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!

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history
3 years ago
Burnaby
Burnaby
3 years ago

My new Chinese “neighbours” just showed up today to check out their empty house behind my rental. A whole flock of them parading around in the overgrown backyard gawking at who knows what and jabbering in loud Mandarin. Place has been abandoned since they bought it last spring and its slowly rotting into the ground. Burnaby needs an empty house tax.

squeak
squeak
3 years ago
Reply to  Burnaby

disturbing, if I was a neighbor I would not enjoy this.

Combat roach
Combat roach
3 years ago
Reply to  Burnaby

Have they smuggled a sea lion for the yard?

would-be buyer
would-be buyer
3 years ago
Reply to  Burnaby

Now that CC has effectively killed the FB tax, they have returned and will knock it down and build a monster house to sell on the “market” next spring.

YVR
YVR
3 years ago
Reply to  Burnaby

“Burnaby needs an empty house tax.”

LOL Burnaby will need a new mayor first. Derek Corrigan and his NDP buddies would call an empty home tax that targets foreigners racist. They prefer kicking out low income renters to the street and letting their buddies build condos sold to offshore investors to solve the housing shortage. Burnaby is the worst of any city in Metro Van and FV.

bullwhip29
bullwhip29
3 years ago

China thumbs its nose at rule of law by jailing Richmond winery owners
http://www.straight.com/news/913151/china-thumbs-its-nose-rule-law-jailing-richmond-winery-owners

Doomcouver
Doomcouver
3 years ago
Reply to  bullwhip29

It sounds like they may have intentionally undervalued the wine they were trying to bring into the country, and got caught. The only way I’ll feel bad for them is if they actually reported the amounts accurately, but I have my doubts that they did. I’d consider a trade for Michael Ching though. Seems like a fair deal…

http://www.cbc.ca/news/canada/british-columbia/china-graft-corruption-bc-michael-ching-mo-yeung-ching-trudeau-liberals-canada-1.4091272

squeak
squeak
3 years ago
Reply to  Doomcouver

Under estimating the value? Really? I would think those that transport wine around know more.. I really do.
We are not talking about a single small piece of liver pate are we?

Abdul Lahazi
Abdul Lahazi
3 years ago

New West homeowners spar over heritage designation

http://www.cbc.ca/news/canada/british-columbia/this-isn-t-one-sided-new-west-homeowners-spar-over-heritage-designation-1.4125011

“Their biggest fear is that their property values will decrease,” said Maureen Arvanitidis, who proudly displays a sign that reads, ‘We Support Heritage Conservation’ just steps away from her front door.
I’ll bet these folks all voted for Christy.

Abdul Lahazi
Abdul Lahazi
3 years ago

A follow-up story on the Steveston sea lion adventure:
http://www.cbc.ca/news/canada/british-columbia/sea-lion-drags-girl-into-water-off-steveston-docks-in-richmond-b-c-1.4126203?cmp=rss
Family slammed for ‘reckless behaviour’ after sea lion drags girl into water in Richmond, B.C.
Robert Kiesman, chair of the Steveston Harbour Authority, said there are several signs posted at the popular tourist destination warning people not to feed the sea mammals that frequent the area. (me: the signs are in Chinese and English)
“You wouldn’t go up to a grizzly bear in the bush and hand him a ham sandwich, so you shouldn’t be handing a thousand-pound wild mammal in the water slices of bread,” Kiesman said.
No mention of the “family” being clueless idiot Chinese but I suppose that would be stating the obvious.

bullwhip29
bullwhip29
3 years ago
Reply to  Abdul Lahazi

apparently the family is receiving offers from talk shows both in Cda and the US, which makes we wonder who the idiots really are.

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  bullwhip29

People who watch talk shows are.

squeak
squeak
3 years ago
Reply to  Abdul Lahazi

Disturbing, lack of respect for wild animals. Total lack of respect. Which should be disturbing for this country as it prides itself in the wild life, the love for it, and the beauty.

I don’t think it is about being clueless, but I smell arrogance.

history
history
3 years ago

https://www.numbeo.com/property-investment/rankings_current.jsp

global refi mania has its center in China.

Abdul Lahazi
Abdul Lahazi
3 years ago

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
Best place on meth
3 years ago
Reply to  Abdul Lahazi

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.

Abdul Lahazi
Abdul Lahazi
3 years ago

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
tom
3 years ago
Reply to  Abdul Lahazi

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

bullwhip29
bullwhip29
3 years ago
Reply to  tom

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

YVR
YVR
3 years ago
Reply to  bullwhip29

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.

Vanco
Vanco
3 years ago

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
Shut It Down Already
3 years ago
Reply to  Vanco

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
Vanco
3 years ago

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
Shut It Down Already
3 years ago
Reply to  Vanco

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
tom
3 years ago

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
Shut It Down Already
3 years ago
Reply to  tom

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

bullwhip29
bullwhip29
3 years ago

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
history
3 years ago
Reply to  Vanco

home is where you park it

Confucius
Confucius
3 years ago
Reply to  Vanco

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

southseacompany
southseacompany
3 years ago

“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
Burnaby
3 years ago

Depends on how Canadian is defined.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Burnaby

How would you define it?

Best place on meth
Best place on meth
3 years ago

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
3 years ago

“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
history
3 years ago
Reply to  patriotz

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
southseacompany
3 years ago
Reply to  patriotz

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
Just me
3 years ago

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
Shut It Down Already
3 years ago
Reply to  Just me

Where’s your evidence, liar?

Just me
Just me
3 years ago

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
3 years ago
Reply to  Just me

“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
Shut It Down Already
3 years ago
Reply to  Just me

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.

southseacompany
southseacompany
3 years ago

“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.”

oopswediditagain
oopswediditagain
3 years ago

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

Abdul Lahazi
Abdul Lahazi
3 years ago

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.

Ulsterman
3 years ago

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.

Vancouver Review
Vancouver Review
3 years ago

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

https://youtu.be/Us5Qv9o8kX8

Bestplaceonearth
Bestplaceonearth
3 years ago

Let change this blog name to “ihaterichpeopke”

Just me
Just me
3 years ago

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

bullwhip29
bullwhip29
3 years ago

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
tom
3 years ago
Reply to  bullwhip29

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
Best place on meth
3 years ago
Reply to  tom

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
Shut It Down Already
3 years ago

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
Doomcouver
3 years ago
Reply to  tom

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
Best place on meth
3 years ago
Reply to  bullwhip29

“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
Doomcouver
3 years ago

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

bullwhip29
bullwhip29
3 years ago
Reply to  Doomcouver

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

paulb
paulb
3 years ago

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

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

happy friday!

http://imgur.com/a/AHB8Y

I believe that’s cambie street.

Best place on meth
Best place on meth
3 years ago

Someone took your advice and learned mandarin.

bullwhip29
bullwhip29
3 years ago

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
Doomcouver
3 years ago
Reply to  bullwhip29

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

Best place on meth
Best place on meth
3 years ago
Reply to  Doomcouver

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!!!!

KickThemOut
KickThemOut
3 years ago

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
HA HA
3 years ago
Reply to  KickThemOut

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

Doomcouver
Doomcouver
3 years ago
Reply to  HA HA

Oh man that is equal parts hilarious and racist.

Best place on meth
Best place on meth
3 years ago
Reply to  Doomcouver

98.7% hilarious.

bullwhip29
bullwhip29
3 years ago

make that 88.8%

CBM999
CBM999
3 years ago
Reply to  HA HA

LMAO with a capital L

Combat roach
Combat roach
3 years ago
Reply to  KickThemOut

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
bullwhip29
3 years ago
bullwhip29
bullwhip29
3 years ago

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
Best place on meth
3 years ago
Reply to  bullwhip29

Don’t see any mention of death penalty.

Yawn…..

KickThemOut
KickThemOut
3 years ago

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/

KickThemOut
KickThemOut
3 years ago

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
Confucius
3 years ago
Reply to  KickThemOut

Wow, you are such a loser.

Doomcouver
Doomcouver
3 years ago
Reply to  Confucius

“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)