Secrets of the Real Estate industry

These may not actually count as ‘secrets’, but over at the Tyee they have a list of 9 things the real estate industry doesn’t want you to know:

You’ve heard it a million times. The reason so few of us can afford Vancouver is because there aren’t enough new homes being built. This is the version of reality that real estate industry leaders and their political allies want us to believe.

But an investigation of the industry by The Tyee has revealed reality to be much more complex. Over the past six months I spoke at length with financial analysts, economists, industry consultants, realtors and many others to learn the true causes of Vancouver’s housing crisis and who is profiting from it. They were in broad agreement that real estate is at the centre of a massive realignment between our society’s rich and poor — and one that few leaders in the industry seem willing to publicly acknowledge.

About half of the items on their list have to do with the class divide and the disappearing middle class.

Read the full article here.

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Hyper-mega-Bull
Member
Hyper-mega-Bull

Special police unit raids across region net luxury cars and uncover links to drug trafficking, loan sharking, kidnapping, extortion and mainland China.

http://www.richmond-news.com/news/alleged-gaming-racket-busted-in-richmond-1.20629915#sthash.UlMBorvz.dpuf

Combat roach
Guest
Combat roach

Must be a fake news. All those from China are hard-working innocent people caught in the cross-fire of ignorant generalizations about money laundering, drug trafficking, loan sharking, kidnapping, and extortion.

Shut It Down Already
Guest
Shut It Down Already

You can’t even represent others views faithfully. Sign of a weak argument.

Just me
Guest
Just me

Have you now reached the point of questioning news reports?

Shall we perhaps abolish any news that present mainland Chinese in a negative light?

Bear Vancouverite
Member
Bear Vancouverite

The problem is that combat roach’s post implies (through sarcasm) that all from China are like that. Neither view is correct, but personally I feel we can target this type of cheat with the speculator’s tax that the NDP originally proposed, though I’d like to see it higher than 2%.

Oracle
Guest
Oracle

Should not be less than 3% at a minimum. And data directly from CRA just like MSP.

Shut It Down Already
Guest
Shut It Down Already

It’s almost like you interpreted my post as a set of instructions. What did I say about misrepresenting others views, moron?

Oracle
Guest
Oracle

How dare you try to fuck up this country by defending the negative aspects of your culture? Pathetic.

I’m Indian and I condemn actions of recently immigrated Indians as they consider finding and using loopholes to get ahead acceptable.

Soon, this country will become India/China value wise.

Leave. Emigrate and take your thinking kind back to the east.

Shut It Down Already
Guest
Shut It Down Already

Settle down, retard.

Best place on meth
Member
Best place on meth

“All those from China are hard-working innocent people caught in the cross-fire of ignorant generalizations”

Yeah, it’s just a few bad apples, literally just a handful.

http://nationalpost.com/news/canada/how-a-b-c-man-pulled-off-one-of-the-most-sophisticated-immigration-frauds-in-canadian-history/wcm/b9a34cf8-ca2c-4bae-8dde-cb36cbecd8a4

bullwhip29
Guest
bullwhip29

it is amazing how the msm quickly glosses over any incident involving chinese whether it be some related to real estate, money laundering, targeted killings and the usual hourly car crashes that often result in spectacular piles of wreckage on people’s front lawns. in fact there was one the other day on No1 Rd when SUV knocked down power pole which landed in front yard. BC hydro had this replaced within the hour. busted up car whisked away, no mention on any news. the previous week a chinese womans body was laid out on street, same location, driver took off, again no mention on news

UBC in crisis mode
Guest

Van West, listing price is still crazy”
5988 Newton Wynd, UBC
Sold on 01/Mar/2015, $7,790,000
Now on market for $12,380,000

Combat roach
Guest
Combat roach

B.C. wants Christy Clark to accept defeat, new poll suggests

Angus Reid poll finds 71% surveyed don’t want another election.

http://www.cbc.ca/news/canada/british-columbia/bc-election-2017-poll-1.4168667

Best place on meth
Member
Best place on meth

The other 29% are house owning boomers desperate to protect their hard earned equity.

Owen
Member
Owen

“You’ve heard it a million times. The reason so few of us can afford Vancouver is because there aren’t enough new homes being built.” Yeah, and nothing in the article actually contradicts that. In fact, it says “local speculators are cashing in,” so it’s not just nefarious foreigners. The reason they can make money speculating on real estate is because the supply is much more limited than the demand. This is not so much the natural result of speculation as it is the natural result of artificially restricted supply combined with relatively unrestricted demand. Speculation only works when the speculator is correct that prices are going higher; eventually there is no greater fool. I don’t personally care if they have a 75% foreign buyer tax; supply is still an issue and that’s what makes speculation work.

Just me
Guest
Just me

The more boxes in the sky you build, the more they get bought up overseas as “safe deposit boxes”. Mostly left empty. The demand for this form of untraceable savings is very large.

Build more if you want: it will make developers richer but it will not lower prices in a any significant way. This is the lesson of the past 10 years.

Owen
Member
Owen

There is foreign speculation but most units are bought by locals, most units are occupied, and stats show we have been under-building relative to actual household formation. If there was an inexhaustible supply of foreign money, then locals wouldn’t be doing any buying already. The facts don’t support the lesson you (and most people, it seems) have opted to learn. Empty homes are a problem but they’re not the only problem. If we stopped building tomorrow, do you not thinking prices would shoot up? Supply matters!

Just me
Guest
Just me

Demand for “savings vehicles” does include locals.
However, if you drive at night in certain neighborhoods (Richmond and UBC locations come to mind) you will see that official occupancy rates might be misleading.

Shut It Down Already
Guest
Shut It Down Already

Would you feel better if people were mowing their lawn every time you drive past?

Bear Vancouverite
Member
Bear Vancouverite

I wish Newcommer were still here so he can point us to the stats that show the we’ve been overbuilding, not underbuilding, for the past 10 years.

Oracle
Guest
Oracle

Ummm there are hundreds of thousands of foreign students and 10 yr visa holders here that aren’t counted in population stats.

Underbuilding in that sense.

Let’s not have this 2016 debate again.

Best place on meth
Member
Best place on meth

Miss your triggered buddy, little bear?

I hope he’s in North Korea where they also hate free speech.

Bear Vancouverite
Member
Bear Vancouverite

Well actually I miss the fact that he posted stats to counter other stats. Don’t you want to know whether we’re under or over building?

patriotz
Member

” If we stopped building tomorrow, do you not thinking prices would shoot up?”

Doesn’t building stop during busts? How about taking another look at cause and effect?

Owen
Member
Owen

Normally construction falls off because demand falls off. My hypothetical situation was assuming the demand would still be there. Let me put it another way: If there were an infinite pool of foreign buyers waiting to snap up all the new supply, wouldn’t they already be buying ALL of the current supply? Last time I checked, home ownership is at record levels and so is Canadian debt.

Best place on meth
Member
Best place on meth

Owen, let me explain this very simple concept in just a handful of words – foreign buyers and locals are competing with one another. Get rid of foreign buyers and locals stop buying.

Oracle
Guest
Oracle

Locals who are of Chinese descent keep bringing in foreign money and putting it in housing.

Time to tax 2nd homes 3%. 3rd homes 5%. 4th homes 7%. Etc.

Shut It Down Already
Guest
Shut It Down Already

Except we have the stats which prove you wrong.

Oracle
Guest
Oracle

Stats ? Hahaha

Can be manipulated.

Shut It Down Already
Guest
Shut It Down Already

And of course your opinion is better than the entire body of (consistent) stats we have available to us?

Just declare it “fake news” and move on? Convenient.

Owen
Member
Owen

I thought the same until a couple of weeks ago when I looked for stats, found the last CMHC housing market outlook, and it said we have been under-building since 2009. What stats prove me wrong? I am totally willing to be proven wrong, I’d just actually like to see these stats for myself instead of always taking others word for it.

Shut It Down Already
Guest
Shut It Down Already

I was replying to Just me – I used the “reply” button so I assumed you’d be able to work that out.

Owen
Member
Owen

Sorry. I get confused by these Matryoshka doll comment boxes.

Shut It Down Already
Guest
Shut It Down Already

At le
ast t
heyr
e not
as ba
d as
Zero
Hed
ge.

patriotz
Member

” because the supply is much more limited than the demand. ”

No it’s not. Supply is the total number of properties for sale at a given price. Government policies that encourage owners who can’t really afford their properties, or who are carrying at a low yield, or don’t live in them to hold on rather than sell are restricting supply. Just as policies that encourage people to buy inflate demand.

Turn around this imbalance and you will get increased supply, lower demand, and lower prices without any increase in properties being built.

Owen
Member
Owen
I absolutely agree that government policies are an engineered wealth transfer to the old and rich from the young and poor. This is partly achieved by preventing additional supply from being built. The big story right now is that seniors are downsizing to condos, putting a squeeze on that market while detached inventory builds (IDK if this is true). So, whether listings actually increase supply all depends on where the sellers are moving. Also, if all 10,000 of the “officially” empty homes (according to the City of Vancouver) were put on the market over the course of say a year, it would be a good start but would not be enough to bring the housing market into balance for long. How many units would it take to bring the rental market back up to a normal vacancy rate, and bring… Read more »
Hyper-mega-Bull
Member
Hyper-mega-Bull

Cash-for-jobs immigration consultant connected to Sask. government-backed Chinese megamall

Sun pitched GTEC as “a program sponsored by the government of Saskatchewan” and went on to explain Wu’s relatives could set up an international trade business at the facility. She said it would cost $250,000-$360,000 for a 400- to 600-square-foot unit, and a $75,000 immigration fee.

In the conversation, Sun told Wu 30 of its clients have applied to be part of the GTEC. Sun said some of them have already been approved.

Sun said another key benefit of the GTEC is “it does not have any requirement for English.”

http://www.cbc.ca/news/canada/saskatchewan/cash-for-jobs-immigration-consultant-connected-to-sask-government-backed-chinese-megamall-1.4164880

Abdul Lahazi
Guest
Abdul Lahazi

This underscores my previous assertions that the mainlander locusts will twist and distort any and all programs to suit themselves and fraudulently obtain access to Canada. No way should we be allowing these types of shenanigans or do any business with them when they cannot abide by the spirit of the legislation or our laws.

bullwhip29
Guest
bullwhip29

there are stealth operations like this all over richmond doing precisely the same thing. fake businesses operated as front for other illegal activity along with 1000’s of employees sporting phony credentials and documents.

Bear Vancouverite
Member
Bear Vancouverite
guest poster “suggestions” posted this in the previous thread: “Zoning and creating new land mass that is dedicated to “””Freehold””” townhouses. ” As I argued many times before, I think this would be really good: rowhouses on freehold non-strata lots of narrow land where you own the land and can do your own maintenance. These can be as narrow as 16-25ft in width, but I would argue 20ft mininum widths are necessary. In such circumstances, 3 standard 33ft lots can become almost 5 units, which is a very good improvement of density while maintaining much desired front/back yards, garages, and freedom from stratas that much of the middle class dream of. He also suggested disallowing or heavily taxing foreign purchase of land. I read elsewhere that since the housing situation is a crisis then we should deal with it like… Read more »
Combat roach
Guest
Combat roach

Apparently, there are many of feasible solutions around this housing crisis or better to say social disaster, but the key question is: do we have people in the right places to make it happen? The people like Eliot Ness or Rudy Giuliani might be required to clean up this swamp and enable the city for those who live and work in it.

Just me
Guest
Just me

Agreed. What’s is lacking is political will.
If the NDP fails, I expect some one-issue party might gather a lot of votes at the next election.
Honestly, I would vote a populist party if it credibly committed to sorting out the housing mess.

Oracle
Guest
Oracle

Here here.
If Porportional Representation happens, my vote goes to the party that actually does something about housing. Unfortunately, it will be a right wing nationalist party.

So be it. Enough is enough.

The powers that be will try to derail the gov before the referendum. NOw is the time to fight back

Shut It Down Already
Guest
Shut It Down Already

Oracles comes out as a right-wing nationalist under cover of “doing something about housing”. What a fucking joke.

Owen
Member
Owen

Senior citizens and aging boomers are the biggest beneficiaries of the crisis and the most powerful and consistent voters. Don’t hold your breath.

Just me
Guest
Just me

Aging boomers are now entering their 70s. They will slowly stop participating and count less and less.

No debt
Guest
No debt

You’re both right. But it’s tough waiting out the oldies

Yikes
Guest
Yikes

BC government has hired my buddy who Appraises cars to do 11 high end exotics seized , used a a money cleaning avenue, aRolls Lambos etc

Abdul Lahazi
Guest
Abdul Lahazi

Does one of the cars have a secret hidden compartment?

paulb
Member
Active Member

New
357
Price Change
55
Sold
149

TI:9442

https://www.instagram.com/clivestevepaul/

No debt
Guest
No debt

Come on 10k! 🙂

YVR
Guest
YVR

Nice going Andrew Weaver. I wonder if those unions will ask the NDP for their donation money back?

B.C. Greens kill NDP’s proposed change on unionized secret ballots

“I will never support legislation that will eliminate the secret ballot,” Weaver said in an interview. “It’s simply not going to happen. And no amount of convincing will ever convince me to do that.”

http://vancouversun.com/news/politics/b-c-greens-kill-ndps-proposed-change-to-unionized-secret-ballots

Best place on meth
Member
Best place on meth

9 more days till Krusty is toppled!

How’s UBER going?

Screwed
Guest
Screwed

Isn’t it on 22?

YVR
Guest
YVR

“How’s UBER going?”

Weaver supports Uber. He is calling the shots.

Bear Vancouverite
Member
Bear Vancouverite

if that’s true, and if Weaver forces UBER, then the NDP-Green party will have even stronger support from voters.

Combat roach
Guest
Combat roach

Lies and deceptions, as usual…

“China’s vile Yulin dog meat festival WILL go ahead tomorrow as officials say claims it had been banned are FALSE”

https://www.thesun.co.uk/news/3845080/chinas-vile-yulin-dog-meat-festival-will-go-ahead-tomorrow-as-officials-say-claims-it-had-been-banned-are-false/amp/

Best place on meth
Member
Best place on meth
Abdul Lahazi
Guest
Abdul Lahazi

Chinese barbarians.

Best place on meth
Member
Best place on meth

Six times the B.C. NDP proposed legislation that would have led to the ban of union and corporate political donations in British Columbia.

And six times the B.C. Liberal government stood in the way.

But this Thursday the B.C. Liberals will unveil a new look.

http://www.cbc.ca/news/canada/british-columbia/b-c-liberals-adjusting-principles-for-a-shot-at-power-1.4167600

Too…..late…..bitch………

YVR
Guest
YVR

“Six times the B.C. NDP proposed legislation”

Yes just like the 2% foreign speculators tax which they are reneging on now. You know the one the “experts” don’t like and the NDP will not be “forced” into.

Just me
Guest
Just me

The legislation to ban donations was formally submitted in the assembly. The BC Libs voted it down.
You will agree these are very different things, or are you so ideological that you refuse to see the truth?

Oracle
Guest
Oracle

It’s already written in stone. That’s coming.

Just make FBT 30% Province wide with no loopholes.

bullwhip29
Guest
bullwhip29

krusty is only setting a trap for the greeNDP by making these suggestions which fall closer in line to what they campaigned on themselves but have to openly vote down. Lt Gov will then take this as a sign that coalition is not being reasonable and isn’t fit to govern. will then call for another election on Oct 10/17. while one can’t assume our gangster-in-chief will ultimately come out victorious, it must be beyond frustrating for many that the rules can be twisted in such a fashion only when it is in her best interests and that we’re now talking about a do over election

Oracle
Guest
Oracle

The NDP Greens have to learn to play dirty. Hit the developers where it hurts. Devalue property.

Abdul Lahazi
Guest
Abdul Lahazi

Online frustration over Vancouver’s housing market is growing: Maclean’s author:

http://www.news1130.com/2017/06/21/2303821/

Has Maclean’s been reading this site?

Just me
Guest
Just me

Frustration is growing by the day. Given demographic change, the share of winners is shrinking and the share of losers is fast expanding. If you fast forward, no party will be able to ignore housing prices in the next election.

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