Friday Free-for-all! Happy New Year!

It’s the end of another work week and that means it’s time for the first Friday Free-for-all of 2017!

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:

Lonely homes
Is rent higher in YVR or Toronto?
BC reviews homeowner grants
Best place on earth for free salt
Realty Check?
Sales fall, prices inch down

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

Sort by:   newest | oldest | most voted
Owe Canada
Guest
Owe Canada
The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada. At the end of September, 2016 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $7.18 trillion. At the end of September, 2015 the total debt outstanding was $6.83 trillion. In the one year period from the end of September, 2015 to the end of September, 2016 it increased by $355 billion. This is an increase of 5.2%. The approximate beginning of the global financial crisis was June, 2007. At the end of June, 2007 the total debt outstanding was $3.99 trillion. In the last 9-1/4 years it has increased by $3.19… Read more »
C.Junta
Member
C.Junta

Yep. And one of the major factors was this:

“Canada’s banks received billions in cash and loan support during the 2008-2010 financial crisis—and the Canadian government has remained resolutely secretive about the details”

https://www.policyalternatives.ca/publications/reports/big-banks-big-secret

bullwhip29
Guest
bullwhip29

With all the coverage and discussion about possible property tax hikes, the raising of the grant threshold among other things, it has been brought to my attention that the actual tax notices will be sent out one day following the election. How convenient that many british columbians whose assessments have surged far more than the average will be kept in the dark on one of, if not the most important issue affecting them for the entire campaign.

YVR
Guest
YVR

If whether you pay a few hundred more in property taxed per year or not on your million dollar home is the most important issue then you have few issues. Note the BC NDP are calling the government to raise the home owner grant threshold.

Ulsterman
Member

I’ve discovered in the past few days that most homeowners i talk too have a deep-seated sense of entitlement when it comes to the grant. Even people i thought were quite even tempered became very heated in their defense of the grant.

When the discussion moved to older people living in mortgage fee multi-million dollar homes, again, anger bubbled swiftly to the surface over property taxes. I suggested they could take advantage of government handouts and defer the tax paying only 1% simple interest – a handout from the gov basically. I explained that they can put off paying their fair share of taxes and only pay when they sell and claim their lottery win – it didn’t go down too well….

Newcomer
Member
Newcomer

I had the same talk today. An older guy, very conservative, very anti-entitlements for other people, but now that his house is worth 1.6, he’s mad as hell at the idea of forking out $500 bucks. I asked him if, having 1.6, like that, and no mortgage, he didn’t think he could afford it. Bad question.

Imagine if we stopped the homeowner grant altogether and spent that same amount of money on building social housing (a non-homeowner grant, if you like). People would go ballistic.

squeak
Member
squeak

I love to imagine this, to be able to walk around in town without seeing a 3rd world like desperation of homelessness, shanty towns (tent cities), beggars. I would feel so much better about Canada, but now I don’t.

About the absolute resistance to stop the home owner grant is very telling: me first and screw the rest, no concern of what kind of society they are creating: social problems leads to crime, leads to drugs, leads to corruption. And here it is. Well done Canada.

So there is a another reason for young and young families to turn their back to Vancouver/BC.

bullwhip29
Guest
bullwhip29
space889
Member
space889
Guess the saying is true, no good deed goes unpunished. You try your best to enlightened some people by posting balanced views & info in direct response to a poster’s question, you get banned for posting too many non-topic links. But posting racist hateful comments, calling for killing hundred of millions of people who’s only crime is being born in the wrong country, advocating violence based on race, personal attacks, naming calling, that’s all A-OK and encouraged. No wonder Canada is going downhill. You can’t discuss anything serious without people like BPOM making blanket stereotypes and stirring hate, and making it about hate rather than the issue at hand. All this is encouraged. Wonder why you guys are so wrong about RE and feel like such failures? It’s ain’t because of big bad corrupt evil Chinese people. It’s 95% because… Read more »
Royce McCutcheon
Member
Royce McCutcheon

Sure seems like a lot of text to utterly fail in acknowledging the avalanche of vote manipulation on your posts prior to the ban. Cool.

chilled
Member
chilled

Hey, when I can open up a business in Canada, employ people for a $1 for a 12 hr work day, heat my plant with a pile of burning coal, dump my toxic waste in the Fraser River, bribe the local officials to either incarcerate or execute my opponents/critics, get back to me, OK?

squeak
Member
squeak

I don’t see why the current local government would not receive your business proposal in a positive light.

space889
Member
space889

@BPOM – Yes, that was your proudest crowning achievement in life, isn’t it? Getting banned from RET for polluting that forum with hate and human scum. Sinking that forum to such a low level, even worse than Jonny Horton where they had to completely wipe all history when they banned him. Yes, that’s something to be very proud of! You get a gold star!

Best place on meth
Guest
Active Member
Best place on meth

Why is spaceshit back here?

This is is a travesty.

Well, back to hundreds of petty arguments we go.

I am thoroughly disgusted.

Brian Ripley
Guest

I took a quick look at Craigslist Toronto for rental prices and they are as bad (high) if not worse than the Vancouver market.

I do have my comparison chart of Vancouver and Toronto housing up: http://www.chpc.biz/compare-toronto–vancouver.html

In terms of perceived value of the underlying asset:

1 VAN SFD = 2.2 VAN Town Houses
1 GTA SFD = 1.7 GTA Town Houses
1 VAN SFD = 2.9 VAN Condos
1 GTA SFD = 2.3 GTA Condos

In Toronto the market believes their strata housing stock is more valuable in relation to SF detached housing stock and I assume there are more strata for rent.

Newcomer
Member
Newcomer

Thanks, Brian. This split apart in absorption rates is cool.

bullwhip29
Guest
bullwhip29

Don’t rush to the beach for free sand: Vancouver Park Board
http://globalnews.ca/news/3164829/dont-rush-to-the-beach-for-free-sand-vancouver-park-board/

bullwhip29
Guest
bullwhip29

lol…and check out the comment at bottom of this article.

Abdul Lahazi
Guest
Abdul Lahazi

This article makes it sound like sandy beaches are natural here but that is not the case. The sand was imported to cover the natural beach rocks and the sand needs to be added to occasionally as it erodes off into the water.

Combat roach
Guest
Combat roach
Even when one is nicely told that isn’t welcome any longer and even when gets “physically” banned from the site that one comes back to scold the host and bully the audience. Unbelievable level of arrogance and total absence of shame. This is yet another example how far those people would go and how they think the life is supposed to be in this city. There are no barriers or limits to run over or destroy any cultural or behavioral standards established by the western civilization over centuries. We can witness it now all around the city, in traffic, free salt distribution, stores, public swimming pools, Internet forums, community gardens, Costco’s sampling, and the list goes on and on. Is this type of culture and behavior we are about to embrace, is this our inevitable future? Are selfishness, scam, trickery,… Read more »
bullwhip29
Guest
bullwhip29

i think my biggest pet peeve is the misuse of handicapped parking passes. it seems every other mercedes, bmw, range rover etc has one on the dash yet the drivers are younger people. i guess it is just way too easy to get grandma to obtain one and have any and all family members take advantage of yet another loophole in the system. the nerve of these a-holes to think they are entitled to “VIP” style parking at every public venue

Bear Vancouverite
Member
Bear Vancouverite
What car they drive is irrelevant, but there should be fines for abusing the handicap passes because it takes up space from those who legitimately need them. However, it should also be noted that someone accompanying a handicapped person can legally use the permit to park the vehicle as long as the vehicle was used for transporting said person. Sometimes this means parking or stopping and waiting alone in the car for said person. It might also mean those Mercedes and BMWs belong not to the handicap pass holder, but to their relative or friend giving them a ride. Some of these handicap spots are also designated for “Expectant mothers and peoples with disabilities”. In such scenarios you might see a young husband getting something from the car while the expectant wife is inside. Be wary of judging to quickly… Read more »
Newcomer
Member
Newcomer

It is helpful to remember that they used to say the same things about the Irish, and the Polish, and the Italians, and so on. Our national tradition is that we welcome everyone and both the newcomers and the old-timers adapt over time, hopefully (but not always) adopting the best our of the existing culture and the incoming cultures.

Take a lude and, if you feel the need to shape society, sign up to volunteer somewhere. You can even volunteer to help new immigrants get used to Canada.

chilled
Member
chilled
Yeah, sure, back in the 50’s and 60’s those dang Irish, Polish and Italians were snapping up housing with their ill begotten gains and native born Canadians couldn’t buy a house either. Newcomer, seriously, you just hit the nail on the head and don’t even know it. Let me explain. Unlike the Irish, Polish and Italians of yesteryear, many of today’s immigrants, like yourself, Space and Shut It Down HONESTLY BELIEVE you are doing Canada a favor by coming here. You are not. You are listening to the bullshit propagandists in the media, CBC, Globe and Pail and believing it. The Irish, Polish and Italians referred to “home” as Canada and where they came from as “the old country.” They (we) were proud Canadians. Today’s immigrant refers to home as where they came from, almost 100% of the time. This… Read more »
Bear Vancouverite
Member
Bear Vancouverite

You might want to refer to this witty reply from Newcomer some weeks ago:

On Dec 18 2016 BPOM wrote @Newcomer:

“You’re the embarassment, snowfake. What a shame we let people like you into the country, you have no allegiance.”

Newcomer’s reply:

“Yes, it’s difficult to avoid letting people like me into the country, seeing as I entered from between the legs of another Canadian. (The sneakiest way in!) Must be frustrating for you.”

Best place on meth
Guest
Active Member
Best place on meth

Witty reply? Are you joking?

Anyone who was born here but poses as a “newcomer” is a fraud, plain and simple.

Shut It Down Already
Guest
Shut It Down Already

Or this blog. It’s amazing what assumptions some draw from a name.

Bear Vancouverite
Member
Bear Vancouverite

The lesson here is, don’t call out someone who writes better than you, reasons better than you, knows more about the topic than you, and is better at critical analysis than you, and then go on a rampage when they make you look like a damned fool.

Bear Vancouverite
Member
Bear Vancouverite

and by “you” I’m not referring to you SIDA 😉

Best place on meth
Guest
Active Member
Best place on meth

The lesson here is, don’t call out someone who writes better than you…..

Strictly your opinion, some will agree with you and some won’t.

Shut It Down Already
Guest
Shut It Down Already

You’re next.

Newcomer
Member
Newcomer

Nailed it. It’s the handle I started using on VBH’s blog, ten years ago when I moved to Vancouver.

Boy, have I been wrong for a long time!

Best place on meth
Guest
Active Member
Best place on meth

Here being Canada of course.

Why would someone refer to themselves as a “newcomer” if they’re just changing cities?

Newcomer
Member
Newcomer
Dude, I was born and raised here. And I took Canadian Studies in high school, so I know how far off the mark you are. You cannot really say that multiculturalism has failed Canada as if there were some previous approach that had served Canada better. We’ve been doing the multicultural thing from day one. We had to, because of the French that were still here when the British beat France. That’s what makes Canada different from, say, Australia, or the US, or New Zealand. If you reject multiculturalism, you reject the Canada that has existed since Confederation. It is also in no way true that past immigrants assimilated and took on a Canadian identity immediately. Assuming that you at least took Social Studies in grade school, don’t you remember the lessons about how the US is a “melting pot”… Read more »
chilled
Member
chilled

“Dude, I was born and raised here. And I took Canadian Studies in high school…” BINGO, the #SJW just admits to being a fucking fraud. Maybe go read your posting history and this most recent comment and get back to us, you fucking lying maggot. Let me guess, you work for the City of Vancouver in some sort of admin position or, if I am wrong, another government job? Right? Why don’t you lie about that, while you are at it? Fuck off shitbag.

VCI Admin
Guest
VCI Admin

IP Ban for Chilled, who really needs to chill..

Newcomer
Member
Newcomer

Wouldn’t it be easier if you just told me what I have said in the past that you think is contradictory? It’s a little hard for me to guess.

I can, by the way, assure you that I have always been honest when posting to this site so, if there is something that you find contradictory, it is either a misunderstanding or an error on my part. In either case, I would be happy to talk about it.

I do not, by the way, work for the government. I am self-employed. I own small businesses here and in the US. And for the record, as you might expect, I am a big fan of capitalism and free enterprise.

Newcomer
Member
Newcomer

Thanks, Pope.

Sometimes I just think the best revenge is to be doggedly polite. (Further proof of my nationality, I guess.)

MarKoz
Member
Active Member

You go girl!

Best place on meth
Guest
Active Member
Best place on meth

“Sometimes I just think the best revenge is to be doggedly polite. ”

Is that right, fraudster?

I didn’t even know you existed on this blog until you insulted me once, then a second time.

Is that how you define polite and get people to notice you?

Oracle
Guest
Oracle

Because he’s paid to post. Manipulator for the establishment.

Dr. No
Guest
Dr. No

“Online ‘trolls’ show signs of being sadists, psychology study finds”, Globe & Mail
http://www.theglobeandmail.com/report-on-business/top-business-stories/online-trolls-show-signs-of-being-sadists-psychology-study-finds/article16930003/

“Internet “trolls” appear to have some extreme personality issues, based on the results of a new study. They show signs of being sadistic and Machiavellian, says the recent study by Erin Buckels, a University of Manitoba psychology graduate student, and psych professors Paul Trapnell of the University of Winnipeg and Delroy Paulhus of the University of British Columbia.”

“What they found via two studies were “similar patterns of relations” between trolling and what’s known as the “Dark Tetrad” of personality, which includes, among other things, sadism, psychopathy and Machiavellianism,” based on enjoyment ratings and identity scores.”

“It’s worth noting for those unsuspecting types that trolls ramp up the pressure “for further, merciless amusement” when they ensnare someone.”

Abdul Lahazi
Guest
Abdul Lahazi

Trolls are passive/aggressive personalities.

chilled
Member
chilled

Bullshit. The word “Troll” was once correctly used to describe someone “baiting” a discussion to get it off on a tangent. Now the word “Troll” is simply thrown at someone with a dissenting opinion by our hyper sensitive social justice warriors, snowflakes and millennials who have been indoctrinated by the PC education system.

Abdul Lahazi
Guest
Abdul Lahazi

There is a difference between a “dissenting opinion” and someone purposely being a shit-disturber/baiter which is what a troll like Space is.

Oracle
Guest
Oracle

So I’m a dissenter?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Happened again: I upvoted and upvotes turned up but also downvotes.

Hyper-mega-Bull
Member
Hyper-mega-Bull

China scolds NY Times for investigative reports

http://www.globaltimes.cn/content/1027386.shtml

Bear Vancouverite
Member
Bear Vancouverite

Some posters have linked to http://myrealtycheck.ca/ a few times already. I was pleasantly surprised to note that the site is not only tracking price changes to existing listings, it also correctly attributes a price change when a home is relisted at a different price (typical trick by realtors to avoid showing a price drop on a property).

Cool stuff.

vangrl
Member
vangrl

Are we sure?

1676 West 28th.
It’s showing as a new listing at $9,980,000, I think it may have been listed for $1.7M more before christmas, but I don’t see that price change on his site.

Maybe I’m wrong and it sold and is now re-listed at lower price?

Newcomer
Member
Newcomer

That would be quite the failed flip!

vangrl
Member
vangrl

I just confirmed with a realtor. Terminated on Dec 27th at $11,680,000

vangrl
Member
vangrl

Don’t get me wrong, I love that price change website, it’s brilliant & super helpful, I’m just not sure it shows price changes for previously terminated listings

Bear Vancouverite
Member
Bear Vancouverite

Maybe it depends on the elapsed time between the listings?

I based my statement on 2-3 properties that I checked. Here’s one:

4984 Moss Street, marked as dropped 14% :

Jan 2:$2,250,000
Jan 5: $1,936,000

Using Google I found expired listing R2102466 which was on the market 126 days before it was taken off.

The new listing is R2129344 found here:

http://www.rew.ca/properties/R2129344/4984-moss-street-vancouver-bc?property_search=444461113

Am I doing it wrong? It appears to me like a relist “trick” and the prices mach what myrealtystats found.

I wonder if it depends on what source myrealtystats uses. rew.ca doesn’t have your 1676 West 28th yet and it appears to have been listed Jan 3rd. The ID is R2128595.

vangrl
Member
vangrl

So hard to know, I’m sure we’ll start to figure it out in a few months, I only had that one example to check.

Abdul lahazi
Guest
Abdul lahazi

There is a bug with the vote system; when I vote up a comment the down vote increments by 3. It only seems to happen when there are pre existing downvotes.

Abdul Lahazi
Guest
Abdul Lahazi

Also it only happens from my ipad not my PC.

Best place on meth
Guest
Active Member
Best place on meth

Space is still hacking the vote despite being banished.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yes. Just happened I thinjk. I upvoted you and automatically downvotes turned up. (I think that’s what happened. It happened fast and I wasn’t suspecting it but I think that’s what I saw. You posted only 3-1/2 minutes before I wrote this.

Shut It Down Already
Guest
Shut It Down Already

I imagine those votes were made by others inbetween you loading the page and casting yours. It just updates the running total when you vote.

Newcomer
Member
Newcomer

That would be my guess too. I’ve seen the phenomenon, but I upvoted all those comments above and didn’t notice any increase in down votes.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yes to what Abdul said, I mean.

Best place on meth
Guest
Active Member
Best place on meth

Are you people trying to suggest the votes are legitimate?

bullwhip29
Guest
bullwhip29

yeah, no doubt. this said, it is pretty easy to do

paulb
Member
Trusted Member

New
130
Price Change
23
Sold
30

TI:6373

http://www.clivestevepaul.com

Whoracle
Guest
Whoracle

No real noticable change for the bulls or bears here yet. Although 23 price changes to 30 sold sure raises an eyebrow.

LS in Arbutus
Guest
LS in Arbutus

Foreign buyers seem to be shying away from the luxury market in particular. Province-wide, just eight properties valued at more than $3 million were purchased by non-nationals in November, down from 95 in July. The under-$1-million market was far busier, with 304 purchases in the same month.

http://vancouversun.com/business/real-estate/foreign-buyers-of-b-c-real-estate-now-looking-for-cheaper-properties?__lsa=f4d9-667c

Don’t know many locals who can afford $3 million homes. I wonder what will happen?

Newcomer
Member
Newcomer

Is it foreign buyers, or everyone? In Vancouver condos (under a million) are selling much better than SFH (over a million, natch). Is it possible that it’s simply a case of people thinking more when the price tag is higher?

LS in Arbutus
Guest
LS in Arbutus

I think at the lower price levels people can still take on the requisite debt to get in or move up. .(Plus I understand that inventory is low.)

At the higher price levels, in particular, foreign buyer would have played a proportionately larger role. On the west side for SFH active listings totaled 422 at the end of December, almost 23% more than December 2015 and 14% less than the 10 year average.

The Months of Supply for Westside detached homes is in the buyers’ market range at 6.7 months.

Shut It Down Already
Guest
Shut It Down Already

CMHC insurance cut-off is at a million. We already know that locals drive the market, as the stats people demanded (then promptly ignored) told us so. I’d also wager there’s more product for sale under a million.

Bear Vancouverite
Member
Bear Vancouverite
The statement “locals drive the market” is partially misleading because it implies locals alone would sustain prices across the entire spectrum. In Vancouver West I believe stats 10-11% foreign buyers across metro Vancouver with 18% or so in Richmond and Burnaby. Even if they only go for the higher end of the market, all that high end inventory being priced for foreigners forces all high income locals to compete in the rest of the segment instead of where they would have originally purchased, pushing up prices for everyone. Then there’s the dollar volume, which was $885M from Jun 10 to Jul 14. You also cannot discount the psychology of it all. If sellers believe foreign buyers will buy their units they will price them higher. If buyers believe they will be outbid by foreign buyers they will bid higher. Remove… Read more »
Shut It Down Already
Guest
Shut It Down Already

I definitely don’t dispute the psychological factor – many locals are buying out of fear (and greed of course). That’s going to turn to regret in due course.

Newcomer
Member
Newcomer

And confidence. A lot of people think that, whenever they want to sell, there will be a Chinese guy willing to buy. They think of them like guaranteed greater fools.

YVR
Guest
YVR

“The under-$1-million market was far busier, with 304 purchases in the same month.”

Most of these under $1 million foreign sales are probably condo presale completions recorded in November but committed to pre 15% tax.

bullwhip29
Guest
bullwhip29

B.C. property data show sharp decline in foreign investment after tax
http://bc.ctvnews.ca/b-c-property-data-show-sharp-decline-in-foreign-investment-after-tax-1.3231136

YVR
Guest
YVR

Read disclaimer

PRESENTED BY RENNIE MARKETING: This story was produced by the editorial department as a result of a client’s interest in this topic. The client was not given the opportunity to put restrictions on the content or review it prior to publication

bullwhip29
Guest
bullwhip29

Richmond real estate lawyer faces hearing for alleged contempt of court
http://vancouversun.com/news/local-news/richmond-real-estate-lawyer-faces-hearing-for-alleged-contempt-of-court

>>> Lock her up!

patriotz
Member

With net worth tied up in their house, couple’s dreams of early retirement may be dashed

Many years ago, they got into the West Coast housing market ahead of the stampede to buy. Their house is now 80 per cent of their net worth… But lack of private savings adds risk to early retirement plans. For now, they have $108,800 in RRSPs and TFSAs.

So who is Christy counting on to get re-elected? This couple is actually in much better shape than most of their peers, as they are debt free.

Newcomer
Member
Newcomer

Hardly a sob story, though. The writer goes at it from the point of view of how to get the most possible money and finds them a bit lacking if they want to have the same income as now when they retire. The tragic conclusion is that they will have to keep working until they are 65. Another way of looking at it would be to see if there is any way to retire early and scrape by on 100K, or semi-retire and have more room to help cover 15K a year they currently spend on leisure.

With a household income of $190K, which makes them 3%ers, the financial situation of people like these will not impact the election.

fomostyle
Guest
fomostyle

Who is burnt out from work at ages 44and 48??

Snowflakes.

Bear Vancouverite
Member
Bear Vancouverite

Defined benefits of $91k on retirement, $814k net worth in their 40s, and $190k of gross income. That’s a very rich and easy retirement most can only dream of. This couple can semi retire pretty much in 10 years and many would still call it a life of leisure.

Sometimes we need to worry less and just appreciate what we have (something I try to tell myself as well).

Shut It Down Already
Guest
Shut It Down Already

You think their house with be worth as much in 10 years and they’ll actually sell it to fund their retirement? You can’t buy groceries with equity.

Best place on meth
Guest
Active Member
Best place on meth

DOW 20K, 2nd attempt today.

bullwhip29
Guest
bullwhip29
fomostyle
Guest
fomostyle

White retirement flight from Vancouver.

bullwhip29
Guest
bullwhip29

‘Twice the house for half the money’: Why Kelowna, B.C., real estate is booming
http://www.cbc.ca/news/canada/british-columbia/programs/daybreaksouth/kelowna-real-estate-1.3924960

fomostyle
Guest
fomostyle

And with a fraction of the jobs ….

Oracle
Guest
Oracle

VCI Admin : why ban anyone who offers a different opinion?

Soon all we will have here is a consensus who says a 90% crash is imminent. Reason people are so emotional is the bullish signs are all over the place but most here fail to see them. And that constitutes banishment? LMAO

Oracle
Guest
Oracle

And the vote system as is will work as many use VPN.

Oracle
Guest
Oracle

Not*

Shut It Down Already
Guest
Shut It Down Already

Nobody has been banned for their opinion.

Bear Vancouverite
Member
Bear Vancouverite

That’s a good thing for Oracle – aside from opinions and conjecture he posts nothing of factual value.

Oracle
Guest
Oracle

Ummm…I’ve been right about YVR housing since I’ve been here. How many years have some of you guys been calling for a crash thats imminent? Maybe time to reassess what u ‘know’ ?

bullwhip29
Guest
bullwhip29

Changes to B.C. camping reservation system mean it’s time to start planning
http://vancouversun.com/news/local-news/changes-to-b-c-camping-reservation-system-mean-its-time-to-start-planning

>>> another item on the growing list on things that now have to be monitored more closely due to folks abusing the system and exploiting loopholes…

history
Guest
history

http://www.zerohedge.com/news/2017-01-07/chinas-3-trillion-reserves-questioned-after-pboc-reports-41-billion-december-outflow

read the comment thread that speaks about Vancouver Real Estate. There is a difference of opinion whether offshore PBOC driving the market, or the homegrown Sub-prime mortgage doing the deed.

Bear Vancouverite
Member
Bear Vancouverite
Both are part of what drives the market. In no particular order let’s look at all the potential (and likely) factors: – low interest rates / easy credit – CMHC – shadow lending (arguably part of easy credit) – pent up demand from delayed household formation – empty homes – short term rentals / airbnb – foreign money – mortgage helpers (trend towards basement rentals and laneway homes) – property tax deferrals (allowing people to stay in homes they cannot afford) – mortgage fraud (getting mortgages that couples would not normally qualify for) – abuse of primary residence capital gains exemptions Let’s just put it this way. If you take away CMHC and force banks to take on more lender risk I am sure that will have significant impact. I bet if there was a magical way to completely deny… Read more »
Newcomer
Member
Newcomer

Good list.

And as an overheated market is chaotic, any one of the factors can have a major impact in both directions. I really feel that this market is beyond guidance and, sooner or later, must collapse or transform. And I don’t see a likely mechanism of transformation in the near term.

Oracle
Guest
Oracle

Typical troll response.

The primary reasons are high immigration (incl temps) and foreign money inflows.

Nice try. Must be nice posting on a salary.

Newcomer
Member
Newcomer

Let’s sort something out, because it keeps coming up. What do you use the word, “troll,” to mean?

I’m getting the sense that you might mean “plant,” which is to say, someone pretending to be an ordinary member when if fact they are an operative of an outside power. And you seem to think this outside power is paying for it

If that is the case, who is it that you think is paying to influence the readers of VCI?

By the way, you can find out what “troll” means here:

https://en.wikipedia.org/wiki/Internet_troll

history
Guest
history
Remember, the author Rob Lister works in the subprime mortgage broker industry, CMT is his site, and since the RE price reversal last Aug, and especially the Goo changes, has been heavily censoring the forum. It’s over Rob…. do yourself a favour and change careers, i recommend 50% of the broker workforce go into INSOLVENCY consulting, since you put ’em there. https://canadianmortgagetrends.com/canadian_mortgage_trends/2017/01/higher-rates-are-no-gift-to-homeowners.html The government’s ongoing crusade against lenders is already proving costly. Regulatory tightening over the last year has raised conventional mortgage funding costs by at least 25 bps, say lenders we’ve spoken with. A ¼ point rate hike may not sound like a lot, but that’s $2,300 siphoned out of families’ pockets on a typical mortgage—over just one 5-year term. If you’re a new buyer making an average down payment on the average Canadian home, regulators have just penalized… Read more »
Best place on meth
Guest
Active Member
Best place on meth

What a drama queen this parasite is.

He makes it sound like a gradual normalization of interest rates is a form of rape.

Poor baby, everyone should get free money for eternity.

realist
Member
realist

The debtor “babies” get the money for (nearly) free, but that money is not free. It is being paid for dearly by savers, in the form of foregone interest on savings, estimated to be one half trillion $USD by American savers alone since the Great Financial Crisis
http://preview.tinyurl.com/jqc7dwg

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

This observation is the basis for a very deep objection I think. It’s not merely an issue of unfairness to savers in favor of spenders. It’s an issue of being shortsighted about the range of life styles (and economic contributions associated with them) necessary for a healthy economy. Some kinds of lifestyles and career choices naturally lead people to be savers (or spenders as the case may be) quite apart from whatever their personalities or psychological quirks are, . Policy makers shouldn’t base decisions as if everyone in the economy functioned best (and made their ideal contribution) by spending big and taking risks. They should support both styles, not punish the savers.

realist
Member
realist

You raise deep questions about what an ideal economy would be; or at least, what a sustainable and humane economy would be. I think you also answer why this is not addressed: policy makers believe that the economy functions best by spending big. Such policy serves financial interests perfectly…debt is a highly profitable business.

No Money Down
Member
No Money Down

Cheapest House in Vancouver?
https://www.zolo.ca/vancouver-real-estate/1358-e-28th-avenue

Listed for $898k (142 days on market)
Assessed $1.34M
33% below assessed value.

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