data, predictions, prices, supply

Full-blown crash mode?

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Way too early to call this one, but Whistler or Bust points out the steep crash in December prices at the National Bank home price index. This one is interesting because it only measures sales of the exact same property to get it’s numbers.

If you go to housepriceindex.ca and click Vancouver you’ll see a chart that shows the recent dip, which looks like one of the steepest declines on the index so far.

Some realtors have stated that January sales are not looking very good so far and Paul Boenisch posts daily numbers here that are showing listings bumping up in the new year, but not too much on the sales numbers so far.

Paul also has a new website up at clivestevepaul.com if you’re looking for help buying or selling particularly on the north shore.  That’s a shout out to a realtor who has consistently shared daily sales stats for years and years for your amusement and edification. Cheers Paul!

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Bear Vancouverite
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Just wanted to share this link to Steve Saretsky’s blog again:

http://vancitycondoguide.com/the-good-the-bad-and-the-ugly/

For SFH:

“Based on my conversations with prominent Realtors who focus on that product they tell me prices are down 20% from the peak. This is not reflected yet in the benchmark price. See chart below.”

“Through the first 15 days of January, there have only been 8 sales. In comparison, January 2016 had 42 sales through 15 days, and the 10 year average is 33 sales. This marks a 76% drop below the 10 year average.”

For Townhouses:

“At the midway point of January there have only been a combined 5 sales in Vancouver East and West. For comparison, there were 22 sales in the same period last year. Should townhouse sales continue at this pace it will mark a 76% drop year over year. ”

For apartments we’re seeing more sticky prices.

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Emma
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That’s what we’ve been seeing too. Lower priced units have strong support. I’m guessing China’s new rules are preventing new money from coming in at the quantity needed to support high-end homes.

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Newcomer
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Would it not be easier to explain it by simply saying that the expensive stuff is too expensive?

If you go to the supermarket at this time of year and notice that bananas are selling better than strawberries, I’m guessing that you do not attribute that to monetary policy in Beijing. Sometimes a pipe is just a pipe.

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Emma
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Well a part of it is getting yuan into Canada. Smurfing became harder since they explicitly removed the ability to borrow quotas from family. So you’re looking at US$50k downpayments, max.

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Newcomer
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Are you arguing that money from China is just used for down payments and the rest comes from local banks?

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ostritch
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This is a distinct possibility. There’s been A LOT of lending to foreigners at 35% down. Just ask your local Big 5 mortgage lender.

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Newcomer
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Are you sure that’s a possibility? Emma says the number is 50K. 50K has not been 35% of any Vancouver property in a long time.

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VanDweller
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To build on ostritch point. I don’t know if this is still in effect at any of the Big5 but until a few months ago if you were not PR or citizen you could go to the bank put 35% down and get a mortgage without income verification. If you are PR or citizen even if you put down 90% your income will be verified to ensure you can pay the remaining amount. Pretty cool ehe?

Source: http://www.theglobeandmail.com/real-estate/vancouver/canadian-banks-mortgage-guidelines-favour-foreign-home-buyers/article31869946/

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ostritch
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Mainland Chinese money IS in Seattle and other markets outside the 15% tax zone so the idea that the rules are somehow working to prevent outflow doesn’t totally work for me. Let’s see complaints of declines of money from Realtors in these other markets, then I’ll believe it’s been effective.

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Bear Vancouverite
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On the topic of HAM or foreign money buying up BMWs or other luxury goods, I say good for them. Let’s put that foreign money to good use by buying finished consumer goods, and keep that money out of our housing market.

I never understood why some on this blog disparage this type of frivolous spending. This money stays out of housing, takes it OUT of the hands of HAM/wealthy/foreigners, and helps local retailers bring in some good sales and infuses capital into local paycheques. This is a win win in my books.

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Best place on meth
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It’s stolen money.

It shouldn’t be washing up on our shores getting laundered in anything here.

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Hyper-mega-Bull
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Today’s foreign buyer is tomorrow’s tax evading and benefits cheating PR or citizen.

Those people aren’t suckers. We are the suckers.

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Bear Vancouverite
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Well given that they are coming in anyway and there is little hope of stemming the flow with current policies in place, we should hope they consume as much as possible since you can’t evade taxes on BMW and LV bag purchases.

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Emma
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Domestic money too would be nice. The market wasn’t this wonky in the late 90s because everyone was scrambling to put their money in tech investments. Now Canadians have few options to constructively invest other than literally they dirt we live on.

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patriotz
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The average person was no more likely to invest in individual stocks then as today, which isn’t very likely. Also remember you can’t buy stocks with 5% or 10% down. And if this theory were correct prices would have declined all over N. America at this time, and they didn’t.

Prices declined in the late 1990’s because there had been big run up in the early 1990’s, and there was a lot of outflow to HK or other Canadian locations. And yes there was a lot of negativity toward the Clark government.

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ostritch
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ICBC isn’t insuring high-end vehicles anymore. This article sums up the joy these younguns have to look forward to when they ding their $300,000 vehicles. I literally laughed out loud: http://www.richmond-news.com/news/richmond-driver-of-bond-style-car-shaken-stirred-over-bill-1.6930405

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Combat roach
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She can follow the fellow countryman who sued the government over 15% tax after making the down payment on a townhouse. Perhaps she wouldn’t buy the 007 car if she knew ICBC won’t foot the bill although bitch even didn’t purchase an adequate insurance, to begin with. Same traditional psychology…

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YLTNboomerang
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She probably bought the car as an “investment” as with such a limited production run it was sure to go up. Now that she has to pay to repair it, that additional spend will never be recovered so she wants her original investment back.

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MarKoz
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The policy of refusing to insure vehicles worth over a certain amount is a “dog whistle” for racists. Like the 15% foreign buyer’s tax. All shrewdly and cynically put in play for the upcoming election. Neither policy will stem the flow of foreign money but they will generate support for Krispy.

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patriotz
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It’s the perfect dog whistle. Christy will never lose the Chinese vote because they hate the NDP, which gives her the freedom to toss bones to the dogs, while serving steak to the Chinese behind closed doors.

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Best place on meth
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January sales are on pace to be the second worst since 2001, just prior to the start of the bubble – the worst being 2009 during the financial crisis.

Still half a month to go though and we know that listings are current while sales are from a couple of weeks ago so…..yeah.

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Hyper-mega-Bull
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So based on history, it’s a great time to buy?

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SpacedOut
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you asking just to be a dick, or are you really confused on the answer?

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Best place on meth
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East side update:

Sold today 2640 MCGILL ST

Attractively listed at 998K, snapped up after 7 days for 1,035K.
Slightly oversized lot (33×122), decent but outdated house with 6 bedrooms & 1 bathroom. Bedpans are included in the selling price.

Same asking price of 998K at 1978 NANAIMO ST sold today for 1006K, 12 days on market.

Also sold today 2460 NAPIER ST.
Ask 1.295, sold 1.168 after 78 days. 10% off ask is becoming common on east and west sides of Vancouver.

Amazingly, the REBGV is still posting a benchmark price close to 1.5M.

On the west side, you can hear crickets, chickens, coyotes and other wildlife taking over some neighborhoods as 20 houses are listed and 1 sold.

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Newcomer
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What makes a person offer 8K over ask on a 1M place? Did someone else offer 7K over?

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Confucius
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I can see some reasoning behind it. Bidding over 1 million takes out all of the competition with low down payments. You also have to consider other people having the same idea, so you’d want to up it a bit.

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Best place on meth
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This winning bidder upped it just a bit more with Canucks vs. Jets tickets plus Subway coupons.

I admire their fierce, comptetive spirit.

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No Money Down
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Assessed Values (July 1 2016)

2640 MCGILL ST $1.17M (sold 11.5% below assessed value)
1978 NANAIMO ST $1.26M (sold 20% below assessed)
2460 NAPIER ST $1.26M (sold 7% below assessed)

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myraandrews
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Today looks similar to a year ago. Do you think the snow is impacting sales?
Does the sale to list percentage need to stay low for a while before we can declare we are in a buyer’s market?

January 16, 2017
New 303
Price Change 26
Sold 65
TI:6944

from Shut It Down Already
Last year, same time
paulb
New 279
Sold 68
TI:7061

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Newcomer
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A day is probably not enough to base a market analysis on. Also, at the moment, the sell/list (even over longer periods than a day) doesn’t tell us much, other than that the market is slow. Trends take months to emerge.

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Confucius
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The inventory mix is much different. Detached inventory is way up and condo inventory is way down.

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southseacompany
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“The housing market’s oversized contribution to Canada’s economy is about to shrink”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/the-housing-markets-oversized-contribution-to-canadas-economy-is-about-to-shrink

“Home sales are not going to be as big of a boost to the Canadian economy this year as they were in 2016, the Canadian Real Estate Association said Monday as it released its latest batch of figures.”

“Real estate and financial services now account for 20 per cent of the economy, levels not seen in the data since the early 1960s.”

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Newcomer
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Looks like it might be their turn.

https://betterdwelling.com/city/toronto/detached-homes-give-toronto-real-estate-the-largest-downtick-in-a-year/

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Newcomer
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Interesting to see all the glowing reviews of Clark’s Enslave the Youth program.

https://twitter.com/christyclarkbc/status/821144744709550080

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Oracle
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Here’s something that should affect locals without access to foreign money. Basically people buying with less than a 35% down payment.

http://www.cbc.ca/news/business/cmhc-mortgage-insurance-1.3938943

Those with loads of foreign cash unaffected. Untaxed. Locals who only have foot in Canada screwed again.

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Oracle
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takes effect march 17….so watch a rush to buy in Feb

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Newcomer
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A rush to buy, to save 3K on a 1M house that is dropping in price by about 10K a month. You never know.

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YVR
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That CMHC fee increase equals about 50% of the free interest a person would get with the first time home buyers interest free loan over 5 years. Easy come easy go.

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Newcomer
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It’s not about the interest though. That program is for people who cannot save up a DP. It’s not about reducing anyone’s costs, it’s about lowering the bar.

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Whistler or Bust?
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Oracle it must be terrible watch you house decline day after day.

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ostritch
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They probably have financial portfolios that have been going up, so it’s what you might call balance.

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YVR
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Under new rules starting March 17, the CMHC will charge four per cent of that loan’s value to insure the loan.

Nice. Anyone who puts down 5% starts out underwater with property purchase tax.

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Newcomer
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That has always been the case when you add in closing costs. It doesn’t bother people, apparently.

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Shut It Down Already
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Closing costs aren’t added to the mortgage – CMHC insurance often is.

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True. I was actually thinking about closing costs at the next sale. Basically, I was thinking about how, if you go in with 5% down, you cannot sell and walk away without putting some more money in. But you are right.

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Hyper-mega-Bull
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‘I was screaming,’ woman says of ‘painful’ eye lift by suspected fake doctor
CBC spoke with woman who claims she had surgery at a basement clinic in October.

Bandaged patients seen leaving in luxury cars

A steady stream of luxury vehicles, including two Bentleys, a Mercedes, and a Porsche was captured on surveillance video outside the residence.

http://www.cbc.ca/news/canada/british-columbia/i-was-screaming-woman-says-of-painful-eye-lift-by-suspected-fake-doctor-1.3937934

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Abdul Lahazi
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“The young woman says she needs another surgery because one eye looks square and the other is triangular.”

LOL you just can’t make this stuff up …

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Just me
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Even more stunning, this morning I was listening to CBC radio and they said that traffic in and out of this apartment (where surgery took place) was often by people driving Bentleys and other very expensive vehicles.

Are they actually trying to save a pretty penny by going to this horror-shop? Presumably they must have had enough money to pay for a professional service. Or am I missing something about the twisted psychology of the buyers?

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Combat roach
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It is the same psychology where multimillions house and exotic car owners compete with homeless people across the city over collecting cans and bottles to make a profit.

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ostritch
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I’ve seen one of these HAM ladies in Shaughnessy coming out of her mansion pushing her babies in a Safeway cart. That’s the mentality. It tells you what an easy scam our housing market was/is. That’s our fault.

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Hyper-mega-Bull
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they lining up for sand and salt and putting basic auto insurance on their limited edition bond cars. you are most certainly missing something on the psychology.

be aware of the demographics of your strata before you buy. otherwise your building will soon be falling apart.

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ostritch
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Do you mean old people are as loathe to spend money too? That’s what I’ve heard from friends in the West End. Won’t pay a penny for repairs because they can’t.

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2 years 4 months ago
squeak
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squeak
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And I hope it will not be the tax payers that will food this bill.
Perhaps she can sue.

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2 years 4 months ago
Combat roach
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It is exported homegrown trend…

“People are promised a beautiful transformation for just 200 yuan (31 US$) – but what price do they really pay? Underground plastic surgery shops are popping up like mushrooms in China, and they bring about more ugliness than beauty.”

http://www.whatsonweibo.com/underground-plastic-surgery-in-china-paying-a-high-price/

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2 years 4 months ago
southseacompany
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southseacompany
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“CMHC move is a strategic step in the right direction”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/cmhc-move-is-a-strategic-step-in-the-right-direction/article33644881/

“The price of steadily rising house prices is that a growing number of people can’t afford to buy in. We need to let this economic reality play out while addressing it strategically with measures like the ones CMHC just announced and the federal government introduced last year. The wrong approach is to offer cosmetic, politically expedient help to young buyers that fails to address the reality that it’s way more of a burden to own a house than it is to buy one.”

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2 years 4 months ago
southseacompany
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southseacompany
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I see the headline has been changed to:
“Why we don’t need to baby first-time home buyers”

http://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/cmhc-move-is-a-strategic-step-in-the-right-direction/article33644881/

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2 years 4 months ago
Just me
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This is for you Crooked Christy Clark!

Let me write it one more time, it sounds better every time I read it:
“The wrong approach is to offer cosmetic, politically expedient help to young buyers that fails to address the reality that it’s way more of a burden to own a house than it is to buy one.”

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2 years 4 months ago
ostritch
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Except it’s the right approach to winning the election. Joe Q Public never did understand the the CMHC or grants, or interest rates, or any other way that governments meddle in “free” markets. Christy is already running dirty ads against… uh oh… what’s his name? I don’t even know who’s running the NDP. LOL. And neither does the average voter.

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2 years 4 months ago
Just me
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Begin by voting for the NDP and let the rest take care of itself.
If you start defeated, you will lose.

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2 years 4 months ago
UBC in Crisis Mode
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UBC in Crisis Mode
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There are 335 listings in Van Wes, from $3 million to $38 million, which locals cannot touch.
If no sales (foreign money stopped by Xi) and no price reduction (we don’t have to sell), how do you call it, a crash? price level off? ?

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2 years 4 months ago
Newcomer
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You call it slow and wait to see what happens.

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2 years 4 months ago
Just me
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Are you implicitly conceding that those properties are priced for millionaire migrants rather than locals-on-credit?
It sounds like you agree on this, for the first time. I am impressed!

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2 years 4 months ago
Newcomer
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No, I just don’t think it is relevant. Locals are not buying, people from China are not buying, people from the US are not buying, grow-ops are not buying, hedge funds are not buying. The list of people not participating in the market is very long indeed, but not particularly useful.

And, for the record, buying a 3 million dollar home is not a big deal for locals, as long as they can sell the one they are in for 2.5 million. When they can’t, the game changes. But we can’t tell if that is what is happening based just on the lack of sales, just as the lack of sales don’t tell us anything about China.

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2 years 4 months ago
Just me
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There is ladder. The lower steps are all missing. Nobody is on the higher steps of the ladder right now.

You argument is: yeah, but if someone could get on the first available step, then they can progress all the way up. And I agree but…duh!

The real question is: why are the lower steps all missing?
Certainly if the lower steps were available some locals-on-credit would use them.

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2 years 4 months ago
Newcomer
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I’m not really making that argument but I want to ask why you feel the lower steps are missing?

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2 years 4 months ago
Just me
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If the lower steps were there, you would have sizable volumes. But as you noted, there are only sparse transactions.

In markets, people always transact at the right price. If no transactions are observed, it means the price has to adjust.

The missing steps are figuratively the missing prices. Until those steps (prices) appear again, transactions will be low.

Unless the floodgates of money from China open wide again…but so far it seems the Chinese government is doing succesfully what the Canadian governments (local, provincial and federal) refused to do. That is, they are stopping Chinese from spending money on Vancouver RE.

Of course, in your mind the Chinese money is only a marginal and perhaps secondary driver of our market. In which case, I simply have to register you are willingly blind.

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2 years 4 months ago
Newcomer
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Again with options without data? There is no way I can argue against your guesses when you don’t back them up with anything other than personal conviction.

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2 years 4 months ago
Just me
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I post links continuously, and cite people with knowledge of the business as much as possible.

Unfortunately Fintrack has not sent me the latest figures on money laundering and illicit cash inflows! I doubt they are even able to track this properly.

I guess that since I cannot give exact figures about Chinese money inflows, then they don’t exist, right?

By the way, I don’t know what is your job and how long have you lived in this city. I guess you are not a local. If you have a off-the-record chat with a Vancouver realtor, they can tell you really funny stories over beers. And they all point to the incredible inflows of money from China.

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2 years 4 months ago
Oracle
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You’re being played ‘Just me’. Th either side of the argument knows that. Do you?

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2 years 4 months ago
Newcomer
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Hey, Oracle. Have you thought about buying. From what you say here, it would seem to make sense. Any thoughts?

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2 years 4 months ago
Shut It Down Already
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No, no, no – you got it wrong. All buyers of $3m properties must be FTBs with 5% down.

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2 years 4 months ago
YVR
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There are still plenty of westside properties owned by long term local owners who will want to or must sell for varius reasons. You only need a handfull of sales to set a new price.

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2 years 4 months ago
ostritch
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We’ve heard that from Patriotz for over a decade now. The margins. It’s all about the margins. We’ll have to wait and see. In past downturns, HAM never really sold off in a big way.

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2 years 4 months ago
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They don’t have to. Not selling has no impact on the market. In every single downturn and crash, as in every single upswing and bubble, it has always been the case that most people don’t sell their houses. People who are not selling are not in the market.

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2 years 4 months ago
Just me
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Amen. And that is exactly why prices will not go down. HAM does not sell. The house is a safe deposit box, so they sit on it.

But of course, this is all about credit and locals over-leveraging, right?

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2 years 4 months ago
patriotz
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“And that is exactly why prices will not go down. HAM does not sell.”

Are you seriously claiming that “HAM” owns everything, or are you simply not trying to make sense?

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2 years 4 months ago
Just me
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In certain areas (Arbutus, Kerrisdale, Point Grey, Dunbar) HAM owns a signficant portion of SFH now. Next time you come from Ottawa to visit, have a walk around and see for yourself. Those homes that have people in them are now occupied by HAM. Even better, get invited for dinner by someone who still lives there and let them tell you about their neighbors. As for prices down 20%, any drop was coincidental to the drying up of Chinese outflows. The first few sales were likely by flippers and local speculators rushing out. The next round should be by homeowners who have been in the dwellings for a while. If/when these guys (HAM or not) decide to sell, we will see some action on prices. But I repeat what I said before: ownership rates on the West side of Vancouver… Read more »
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2 years 4 months ago
patriotz
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“HAM owns a signficant portion of SFH now (in West Side neighbourhoods).”

I have been saying this myself for years.

“Those homes that have people in them are now occupied by HAM. ”

And here you are saying that “HAM” owns all homes. Or are you saying that “HAM” just owns the occupied ones.

Like I say, it doesn’t look like you are trying to make sense.

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2 years 4 months ago
Just me
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Well, lull yourself in the false sense of security that what is happening in Vancouver is all about credit and overextended credit.

If it makes you sleep at night, who am I to judge?

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2 years 4 months ago
YVR
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“Amen. And that is exactly why prices will not go down. ”

You mean go down more? They are already down 20% plus.

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2 years 4 months ago
Newcomer
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You completely missed the point. Don’t you think that reading just a little bit about how markets work would be worth it?

Try. “Basic Economics” by Sowell. It short and easy to read (right wing bias, but accurate for the most part).

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2 years 4 months ago
ostritch
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In medicine it’s called a cyst… that needs lancing.

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2 years 4 months ago
Oracle
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The new rules by CMHC are meant to address private sales between 2 individuals that may or may not have met via MLS. IE. mortgage fraud.

It involves selling a house at a price above the true transactional price and then the buyer gets a mortgage of 90% (when really its 100%) of sale price. Saves these CMHC premiums.

At least now audits can be done but buyers and sellers may just say down payments changed hands overseas.

It’s a farce.

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2 years 4 months ago
Whistler or Bust?
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Whistler or Bust?
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Like the house you were building?

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2 years 4 months ago
Oracle
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Are you volunteering for the low IQ group? Try to refrain from publishing stupid remarks and focus on your future son. Wishful thinking won’t make it any better.

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2 years 4 months ago
Newcomer
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Oracle admitted several times that she was lying about the house, but I still wonder why she hasn’t bought a condo in Surrey. There is just no reason that I can think of, based on her market analysis. Who knows, maybe she’s lying about living in Surrey.

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2 years 4 months ago
Shut It Down Already
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Shut It Down Already
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Liars generally lie about everything.

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2 years 4 months ago
Oracle
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Thats why a bigger increase for those putting 20% down than those putting 15% down…You’d think it would be the other way around.

But now you either give 25%+ down or they get you. Sale price out of whack with appraisal will raise a red flag and audit happens.

CMHC going to be raking in cash but at same time sales have fallen…trying to make up lost revenue?

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2 years 4 months ago
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It’s a technical adjustment based on changes to capital requirements.

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2 years 4 months ago
Shut It Down Already
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Lost revenue? You do know how insurance works don’t you Oracle? Oh wait.

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2 years 4 months ago
Emma
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Now 1 in 10 Canadian students are doing sex work to keep up with the bills. What a glorious time to be alive.

https://betterdwelling.com/1-in-10-canadian-students-are-seeking-sugar-daddies-to-help-pay-the-bills/

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2 years 4 months ago
Combat roach
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Not too many from UBC or SFU. Guess, the majority is doing fine due to money from home…

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2 years 4 months ago
Emma
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UBC has it’s own student mortgage program. I’m guessing the students there don’t need cash.

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2 years 4 months ago
Whistler or Bust?
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Whistler or Bust?
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That is complete bullshit.

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2 years 4 months ago
Oracle
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Not really.

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2 years 4 months ago
Oracle
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Its rampant among TFW and foreign female students from India. Employers and landlords taking advantage. Community looking the other way as they’re focussed on how high house prices can go.

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2 years 4 months ago
FOMO
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It’s all over Yaletown restaurants and bars also. A not so secret secret.

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2 years 4 months ago
ostritch
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It looks like there’s more slutty chicks in TO vs. Vancouver. Too bad aye?

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2 years 4 months ago
Best place on meth
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Best place on meth
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They’re not sluts, they’re prostitutes.

Sex for cash, business arrangement.

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2 years 4 months ago
ostritch
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Picky. Picky.

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2 years 4 months ago
Best place on meth
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No, sluts are not picky.

They’ll give it away to anyone.

Except space889.

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2 years 4 months ago
No Money Down
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No Money Down
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2273 Gravely: Flip that flopped.

Purchased May 2016: $1.6M
Currently Listed $1.499M$

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2 years 4 months ago
Combat roach
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There’s a sucker born every minute…

B.C. housing minister says first-time home buyer program attracting applicants

http://www.metronews.ca/news/vancouver/2017/01/16/b-c-housing-minister-says-first-time-home-buyer-program-attracting-applicants.html

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2 years 4 months ago
Best place on meth
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Minister Fat Bastard seems quite proud of subsidizing home buyers with taxpayer money.

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2 years 4 months ago
Combat roach
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Our culture and society (related to housing) steadily keep degrading with all this shit that we keep importing and yet everybody gets excited about the number of direct flights between Vancouver and China. “Though practices vary depending on whether you’re from southern China, northern China or Taiwan, the basic rationale is the same: after giving birth, a mother needs a month to allow her body to recover and to prevent long-term illness. This means staying indoors, following a restricted diet, avoiding or limiting bathing and washing of hair, and staying away from strenuous activity. There is no consensus on how much of this is rooted in science. Still, in cities like Vancouver and Toronto with large Asian populations, there is now said to be a thriving industry catering to these mothers. Some service providers specialize in daily home delivery of… Read more »
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2 years 4 months ago
Combat roach
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And of course, no TAX gets included for all those shitshow services…

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2 years 4 months ago
Shut It Down Already
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Shut It Down Already
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Isn’t it time Canada banned homeopathy? I’ll wager a fair few yoga-practicing Vancouverites buy into that pseudo-scientific shit too.

I once saw a children’s homeopathic remedy that contained deadly nightshade amongst its ingredients. Think about that for a moment.

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2 years 4 months ago
Combat roach
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Interesting, I would never think I would ever agree with you but here, totally, the same primitive crap…

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2 years 4 months ago
Specuskeptic
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Specuskeptic
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The woo woo is strong in the LM… amazingly high level of credulity. Goes a long way toward explaining the housing situation and the tacit acceptance of the “buy now or be priced out forever bullshit”…

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2 years 4 months ago
Newcomer
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Newcomer
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You can’t just put “(related to housing)” and thereby magically make it so. This has diddly squat to do with Vancouver Condo Info. Go check out Reddit.

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2 years 4 months ago
Combat roach
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Combat roach
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Are you now some kind of a self-appointed editor of the forum or what? Monitoring 24/7 and policing posts? Perhaps we should submit posts to you for analysis before publishing or something, I don’t know?

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2 years 4 months ago
Newcomer
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Newcomer
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Haven’t you noticed how much the quality of comments has improved recently? That’s mostly because people are posting about the one thing that we are all interested in, Vancouver real estate.

I’ll admit it, my work is very boring and very demanding at the moment (14 hour days), so I keep flipping over here to see if anyone has said anything interesting. And when I see something that really drags down the level of conversation, which is almost always some off-topic post about Chinese people, I comment on that.

Since we are talking about this. Why is is that you keep posting this stuff here? You know it’s unwelcome by almost everyone. Why do it?

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2 years 4 months ago
Combat roach
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I admire your enthusiasm on getting in charge and pointing on the interest of VCI audience but you haven’t convinced me that we should ignore “Chinese factor” and its multiple influence on the local housing, neighborhood, community, city, culture and life in general of local people therefore units/places/homes that shelter them. We always need to understand the “bigger picture” in order to discuss relevant details like “5% of mortgage insurance increase and its game-changing impact on housing”, etc. If you are talking about “political correctness and racism” as preached by RE lobby, Moonbeam, Bobby-Renie, and other “developers” than it is a different story.

Check this one…

How Political Correctness Is Hurting the Poor

https://thewalrus.ca/how-political-correctness-is-hurting-the-poor/

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2 years 4 months ago
Donald T
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He could be your mother, checking if your diaper is wet sort of thing.

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2 years 4 months ago
Donald T
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OR SMOKE A DUBBIE TO BECOME LOCAL? what is YouR pOint?

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2 years 4 months ago
ostritch
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ostritch
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Ewwwww. The tie between pig’s feet and breast milk.

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2 years 4 months ago
Just me
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“Overseas property investment by Chinese firms rises 53 percent year-on-year to $33 billion in 2016”

http://www.reuters.com/article/us-china-economy-property-idUSKBN151232

“”Investing overseas is a strategic move for most Chinese investors,” Stuart Crow, JLL’s head of Asia Pacific Capital Markets, said in a note.

“While there may be some short-term slowdown or delay, we expect few long-term structural changes. The trend of Chinese capital going out for real estate is not stopping. If anything, it is going to gather momentum due to the enormous capital base in China,” he said.

China’s non-financial outbound investment hit $170.1 billion in 2016, up 44.1 percent from 2015, the commerce ministry said on Monday.”

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2 years 4 months ago
Just me
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Hey Newcomer, this has “Chinese” in the title but it is about real estate? Allowed?

You have a reluctance to openly talk in an informed way about the impact that China is having on our lives and on Vancouver.

Having lived here for a while, perhaps casual observation should explain why people here are so interested in what the Chinese do and how they behave. It is a legitimate topic of conversation, if discussed properly.

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2 years 4 months ago
Newcomer
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Newcomer
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That article has a connection to real estate and is, indeed, very interesting. Thanks for posting it. At the same time, cultural stuff (like what Chinese women do after childbirth — who gives a fig?) is not interesting on a real estate blog because it does not impact the real estate market. And let’s be honest about why the cultural stuff gets posted. Some people who visit the blog resent Chinese investment because it distorts the market and, mixed up with that, they dislike people from China and/or people of Asian heritage. Often, but not always, the reason why they think that Chinese money is the main driver of Vancouver real estate in the first place is because they dislike Chinese people. So they start to see this as place where they will encounter other people who hate in the… Read more »
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2 years 4 months ago
The Man
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Money has no ethnicity. Chinese, Millennials overextending themselves, Gen x and Boomers trading up or parking money in condos as an investment, are only the conduits. It’s the force that is pumping the money into the conduits that is the cause. And that is force has been central bankers.

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2 years 4 months ago
Just me
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Nope. Given saving rates and growth rates in China, what we are facing us an unusually large pool of money that our relatively small city cannot handle without being changed in significant ways.
Some people have, and will become, incredibly rich from this. But the majority of us will lose. The quality if our lives will be affected negatively.

Of course, ghe guys who benefit from it will tell you otherwise. But the “China shock” is not your run of the mill economic shock. It is a monster shock that will change Canada and Vancouver forever.

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2 years 4 months ago
southseacompany
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“Vanguard says Bank of Canada will hike rates this year because economy is better than we think”, Financial Post

http://business.financialpost.com/news/economy/vanguard-says-bank-of-canada-will-hike-rates-this-year-because-economy-is-better-than-we-think

“Canada’s economy is in better shape than many analysts think and will require an interest-rate increase by the end of the year, according to Vanguard Group Inc., the world’s second-biggest money manager.”

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2 years 4 months ago
southseacompany
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“Treasury yields are plunging”, Business Insider

http://www.businessinsider.com/us-treasury-bond-market-update-january-17-2017-2017-1

“Tuesday’s bid has down to their lowest levels since at least the beginning of December. Yields rallied sharply from election night until the middle of December amid expectations President-elect Donald Trump’s protectionist trade policies and plans for massive infrastructure spending would spark a return of inflation in the United States”

“The benchmark 10-year yield put in a high 2.64% the day after the Fed hiked its benchmark interest rate for just the second time since the financial crisis and said it expects three rate hikes in 2017.”

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2 years 4 months ago
paulb
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New
272
Price Change
40
Sold
84

TI:7097

http://www.paulboenisch.com

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2 years 4 months ago
Best place on meth
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Inventory is up by 322 in 2 days.

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2 years 4 months ago
Kim
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http://globalnews.ca/news/3160338/report-of-plastic-rice-served-at-vancouver-restaurant-unsubstantiated-health-authorities/

Fake rice? Locusts faking out other locusts. Just like in China.

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2 years 4 months ago
bullwhip29
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bullwhip29
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new money is not necessarily smart money

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2 years 4 months ago
Abdul Lahazi
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Abdul Lahazi
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My family does not eat any food produced in China or any food made in Canada by any Chinese.

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2 years 4 months ago
Kim
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http://www.cbc.ca/news/canada/british-columbia/i-was-screaming-woman-says-of-painful-eye-lift-by-suspected-fake-doctor-1.3937934

“Bandaged patients seen leaving in luxury cars

A steady stream of luxury vehicles, including two Bentleys, a Mercedes, and a Porsche was captured on surveillance video outside the residence.”

So rich locusts rich enough to drive bentleys prefer to get their plastic surgery done from a fake doctor to save a few thousand bucks. Pretenders

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2 years 4 months ago
Chinabuyeverything
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Anything to save a buck

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2 years 4 months ago
Best place on meth
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“The young woman says she needs another surgery because one eye looks square and the other is triangular.”

I’m sorry, but normal eyeshapes cost $10 extra.

If you want matching shapes that will be another $10.

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2 years 4 months ago
Shut It Down Already
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Shut It Down Already
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Do you ever pause to read what’s already been posted before contributing your slur-ridden garbage?

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2 years 4 months ago
Best place on meth
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Best place on meth
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I take you still haven’t figured out why Trump won.

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2 years 4 months ago
patriotz
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patriotz
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Because the electoral college lets Republicans win even if they’ve lost the popular vote.

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2 years 4 months ago
YVR
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YVR
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I thought it was Russian hacking or the FBI?

How come the Left can’t just admit the primary was rigged for Hilary to win and they got caught, Hilary is corrupt, and they ran a poor campaign targeting the wrong people?

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2 years 4 months ago
patriotz
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The Left supported Sanders, and they certainly believe Clinton lost because she ran a lousy campaign. “Corrupt” in the absence of charges is just a slogan. Clinton did intimidate other Democrats from running (e.g. Biden who probably would have won Nov 8). As for Sanders it was his very first campaign as a Democrat and he didn’t have enough of a base with minorities to win the primaries that mattered. They weren’t “rigged”.

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2 years 4 months ago
Hyper-mega-Bull
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Hyper-mega-Bull
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it also lets democrats win even if they’ve lost the popular vote.

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2 years 4 months ago
patriotz
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The Electoral College is biased toward the “Old America” states against the “New America” states. The fact is that the two most recent GOP winners have been elected despite losing the popular vote. You can hypothesize all you want, but reality speaks otherwise.

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2 years 4 months ago
Oracle
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Oracle
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Hahaha. BS.

Texas could have came out in force and won the popular vote for trump. They didn’t because even a low turnout would mean a republican victory there.

But you already knew that.

People are not going to fall for that BS anymore.

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2 years 4 months ago
Oracle
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Oracle
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Patriots is playing the card that no longer flies.

Hence, Trump elected.

Only a matter of time before Canada wakes up.

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2 years 4 months ago
Oracle
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Oracle
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What BS!

No explanation needed for utter BS.

Enjoy Friday.

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2 years 4 months ago
bullwhip29
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bullwhip29
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i think it is more about staying off the radar vs saving a few bucks in many of these cases

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2 years 4 months ago
Best place on meth
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Best place on meth
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Turdeau brutally roasted in a commentary on CBC tonight for his private dinners with communist billionaires.

Clock is ticking on this fraud.

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2 years 4 months ago
YVR
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The CBC? Someone in the control room let that air?

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2 years 4 months ago
Oracle
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Oracle
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Hearing reports that one of the aims is to privatize CBC..so the families who own most of MSM in Canada can get a oligopoly.

There is infighting at the board as to how to go about doing that while making Justin look good (Globalist policies).

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2 years 4 months ago