BC, data, prices, supply

Stats Flattish for Vancouver Area Real Estate

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83 Comments

Vancouver area real estate has stalled for the second month, with the biggest drop in West Vancouver, but no big crash yet and prices are still way up from a year ago. The biggest drop is in sales:

The number of sales made in the region dropped dramatically in October 2016. There were only 2,233 sales, a 0.9% decrease from last month. Oh, your real estate agent said it’s seasonal? It’s a 38.8% decrease from last October. Pretty sure that was the same season last year. Agents typically interpret this as sellers seeing less value in selling right now. Conversely, less units for sale typically means lower inventory, which could push prices higher… eventually.

Read the full article over at betterdwelling.com

 

 

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[…] are down and prices have been flattish lately, but developers seem to be taking a ‘wait and see’ approach as BC housing starts […]

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Oracle

This is what a government does when its serious.

http://www.bbc.com/news/business-37906742

Imagine if Canada did this and what it would do to the drug trade/underground economy. But nope.

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Combat roach

Douglas Todd: Foreign money poses threat to B.C. democracy

“If Trump is elected president on today, is it possible one of the first things the transnational real-estate magnate would do is normalize his own fundraising tactics by trying to change American laws to legalize foreign donations?

If so, Trump could point to the North American example set by his fellow travelers in the B.C. Liberals, who have been in power for 15 years and seem never to have met a corporate or foreign donor they don’t like.”

http://vancouversun.com/opinion/columnists/douglas-todd-australias-foreign-political-donations-storm-cautionary-for-b-c

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ostritch

Ugh.

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Combat roach

Now those city fires are becoming a regular pattern?

“VANCOUVER — Two fires within a few hours in vacant buildings in Vancouver’s Kerrisdale neighbourhood kept fire crews busy early Tuesday morning.”

http://vancouversun.com/news/local-news/two-early-morning-blazes-in-vacant-vancouver-buildings-considered-suspicious

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Confucius

The spring prediction failures keep trying to pump the market with wishful thinking. Meanwhile their equity evaporates.

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Hyper-mega-Bull

don’t you think you’re being a bit dramatic?

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Confucius

Says the guy named Hyper-mega-Bull

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Hyper-mega-Bull

doesn’t change the fact that you’re being a drama queen.

you’re argument style is very similar to space889’s. i don’t think for a second that you and space are the same person, but the styles of “reasoning” and logical fallacies you both have in common are interesting.

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Newcomer

I have to agree with you, but let me point out that your argument style is no different. It’s all cherry picking and unfounded assertions.

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Confucius

Lol, again says the guy named Hyper-mega-Bull. Care to post your picture of the space shuttle taking off again? I’m just feeding you your own medicine. You’re the one that threw out any chance of civil discussion. You made y

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southseacompany

“Canadian housing starts slip in October, as B.C. sees big drop: CMHC”, BNN

http://www.bnn.ca/canadian-housing-starts-slip-in-october-as-b-c-sees-big-drop-cmhc-1.602906

“Canada Mortgage and Housing Corp. says the pace of housing starts slowed in most regions of the country in October, with an especially big drop in British Columbia.”

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space889

@Oracle – hmmm…interesting…how do you know PCAdvisor is YVR?

Surprised that none of the other passionate bears who care so much about Van, and the horrifying effects of Chinese on the locals are on Vancouver Reddit. I bet that’s a way more public forum with more readership to post views and gather support for whatever you want to do. Or have the bears tried and got banned too quickly for posting racist hate speech and similar shit as BPOM like to say?

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Oracle

Yeah, few hundred thousand Canadians living there right now.

Insiders will know when the buying from Hong Kong starts here. Then a million minimum for a detached in the Valley. $600,000 townhouse.

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Kim

‘The beginning of the end for Hong Kong,’ warns lawmaker http://www.cnbc.com/id/104087804
http://www.cnbc.com/id/104087804

Hong Kong Chinese will flood Vancouver. My relatives are already thinking of leaving.

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Oracle

Yeah, few hundred thousand Canadians living there right now.

Insiders will know when the buying from Hong Kong starts here. Then a million minimum for a detached in the Valley. $600,000 townhouse.

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Hyper-mega-Bull

300,000 Canadians live in HK. 83 per cent of whom hold dual citizenship.

http://www.theglobeandmail.com/news/british-columbia/young-chinese-canadians-move-to-hong-kong-for-jobs/article19214355/

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Combat roach

Now they can move back for jobs too, there are plenty of them, right?

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Hyper-mega-Bull

there are, but then they’d have to pay tax. for them, they will ideally move back when they get old and want to retire to take full advantage of our social system.

but the threat of a PRC crackdown might convince some of them to move their money and families here, if they aren’t here already.

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Confucius

Guys, I think Hyper-mega-Bull is having a nervous breakdown. We should go easy on him as he’s always so kind to us. Naw, screw it, karmas a bitch. Haha.

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Hyper-mega-Bull

you’re hallucinating. i suggest you get back on the meds.

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Confucius

Okay, little cal, your advice is good, just like your spring prediction. Hahaha hahaha haha.

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Confucius

Calf. Haha

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Hyper-mega-Bull

Haha

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ostritch

That’s a very interesting article. They say Composite real estate prices in the Greater Vancouver region stopped skyrocketing and Prices aren’t moving as quickly as they were, but aren’t plummeting either.

Hard to believe but the government seems to be realizing its goal. We will only know for sure in the spring, but if the market does bounce back, even a bit, just think of the position the Liberals will be in. With this new source of money they’ll be able to promise the moon for the next election. Plus voters on the outside of the tax zone will have experienced the wealth effect first hand and love them for it.

Check. And mate.

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paulb

New
218
Price Change
81
Sold
139
TI:9586

http://www.paulboenisch.com

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ostritch

Holy 9500 Batman.

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Oracle

Wait until Dec 1st.

8K party.

cause the root cause of the housing crisis hasn’t been addressed.

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Best place on meth

Oh, you think we’ll reach 8999 in the next 3 weeks Whoreacle?

What a ballsy prediction considering that inventory ALWAYS goes down in November.

You truly are insightful and all-knowing but I’m going to say you’ll still be wrong like you always are and Dec 1 inventory will be 9150.

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Oracle

Actually I do.

8999 or less on Dec 2!

Watch

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POTUS

Are you F@;$;@ dumb? What’s the difference between 9150 and 8999

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Shut It Down Already

Psychology?

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Funky monkey

People are de-listing because buyers are offering less than ask.
People will list again in the spring.
Or maybe wait to list again. Nothing happens overnight.
But last spring was the top.

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YVR

Inventory is irrelevant this time of year. Nobody is buying anything unless they get it cheaper than the last person paid. Market will continue trending down 3% per month until Feb then the crash accelerates.

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Oracle

OK.

LMAO

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Shut It Down Already

But it was somehow relevant a couple of weeks ago when it was climbing?

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Hyper-mega-Bull

Peschisolido: Birth tourism an ‘abuse of the system’

http://www.richmond-news.com/news/peschisolido-birth-tourism-an-abuse-of-the-system-1.2424735

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Hyper-mega-Bull

Richmond MP Joe Peschisolido named in lawsuits
Chinese investors claim Joe Peschisolido didn’t do his duty as a lawyer while his firm represented an immigration consultant
– See more at: http://www.richmond-news.com/news/richmond-mp-joe-peschisolido-named-in-lawsuits-1.2355571#sthash.vGo7UJTI.dpuf

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Hyper-mega-Bull

Peschisolido regrets wearing communist scarf at China flag raising
Flag distinct from government of the day: MP
– See more at: http://www.richmond-news.com/news/peschisolido-regrets-wearing-communist-scarf-at-china-flag-raising-1.2358643#sthash.4enSdMiZ.dpuf

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YVR

Slow day at the open house?

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Best place on meth

You really should change your name again, scale it back to just mega-bull.

In Februrary you can downgrade again to just bull.

April can bring in tiny-baby-bull and finally next June you can finish up with neutered-former-bull.

If you really want to do one more then go with….I’m not sure what words you would use for this…

http://8020.photos.jpgmag.com/1346389_201309_39bca377b9_p.jpg

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Spec

“Hyper Mega Steer” would also be acceptable LOL…

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Boombust

Or, “Hypo- mini -Calf”

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Hyper-mega-Bull

Canada fast-tracking skilled, foreign workers welcomed by B.C. politicians, business

http://www.theprovince.com/News/12344872/story.html

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Newcomer

Look out, those skilled workers will be sure to buy multimillion dollar homes. That’s why they left their home countries to start at the bottom of the ladder in Canada, they are tired of been so danmn rich.

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Shut It Down Already

Clearly you know nothing about immigrants.

“Start at the bottom”. Lol.

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YVR

Listener discretion advised. This will make Oracle weep.

Ozzie Jurock – The Bear’s Returned To Vancouver’s Real Estate Market …But Few Noticed.

http://moneytalks.net/article-and-commentary/todays-best-money-making-ideas/real-estate/18548-ozzie-jurock-the-bears-returned-to-vancouvers-real-estate-market-but-few-noticed-.html

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Hyper-mega-Bull

As World Distraced by US Election China Unveils Three Major Decisions Within Three Minutes

http://www.bloomberg.com/news/articles/2016-11-07/with-world-fixated-on-u-s-election-china-moves-on-three-fronts

As the world focuses on the race for the White House, China unveiled three major decisions within three minutes of each other on Monday.

Among a raft of statements issued by the Standing Committee of the National People’s Congress, Beijing named a new finance minister, effectively barred a pair of elected Hong Kong “localists” from office, and passed a cybersecurity law that may hamstring foreign companies in Asia’s biggest economy.

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Combat roach

Great stuff, it is amazing that Canada is so deeply in love with them.

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Sellnoworbepricedin4evah

Canada actually cannot stand “them” but the homeowners love their $$$. Sad but it’s the future for many North American cities. Boomers love high home prices. Full stop

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Oh NO

$1,499,000

MLS® Number: R2121531

FYI this sold April 2016 for $1.650.000

Bye Bye $200k minimum

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YVR

Just another example prices are crashing and down 20% in 6 months. This one will be lucky to sell for $1.3. If it is still around in Spring $1.0.

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Confucius

These guys probably made a lot of money from real estate. They can see that the game is over and are taking a small loss today rather than an epic one tomorrow. The bulltards on this website don’t even realize what is going on. They will be slaughtered.

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Boombust

Too bad, so sad. THAT’S the way the ball bounces.

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Oracle

YVR has overrun the Vancouver Reddit site posting as “PCAdvisor”.

He is being ridiculed over there for his fantasy delusional analysis and views.

I kid you not.

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Combat roach

Those Chinese business folks are just irresistible, they keep reinventing themselves all-over again…

“A numbered company (0996109 B.C. LTD.) whose lone listed director is businessman An-Ban Wang bought the property in 2014 for the bargain-basement price of $16.6 million, which was actually $6 million below the asking price.”

http://www.theprovince.com/news/local+news/sale+this+vancouver+penthouse+comes+with+2459+million+price/12361501/story.html

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Oh NO

7300 PSF……good luck finding a rich sucker.. its worth 25 m max

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Abdul Lahazi

Taxes on the 16-room penthouse are pretty steep at $70,584 and you’ll be shelling out $3,394 monthly on maintenance fees.
LOL.

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Combat roach

Is this a f*cking scumbag who complained to T2 about BC foreign tax? Those fuckers from ‘billionaires club” are nothing but flippers with “connections” in politbyro.

“An-Ban Wang is also listed as a director of Tentimes Holding Canada Inc. along with Ruo Xiong Wang and Dong Huang. The founder and chairman of Tentimes Group (or Tiantai Group), one of China’s largest real estate firms, is named Ruoxiong Wang. He is also a member of the China Entrepreneurs Club, sometimes referred to as the ‘billionaires club,’ which toured Canada last month. ”

http://vancouversun.com/news/local-news/for-sale-this-vancouver-penthouse-comes-with-a-59-million-price-tag?google_editors_picks=true

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HAMster

Businessmen in china means property speculator.

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Best place on meth

At best, but businessman in china usually means thief.

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Foo Man

Are you more stupid or racist? Call Mommy – emergency hug session required

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YVR

The foreign buyers tax + PPT = 10.6 Million. More than the place will be worth in 3 years.

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Ktown

Exactly, and no local will buy it.

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patriotz

Is he selling the property itself or the numbered company that owns it? If the latter, no foreign tax or PTT because there’s no change of title.

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rockerguy

Anecdotal, but my realtor friend said that SFH sales are just dead as a doornail.

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Hyper-mega-Bull

it’s november.

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YVR

I guess that means less than 2 foreign buyers in Richmond? By December Hyper Bull will pointing out a foreigner rented a hotel room for a week.

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Hyper-mega-Bull

i suppose you also believe that richmond has the lowest childhood poverty rate in BC?

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Hyper-mega-Bull

sinofication goes mainstream as china laughs at hollywood takeover fears

Chinese Film Executive Calls U.S. Lawmakers’ Concern About Hollywood Investments “A Joke”

http://www.hollywoodreporter.com/news/chinese-film-executive-calls-us-lawmakers-concern-hollywood-investments-a-joke-944650

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Oracle

I was right.

Foreign Buyers that are foreign students and homemakers are going to be fast tracked for permanent residency. Then the foreign money buying will ramp up again. What a deal between T2 and CC.

http://www.theglobeandmail.com/news/national/ottawa-to-revise-how-it-assesses-permanent-residence-applications/article32701307/?service=mobile

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YVR

Can you read? The article says new rules brought in Jan 2015 make it more difficult for foreign students to get PR. Priority is now given to TFW (who work at places like Timmy’s). Just another reason prices will crash. Sorry Oracle wrong again.

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Oracle

Jokes on you. Reread the article and what they meant by Jan 2015.

LMAO

You’re out of your league son.

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Reasonfirst

“by Jan 2015” ???

All they are talking about is changing the process not the numbers.

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Reasonfirst

“But growth in student recruitment has now slowed.”

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Hyper-mega-Bull

Foreign buyers bounce back in Richmond after tax

http://www.richmond-news.com/news/foreign-buyers-bounce-back-in-richmond-after-tax-1.2466051

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Hyper-mega-truth

Richmond foreign buyers July 2106: 18%

http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-foreign-data-1.3695439

Richmond Foreign buyers October 2016: 4.4%

Number of Richmond foreign buyers has declined by 75% in 3 months.

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YVR

That is in percentage terms. In actual sales it is more like a 95% reduction.

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YVR

Your article says there were 61 total sales in Richmond in October. 4% of that is 2. LOL

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Whistler or Bust?

HMB got schooled!

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Hyper-mega-Bull

congratulations on being able to read.

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Reasonfirst

you look foolish posting that.

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Hyper-mega-Bull

i look foolish for posting an un -ditorialized headline and article without comment?

wow… bearlogic.

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