BC teaser loans panned in media.

The new first time buyer teaser loan program announced by the BC government has met a suprisingly negative reaction in the media, but some online polls show voters approve.

This move seems designed to undo some of the federal ramp back of housing market fuel. Bearvancouverite points out this might help developers who are seeing people backing out of presales agreements.

This might be exactly why Christy did it. Developers were panicking that presales won’t close because mortgage qualifications would be so different in the next few years, they need to dangle a carrot to make sure speculators don’t just walk away and first time buyers can be convinced to take over presales from flippers.

Scoop points out why this program should be referred to as a “teaser loan” as made popular in the US housing bubble:

Definition of “teaser loan” from investopedia: An adjustable-rate mortgage loan in which the borrower pays a very low initial interest rate, which increases after a few years. Teaser loans try to entice borrowers by offering an artificially low rate and small down payments, claiming that borrowers should be able to refinance before the increases occur.

http://www.investopedia.com/terms/t/teaser-loan.asp

Let’s all call start calling this new program what it is: Christy’s Teaser Loan Program.

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space889
Member
space889
If you are a FTB and couldn’t qualify now because of the Fed changes, why wouldn’t you love this program that let you buy that condo / TH / House you wanted and feel deserves? Seriously, why would you not love it? Just because you bears don’t like it and want house price to fall, doesn’t mean everyone want the same thing or even care. 70% of people already owns and lots of people want to join them. Guess what? Bears are in decidedly minority, and most being too stubborn to realize they are wrong even after a decade? Well, there is just no help. Btw, let the crash come, cuz sure lots of homeowners will be crushed. But I bet lots of bears might be hurt even worse! Can’t wait! Well, maybe a little bit cuz I gotta go… Read more »
backwardsevolution
Guest
backwardsevolution

space889 – first-time buyers might like this program at first glance, but when they stop and think about it, realize they are going to be paying more (as prices always rise to meet available money), they might have second thoughts.

First-time buyers: you are being sucked into the top of the market. When this falls apart, and it will, you are going to be screwed. Prices will fall drastically, and the unit you end up buying will be worth a fraction of what you paid for it.

First-time buyers: be smart, do not buy at the top, and wait it out. If everyone did this, prices would come down. Wouldn’t you rather pay $150,000.00 for a condo versus $300,000.00?

Do not be fooled by this. Let these developers twist and let prices come down.

backwardsevolution
Guest
backwardsevolution

space889 – first-time buyers might like this program at first glance, but when they stop and think about it, realize they are going to be paying more (as prices always rise to meet available money), they might have second thoughts.

First-time buyers: you are being sucked into the top of the market. When this falls apart, and it will, you are going to be screwed. Prices will fall drastically, and the unit you end up buying will be worth a fraction of what you paid for it.

First-time buyers: be smart, do not buy at the top, and wait it out. If everyone did this, prices would come down. Wouldn’t you rather pay $150,000.00 for a condo versus $300,000.00?

Do not be fooled by this. Let these developers twist and let prices come down.

space889
Member
space889

1 – Studies have shown most people spend more time researching TV than on their home purchase

Bear Vancouverite
Member
Bear Vancouverite

I have to agree.

When I bought my first place some years ago I found it surreal that you walk in, look around for maybe 5 minutes, and then the realtor expects you to make a decision or have meaningful questions. I went back to that place at least 3 times, including sitting one time in there for some 30 minutes thinking it through.

People literally spend more time worrying about what $500 laptop to buy than they do about the biggest purchase of their lives.

backwardsevolution
Guest
backwardsevolution

That’s because you don’t buy a laptop out of fear. But people are buying real estate that way. The hype is always, “Get in before you can’t.” Fear tactics.

Wait it out, starve the beast. China is going ti*s up as we speak, so is Japan. The rest will follow. Boom!

Shut It Down Already
Guest
Shut It Down Already

You’ve come to the right place!

space889
Member
space889

2 – 08/09 has shown to be a buying opportunity of a lifetime for these people, and anyone who sold or didn’t buy lost out big.
3 – Bears have been claiming this is the TOP! Crash next year! Buy now and be PRICED IN FOREVER! Houses will drop to fraction of value for 8 to 10+ years! You really think people will believe you when reality has been totally opposite?
4 – If you are a pre-sale purchaser who can’t complete now or in a year or 2 due to Fed mortgage changes and you are intending to live in it, then this program could just be the ticket.

So simple as that why lots of people are liking it.

elvince
Guest
elvince

2- Wrong. Anyone who cashed out in 08/09 and moved away to a different region of the country is awash with cash;
3- You’re totally right. At this point, telling anyone that Real Estate isn’t an easy ticket to wealth and the market won’t go up forever and reach the moon is as useless as telling a person who’s been smoking for 50 years that smoking is bad. It’s true, but that person has no reason to believe you, and they won’t.
4- You’re also right on this. Doesn’t mean it’s a shroud financial move, it only means CC’s program is providing you with a rope to hang yourself should you choose to.

space889
Member
space889

Uhm…duplex selling for $700K in Marpole is now selling for $1.2M to $1.5M now. Those houses right on Cambie street went from $1.5/2M to over $3.5M now.

Condo price went up by $200/sq ft since the depth when most people were scared shitless. TH is now asking for $1000/sq ft now in Van West.

If you sell now and move to a different region, you would be awash even in more $$$$$$ than if you done it in 08.

SpacedOut
Guest
SpacedOut

Isn’t this that buy low, sell high stuff I’ve been hearing about. Tell me more please.

Newcomer
Member
Newcomer

You are saying that there are people out there who would like some apparently free money, and who don’t mind taking on future obligations in exchange for some instant satisfaction. I doubt anyone will disagree with you. Just swing by you local Lending Tree for confirmation. There is also a demand for heroin and handguns but meeting that demand is not always a good idea.

space889
Member
space889
BPOM, the man, the big meanie who’s gonna go kill and beat all the mainland Chinese commies! So brave! Hey, maybe stop hiding behind Internet anonymity for starters and show us who you are first. As for helping out? If you really wanna help, go join the IJN or IJA. They can always use a new body, especially now Shinzo Abe plans to revive Japanese imperialist ambition again. Korea will be first target, followed by Taiwan for practice, and then China. Gotta get in early to get some action BPOM! I’m sure the rest of your team here will gladly join you as your squad mate! IJA, that’s where the action is at! I’m sure it will suit a bunch of racists butchers like you just fine! Just make sure you also like human flesh and killing pregnant commies, cuz… Read more »
space889
Member
space889
@Bear Vancouverite – Canada can shut off a lot of the illegal capital flow simply by enforcing existing anti-matter law, and help China extradite the corrupt officials and seizing their assets. Harper sign a 50/50 bounty deal with China and yet Canada has done nothing. It basically shows you where Canada’s priority and real intention lies. It’s not about justice & fighting corruption & money laundering at all. There are also tons of legit foreign capital flows into this country. As I said, many recent immigrants have a few hundred thousands in assets from China’s RE bubble / growth over the last 3 decades. Good luck competing with that money. You can shut that off by limiting immigration from China, but what about HK & Taiwan? Or how about people already here? Kick them all out?
hmnhrmmm
Guest
hmnhrmmm

stop polluting this blog. Honestly, don’t you have anything better to do?

hmnhrmmm
Guest
hmnhrmmm

That was directed at space889. 🙂

space889
Member
space889

Does BPOM & co have anything better to do than spewing crap about Chinese people?

Oh wait, their comments are all ok and great because Chinese are all evil! They came from a hellhole ruled by commies! They are the devil spawns! A locust plaque coming to devour Canada! They are just standing up for Canada, Canadian values, and simply what is right! So, why can’t I learn from them and be a good little reformed locust who embrace Canadian values & morals?

Newcomer
Member
Newcomer

Dude, are you by any chance having an argument with yourself?

dan
Guest
dan

yeah…so,whats your point?

space889
Member
space889

Why am I polluting the blog when I’m following in the footsteps of these great posters and representatives of Canadian values?

Is it because I don’t use enough swear words? Or my posts aren’t abusive and rude enough? Or I just don’t put into hate & racial slurs into my comments? Please let me know! I want to improve and be as good as BPOM, Yunak, Combat Roach, etc! All my idols!

SpacedOut
Guest
SpacedOut

you must be a blast to grab a beer with. We should hang out some time. Do you ever leave your computer?

Donald T
Guest
Donald T

no.

Slava
Guest
Slava

There is no diversity in most section of the lower mainland. It is 70-98% Chinese Uni Cultural reality.
In Surrey it majority Punjabi.

This is not multi-culturalism, but uni cultural colonization, due to baby boomerBC regime greed in selling out their city to the highest bidder.

Best place on meth
Guest
Best place on meth

Should I respond to space or just let him yell at the clouds?

Slava
Guest
Slava

I wonder if Shanghai or Beijing or any other city in China would appreciate their city being bought up by affluent Caucasians or Africans residential real estate investors (or any other foreign element) to the point that the local population cannot afford to live where they work and were they were born and raised?

space889
Member
space889

And if actual useful info is pollution then I guess I will have to stop that practice as well. Guess it was stupid of me to think that offering some facts and info people might not know or just different perspective is actually good and wanted.

space889
Member
space889
@Bear Vancouverite – As for foreign company investments, frankly I would more worried about foreign controls over strategic vital resources like water well! Two Ontario towns lost bid for water wells to Nestle, a company who don’t believe that water is a fundamental human right. Do you want to live in a country where local citizens can be facing severe water restrictions & high water costs, while a faceless, moral less multinational company keep exporting water for profit while paying pretty much nothing in royalty to Canada? That’s what Canada is moving towards to now. You don’t want direct foreign ownership. But what about a foreign owned REIT that basically buys up everything? What if there isn’t foreign investment who don’t mind taking big risks with piles of cash, and local companies don’t want to take big risk for redevelopment… Read more »
backwardsevolution
Guest
backwardsevolution
The government again is picking winners and losers. Governments should never be in the business of doing this. They should stay neutral and let the market dictate prices, but they haven’t done this. They really ought to be in jail, charged with collusion, for colluding with the real estate/developer lobby. All this is going to do (which Clarke already knows) is increase prices again. Prices always rise to meet available money. So the little would-be homeowner who THINKS he is being helped will just end up paying more, and when this all crashes, as it will, that little homeowner will have bought at the top of the market. The value of his asset will then be worth less than he paid. How about the government stops pandering to the real estate/developer lobby and let prices come down. That would really… Read more »
space889
Member
space889
Uhmm…you do know that picking winners are how gov’t get elected right?! If gov’t don’t pick winners then why would anybody vote for any politicians? If I don’t promise you anything that would benefit you, why the hell would you elect me?! You think this is some kind of meritocracy where the voters are like a hiring committee determining best person for the job?? As for no land ownership in Asia, I don’t know about other countries, but for China at least, plenty of revolutions are caused by land owners grabbing so much land that way too many working folks end up like serfs, with a complicit gov’t. So, total gov’t ownership is seen as a way to prevent that, with relaxation of land ownership coming slowly over time either due to prosperity or gov’t need for funds, and the… Read more »
backwardsevolution
Guest
backwardsevolution

space889 – “If I don’t promise you anything that would benefit you, why the hell would you elect me?! ”

And therein lies the problem. Everybody is out to get something for nothing. How about voting for the person who benefits the whole country, not just select groups? How about voting someone in who loves the country and doesn’t want to sell it out for money? How about someone who doesn’t want to decimate a culture?

There will be another revolution coming in China, very soon I believe. As soon as the bubbles (that their government keeps blowing) pop. A billion people with rope looking to string up the elite. Lots of bankrupt paper-rich millionaires.

Best place on meth
Guest
Best place on meth

Dictatorships have a limited shelf life, the one in china is already past it’s expiry date.

Had Nixon not thrown them a lifeline they would have had their revolution years ago.

space889
Member
space889

Shows precisely just how little you know anything about China.

history
Guest
history

https://canadianmortgagetrends.com/canadian_mortgage_trends/2016/12/lender-calls-q3-roundup.html

Oct 19 article

Street Capital….
…. believe(s)that some form of loan loss risk sharing will be implemented.
“In our opinion, this will likely result in increasing costs of capital and ultimately, rates for consumers

chilled
Member
chilled

Trump just swept the Electoral College confirmation, where the hell is all the anti-Trump yammering from the Vancouver Condo Social Justice Warrior crowd? You remember don’t you? The bullshit mainstream media propaganda many of you dunderheads were parroting prior to the election? When your emotions grab you by the balls and your brain goes into group think mode? Virtually the same politically correct garbage that brought us into this same Vancouver real estate fiasco? Maybe call it “the shit my Libturd professor never told me about.”

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

Buddy get a grip..

chilled
Member
chilled

LOL!!! Another butthurt Vancouver social justice warrior!! Kiss my ass mangina, go hug your professor and find your safe space.

space889
Member
space889

So I guess gays are just rude and immature, and didn’t get raised properly with proper manners? As Combat Roach would recommend, dude, you need help! Not the gay part, but the rest of it.

Shut It Down Already
Guest
Shut It Down Already

You’re doing a great job of breaking down those stereotypes of Trump supporters, chilled.

Are you old enough to vote?

Best place on meth
Guest
Best place on meth

I thought you hated stereotypes.

Of course you don’t, you’re a fucking hypocrite just like all race baiters.

space889
Member
space889

Is your vulgarism part of the traditional folklore or you were badly treated during the childhood? Either way, you should look for help.

Shut It Down Already
Guest
Shut It Down Already

Political allegiance is a matter of choice, dummy.

chilled
Member
chilled

You can order some of this online, you need it badly;

https://i.sli.mg/Lw1OeR.jpg

Best place on meth
Guest
Best place on meth

The liberal arts students are still trying to find a safe space, I’m sure Turdeau will come to their aid as soon as he’s finished with his current private dinner with wealthy communist party members.

Funnily enough, the anti-democratic marxists who tried to overthrow the election result by harassing the electors found that their scheme backfired.

Several electors refused to cast their vote for Hillary, including 4 in Washington state.

space889
Member
space889

And what are you? I doubt you would be science or engineering or anything requiring those since they require a functioning brain and intelligence. Commerce, nursing, physio, nutrition, doubtful too since that require at least some tact and communication skills.

So what faculty are you, where you supposedly got a master degree from? Unless it’s an online master degree that you just need to pay $20K for in some super specialized niche like toilet sanitation?

Best place on meth
Guest
Best place on meth

If we still had a functioning voting system like the one we had before you chinamen hacked it you’d be around -40 for all your angry, crazed posts.

You people are evil.

space889
Member
space889

Is your vulgarism part of the traditional folklore or you were badly treated during the childhood? Either way, you should look for help.

Boombust
Guest
Boombust

What do you want us to do about it? We can’t vote in the US, can we?

would-be buyer
Guest
would-be buyer

You have got to be kidding me.

http://createsend.com/t/i-D97ACC0F628CC685

history
Guest
history

with that one, ive gotta say: mortgage broker clerks have collectively, Jumped The Shark

Combat roach
Guest
Combat roach

Who will be funding this waste of time and resources spent on a study on the impacts of the federal government’s October changes to mortgage insurance eligibility done by Standing Committee on Finance? A taxpayer?

space889
Member
space889

How about you since you seem like the type who enjoys research and backing up claims with facts & figures, rather than emotions and stupidity?

Oh wait….talking to the wrong person here.

dan
Guest
dan

who are you fighting with mostly? I think you’re confused!

Best place on meth
Guest
Best place on meth

He fights with anyone who insults his beloved motherland, or even criticizes it.

They’re very touchy about this sort of thing, some would even say butthurt – you know, the “century of humiliation” thing that they still can’t get over.

That’s why they’re trying to wipe us out with fentanyl.

Expect it to be slipped into our food supply at a time of their choosing.

space889
Member
space889

Take your meds…

space889
Member
space889

And also step away from the innocent children!! You sexual deviant rapist murder, something Canada is well known for eh?

backwardsevolution
Guest
backwardsevolution

Mortgage Professionals Canada says:

“As a direct result of our collective lobbying efforts, we are very pleased to announce that the Standing Committee on Finance will be undertaking a study on the impacts of the federal government’s October changes to mortgage insurance eligibility.”

Well, here is the contact information for the Standing Committee on Finance:

Standing Committee on Finance
Sixth Floor, 131 Queen Street
House of Commons
Ottawa ON K1A 0A6
Canada
E-mail: FINA@parl.gc.ca
Fax: 613-947-3089
Website: parl.gc.ca/FINA-e

Let them know in no uncertain terms what you think about these lobbying efforts. Who runs this country? Lobbyists? We are being ruled by lobbyists from the real estate industry, developers, mortgage brokers. We must lobby back.

Write them, email them, do whatever you can.

Oracle
Guest
Oracle

Cash will exchange hands under the table. Mortgage changes will be rolled back.

Bank on it. The public has been asleep at the wheel while Canada was sold out.

backwardsevolution
Guest
backwardsevolution

That’s why everyone has to write them at the address I listed above. Tie their hands.

space889
Member
space889

and then they will just slip this in maybe next year, or closer to election time as a way to help out the average middle class who has been hurt by a RE decline beyond their control.

This kind of call reminds me of all those protests against bank fee increases. Worked the first time and then 6 months and bigger fee increases later, not a peep and people just silently took it.

backwardsevolution
Guest
backwardsevolution

space889 – “…and people just silently took it.” Yeah, until they didn’t.

space889
Member
space889

I foresee another round of fee increases coming next as the bank CEO needs to make the EPS target to get their big fat bonus. How many people will protest and actually vote with their feet to alternatives? I bet very few.

Follower
Guest
Follower
VCI admin, This blog used to have a certain relevancy that even captured some media attention years ago. People came here to get a “real” feel for the real estate market in Vancouver. In the last several years this blog has been commandeered by Real Estate agents posing as various commenters in an attempt to derail the message here, whether it was real estate was rising or falling. Nothing turns off a new poster faster than racial vitriol and nonsensical arguements. Both of these are designed to take this blog off on a tangent from its main purpose and from what I’ve seen, it has been wildly successful. Perhaps, because you actually start the conversation off via your post, you can get a handle back on your blog. If you are too busy to moderate the blog then the relevancy… Read more »
Oracle
Guest
Oracle

Only realtor here is Paul B.

WTF?

Oracle
Guest
Oracle

And whats the numbers Paul?

Whoracle
Guest
Whoracle

Paul B is washing cars for a living now. Couldnt afford to put bread on the table with no houses selling.

Best place on meth
Guest
Best place on meth

Paul is enjoying Christmas holidays with his family.

Anyone demanding free data from him at this time is a douche.

space889
Member
space889

Takes one to know one?

Funkeymonkey
Member
Funkeymonkey

Oracle and space must be tied to RE in some way.

Newcomer
Member
Newcomer

I doubt it. Why talk to bears who don’t plan to buy soon? Space has been commenting on this blog since before the Great Fire of Vancouver in 1886. If he were in real estate, he should have been a busy man during all this time. Too busy to comment here. Oracle, for her part, does not know things that anyone in the real estate business ordinarily would.

Funkeymonkey
Member
Funkeymonkey

I just cant understand there motive to post such ridiculous things all the time.

space889
Member
space889

Why would RE agents post racial hateful comments about one of the biggest buyers group?? Isn’t that counter to their interest? Especially with measures that now specifically target this said group?

But then if someone like say BPOM & co are a disgruntled agent who can’t get any biz cuz he can’t speak Chinese and seeing all his immigrants Chinese colleagues getting the deals, the $$$, the car, the babes, the fancy house, then it does make sense.

Best place on meth
Guest
Best place on meth

Congratulations, you have me figured out.

And I thought you people were only good at math.

SpacedOut
Guest
SpacedOut

if I had a nickle for every Asian realtor I saw with a babe….You really don’t leave the house, do you?

backwardsevolution
Guest
backwardsevolution

Follower – I agree with your post. There are a lot of real estate agents on this board who are specifically baiting people, who add nothing, who stop what could be good conversation. This is done on purpose, I believe. Space889 comes to mind. He appears to want to divide the conversation, and he’s deliberately trying to goad and provoke. If I were the Administrator, I would limit his posts. He is adding nothing.

Shut It Down Already
Guest
Shut It Down Already

You think space is a real estate agent? What on earth gives you that impression? Paul is the only agent here I’m aware of and he doesn’t exactly try and disguise the fact.

space889
Member
space889

So uhm…what does BPOM and CO add to this blog? Aren’t they the ones posting all the racial stuff which is the premise of the OP about RE agents posting stuff on here?

Oh wait, I keep forgetting, posting crap about 1 billion people isn’t racial slurs or hate but promoting Canadian values. And anyone who points out that is dividing the blog and contributing garbage.

Best place on meth
Guest
Best place on meth

“Both of these are designed to take this blog off on a tangent from its main purpose and from what I’ve seen, it has been wildly successful.”

Absolutely wrong, despite some of the sideshows this blog is as effective as ever at investigating and analyzing the truth behind the ridiculously corrupt real estate market here.

It’s because of this blogs like this and the people who contribute that valuable information get’s around to the public who are otherwise blinded by corporate media, and even inspires real reporters to uncover the fraud and criminality that is so rampant in Vancouver real estate.

I really have to wonder if you are posting here to try to de-legitimize this blog the way shut it down has been desperately tryng to do for a very long time.

I hope that’s not the case.

Shut It Down Already
Guest
Shut It Down Already

There’a absolutely nothing legitimate about your tireless tedious racism. I guess others have noticed that, too – shocking.

Best place on meth
Guest
Best place on meth
“Both of these are designed to take this blog off on a tangent from its main purpose and from what I’ve seen, it has been wildly successful.” Absolutely wrong, despite some of the sideshows this blog is as effective as ever at investigating and analyzing the truth behind the ridiculously corrupt real estate market here. It’s because of this blogs like this and the people who contribute that valuable information get’s around to the public who are otherwise blinded by corporate media, and even inspires real reporters to uncover the fraud and criminality that is so rampant in Vancouver real estate. As for this blog capturing “media attention”, that’s not something we need. Word of mouth is far more powerful and reliable than any media attention. I really have to wonder if you are posting here to try to de-legitimize… Read more »
space889
Member
space889

So why aren’t you & your disciples posting the message on more mainstream sites like VancouverSun, Province, Huffinton Post, National Post, Globe & Mail, CBC or even GreaterFool, Canadian Money Forum, RedFlagDeals? I mean c’mon, you must let more Canadian know about the perils of yellow locust invasion! People must be warned!

Hyper-mega-Bull
Member
Hyper-mega-Bull

>This blog used to have a certain relevancy that even captured some media attention years ago. People came here to get a “real” feel for the real estate market in Vancouver.

the commentary posted years ago has been proven to be all wrong and delusional. the “real” feel was a collective hallucination.

you are probably feeling discomfort because reality is slowly seeping into your favorite online fantasy world.

space889
Member
space889

But bears are still maintain they are right. After all renting is cheaper and you could have made fortunes investing in stocks! It’s so easy!

SpacedOut
Guest
SpacedOut

+1000. Pull it the fuck together admin. This place is a shit show.

Newcomer
Member
Newcomer
backwardsevolution
Guest
backwardsevolution

Newcomer – without truth and honesty, you have no society. Just a bunch of citizens thrown together, trying to get rich on lies and deceit.

LS in Arbutus
Guest
LS in Arbutus

From the article:

“As we all know in this province, particularly in the Lower Mainland, the real estate prices have gone sky-high, and what you have are a lot of borrowers under stress, because of difficult decisions that are made in difficult, high-stress circumstances,” Gale said. “People are often making complaints when they’re in trouble. Often you’ll find that the mortgage was funded two years ago, but now they’re having trouble paying, and that’s when they’ll make a complaint.”

Newcomer
Member
Newcomer

It’s a standard part of a bubble that, when prices start to go down, fraud is revealed. When prices go up fast enough fraud that would normally cause problems goes unnoticed. It’s all part of the separation from economic fundamentals.

space889
Member
space889

Another BC Libs maneuver – halts ICBC review.

Oh, and this interesting tidbit – not that this data will affect views and opinions of bears here about the yellow invasion and its damages on ICBC:
The government has already announced plans to cut off insurance for some luxury vehicles in an attempt to stop the bleeding at ICBC, but that will only save about $2.3 million of almost $4 billion in claims each year.

http://vancouversun.com/news/local-news/icbc-rates-to-jump-as-transportation-minister-orders-study-of-crown-corporation

Just me
Guest
Just me

Do these comments sound familiar?

http://rescu.com.au/2017-house-price-australia/

The real problem are the RE industry and conniving politicians. Christy is the leader.

backwardsevolution
Guest
backwardsevolution

Yes, this is a story we all know well. Realtors, mortgage brokers, developers, bankers, and crooked politicians. Really, the dregs of society calling the shots and ruining countries as they go. In their pursuit of riches, they end up destroying what was beautiful.

patriotz
Member

The people calling the shots are the homeowners who think they are on a path to getting rich. No politician will come out and call for lower house prices because they know it’s a sure path to defeat. The nice people next door are the real problem, not the RE industry, Chinese, or politicians.

Q. Would you support policies that would lead to a drop in real estate values?
A. People who already own homes would be unfairly hurt by a policy that would lead to a drop in real-estate values. If the current homeowner has taken out a mortgage for say 90% of the worth of their home, and values then drop by 10%, the homeowner has lost 100% of her or his equity.

YVR
Guest
YVR

Although somewhat correct keeping the bubble going it is more about jobs and the economy. A large portion of the jobs are directly or indirectly linked to rising RE prices. Voters without jobs vote for a different party.

YVR
Guest
YVR

One RE significantly corrects those jobs will evaporate and the political party in office will get thrown out. That is why all politicians want to kick the can down the road.

space889
Member
space889

Not if you claim it’s beyond your control, natural force of business cycle, and unleash programs to help out of work workers and homeowners unadjustly hurt by the lower housing prices. 🙂

Abdul Lahazi
Guest
Abdul Lahazi

People who go to school, study hard, try to get a good job; that is so 20th century. They are now all screwed over by those dregs of society who are the high school drop-outs (or university dropouts as Christy Clark is) and former used-car salesmen scammers who run the show now. So don’t bother getting an education and a “career” and contribute to society any more, just borrow yourself to the hilt and make a “name” for yourself and you’ll be a success.

Newcomer
Member
Newcomer

To be fair, education has only ever been one of many possible routes to money. Recently, there has been a bubble in education, brought about by the exact same thing that caused the housing bubble (government-backed personal debt). As a result, the investment has been delivering lower and lower returns.

backwardsevolution
Guest
backwardsevolution

Think: why is Crusty doing this now? Is it only to get re-elected? Or could it be there’s something else happening? Think!

Abdul Lahazi
Guest
Abdul Lahazi

Calgary Millionaire developer Riaz Mamdani likely targeted in Mount Royal shooting.
http://calgaryherald.com/news/crime/shooting-victim-rushed-to-hospital
This guy comes from Uganda and is now a “millionaire developer”? I have to wonder what kind of shady dealings he is involved in to have someone try and take him out. Or Calgary real estate is in worse shape than we know.

Abdul Lahazi
Guest
Abdul Lahazi

and more:
A search of court documents revealed a long list of grievances against Mamdani.
The businessman is named as a defendant in two class action lawsuits, one of which claims $10 million in damages, and another in which investors claim they lost $200 million — the latter which was certified last year.
The $10-million claim, filed in June 2014, alleges Mamdani was involved in an investment deal in which investors in Alberta, Ontario and B.C. agreed to purchase a parcel of land through two Platinum Lands corporations.
Their claim states the investors raised $6.4 million to fund the purchases from SSAM Land Corp.

Abdul Lahazi
Guest
Abdul Lahazi

and the rest:
But it says SSAM, for which Mamdani was the directing mind, claimed the transaction was never closed because it had only received $5.7 million from the Platinum companies, controlled by defendant Shariff Chandran.
“At all relevant times, Mr. Chandran and Mr. Mamdani were close and long-term business partners in the real estate business in Alberta,” it says.

The lawsuit alleges the two parties conspired to collect the investors’ money “and then … wrongfully take the investor funds for their own personal benefit.”

In the certified class action lawsuit, individuals — including Mamdani — and companies associated with the Platinum Group have been sued over allegations of misused investments.

patriotz
Member

“This guy comes from Uganda and is now a “millionaire developer”? ”

He came to Canada as a child in the 1970’s. Poor writing in the article.

space889
Member
space889

Don’t you know? No one from poor countries can possibly get rich through legit means ever!

Fear monger
Guest
Fear monger

He’s an Ismaeli.
Used to be called the Juice of Africa.
Idi Amin kicked them out.

Chinabuyeverything
Guest
Chinabuyeverything

Couple of class action law suits against him. To the time of $200mill

Simple Solution
Member
Simple Solution

Wrong solution…

Highly unlikely this will help the affordability issue in Vancouver… Increasing demand (if that is the result here (which I doubt in YVR given the prices involved) is the wrong approach.
If they actually wanted to address the affordability issue they would address the SUPPLY side of the equation. A simple solution: 50 ft lot = 2 x 25ft lots…

Increase supply… “affordability” will follow

patriotz
Member

You can increase supply immediately by getting speculators to sell. For example, a deemed income tax on anyone or any entity owning residential RE whose purchase price is out of line with their declared income. Also get rid of property tax exemption which is a subsidy for ownership and encourages people to stay in houses they can’t really afford or don’t really need.

Remember supply is the number of properties on the market for a given price.

Shut It Down Already
Guest
Shut It Down Already

Much of Vancouver is zoned for SFH, but there’s too much nimby-ism amongst the greedy locals to permit higher density. Hopefully any new transit on the reclaimed CN rail lands can also be a back door to increasing density along that corridor.

West Coast Woman
Guest
West Coast Woman

I agree with you.

Unfortunately, the only “transit” the City is really considering on that corridor is a now newly paved bicycle path, and they don’t want to consider putting housing there because then they’d have to share the profits with CPR per the purchase agreement.

patriotz
Member

CoV is not (and has never been) responsible for transit. Also the agencies which are (formerly BC Transit and now Translink) don’t need the approval of any municipality to build a transit line. That elevated section of the SkyTrain on Commercial was built over the objections of CoV.

The Arbutus corridor has been considered for rapid transit numerous times and each time it has been vetoed by the provincial government.

West Coast Woman
Guest
West Coast Woman
The City of Vancouver purchased the Arbutus Corridor earlier this year for $55 million. The agreement stipulated that if the land is ever developed, the City will have to share the profits with the CPR. The City has recently held planning sessions regarding this land, and nowhere in sight is any plan for transit on the corridor even though the City of Vancouver zoned it years ago as a transportation corridor to prevent the CPR from selling off the land for residential development. Furthermore Mayor Robertson and his Vision council last year rejected the planning process initiated and paid for by the CPR (at the City’s suggestion) which suggested a way to provide both rapid transit and residential development along that corridor with NO COST to taxpayers (see: http://www.shpoa.ca/pdf/ArbutusLandsVisioning07.pdf because Robertson said he wanted it retained as a “greenway” (i.e.,… Read more »
patriotz
Member

” the City of Vancouver had its own transit system”

Wrong. As anyone familiar with city history knows, the transit system was set up by the BC Electric Railway Co, which eventually became BC Hydro.

Also the Arbutus corridor was chosen as part of a comprehensive LRT system by GVRD (which was briefly responsible for planning) back in the late 1970’s before Bennett and Vander Zalm overruled them and imposed SkyTrain (but not on Arbutus of course).

West Coast Woman
Guest
West Coast Woman
Wrong. The transit system was not set up by the BC Electric Railway Company. Here is the history of transit in Vancouver. The province did not acquire an interest in BC Electric until 1962: Principal System Vancouver Electric Railway tram 12 Vancouver Electric Railway and Light Company (28 June 1890 – April 1894) street railway/light rail Incorporated 1886 and again in 1889 (both BC) as the Vancouver Street Railways Company. Reconstituted as the VERy&LCo 21 May 1890 (BC). Entered receivership May 1893. Acquired at bankruptcy by the CRy&LCo. Consolidated Railway and Light Company (April 1894 – 17 April 1896) street railway/light rail Incorporated April 1894. Acquired Westminster & Vancouver interurban 1895. Name changed to CRyCo 1896. Consolidated Railway Company (17 April 1896 – 15 April 1897) street railway/light rail Acquired transit services in Victoria in 1896. Sold at bankruptcy to… Read more »
West Coast Woman
Guest
West Coast Woman
Wrong. The transit system was not set up by the BC Electric Railway Company. Here is the history of transit in Vancouver. The province did not acquire an interest in BC Electric until 1962: Principal System Vancouver Electric Railway tram 12 Vancouver Electric Railway and Light Company (28 June 1890 – April 1894) street railway/light rail Incorporated 1886 and again in 1889 (both BC) as the Vancouver Street Railways Company. Reconstituted as the VERy&LCo 21 May 1890 (BC). Entered receivership May 1893. Acquired at bankruptcy by the CRy&LCo. Consolidated Railway and Light Company (April 1894 – 17 April 1896) street railway/light rail Incorporated April 1894. Acquired Westminster & Vancouver interurban 1895. Name changed to CRyCo 1896. Consolidated Railway Company (17 April 1896 – 15 April 1897) street railway/light rail Acquired transit services in Victoria in 1896. Sold at bankruptcy to… Read more »
Shut It Down Already
Guest
Shut It Down Already

They wouldn’t need to build on that land directly to get higher density. But if there were light rail the increase in neighbours land prices would be a strong incentive to sell. Just like all the land assemblies around Cambie and King Edward.

Newcomer
Member
Newcomer
It would have some impact, but it would not solve the problem. A modest house any bit of frozen wasteland in Canada costs about three times what it is worth. There is lots of space to build but prices do not go down. The determining factor is what people are willing to pay. And people are willing to pay whatever the bank says is the maximum they can borrow. It is generally understood in Canada, at the moment, that the most sensible way to spend your income is to put all that you can towards real estate purchasing. There is essentially nobody out there looking for properties that are less than they can afford. That is why the median Canadian house price is more the double the median US house price, even though they have a much higher population density… Read more »
Oracle
Guest
Oracle

Unsure but hearing inventory at 7450. Can anyone verify?

Bag it and tag it
Member
Bag it and tag it

Unsure, I heard nobody wants you on this blog. Can anyone verify?

oh la la
Guest
oh la la

why? because he doesnt agree with you? For F@#$ sake get a grip n grow up.

Newcomer
Member
Newcomer

There isn’t one “inventory.” Paul’s numbers are Paul’s numbers, Chipman’s numbers are Chipman’s number etc. What this mean is, when you say that you have been hearing that inventory is at a certain number, we know that you are not telling the truth. There is no place from which you could hear this.

I notice that you often say things that are not true. In most cases, while it may feel good at that exact moment, saying things that aren’t true leads to stress. If you limit yourself to saying things that are true, you are likely to be happier.

Oracle
Guest
Oracle

Buy new panties if they keep getting into a knot.

Oracle
Guest
Oracle

And ignore it if you think it’s not true. Others want to know you troll.

Madashell
Guest
Madashell

The Bank of Canada just laid out how the economy could collapse
The Bank has taken to YouTube to warn Canadians about the dangers of too much debt and unrealistic house price expectations. Will anyone listen?
http://www.macleans.ca/economy/economicanalysis/the-bank-of-canada-just-laid-out-how-the-economy-could-collapse/
Hey Krusty, are you listening?

Just me
Guest
Just me

Krusty does not care about it.
If the crash happens in a few years, she might be already at the next stage of her political career, perhaps at the Federal level.
It will be someone else’s problem!

If we don’t vote her out next round, she might even reverse the foreign tax on the grounds that the market is too shaky and we need to defend homeowners hard earned equity!

Bag it and tag it
Member
Bag it and tag it

Federal level?? hahahahah. She just flushed down the toilet any credibility she may have had with this recent DP scheme. The rest of Canada sees here as a joke.

patriotz
Member

Interestingly the only BC premier who’s had a career federally was the NDP’s Ujjal Dosanjh, who became a Liberal cabinet minister.

Christy could probably win a federal nomination somewhere for either the Liberals or Conservatives but I doubt any party leader would want her in cabinet. So why not remain top dog in BC?

YVR
Guest
YVR

“Interestingly the only BC premier who’s had a career federally was the NDP’s Ujjal Dosanjh”

Gordon Campbell was appointed commissioner to the United Kingdom by Harper after the HST cost him his premier job. Probably a better gig than a cabinet post and no election campaign to run.

Doomcouver
Guest
Doomcouver

Break out the crayons, the BoC is teaching Canadians remedial economics. After all, It’s not like Canadians have seen what a credit fueled asset bubble looks like when it pops……….

Oracle
Guest
Oracle

FOMO.

As long as they keep flooding the country, the only middle class people who will get ahead are those with 6 kids, work for cash, have a basement suite, and buy a house.

Oracle
Guest
Oracle

Now most immigrants come to vancouver or Toronto. In the pst it was all over.

Madashell
Guest
Madashell

B.C. is desperate to keep its housing bubble aloft. It won’t work
Canada’s household debt is at record highs and a reckoning is coming. B.C.’s offer to further burden the most vulnerable borrowers will surely backfire
http://www.canadianbusiness.com/economy/b-c-is-desperate-to-keep-its-housing-bubble-aloft-heres-why-it-wont-work/

Oracle
Guest
Oracle

The worst thing that can happen to housing right now is if US 10 year treasury bond yields rise 1% from here and approach 3.6%. Crisis would set in if 4%. Go Trump!

The 2nd thing that’s gonna happen in 2017 is MSP, Hydro, ICBC, Grocery Bills all gonna go up. What I’m hearing is a lot of landlords want to pass on the costs to renters citing “inflation”.

The only thing going for these landlords is they have McCallum and Trudeau on their side who keep flooding the country.

If people ever connect the dots, we could get a mutiny against trudeau.

PS. 10’s of thousands of Syrian refugees about to go on welfare al while collecting income exempt child benefits (average 5-6 kids).

Newcomer
Member
Newcomer
Oracle
Guest
Oracle

Ignore me. Why so defensive ?

Newcomer
Member
Newcomer

That’s not actually, what defensive means. But never mind, we can talk about vocabulary another time.

You have enthusiasm. With a bit of knowledge, you could go places.

Polozi Scheme
Guest
Polozi Scheme
Oracle
Guest
Oracle

Looks like NDP heading for massive loss. They are no where to be seen. When new year rolls around, the media won’t give them the time to get their message out.

Buffoons or one party system in BC?

Combat roach
Guest
Combat roach

With the economy in the shitter and crashing housing market, it won’t much matter which party will be in charge. Start buying food and fuel, so you don’t have to burn windowsills and laminate to keep you warm.

Abdul Lahazi
Guest
Abdul Lahazi

Massive loss? That’s what they said about Trump too.

Best place on meth
Guest
Best place on meth

Looks like Surrey houses are headed for a massive loss.

paulb
Member

New
55
Price Change
8
Sold
145

TI:7630

http://www.paulboenisch.com

Zen
Guest
Zen

Are those sold numbers correct? If so, unbelievable.

would-be buyer
Guest
would-be buyer

I am actually shocked that the Vancouver RE market isn’t on fire, given that capital outflows from China has been accelerating lately. November showed the largest decline in China’s Forex reserves since January and we know what happened to Vancouver RE in February.

https://www.ft.com/content/f5243188-bc55-11e6-8b45-b8b81dd5d080

Newcomer
Member
Newcomer

I guess the other 90 to 95% of buyers (locals) have an impact too.

ostritch
Member
ostritch

Seven something? Oh. My. God.

ostritch
Member
ostritch

Didn’t even notice the 145 sales in the middle of our snowy winter. Just shows that people are banking on Christy’ changes boosting the market.

Laibach
Member
Laibach

Don’t Want More Debt? You ‘Don’t Live In Real World,’ Christy Clark Says

http://m.huffpost.com/ca/entry/13751800

david
Guest
david

She’s right. Vancouver is not the real world.

southseacompany
Member
southseacompany

“Homebuyers loan encourages more debt”, Alan Garr, Vancouver Courier

http://www.vancourier.com/opinion/homebuyers-loan-encourages-more-debt-1.5093964

“I assume everyone knows and accepts that the “free money” Christy Clark is offering first-time homebuyers is a callous and transparent attempt to buy votes in the upcoming election. What should be questioned is the economic sense of this money the premier is shovelling off the back of the truck to pave her way to the polls next May.”

“As you know, her announcement came out the same day as a Bank of Canada report warning Canadians about our rising debt load and particularly debt being taken on because of house purchases.”

david
Guest
david

With an audience that is blind drunk, even a terrible comedian is funny.
She’s here every night, folks.

ostritch
Member
ostritch

All assets in this city can be easily offloaded to a willing buyer from Asia. Time to admit it.

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