Friday Free-for-all! January 20th 2017

It’s that time of the week again, 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:

Private mortgage insurer matching CMHC hikes
Housing market pits one generation against another
optimism in real estate
Future of BC housing
Vanguard says BOC will hike rates this year
The good, bad and ugly in the market

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

he sounds like someone who knows what he’s talking about.

bullwhip29
Guest
bullwhip29
Hyper-mega-Bull
Member
Hyper-mega-Bull

that article is low quality.

why quote someone saying he’s a bad money manger when he doesn’t mange money? lol. the reporter is polluting their story with inaccurate quotes. awful.

>To McQueen, O’Leary was an interloper, someone without experience as a money manager

>When a non-trained money manager shows up in the market…if it goes badly, what does this mean to everybody else whose stock-in-trade is this industry? If it brings the industry into disrepute, you bring a pox on all of our houses from investors.”

>Of course, O’Leary doesn’t literally manage the funds himself

bullwhip29
Guest
bullwhip29
Best place on meth
Guest
Best place on meth
goofus ottawais
Guest
goofus ottawais

never heard of O’Leary, yuch, what a MSM stink link

Polozi Scheme
Guest
Polozi Scheme

Moby Dick Restaurant would ‘harm’ building image
According to the lawsuit, the strata felt the restaurant would “harm the image” of the building and would decrease property values.

https://www.google.ca/amp/www.cbc.ca/amp/1.3941244?client=safari

patriotz
Member

Note the lawsuit is between the strata and the owner of the strata unit which wanted to rent it to Moby Dick. Just another example of why buyers of strata units should discount the price they pay to compensate for lack of owner control.

YVR
Guest
YVR

The difference between owning a strata and renting a strata (other than price) is minimal,

YVR
Guest
YVR

If I lived in the building I wouldn’t want Moby Dick restaurant going in either. Nothing to do with the name. Pumping out deep fryer exhaust onto your balcony all day and evening would not be pleasant.

Shut It Down Already
Guest
Shut It Down Already

Right. And the objections were to that as well. It’s just the media focusing on the name.

Newcomer
Member
Newcomer

And it is a trashy name. Leaving the non-existent sexual connotation out of it, the name is good for a theme park or a food court in a mall, but it is hardly in keeping with the neighborhood.

Hyper-mega-Bull
Member
Hyper-mega-Bull

that location sucks anyways. who ever moves in their goes out of business.

Loon
Guest
Loon

Happy inauguration day !

Concerns that Americans will become the new foreign buyer

http://www.news1130.com/2017/01/20/concerns-americans-will-become-new-foreign-buyer/

Best place on meth
Guest
Best place on meth

” “Immediately after the election, the number of Americans searching for properties on our national website surged over 300 per cent,” explains Royal LePage President and CEO Phil Soper.”

Hahahahaha…….Phil Soper!

Oh god, my sides!!

Ulsterman
Member

probably went from 50 to 200….ooooh!

Emma
Member
Emma

“China’s Largest Company Just Partnered To Sell US & Canadian Real Estate,” they’re trying to bring foreign buying back.

https://betterdwelling.com/chinas-largest-company-just-partnered-sell-canadian-real-estate/

bullwhip29
Guest
bullwhip29

April Point, Painter’s Lodge resorts on Vancouver Island have a new owner
http://vancouversun.com/business/local-business/april-point-painters-lodge-resorts-on-vancouver-island-have-a-new-owner

“Painter’s new owner is listed in B.C. government documents as Painter’s Hotel Resort Ltd. April Point Hotel Resort Ltd. is the owner of the Quadra Island property. The companies were incorporated last year.

In each case, the registered office is at 9260 Bridgeport Rd. in Richmond and its director is Xiao Dong Liu, who could not immediately be reached for comment.”

UBC in Crisis Mode
Guest

The owner either owns “Best Western Hotel” or use its address to incorporate. Fishy!

Newcomer
Member
Newcomer

Is it? A hotel being owned by an entity that receives its mail at a hotel office is fishy?

Newcomer
Member
Newcomer
C.Junta
Member
C.Junta

Yeah, correlation and causation. You can’t beat this classic chart:
http://imgur.com/gallery/3B0pt3M

Newcomer
Member
Newcomer

That actually makes a lot of sense.

Buynow or Getlaidnever
Guest
Buynow or Getlaidnever
Best place on meth
Guest
Best place on meth

Locusts are playing the same sick games there that they’ve played here.

It all sounds so familiar.

squeak
Member
squeak

I would imagine they have housing market blogs in New Zealand, Australia too. Why not network with those blogs to spread/share info of the going on’s and games here, to help them deal with these issues.

patriotz
Member

“It all sounds so familiar”

Right down to a general election in 2017 where NZ will have the chance to dump its sellout right wing government. If it doesn’t happen, you’ll know the voters are sellouts too.

Buynow or Getlaidnever
Guest
Buynow or Getlaidnever

You could work as long or as hard as you can to make a living in Vancouver or you could own a single-family home in the city and earn twice as much by basically doing nothing.Select group of lucky Vancouverites made $1 million or more last year by “twiddling their thumbs.”

http://globalnews.ca/news/3193348/vancouver-home-prices-graphs/

Bag it and tag it
Member
Bag it and tag it

How much they make in the past 6 months?

southseacompany
Member
southseacompany

“Real wealth is built through innovation, and it’s gained through hard work, it’s not through some magical asset inflation,”; Mark Carney back in 2013

http://www.cbc.ca/news/business/cooling-housing-market-part-of-economic-transition-mark-carney-says-1.1317900

southseacompany
Member
southseacompany

Here’s the full interview from 2013 just before he left fr teh BoE.

“Carney warns of retirement risks from inflated housing prices”
http://www.ctvnews.ca/business/carney-warns-of-retirement-risks-from-inflated-housing-prices-1.1158548

squeak
Member
squeak

I know, I feel like an idiot everyday when I go to work to save lives.
If I was smart I would sit on my behind in front of the fire place, have time and energy to enjoy this so called super natural province (for who?) have the weekends off and have Christmas and enjoy summer off, all year off, do nothing and get rich, just like that!
You are a genius Christy, Trudeau!
I will put in my resignation today, stating it makes more sense to twiddle my thumbs sitting on a house(s).

southseacompany
Member
southseacompany

“Hang on tight: Your finances will face dramatic Trump-led uncertainty”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/hang-on-tight-your-finances-will-face-dramatic-trump-led-uncertainty/article33668430/?reqid=6ed216ed-b29c-4aab-8967-84a2e1fdff96

“As a result of Mr. Trump’s policies, we could see lower costs for floating-rate borrowing products like variable-rate mortgages and credit lines, and higher costs for fixed-rate mortgages”

UBC in Crisis Mode
Guest
Oracle
Guest
Oracle
Overseas, for example in India, rents are usually out of reach of the unskilled labour class. they are usually homeless. there is so much fiat money in the world that they are clamouring for assets. Rare art, Blue chip companies, and housing in the worlds elite cities. There are only 2 cities in Canada that fit that moniker; Toronto and Vancouver. You can deny this all you want but you know it to be true. Same thing will happen here. You WILL see homeless families. It will take about 3-5 years to get used to the idea (desensitized). But make no mistake, it will happen here with the population pressures/gov policy to restrict development/foreign money. By the way, the other day, I saw a white granny begging for food. She was standing but most of the people didn’t care and… Read more »
Combat roach
Guest
Combat roach

“Same thing will happen here. You WILL see homeless families.”

In the meantime, we’ll see a rise of some local Trump end instead “we’ll get our jobs back” we’ll hear “we’ll get our homes back” and start taxing foreign factor insanely and easy start sending them back home to enable “space” for locals, right?

Abdul Lahazi
Guest
Abdul Lahazi

The difference between Canada and India is that Canada has something called a “social safety net” which India doesn’t have. Stop being such a drama queen.

YVR
Guest
YVR

That and India is a third world slum with few middle class.

Bear Vancouverite
Member
Bear Vancouverite

This is just more fear mongering. How many unskilled labourers are on VCI hoping for a housing crash and how many unskilled labourers are buying homes in other big cities? Are you talking about yourself by any chance?

Newcomer
Member
Newcomer

Since I answer your question about my ethnicity, would you mind answering one for me? How old are you?

Best place on meth
Guest
Best place on meth

Oracle, when I see bodies and human excrement floating down the Fraser on a regular basis then I might believe your doomsday theories.

realist
Member
realist

Oracle, I wish I could dismiss your scenario as impossible, but I cannot. It is the logical extension of growing inequality in Canada. If anyone had suggested 25 years ago that every night people would be seen bedding down in their sleeping bags on the sidewalks of Burrard St or West Broadway, they too would have been dismissed…but such is the case.

franko
Member
franko

Wonder if not asking $8,888 for a 1880 address tells us what type of tenant they might be targeting.

Combat roach
Guest
Combat roach

They probably left the room for generous $112 to negotiate and lower the asking price, in order to strike the lucky number. However, I don’t think a locust would pay such rent but rather buying a house?

southseacompany
Member
southseacompany

“Donald Trump ‘could send America into the next Great Crash’ warns Nobel laureate Robert Shiller”, Financial Post

http://business.financialpost.com/investing/outlook-2017/donald-trump-could-send-america-into-the-next-great-crash-warns-nobel-laureate-robert-shiller

“Shiller believes Mr Trump will not allow the U.S. Federal Reserve to hold back his boom by raising interest rates. “Janet Yellen will be gone by the end of the year and then he will ‘pack’ the Fed.””

Newcomer
Member
Newcomer

Odd, Trump has been openly anti low rates. In general, the article did not make much sense. If people were likely to pull in their horns like they did in ’29, why didn’t they also do that in ’08. Shiller is smart guy, but there is something wrong with that article. Maybe he’s loosing it.

Oracle
Guest
Oracle

2 articles worth a read. Globalist elite and their pawns sacrificing the local workers. Canada going to give a free trade deal with everyone. Good luck if they think they’re going to have any jobs here that pay $12/hr left. Just won’t be competitive. Thats when the ‘abolish the minimum wage’ movement starts, directed by the multi-nat corps. Trumps going in the right direction for his people.

https://www.bloomberg.com/news/articles/2017-01-20/canada-hopeful-tpp-can-survive-without-u-s-trade-minister-says

https://www.bloomberg.com/news/articles/2017-01-20/canada-hopeful-tpp-can-survive-without-u-s-trade-minister-says

paulb
Member

New
180
Price Change
27
Sold
88

TI:7288

http://www.clivestevepaul.com

Just me
Guest
Just me

Double 8 in the inventory number? Is that a trick to attract certain buyers?

StupidityCheck
Guest
StupidityCheck

Did spaceclown’s trolling contract expire?

history
Guest
history
Best place on meth
Guest
Best place on meth

Home sales are down in china as nobody can find the open houses due to smog.

Best place on meth
Guest
Best place on meth

West side is in rough shape, inventory is already back near last fall’s peak and about 1 sale per 10 listings.

If we don’t see a signicant bump in sales for CNY then HAM is probably dead. They don’t like to pay taxes to begin with, let alone a six figure one to the white devils.

East side is still doing it’s usual 10% off asking thing.

4789 MANOR ST, asking 1.2, sold 1.1, 51 days

244 61ST AVE E, ask 1.2, sold 1.1, 48 days

2281 10TH AVE E, listed 1.6, sold 1.4, 78 days

When is CNY this year? I hear it’s been changed to the Year of the Trump to try and appease the new president.

Best place on meth
Guest
Best place on meth

Further to west side, now I find this.

http://dexterrealty.com/current-market-conditions.html

Check the 2nd link on House, Townhouse, Condos – then check Van West sales halfway through this month compared to January sales last year and the year before.

What is the MOI at this point?

Shut It Down Already
Guest
Shut It Down Already

Surely most of the January sales happen in the 2nd half of the month.

Best place on meth
Guest
Best place on meth

Of course they do, but the difference is not that big.

Around 15-20% more sales in the 2nd half of the month which is kind of irrelevant when the first half sales were 7.

yvr2zrh
Member

Should have about 2:1 ratio with 66% happening in last half. So take the first half sales and multiply by 3 to get projected full-month. Many areas look to be in bad shape. Weakest is Van West detached and strongest even looks to be Richmond Condos. Not sure if there is a lot of new product on the market in Richmond but there is strong sales volumes. Van East detached looks to be falling off the rails – – as it should . . Will be interesting to see this evolve.

Newcomer
Member
Newcomer

That is dramatic.

Just me
Guest
Just me

Interest rates are same or lower than last year. What is the other possible explanation? Wait, I think I remember now…

No Money Down
Member
No Money Down

4789 MANOR ST Assessed $1.4M, Sold 21% below assessed value.
244 61ST AVE E Assessed $1.17M, Sold 6% below assessed value.
2281 10TH AVE E, Assessed $1.4M, Sold for assessed value.

Best place on meth
Guest
Best place on meth

Thanks for the follow up, this is important information.

Best place on meth
Guest
Best place on meth

An hour after Donald Trump assumed the presidency Friday, his administration indefinitely suspended a pending rate cut for mortgage insurance required for FHA-backed loans, which are popular with first-time home buyers and those with poor credit.

http://www.latimes.com/business/la-fi-trump-fha-cut-20170120-story.html

Newcomer
Member
Newcomer

So far, so good.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

This one was sold today: 4256 W 14TH AVENUE, Point Grey, listed at $5,188,000
History: February 4, 2009, Sale Price $2,300,000

Just me
Guest
Just me

HAM buyer? I live in fear of a new onslaught of Chinese money (with accompanying moronic comments about local overextending themselves to buy 5mil properties).

Newcomer
Member
Newcomer

It is, in fact, very clear that you live in fear. That is what happens when you let your imagination run away with you.

Just me
Guest
Just me

Thanks for the psychiatric help.
I already feel better doctor.

No Money Down
Member
No Money Down

What did it sell for? Note February 4, 2009 was at the very bottom of the GFC

bullwhip29
Guest
bullwhip29

B.C. Premier Christy Clark no longer receiving $50K stipend from party
http://www.cbc.ca/news/canada/british-columbia/christy-clark-50k-stipend-1.3946373

>>> there, everything’s all good now…LOL

Combat roach
Guest
Combat roach

Every move she makes looks like shit thrown on people for fun…

Just me
Guest
Just me

Is she giving back the hundreds of thousands she already received?
Pretender, she will figure out some other way to get our money into her bank account.

bullwhip29
Guest
bullwhip29

Most irritating part of the whole PR stunt was how she piggy backed the release of that info on the Tim Jones Peak announcement not to mention doing it on a Friday, which also happened to be Inauguration Day. All calculated, planned and carefully managed to fall off as many radars as possible.

bullwhip29
Guest
bullwhip29

Victoria council postpones decision on foreign buyer tax in Capital Region
http://globalnews.ca/news/3196388/victoria-council-postpones-decision-on-foreign-buyer-tax-in-capital-region/

“People move here for a reason and they’re not moving here for investment or to make money…”

Combat roach
Guest
Combat roach

They expect to pump it more if possible…

Just me
Guest
Just me

The greedy bastards want to milk thr (chinese) cow while it’s there.
Pecunia non olet.

patriotz
Member

Bad headline because it’s not their decision to make. It’s Christy’s of course, and since she has no seats to lose in Victoria City and only one in the whole Capital Region, I doubt she cares much.

Just me
Guest
Just me

Regarding Clark’s stipend, this is fom the Van Sun:
Clark said that the B.C. Liberal Party has been paying the stipend for 15 years, including to previous leaders. The party said Clark has been paid $301,900 since she became leader in 2011. The NDP has said it helps cover some costs for leader John Horgan, including clothing, but does not pay him cash like the Liberals.

She claims this money was to reimburse her for clothes and similar expenditures? How much do those colourful blankets that she wears cost?

patriotz
Member

“for 15 years, including to previous leaders”

I don’t know if those are actually Christy’s words, but the BC Liberals have had only one other leader in the past 15 years. More sloppy reporting.

Just me
Guest
Just me

Yup, you are spot on. The official bribe was introduced by none other than Gordon Campbell. The it was duscreetly retained by Christy Ckark.
An extra 50k certainly helps pay for the Kerrisdale home rental.

Don’t let her get away with it, vote her out.

Just me
Guest
Just me
China-Vancouver air travel is soaring, despite B.C.’s foreign homebuyers tax http://www.canadianbusiness.com/economy/china-vancouver-air-travel-soaring-despite-home-buyers-tax/ “YVR now has more mainland Chinese carriers than any airport in North America and Europe–more than Heathrow, Paris, L.A., Chicago and San Francisco,” “Capacity between Vancouver and Chinese destinations rose 25% in 2016 to 1.4 million seats. And once Hong Kong Airlines begins service in July, capacity to China, Hong Kong and Taiwan together will have gone up 46% in 18 months.” “Richmond attributes the surge in trans-Pacific air travel to continued growth of the Chinese economy and middle class. “There are more and more people travelling from what we would call secondary cities—though it’s hard to use that term when you’re talking about cities that have nine or 10 million people,” he said in an interview following his speech. “These cities are coming alive with travellers.” “….Richmond also… Read more »
patriotz
Member

The headline is stupid – it assumes that the primary goal of Chinese coming though YVR is to buy RE. A lot aren’t even leaving the airport (and doubtless many are going to other Canadian destinations as well as the US):

“Richmond also credited Canada’s visa-free travel provision that allows Chinese passengers with a U.S. visa to make flight connections through Canadian airports. “

Just me
Guest
Just me

Headline may be stupid. Substance is that even if 1/3 sticks around, it is a recipe for disaster.

Newcomer
Member
Newcomer

But nobody is foolish enough to imagine that 1/3 of the people on the flights from China are going to move to Vancouver. Once you stop and think about it for a second, you will realize that is a ridiculous proposition. And yet, for a moment, you thought it was true. You can use this to see how easily it is get carried away by crazy ideas that have nothing to do with reality.

YVR
Guest
YVR

Come on. I will be flying through London Heathrow this summer and since I am at the airport I will be buying a new flat in London during the layover. On the way home through Amsterdam I will also pick up a place as well.

Just me
Guest
Just me

Funny how you say that. Both London and Amsterdam have inaccessible housing markets and large ownership rates (admittedly from rich people in Europe and the middle east rather than Asia).
The difference from Vancouver is that those cities, if you have really been there, do have an underlying economy to support the residents.

China is a couple of orders pf magnitude larger than most other western countries. It takes a very small share of their population to irremediably change the nature of a city like Vancouver.

Shut It Down Already
Guest
Shut It Down Already

That’s the basis of all your arguments.

“If only a tiny fraction of China did XYZ”.

Lazy thinking.

Just me
Guest
Just me

Do you think the argument is incorrect?
If so, please explain why.

Newcomer
Member
Newcomer

Take a look at my explanation or the problems with your other argument which touches on a very similar point.

Just me
Guest
Just me

Not sure I follow. But I heard much of this credit-based, FOMO nonsense before. And nobody has ever attempted to present a credible set of numbers (with evidence) indicating that it accounts for anything but a small slice of the mid-to-low price market.

Shut It Down Already
Guest
Shut It Down Already

Forget the psychology. Look at the debt, ownership, and savings rate stats. Canadians are up to their necks in it and have nothing for their retirement. Blame China, though, if it makes you feel better.

Just me
Guest
Just me

Let me venture a further hypothsis: could it be that some of the excess debt accumulated by (some) Canadian families may be the response to the buying activity if foreign investors? Could ut be that some buyers feel compelled to match exhirbitant valuations introduced by foreign money launderers?
Perhaps this is more common in the past couple of years than before, as a response to sudden influxes of lqudity from elsewhere.

patriotz
Member

“may be the response to the buying activity if foreign investors?”

Of course it is. As in, “We had to help our 22 year old son to pay $400K for a condo because the Chinese are buying everything.”

Just me
Guest
Just me

Except that the chinese were buying everything last year.
Reaction may be wrong, but underlying reason is not.

Shut It Down Already
Guest
Shut It Down Already

The stats disagree with you (again).

Just me
Guest
Just me

Christy’s stats?
Do they measure cash flows from abroad?

Shut It Down Already
Guest
Shut It Down Already

If you have more reliable data than what we’ve seen so far you’re always free to post a link.

It would really have to be something qhite special to overturn the strength of the existing evidence, however. Don’t forget that my position is backed up with fact and yours is pure guesswork. So it’s not exactly a coin toss at this stage.

Just me
Guest
Just me

Which facts? Care to share?
As I said, there is a difference between Christy Ckatk headcount of nin-resident buyers and actual capital flows.
But of course you pretend they are the same thing.

Shut It Down Already
Guest
Shut It Down Already

Yes there is a difference. One is known and measurable and the other you get to conjure up any number you like to move the goalposts as you see fit.

Other supporting data includes things like mortgage debt, CMHC obligations, savings rate, surveys about whether Canadians think real estate is a good investment, etc. You’ve already been told this, and all this info points in the same direction – greedy greedy Canadians.

So many people asked to see the data on foreign buyers – right up until the point that it defeated their entire argument.

Face it, you’re trying to fit the facts around your conclusions.

Just me
Guest
Just me

Again, the headcount of non-resident buyers does not equal the value if Chinese money.
Simple but surprisingly hard to grasp, even for someone well educated like you. But then again, more education does not necessarily mean one is correct.

Newcomer
Member
Newcomer

That doesn’t make sense. If the reaction is wrong then pointing to something and calling it a reason, which is to say a justification, is clearly wrong. You may have mean to say that, even if the reaction is wrong, the underlying facts are properly identified. But then when you look at it like that, it becomes clear that they are not. I know a Canadian who bought something last year, so it is not the case that the Chinese were buying everything. Again, you have been confused by your sloppy thinking. By “everything” you mean, “a lot” but you don’t know what you mean by a lot. So, once again, you are just guessing and fantasizing.

Just me
Guest
Just me

Right, if it makes you feel happier, let’s all say at once: chinese buyers are at most a sideshow in Vancouver RE market.

Maybe if we say it enough times people will believe it.

Newcomer
Member
Newcomer

I haven’t heard anyone say there here. Have you? You might want to go back and check.

This is another thinking problem that you are facing, know as all-or-nothing or black-and-white thinking.

This is related to straw man arguments. You are attacking something that no-one said, just because it’s easy to attack. What is being said ranges from “they are a significant factor but not the most significant factor” to “we don’t know how significant they are.”

Unfortunately, the world is not so simple that one factor explains everything. We need to quantify, that is to say, to determine how much of a factor things are. That is what you consistently refuse to do and that this what is keeping you confused.

Shut It Down Already
Guest
Shut It Down Already

Feeling compelled is not the same a single being compelled. Recent buyers made their choice out of fear and greed.

Shut It Down Already
Guest
Shut It Down Already

It’s not an argument at all. You’re essentially stating the obvious fact that China is really big over and over.

Just me
Guest
Just me

For the record, I did not suggest that there 1/3 of passengers would become buyers. More to the point, I was noting that this traffic (and easy, cheap access) from China may lead to more interest from Vancouver in the future.
May I also humbly note that 35 years ago nobody was anticipating what Vancouver looks like today? Essentially a city with large swathes populated and/or owned by rich mainlanders who barely speak english?
If someone had said that to a Vancouverite in 1980, they would have laughed and said “don’t be so melodramatic, of course it is not going to happen”.

I may insist much pf this single point, but it is much less crazy than many of you recognize. Again, I hope with all my heart to be wrong.

Newcomer
Member
Newcomer
You said, “Substance is that even if 1/3 sticks around, it is a recipe for disaster.” By “sticks around,” we can only imagine you mean “moves here” in some for or another. Talking in very round numbers, that would basically double the population of Vancouver in a year, which is 100 times the total growth rate from all sources, including births and arrivals from within Canada. So let’s be clear that the statement was entirely out of keeping with reality. As to your worry about “large swaths” being “populated” by people from China (your use of “mainlanders makes me wonder if you might trace your roots to Hong Kong) you would have to define “large swaths” and “populated” for your sentence to carry any meaning. “Large swaths” could mean two blocks or 50% of the city, and “populated” could mean… Read more »
Just me
Guest
Just me
Interpret as you wish, and criticize to your heart content. I have lived in Vancouver for a long time, I know the city well, and I know what I am talking about. If you were to take the whole value (in $) of real estate in Richmond, Kerrisdale, Point Grey, parts of Burnaby, Arbutus and then compute the share of that value that is in the hands of mainlanders with no business/personal ties to Vancouver, you would be amazed. Of course, this is no easy feat, as a good part of those land titles are held through non-traceable proxy. As for me not being precise, be as it may, I have a hard time getting easily accessible data as our Provincial government has for years refused to gather such information. Only recently they relented, but the figures they provide are… Read more »
Newcomer
Member
Newcomer

If your arguments are based on guesses, they are not so much arguments as fantasies, and it is not surprising when fantasies are startling. That said, if you genuinely believe that China will annex BC in the next 30 years, you should be speaking to your doctor, not folks on a real estate blog.

Just me
Guest
Just me

Right. I did say that people would accuse one to be a lunatic. I guess it is the easy way out.
If you think this is impossible, I have nothing much to add. I guess time will tell us who is right and who is wrong.

As for your hypothesus (still nit sure what it is, but Inassume you have one and has to do with locals on easy credit) I have not seen any evidence or fact in support. I remain eagerly waiting for you to provide some.

Convince me, please.

Newcomer
Member
Newcomer

My hypothesis is that Vancouver prices have increased due to a number of factors, including foreign investment, and its psychological impact, population growth, government intervention, low interest rates and, above all, speculation/FOMO. I also believe that speculation is the dominant market driver. That is important because, if sentiment changes, the opposite side of the coin will swamp all the other drivers.

patriotz
Member

“If someone had said that to a Vancouverite in 1980”

Interesting choice of date, because at that time everyone was jumping to buy Vancouver RE at absurd prices because they thought rich Hong Kongers were taking over.

YVR
Guest
YVR

In 1993 60 Minutes had an episode on exactly that. It was called “Hongkover” and that was the first time I heard that term used.

http://www.imdb.com/title/tt2620800/

YVR
Guest
YVR

Hongcouver that is.

Shut It Down Already
Guest
Shut It Down Already

And wasn’t there still a Hooters back then?

YVR
Guest
YVR

1.4 million airline seats and 7 westside sales month to date. Clearly there is a correlation.

Best place on meth
Guest
Best place on meth

Chinese airlines are being used by passengers going beyond china, as they are ridiculously cheap. Like many other industries the chinese are viciously undercutting their competitors.

China Eastern, China Southern and Air China are the primary culprits.

A passenger wanting to go to Bangkok, Delhi, Manila, Hanoi, Ho Chi Mihn, Singapore and many other destinations will save hundreds of dollars per ticket by using one of these airlines.

Same thing applies the other way with people coming from all over Asia via china to Vancouver and beyond.

space889
Member
space889

So you have a problem with competition and being subsidized by airlines? I don’t recall you have problems being subsidized by your landlord bleeding money every month, and causing other landlords to lose money

Combat roach
Guest
Combat roach

Making China great (again)…

Cadillac Fairview selling half its stake in Vancouver real estate portfolio

http://vancouversun.com/news/local-news/cadillac-fairview-selling-half-its-stake-in-vancouver-real-estate-portfolio/amp

RobA
Guest
RobA

I’m so glad I bought a condo in downtown Vancouver when I did. It’s so great to be in the most desirable part of the most desirable city. You have everything you need, shopping, restaurants, cafes. Everyone wants to be here.

Downtown is where the action is.

YVR
Guest
YVR

Hmm, people like Rob are buying Vancouver and Cadillac Fairview are selling Vancouver. I wonder who is making the right move?

Best place on meth
Guest
Best place on meth

Vancouver has the most boring downtown of any city I’ve ever seen around the world.

I can’t even call Vancouver a major city, because it’s not.

Traveler
Guest
Traveler

Vancouver has a better downtown than:

Victoria
Edmonton
Calgary
Saskatoon
Regina
Winnipeg
Seattle
Portland
San Francisco
Los Angeles
San Diego
Phoenix
Salt Lake City
Denver.

Entire west coast of North Anerica!

I’ve been to most of those cities and their downtowns are not livaeable compared to ours.

Confucius
Guest
Confucius

Downtown in other cities are mostly business towers. Vancouver’s downtown has a very small business section and is mostly condos. It’s a true reflection of the Vancouver’s only major ndustry, real estate.

Shut It Down Already
Guest
Shut It Down Already

“Downtown in other cities are mostly business towers”

Um, no.

Confucius
Guest
Confucius

Um, yeah in most of the cities he listed.

Shut It Down Already
Guest
Shut It Down Already

LA maybe.

Confucius
Guest
Confucius

Obvious Troll.

RobB
Guest
RobB

I’m so glad I rent a condo in downtown Vancouver . It’s so great to be in the most desirable part of the most desirable city. You have everything you need, shopping, restaurants, cafes, and since it’s so much cheaper to rent than buy, I have so much more money to spend on those things and enjoy life.

Renting is where the action is.

patriotz
Member

“You have everything you need, shopping, restaurants, cafes. ”

How about jobs? Well I guess you be a sales clerk, waiter, or barista.

Shut It Down Already
Guest
Shut It Down Already

A city doesn’t need to have a rich diverse economy if it happens to cater adequately to your own specific niche. Unless you’re a politician who cares about statistics, of course.

Perhaps Rob earns three times what you take home as Chief Nitpicker?

Newcomer
Member
Newcomer

“Rob” is not an actual person.

https://en.wikipedia.org/wiki/Sockpuppet_(Internet)

Just me
Guest
Just me

Translation for everyone on the blog: we should be happy to have become a resort for rich chinese, specializing in real estate for corrupt millionaires and working in services that cater to their every needs.
Yuppee!

Shut It Down Already
Guest
Shut It Down Already

Translation for those who need help: who gives a toss about manufacturing jobs if you happen to be a highly-paid concept artist for a video game company?

Best place on meth
Guest
Best place on meth

Thank god Vancouver has those 75 jobs.

bestplaceonearth
Guest
bestplaceonearth

it still beat the hell out of the armchair economist, could not make it here in Vancouver, have to move all the way to Ottawa, and regretting every bit of it by … posting in the Vancouver bear blog every hour…do remind the readers how many years has it been !

Just me
Guest
Just me
Just out on the CBC: “Gold standard for political donations worldwide? Quebec, not B.C. Fallout continues from New York Times article labeling B.C. the ‘wild west’ of political finance” http://www.cbc.ca/news/canada/british-columbia/political-donations-quebec-gold-standard-bc-lagging-1.3945152 “Provincial party fundraising practices were thrust on the world stage this week when a New York Times article branded B.C. the “wild west” of political finance, underscoring a lack of caps and controls on donations compared to other provinces. “You’re not just lagging. B.C. is amongst the worst provinces,” said Christopher Cotton, political economist at Queen’s University in Kingston, Ont. “The idea that you don’t even have to be a resident of B.C. to be contributing unlimited funds to influence the election is quite scary,” said Cotton.” Read that again, please. Foreign non-residents with an appetite for development of land and other businesses that direct impact OUR everyday life have… Read more »
YLTNboomerang
Member

75% of the NDP platform goes against my personal position but they are getting my vote in May as 100% of Krusty goes against my views

Just me
Guest
Just me

I share the feeling. My vote will be mainly a vote to keep the BC Libs out of power. And to limit the influence of the RE lobby that is runing the show in this Province.

Newcomer
Member
Newcomer

Following up on an old topic, here is what the CRA says about capital gains on a house with a rental suite.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/cmpltng/rlstt/x1_pf-eng.html

patriotz
Member

The example is referring to a purpose built duplex rather than a “suite”. However it would include your typical Vancouver house built with a “suite”.

fomostyle
Guest
fomostyle

In theory yes. But NO ONE is actually being truthful on this one.

Newcomer
Member
Newcomer

Indeed. That has a lot to do with the CRA not being very interested in collecting.

fomostyle
Guest
fomostyle

And everyone knows CRA isn’t following this.

southseacompany
Member
southseacompany

“Yellen Says Fed Should Not Let Economy Run Hot – More Interest Rate Rises On The Way”, Forbes

http://www.forbes.com/sites/timworstall/2017/01/20/yellen-says-fed-should-not-let-economy-run-hot-more-interest-rate-rises-on-the-way/#5f38eb367fb0

“Janet Yellen, Chair at the Federal Reserve, has pointed out that it’s probably not a good idea to allow the US economy to run hot. Thus we should be prepared for a series of interest rate increases off into the future. She has also pointed out that this should all be gradual–there is no indication of crisis anywhere in the US economy so action can be planned and moderate.”

history
Guest
history

Forbew is owned by the PROC,
thus, it’s a god idea for the Americans to run their economy hot, there will be no interest rate increases, or conversely, sharp and immediate increases, probably Feb or March. There is a burning crisis in the US economy, and, of course, in China, and for that matter too, in Canada.

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