Friday Free-for-all!

Here you are at the end of another work week and what do you get for all your trouble?

Just another lousy Friday Free-for-all, that’s what!

Let’s do 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:

IMF: Canada at huge risk
The end of the boom?
Lifting the veil on corp owners
October rate hike?
1/3 money in Toronto market gone
Foreigners (Canadians) pump up US prices

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

Enbo, the orphan ‘Fight Club,’ divides China online

The video shows two 12-year-old boys fighting each other in a caged arena surrounded by a crowd. Later in the video, their coach says the club manages the children’s money from the fights.

http://www.bbc.com/news/blogs-trending-40705752

bullwhip29
bullwhip29
3 years ago

Still no arrests in Shen murder case, vigil held over the weekend
http://www.news1130.com/2017/07/24/still-no-arrests-shen-murder-case-vigil-held-weekend/

>>> does anyone else here find it bizarre that this story initially received so much attention and then was suddenly blacked out by MSM the moment “uncomfortable” questions started to surface? imho what we were told on tv doesnt add up. not a day seems to go by that some random dude from surrey or elsewhere is dragged through the mud as the lead story on the 6pm news and yet we seem so eager to adopt a hush-hush approach and manage the situation with kid leather gloves when certain interests are front and center and feelings might get hurt as it pertains to traffic violations, the buying and selling of RE and even family squabbles gone awry

Combat roach
Combat roach
3 years ago
Reply to  bullwhip29

The entire local society is getting screwed in some awkward way and yet “social engineers” and retarded “diversity” cheerleaders still call it multiculturalism. Apparently, we are going back to the dark age while rapidly retrograding toward the worst primitivism and dogmatism. If there were less greed and some smartness the whole this gargantuan sick experiment with bringing China to Canada could have been avoided.

Doomcouver
Doomcouver
3 years ago
Reply to  Combat roach

There’s no nuance to the left wing views on multiculturalism unfortunately. For them, more non-european cultures = good, less cultures = bad. I would argue that without an emphasis on successful integration, you’re breeding division and non-inclusiveness in Canadian cities. Racial ghettoization and ethnic enclaves are the end result of this short-sighted view on multiculturalism.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  bullwhip29

you’re getting carried away.

a very serious crime was committed. the police’s top priority is solving the crime and bringing the perpetrators to justice. one of the tools they use is hiding information. the police will happily frustrate the public’s curiosity if there is a 0.00001% chance doing so will help them solve the crime.

one obvious reason for hiding details is to ensure that any confession can be validated. the confessor will be asked to provide details that only the killer and police know, like cause of death, weapons, etc. there are lots of other reasons for hiding information.

bullwhip29
bullwhip29
3 years ago

if i had to bet, i’d be placing my chips on a family member…likely the dad. reported story doesnt add up at all imho and msm will downplay story or refrain from disclosing altogether if i wind up being correct as doing do would bring shame to the family and the community. only in this country do people like the newly named “Will Baker” get off with a slap on the wrist after chopping someone’s friggin head off

bullwhip29
bullwhip29
3 years ago
KickThemOut
KickThemOut
3 years ago

Read latest Garth’s posts? Ontario is crashing and the guy is loving it! Add in rising loonie and he’s trashing all the doomers out there.

Curious no mention of Vancouver though….

KickThemOut
KickThemOut
3 years ago

So got dragged out to blueberry picking this weekend at this “awesome”, highly recommended, pure organic, no chemical, no pesticide, natural blueberry farm in Ladner, all for $1/lb!! Well got there, it kind of looked like a big abandoned field. The Chinese guy at the gate said it’s $10/pp fee before picking starts, and if we pick over 10lbs/pp we would pay the difference. Alarm bell should have rung loud there. Girlfriends asked if the blueberries are big and the guy said, oh yes, yes! Huge! So, ok, let’s get to it. Well, after 2 hours of scourging through waist high grass and un-kept field, inspecting each tree and we barely got a pound of med sized blueberries, never mind large size. By the time we got to the last rows, we found out why. Pails and pails and boxes… Read more »

Combat roach
Combat roach
3 years ago
Reply to  KickThemOut

If those I assume well off Chinese grannies easily outperform biners in collecting cans and bottles across the city picking and devouring the free blueberries are just a light summer warm-up for them. Just remember how they plundered the salt a few months back. Entitled savagery is a new social norm here.

bullwhip29
bullwhip29
3 years ago
Reply to  KickThemOut

lol…no such thing as pure 100% organic @ $1/lb in this neck of the woods. you should have known better that this property is just another investment disguised as a farm. big things are (were) coming to ladner/delta if lois jackson gets her way. as mentioned in prev post, what happens with massey tunnel in terms of timing, scope etc will say much about the heart of this new administration

specialfx3000
specialfx3000
3 years ago
Reply to  KickThemOut

Walked into a store in Vancouver, picked up 10 lbs of plump blueberries (in 4×2.5lb containers), walked out 5 minutes later after paying $20. (Doubled the price, 1/10 the hassle)

Sebastien
Sebastien
3 years ago

HAM bait:
710-2733 Chandlery Place, Vancouver
Mar 15:$559,900
Jul 24: $559,888
Change: – $12 -0%
Assessment: $384,000

specialfx3000
specialfx3000
3 years ago
Reply to  Sebastien

Great move… only cost $12 to get tree 8s.

If that does not do it, then next 8 will cost $1000.

$558,888

bullwhip29
bullwhip29
3 years ago
Reply to  Sebastien

imho all these wannabee luxury view properties complete with toxic fumes, polution, jet airplanes all within a stones throw from one of the worst traffic arteries in Vanc are clearly being marketed to non-HAM. should the RE market roll over in a meaningful way, this is precisely the type of development one could end up underwater on bigtime in very short order as its only real claim to fame is that it is fairly new and situated within the boundaries of gr vanc.

bullwhip29
bullwhip29
3 years ago
bullwhip29
bullwhip29
3 years ago
Reply to  bullwhip29
Oracle
Oracle
3 years ago

So almost 3 months since the election. here is where things are heading. NDP are NOT going to bring in any meaningful legislation to lower housing prices or rents. In fact, both have increased since the election. They don’t even talk about housing that much anymore. They will talk about ‘supply’ supply supply and building subsidized housing and blah blah blah. They are also going to talk about flippers like the CRA is doing. The dumb idiots on reddit are upvoting how it is such great idea that CRA is going to catch flippers evading tax: Note to dumb: When a person flips a resale and general prices have increased, they usually demand cash for the increase and then assign the contract as is. No price increase is recorded. When a foreigner or PR with overseas connections buys a resale… Read more »

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

“So almost 3 months since the election.”

Disingenuous post from the beginning, implying that the NDP have had 3 months to get things done when in fact they were just sworn in last week and are several weeks away from reconvening the Legislature as MLA’s are on their usual summer holidays with their families.

My sources are telling me you’re full of shit, as usual.

Oracle
Oracle
3 years ago

Bey is all over the icvc file today with details. Are you that fucking thick that you can’t see that they haven’t mentioned housing details?

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

Who is “Bey”?

What is “icvc”?

Why are you spreading fake news like Anderson Cooper?

Oracle
Oracle
3 years ago

Get with the program. English is not as important as it once was. get used to it.

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

Once again, why would the buyer agree to pay potentially tens or hundreds of thousands of dollars in cash?

Oracle
Oracle
3 years ago

because the seller demands it. Sellers have had the upper hand for years now especially in bull market uptrends…

…or are you disagreeing (troll).

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

No sane buyer would agree to those terms, even in a hot market. Would you?

The troll is the person who insists it happens everywhere whilst not once providing a shred of proof.

Has it happened once? Probably. Is it commonplace? So fucking unlikely as you’d simply not find enough delusional buyers who think it’d be swell to land themselves with a criminal record. Except in your imagination, of course.

YVR
YVR
3 years ago

Like buyers have cash anyway.

Oracle
Oracle
3 years ago
Reply to  YVR

You haven’t seen presale lineups?

Mostly Asians and I’m sure lots of hot money and also looking for flips.

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

Why would somebody looking for a flip accept a deal where they face even higher taxes (because their purchase price was artificially lowered) when they coke to sell?

Doomcouver
Doomcouver
3 years ago
Reply to  Oracle

Oracle could you at least put some effort in when you’re trolling people? The NDP have held power for less than a week. Keep praying that your house of cards doesn’t fall on you.

bullwhip29
bullwhip29
3 years ago

Richmond council discusses twinning the Massey Tunnel
http://vancouversun.com/news/local-news/richmond-council-discusses-twinning-the-massey-tunnel

>>> the timing and eventual outcome of this will say much about who is really running the show and whose interests are heads and shoulders above all others

bullwhip29
bullwhip29
3 years ago

Yankee businesses celebrate recovering Canuck buck
http://vancouversun.com/news/local-news/yankee-businesses-celebrate-recovering-canuck-buck

>>> good for trump and co…Cdn retailers not so much. as mentioned a few cents higher and 2nd half retail data which will include back to school, black friday, thanksgiving and christmas will be abysmal north of the border particularly in vanc, toronto and montreal where shoppers are just minutes from the border

bullwhip29
bullwhip29
3 years ago

Central Saanich employs private detective over ‘dream’ ALR property dust-up
http://www.cbc.ca/news/canada/british-columbia/central-saanich-alr-dream-home-1.4216951

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  bullwhip29

He is being “singled out” and people are “jealous”. Yes that must be it. Never mind all the bylaws this guy is breaking.

Best place on meth
Best place on meth
3 years ago
Reply to  Abdul Lahazi

At least he didn’t claim racism, play dumb or pretend he doesn’t speak English like some people.

Still a scumbag, though.

BubbleTea
BubbleTea
3 years ago

Feds take developers to court over presale flippers.
https://www.biv.com/article/2017/7/feds-take-developers-court-over-presale-flippers/
The RE industry should be put in jail along with the clients.

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  BubbleTea

Can someone with understanding of tax law explain why the Feds can’t just require all assignments to file documentation? Could they not just require the developer, the assignor and assignee to file some declaration?

YVR
YVR
3 years ago

“Can someone with understanding of tax law explain why the Feds can’t just require all assignments to file documentation?”

They could but they would need to legislate it and then spend money tracking it. Like they are now doing with principal residences. Based on the developer fighting voluntarily disclosing it this it is probably coming. They should make the developer have to with hold a portion of the lift and be responsible for any taxes not paid by foreigners.

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

More likely they could but it only just became a big enough target to chase, and it wouldn’t be possible to apply such a law retroactively.

Diadora
Diadora
3 years ago
Reply to  BubbleTea

There needs to have developers and flippers in handcuffs to send a message that RE is not a money printing machine.

KickThemOut
KickThemOut
3 years ago

WTF is wrong with these savages? Obviously they haven’t grown out of their medieval mentality and step in modern civilization.

Chainsaw attacker wounds 5 in attack

http://www.reuters.com/article/us-swiss-attack-idUSKBN1A918G

patriotz
3 years ago
Reply to  KickThemOut

Well if he lived in the US he’d have an assault rifle and lots of people would be dead, not wounded.

Switzerland has widespread gun ownership but they are strict about who can have one, and people with mental problems can’t get them.

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

heard new housing minister on the radio. i don’t think she knows what she’s doing.

Doomcouver
Doomcouver
3 years ago

David Eby was saying all the right things about how to fix the issue, but now it seems like the NDP will have more of a supply-side bent on trying to fix it. This is a poor decision because you’re trying to fix what I feel is predominantly a demand side problem with a supply-side solution. What will inevitably happen after the correction is there will be a flood of supply from speculators, as well as the excess supply built by the NDP. They need to fix the demand side first, pull most of the speculators out of the market, then get a feel for how much real demand there is. I have a feeling the impact of speculative demand on overall demand can’t be overstated. Killing speculation may add all the supply we need for the near future, without… Read more »

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Doomcouver

Up until they gained power, the NDP have been making a lot of noise by tabling the speculation tax to have it defeated by the Liberals each time. Now that they can actually push through the tax they don’t do so, and they don’t put the task of doing so in the hands of the one person who has done the most to advocate for affordable housing. I voted NDP and I have confidence in them, but I’d like to see some concrete and quick action and voters should make that very clear by writing their MLAs.

YVR
YVR
3 years ago

“I voted NDP and I have confidence in them”

Report back how you feel in 90 days and 6 months. I bet you never vote NDP again.

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

Sound advice from someone who can’t wait 5 fucking minutes to see what the NDP will do.

“Are we there yet?”

“Are we there yet?”

“Are we there yet?”

YVR
YVR
3 years ago

That’s right right! They just got the file. They are identifying a plan. LOL.

Dave
3 years ago

That’s a safe bet. I’m sure she knows next to nothing about housing.

If the NDP were serious about housing, Eby would be the Housing Minister.

They’ve only had 16 years to prepare for this and they spend the last two months complaining that Clark was stalling, but they’ve seemingly done absolutely nothing on the housing file in that time. Surely, they’ve had time to think this through and have some actionable policy.

Anybody who voted NDP because of housing should be outraged. Anything they do will be purely about optics. I’m sure all the Vision Vancouver types that headed to Victoria will show the NDP how to get on the money train.

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

Anybody who voted NDP on the basis of housing could make an appointment to speak with David Eby at his public-facing office on W Broadway – if he’s ever there, that is.

Abdul Lahazi
Abdul Lahazi
3 years ago

‘We just got the file,’ B.C. Housing Minister on next steps:

http://globalnews.ca/news/3619949/we-just-got-the-file-b-c-housing-minister-on-next-steps/

Combat roach
Combat roach
3 years ago
Reply to  Abdul Lahazi

How lame is this? An intermediate and even junior applicant would surely fail an interview with an answer like this. Shame!

What your plan is?

“I am just sitting [down] with my staff, we are going to be identifying a plan, and when we have a plan, we’ll be sure to let you know when we have some announcements.”

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Combat roach

It is right up there with “my dog ate my homework”.

Doomcouver
Doomcouver
3 years ago
Reply to  Abdul Lahazi

Seeing as how a lot of people don’t think this government will last more than 18 months, maybe expediency is in order? Just a thought…..

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Abdul Lahazi

The most telling thing is why the 2% speculation tax that they tabled 4 times isn’t law the moment they come into power.

Let’s forget about all this planning and just put into effect the tax they have been clamoring for.

patriotz
3 years ago

Because it has to be passed by the legislature. They do have some other things they have to deal with before that, you know.

YVR
YVR
3 years ago
Reply to  patriotz

“They do have some other things they have to deal with before that, you know.”

Yup the NDP priorities. Very different from what people want. That is why they were out of power for 16 years and only came in second this past election.

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

You and BV realize they can’t pass laws by waving a magic wand from their offices, right?

They actually have to reconvene the legislature, then present bills, then discuss them, then vote on them.

You two are hysterically impatient.

Shut It Down Already
Shut It Down Already
3 years ago

Yes, they need at least 6 months before we can declare them as being as ineffective as Trump. I suspect the NDP won’t try and claim that they’re the bestest presidenter ever, though.

YVR
YVR
3 years ago

They seem to have all their other policy ready to go. Housing which was the most prevalent policy they hammered on for the past 4 years needs identifying all of a sudden. Sounds like a renege to me.

YVR
YVR
3 years ago

To quote John McComb.
“Underwhelmed” . She is is a dud. Hand picked because Horgan does not plan on implementing any of the policy McComb brought up and she danced around and said would take 10 years. They have 1 year before the next election.

YVR
YVR
3 years ago
Reply to  YVR

It sounded like McComb was ready to cry after that interview. He has been pumping the NDP for 8 years.

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

Now, now. They have their vacation to deal with, for starters.

Oracle
Oracle
3 years ago
Reply to  patriotz

Bullshit

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Abdul Lahazi

Sounds like the Whitehouse .

Abdul Lahazi
Abdul Lahazi
3 years ago

White House.

Best place on meth
Best place on meth
3 years ago
Reply to  Abdul Lahazi

Whitehouse was a terrible band.

YVR
YVR
3 years ago
Reply to  Abdul Lahazi

Funny they just got the Kinder Morgan, Site C and electoral reform file but have already started working on those. I guess they lost all that legislation they tried to put forward when they were in opposition. Reminds me of the Republican senate. All talk when not in power no action when elected.

Abdul Lahazi
Abdul Lahazi
3 years ago

Housing advocates to protest proposed Metrotown development:

http://www.news1130.com/2017/07/23/housing-advocates-demonstrate-proposed-metrotown-development/

The City of Burnaby continues it’s war on low income renters but vast sums of money are being made so who cares?

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Abdul Lahazi

“its”.

Abdul Lahazi
Abdul Lahazi
3 years ago

US home sales fell in June; would-be buyers can’t find homes: Monday, July 24, 2017 @ 7:01 AM WASHINGTON — Homebuyers faced surging prices and a shrinking number of properties for sale in June — causing the pace of purchases of existing homes to fall. The National Association of Realtors says sales of existing homes slipped 1.8 per cent last month to a seasonally adjusted annual rate of 5.52 million. Sales levels have been nearly flat for the past year, a sign that the housing market may be stalling amid the pressures of fewer listings and higher prices. The number of sales listings has been falling on an annual basis for the past 25 months. There were 1.96 million homes for sale in June, a 7.1 decline from a year ago. The median sales price has climbed 6.5 per cent… Read more »

Best place on meth
Best place on meth
3 years ago

Prime Minister Justin Xinping is working as hard as he can to help the people of BC suffering from the wildfires.

How hard? He actually tweeted!!

“To the thousands of evacuees in BC – we’re with you & doing all we can to help. A huge thank you to everyone working to keep people safe.”

Well done, sir! We look forward to your trusted leadership on your next visit.

https://pbs.twimg.com/media/DE9BwO9VwAAaMvm.jpg

Shut It Down Already
Shut It Down Already
3 years ago

Ah bless, you’ve actually been conditioned to correlate effectiveness of leadship with time spent on the toilet using Twitter.

Kim
Kim
3 years ago

https://www.nytimes.com/2017/07/21/upshot/when-the-empty-apartment-next-door-is-owned-by-an-oligarch.html?smprod=nytcore-ipad&smid=nytcore-ipad-share

Rhys Kesselman, another professor at Simon Fraser University, has proposed an intriguing alternative: a property surtax tilted toward high-end homes that would be deductible against the owner’s income tax. Local residents paying income taxes would effectively owe no surtax. Out-of-town investors, foreign or domestic, who don’t work in the local economy would be hardest hit (with some concessions for resident retirees).

Just me
Just me
3 years ago
Reply to  Kim

This is an intelligent and practical idea. One wonders why it is ignored. Could it be because it works?

YVR
YVR
3 years ago
Reply to  Just me

Because retirees and those close to retirement age would freak out.

Bag it and tag it
Bag it and tag it
3 years ago
Reply to  YVR

Apparently you not only didn’t read the article but you also didn’t read Kim’s summary either “concessions made for resident retirees”. And by the way, retirees still have incomes (pensions, RRSP drawdowns (post conversion), fixed income, dividend income, etc), so they shouldn’t be fully exempt in cases of zero income.

YVR
YVR
3 years ago

I personally would love to see it but I was answering the question of why it has not been done. Do you think if this plan was announced every home owner would say that sounds great because the article says some concessions would be given to some home owners. You are naive.

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

And because it implies that anybody who isn’t a debt slave is somehow suspicious. I’m sure those who despise the wealthy will lap it up, though.

Just me
Just me
3 years ago

It implies no such thing. Have you read the article?

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

Yes, I have read it. It hinges on the fact that everybody pays income taxes unless they’re a retiree. The statement “Local residents paying income taxes would effectively owe no surtax” implies this.

Did you read the bit that says “And it recognizes that the real problem isn’t foreigners”? No? Thought not.

Doomcouver
Doomcouver
3 years ago
Reply to  YVR

I thought retirees paid income tax as well…. I’m pretty sure when you withdraw from your RRSP you pay income tax.

I think the only people that would get screwed are ones living off capital gains, or people making untaxed foreign income.

Kim
Kim
3 years ago
Reply to  Kim

Our politicians have no substance. They implemented the 15% and empty homes tax precisely because it seemed like they were doing something but in reality there are so many loopholes as to render it ineffective.

The slowdown in the high end market is due to President Xi preventing outflow of money. That’s it.

Doomcouver
Doomcouver
3 years ago
Reply to  Kim

Yes the 15% FBT is so easily bypassed it is a joke. Until they close the loopholes the tax is completely ineffectual, exactly the way the Liberals wanted it to be.

patriotz
3 years ago
Reply to  Kim

“Vancouver instituted a 15 percent tax on home purchases by foreign nationals last year to discourage them, and Toronto has done the same.”

And this from the New York TImes. These same people would go ballistic if someone confused New York City with New York State.

patriotz
3 years ago
Reply to  Kim

If you want to read what Kesselman actually said, here’s a link. Note he advocated that the tax would start at $1million and seniors could be given a higher threshold (which I think is too generous myself).

Kesselman

history
history
3 years ago

McLister severely embarresed the Feds. Called them out on their banking favoritism that explained Emphatically the gig is controlled by the UN Deep State.

He gets bought out on his website CMT, and now is the head gearbox for the clusterfuck dinner on the table.

ok spinners, send us an MSM story

Best place on meth
Best place on meth
3 years ago

Detched MOI in the central parts of Metro is sitting at 8.

In the far flung areas of the Fraser Valley it’s at 4.

Coldest markets are West Van (14), Burnaby (12.5), Van West (11), Van East (9).

Hottest are Chilliwack (2.6), Ft. Langley (2.8), Abby (3.2), Mission (3.2).

I don’t recall the last time the disparity between the 2 markets was so large.

Just me
Just me
3 years ago

Chinese money has been cut (not eliminated yet) by XI Jinping.

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

Have you considered using this theory to predict future prices instead of explaining the past?

history
history
3 years ago

the RE bull trap isnt theoritical. it’s in Oracle’s navel

Bear Vancouverite
Bear Vancouverite
3 years ago

All around good news, and great post. Would appreciate if you update this on a monthly basis.

Best place on meth
Best place on meth
3 years ago

Stats are posted every two weeks on Sunday here:

http://www.vancouvermarketreports.com/

I will most likely post them but if I don’t then bookmark this site and get out your calculator.

Just me
Just me
3 years ago
history
history
3 years ago
Reply to  Just me

https://www.numbeo.com/property-investment/region_rankings_current.jsp?region=021

NDP should read this too. Vancouver is way out in front in least affordable NA cities. It’s Not the same City last time they had power.

as for the Demographia survey, this 84 page pdf document doesnt mention the word Debt, not once.
But it has lots to say about Central Banks doing their ‘jobs’… too funny

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Just me

Part of the underlying thesis in that entire piece is that we need to build more, and densify: eg there’s a supply issue. whilst one common opinion here that I also believe is that there’s a demand problem due to speculators and non-resident investors.

“Insufficient options for construction can be the driving force behind a rising price-to-income ratio, with home prices increasing over the long term even if the city has acquired no new industry, cachet, or talent. Once the city has run out of available building sites, its continued growth must be accommodated by the departure of lower-income people.”

I’m not opposed to more densification, I believe we need to create much more non-strata rowhousing as a form of densification (we can do around 2x densification).

YVR
YVR
3 years ago

“Part of the underlying thesis in that entire piece is that we need to build more”

If there was a true shortage people would be living in the streets. With the exception of a few thousand homeless who have drug and mental health issues everyone seems to have a place to live yet costs have skyrocketed. It is the willingness and ability for people to pay the high prices that support the prices. The ability is supported by cheap and easy credit and the willingness is the expectation prices will rise. Remove one or both and it collapses. No extra supply needed.

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

It’s interesting to me that a tiny, densely population city like Singapore has a price-to-income ratio of 4.8

We have far more space than they do.

Kim
Kim
3 years ago

Or just look at other cities. It’s all artificial demand from Asia. The Chinese are not able to get much of their money out now so nothing is moving at the high end, save for a few houses that are bought by locals because they sold their old SFH in a prime location.

Just me
Just me
3 years ago

They did not have the BC Libs and especially MS Clark for 16 years. When politicians are easily manipulated (through gifts and such) things get out of hand.

history
history
3 years ago
Reply to  Just me

it’s got more to do with lack of regulation, in the RE industry and the immigration racket.

Owen
Owen
3 years ago

It was surging, and in 2015, after some price decline, was still rated by UBS as the 4th least affordable in the world. It took a 11 rounds of government cooling efforts to get where they are today: https://www.globalpropertyguide.com/Asia/Singapore/Price-History

Owen
Owen
3 years ago

It’s also worth noting that Singaporeans have their shit together in a way that the Vancouver metro quite obviously does not.

patriotz
3 years ago

“Singapore has a price-to-income ratio of 4.8”

90+% of properties in Sing are leasehold condos. As someone pointed out, prices have come down, but that’s still to high.

history
history
3 years ago
Reply to  YVR

the Deep State has done wonders annihilating the Vcr homeless. All classes of people are dealt with ruthlesslessly to this end. For instance, useless people with Insurance are leveraged to keep the Latimar in us in guilt bondage. Instantly rich homeowners quickly disown extended families.

A Sociopath or Pyschotic are the only ones that do well.

patriotz
3 years ago
Reply to  YVR

I would also add that if there were a true shortage the average household size would be high, not at record lows.

history
history
3 years ago
Reply to  patriotz

We are entering into a crisis of Downsizing. There is little imagination to fill these empty homes. Very little quality out there to run boarding houses, mostly sociopaths Over their heads on Heloc grief

Owen
Owen
3 years ago
Reply to  patriotz

I agree. Reading the news, people seem to assume that no one should have to suffer the indignity of having a roommate. But also, landlords won’t allow too much sharing, and people who indefinitely defer their property taxes see little incentive to downsize.

Owen
Owen
3 years ago
Reply to  YVR

The rental vacancy rate and condo sales inventories are also at/near record lows. That’s pretty convincing of a shortage to me. Also, people are leaving the city because they can’t afford it or to take advantage of prices, there aren’t a fixed number of people that live here. I come downtown from Surrey every day. High homelessness is not the only alternative to a housing surplus.

patriotz
3 years ago
Reply to  YVR

“The rental vacancy rate and condo sales inventories are also at/near record lows. That’s pretty convincing of a shortage to me.”

Remember that stock and supply are two different things. Supply is properties on the market. That’s being artificially restricted by speculation and government incentives (e.g. tax deferral). Stock is all properties. There’s no shortage of stock, as proven by the low average household size.

YVR
YVR
3 years ago

If you compare housing bubbles to other bubbles like the tulip bubble or the tech stock bubble it is easy to see supply is not the problem. Was it a shortage of tulip bulbs or a shortage of tech stocks that caused those bubbles? Tech stocks were highest when there massive IPOs and new tech companies starting up. It was not more supply that fixed things. It was people stopped believing the tech stocks or tulip bulbs would continue to rise that caused the collapse.

history
history
3 years ago
Reply to  YVR

The bulb bubble was built on deals that didnt flow thru. The Dutch were collectors of useless things, not unlike the mentality that sees people collect housing, but not to live in.

YVR
YVR
3 years ago
Reply to  Just me

“house prices across the world”

Houses across the world have two key things in common. The vast majority are bought with credit and housing cannot be imported. Low interest rates and easy access to credit has fueled the world wide bubble. The fact housing cannot be imported gives the local governments the incentive to support the bubble because there are so many local short term positive spin offs when housing is rising. Local high paying jobs, wealth effect, higher tax revenues, etc. This cycle has repeated many times in history and we all know how it ends. All the positives turn negative.

history
history
3 years ago
Reply to  YVR

true, housing is fixed, the achilles heel of modern capitalism. Now we see ever more regulation on housing and air travel, ’cause it aint working, the FIRE is outta control

I work in fixed housing but dont use my income to feed the beast. This is a big problem, and suggests to the central bankers that QE is done. Escape velocity is a set of wheels you live in.

Best place on meth
Best place on meth
3 years ago
Reply to  Just me

” If too many lifelong inhabitants are driven out by rising housing prices, the city itself suffers from a loss of identity and even culture.

As such people depart, an expensive city gradually becomes an enclave of high-income households, and begins to take on their values.”

If only that were the case in Vancouver. Instead, our long-time residents are being driven out by people with no apparent income who live in multi-million dollar houses.

history
history
3 years ago

they do have income, a click or two on their e-transfer bank app.

your mission as a new Vcr resident, is to have such an app, fed with loot from overseas, the oilfields, or any other place where money is made. but people dont wish to live.

history
history
3 years ago
Reply to  history

i can just see a throng of BC Filipinos bitching to their lawyers back home to Reverse the money flow. We need to have more input here from this very interesting class of Canadians.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Just me

if you apply what he’s saying to vancouver you come tot he conclusion that vancouver prices are high because of fundamentals. lack of supply caused by geography or political barriers.

it’s too bad he didn’t realize this sooner, he could have made some good money investing in vancouver real estate.

“I’ll tell you one thing, I’m not investing in Vancouver real estate.”
– Robert Shiller, 2012

http://www.huffingtonpost.ca/2012/09/10/vancouver-housing-bubble-shiller_n_1871140.html

Yikes
Yikes
3 years ago

Calling the top…..Todd Talbot of Love it or list it just listed his Lions Bay house for sale

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

15 houses for sale in Lions Bay and 14 of them are 2M+.

The top end of the market is a disaster, now we just need Andrew Horgan to cancel Krusty’s welfare program for first time buyers and the bottom end of the market will die as well.

history
history
3 years ago
Reply to  Yikes
history
history
3 years ago

boomers are being forced to work longer than they have before…

http://www.zerohedge.com/news/2017-07-22/david-rosenberg-single-most-important-thing-market-over-next-decade

debt pig boomers, i should add

Combat roach
Combat roach
3 years ago
history
history
3 years ago
Reply to  Combat roach

the problem with peak boomers is that they are now at the age when they reduce debt and spend less. If you have no debt, now is the time to spend more. A few investment ideas: Boutique port-a-potties for the women formerly employed by ICBC, as future construction workers. And coin dispensed garbage cans.