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Friday Free-for-all! December 9th, 2016

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It’s another work week wrapping up and that means it’s time for another Friday Free-for all!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent link to kick off the chat:

–Negative game changers in real estate
–Vancouver a victim of its own success
–Better off in Cape Breton?
–Fed set to raise rates again
–Average house price down 15% or more
–West van detached falling $6300 per day
–BCREA: Expect $1730 /week losses in 2017
–

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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http://www.theprovince.com/business/local+business/chinese+diplomat+takes+blame+game+metro+vancouver+real/12523063/story.html

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Test

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MarKoz
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Real estate developers slammed B.C. [Govt] over surprise foreign-buyer tax “This is ill advised in the extreme and your government’s failure to exempt pre-sales is a betrayal to our non residents willing to participate in good faith in our economy in what has been both … legal and arguably encouraged through other government policy,” Mr. Stovell wrote. “Arguably encouraged”? I’d say it’s a certainty… A month before the tax was announced, Anne McMullin, president and CEO of UDI, e-mailed the Premier warning that any taxes aimed at curbing demand would not make Metro Vancouver more affordable without the stimulation of more supply. And, she added, increasing taxes might severely undermine the value of people’s homes “perhaps even destabilizing our industry, which represents 25 per cent of British Columbia’s economy,” she wrote. So we have painted ourselves into a corner where… Read more »
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2 years 11 months ago
patriotz
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“would not make Metro Vancouver more affordable without the stimulation of more supply. And, she added, increasing taxes might severely undermine the value of people’s homes”

Note the glaring contradiction. Do these people even think about what they are writing?

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bullwhip29
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“The government has said most cabinet members were kept in the dark as a handful of bureaucrats in the Ministry of Finance worked feverishly to craft the rules of the tax. Bob Rennie, the B.C. Liberal Party’s chief fundraiser and the local real estate industry’s best-known marketer, said he had no advance knowledge of the tax, but that he anticipated the government would enact such a policy…” >>> no doubt in my mind the subject was discussed in detail for weeks, maybe months in advance behind closed doors and was perhaps the main reason the vanc mkt specifically started to cool while every other cdn markets that mattered seemed to motor on full steam ahead. if/when krusty locks up the next election it is also a certainty that she’ll bring the same players back to the table to quietly chat… Read more »
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Oracle
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Bingo! the connected developers all sold and stopped buying.

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patriotz
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“while every other cdn markets that mattered seemed to motor on full steam ahead”

Tell that to someone in Alberta. In fact only Toronto kept on rising.

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bullwhip29
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prices in tax-free zones went parabolic while vanc cooled. what we are seeing in toronto and elsewhere is clear proof the tax is a significant factor and that much of the buying is indeed foreign

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bullwhip29
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Real estate developers slammed B.C. over surprise foreign-buyer tax
http://www.theglobeandmail.com/real-estate/vancouver/real-estate-developers-slammed-bc-over-surprise-foreign-buyer-tax-foi/article33306027

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Ron
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Butt-hurt developers are upset they won’t make as much money.

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bullwhip29
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Langley City rental apartments slated for demolition
http://www.langleytimes.com/news/406079706.html

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Ron
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The owner probably set the fire as an excuse to get the tenants out.

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bullwhip29
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ya think?

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bullwhip29
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MacLeans: 75 charts every Canadian should watch in 2017
http://www.macleans.ca/economy/economicanalysis/75-charts-every-canadian-should-watch-in-2017/

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Abdul Lahazi
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Canada’s core working age population decline:
“Even a dramatic increase in immigration, as proposed in some quarters, is not going to turn this relentless tide.”

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Oh NO
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Read between the lines…summary rates are headed higher, real estate/ Canadian economy/loony goin down.

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Oracle
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Informative link!

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Newcomer
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Hang on, you looked at the charts, including “Destined for slower growth” which conclusively disproves the argument that you make here twelve times a day and you had nothing to say other than “informative.” Well, ma’am, I salute your sang froid. I trust this will put your mind at rest regarding the possibility of finding a reasonably priced apartment and starting life on your own. Your future is bright!

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Boombust
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Ha ha!

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Oracle
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Got your panties in a knot now that most people know you’re a troll.

Move on.

Still LMAO when you said CMHC is the cause of the Vancouver bubble.

Move on.

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Newcomer
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Nuh, uh. Tell us what you think about that chart. This is your thing. You must have a comment.

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bullwhip29
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Bloomberg: Vancouver Home Prices Jump a Quick 40%. So Why Is No One Building?
https://www.bloomberg.com/news/articles/2016-12-13/home-prices-jump-a-quick-40-in-vancouver-but-no-one-is-building

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Tito
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You make the law, they get around it.
https://www.bloomberg.com/news/articles/2016-12-12/wealthy-avoid-hong-kong-real-estate-tax-curbs-to-save-millions

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Abdul Lahazi
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This why they are referred to as “cockroaches”.

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Combat roach
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Looks like they won’t do business or investment if at least some scam or lie isn’t involved due to a good luck and other traditional beliefs…

http://chinawatchcanada.blogspot.ca/2013/04/face-cultural-lyingcheatingstealing.html?m=1

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Oracle
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But thats how capitalism works. Exploit loopholes to get ahead. The exploiter and politician that makes the loophole are always connected somehow.

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Combat roach
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Right but Canada hasn’t been meant and socially developed to deal with such approach and now you have the worst scumbags and scavengers reaping country up fair and square and taking full advantage of it, and yet nobody to confront them due to some intentionally fabricated “political correctness”. So instead of protecting the country from being destroyed a failed system protects destroyers.

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Oracle
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They’re making enough money to last generations.

Most of public too stupid.

All the public too polite. You have to get out there and ‘fight’ for political change. Voting won’t do it these days as the traditional parties have been infiltrated.

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Combat roach
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Selling soul to the devil out of political incompetency and stupidity or else…

With Trump presidency, some see chance for Canada to embrace China

https://beta.theglobeandmail.com/news/world/with-trump-in-power-some-see-chance-for-canada-to-embrace-china/article33306091/

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Best place on meth
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Note to traitors:

There won’t be anything left of china to embrace once Trump gets through with them.

Assholes promoting this kind of treason will be on the wrong side of history and dealt with accordingly.

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Polozi Scheme
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https://www.theguardian.com/education/2016/dec/12/uk-halve-international-student-visa-tougher-rules?CMP=fb_gu

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Abdul Lahazi
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They are *considering* cutting, but it won’t happen because there is too much easy money involved.

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Oracle
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We in Vancouver officially have 110,000 of the 330,000 already in Canada.

And they can immigrate their parents/grandparents.

Canada is fucked. Only a “Trump” here can stop the madness. We have the highest per capita immigration of ALL CATEGORIES in the world.

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Oracle
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Supervisa and free health care. No MSP premiums for these students who can afford $30,000 + tuition. Yet a local graduate earning $30,000 has to pay high MSP premiums..

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Combat roach
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McCallum and team must be salivating…

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Bag it and tag it
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Cracks forming in Chinese real estate
http://www.shanghaidaily.com/business/real-estate/Shanghai-property-prices-drop-to-a-3month-low/shdaily.shtml

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paulb
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New
77
Price Change
22
Sold
83

TI:8297

http://www.paulboenisch.com

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YVR
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Just received a realtor brochure in the mail showing October condo sales in Yaletown area.

Condos under $750K – 48 listings and 20 sales (2.4 months inventory)
Condos $750K to $1.5M – 65 listings and 8 sales (8.12 months of inventory)
Condos $1.5M plus – 47 listings and 2 sales (23.5 months inventory)

Not looking good for anything over $750K.

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Newcomer
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To be fair, who buys a home in December?

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Hyper-mega-Bull
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vancouver economy is booming. low dollar is creating so many jobs in tech outsourcing and film.

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Oracle
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Total CMHC mortgage insurance outstanding is now $523 Billion. This is down from almost $600 Billion from 2 years ago.

Patriotz and Newcomer, explain how CMHC is causing a mess when this number goes down. It sure looks like the culprit is foreign money and not Canadians taking on debt.

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Newcomer
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The CMHC is an organ of the government. You may have noticed that the government changed recently from a Conservative to a Liberal administration. The Liberals believe that the CMHC has done damage and are scaling back the operations. This is a good thing.

As for your question: Imagine your uncle was an alcoholic and had lost his wife, his job, and his house. If you heard he had cut back from two bottles of whiskey a day to one and a half, but still didn’t have a house or a job, would you conclude that the problem couldn’t have been the drinking after all?

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bullwhip29
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it’s simply shameful how these “Sell first, ask questions later” pricks pass the buck when something inevitably goes wrong…

Massive Langley condo fire could have been prevented by newer building practices: developer
http://vancouversun.com/news/local-news/massive-langley-condo-fire-could-have-been-prevented-by-newer-building-practices-developer

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http://www.financialpost.com/m/wp/personal-finance/mortgages-real-estate/blog.html?b=business.financialpost.com/personal-finance/mortgages-real-estate/secret-path-revealed-that-allows-wealthy-chinese-to-transfer-billions-overseas-buying-pricey-property-in-vancouver-new-york-and-sydney

From a while ago but explains a lot

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bullwhip29
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Time to Replace Out-of-Touch Government, John Horgan Says
https://thetyee.ca/News/2016/12/12/Out-of-Touch-BC-Government/

“There are crises in the education system, seniors’ care, drug overdoses and the rising cost of living…”

“It seems everywhere you turn, everywhere you look, provincial responsibility is being abdicated and the premier blames someone else for the situation that’s emerged over 15 years of BC Liberal government.”

>>> while at the same time taking all the credit for the few things that at leasst appear to be going right

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chilled
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And if the NDP ever presented themselves as a viable opposition instead of a herd of Social Justice crackpots, we would have had an alternative in the last decade plus. John Horgan is as much responsible for this mess we call BC Politics as are the Lieberals. Give us a viable platform John, instead of forming committees to study the effects of female circumcision in Togoland or issues as fucking stupid.

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Oracle
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I’m thinking it’s the same group of guys behind Horgan that are behind Cristy. The NDP present themselves as an alternative but really we have a one party system in BC.

The NDP nominees, Im surprised at how many of these people’s relatives are home builders.

Surely, they’re not going to hurt their kin.

Plus, where are the NDP policies. The election is about 5 months away. What are they waiting for ?

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Oracle
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Plus Horgan appointing most nominees.

Total control.

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southseacompany
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“Interest rates are about to rise south of the border — and Canadians will feel it”, CBC News

http://www.cbc.ca/news/business/monetary-policy-divergence-1.3887829

“When the central bank’s rate moves, it has an effect on variable-rate mortgages. But more Canadians have fixed-rate mortgages, which are linked to what’s happening in the bond market, which responds to market forces.”

“That means, somewhat counterintuitively, that Canadian borrowers renewing the terms of their loans may soon be asked to pay more, even as the central bank in this country is contemplating making borrowing cheaper.”

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Oracle
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But Canada won’t.

They will put a sale on for China.

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bullwhip29
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…more fluff from the MSM. everything is hundy dory apparently

https://www.bloomberg.com/news/articles/2016-12-12/renewed-housing-optimism-leads-canadian-confidence-higher

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bullwhip29
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NYT: With Flood of Urbanites, a Canadian Hippie Haven Tries to Keep Its Mellow
http://www.nytimes.com/2016/12/11/world/americas/nelson-canada-hippies-urbanites-british-columbia.html

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bullwhip29
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The doomsday scenario: Why you’re more tied to real estate than you think and what you can do about it
http://business.financialpost.com/personal-finance/the-doomsday-scenario-why-youre-more-tied-to-real-estate-than-you-think-and-what-you-can-do-about-it

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patriotz
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patriotz
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BC Woman with big condo repair bill worries buying a house could wreck her retirement plan
Why does a 45 year old single want to buy a house in the first place?

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2 years 11 months ago
CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName
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Careful about prejudice against alternative lifestyles to what you consider normal. Why shouldn’t she? Are houses only allowed for a proper family with male head of household and/or kids?

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patriotz
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“Why shouldn’t she?”

Gee, maybe read the title of the article? Beyond that, someone buying a house for one person to live in is only a notch up from buying a house to leave it empty. It’s wasteful and drives up prices, and anyone buying a property they’re not really using is a speculator.

It’s all about economics, not “lifestyle”.

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Abdul Lahazi
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Abdul Lahazi
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That’s the million dollar question. The woman in the article illustrates the cult of real estate. She would actually be better off renting a condo than buying anything.

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Oracle
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Oracle
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Cause of spike in prices:

110,000 rich foreign students in metro Vancouver.

Each paying $30K+ In tuition alone.

Don’t let the likes of Patriotz decide you. Patriotz saying CMHC cause. Kick this guy out.

http://vancouversun.com/opinion/columnists/douglas-todd-the-hidden-cost-of-foreign-student-policy

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2 years 11 months ago
bullwhip29
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“Renters of Vancouver” takes an intimate look at how the city’s millennials are dealing with the housing crisis.
http://www.straight.com/life/843296/renters-vancouver-it-seemed-if-he-had-photoshopped-lease

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