Friday Free-for-all! Merry Christmas!

It’s the end of another week as we wind down another year 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 links to kick off the chat:

grampa, what’s a rate hike?

BC vs the world

how the economy may combust

discounts

condos see another small down tick

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

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southseacompany
southseacompany
3 years ago

“Is the U.S. in the Midst of a Housing Bubble?”, Bloomberg video

https://www.bloomberg.com/news/videos/2016-12-27/is-the-u-s-in-the-midst-of-a-housing-bubble

“Bloomberg Intelligence’s Yelena Shulyatyeva discusses U.S. home prices and the impact of an increase in mortgage rates on housing demand. She speaks on “Bloomberg Markets.” “

patriotz
3 years ago

Generally agree with the analyst, but she didn’t mention that the ownership rate nationally is lower than in 2005 (due in part to stricter lending standards), so fewer owners are likely to get into trouble going forward.

Just me
Just me
3 years ago

“Beijing desperate to stem tide of capital outflows”

http://asia.nikkei.com/Markets/Capital-Markets/Beijing-desperate-to-stem-tide-of-capital-outflow

“Yuan Turnover Soars in Sign of December Outflow Pressures”

https://www.bloomberg.com/news/articles/2016-12-27/yuan-trading-volume-soars-in-sign-of-december-outflow-pressures

If outflows pick up again, we will see much fresh money flowing into Vancouver land and housing. More “land assembly” signs, more vacant lots held for speculation, more buying of apartments as safe deposit boxes.

Is it possible that we just sit and look at this shitshow without the power to do anything?

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Just me

We have the power to do something we just don’t have the guts to do it. We all know what needs to be done.

patriotz
3 years ago
Reply to  Abdul Lahazi

The real problem is that a large proportion of the electorate thinks that continued high RE prices are in their interest. That is, it’s simply not wanting a solution, rather than lacking the “guts” to effect one.

bullwhip29
bullwhip29
3 years ago
bullwhip29
bullwhip29
3 years ago

The ‘foreign investor’ voted business newsmaker of 2016
http://globalnews.ca/news/3148663/the-foreign-investor-voted-business-newsmaker-of-2016/

Just me
Just me
3 years ago

Lately, financial expansionism is being complemented by military muscle http://www.vancouversun.com/news/world/china+first+aircraft+carrier+five+warships+sail+into+disputed/12597080/story.html

China’s first aircraft carrier and five other warships passed by Taiwan and sailed into the contested South China Sea on Monday, Taiwan’s Defence Ministry said.

These guys think they own thw world.

Combat roach
Combat roach
3 years ago

Province Soila Kelava Chinese reciepie for screwing dumb and near sighted Canadians: 1- Immigrate to Canada (using the investor or any other program you can use to force your way in) 2- Share as little info with the gov as possible, and never by any means get in the system or get a job. 3- Funnel large sums of money from china under the radar to purchase your mansion, luxuy vehicles and at least 2 more properties downing at least 30% to keep the bank quiet. 4- Rent your properties cash only to avoid any tracking and paying any taxes to get additional cash influx. – or just flip them for profit. 5- declare low income status to get maximum benefits and be subsidised by the Canadian tax payer while continue funneling undeclared money from China. Canadians are left paying… Read more »

history
history
3 years ago

Dec 2016

As of Dec 24th

http://www.myrealtycheck.ca

Average Change: -3.78% Up:107 Down:677
Overall $ Change: -49,886,749.00 Average Change Amount:-63,631.06

Bestplaceonearth
Bestplaceonearth
3 years ago
Reply to  history

Oh no, the end is here!

Just me
Just me
3 years ago

Bestplaceonearth, are you a Christy Clark supporter? Just curious.

Combat roach
Combat roach
3 years ago

How did the Chinese people become so incredibly rich so quickly? How do they manage to smuggle all this cash out of their homeland? Where did the investment initially originate to build their vast factory gulags in “special economic zones”. Some historians have called this phenomenon “the greatest transfer of wealth in human history.”

http://www.theprovince.com/opinion/op-ed/opinion+vancouver+real+estate+market+only+impacted+chinese/12593152/story.html

patriotz
3 years ago
Reply to  Combat roach

As others have pointed out previously, the Chinese people aren’t “incredibly rich” at all. China’s a semi-developed economy on a par with Brazil. It’s just really big, so there are a lot of people who are rich and who are motivated to get their money out.

It got where it is so quickly because Mao had held it back, and it reverted to a garden variety corrupt 3rd world economy after he was gone. But other countries in the region with better governance have done much better, e.g. HK, Singapore, Taiwan, South Korea.

Ulsterman
3 years ago

As property prices have skyrocketed at home and as the yuan has steadily declined in value against the dollar, Chinese investors have been pouring their money into overseas property to safeguard their wealth in recent years. Overall Chinese investment in foreign commercial and residential real estate jumped from $5.6 billion in 2012 to $34.4 billion last year, according to a report by Knight Frank Research.

http://www.bbc.com/capital/story/20161215-chinese-retirees-could-fuel-the-next-overseas-property-boom

Just me
Just me
3 years ago
Reply to  Ulsterman

Yup. Perhaps house prices will not be high forever. But for the foreseeable future, there is no denying the size of this investments flows is staggering and can support a small market like ours for years to come.
Yes, many more years of madness. Unless we vote in a government that is serious about protecting our land base and housing from predatory investments from abroad.

One last thing: colonization was once done by violence and war. So far, China has shown how they can colonize entire regions by stealth and financial means. It might actually be cheaper this way: wars can be extremely expensive!

Combat roach
Combat roach
3 years ago
Reply to  Just me

The problem is Canada or BC yet don’t have serious and mature political party to confront and eventually eliminate the shit coming from China by all means and at the all levels. Our clueless politicians do not understand what special conquering war is and how is it “peacefully” conducted until it isn’t and when it’s already late.

Just me
Just me
3 years ago

“China’s wealthy have long bought up properties around the world. Now, technology is opening the door for the small-timers. A new generation of smartphone apps and online lending platforms in China and around the world are helping small investors leap legal and language barriers to put their money to work globally. This informal lending network – which allows Chinese investors to fund overseas projects and buyers – largely bypasses banks and other traditional sources of funds, bringing money to places as varied as a sports center in Illinois and apartment blocks in Tennessee. But it also adds to the fire hose of money pouring into flush places like New York and the San Francisco area, where foreign investors are among the reasons property prices are high and rising.” http://www.heraldtribune.com/news/20161226/new-technology-helps-even-less-wealthy-chinese-invest-in-us-real-estate Now, before the PC crowd and race-focused posters crucify me for… Read more »

Newcomer
Newcomer
3 years ago
Reply to  Just me

This is just investment/peer-to-peer lending. The investors do not gain any control of the properties they invest in. The punters (in the case Chinese) go for it because they are told it it is real estate, and believe that real estate is magical, but it could just as easily be stamps, or pop-music or magic goat milk. It’s concerning alright, but the losers here are people buying into the Ponzi scheme.

Just me
Just me
3 years ago
Reply to  Newcomer

I strongly disagree. The additional cash accruing to the market (whether directly or through an intermediary with feet on the ground) mechanically raises the bar for everyone else trying to acquire access to the real estate in question. The distinction you fail to grasp is that the problem is the foreign cash not the foreign buyer. It is exactly the same distinction that will make Christy Clark’s measure completely toothless in the long run: if we fail to neutralize the cash flow directly into RE, it is irrelevant whether the person handling the investment is a citizen, PR or foreign entity. The cash from China will eventually manage to find a way to be deployed, pushing up valuations permanently. That is, unless we put in place measures that limit or eliminate the inflows of cash from China, but seriously going… Read more »

Newcomer
Newcomer
3 years ago
Reply to  Just me

Nah. No price cannot be pushed up permanently by purchasing. Prices can be pulled up by a change in returns but, in RE, where the returns are based on rents, prices always return to the mean. There has never been an example to the contrary.

Just me
Just me
3 years ago
Reply to  Newcomer

You have had too much wine over the holidays. I am not sure what permanent means, but prices have been unreasonably high in Vancouver for at least the past 12 years. This is a very long time. As far as I can tell, prices might stay high for the next 12 years. Even a 30% reduction would mean that you have to pay 1.2 millions for a house in Renfrew. If you think that is cheap, then we are not talking the same language. The solution going forward is to restrict the flow of money finding its way into Vancouver RE. Incidentally, i always find it amazing when people keep denying (i) the fact that prices can remain high for long periods of time, often decades; (ii) the role played by external sources of money, not just local incomes and… Read more »

Newcomer
Newcomer
3 years ago
Reply to  Just me

To me, permanent means a lot more than 12 years. Unless real incomes at least double, we will definitely see real prices fall by at least 50%. A more reasonable expectation is a fall by 66% if incomes do not triple. Most of the real price adjustment will probably take the form of a slow decline coupled with strong inflation.

Just me
Just me
3 years ago
Reply to  Newcomer

Dream on dude. I was just like you until 5 years ago.
Then I learned my lesson.
A 30% correction would still be insanity in my book. Unfortunately 50 to 60 % is not going to happen as long as the chinese bring money in. They would be the first to snap land up at those prices.

Bestplaceonearth
Bestplaceonearth
3 years ago
Reply to  Newcomer

Are you for real? Must be on drugs!

patriotz
3 years ago
Reply to  Just me

“unless we put in place measures that limit or eliminate the inflows of cash from China”

To stop cash coming into Canada from China, you would have to stop all exports to China and tourism from China. Think that’s going to happen? And anyway it could still come in from 3rd countries.

“but seriously going after vehicles/arrangements that allow it to be deployed.”

Right. Change the tax laws to make it unattractive to park wealth in RE. Just one hitch – to be airtight, it has to apply to everyone.

Just me
Just me
3 years ago
Reply to  patriotz

I agree it would require broad based messures. They would have to include locals, there is no other way.
I would vote for them immediately.

Statistician
Statistician
3 years ago

Anyone have the breakdown for # of Detached, Townhome, Condo/Apartment, and Basement suites in each city in metro Vancouver? Or where to obtain them.

LS in Arbutus
LS in Arbutus
3 years ago
Reply to  fomostyle

The thing is, somewhere the music stops with debt. Imagine what it means to real estate in Vancouver if it stops simultaneously in China and Canada.

LS in Arbutus
LS in Arbutus
3 years ago

What you should actually be able to buy in Vancouver for $2.5 million (plus inflation).

MLS watch
MLS watch
3 years ago

Who cares, I cannot afford either…

CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
3 years ago

In California jurisdictions attempting rent control, realtor associations and ‘apartment associations’ block action:

South Bay: http://www.mercurynews.com/2016/12/23/mountain-view-rent-control-measure-sidelined-by-judges-order/

Rural North Bay:
http://www.pressdemocrat.com/news/4392104-181/santa-rosas-great-rent-control?gallery=5128231&artslide=0

Those collecting signatures for the anti-rent control petition were paid $5 per signature and misled signatories about what the petition meant, according to NPR.

bullwhip29
bullwhip29
3 years ago

The hidden costs of foreign student policy: Academic insiders respond
http://vancouversun.com/news/staff-blogs/the-hidden-cost-of-foreign-student-policy-insiders-respond

Best place on meth
Best place on meth
3 years ago
Reply to  bullwhip29

“Moreover, there is no question that some prospective foreign students are cheating on language tests.

I spent many years marking the Language Proficiency Index, so I speak from experience here.

This kind of cheating can be difficult to prove and it is impossible to stamp out entirely. But it is definitely a factor in enabling some foreign students to gain entry to Canadian institutions.

“There is no question that some prospective foreign students are cheating on language tests. I spent many years marking the Language Proficiency Index, so I speak from experience,” says this former associate dean.
Moreover, students entering directly from China supply their grades from their Chinese high schools. If I were an admissions officer, I would consider these grades highly suspect.”

Cheating, eh? That’s quite a surprise.

C.Junta
C.Junta
3 years ago
Reply to  bullwhip29

Thanks for the link. From the comments:

“our job as Canadians to share with them our values and beliefs, so that when these students/immigrants realize the costs of living in Canada, perhaps they will return to their country of origin with the values and attitudes required to help their own societies. As for Canadians, the friendships and cultural awareness we gain from interactions with foreign students are invaluable. Canada has much to offer the world, so we shouldn’t worry about burdens to our social and economic systems”

Messiah complex? Troll?

Just me
Just me
3 years ago
Reply to  C.Junta

Masochistic tendency mised with an evagenlical narcissism.

I am sure thr Chinese have equally benevolent feelings towards Canada and its population. (It is Christmas after all)

Newcomer
Newcomer
3 years ago

The Sun feels it necessary to tell stories about sales that happened in May, presumably because people want to feel good at Christmas.

http://vancouversun.com/business/local-business/vancouvers-cheapest-house-sold-for-150000-over-assessed-value

No Money Down
No Money Down
3 years ago
Reply to  Newcomer

It sold in May!

Newcomer
Newcomer
3 years ago
Reply to  No Money Down

Yes, that’s what I said.

Best place on meth
Best place on meth
3 years ago

Yo Funkey Monkey,

Your listing in question asking 2.988 sold for 2.940 after 3 days on market.

Pretty sharply priced for a large, modern west side house that includes a 1000 sqft laneway house.

Zen
Zen
3 years ago

Sharply priced for who?

A lady on CKNW summed up the Vancouver situation nicely. She said Asians don’t like to rent and when they send heir kid over for education, they buy so child can focus on study.

She said 500 million middle class and those that come will spend $1.5 million on home.

YVR
YVR
3 years ago
Reply to  Zen

BS. Dorms at UBC a full of mainlanders renting. They just built 2 x 18 story towers to house them.

http://vancouversun.com/news/staff-blogs/will-ubcs-massive-foreign-student-complex-be-ready-by-september

Most of that 500 million Chinese “middle class” couldn’t afford an airline ticket to Canada.

China’s average annual wage was 56,360 yuan ($8,655) in 2014

https://www.bloomberg.com/news/articles/2016-03-09/here-s-what-china-s-middle-class-really-earn-and-spend

50 cents
3 years ago
Reply to  YVR

YVR – you will say anything and do anything to support your Nazi rant – go back to your trailer

Newcomer
Newcomer
3 years ago
Reply to  50 cents

When you think about it, does writing 20 replies make your message stronger, or weaker?

CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
3 years ago
Reply to  Newcomer

20 copies of the same reply.

50 cents
3 years ago

CanNever
More like Can Never cry loud enough for people to hear your entitled rant….mommy help me…

Best place on meth
Best place on meth
3 years ago
Reply to  Zen

This lady sounds like a realtor.

Either that or it’s Oracle calling in from Hawaii.

CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
3 years ago
Reply to  Zen

Ha ha ha. “Focus on study”.

StupidityCheck
StupidityCheck
3 years ago
Reply to  Zen

Chinese “middle-class” can’t even afford a 1-bedroom condo in Vancouver.

50 cents
3 years ago
Reply to  Zen

Stop making up shit with CKNW you bitter trailer trash…

Funky monkey
Funky monkey
3 years ago

Thanks! The house had a for sale sign for at least three weeks.

paulb
paulb
3 years ago

New
25
Price Change
4
Sold
66
TI:7332

http://www.paulboenisch.com

Abdul Lahazi
Abdul Lahazi
3 years ago

Saved from a Chinese dog meat festival, 110 pooches arrive in Canada.
http://www.ctvnews.ca/canada/saved-from-a-chinese-dog-meat-festival-110-pooches-arrive-in-canada-1.3215949?autoPlay=true

30 million dogs are slaughtered for meat every year around the world, the majority of them in China.

What can anybody even say about a disgusting practice like this? And it’s not just the consumption of the dogs, but the methods used in how they are captured and killed which I won’t get into here. Sickening animal cruelty of the worst kind.

Newcomer
Newcomer
3 years ago
Reply to  Abdul Lahazi

And this relates to real estate how?

Combat roach
Combat roach
3 years ago
Reply to  Newcomer

It might relate when due to a real estate boom some buyers of certain background and exquisite taste get urge for some special homemade delicatessen here in Canada. Would you ever think before that in the middle of Canada, BC, Mao Zedong would be worshipped and celebrated more than Canadian heroes and veterans?

50 cents
3 years ago
Reply to  Combat roach

Roach is a chicken shit hiding in a white hood…

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Newcomer

It doesn’t. It’s just the usual suspects trawling for negative articles about their favourite topic – but not because they’re a little racist, oh no.

Best place on meth
Best place on meth
3 years ago

Merry Racemas, you round eyed prick!

50 cents
3 years ago

the only thing that’s round is your butt hole, closet case…

StupidityCheck
StupidityCheck
3 years ago

Mainland communist China is not a race, dipshit.

space889
space889
3 years ago
Reply to  Abdul Lahazi

So uhm…how many cows, pigs, chicken, horse (yes horse!) are slaughter in Canada each year??

YVR
YVR
3 years ago
Reply to  space889

“110 pooches arrive in Canada”

I can see it now on xmas in space cadets house. Hey dad I didn’t know there was such thing as a 4 legged turkey?

Best place on meth
Best place on meth
3 years ago
Reply to  space889

Space, do you prefer the taste of cat or dog?

I’m more of a cow/pig/chicken guy myself.

50 cents
3 years ago

we don’t care what you do sexually with these animals…stay on topic you dumb banjo f—

space889
space889
3 years ago
Reply to  Abdul Lahazi

Btw, care to back up your claim with some facts cuz even in Chinese cities with millions of people and sizable Korean population, it is damn hard to find any restaurant that serves dog meat.

YVR
YVR
3 years ago
Reply to  space889

“it is damn hard to find any restaurant that serves dog meat.”

Hard to find but easy to eat in any Chinese restaurant. Dog meat is spelled “chicken” on the menu.

50 cents
3 years ago
Reply to  YVR

YVR, if you let go of your boyfriend’s 1 incher, you will taste what meat you are eating….

Sailor55
Sailor55
3 years ago
Reply to  space889

I was in Taiwan for two months way back in 1993. My Canadian co-workers there told me never to worry about being served dog because they keep the good stuff for themselves.

50 cents
3 years ago
Reply to  Sailor55

Sailor55 – with your banjo playing background you wouldn’t know if you were eating your own mother’s feet….

CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
3 years ago
Reply to  50 cents

@50 cents.
Your insult is not working because you do not understand the culture well enough to know the breadth of associations with banjos. The one you’re thinking of is not the main one.

50 cents
3 years ago

I know enough to reconize the squealing you do every night trailer trash

50 cents
3 years ago

I know enough to reconize the squealing you do every night trailer trash

chilled
chilled
3 years ago
Reply to  Abdul Lahazi

This is a product of a grossly overpopulated country that has seen waves of famine throughout history and thus people adapted. But what does Canada do to make matters worse? We implement immigration policies that only encourage world overpopulation. We allow immigration that circumvents Chinas very legitimate one child policy. We have even allowed Chinese ‘refugees’ who’s primary complaint was not being allowed to have more than one child.

Borabora
Borabora
3 years ago
Reply to  chilled

I know a mainland China Chinese couple who came here on the basis of the wife’s prc (obtained via Cdn experience qualifiers- langara early childhood education, hahaha). She worked at a daycare, but had literally been on maternity leave for five years straight birthing son after son after son. Her husband does not appear to be employed, and I have observed them driving several different luxury vehicles that certainly no one else working at the daycare could dream of affording. Creative !

Combat roach
Combat roach
3 years ago
Reply to  Borabora

I hope beside food stamps, they get enough social assistance to at least cover up for maintenance and insurance of all those luxury vehicles.

patriotz
3 years ago
Reply to  Combat roach

“Food stamps”? Check which side of the border the website is on before posting.

Combat roach
Combat roach
3 years ago
Reply to  patriotz

Food stamps, food aid, whatever, you know exactly what is it about…

https://www.chinasmack.com/?p=55479

50 cents
3 years ago
Reply to  Combat roach

Combat is this 5 foot nothing white trash hillbilly chicken shit trolling on sites with his bitterness…

50 cents
3 years ago
Reply to  Combat roach

and white trash like you are selling meth on Hastings daily….

50 cents
3 years ago
Reply to  Borabora

Borabora – all I can smell is your bitter trailer trash rant….go back to banjo playing families
F loser

Fear monger
Fear monger
3 years ago
Reply to  Abdul Lahazi

Dogs are animals.
How many kids are killed in Syria, Iraq, and Palestine by Canadians, Americans and Juice.
You are a sick man, putting animals before innocent children.

50 cents
3 years ago
Reply to  Abdul Lahazi

same logic – based on your name you must be a terrorist ….

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

get the stimulus!

Canada’s Economy Shrinks on Worst Factory Output Since 2013

https://www.bloomberg.com/news/articles/2016-12-23/canada-s-economy-contracts-on-worst-factory-output-since-2013

Newcomer
Newcomer
3 years ago

I remember looneys on sale for 62 cents. Maybe we could go for 50 this time.

Just me
Just me
3 years ago

Canada’s real-estate boom: a Chinese perspective

Think prices in Toronto or Vancouver are crazy? Try looking for an apartment in Shanghai, and you’ll understand Canada’s appeal.

“https://www.thestar.com/news/world/2016/12/23/canadas-real-estate-boom-a-chinese-perspective.html”

Close the gates now. Keeping them open spells disaster for the Lower Mainland.

Combat roach
Combat roach
3 years ago
Reply to  Just me

“Close the gates now…”

And not because of real-estate, fuck the real-estate, but because of the overall social and human disaster in making. This lucrative but wild model of forced and enormous
settlement of one “unfit” group of people on the general detriment of another, is poised for a catastrophe sooner or later. Rational balance is already broken, local people are not happy, neither Chinese. However, most of them offset discomfort with the fact that they moved money out of China and that comes with the price. Whoever thinks that such chaotic and unfounded social and cultural changes can succeed without ugly consequences is going to get badly surprised.

space889
space889
3 years ago
Reply to  Combat roach

I think you will be unhappy no matter where you live…well maybe except certain parts of SouthEast Asia where they love you long time for $20 still?

StupidityCheck
StupidityCheck
3 years ago
Reply to  space889

Speaking of “long time”, isn’t it time for you to find a new hobby?

50 cents
3 years ago
Reply to  Combat roach

look in the mirror loser if you want to blame anyone

50 cents
3 years ago
Reply to  Just me

again its neo nazi dicks like Just Me who hides under trolls clothing to take cheap rants about any group that is doing better than this trailer trash….

southseacompany
southseacompany
3 years ago

From 1965 – Charlie Brown’s Christmas – Real Estate!

https://www.youtube.com/watch?v=wzHF0TlAIYA

Merry Christmas!

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

China’s Alibaba back on US counterfeits blacklist

http://www.bbc.com/news/business-38400222

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
bullwhip29
bullwhip29
3 years ago