BMO offers cash back mortgages

Are you a first time buyer looking for a mortgage? BMO wants your business and will give you back $1000 of your own money if you choose them.

Under the new promotion, first-time home buyers taking out insured mortgages with terms of at least four years are eligible for $500 cash on mortgages of less than $250,000, and $1,000 on larger loans. Once the mortgage is booked, the cash is credited to the customer’s BMO chequing account.

In a statement, BMO called its new offer a “timely” companion to a new interest-free loan program British Columbia’s provincial government launched to help new buyers cobble together down payments amid soaring housing prices. 

Read the full article here.

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Hyper-mega-Bull
Member
Hyper-mega-Bull

flood of high-skilled workers coming up!

India freaks out over U.S. plans to change high-skilled visas

http://money.cnn.com/2017/01/31/technology/india-h1b-visa-trump-tech-companies/index.html?iid=ob_homepage_tech_pool

Oracle
Guest
Oracle

Flood Vancouver and you’ll see a massive backlash here.

And USA will shut its borders to BC. Then good luck.

Semi shut down coming. Trudeau either sides with China or USA. Canada can. It have an agreement with the USA and then have a free trade one with China. If it does then CLOSED borders.

It’s coming. And gonna get ugly.

Best place on meth
Guest
Best place on meth

Turdeau has already sided against Canadians.

The piece of shit just reneged on his iron-clad promise to reform the electoral system.

YVR
Guest
YVR

Actually Trudeau reneged on (so far):
1) Capping the deficit at $10 billion per year (will be $30 billion)
2) Balancing the budget within 4 years (forecast to be 30 years)
3) No more oil tankers in Burrard Inlet (new pipeline coming)
4) Electoral reform
Does anyone see a pattern with the party who is not in power NOT keeping ANY of their promises. Couldn’t happen here in BC?

Just me
Guest
Just me

One thing is guaranteed: the BC Libs have promised to take any step that is consistent with house prices NOT going down. Christy Clark said so in multiple interviews.

If they get re-elected into office,, you can be sure that she will keep that promise, come rain or shine!

In my books, that is all you need to know when deciding hiw to vote in May.

patriotz
Member

“Does anyone see a pattern with the party who is not in power ”

So let’s see, you’re saying that the BC NDP is going to act the same as the Federal Liberals (even though they are the same party as the Federal NDP), just because they’re not in power now? Can you get any more lame than this?

No Money Down
Member
No Money Down

“Under the new promotion, first-time home buyers taking out insured mortgages with terms of at least four years are eligible for $500 cash on mortgages of less than $250,000, and $1,000 on larger loans. ”

$1,000 cash back on $1M loan. I’m in!

southseacompany
Member
southseacompany

“Fed holds interest rates steady, remains upbeat on economy”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/international-business/us-business/fed-holds-interest-rates-steady-remains-upbeat-on-economy/article33856578/

“The Federal Reserve kept interest rates unchanged on Wednesday in its first meeting since President Donald Trump took office, but painted a relatively upbeat picture of the U.S. economy that suggested it was on track to tighten monetary policy this year.”

specuskeptic
Member
“Interesting” numbers from Garth today. Trend = friend On that note, let’s slide welcome some original analysis by a thoroughly knowledgeable Blog Dog who wishes anonymity lest he be hung like a piteous sausage from the Port Mann bridge. “In the coming 24 hours, the REBGV will issue a press release with a whole bunch of massaged numbers and fictitious benchmarks for January,” he says. “Here are some real numbers from the board’s own database.” 1. Processed and Sold in January: 313 in 2017 vs 763 in 2016; down 59% 2. Average Sold Price in January: $1.58 million in 2017 vs $1.83 million in 2016; down 14% 3. Median Sold Price in January: $1.28 million in 2017 vs $1.46 million in 2016; down 12% 4. New Listings in January: 1,921 in 2017 vs 2,031 in 2016; down 5% (keep this… Read more »
Just me
Guest
Just me

Chinese money has dried up. China has become incrementally more serious about reducing the amount of money leaving the country.

Note that credit has not changed in the 3 million and above price bracket. Federal reforms are of little or no consequence for people in that market.

These numbers are fully consistent with the disproportionate role that Chinese millionaires have been playing over the past few years in the Vancouver market, especially at the high end.

Christy Clark is desperately trying to remedy that by enticing more buyers into the market. With a bit of luck she will fail. Vote her out.

Just me
Guest
Just me

Forgot to mention: given the run up in prices of last year, there is clearly no stock in the more affordable bracket (1 to 2 million) that some locals would be able to consider.

There is a gap in the distribution of prices in Vancouver right now: either you get supercheap places or you get multimillion diollars listings. Anything in-between is snapped up by locals demanding some space for their families.

Oracle
Guest
Oracle

The locals selling the $3 million dollar properties to Chinese illegal money are the ones thrown buying in Abbotsford, Victoria, and Kelowna and driving up prices there.

China needs help. Maybe publish the names of every person that buys homes over $2 million and publish it so the Chinese government can see.

patriotz
Member

They can already see by searching the land titles for a small fee, dimwit. Why give them the information for free.

Oracle
Guest
Oracle

Trump will be coming for the likes of you asshole. How’s McCallum your buddy doing now in China?

history
Guest
history

truly fascinating, the Chinese have been conducting financial war. They have captured control of Vancouver RE, and by proxy, Canadas RE, by simply owning the Margin,. These are Homes over $3m…. remember Price is set by the Margin,

They are RedGuards… a phone call from China, they drop the price of the from $3m to $2m

Thats why Fed and Prov politicians, and the general population with housing debt are idiots

It’s coming. You are f#cked

realist
Member
realist

“They have captured control of Vancouver RE, and by proxy, Canadas RE, by simply owning the Margin,”

Correct. Control is not to be equated to majority ownership, which offshore money also does have in certain segments of the market.

vangrl
Member
vangrl

Thanks. I’m surprised the average is $1.58M, thought it would be even lower

vangrl
Member
vangrl

This is just for detached right? and all areas REBGV cover?

YVR
Guest
YVR

Sales-to-Listings Ratio for Houses over $3 million: 2% or approx. 4 years of supply or inventory at this sales rate.

Four years inventory for houses $3M plus. Can it get any worse than that?

YVR
Guest
YVR

You missed the best stat of them all which tells the story:

Dollar Value of Houses Sold in January: $494 million in 2017 vs $1.4 billion in 2016

That has to be up there with the biggest year over year dollar volume decrease in the history of any RE bubble crash.

http://www.greaterfool.ca/2017/02/01/the-melt-2/

YVR
Guest
YVR

Another nugget.

blockquote>30% of all active listings in Greater Vancouver are asking over $3 million, 1,073 listings; whereas 93% of houses sold in January for under $3 million.

Sucks to be selling a house over $3M. 30% of listings but 7% of sales.

Confucius
Guest
Confucius

Easy solution, drop that sucker down to 2 million.

Combat roach
Guest
Combat roach

Outcome would be the same, it must go below 1M minimum.

Confucius
Guest
Confucius

Sold!

YVR
Guest
YVR

Sales-to-Listings Ratio for Houses over $5 million: 1.5% or approx. 5 years of supply or inventory at this sales rate.

Oops sorry I guess 5 years inventory is worse than 4 years. My bad.

Dave
Member
I see a mixed bag of data. Dollar volume is a bearish stat for sure. That’s a significant drop, but you need to take it with a grain of salt for two reasons. The first is that January is the lowest volume month and is subject to fluctuation. The market started early last year and looks to start late this year because of the snow. The second reason is that the stat is a reflection of slow sales for high value homes, which have more volatility in volume (e.g. that’s why average prices move up and down abruptly). On the bullish side, new listings are lower in 2017 than in 2016. Maybe that’s a reflection of the weather this year. Or maybe it’s a reflection of a stalled market with both buyers and sellers sitting on the sidelines. I think… Read more »
Bear Vancouverite
Member
Bear Vancouverite

Dave, I respect your ability to analyse many things, but your blindspot (being a realtor) is really showing here.

There is no “mixed bag” of data if you look at SFH.

You claim new listings are lower in 2017 than 2016, but it’s a 5% drop in listings, compared to a 59% drop in sales.

Mention of “starting early” and “starting late” is meaningless noise.

With this negative news coming out on MSM it will further depress urges to buy, and this effect will trickle down to condos and townhomes, the former which has a lot of shadow inventory of empty units. If that shadow inventory starts coming online due to some jittery speculators we’re going to see just how mixed the data will look.

Dave
Member

I’m not a realtor, but I do make a living off this industry.

I trade stocks as a hobby at this point which I think informs my ability to predict markets.

I’m not arguing the drop in sales is not bearish. I’m saying, you can’t read too much into it. I think it speaks to what is happening at this point in time, but not too much as to where we are headed.

If the market is going to correct to any significant level, my prediction is that we require a lot of inventory and near or above records levels. If inventory remains low, I predict only a soft correction.

bullwhip29
Guest
bullwhip29

January is over.
Krusty changed the rules of the game on chinese new years. govt is now tallying up list of folks who will be getting 15% cash back (and it appears it will be more than just those who had a work permit)

Oh NO
Guest
Oh NO

Correct me if wrong but no detached sales today in E or W Van?

vangrl
Member
vangrl

There were some

paulb
Member
Active Member

New
228
Price Change
23
Sold
113

TI:7759

http://www.clivestevepaul.com

vangrl
Member
vangrl

Doesn’t inventory usually drop a lot on first day of month?

Oracle
Guest
Oracle

Anarchists protesting in California against a legitimate government. They GOP won fair and square. Not that I agree with all their policies.

Why don’t we protest here against the Like of Christy or Trudeau who blatantly lied??

Brainwashed? Maybe.

Best place on meth
Guest
Best place on meth

These are the tolerant liberals who refuse to tolerate anyone with an opposing opinion from speaking.

Just me
Guest
Just me

Striking statistic of the day:

Dollar Value of Houses Sold in January: $494 million in 2017 vs $1.4 billion in 2016; down over $900 million in Greater Vancouver alone. This does not include the Fraser Valley or the rest of the province. At this rate, the BC government will collect $300 million less in Land Transfer Tax (aka. Christy Clark’s 2015 and 2016 windfall profits to balance the BC budget).

Nobody is buying sinngle family homes in Vancouver. They stopped doing it well before the tax was implemnted. No chane in credit criteria can explain such a drop. The answer? Chinese money has suddenly stopped flowing into the market.

Just me
Guest
Just me
Comment of the day: My interpretation of the real numbers: Despite the real estate cartel’s carefully orchestrated narrative, supply is not the issue and has not been the reason for the obscene price appreciation for many years now. Inventory is now building at a record pace, particularly for houses listed over $3 million. The local, hard working, honest tax paying residents of all races and ethnicity cannot afford those houses. Beginning in the summer of 2016, there was a quantifiable reduction in foreign money flooding the Vancouver market. The trickle down effect of that reduction is now accelerating throughout the BC region. The most telling statistic for me is the average asking price of the new listings at $2.65 million vs the average sold price of $1.58 million in January. Keep in mind, 30% of all active listings in Greater… Read more »
Bear Vancouverite
Member
Bear Vancouverite

Just me – I know we share the belief that Foreign Money is a significant factor in prices, but I feel you rely too much on “Chinese Money” (foreign money can be from various countries, of which China is by far the largest IMO).

If locals see prices softening they stop buying. That’s a fact and that’s partially what is happening. I’ve been to Open Houses where there is significantly less local interest. Chinese money may be slowing down, but so is local money.

As for only Chinese money flowing into the market for $2M+ homes. I have a local friend who was looking just last week at a $2.8M home, and he’s not Chinese and the money he’ll use is not foreign, but a heck of a lot of it will be from credit and existing equity.

Just me
Guest
Just me

Of course there are many people like your friend. It would be silly to deny that. But the reason that segment of the market is tanking is not the simple lack of people like your friend.
Deep pocketed buyers have disappeared. In that segment, according to data put together by Eby’s team, the buyers are not often local.

Bear Vancouverite
Member
Bear Vancouverite
I respect Eby’s work incredibly, and I think you are referring to a study that determined 66% of buyers of Vancouver west side homes in a 6 month period between 2014 and 2015 have foreign sounding names. As far back as the 90s I’ve known immigrants with non-anglicized Asian names whose families live, work, and pay taxes locally. We can’t directly substitute “non-anglicized names” to mean “foreign buyers” but I believe there must be a significant number whose source of funding is foreign. http://news.nationalpost.com/news/canada/in-a-six-month-period-70-of-detached-homes-sold-in-vancouvers-west-side-went-to-mainland-china-buyers Anyway, even if foreign money was a big factor, I don’t think capital controls are the only thing we’re observing here. As prices decline even foreign money is going to pause to assess. Either way it helps us with some nice feedback loops: capital controls may be limiting a lot of money inflows, lower prices reduces… Read more »
Just me
Guest
Just me

Agreed. Local hardworking people of any background are welcome, it gies without saying.

However, I should point out that I dud attend a few open houses in the multimillion dollars bracket in the recent last. There was (always) a line of Mercs, Bimmers and fancy cars parked outside: viewers inside were mostly speaking languages other than English. And I am not talking about a 50/50 split.

People with feet on the ground can confirm this. The buyers last year had absolutely nothing to do with Canadian society.

It took a dictator (Xi Jinping) to put a halt to that circus. Pur own politicians encouraged it, they actually liked the money flows.

Just me
Guest
Just me

Thanks Xi Jinping! You did what many Canadian politicians refused to do! You stopped the flow of illegal money into our RE market, and the endless laundering of funds throug home purchases.

Keep it up, man!

Oracle
Guest
Oracle

He needs help though.

Names and land registry info.

Next step: Bar foreign buyers of RE re entry into motherland (money launderers by China definition)

Confucius
Guest
Confucius
bullwhip29
Guest
bullwhip29

B.C. considering foreign buyer tax refunds for some Metro Vancouver home buyers
http://vancouversun.com/news/politics/b-c-considering-foreign-buyer-tax-refunds-for-some-metro-vancouver-home-buyers

>>> what a total gong show…

bullwhip29
Guest
bullwhip29

B.C. to use public money to lure journalists to its tech summit
http://vancouversun.com/news/politics/b-c-to-use-public-money-to-lure-journalists-to-b-c-tech-summit

>>> what are the chances that someone will write something critical of the premier?

history
Guest
history

hi, my name is history, reporting for VCI online.

Ms Premeir, kindly provide your governments response to crashing RE. When and where will the incentives go to Bring Back productive capacity from China to BC.? Who gets the jobs?

answer

We are bringing in new people now, fresh debt pigs

southseacompany
Member
southseacompany

“January 2017 Detached Market Report” VanCity Condo Guide

http://vancitycondoguide.com/january-2017-detached-market-report/

“Detached Sales Falling, Inventory Piling Up”

“As per the table, detached sales fell 47% in Vancouver East, 72% in Vancouver West, 66% in Richmond, 58% in Burnaby, and 57% in REBGV. For further context, REBGV detached sales were 34% below the 10 year average for the month of January.”

bullwhip29
Guest
bullwhip29

i think you will soon see rapid decline in inventory as sellers pull listings in wake of changes to FBT and surge in “conditional” offers by HAM as they wait for more good news from krusty. in the event plans go awry (and she loses election), they simply won’t remove subjects. in this quiet low volume market it wont take much action at all to muscle prices sharply upwards.

Funkeymonkey
Member
Funkeymonkey

Blame it on bad weather

bullwhip29
Guest
bullwhip29

If Donald Trump does what he says he’ll do, the Bank of Canada may have to cut rates
http://business.financialpost.com/news/economy/if-donald-trump-does-what-he-says-hell-do-the-bank-of-canada-may-have-to-cut-rates

bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

REBGV Monthly Statistical Report
http://www.rebgv.org/monthly-reports?month=January&year=2017

“Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.”

“The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months and a 0.2 per cent decrease compared to December 2016.”

“The benchmark price for detached properties is $1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016.”

“The benchmark price of an apartment property is $512,300. This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase compared to December 2016.”

kabloona
Member
kabloona
Combat roach
Guest
Combat roach

Why, if money from China wasn’t a big factor but local drunk on mortgage availability and low rates? I am confused.

bullwhip29
Guest
bullwhip29

Whither now Main Street? Vancouver’s changing Mount Pleasant
Assessed property values and costs soar as development inches in on the neighbourhood
http://www.cbc.ca/news/canada/british-columbia/main-street-tech-corridor-rising-costs-1.3962844

bullwhip29
Guest
bullwhip29

Fences are the answer to tent-city disruption
http://www.timescolonist.com/opinion/op-ed/comment-fences-are-the-answer-to-tent-city-disruption-1.9712407

>>> that is, until the million dollar playground is finished and everyone can resume their daily activities once again…

bullwhip29
Guest
bullwhip29

12 Charts About Canadian Housing That Will Make You Go WTF
http://www.huffingtonpost.ca/2017/02/02/9-charts-canadian-housing-wtf_n_14441902.html

Just me
Guest
Just me

Nice charts. Informative

Dave
Member

The author isn’t the sharpest tool in the shed. LOL.

The first graph shows record levels of construction as a percent of population. Later on, the author says that there is record low construction and confuses unsold units as being constructed units. We have record low new inventory because we’re mostly building condos and the business model is now pre-sales. They go on to speculate that developers are conspiring to keep prices high by limiting inventory. LOL.

Best place on meth
Guest
Best place on meth

“The tony city of West Vancouver lost about 2,000 residents between 2011 and 2016, a decrease of about 5 per cent. In that time, the city’s benchmark house price rose from around $1.5 million to just under $2.5 million.Logic dictates that a city that’s losing population should be seeing falling or stagnant house prices. Unless, of course, the demand for housing is coming from people who don’t live there — foreign investors and house-flippers. ”

And now, West Van is falling the fastest – by far.

Down 13.6% on the detached benchmark in the last 6 months.

Just me
Guest
Just me

Maybe local buyers have not been leveraging Canadian credit hard enough in West Van? Oh, wait a minute, there were no local buyers at the last open house I attended there…

bullwhip29
Guest
bullwhip29

Tips from residents lead to major crab-poaching bust
http://www.coastreporter.net/news/local-news/tips-from-residents-lead-to-major-crab-poaching-bust-1.9712604#sthash.fkca7zEL.dpuf

>>> same crew busted last summer for same activity. whether it is crabs, sports cars, illegal medical practices or houses, it really irks me that these slimeballs think they can slither around in the dark of night and do whatever they please. i suppose it is rather fitting that lower mainland customers looking to pay anything for a fresh, local seafood dinner are being fed a product contaminated with dioxin.

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

They do because they can and they are supposed to. Any attempt to confront them has been seen as a racial issue so they use it as a carte blanche.

southseacompany
Member
southseacompany

Here come the headlines;
“Home sales plummet in previously red-hot Vancouver”, CTV News

http://www.ctvnews.ca/business/home-sales-plummet-in-previously-red-hot-vancouver-1.3268329

“Home sales in Metro Vancouver last month dropped by almost 40 per cent compared with January 2016 with the sale of detached houses falling hardest.”

southseacompany
Member
southseacompany

Moe “P’ words;

“Vancouver home sales plunge 40% — and prices are beginning to follow”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/vancouver-home-sales-plunge-40-and-prices-are-beginning-to-follow

“Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow.”

southseacompany
Member
southseacompany

“Home sales plummet in Vancouver as market softens”, Global News

http://globalnews.ca/news/3222884/home-sales-plummet-in-vancouver-as-market-softens/

“Home sales in Metro Vancouver last month dropped by almost 40 per cent compared with January 2016 with the sale of detached houses falling hardest.”

Bear Vancouverite
Member
Bear Vancouverite

I’m curious to hear whether posters here who keep claiming MSM refuses to post negative news about RE will acknowledge MSM actually isn’t as corrupt as they say?

bullwhip29
Guest
bullwhip29

msm will report whatever message serves the powers that be best. right now they are blowing things out of proportion with overly bearish coverage which only justifies some of the moves that have been recently made by bc govt (first timer loans, FBT exemptions etc) at the urging of the RE cartel who pay for much of the print and media ads that keep the globals of the world in business)

Bear Vancouverite
Member
Bear Vancouverite

So what you’re saying is MSM is proven to be corrupt whether they post negative or positive news about RE.

Why should we fear that the REGBV would “massage” numbers (as we often claim they do) if the idea is to create overly bearish coverage?

Doomcouver
Guest
Doomcouver

I’m withholding judgement until we see major price drops. So far they’re only been posting articles on sales volume declines. I’m sure the MSM in BC is painfully aware how much revenue they get from real estate advertising, so I expect they will be walking on eggshells once SHTF.

history
Guest
history

MSM doesnt report news, they report opinion… subjectivism.
Oddly enough, this is a quality of our times. So if you can paint the stats at the end of the month, you do it. If you dont like the trend, you stop reporting it.

Oracle
Guest
Oracle

Bearish news until election to push Christy thru.

Bearish news until election to prevent public pressure on FEDS so they don’t introduce new tightening rules.

After election, the pumping we saw over the last few years begins again. FOMO this time for townhomes and condos. And it won’t be all lies as another 400,000 people move into the region over the next 8 years.

UBC in Crisis Mode
Guest

Is REBGV still a self-regulated boy with their alternative data? %6 price drop? Ha?

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