman
Member

No Money Down, where do you find out the final selling prices? Do you what R2117325 sold for? I was following this one as the prices dropped. Just saw a sold sign go up today.

No Money Down
Member
No Money Down

Contact a friendly realtor and ask them to set up a PCS website (Private Client Services) to send you listings. I don’t know R2117325.

burntout
Guest
burntout

Holy smokes looks like the lunatic will take over the asylum.
Batten down the hatches. We may have to pull even closer to china if this buffoon decides to scrap NAFTA.

Best place on meth
Guest
Best place on meth

You can pull closer to china.

Just move there.

Just me
Guest
Just me

Trump is definitely bullish for Vancouver real estate. Lower interest rate, diversion if capital investment to Canada.

Simple Solution
Member
Active Member
Simple Solution

Is there ANYTHING that is NOT bullish for Vancouver Realestate????

Oh oh
Guest
Oh oh

What did 245 e 22nd just sell for? Thanks

Best place on meth
Guest
Best place on meth

Trump takes Florida, Hillary’s pantsuit fills up further.

Just me
Guest
Just me

Lower interest rates for longer…

December Fed Rate-Hike Odds Fall Below 50% as Trump Leads Polls

http://www.bloomberg.com/news/articles/2016-11-09/december-fed-rate-hike-odds-fall-to-63-as-trump-leads-in-polls

YVR
Guest
YVR

Trump has said we need to raise rates. He will fire Yellen by the end of January.

Best place on meth
Guest
Best place on meth

Yellen was featured in Trump’s final ad on Sunday along with Soros and Blankfien.

CNN immediately brought out shrieking scumbags denouncing the ad as anti-semetic.

patriotz
Member

“He will fire Yellen by the end of January”

The President does not have the power to fire the Fed Chair. He can only nominate someone else at the end of the incumbent’s term, in 2018.

Yeah I know, another nit pick.

YVR
Guest
YVR

I haven’t enjoyed watching CNN this much in years. Looks like the white male still runs the world.

Best place on meth
Guest
Best place on meth

This is about revolution, not about white males running the world.

YVR
Guest
YVR

Everybody said this election was about who hispanics, blacks and women would vote for. Turns out they forgot about an important segment of the voting population.

Bag it and tag it
Member
Bag it and tag it

Though I support a good portion of Trump’s alleged ‘platform’, I think he’s full of crap. Everybody voted for words, and if they think they’re getting a revolution then they’re in for a big surprise. The only thing he’s going to do is figure out ways to enrich himself personally. Biggest con job in history.

Best place on meth
Guest
Best place on meth

Don’t think so, the last thing he needs is more money.

Also, he been consistent for the last 16 months about his desire to lynch the political class and every free trade agreement they’ve “negotiated”.

Bag it and tag it
Member
Bag it and tag it

hope you’re right

patriotz
Member

Trump won’t be able to do anything substantive without the support of Congress, which IMHO means the US will get pretty much the same as it got under Dubya, i.e. do as much as possible for the rich, except meaner and nuttier.

Bag it and tag it
Member
Bag it and tag it

The question is how much can he accomplish with Executive Orders, because you’re right, Congress isn’t going to play along.

Best place on meth
Guest
Best place on meth

House and Senate remain in Republican control.

You really think they’re going to defy President Trump?

Reasonfirst
Guest
Reasonfirst

Yes – he made a lot of Republican enemies

Best place on meth
Guest
Best place on meth

CNN cuts to Clinton headquarters, it’s silent except for the people crying.

No Money Down
Member
No Money Down

Delusional Listing of the week
https://www.zolo.ca/vancouver-real-estate/3375-e-broadway-

3375 Broadway E
Just Listed: $2.7M

Highlights
33 foot lot
busy road
1280 sf bungalow
Built 1947
Assessed: $917k

No Money Down
Member
No Money Down

Just occupying my mind. Anything not to think about President Trump.

chilled
Member
chilled

To all the Vancouver social justice warriors who bought the media bias, who jumped on the politically correct bandwagon, do me a favor, say hello to President Trump and kiss my fucking hairy ass at the same time!!!

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

LOL hope you are as good as predicting the Vancouver bubble as you are the American election.

chilled
Member
chilled

You are not with stupid, you ARE stupid. Look at the numbers you fucking moron. Go read the CBC or Globe to get your daily dose of propaganda.

Best place on meth
Guest
Best place on meth

Sore loser, go eat shit with the other Clintards.

I\'m With Stupid ^
Guest
I\'m With Stupid ^

LOL

Best place on meth
Guest
Best place on meth

LOL

What kind of retard still goes “LOL”?

Oh yeah, whoreacle.

Shut It Down Already
Guest
Shut It Down Already

Clintards? Whoreacle? Retard? Eat shit?

Hypocrite.

Oracle
Guest
Oracle

The election has the potential to cause a housing crash.

Now it gets interesting.

Oracle
Guest
Oracle

Gut Nafta and close border due to Canada’s reckless immigration policy and wham! 50% crash.

Best place on meth
Guest
Best place on meth

I will stay up all night if I have to just to enjoy watching that criminal piece of shit concede.

YVR
Guest
YVR

She is already heading to the airport to leave the country. She will be shacking up with Snowden.

I\'m With Stupid ^
Guest
I\'m With Stupid ^

Why would she shack up with Snowden??? Hes the guy who leaked the emails.

Best place on meth
Guest
Best place on meth

All stock markets getting hammered except the chinaman composite index.

Strange, but I will happily take a hit for this result.

Bag it and tag it
Member
Bag it and tag it

I think that’s the last piece of evidence required to confirm the Chinese markets are now rigged and have been since earlier in the year.

Shut It Down Already
Guest
Shut It Down Already

Racist.

Best place on meth
Guest
Best place on meth

Hillary too tired to stay up late and make a concession speech.

Trump was right about her.

Midnight toker
Guest
Midnight toker

Well shit I thought Hill dawg was going to take it, but nope. I don’t know what this means for the price of houses in Vancouver but I know stocks are going to be taking a beating. Lol America

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