Friday Free-for-all! June 30, 2017

It’s the end of another beautiful week. Take a moment to kick back on your yacht and argue about real estate.

It’s Friday Free-for-all time!

Here are a few recent links to kick off the chat for this weekend:

Global bond sell-off
69% chance of july rate hike
CAD$ jumps to 4 month high
We used to be savers
Vacancy tax looms
Condo prices up or down?

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

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best place on earth
Guest
best place on earth

congratulation to the socialist. demand more and you shall get! Everything will be free for those who ask.
BCers are just so screwed.

KickThemOut
Member
KickThemOut

So, the Canada Day Victoria Condo buying tour is still on, despite the news NDP is now in power. Why? Cuz they got the money and it’s pre-sale! Whatever policies NDP might try to do, it wouldn’t affect them until closing which is years away, assuming NDP and their policies even last that long. The mainland “employees” simply isn’t worried at all.
The boss looks a bit sad though cuz his favorites will all be in Victoria partying.

bullwhip29
Guest
bullwhip29
“Whatever policies NDP might try to do, it wouldn’t affect them until closing which is years away…” >>> i wouldn’t assume this will necessarily be the case. even small changes to entire presale process particularly at time of deposit in addition to pending rule changes regarding assignments, capital gains (unrealized) and even how rental units can be utilized would have serious ripple effects and would not only cast a shadow over new buyers but would affect existing owners as they wind up being caught in the same net. if the SHTF for real there will always be a buyer for things like that $63M Pt Grey estate albeit at a lesser price. The “mark to make believe” condo and apt mkts would simply go bidless and all those saavy RE “investors” who suddenly become landlords overnight will be forced to… Read more »
KickThemOut
Member
KickThemOut

Well, people remember 08 and more recent scares, and so far, no crash yet. History might not repeat but it certainly rhythms. Regardless, most people find it more logically and right to use actual events as guidance than some hypothetical might happen but never happened events as guidance.

Combat roach
Guest
Combat roach

So… business as usual with mainland “employees” at the Oriental massage parlor.

KickThemOut
Member
KickThemOut

Funny enough, that is part of my boss’ family biz empire – health and spa clinics. However, no university grads because those jobs don’t qualify for immigrant work experience. He get other streams of employees and enjoys discounts himself, which I’m sure he will avail himself to during the long weekend to sooth his loneliness.

But too bad for you, I don’t think you can afford the rates after you pay your rent. That’s if your rent cheque clears.

Best place on meth
Member
Best place on meth

“my boss’ family biz empire – health and spa clinics”

Otherwise known as human trafficking or sex slavery to those who don’t understand your “culture”, space.

This sheds more light on your happy ramblings about massage parlours.

KickThemOut
Member
KickThemOut

I guess Oracle feeds at the government trough and now NDP is back in power, time for $$$$$! No wonder he’s so happy….NDP always take care of the “little guy”.

best place on earth
Guest
best place on earth

freeloaders, time to protest – ask and you shall receive.

Just me
Guest
Just me

Look at the latest price trends on Zolo:

https://www.zolo.ca/vancouver-real-estate/trends

LS in Arbutus
Guest
LS in Arbutus

Definitely SOFTENING here on the west side. All that said, how could it not after last year’s run up? $1 million increase for a 33 foot lot in one year. Hello? Sorry, unsustainable market on top of an already unsustainable market.

Check out twitter @hutchyman and @mortimer_1 for the gory details. You’ll see lots. Also check out Vancouver is Falling Group on Facebook.

Just me
Guest
Just me

My point is that the softening is becoming non-trivial. Some reductions are bordering the half million dollars.
Properties that used to be bid up by mainland China buyers are sitting for months, with sellers unwilling to reduce the price.
Essentially, since the Chinese money flows were restricted at the source, the market at 2 millions or above is at a standstill. Trickle down effects are unavoidable it this continues.

Kim
Guest
Kim

Sellers will be forced to reduce as rates rise and they can not service the debt. Unless they bought with cash, in which case they are sitting on a dead asset. Either way you’re either screwed or dumb beyond belief.

I know many many people with 7 figure debt loads “investing” in real estate because they thought it can never go down or that there is no risk. Why anyone would buy Vancouver RE now is beyond me. You’re safer buying diversified etfs. Way safer.

Screwed
Guest
Screwed

People don’t read any news and totally unaware of interest rate increase.

bestplaceonearth
Guest
bestplaceonearth

oh no, .25% is gonna crash the market. bears are just…bears.

KickThemOut
Member
KickThemOut

Bears been saying that for the last 10 years and through one of the biggest stock market crashes, and changes after changes of market cooling measures. So far bears are still wrong, and those dumb speculators who are just 1 rate increase away from bankruptcy are still up.

Kim
Guest
Kim

And I’m a multimillionaire with my biggest laggard my west side Vancouver home whereas my US equities have vastly outperformed. Real estate pumpers are the losers.

bestplaceonearth
Guest
bestplaceonearth

you just wanna whine about your investment. what kind doctor are you!

Shut It Down Already
Guest
Shut It Down Already

Kim loves to brag. He’s the only person here who brings up his net worth in every single post. Must be an awesome party conversationalist.

bullwhip29
Guest
bullwhip29
Owen
Member
Owen
Party on
Guest
Party on

Household credit for Canada to the end of May, 2017 (from the Bank of Canada):

http://credit.bankofcanada.ca/householdcredit

Business credit for Canada to the end of May, 2017 (from the Bank of Canada):

http://credit.bankofcanada.ca/businesscredit

paulb
Member

New
180
Price Change
47
Sold
227

TI:9180

http://www.clivestevepaul.com

Just me
Guest
Just me

Funny how the Zolo numbers lately do not line up with Paulb ‘s numbers. Looking at days like today one would think the market is hot.
I suspect many of those sales are condos that fall under the Christy Clark free-money category.

Bestplaceonearth
Guest
Bestplaceonearth

Why don’t you go ask a banker and see how those free money application being approved. Go on,, they won’t bite. How many more years of your life do you want to play the guessing games.

Shut It Down Already
Guest
Shut It Down Already

I think people entering into deals wanted to get them signed before the long weekend. Nothing more to it.

Just me
Guest
Just me
Hyper-mega-Bull
Member
Hyper-mega-Bull
Best place on meth
Member
Best place on meth

I love Jackie Chan.

He’s like the chinese Arnold Schwarzenegger.

southseacompany
Member
southseacompany

“Should you buy a house in 2017 OR get Rich Renting?.. Or Die Trying?”, The Agenda, TVO

https://www.youtube.com/watch?v=ByqDQB0mgfw

“Conventional wisdom says that if you can afford to buy a home, you should. Renting, it’s thought, is simply paying someone else’s mortgage, and leaves you with nothing to show for it. CIBC real estate analyst Alex Avery tells The Agenda that in many cases, people are better off sticking with a rental”

Best place on meth
Member
Best place on meth

Happy Canada Day 150, everyone!

Except for you, uhmm…Albertans.

Just me
Guest
Just me

And the best part of this Canada day is that we finally celebrate without Christy Clark being the premier..
Question: will developers and other lobbists keep the cash flow going even now she lost power? I am sure she had a steady flow under the table, she is that kind of person. How is she going to pay for her expensive lifestyle now?

bestplaceonearth
Guest
bestplaceonearth

your socialist party wont last long. all the freeloaders should put in demand now. next election is just around the corner.

Just me
Guest
Just me

Funny how the Bank of England (Carney) is willing to say things that the Bank of Canada (Poloz) does not dare to. I am not a big fan of Carney, but between him and Poloz I know who I would pick.

http://www.express.co.uk/finance/city/821930/China-debt-risk-UK-Bank-of-England-financial-stability-report-mark-carney

China is like a big branch hanging on a house. Everyone knows the damage would be massive if it hit. But nobody dares to disturb it, lest they are blamed for the end result.

Shut It Down Already
Guest
Shut It Down Already
Just me
Guest
Just me

Where’s the bit about housing?

southseacompany
Member
southseacompany

“Canada hit 2 critical warning signs for a financial crisis”, Business Insider

http://www.businessinsider.com/canada-financial-crisis-warning-signs-2017-6

“The Bank for International Settlements (BIS), an international banking organization that serves as a bank for central banks, is flashing warning indicators for Canada.”

“The warning signs mean that debt has reached critical levels, and will likely result in a financial crisis.”

Best place on meth
Member
Best place on meth

How come Canada keeps getting lumped in with Hong Kong and china when it comes to extreme debt levels and real estate addiction?

Oh…..right….

history
Guest
history

two wongs do not make a wright.

Doomcouver
Guest
Doomcouver

Because Canadians don’t seem to care when they’re getting bent over a metaphorical barrel. It’s why when the dollar was at parity we kept paying higher prices at retail, and it’s why financially overstretched morons put all their money into overpriced real estate.

The Chinese are just doing it because of all the suppressed housing lust they’ve built up before owning housing was allowed. Canadians however should know better.

bullwhip29
Guest
bullwhip29

MACLEANS: B.C. gets a new premier
http://www.macleans.ca/politics/b-c-gets-a-new-premier-the-system-worked/

“Soon after, Clark held a press conference, claimed she wouldn’t advise Guichon on what to do…”

“Clark visited the Lieutenant Governor and promptly broke her word, asking for a dissolution of the legislature and an election after promising she’d do no such thing.”

>>> a liar right until the remaining seconds ticked off the clock…

history
Guest
history

karma

Just me
Guest
Just me

Why many people keep voting for this corrupt, lying individual is beyond comprehension.
Only the basest self interest can explain it.
She is, by any metric, the definition of a bent and crooked politician, making herself rich at the expense of others.
Who is going to give her the cash for her west side living now?
Private schools, Kerrisdale homes, expensive clothes and shoes, private drivers and trainers. On a MLA salary? How us she going to pull it off?
People wake up. She is corrupt to the core.

Doomcouver
Guest
Doomcouver

She’s such a two-faced witch, I can’t stand her. The liberals deserved to lose all their seats in the legislature last election. They’ve almost completely destroyed our province for the next generation. All they were capable of was pumping money to all their developer friends, and opening the flood gates to moneyed foreigners. Once the housing construction jobs inevitably evaporate and the Chinese lose interest, BC will be left an economic wasteland. Good riddance to Christy and her socred cronies.

history
Guest
history

She was just ringing the bell for the QE bankers. Her job is done, the trickle has made its way down to my level.

But now, where do i invest my house reno wages? i live in my van for Christ sake. For shiets and giggles i park in front of debt pigger houses, whose greed speculations afford me the opportunity to shag buck naked women in the back of my van, less than 10 meters to the front door.. whats left? Should i tune into CBC for the latest propoganda?

Just me
Guest
Just me

She took bribes. Plain and simple. You can’t afford her lifestyle on her salary.

history
Guest
history

the truth is that i can afford a great deal, but refuse the debt burden.

In the meantime shag a woman in front of your nemesis, it’s much cheaper than you think

bullwhip29
Guest
bullwhip29

Wanting Qu’s mother, a former Chinese official, is accused of embezzling US$52m in a case which has gone silent since her trial was adjourned almost a year ago
http://www.scmp.com/news/world/united-states-canada/article/2100897/wanting-qu-pop-star-girlfriend-vancouvers-mayor

>>> and we all wonder why mayor moonbeam has been largely invisible in the last year as he has presumably been consumed with other matters including what is likely a backroom deal to secure the release of his girlfriend’s mother instead of focusing on the building chaos on so many fronts right here at home. perhaps given how bizarre this whole soap opera has turned out to be, wanting qu will turn out to be homegrown foreign spy too…

YVR
Guest
YVR

Not looking good for Qu. Greggor may have to work for another term.

According to the Law Yearbook of China, criminal trials in China have a 99.9 per cent conviction rate.

http://vancouversun.com/entertainment/celebrity/wanting-qu-vancouver-mayors-girlfriend-speaks-out-about-mothers-trial-in-china

Just me
Guest
Just me

Even comments without links are being held for moderation now? Pope?

Just me
Guest
Just me
Just me
Guest
Just me

Expensive homes on the west side, personal drivers and trainers, European clothes and shoes, private school for the offspring. On a single MLA salary? How does Christy Clark pay for her lifestyle now that “gifts” from developers will start to dry up?

Just me
Guest
Just me

Expensive homes on the west side, personal drivers and trainers, European clothes and shoes, private school for the offspring. On a single MLA salary? How Will Krusty pay for her lifestyle now that “gifts” from developers will start to dry up?

Just me
Guest
Just me

Expensive homes on the west side, personal drivers and trainers, European clothes and shoes, private school for the offspring. On a single MLA salary? How will she pay for her lifestyle now that “gifts” from developers will start to dry up?

Just me
Guest
Just me

Moderation is not working on this site. Perfectly legit posts are being held up for no reason. Pope, could you illustrate the reasoning?

bestplaceonearth
Guest
bestplaceonearth

you can only post information about the crash and bubble. otherwise, opposite opinion will be deleted.

Just me
Guest
Just me

I have tried repeatedly to post something about our former premier. Nothing offensive and pretty factual.
Why would that be edited out? It is certainly relevant for the housing debate.

Plus, if I may, who are you to decide?

specuskeptic
Member

“Plus, if I may, who are you to decide?”
His site. That’s who. Wow. Entitled much?

Just me
Guest
Just me

I did not realize that bestplaceonearth owned this blog.
Thanks for setting me straight!

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