Friday Free-for-all! May 19th 2017

It’s the end of another fabulous week in  New York City, Paris, and Vancouver Washington.  Also here too.

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:

Bubble bath
Scarce condo supplies
HCG Worries
Housing plan makes it worse
Time to buy
Raise rates
Canada sales cool

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

110 Comments on "Friday Free-for-all! May 19th 2017"

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Harry E
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Harry E

Opioid conflict-of-interest controversy reveals extent of big pharma’s ties to doctors

Financial ties between doctors, hospitals and the pharma field are widely accepted — but rarely discussed

http://www.cbc.ca/news/health/opioid-pain-philpott-mcmaster-university-purdue-pharma-drug-industry-conflict-1.4121956

history
Guest
history

‘health care’ in Canada is a euphemism for birth control. On the lighter side, it keeps the successfully brainwashed pensioners ticking. At its darkest it is a euphemism for murder… Those unfortunates whose future ROI cant be JustUs- if-ied by the deep state.

Crusty (i know where the bridges are going up) and her capitalists, with Weaver in tow.
raft down the river run, having their fun.

Mr. Mxyztptlk
Guest

You must have one of those random sentence generators. Fun, but boring after a while aren’t they?

history
Guest
history

You are speaking to the king of housing analysis. The one person who bound it all together in one crispy read. The bubble is generated by refinancing of existing debt/mortgage, over and over again. Driven by the need for ….leisure. Note, i do not differentiate between race, culture or ethnicity. That is why my analysis is elegant, unlike yours, or your VCI id.

Best place on meth
Member
Best place on meth

Speaking of random, that’s a lot of letters with only 1 vowel present.

Wheel of Fortune sells them if you’re interested.

Doomcouver
Guest
Doomcouver

This isn’t really related to real estate, but in general people need to be in more control of their own healthcare. If you have an idiot GP that seems to act like an overpaid pill-pusher, get a new doctor. Good doctors realize that medication should be a last resort, and opioids usually do more harm than good for patients with pain management issues.

Best place on meth
Member
Best place on meth

For pain management, Dr. BPOM recommends two HUGE bags of weed.

Per day.

history
Guest
history

there was a little known weed RE bubble on Van Isle. It popped in 2012.

Just me
Guest
Just me

Reposting from previous thread. Interesting. Will the BC Libs do anything ever about this?

http://vancouversun.com/opinion/columnists/douglas-todd-new-approaches-to-the-astronaut-phenomenon

Combat roach
Guest
Combat roach

RTR: Confiscate all their shit here to cover for lost taxes and promptly get all those astronauts on a fucking rocket and send them to the moon. Problem solved.

KickThemOut
Member
KickThemOut

We have financial asset based tax now?

Shut It Down Already
Guest
Shut It Down Already

Combat Roach is entitled to riches on account of him being a genius. Especially if that means accusing all those who are more successful than him of being cheaters and criminals. That’s how smart people operate, apparently.

Doomcouver
Guest
Doomcouver

There’s pretty much 0% chance of the Liberals doing anything about this. They care about big business and that’s pretty much it. However, from the articles I’ve been reading lately, the CRA may be starting to get some teeth regarding the undeclared global income issue. The crackdown may intensify at any time. I’m personally a fan of anything we can do to lower the attractiveness of Canada as a tax-haven and money laundering destination.

southseacompany
Member
southseacompany

“Vancouver Mortgages Are Rapidly Deteriorating In Quality”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-mortgages-are-rapidly-deteriorating-in-quality/

“According to the Bank of Canada (BoC) and the Ministry of Finance (MoF), the quality of mortgages are showing increasing signs of quality deterioration. Over the past year this trend has accelerated, leaving more homeowners vulnerable to financial ruins in the event of a minor correction.”

history
Guest
history

sure like my muscle car
Hoser McQueen
1970

The North Americans have impressive horsepower but the ratio of engine power to wheel power is very poor. Our smallest vehicles outperform them ..
Toyoda Kamode
1975

history
Guest
history
BubbleTea
Guest
BubbleTea

Clark and Coleman’s mortgage mart not meeting targets
“the government expected to issue 2,778 loans worth $47 million by March 31. ”
“An April 7 news releaseonly -352 first-time buyers since the program’s Jan. 16 launch would receive a combined $5.3 million in loans on closing of their purchases. Another 645 applicants had been pre-approved.”
http://thebreaker.news/news/loans-slow/

Combat roach
Guest
Combat roach

Sounds like a small impact on the market so it looks like the foreign money is pouring in a big time over proxies, compatriots and other excused FBT crap, otherwise what kind of locals would be able to participate in those huge sales numbers as of late?

Best place on meth
Member
Best place on meth

“Those documents included correspondence from Canada Mortgage and Housing Corporation CEO Evan Siddall, who said the program stunk.

“You will know we are holding our noses firmly on this and I would not want any other [provinces and territories] to be misled into thinking this ill-advised program represents good public policy,” Siddall wrote. ”

How evil is Krusty when even the CMHC are calling her out?

“theBreaker previously reported that a Coleman aide gave someone outside government a sneak peek into the BC HOME program last July. But the person’s name was censored from an email. ”

I can make out a few letters, looks like…

B_B .. R_N_I_… _H_ …C_N_O …K_N_

I wonder who that is.

KickThemOut
Member
KickThemOut

@Doomcouver – ok, but when and how long? If the crash is going to happen in 2020 and takes a decade, how is that useful to me? That’s almost 15 years to wait before the bottom. If we get to 2020 without a crash then what? Keep renting and moving at landlord’s leisure? Uproot our family & kids every time? Keep moving out farther from the city and changing schools?

It’s all nice to sell me a dream of utopian housing market where house prices is 3.5x, but when and how long? Without that info, how is any of your argument help to me?

Doomcouver
Guest
Doomcouver
The irony is that if we get to housing at 3.5X income, unemployment may be too high for many people to afford it anyways. The importance of housing on our jobs market should not be understated. As for what you should do, I can’t decide what’s right for you. Yes, renting inherently sucks; I, like most people, would prefer to live in something that’s mine, and no one can kick me out or tell me what to do with it. That said, unless you can afford a detached freehold property, you will likely be at the mercy of a strata. You can be forced to pay thousands of dollars in special assessments, and some stratas have such strict bylaws it’s basically like you still have a landlord. If it’s a leasehold strata as well, you can get kicked out at… Read more »
best place on earth
Guest
best place on earth

why would you ask these guys at the first place? They are just being priced out and clueless as everyone else. Some posters have been here and missed the best run up since 2005. Do yourself a favour, go ask the real expert in the industry, not the guys hiding behind the screen. What do you do when your children get sick? do you ask the anonymous on line, or bring them to your family physician?

Combat roach
Guest
Combat roach

Only a substantial retard can cross-reference a family physician with an RE pumper.

Doomcouver
Guest
Doomcouver

Yeah BPOM that is an especially lame straw-man argument, even for you. Your doctor doesn’t get a big fat commission off of you, you can’t say the same for realtors or bankers. I think you should read up on something called “moral hazard” before you give advice to listen to so called real-estate “experts”.

CBM999
Guest
CBM999

No, but the doctor sure gets a big fat salary!

Still not enough to buy a detached in Van though. Every new doctor grad I know in the last 3-4 years rents because they’re not even paid enough to buy a house.

Just me
Guest
Just me

Since when are real estate agents like yourself on a par with physicians?
I am sorry, but you are comparing two very different types of human beings. No amount of money will make you comparable to a doctor. No amount.

best place on earth
Guest
best place on earth

that is why you keep paying rent for the rest of your life.

history
Guest
history

up next, the deterioration of rental income, in a labour shortage market.

Owen
Guest
Owen
It seems likely that immigration to Vancouver will continue, and that interest rates will mostly stay relatively subdued (perhaps with periodic exceptions and perhaps at somewhat higher average rates than today). There’s nothing natural about the 3.5x ratio, it depends on affordability (rates). I doubt that a crash would go on for 10 years. US prices are already almost back where they were before the bubble popped, full cycle. I think a price correction would be caused by the big wave of starts turning into completions – which hasn’t shown up yet more than 12 months after starts spiked – combined with a sudden rate increase or economic setbacks. Either way it’s hard to see it lasting years and years. Maybe it would be worse if there was a flight of Chinese capital, but I don’t have a good feel… Read more »
KickThemOut
Member
KickThemOut

@BPOM – so are you going to teach that sellout ungrateful immigrant a lesson? He’s in Canada, getting trained in Canada, likely a Canadian citizen already, and yet playing for the communist dictatorship. Are you going to try to straighten him and remind him where his loyalty should lie?

btw, where are the Japanese & Korean hockey team, basketball, Greco-Wrestling, boxing, etc? I don’t remember seeing a lot of them around. They are all weak.

Doomcouver
Guest
Doomcouver

I think the best way to teach a Communist a lesson is to take most of his money, and distribute it to the peasantry. 😛

Best place on meth
Member
Best place on meth

Space, are you going to go back to china where you belong?

Shut It Down Already
Guest
Shut It Down Already

Another Friday night alone being a racist moron?

KickThemOut
Member
KickThemOut
So what’s your long weekend plans? How about a condo buying tour in a limo & champagne ala Ultra Rich Asian Girls style? Yeap, that’s the plan for the HAM visa prisoners at my workplace. They are going to go condo pre-sale shopping in style. Off course, this time they at least had the courtesy to invite the other Asian female workers, but needless to say, the HK and CBCs girls declined and disgusted. One CBC asked them if they plan to rent out the condo and they laughed in her face. They said this time they are aiming for high end luxury condos and who would want to live in an used condo. Maybe one or two as tem rental and for their parents / friends. The HK girls were having a firestorm in the lunchroom yesterday afternoon. Turns… Read more »
Confucius
Guest
Confucius

Wow, you are such a loser.

Doomcouver
Guest
Doomcouver

“Our greatest glory is not in never falling, but in rising every time we fall.”
— Confucius (6th/5th Century BC)

“Wow, you are such a loser.”
— Confucius (21st Century AD)

KickThemOut
Member
KickThemOut

The truth about Ontario’s 16 point housing market cooling plan comes out. it’s aint about cooling the market but rather lower costs for their developer buddies to acquire lands for further RE speculation.

http://www.thespec.com/news-story/7324525-updated-wynne-is-all-aboard-21b-high-speed-rail-project/

bullwhip29
Guest
bullwhip29

Vancouver to escalate penalties against three luxury short-term rental operators
http://vancouversun.com/news/local-news/city-to-escalate-penalties-against-three-luxury-short-term-rental-operators

Best place on meth
Member
Best place on meth

Don’t see any mention of death penalty.

Yawn…..

bullwhip29
Guest
bullwhip29
KickThemOut
Member
KickThemOut

Right up everyone’s valley here, maybe especially BPOM

China using facial recognition software to combat toilet paper theft…wow…who would have thought! Maybe there is some underground economy that uses toilet papers as currency? Kind of like bottle cap in those Fallout Games?

And where did they steal facial recognition software from? That’s pretty advanced stuff and we know Chinese software are lucky to run without crashing every other minute, given the general quality of made in China. Wonder how much they had to donate to Clinton Foundation to get access to it.

From China Uncensored
http://youtu.be/99-hGa2KRis

HA HA
Guest
HA HA

How can facial recognition software work if the faces all look the same?

Doomcouver
Guest
Doomcouver

Oh man that is equal parts hilarious and racist.

Best place on meth
Member
Best place on meth

98.7% hilarious.

bullwhip29
Guest
bullwhip29

make that 88.8%

CBM999
Guest
CBM999

LMAO with a capital L

Combat roach
Guest
Combat roach

Those could be fake scanners rather entertaining basic hygienic customs.

It’s time for a Chinese toilet revolution

http://english.cctv.com/2017/01/13/ARTI2MBz6nb1NVjrS7RHGjnS170113.shtml

bullwhip29
Guest
bullwhip29

Five years after Ottawa put the brakes on a surge of foreign investment, China is back.
https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chinese-investment-alberta-oil-deals/article35061644

“…investors and several go-betweens who scout out opportunities and enlist overseas capital guard their privacy closely and tend to look for deals that are below the value that would trigger a review …”

“…several have registered companies in suburban homes before taking up space in the sprawl of downtown Calgary real estate…”

“The influx of capital…is led by an array of small companies that share directors and addresses, including some in the British Virgin Islands, a noted tax haven – all with origins in China.”

“…some of the buying is motivated by a desire to transfer money into hard foreign currency beyond the reach of authorities in Beijing…”

Doomcouver
Guest
Doomcouver

Oh man they called Canadian dollars a “hard” currency? Lately it’s a “flaccid” currency if you ask me.

Best place on meth
Member
Best place on meth

Compared to the Wonton, the Loonie is still pretty solid.

Although it’s probably going back to the 60’s.

REMEMBER THE 60’S?

SQUAWWWKKK!!!!

Hyper-mega-Bull
Member
Hyper-mega-Bull

happy friday!

http://imgur.com/a/AHB8Y

I believe that’s cambie street.

Best place on meth
Member
Best place on meth

Someone took your advice and learned mandarin.

paulb
Member

New
192
Price Change
53
Sold
279
TI:8481

We list and sell a lot of real estate on the North Shore & Vancouver. I’ve always appreciated the support of the VCI community. If you know of anyone thinking of buying or selling don’t forget us! TY Paul http://www.clivestevepaul.com

bullwhip29
Guest
bullwhip29

Richmond girl spirited away for protection after gangster dad received death threats from contract killers
http://vancouversun.com/news/local-news/richmond-girl-spirited-away-to-vancouver-island-for-protection-after-gangster-dad-receives-death-threats-from-contract-killers-court-ruling

>>> no further comment needed here…

tom
Guest
tom

the dad, a Chinese man who for years has been subject to a deportation order back to China that Canadian authorities haven’t been able to enforce because Chinese authorities don’t want him either.

send him back, why does Canada have to keep him.

Best place on meth
Member
Best place on meth

We have to keep him because we’re a bunch of over tolerant pussies who are easily expolited by scum from china.

Shut It Down Already
Guest
Shut It Down Already

Then stand for office if you’re not a “p*ssy”? Oh yeah, you’d get laughed out of town all the way back to Merritt.

Doomcouver
Guest
Doomcouver

If the Chinese don’t want him, dump him in the South China Sea and he can swim wherever he likes. It’s ridiculous how difficult it is to get someone deported.

Best place on meth
Member
Best place on meth

“The judge concluded that the threats likely had to do with the gambling addiction of the dad, a Chinese man who …….”

HAHAHAHA….there’s a good reason stereotyes exist.

https://www.youtube.com/watch?v=TwZwSIrMLmk

Doomcouver
Guest
Doomcouver

Holy crap that Porsche is totalled. Why even bother to finish parking it. Just light it on fire and walk away.

bullwhip29
Guest
bullwhip29

this looks like a three for one special…bad driver, probably fleeing crime scene (hit and run) and likely not insured properly…lol

Bestplaceonearth
Guest
Bestplaceonearth

Let change this blog name to “ihaterichpeopke”

Just me
Guest
Just me

No. Just rich, ignorant, retarded realtors like yourself.

Vancouver Review
Guest
Vancouver Review

May 19, 2017 Daily Review of Vancouver Real Estate Housing Bubble News

https://youtu.be/Us5Qv9o8kX8

Ulsterman
Member

Friend of mine just had good real estate news this morning. Courts finally made a ruling on the Musqueam lands out near SW Marine, by Shaughnessy Golf Club. Lease expired in 2015 and they wanted to increase rent for land from $11,500 to $140,000/year – yes, you read that correctly. House owners offered $20k/yr and the court settled on $24k/yr. I think he will now be selling and getting the hell out of Dodge. It will be interesting to see what the houses sell for. Last year they were in the $650k range. With the uncertainty lifted i wonder will the price move up. Owners there still have to pay the COV property taxes based on the value of the house if it were on freehold, Van West land, so they are very significant.

Abdul Lahazi
Guest
Abdul Lahazi

B.C. winery owners facing life in Chinese prison for smuggling:

http://www.cbc.ca/news/canada/british-columbia/b-c-winery-owners-facing-life-in-chinese-prison-for-smuggling-1.4125177?cmp=rss

They need to bribe more officials.

oopswediditagain
Guest
oopswediditagain

One of the dangerous side effects of this bubble is the homeowner’s extraction of equity (heloc) to purchase more property. Interestingly enough, again, Canadians are the new Chinese in the U.S.A, dominating foreign purchases of real estate in 5 cities.

Notably, 3 of those cities could be called B.C. purchases and the other 2 Ontario?

I know, I know, just because Vancouver and Toronto have the highest house prices doesn’t discount the possibility of other speculators from other regions.

It’s interesting the things we buy when we think we’re rich. The bears had better be wrong about this crash.

http://www.businessinsider.com/canada-is-dominating-us-home-sales-to-foreign-buyers-2017-5

southseacompany
Member
southseacompany

“One country is dominating US home sales to foreign buyers”, New York Real Estate News

https://therealdeal.com/2017/05/20/one-country-is-dominating-us-home-sales-to-foreign-buyers/

“NAR March 2017 data from Realtor.com show Chinese buyers were absent from the list of top countries. Another country did top the list for almost every city though, Canada. Judging from Canadian buying behaviour from 2016, these aren’t snowbirds looking for a warm place to winter either. These are good ole fashioned, non-resident speculators.”

southseacompany
Member
southseacompany

“Canadian Speculators, Not Foreign Money, Are Driving up Home Prices”, The Tyee

https://thetyee.ca/News/2017/05/20/Canadian-Speculators-Not-Foreign-Money/

“There’s a pretty straightforward reason why you can’t afford a home.

“Real estate speculators are snapping up properties and selling them once the price rises. They earn a huge financial return, pay little in taxes and price ordinary people like you out of your city.”

“The common wisdom in Vancouver — and increasingly Toronto — is that the majority of these speculators come from overseas. Yet recent housing data suggests many, if not most, speculators may be Canadian.”

Burnaby
Guest
Burnaby

Depends on how Canadian is defined.

Shut It Down Already
Guest
Shut It Down Already

How would you define it?

Best place on meth
Member
Best place on meth

Useless article and poorly written.

I’ve never heard anyone say that the MAJORITY of speculators were foreign, we all know that they’re not the MAJORITY.

patriotz
Member

“Real estate speculators are snapping up properties and selling them once the price rises. They earn a huge financial return, pay little in taxes and price ordinary people like you out of your city.”

Aren’t the people who buy from the speculators ultimately responsible for the prices? Some non-speculator has to be at the end of the chain for the speculators to make money.

history
Guest
history

Prices arent driven by realtors, buyers, sellers, in the traditional sense. Prices are driven by mortgage refinancing. At age 54, there is a peak in leisure spending. This point covers a lot of ground. Not just trips to Cabo, but also the Chinese spending spawned from the shadows.

Globally, in the year 1962, Population rates went beyond Power Growth, on the auric scale. Only 4 times in the last 3000 years has this happened. Twice during the latter Roman Empire, and one time before Anno Domino… We are aided by Chinese stats, as they have pretty good demographic info from the last 2000 years, despite their bad record keeping in the modern era.

southseacompany
Member
southseacompany

True. But, reading that 25% of condos in many of the new transit centred developments are empty, ‘expectation of gains’ seems to be a factor, too.

Just me
Guest
Just me

Sloppy analysis, lack of research and facts.
I am always astounded by the poor standards of our local commentators.
Denying the critical role played by foreign money in the past 10 years is nothing short of criminal.
The country has been sold multiple times over to foreign “investors”. Christy Clark claims this is the only way to gave stable economic growth. Liars, the bunch of them.

Shut It Down Already
Guest
Shut It Down Already

Where’s your evidence, liar?

Just me
Guest
Just me

My best evidence is you.
After what happened in the past 10 years, with entire neighborhoods being bought up by mainlan China investors and satellite families, you are still here debating that these guys are just a sideshow.
You, and people like you, are the main reason why there is no political will to fix the situation.
Evidence is a set of facts supporting an hypothesis: you are a data point in this mess we are in.
This is not about race, it is about money.

patriotz
Member

“You, and people like you, are the main reason why there is no political will to fix the situation.”

No, the reason is homeowners who want to get rich selling their houses, and don’t want the government to get in their way by introducing policies that may lead to lower prices, whether they target foreigners or the broader market.

Shut It Down Already
Guest
Shut It Down Already

You’ve clearly no idea how to form a coherent argument. We have the fucking data. Quit ignoring it, or stop pretending to be “following the money”. Locals have blown their brains out and it’s time to start realizing what the consequences of that will be.

Vanco
Guest
Vanco

Sometimes it’s better just to think less and buy your place. I see the same people here for years, hoping for a crash that never came. Even this year, condors went up 20% and sfh are going up. Maybe this time is different or maybe not. But if you bought when you had the chance, you could debate this in the comfort of your home, knowing that you won’t need to move.

Shut It Down Already
Guest
Shut It Down Already

Most people don’t think at all, how could they think less? That’s exactly why we’re in this mess – people entering bidding wars for properties they saw for all of 4 minutes whilst packed in there with 100 other financially illlliterate morons. But, hey, real estate is a “good investment” that “always goes up” and “you’ve got to live sonewhere” so “why pay somebody else’s mortgage” before you’re “priced out forever”?

Vanco
Guest
Vanco

It may not be the best investment, but I see people on this board holding off purchase of their primary residence, hoping to get in at a price they want. The odds that your home will drop in the next 20 years is almost extremely unlikely.

Markets can stay irrational for longer than you can stay solvent. Or in this case, your affordability.

Shut It Down Already
Guest
Shut It Down Already

I’d say the odds of a correction within a 20 year time frame are actually quite high. Who knows how interest rates will fluctuate over that time.

tom
Guest
tom

20 years, I don’t think most of us want to wait another 20 years. If you could afford it without financially constraining yourself it may be worth it to buy, I’ve been a huge bear for the longest time. I know it’s interest rates but the world governments don’t seem to eager to change the status quo.

Shut It Down Already
Guest
Shut It Down Already

“Within 20 years” is not the same as “in 20 years”.

bullwhip29
Guest
bullwhip29

definitely will be sooner than that now that the housing bubble has spread from coast to coast and seemingly every nook and cranny in between. not a chance current activity continues unchecked for decades.

history
Guest
history

home is where you park it

Confucius
Guest
Confucius

When the next recession hits, we’ll see how many “homeowners” will need to move.

Abdul Lahazi
Guest
Abdul Lahazi

The City of Vancouver has hired an American architect to help revitalize Hogan’s Alley, after the Georgia viaducts come down.
http://www.cbc.ca/news/canada/british-columbia/hogans-alley-community-plan-1.4124018?cmp=rss
So here we have the CoV that will remove a major traffic artery to replace it with a slum with the help of American architect. This just shows how screwed up Vancouver is.

tom
Guest
tom

they did it so the Aqualini’s could build their condos. It makes no sense to take down the viaduct, which helps traffic.

bullwhip29
Guest
bullwhip29

this is more about concord pacific’s plans but the aquilinis will cash in too

YVR
Guest
YVR

This is more about Gregor Robertson and Vision’s war on the car. Any excuse they can come up with to remove a road they, go through a bogus consultation process and then remove the road, they will do. Concord Pacific is the bonus that will pay for it all in this case. I bet their next move is replace roads with housing. Why waste a good crisis.

Abdul Lahazi
Guest
Abdul Lahazi

Sea lion drags girl into water off Steveston dock in Richmond, B.C.
http://www.cbc.ca/news/canada/british-columbia/sea-lion-drags-girl-into-water-off-steveston-docks-in-richmond-b-c-1.4125848
Clueless idiot Chinese were feeding and teasing a sea lion.

Best place on meth
Member
Best place on meth

They should stick to less dangerous ways to admire and respect nature.

http://static.fjcdn.com/pictures/Smile+you+here+we+see+a+chinese+nature+photographer_d74850_5132603.jpg

Well played Mr. Sea Lion. Well played.

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