The growing popularity of payday loans.

How do normal people afford to live in Vancouver?

That’s easy – Payday loans!

The cost of payday loans in B.C. can work out to the equivalent of an annual interest rate of more than 500 per cent, the FCAC report notes. And payday loan use has “grown especially rapidly” in B.C., according to a January report from Vancity, with British Columbians “using payday loans at an increasingly higher per capita rate than residents of other provinces.”

Read the full article over in the Vancouver Sun.

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BubbleTea
Guest
BubbleTea
Combat roach
Guest
Combat roach

Spencer’s Renter’s Forum – This Thursday Evening

You know that more than 80% of us are renters. And you also know that issues important to renters have been my priority since before I was first elected. We are a community currently experiencing a devastating housing crisis that affects so many of us. The vast majority of the cases constituents share with us concern housing.
I invite you to join us this Thursday evening at 6:30pm at Paul’s Church so we can learn, share our stories and ways to address this crisis. I do hope you will join us Thursday evening.

Housing Forum Speakers
David Eby – NDP Official Opposition Housing Spokesperson
David Hutniak – Landlord BC
Karen Sawatzky – Air BnB Researcher
Danny Oleksiuk –Abundant Housing Vancouver
St. Paul’s Advocacy

Spencer Chandra Herbert

Hyper-mega-Bull
Member
Hyper-mega-Bull

Chinatown revitalization plans concern area’s seniors

“There’s too many coffee shops in Chinatown right now and she hopes more Chinese people will come back to the neighbourhood…”

http://www.news1130.com/2016/11/21/chinatown-revitalization-plans-concern-areas-seniors/

ostritch
Member
ostritch

Oh the irony.

chilled
Member
chilled

Xenophobic racists, and it’s all Trump’s fault!!!

Bag it and tag it
Member
Bag it and tag it

I’d suggest a tax on non-Chinese to live in the area, but Richmond Realtors have told me this would be racist.

Kim
Guest
Kim

You know, to be fair, the Chinese in chinatown are vastly different from the locusts we rant about. For the most part, they contributed to society and are now retired, or they have held jobs. They are not uber wealthy communist scum.

Best place on meth
Guest
Best place on meth

That’s true, but still:

“Since moving to Vancouver 33 years ago from Alberta, a woman known simply as Mrs. Ma says she’s slowly watched the number of tea shops and traditional markets get replaced with coffee shops, expensive, modern restaurants and luxury condominiums.

“There’s too many coffee shops in Chinatown right now and she hopes more Chinese people will come back to the neighbourhood and that there would be more supermarkets that she can afford that would have the vegetables she needs,” Ma’s translator says.”

More that 33 years in our country and she hasn’t bother to learn to speak English?

Pathetic.

Ulsterman
Member

She arrived over 33 years ago when there would not have been anywhere near the level of Chinese language services on offer as there is today. If i were a new Chinese immigrant moving to Richmond i wouldn’t even consider learning English. Why bother, now absolutely ever service you need is offered in your native tongue. I cannot imagine what the region will be like in a generation or two from now.

ostritch
Member
ostritch

Some people aren’t good with languages. For instance, how many do you speak and write?

MarKoz
Member
Active Member

Uber wealthy communists. What’s wrong with this picture?

history
Guest
history
ostritch
Member
ostritch

You’ve really gotta have your head in the sand if you think this will end well for locals in Vancouver:

http://www.theglobeandmail.com/news/politics/trudeau-attended-cash-for-access-fundraiser-with-chinese-billionaires/article32971362/?campaign_id=A100

Our leaders continue to sell Canada out.

Combat roach
Guest
Combat roach

One way of dealing with the homelessness in Vancouver…

Thanks to Chicago-based charity initiative The Citypak Project, 750 homeless people in the Vancouver-area will receive specially-made “street-proof” backpacks this week designed to keep out the rain – and prevent theft.
The waterproof Citypaks are specially designed for people living on the streets, featuring a built-in poncho that folds out to cover the wearer and the bag.

http://bc.ctvnews.ca/not-just-a-bag-street-proof-backpacks-give-safety-to-homeless-1.3170870

BubbleTea
Guest
BubbleTea

Steve Saretsky “I now dub Richmond ‘The Ghost City’ 46% of condos sold this year were listed as “vacant”.

Newcomer
Member
Newcomer

Looks like Richmond needs to get itself a vacant property tax.

Bear Vancouverite
Member
Bear Vancouverite

Do that to Richmond and Burnaby and suddenly the available units will blossom and definitely help with affordability. Otherwise when Vancouver cracks down Richmond and Burnaby will get worse.

Newcomer
Member
Newcomer

I don’t follow. Why would they get worse? It’s not like you can move your vacant property there.

Ulsterman
Member

but couldn’t you sell your vacant Vancouver property and buy another one or two vacant properties in Burnaby?

Newcomer
Member
Newcomer

If mortgage holders are using payday loans , you can be sure that they are already maxed out on their credit cards and now, unable to refinance for a larger mortgage amount, the gig will be up, even without a rise in rates. And you can be sure that consumer finance rates will, in fact, be jumping. This week my business card processor jacked their processing fees for the first time since 2008. If they are hitting businesses, they will certainly be hitting consumers.

Kim
Guest
Kim

FA called me to let me know TD raising rates AGAIN (2nd time this month) on all fixed mortgages.
No wonder financial stocks have been doing well.

Heyo
Guest
Heyo

Third time? First was Nov 1.

Kim
Guest
Kim

The first was on variable rate mortgages. I locked in to a 3 year fixed last week and BOOM it goes up again.

Oh well, tough for some of my friends who are waiting on their presale to be completed next year. Good for me and my financial stocks. RY, TD, CM up quite a bit since Trump was elected and Shillary shamed. Easy money on the backs of stupid Canadians.

bullwhip29
Guest
bullwhip29

B.C. promises 2,900 affordable housing units
http://globalnews.ca/news/3082502/b-c-promises-2900-affordable-housing-units/

>>> more from Krusty’s bag of goodies…

Best place on meth
Guest
Best place on meth

Only 600 for Vancouver, it’s a drop in the bucket.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Premier’s landlord linked to Whitecaps owner
https://www.biv.com/article/2016/11/exclusive-premiers-landlord-linked-whitecaps-owner/

>>> lots of moving pieces here… important part is that kerfoot owns a lot of valuable and strategically located property in downtown vanc

bullwhip29
Guest
bullwhip29

Province makes ‘single biggest injection’ into Surrey rental stock with $32M commitment
http://www.thenownewspaper.com/news/402504145.html

bullwhip29
Guest
bullwhip29
Hyper-mega-Bull
Member
Hyper-mega-Bull

i propose a new class of residents. condos that can only be owned and lived in by foreigners. they’ll get their own “special” building code. basically built to Chinese standards.

put it next to some “high status” attraction like an equestrian center and we can clean up.

when the buildings collapse they’ll make good habitat for local wildlife.

Combat roach
Guest
Combat roach

As suggested before camps would be more appropriate, affordable and practical. Ideally working camps with firm tax regulations.

paulb
Member
Active Member

New
146
Price Change
56
Sold
138

TI:9336

http://www.paulboenisch.com

Oh NO
Guest
Oh NO

wow see chipmans blog today Fraser valley hurting…. anyone know how east van houses selling?

Best place on meth
Guest
Best place on meth

Selling poorly and for deep discounts. Some examples for the last few days.

2048 EAST 28TH AVE, ask 1.4 sold 1.25, 79 DOM

729 10TH AVE E, ask 1.39 sold 1.29, 23 DOM

2803 WALL ST, ask 1.62, sold 1.45, 32 DOM

1089 58TH AVE E, ask 1.39, sold 1.2, 25 DOM

And yes, the valley has been even worse.

No Money Down
Member
No Money Down

Still solidly above 2015 Assessments

2048 EAST 28TH AVE Sold $1.25M; Assessed $1.075M

729 10TH AVE E Sold $1.29M; Assessed $1.12M

2803 WALL ST Sold $1.45M; Assessed $1.21M

1089 58TH AVE E Sold $1.2M; Assessed $0.96M

Bag it and tag it
Member
Bag it and tag it

Yes, but the 2015 assessment snapshot was taken 1.5 years ago, and prices had gone up close to 40% from then until peak, in E Van…so market’s in BIG trouble if we start testing the 2015 assessment values any time soon.

YVR
Guest
YVR

Plus assessed has always been ~10% lower than actual market value.

Confucius
Guest
Confucius

I wouldn’t call that solid. 15 percent off and we’re back to 2015.

Combat roach
Guest
Combat roach

Confusing, who still buys the shit at such high prices?

Oh NO
Guest
Oh NO

Hillary Clinton supporters?

history
Guest
history

I have decent idea for solving the homeless and affordibility challenge. It involves inverting the solution to school overcrowding in the 60s and 70s. Back then the school boards added portables. Today the solution is to allow people to live in their vehicles in designated safe places, provided you are over 55, with minimum 55 square feet living space. The vehicle must be operational.

Newcomer
Member
Newcomer

You should seriously consider reading Access Fantasy in this collection of short stories by Jonathan Lethem (http://www.goodreads.com/book/show/16715.Men_and_Cartoons) which is about exactly that in a future dystopia where the haves and have nots are separated and the poor watch real-estate porn. It’s a great read.

history
Guest
history

so, you are against this idea?

Newcomer
Member
Newcomer

Sigh.

history
Guest
history

to me it’s a fantastic idea. Detroit can make a vehicle for under 5 grand for this purpose. One phone call from Trump.

YVR
Guest
YVR

I think that idea is already being done. Just without the designated spaces or age restrictions.

Vehicles of all kinds fill the lot outside the big box store on Green Avenue, packed with the worldly possessions of people calling the Walmart home.

http://bc.ctvnews.ca/walmart-parking-lot-turned-into-homeless-camp-1.3053320

history
Guest
history

lovely story, it traps you (negative), but the lifestyle is bullish.

Bear Vancouverite
Member
Bear Vancouverite
This link was posted yesterday by southseacompany, but I wanted to highlight something from it: http://vancouversun.com/business/mortgages/metro-in-debt-non-bank-or-private-lenders-feed-or-rescue-debt-addicted-homebuyers ================ Recently, Sadler’s clients, a 53-year-old woman and her 55-year-old husband, were facing the foreclosure of the Tsawwassen home they share with their 16-year-old son. They had bought, renovated and sold a few homes through their own small renovation company. They had also borrowed and lost “almost $2 million” when a 19-unit town home project they were developing in Langley “didn’t sell for as much as we thought it would,” ================= It sounds like a local amateur developer bought into the cool-aid and thought to make easy money by developing a 19 unit town home project in Langley. I suspect this is more common than we give it credit for, and this disconnect between what people think land is worth and what they can… Read more »
Oh oh
Guest
Oh oh

Prime Vancouver example of a loss…is that ugly rusting metal townhouse complex on w6th ave. They lost on that one

Ulsterman
Member

how they sold even one of those prison barracks defies belief

YVR
Guest
YVR

Over the past 7 years you would have to be pretty incompetent to lose money developing housing. Prices have been rising year over year giving a 10% annual cushion. That all changed in late Spring. Now a best case scenario is a 20% year over year decline. That is a 30% difference from what developers have been used to. In the past if things were delayed no problem prices were rising to cover the extra costs. The opposite is happening now. Along with developer financing costs increasing. We are going to see a lot of bankruptcies and bank owned liquidations going forward.

squeak
Member
squeak

What happened to the old-fashioned concept of actually working for your money, paying taxes, putting money into pension funds, rainy day, etc, just like our parents did and none of this flipping homes watching floods of money coming your way without one drop of blood, sweat or tear, or honest degree (not cheated).

Oh yes, forgot, Vancouver is different. It does not have any industries except real estate flipping. Those with advanced degrees flee, don’t come to Vancouver and young with brains leave. Only RE agents/flippers find a reason to stay. What a fine city, but not for honest taxpaying working Canadians that is.

ostritch
Member
ostritch

You’ve heard of globalization right? That’s what happened. Anything on a coastline is now very expensive. Back in the 50s people paid more than double to freeze their asses off in MTL, the economic centre of the Canadian universe. Vancouver was unheard of back east then. A lot has changed since you used to come home for milk and cookies baked by your mom.

ostritch
Member
ostritch

Back then the style of hair bald men had was to grow a thin clump on one side down to their shoulders then brill cream it over the top of their bald pate. Grease everywhere. There were no shops open on Sundays. People went to church or stayed home. You wore your brother or sister’s clothes when they grew out of them. There were no designer jeans. There were no designer anything. People bought stuff because they needed it. There were maybe 3 options for the thing you wanted. Nothing was made in China, Poland or Vietnam except Chinese, Polish or Vietnamese stuff. All this started to change in the late 70s. Trade deals. England enters the common market etc etc. Now we’ve got Brexit and Trump. Maybe you will get your wish after all.

Funkeymonkey
Member
Funkeymonkey

Two of these three houses that are in a row on 41st have been for sale for ever. Does anyone know if there has been any price drops?
http://www.rew.ca/properties/R2099760/1256-e-41st-avenue-vancouver?property_click=map

Oh NO
Guest
Oh NO

They need to drop a lot I talking 30% just to get looky loos

Oh oh
Guest
Oh oh

Well well well…they reduced today …chop 200 plus off….another 20% required just to get lookers. Owner developer are you reading this?

Hyper-mega-Bull
Member
Hyper-mega-Bull
Combat roach
Guest
Combat roach

They had set him up to cooperate long time ago by providing him a wife.

patriotz
Member

FYI, Zukerberg’s wife was born in the US to Cantonese-speaking ethnic Chinese refugees from Vietnam, i.e. boat people.

I still think Zukerberg is a prick though.

patriotz
Member

Sorry of course that should be Zuckerberg, which means “sugar mountain”. Great Neil Young song. 🙂

Fear monger
Guest
Fear monger

Great observation, Pats.
After Leonard Cohen, we have only one Canadian rock icon left.
Neil Young.
Zuckerberg is not even on the same planet.

Just me
Guest
Just me

Yup. He is a total psycho, would walk on your dead body to get his way. Know the guy quite a bit.

ostritch
Member
ostritch

Z’Ok. He never had one. Remember the genesis story of Facebook? He stole the idea from people who hired him. I call him l’il Caligula ’cause he looks like him.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Trudeau attended cash-for-access fundraiser with Chinese billionaires

https://beta.theglobeandmail.com/news/politics/trudeau-attended-cash-for-access-fundraiser-with-chinese-billionaires/article32971362/?ref=http://www.theglobeandmail.com&service=mobile

Imagine if Clinton had won? All of North America would be controlled by sinophiles.

ostritch
Member
ostritch

Ya. But you’re racist for realizing that. And doubly racist for wanting a different outcome.

bullwhip29
Guest
bullwhip29

Cheats take advantage of low-cost housing program in Vancouver’s Downtown Eastside
http://globalnews.ca/news/3083335/cheats-abuse-low-cost-housing-program-in-vancouvers-downtown-eastside/

Newcomer
Member
Newcomer

So, the problem here is that people are making rental units available and she finds that her neighbors aren’t poor enough.

Oh NO
Guest
Oh NO

That Crusty Clack driving away in her Rolls after picking up rent cheques from her tenents

James
Guest
James

Hey Bullwhip29,
Notice in that article the $200000 Rolls Royce cruising past the ‘affordable housing’?
Now that’s Vancouver!

Best place on meth
Guest
Best place on meth

Is it on its way to the food bank?

Ulsterman
Member

I’m paraphrasing, but when Ozzy Jurock was on CKNW’s Money Talks he said that when young buyers come to renew their mortgages in a few years is now LIKELY than many will not re-qualify. Them’s some fightin’ words.

YVR
Guest
YVR

I have been listening to Ozzy for 15 years and have never heard him so dire. Even when he was getting sued in a class action lawsuit by his former ‘students’ he was more upbeat.

Oracle
Guest
Oracle

Requalify??

You only need to qualify once at the start of a 25 yr mortgage.

Where you getting this BS from. He playing you guys.

patriotz
Member

At the end of the term of any mortgage (e.g. 3 years, 5 years) the entire outstanding principal becomes due and payable. I do think though that if the mortgage is insured and the borrower has been keeping up payments the lenders will likely renew – nothing to be gained from a foreclosure. I think the people who may be in real trouble are those who bought uninsured, now have <20% equity, and don't qualify for insurance.

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