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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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.

Best place on meth
Guest
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?

Doomcouver
Member
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. 😛

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?

Owen
Member
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 »
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?

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.

Doomcouver
Member
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.

Combat roach
Guest
Combat roach

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

Doomcouver
Member
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 »
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/

Best place on meth
Guest
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.

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?

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
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

Doomcouver
Member
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.

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.

Harry E
Guest
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

Doomcouver
Member
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
Guest
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.

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?

Best place on meth
Guest
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.

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.