Condo sales see big drop in December

So far it’s been single family homes that have seen the biggest drop in sales and prices in Vancouver with condo sales chugging right along.  That may be changing. Whether you blame it on market changes or weather, Vancouver condo sales saw a 23.7% drop in December.

Bubble talk might be impacting sales, as they declined significantly across the GVR. 915 sales were logged through the MLS, this represents a 23.7% decline from the month prior. Of those sales, 1 in 4 were in Vancouver West – which only experienced a 19.9% decline from November. Declining sales is expected in December, but this was a 25.3% decrease across the GVR from the same time last year.

Of course prices are still way up from a year ago.

Read the full article over at betterdwelling.com.

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Chinabuyeverything
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Chinabuyeverything
No Money Down
Member
No Money Down

She’s a beauty, and only $200k below assessed value.

Combat roach
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Combat roach

If bike lanes don’t save the day…

“The City of Vancouver intends to boost jobs and build bike lanes, overpasses and new homes in False Creek Flats under the guidance of a draft area plan expected to go public Wednesday.”

http://vancouversun.com/news/local-news/vancouver-wants-more-jobs-more-people-in-false-creek-flats

The Man
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The Man

Bring on the supply!

goofus ottawais
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goofus ottawais
Abdul Lahazi
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Abdul Lahazi

The new jobs will be in bike lane construction.

Many Franks
Member

This idiot’s going to make history by getting himself sued by both DC Comics and the real estate board for the same image: DC Comics threatens to sue self-anointed Vancouver ‘superhero’ Realtor

Best place on meth
Member
Best place on meth

Who’s going to hire a realtor that dresses like some nerd going to a pirate movie premiere?

BubbleTea
Guest
BubbleTea

Canadian Imperial Bank of Commerce could have as much as $10-billion worth of hedged exposure to the troubled U.S. subprime mortgage sector
http://www.theglobeandmail.com/report-on-business/cibc-set-to-reveal-subprime-exposure/article18150507/

bullwhip29
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bullwhip29

you do realize that this article is from 2007, right?

franko
Member
franko

A whole new definition for “lagging” indicator.
CM is only up 210% from it’s bottom in 2009.

Oracle
Guest
Oracle

Who cares!? It fits the bears crash hypothesis.

BubbleTea
Guest
BubbleTea

Global crackdown leads to surprising new destination for money laundering, tax evasion – Canada.
Canada is quietly emerging as a popular tax haven for the global elite, who create shell companies with figurehead directors to evade or avoid taxes, a Toronto Star/CBC-Radio Canada investigation has found.
http://projects.thestar.com/panama-papers/canada-is-the-worlds-newest-tax-haven/

bullwhip29
Guest
bullwhip29
Patiently Waiting
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Patiently Waiting

The article itself mentioned the unanswered questions about the methodology of this study. I’m left wondering if it assumed 100% occupancy all year. This is not nearly achievable for a lot of Airbnb hosts.

Abdul Lahazi
Guest
Abdul Lahazi

And factor in all that extra effort in being an Airbnb “host”.

Patiently Waiting
Member
Patiently Waiting

Yep, including the extra insurance costs (or get the wrong insurance at your own risk). And what if your lender finds out?

Newcomer
Member
Newcomer

And factor in the difficulty of running what would be, starting in the spring, in Vancouver, and illegal business, and it’s all more trouble than it is worth.

Newcomer
Member
Newcomer

As I suspected the article is totally misleading. The study just calculated the months of rent needed. In Vancouver, they used a 3 bedroom selling at $865,344 and renting at $2,540. That means that 28 years of rent equals the purchase price, but there is no way you could actually pay it off in just 28 years. If you financed it, the rent wouldn’t even cover interest and property taxes in the first year. If it was a cash deal, even without opportunity cost, strata, taxes, maintenance, etc would push it out to something more like 40 years.

https://nested.com/index/2017/global?currency=usd

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

China capital controls threaten overseas investment
China overtook U.S. last year to become world’s largest cross-border property investor
https://www.biv.com/article/2017/1/china-capital-controls-threaten-overseas-investmen/

southseacompany
Member
southseacompany

“Why Vancouver home prices are dropping”, BNN video

http://www.bnn.ca/real-estate/video/why-vancouver-home-prices-are-dropping~934970

“Vancouver home prices have started slipping. Is the new foreign buyer’s tax to blame? Brent Eilers a Vancouver-based realtor for Re/Max says prices began to drop even before the tax and fear and uncertainty are to blame.”

patriotz
Member

I think he means people finally stopped believing prices would keep going up forever. I would that “rationality”, not “fear and uncertainty”.

best place on earth
Guest
best place on earth

it’s stupid bears’ claim that prices would forever go up! No one in the right mind would claim that. In fact, in the countless time normal people say correction is healthy for the market.

Newcomer
Member
Newcomer

Agreed. A 75% correction would be healthy for this market.

Oracle
Guest
Oracle

Quit playing the poor bears here.

But then again, people with low IQ need “leaders” to lead them astray.

Surrey going to take in 300,000 new residents in next 20 years. Guess what? No new single family lots being developed. What you think is gonna happen to detached prices?

$2 million Baby within 20 years! Buy 2 and one gets paid off.

Newcomer
Member
Newcomer

You are predicting an annual price increase of 4%. That’s not all that bullish. I doubt it will happen, but it’s not crazy to hope for prices to be higher than they are not in twenty years time.

Newcomer
Member
Newcomer

That should be read, prices began to drop even before the tax thanks to pricing that made no sense .

Polozi Scheme
Guest
Polozi Scheme

3020 Euclid Ave
July 1 2016 assessed 1,175,900
Sept 1 2016 listed 1,289,900
Jan 1, 2017 sold 1,095,000 (15% below assessed)

Combat roach
Guest
Combat roach

Holly shit!!! Is craziness still going on, who pays over 1M for such craphole? That POS should not be more than 220K at the best.

oh la la
Guest
oh la la

why don’t you check your math again?

No matter what, prices still remain far above 2015 numbers. Up35% then down 10%….really scary bubble burst eh? funny

Newcomer
Member
Newcomer

I’m guessing you just started learning about real estate markets and bubbles. It’s always a question of trends. All of these data points serve to establish the trend. That’s what makes them interesting. Prices are up in comparison with last year and, for example, the summer of 1945, but those are not necessarily the most relevant facts here.

oh la la
Guest
oh la la

ok so you are looking at short term trend and trying to guess how the long term would look like from now on? I only wish someone had that crystal ball. All you talking is estimates, estimates are all wrong. You need to look at long term…more than 10 years and talk about trend. I really dont think trend will be down 10 years. If you couldnt afford in 2015, you still wont be in 2017.

oh la la
Guest
oh la la

i will bet higher highs and higher lows.

Hyper-mega-Bull
Member
Hyper-mega-Bull

New year, new home? Survey says many Chinese will celebrate by buying property

http://www.cknw.com/2017/01/25/new-year-new-home-survey-says-many-chinese-will-celebrate-by-buying-property/

Newcomer
Member
Newcomer

So, the CEO of a company that sells RE says that 56% of less than half of 26% of their clients plan to buy overseas. That’s an awfully fancy way of saying about 6 or 7% of their clients plan to buy, and hardly cause for celebration.

Shut It Down Already
Guest
Shut It Down Already

Of those who “plan” I imagine another subset again actually buy.

Boombust
Guest
Boombust

This “survey” was mentioned on Simi Sara’s CKNW radio talk show. She said only 120 people were actually interviewed.

Just more hype and nonsense.

Newcomer
Member
Newcomer

So, we are talking about eight people who plan to buy somewhere on the planet.

Best place on meth
Member
Best place on meth

Last August the province brought in a foreign buyers tax to cool down the regions housing market.

Pittar says many Chinese buyers are now looking elsewhere.

WOOOOO!!!!

southseacompany
Member
southseacompany

“Vancouver’s population growing slower than province’s”, Vancouver Courier

http://www.vancourier.com/news/vancouver-s-population-growing-slower-than-province-s-1.8868736

“Insights into why won’t be available until Census date revealed in February”

Newcomer
Member
Newcomer

Yeah, it’s pretty hard to figure out.

patriotz
Member

If you read far enough down you’ll see they are talking about the City of Vancouver, whose population has been growing slower than the province’s for a very long time, because most of the vacant land in the province is outside CoV. Duh. Circa 1970 CoV’s population was actually falling in absolute terms.

history
Guest
history

duh, gays dont reproduce

Best place on meth
Member
Best place on meth

They don’t need to, they can adopt.

southseacompany
Member
southseacompany

“West Vancouver’s population shrank in 2016”, North Shore News

http://www.nsnews.com/news/west-vancouver-s-population-shrank-in-2016-1.8719731

“While most municipalities in the region are showing moderate population growth, West Vancouver is the fastest shrinking city in the Lower Mainland.”

Oracle
Guest
Oracle

There are more people living there now. Just less citizens and PR.

Ask ICBC.

Most new residents are foreign students, 10 yr visa holders, Supervisa holders, IMP holders.

More fake news propagated by MSM and helped along with people like Newcomer. Paid to post with your tax dollars.

Oracle
Guest
Oracle

Those people aren’t counted in population stats. Only PR and Citizens.

Oracle
Guest
Oracle

Newcomer and YVR busy downvoting.

Ban these idiots Admin.

They are poisoning the discussion. Really? Vancouver population shrinking?? This blog gonna be laughing stock of all blogs.

Confucius
Guest
Confucius

Fake news is terrible. It’s so awful when people say or write things that are untrue.

history
Guest
history

hijack the narrative, Alinsky ‘Rules for Radicals’

Newcomer
Member
Newcomer

We had the stats from metro Vancouver on the visa holders and students. You were proven wrong. Take it like a dignified woman and stand corrected.

southseacompany
Member
southseacompany

“Airbnb pays off Vancouver home price 60% faster than renting: study” Metro Vancouver

http://www.metronews.ca/news/vancouver/2017/01/25/airbnb-pays-off-vancouver-home-price-60pc-faster-renting.html

“Vancouver homeowners can recoup the cost of their home 60 per cent faster by posting it on Airbnb than renting it out to tenants, according to a new report released Wednesday.”

Patiently Waiting
Member
Patiently Waiting

This was posted above. I think the consensus is that this study is BS.

Combat roach
Guest
Combat roach

A great learning advice for an aspiring investor.

YVR
Guest
YVR

I can produce a study that shows you can make $300k per year collecting pop cans.

It takes 30 seconds to pick up 15 cans from a bin = $1.50 per 30 seconds work. That is $180 per hour. Multiply by 1 years working hours and there you go. About as likely as the Airbnb numbers.

Best place on meth
Member
Best place on meth

Tell me more about this can picking venture.

It sounds promising.

Newcomer
Member
Newcomer

As earlier, the article is totally misleading. The study just calculated the months of rent needed. In Vancouver, they used a 3 bedroom selling at $865,344 and renting at $2,540. That means that 28 years of rent equals the purchase price, but there is no way you could actually pay it off in just 28 years. If you financed it, the rent wouldn’t even cover interest and property taxes in the first year. If it was a cash deal, even without opportunity cost, strata, taxes, maintenance, etc would push it out to something more like 40 years.

https://nested.com/index/2017/global?currency=usd

Emma
Member
Emma

Just heard Better Dwelling and a big 5 bank are going to be presenting this correlation to a conference of money laundering fraud investigators. This is going to be huge.

https://betterdwelling.com/chinese-gangs-and-canadian-real-estate-the-odd-correlation/

Oracle
Guest
Oracle

Many bureaucrats probably on payroll as well.

history
Guest
history

nah, this isnt India or China… but the bullocrats Are snowflake HELOC addicts, which is just as bad, considering the Enormous reverse doji candle that occurred Nov 8th

No Money Down
Member
No Money Down

Sold Over Asking! Has it started again?

4643 DUNBAR STREET
Listed: $1.688M
Sold: $1.838M

Oh wait…
Assessed: $2.087M

Oh NO
Guest
Oh NO

Classic case of knife catching

CCOKC

Dave
Member

I actually think that’s a good price. It’s worth $4 million once the City allows redevelopment, which they eventually will.

Don’t get me wrong though, I think a lot of typical SFH pricing is crazy. But this lot isn’t your typical one.

Newcomer
Member
Newcomer

It’s good to have your insight. I was wondering why we had a return of the bidding wars for this one.

paulb
Member

New
180
Price Change
20
Sold
74
TI:7648

http://www.clivestevepaul.com

Sebastien
Guest
Sebastien

Hi Everyone,

Is this a typo or a MLS mistake?

1214 Como Lake Avenue, Coquitlam
Nov 24:$2,499,900
Jan 12: $1,099,900
Change: – 1400000.00 -56%

vangrl
Member
vangrl

Lot was subdivided

Best place on meth
Member
Best place on meth

Another 17 west side houses listed today, 1 sold.

Did chinese new year come and go already? I don’t recall hearing a bunch of annoying loud drumming.

Foo Man
Guest
Foo Man

Do you and your mom have a system worked out so that she can deliver the pizza bagel to your room without interrupting while you furiously masturbate to asian porn?

Combat roach
Guest
Combat roach

Are you talking from a personal experience? Food choice sounds like mainland peasant grasping the western nutrition and also that deviant sexual obsession, same as spaceshit.

Oh NO
Guest
Oh NO

Landlord headed to HK tomorrow asked to pick up rent today…sure NP… picks up assessment notice too, says crazy buy the way Im listing the property soon says cash out time.

Oracle
Guest
Oracle

Assessments have nothing to do with tax rate. Educate yourselves.

Oh NO
Guest
Oh NO

How East side today looks

bullwhip29
Guest
bullwhip29
Newcomer
Member
Newcomer

Oracle, could you give us your analysis on this?

history
Guest
history

why dont you? save the trouble switching browsers

Newcomer
Member
Newcomer

You would have to switch IP addresses, not browsers. You could stay on the same browser. So, who do you think I am a sock puppet for?

Oracle
Guest
Oracle

Someone is filling those newly vacant residences.

Regardless, Vancouver will be an Asian city within 2 decades. Learn the official languages of China, India, and/or Philippines. I’m good on that front.

Hope your kids do well. They will since you’re background is Chinese. I just worry about the others you try to brainwash here.

Oracle
Guest
Oracle

And once Asians (I consider myself one as Canada is not a ‘country’ anymore.). It’s an open place for people to set foot in and have their motherland as base.

Since I’m not going to win convincing the white folk here about immigration (they are so screwed and they don’t even know it) then I’m gonna try my darnest to make sure we get a majority here in the lower mainland.

Then we can truly call the shots. T minus less than 20 years.

Newcomer
Member
Newcomer

Hey, have you tried Reddit? I hear it’s a great place to talk about things like ethnic backgrounds and so on. People there may be interested in that kind of discussion.

Say, speaking of topics, this is a real estate site and I was wondering if you had any opinion on that. For instance, would you consider buying a home at the moment?

YVR
Guest
YVR

It is not berry season. Oracle hopes to be the top berry picker in the Spring and can then save up that 2.5% downpayment requirement.

YVR
Guest
YVR

“Asians (I consider myself one”

What are you going to switch from picking berries and delivering flyers in Abbotsford and Surrey to collecting pop cans in Vancouver?

bullwhip29
Guest
bullwhip29

Business closures turning White Rock waterfront into a ‘ghost town’
http://vancouversun.com/news/local-news/business-closures-turning-white-rock-waterfront-into-a-ghost-town

bullwhip29
Guest
bullwhip29

B.C. pension fund to sell Canadian hotel portfolio for more than $1-billion
http://www.theglobeandmail.com/report-on-business/streetwise/bc-pension-fund-to-sell-canadian-hotel-portfolio-for-more-than-1-billion/article33767646

British Columbia’s public pension fund manager is moving to sell off its portfolio of large Canadian hotels, which is valued at more than $1-billion, as it retools its real estate investment strategy, according to people familiar with the sale process.

British Columbia Investment Management Corp. has entered into an agreement to sell SilverBirch Hotels & Resorts, including its 26 hotel assets and management operations, to Leadon Investment Inc., a private investor group with ties to Hong Kong. These well-known properties span the country, including Delta hotels in Toronto, Calgary, Victoria and Halifax.

Hyper-mega-Bull
Member
Hyper-mega-Bull
patriotz
Member
Newcomer
Member
Newcomer

I don’t think so. What Trump has in mind is not so much isolationist as imperialist. He’s not saying there will be no more trade, he’s saying there will be no more fair trading conditions. He still wants to deal, he just wants to be sure that he “wins” in the deal. Part of that would, of course, involve making China lose. You can be sure, for example, that trade talks with Australia and Japan will include conditions such as their not making better deals with China.

MarKoz
Member
“What the tax did” – Sorry if this has already been posted. Paywall, so article provided whole. With so many IIP buyers still in play, I still find it hard to believe that the foreign buyer’s tax is responsible for the decline. Anyway: What the tax did The evidence to date leaves no doubt that the tax on foreign buyers is doing just what it’s supposed to do to Vancouver home prices. Here’s how it looks in living colour, courtesy of BMO Nesbitt Burns: “The vertical line marks the spot at which the non-resident tax went into effect in the Greater Vancouver area,” said BMO chief economist Douglas Porter. “We have enough history now to distinguish the clear divergence between Vancouver (down) and Toronto (still straight up),” he said in a research note. “And, in case there was any doubt… Read more »
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