Here’s how the numbers looked for new listings, price changes, properties sold and total listings for last week.
tldr: everything up, total listings slid slightly down to start the month.
92 Comments
Mon/Tue recorded 1059 new listings between the REBGV and Fraser Valley.
“We were told by economists at SFU, UBC, CMHC that the impact of the program would be to increase the cost of the housing stock,” says Eby.
“Essentially a transfer of money directly to developers and people selling their existing homes, and put people further into debt. So if that is truly the impact of the program in Metro Vancouver, then that’s something we want to review and make sure there’s not a better way we could allocate the $700-million that’s been allocated to that program.”
NDP will kill this welfare program.
Chinese Zoo Shareholders Stage Depiction of Canadian Real-estate Becoming Part of Global Economy
The respect for animals continues….
Still, the average employee in that country gets treated worse.
New
384
Price Change
48
Sold
149
TI:9064
9K par…….eh, never mind.
Great video on the crisis that is high real estate prices in Vancouver from May 25, 2017.
Michael Hudson on the Vancouver Real Estate Crisis:
https://www.youtube.com/watch?v=t6bC5JSBuGg&list=WL&index=7&t=1247s
It’s a tad long, but worth the watch as Hudson has really good ideas on how to fix the issue as well what the long term affects on an economy is.
-msm already on board with idea of another election
-it comes as no surprise Libs have been topping up coffers while ndp-greens likely $millions behind and still running around like they won election
-single motion from Lt Gov could make this a reality leaving BC in limbo (and clark in power) for the balance of yr at a minimum
-anyone that failed to believe crooked christy and her backers (incl most likely the PM himself) could pull off such a stunt was warned many times
-once new Lib majority is confirmed later in year, krusty will immediately shift things into ludicrous mode and operate with sole mandate of extracting as many lbs of flesh as possible before she leaves for good
http://www.news1130.com/audio/minute-with-bill-good/ (see june 6)
And all the coalition has to do to prevent this is to break an ‘unwritten rule’?
Love the ‘Capital Direct’ logo displayed with the audio…wonder who Bill’s pulling for?
My prediction is that the coalition speaker will break the tie with a pro-coalition vote in every case, since in really, it’s the right thing to do. Fuck all traditions that have no basis in common sense.
Oops, really = reality
Seriously though, does anyone really think a coalition speaker would cast the tie-breaking vote in favor of Crooked Clarke and band of criminals just because it’s some unwritten rule? Hahahah
i do not think the Lt Gov will allow things to get to this. she will call for another election in the hopes the voters can resolve things one way or the other.
Agreed – and why not call out the Libs for breaking tradition in not proposing a speaker (another unwritten rule) in the first place?
Hilarious. Just shows how dumb the Greens are. What the Greens should do now is apologize for being such fools and pledge support to the BC Liberals so they can keep their seats and get a few of their policies through. Either that of they go back to being a nothing party after another election. If there is an election called now the Liberals win in a land slide Both the NDP and Greens are broke and couldn’t afford to put fuel in their campaign buses.
Well said. What does John care if cancelling Site C costs tax payers $600 mil? He was a union worker. Never had to work to keep his job, never had to make a payroll, never got promoted because of merit.
Typical NDP retread
You two NDP haters can’t even wait for the NDP to get into power to see what happens, you’re already condemning them for a whole bunch of decisions they haven’t even made yet and refuse to see what the results might be.
You’re like the pair of idiots in the balcony on the Muppet show.
No, wait…those cranky old fuckers are actually pretty smart.
“Housing prices fall in Toronto at record rat”, City News
https://www.youtube.com/watch?v=tfMi0_V97xs
“Toronto’s housing prices have fallen by 6% after the provincial government’s housing measures announcement in April. Adrian Ghobrial with the housing market shift and what homeowners and potential buyers can expect in the coming months.”
Vancouver bulls will say the #1 reason prices crashing in T. is because it’s not Vancouver…after all there can only be one place on the planet where prices never drop…
“It’s just a pause but prices will come back”. Yup sure.
please see here for my up to date market commentary
What a biased and offensive article against locally born Canadians in favour of immigrants. http://www.news1130.com/2017/06/06/newcomers-grabbing-canadas-brass-ring/ Here is just one of the assumptions one of the contributors of this article makes: “Locally born Canadians may take jobs, homes, cars and a good education for granted because they have never had to experience being without these things. So, the motivation to be successful may not play such a central role in their lives.” So reading this as a whole, the people interviewed are basically saying new immigrants are so much more motivated than the lazy, self-entitled local born Canadians. Now I ask you, where do you fit in to this? Are you also a lazy and entitled Canadian with a house, car, successful job and a good education? NO ONE I know locally born or not, has any less of a struggle… Read more »
It is true some immigrants who come here will work harder and appreciate Canada more than those born here. Not all immigrants. I am talking about those that generally show up poor, not the ones driving Lamborghini’s. There are many in Canada who are born here who work hard too but there are many who do not. If you look at the downtown eastside or the slums of Whalley for example they are not immigrants.
ask anyone who works in a west side school about the work ethic of mainland chinese children versus the ones that came before from HK.
I don’t know anyone who works in a west side school, so can you just tell us about these ethics?
Immigrants are a self-selecting group, with some refugees excepted. They should be more motivated because they were the ones who made the effort to come here. If a Canadian emigrates for economic reasons they are more ambitious than the average Canadian too. I’m not sure why you think immigrants are causing us to struggle. Maybe you are falling for the “lump of labour” fallacy. Certainly immigration helps drive housing prices, but housing also provides jobs; zoning/NIMBYs are probably the biggest reason construction can’t keep up with demand. Canada takes in a lot of well educated immigrants and that can help reduce costs of services for the middle class (e.g. think of doctor shortages) and also provide a more dynamic economy. For example, in the US, immigrants are disproportionately likely to be startup founders and at least some research has shown… Read more »
this guy knows what he’s talking about.
but when you have people who buy their way into the country you get an entirely different type.
We need to STOP saying housing provides jobs and start thinking that affordable housing provides jobs. If I spend 20% of my paycheck on housing instead of 50%, then I spend the difference on supporting a far more interesting economy (restaurants, arts, local tourism, hipster furniture)
As I mentioned, house prices are driven by NIMBYism too. The only reason a low-rise condo in Port Coquitlam costs $400,000 is because the City of Vancouver is 85% single family homes. Many locals are economically incoherent, they want to lower housing costs while keeping housing exactly the same; see the recent fight over development in Chinatown. I totally agree that more has to be done to make housing affordable, but that means building too. As for immigration, it benefits Canada overall and benefits immigrants especially, but I agree we need protections to keep millionaires from abusing the system, especially through the Quebec investor-class visa system.
have you been to vancouver?
you can’t look out a window without seen construction cranes.
you can’t go anywhere without passing half a dozen high density construction sites and half dozen more proposed sites.
you are constantly struck by the realization that some huge building went up sometime in the past 6 months the last time you went down a street.
downtown has been transformed and a never before seen pace.
false creek south is unrecognizable versus a few years ago.
oakridge is set to be redeveloped.
the only place where development has been successfully stopped so far is chinatown
“Chinatown is becoming western town, it’s doesn’t have that Chinese character,” said Mrs. Kong, through a translator.
http://vancouversun.com/news/local-news/chinatown-seniors-protest-city-plan
“Moreover, those who did go said there were weren’t enough Cantonese or Mandarin signs or translators for non-English speakers. As a result, they couldn’t figure out what the architectural drawings the city posted on boards meant.”
And pray tell, why the fuck haven’t these useless immigrants learned to speak English like all other immigrants from all other countries have done?
Anyway, it’s pretty bad in china too. Shanghai was so destroyed by redevelopment that the little sliver of heritage that was saved is referred to as “Chinatown”.
That’s right, Shanghai has a “Chinatown”.
As far as the condo market, my sense is that builders got behind due to the financial crisis, and the last bit of inventory cushion has now been taken up. Condo starts and under-construction numbers are strong, but completions haven’t yet bumped up to match (maybe early next year). It’s also worth noting that large swaths of Van have actually lost population over the last 6 years. I’m not sure how much “overbuilding” would be necessary to catch up, but I’d guess it would take a couple of years of elevated starts to offset the previous lull.
“If I spend 20% of my paycheck on housing instead of 50%, then I spend the difference on supporting a far more interesting economy (restaurants, arts, local tourism, hipster furniture)”
True for your pay cheque. But how many pay cheques were created to build, finance and sell that house you paid too much for. Over the long term you are correct. Short term because you borrowed the money it helps the economy.
Well done! Diversity and Multiculturalism on steroids..
“When you look at Vancouver … it seems to me very quickly becoming sort of an apartheid city, where it is not only off-limits … to low income people and they’re concentrated in one neighbourhood and a little bit across the city, but it’s also increasingly out-of-limits for middle-class residents.”
http://www.cbc.ca/news/canada/british-columbia/miloon-kothari-vancouver-housing-1.4146672
i don’t even think about west side anymore. there is nothing there for me. no one to visit. no business or restaurants i want checkout out. it may as well be another country. i wonder if others feel the same way.
I can accept changes in a country, if all is the same, we fall behind.
However, if the changes are not in the interest of the Canadian hardworking, tax paying Canadians , but instead ruining their lives, I have a major issue with that.
It blows me away the direction Canada has taken when it comes to looking out for its own working population. I really thought that Canada would be able to do better than this.
At present, the way things are, it is a mistake to live/work in BC, you just will not get ahead, no matter how smart or hardworking you are.
Ten years of tent city in Vancouver. WTF?? (and probably just the tip of the iceberg, where there is smoke, there is a fire)
Canada’s own working population, or more precisely the majority who are already homeowners. are ultimately responsible because they think their houses are a ticket to riches. If homeowners really cared about the plight of the minority who don’t own governments would follow.
Very true. Greed is at max.
“If homeowners really cared about the plight of the minority who don’t own governments would follow.”
No they wouldn’t. It is not about the actual house prices, it is about the spin off jobs and the economy. When house prices go up it is good for jobs and the economy. People vote for that. When house prices go down it is not. An indebted voter who has a job is happier than an unemployed voter.
why do you keep telling these untruths?
9 in 10 Vancouverites support foreign home-buyers’ tax, poll finds CBC.ca Jul 29, 2016
Most British Columbians support absentee home owner’s tax: poll Vancouver sun 06.11.2015
77% of Vancouverites support absentee homeowner tax
vancitybuzz June 01, 2015
Most Canadians support foreign-buyer tax: poll
But a higher proportion of British Columbians are in favour of the tax
biv.com April 20, 2017
People want further restrictions on foreign home buyers. News1130 Dec 16, 2016
Yeah, since foreign buyers make up around 5% of buyers, no problem supporting those measures. All the above have been implemented and Van home prices have not fallen.
Now, let’s see a poll that asks people if they want interests rates to rise to 10%.
That’s nice. Now show me just ONE poll that asks people directly whether they want prices to go down. To my knowledge no major pollster has even asked this. All that the polls you’ve cited show is that people are in favour of tax increases on someone else.
The vast majority of metro residents SHOULD want prices to go down.
Between renters who would like to own a condo and condo owners who can’t move up to a house, that’s most people.
Thank God we left that shithole. I highly recommend it!
New
375
Price Change
59
Sold
131
TI:8858
Just Listed: 3188 Paisley Road. North Vancouver 3,088,000. – Edgemont Village
https://youtu.be/kMa-rjaPW3E
nice video. house looks fantastic.
$3 million for edgmont village, huh? what a journey it’s been to get to that point.
The best part is the house number, amazing hey.
lol, didn’t even notice.
We sold one for 4.4M in Edgemont a couple weeks ago but it was brand new build. This one is 13 years old. Good house. Have an accepted offer on it now.
paulb, HAM likes to use their own people if they can.
are you investing in mandarin lessons so that you can stay in business once all the old white people have sold? or do you plan to follow your clients to kelowna?
Forget Kelowna, it’s being infested as we speak.
i watched the video and found it gives me no value. i assume that it’s programmatically generated, which is interesting.
Funny. I read your posts and find they often give me no value.
i wish i could insult your posts, but i have no idea what you’ve ever talked about. actually… i’ve already forgotten your user name.
Dude, have you even read your opening post? How long do people have to make fun of you and point out you’re a moron before you understand people are making fun of you and pointing out you’re a moron?
Beat it Forest.
^this post is a good example of the number of people on the blog who are incapable of dealing with people with different opinions, a deficiency most common with millennial.
this tells me that millennials are getting to the point where they’re thinking of buying a house/condo.
@admin, allow embedding images into posts because millenials communicate in “memes”.
A calendar week’s worth of data doesn’t really mean much. A rolling month might be more beneficial but it really depends if the objective is to provide a status of the market or win new clients….
Next B.C. housing minister may come under fire if Vancouver prices continue rising
“There’s clearly a shared priority between the two parties of what we both see as the corrupting influence of fraud, money laundering and speculation in our housing market preventing families from getting an affordable place to live,” the NDP’s David Eby recently told the Globe and Mail.”
There’s a new sheriff in town, and he’s ready to squash the locusts.
While I hate the NDP I do like Eby. That said I am not sure how much power he really has to stop money laundering. That is a Federal issue.
“money laundering. That is a Federal issue.”
Money laundering per se is a Federal issue but the BC govt has the power to stop RE being attractive to money launderers by:
1) penalty taxation of speculative ownership
2) increased transparency and reporting to CRA and the police
Both of which we’ve been talking about for months. Not paying attention?
The ball is now in the NDP court. When do you expect housing to be affordable as they have promised? With the market being red hot you would think the NDP would at least try to talk down the market rather than not mention a peep about any of their housing policies that are supposed to cool it.
“When do you expect housing to be affordable as they have promised?”
The NDP has not promised to bring RE prices down. Here is what they have promised, direct quote:
“Make housing more affordable by increasing supply of affordable housing and take action to deal with the speculation and fraud that is driving up prices.”
Anyone speaking English would think “more affordable” means cheaper.
Another technicality. They only say they’ll make houses more affordable by increasing supply. They carefully chose their words such that they’re full of escape routes.
Yes, it’s the usual dishonest language we’ve come to expect from politicians. They want the listener to infer that “action against increasing prices” means “lower prices”, but it could actually mean “stable prices” and technically not be false.
Patriotz is cool with this.
9. How might housing policy be changed?
The New Democrats and Greens agree on taking action to deal with the “speculation and fraud” that is driving up Vancouver home prices, the highest in Canada. In its election platform, the NDP sought a 2 percent “speculator’s tax.” In Vancouver, the cost of a typical detached house has surged to C$1.83 million, or more than 20 times median household income. While B.C. has led Canada in economic growth and job creation, there are indications that it’s been inordinately fueled by real estate and household debt. Clark has already imposed a 15 percent tax on foreign buyers. More measures to cool the market seem likely.
MACLEANS: Why Ottawa should bail out homebuyers if house prices tank
http://www.macleans.ca/economy/economicanalysis/why-ottawa-should-bail-out-homebuyers-if-house-prices-tank/
>>> if all taxpayers (both RE owners and renters) wind up footing the bill to bailout homeowners, they should all get stand to get their share of the freebies when it comes time to doll them out.
“All taxpayers” cannot get freebies because there would be nobody to pay for them. Doesn’t stop politicians from pretending otherwise though.
It is actually worse than that. When freebies are given out to everyone the actual tax payers pay the tab for those that don’t pay taxes. Lots of this coming if the NDP keep their election promises.
in theory the multi millionaire homemakers would still take a hit on the value of their homes and other investments though if there was a significant market crash
wholeheartedly believe a heads i win-tails you lose system that heavily favors owners is total horse$hit whether that be relaxed mortgage/loan terms, writeoff of principal, pseudo declarations of bankruptcy, new govt funded programs to stoke the housing mkt etc and the average working stiff who rents simply ends up taking it in every orifice
The children will pay for it with devalued currency. It’s not like the govt is running a current account surplus
Woodfibre LNG secures 40-year export licence from feds
http://www.cbc.ca/news/canada/british-columbia/woodfibre-lng-secures-40-year-export-licence-from-feds-1.4146268
i suspect the various options the govt is studying with respect to a fixed link to the sunshine coast are somehow tied into this project. i think the gameplan all along was to complete the langdale road link with the other fantasyland options being lumped in for distraction purposes. a company called RF Binnie was supposed to have a feasibility study completed by end of 2016 but the clark govt still hasn’t released any details. given the bizarre spike in foreign investment in places like powell river (and the entire region in general), however, i could be entirely wrong and something bigger could be on the drawing table
http://www2.gov.bc.ca/gov/content/transportation/transportation-reports-and-reference/reports-studies/vancouver-island/sunshine-coast-fixed-link
reposting this one…
Chinese mobile-payment apps launch in Vancouver, Toronto
https://www.theglobeandmail.com/news/british-columbia/chinese-mobile-payment-apps-launch-in-vancouver-toronto/article35200202/
A pair of widely used Chinese mobile-payment systems have launched in Vancouver and Toronto, allowing users to pay for purchases using their home currency while potentially avoiding foreign-exchange limits imposed by the Chinese government
Hooray!
A new way for the corrupt fuckheads to launder money.
let’s start a list of on the things that bears claimed were going to make the market collapse, feel free to add to it.
rate-spike
fox hunt
“granvity”
reversion to the mean
political uncertainty
there are so many more, please help me make a complete list.
“political uncertainty” is not baked into the cake yet. imho much of the activity in May can be attributed to front running possible changes to taxes, fees, rules and other measures that may be tabled by the ndp-greens, however, this strategy could wind up backfiring in same way as we witnessed with pre-FBT buyers who failed to close purchases in time and still wound up having to pay the tax not to mention those that are being hunted down by mayor moonbeam. while the likelihood that krusty sticks around for longer has increased in recent days, so does the risk factor should horgan/weaver actually come out victorious. those that bought recently or are thinking of doing so are totally misguided if they believe their purchases, assignments and other questionable activities would be grandfathered from any such proposed punitive measures both… Read more »
our taxes are just playing catch-up with other jurisdictions.
we are still one of the most desirable places on the planet for HAM. raising taxes a bit won’t change that because other jurisdictions are already doing that or they have Trump as president and tax authorities that actually have teeth.
vancouverites have always had this false sense of superiority and subscribe to the notion that windfall gains in RE were somehow a result of their financial wherewithal vs just dumb luck that they happened to live in a major intl money laundering capital. should the playing field be somewhat levelled, it won’t take long for buyers to realize that this little hockey town isn’t the uber sophisticated cosmopolitan destination that so many have been brainwashed into thinking it is.
i don’t know who you’re arguing against. i didn’t say anything about being “superior” or a “sophisticated cosmopolitan destination”.
money is coming here because HAM can come here, be welcomed with open arms, speak their own language, eat their own food, take advantage of a safe law abiding welfare state while contributing almost nothing.
it’s almost a no brainer for them.
whatever controls we put in will be behind other similar jurisdictions.
Speaking of Uber. Not getting it cause the taxi union bought the NDP.
Union donations will soon be illegal.
Cheer up, little one-issue voter.
NDP/G has already said they still plan to allow Uber but in a way that fair to taxis.
Been no rate spike, so that is still a possible catalyst.
Fox hunt?
“Granvity” Is that a word?
“Reversion to the mean” is a result of a correction, not a cause.
“Political uncertainty”. Canada is a stable western democracy. Doubtful that we’ll have coups or revolutions coming up. Central bankers and the financial sector have more influence on asset prices than politicians, anyway.
The Force of Granvity causes prices to decrease with the square of distance. Granville Station is the metro’s center of granvity.
Quite clever.