Open Topic

Friday Free-for-all! August 11th 2017

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147 Comments

It’s the end of another week and that means its time for our regular end of the week news round up and open topic discussion thread.

It’s Friday Free-for-all time!

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

–Hopefully it doesn’t rain
–Foreign buyer tax set up to fail?
–Boomers refuse to sell
–Record complaints over illegal rentals
–Canadian banks dive into UK covered bonds
–China stops buying foreign property
–Genuine fear in Toronto market
–

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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http://www.zerohedge.com/news/2017-08-14/canadian-lumber-stocks-tumble-report-us-canada-timber-trade-war-escalate

Western Canadian lawyers rotating from ICBC and Housing, into Trade War litigation, like i said about a month ago.
.

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LS in Arbutus

At the moment, certain MFCs are refusing to offer blends and increases and/or refinances to existing customers.

Their business model doesn’t work anymore. Many people used MFCs as a short term financing option until they could qualify for a better rate at a big bank. The MFCs thus relied on churning and replacing their mortgages. Now the market has stalled (less volume) AND rules have changed (can’t lend.) The one thing they can do to plug the revenue hole is to charge penalties.

https://www.ratespy.com/mfcs-getting-bad-rep-08114682

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YVR

We will be seeing a drastic change to the RE credit market in the coming year. Bubbles are always driven by cheap and easy access to credit. Both cheap and easy are getting more costly and not so easy for a large part of the market. All the sub prime borrowers and over leveraged that got sucked into the market are going to get a rude awakening soon. That is not just the first time buyers but those with equity who took out HELOCs and those that bought second and third properties. Credit will simply not be available going forward at anywhere close to their current rate.

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history

legal profession is leading the way, showing the other ‘tards iin the FIRE industries how to survive. Mortgage brokers take note. There is ample growth in Insolvency indusrty. If lawyers can move from notarizing Realtard deals and litigating ICBC accident claims, and move into Trade war invoicing… welll, you can ~ change ~ as well!!

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southseacompany

“Vancouver’s rising number of young adults sharply eclipses national average over five-year period”, Georgia Straight.

http://www.straight.com/news/947671/vancouvers-rising-number-young-adults-sharply-eclipses-national-average-over-five-year

“the growth of the 25-to-39 population in Vancouver from 2011 to 2016 was more than 10 percent higher than the national rate, according to research by Vancouver data analyst Jens von Bergman.”

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history

http://www.reuters.com/article/us-husky-injection-m-a-idUSKBN1AQ2C7

I thought this article looked a little time-pressured. Here you have Husky Injection Molding hiring GS to find them a buyer. Presumably Chinese syndicate based in Ontario, and in time to react to the looming trade war.

On second thought, all those 10 year visas? Same idea. The shitstorm is coming. Our borders may be closed for several years.

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Best place on meth

Big day for the locusts tomorrow.

Meanwhile on this side of the border, our “leaders” will continue to turn a blind eye to all the crimes committed by that 5000 year old culture.

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Screwed

What’s happening tomorrow?

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Best place on meth

I can’t tell you, but Turdoh, Garth and shit it down are going to be very depressed.

Their communist friends are going to get Trumped.

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Shut It Down Already

Doing your part to represent that “uneducated male” demographic, I see!

Maybe Trump will regain his Twitter voice tomorrow? He conveniently lost it today for some reason….

But we actually know that he’s going to start an unofficial investigation into China’s trade practices tomorrow. So effectively what’s going to happen tomorrow is…… absolutely nothing. Yawn.

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Shut It Down Already

And “yawn” it was.

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Screwed

Big day for Canada on 17th. Nafta…

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LS in Arbutus

I think it’s disgusting that the government lacks funding considering the amount of money made in RE for the past 15 years now (since 2002 or so). In good times (which these were for home owners/ developers) the government was also, by extension, enjoying increases in revenues, sales tax, development permits, PTT etc.

At the very least, the property boom should ALSO have left BC’s coffers full . People (like me) might be a tad less angry then. But this did not happen, in large part as CRA, provincial tax auditors and government were TOTALLY asleep at the switch.

What’s going to happen to gov’t revenues when sale prices and volumes implode? It wont’ be pretty.

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Oracle

Their overseas bank accounts are full. It’s you the local working stiff who pays taxes that will bear the brunt of a downturn.

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LS in Arbutus

100% agree.

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history

‘Their overseas bank accounts are full’

link?

one supposes they cant build quality plumbing, but instead prefer to move to a house i built, that does

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Oracle

link? LMAO

Are people really that naive that they think all truth/happenings are out there on the internet and a link away? LMAO

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Abdul Lahazi

So in other words then this is another figment of your imagination.

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UBC in crisis mode

Tax cheaters and government officials work together?
http://www.cbc.ca/news/business/tax-adviser-conference-1.4102189

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Abdul Lahazi

CRA would rather audit a waitress for her tips than chase after some real estate flipper or money laundering Asian. Low hanging fruit and all …

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Best place on meth

The Liberals could have been collecting the 15% FBT for the last 10 years and raked in billions as well as tempered price increases at the same time.

There would have been enough money to keep ICBC in good financial shape and thousands of units of public housing could have been built and paid for by now.

Worst….fucking…government….ever. Just incompetent and corrupt as can be.

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Shut It Down Already

The FBT made $100m from August-March which pro-rated is less than 10% of what’s made from PTT, which itself is only about 5% of revenues.

http://www.theprovince.com/touch/news/local+news/foreign+buyers+still+investing+metro+vancouver+real/13576859/story.html

I’m so glad you’re not in charge of the economy.

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YVR

Worst….fucking…government….ever. Just incompetent and corrupt as can be.

Lets see how you feel in 6 months. There is always worse. Trudeau proved that.

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Dave

I had that very talk a year ago with somebody senior in our Provincial budgeting. He had the same observation more or less… what happens if real estate slows down. So your question isn’t lost amongst our money masters. The role of the falling interest rates and rising debt over the last 35 years is not discussed nearly enough. Asset values are maxed out because money is more or less free. The momentum of increasing the money supply can’t continue because we have hit the zero bound rate. I don’t think it’s just a crash in asset values that should concern us. What happens if they stagnate and consumers stop the growth of borrowing? That can still be a bad outcome. Governments will be looking for new sources of revenue and when you consider that most economic activity is consumer… Read more »

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oncebittwiceshy

Actually Dave, if you got caught up in this boom late, you are in for a world of hurt. OSFI is bringing in new legislation that is going to decimate the housing market. By the way OSFI isn’t bringing regulations in to cool the housing market. Quite possibly they don’t give a flying fig about the housing market except to the point where it compromises the integrity of the banks that they oversee. These new regs are to protect the banks interests and if Toronto continues its nosedive it will simply validate the introduction of the new regulations. They have seen the end run on their previous legislation and they have grave concerns about the lending institutions lack of possible prudent residential mortgage underwriting. They aren’t trying to slow a market that is already stratospheric, they are ensuring the banks… Read more »

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history

ahhh, eureka! the new meaning of Value

‘brokers quantify it via three qualities: location, construction quality, and potential for flipping and turning a profit.’
https://www.bloomberg.com/news/articles/2017-08-11/rich-hamptons-buyers-don-t-want-mega-mansions.

It isnt a surprise that homes are left empty, and not subject to wear and tear. They are merely following the definition of Value.
and Value? it’s monetary ok, get it?

Only increasing interest rates is gonna fix this mess.

MSM rolled out Greenspan lately, did you notice? He brought the punch bowl. But CB’s take it away too

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history

https://www.castanet.net/news/BC/204061/ICBC-is-a-wreck ICBC, as described to me by senior bureaucrats, is on the path to insolvency,” Eby said. “It’s very unfortunate that it’s been left for so long, because I think there was really an opportunity to address this much earlier.” Eby and other ICBC supporters single out the actions of former Liberal premier Gordon Campbell as marking the beginning of the corporation’s troubles. Campbell required ICBC to keep much higher amounts of backup capital. The resulting stockpile proved irresistible to politicians in 2010 following the global financial meltdown, critics say, when the government began siphoning hundreds of millions of dollars of “excess capital” almost every year. In all, the Liberals withdrew $1.2 billion from the lucrative optional side of ICBC’s business, and also transferred $1.4 billion to offset deficits on the compulsory side providing basic coverage beginning in 2012. “The… Read more »

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history

ICBC is Campbells fault because the leverage pigs saw a savings account, and felt they were Entitled to raid it?

ok, so they raid it, and WhatdoYouKnow, they need the money.

important lesson here for Mortgage greed pigs facing insolvency. Watch what happens to ICBC, it will be an underwater map that takes you outta Scapa Flow……. or, will you choose to scuttle the housing fleet?

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BubbleTea

For those that still thinks Vancouver going to the moon and beyond.: House prices fell substantially in the (New Zealand) main centres last month as sales volumes dried up, according to the latest figures from the Real Estate Institute of NZ.
http://www.interest.co.nz/property/89274/house-prices-are-tumbling-main-centres-volume-homes-being-sold-takes-dive
For those that still thinks Vancouver going to the moon and beyond.

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Oracle

Again, Check valley prices. Up 60% in last 24 months. With interest, it’ll take a half a lifetime to pay for the price increase. And you really think NDP is going to bring them down to 2015 levels??

These assholes won’t even mention housing.

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Abdul Lahazi

You need to hang it up buddy. Your constant exaggerations are getting tiring. I generally just skip over your repetitive posts now.

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Best place on meth

It’s always 1 step forward and 2 steps back for Whoracle.

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history

boy oh boy, read this choice outflow.

“REINZ chief executive Bindi Norwell blamed the Reserve Bank’s loan-to-value ratio (LVR) restrictions and access to finance as two of the main reasons for the slowdown in the market, and called for the LVR restrictions to be eased for first home buyers”

to hell with ‘restrictions’ and ‘access to finance’, let em have it… but Mr Banker, it’s time to raise rates, and not slow,or moderately, or calmly… Third world has gone total apeshit locust.

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realist

more from Private Eye, Issue 1448, 14 July – 27 July, 2017, p.5

“Laundry Stains”
“London mayor Sadiq Khan’s review of overseas investment in London property, published quietly last month, didn’t quite live up to its billing as “the most thorough research on this matter ever undertaken”. Although it revealed that around 13 percent of new properties were bought by overseas investors (rising to a third in central boroughs), this was no great surprise, and the inquiry explicitly ignored the important effect of offshore money pouring into the capital’s existing housing stock”. (paywall – subscription only).

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realist

From Private Eye, “In the Back / Hiding Hot Money in London/ Shell Companies, Issue 1450

“Previous Eyes have exposed various foreign ministers and officials ploughing dubious fortunes into UK property using shell companies in tax havens. Now a US court case detailing allegations of money laundering and cabinet-level corruption in the former government of Nigeria reveals that when it comes to hiding hot money, this route remains a firm favourite.

The US Department of Justice launched a civil lawsuit last month to seize $144m in assets including an $82m superyacht, artwork and luxury properties, branding them the fruits of an alleged bribery scheme…etc.”

http://www.private-eye.co.uk/in-the-back

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BubbleTea

1 in 10 homes listed for resale on Vancouver’s MLS have never been lived in – as identified by the seller.
https://betterdwelling.com/city/vancouver/a-brief-history-of-foreign-buying-of-vancouver-real-estate/
I hope the NDP is listening or they will pay on the next election

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bestplaceonearth

the no-deal-party should confiscate these never-lived-in condos, and hand out freely to those whom don’t want the pipeline. it’s a win-win for the no-deal-party and the green!

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Oracle

I hear you. Most feel like suckers voting for these guys. I do.

Never again NDP. and who the F cares about Site C, LNG, Tolls, massey Bridge, ICBC if a fucking house is going to cost a million $$.

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Oracle

Check out the benchmark for Abby prices. Decent ones approaching a million.

Prices generally up for starter detached by $350,000 in last 24 months…AND NDP SILENT SILENT SILENT.

Write, text or tweet to them otherwise, they gonna do nothing. Im giving them until end of Aug to talk down the market. Otherwise they need to be brought down.

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Best place on meth

So this is how the Liberals “balanced” the budget every year, by raiding ICBC to the tune of 1.2 billion dollars.

They wrecked the crown corporation just as they wrecked BC Hydro.

http://www.news1130.com/2017/08/13/once-feted-b-c-auto-insurer-is-a-wreck-no-clear-path-to-a-lasting-fix/

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history

honey, i was entitled to wreck the car. It was important for my emancipation.

regards,
historess

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history

https://househuntvictoria.ca/2017/08/10/you-gotta-know-when-to-hold-em-know-when-to-fold-em/#comment-30705

a brief comment in the latest HHV thread, caught my attention:

‘Was just at the bank today and the “investment adviser” said that their mortgage lending has dropped off quite a bit. Hmm..’

hmmm indeed, firstly, here you have a link to an anecdote, something the dirty toilet Abbotsford moron can never get clean on. See how simple this is you Fraser Valley ghetto’tard?

secondly, the anecdote is a Frightening confirmation of the Smoking Gun Correlation, that it is the velocity of Mortgage paper that affects house prices the most.

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history

here is further proof of the Famous correlation. Rate of Refinancing 0.82 positive correlation to prices:

the example is a blistering missile, and massive smoke coming out the bore hole. We are talking Eye Watering.

http://vancitycondoguide.com/vancouver-homeowner-refinancing-surges-27-year-year/

check out this LINK, the rate of Refinancing in Abbotsford. Then wander over to Myrealtycheck to see the living Beast of a Bull Trap. The Beast is everything The toilet moron says he is.

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Best place on meth

Abbotsford and Mission have been 2 of the few hot spots in the market, the massive rise in refinancing could be a sign of owners taking out equity to speculate in more property.

Both markets have cooled off a bit over the last couple of weeks. Abby MOI went from 3.2 to 4.3 and Mission from 3.2 to 4.

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Oracle

Abby and mission detached are out of reach of the local worker now.

Prices basically up $350,000 in last 24 months.

Rising like crazy as we speak. NDP allowing this to happen. People refinancing to buy more real estate in Chilliwack.

People know government won’t allow real estate to fall. –> NDP WONT EVEN TALK DOWN MARKET!!! Let alone do anything.

And you really think after NDP’s actions over the last 2 months means Abby prices will ever return to 2015 levels…if you believe that, wishful thinking. The NDP have turned out to be the biggest bulls out there.

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Abdul Lahazi

These are blue collar working stiffs jumping on the property ladder who are arriving late to the party and trying to get their piece of the pie. I personally know a family that rent their principal residence who bought a rental property in Mission last year and they could not really afford it and now have to get a second mortgage for $50K to fix some major problems with the property (but is was so cheap to buy) and the house needed a top-down reno, and they are putting in a basement rental suite. They are spending all their free time working on the house. They will never get their money out.

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history

here is your luxury car smoking gun

https://renegadeinc.com/fake-abundance/

“…. I happen upon an article stating that four out of five new cars are on PCP (Personal Contract Purchase) or PCH (Personal Contract Hire) – meaning that the cars are not owned. The impression of people owning these cars is created by a financial slight-of-hand whereby customers pay for the depreciation, which is less on luxury cars and explains why there are so many on the roads.”

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Best place on meth

Trumps trade war with china, delayed by a week, has been re-scheduled to start this Monday.

http://www.nbcmontana.com/news/trump-to-china-trade-probe-is-coming-monday/603744666

Kick those vermin in the teeth, Donald!

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Oracle

The MSM has been instructed to block all news regarding the illegal border crossings happening in Canada. Rate is now 1000/day.

Media blackout.

Can you imagine if net neutrality passes then even this message won’t get out. Sheep asleep.

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Shut It Down Already

Stop lying, the media has covered this.

And you clearly don’t even know what “net neutrality” means.

In fact, didn’t you say you were out of here for the weekend? Another Oracle lie.

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BubbleTea

Look Out Manhattan – Chinese Foreign Real-Estate Spending Plunges 82%
http://www.zerohedge.com/news/2017-08-10/look-out-manhattan-chinese-foreign-real-estate-spending-plunges-82
The headling should be Look Out Vancouver….

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Best place on meth

New York will still have money laundering oligarchs from all over the world to fall back on.

Vancouver has only the chinese variety of crooks stashing their stolen loot here.

If it stops, and it looks like it has, this real estate market has no future

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Bear Vancouverite

Report from a friend on the front lines: Preview of Pre-sale of Sussex condo tower at Metrotown was this past week. Friend had to line up for 30 minutes to get in to take a look, but once you get in you have a limited amount of time to look around and you don’t get to buy. Instead, you have to register on their website at night time and you get some sort of lottery system that tells you when you can next go in for a private appointment to buy the presale. To qualify you must show up with a certified $40k check which must be given to them on the spot, followed by an additional 10% deposit within 7 days. Sounds like prices were around $1100/sq ft. That’s a hefty price to be in Metrotown area. During that… Read more »

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Abdul Lahazi

And Burnaby’s mayor Corrigan says we need all these towers to house all the people moving to the area. What utter bullshit and he knows it. These condos will all be sold to Asian investors/speculators. Meanwhile the current residents get the boot from their cheap rental apts so the speculators can “invest”.

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Shut It Down Already

Except we know that the vast majority of buyers are greedy greedy locals.

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Abdul Lahazi

no we do not know that. Prove it.

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Best place on meth

Exactly, we don’t know who is buying pre-sales. Where is the data on that?

One thing we do know however is that the vast majority of foreign criminals laundering money in Vancouver real estate are chinese.

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Shut It Down Already

Where is the data on that? I suspect you have a different standard of proof for your own bullshit claims. You’ll probably bring out a couple of news articles and make some hand-wavy statements about how you believe them to be representative of the whole.

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Best place on meth

Can someone take Garth’s pet monkey outside and shoot it?

It appears to have rabies.

Pope?

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Shut It Down Already

No proof then? Thought so.

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Shut It Down Already

It’s a waste of time debating with anybody who chooses to forget the evidence already presented.

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YVR

Corgan is NDP. I wish every NPD voter luck.

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Abdul Lahazi

And no 15% FBT on presales.

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Best place on meth

The mandarins are rushing to scoop up pre-sales before that loophole closes.

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Oracle

Make them payable within 30 days of all rule changes. No grandfathering.

But then again horgan making his first trip out the country. To China.

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Oracle

All on David Ebys watch.

I will be sure 100% that these guys are worse than the Liberals if I don’t here any talking town on real estate by the start of Sept.

What they going to do? Ring prices back to June 2017 levels.

Assholes indeed.

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YVR

“Every single person was Asian”.

Is your friend an Asain mainlander or is he not part of every single person?

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Bear Vancouverite

I said every single person was Asian, not all of them were mainlanders. Maybe I should have just left this out since it is too inflammatory to some people.

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bullwhip29

Are regular drivers’ insurance premiums subsidizing luxury cars?
http://bc.ctvnews.ca/are-regular-drivers-insurance-premiums-subsidizing-luxury-cars-1.3542887

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YVR

Fake news. The vast majority of claims dollars are for personal injury and the costs associated with those claims. Injury risk is the same for all vehicles or maybe less in an expensive vehicle with better safety equipment. If they want to lower costs they must reduce injuries, fraud and the cost associated with litigating it.

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patriotz

“Injury risk is the same for all vehicles ”

No it isn’t. The reason is that the driver matters. The kind of person who buys a Lambo is not the kind of person who buys a Civic. The private insurance industry has long recognized this which is why they’ve always charged a higher liability rate for “performance” cars.

I think the real story here is that this is the NDP’s first move to stick it to you-know-who. They are well aware that resentment against you-know-who played a large part in their win. And look who’s speaking for the government on this one.

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YVR

ICBC already charges more for performance and accident history for the type of car. A lambo is not much different in perforance risk to a Corvette and a Bently to a Civic. This article was about car value and repair cost NOT performance and the potential injury. Besides I see more idiots in civics and like cars than any other.

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Dave

CTV is fake news. In my personal experience, those guys are a bunch of dirtbags. Trust me on this.

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Oracle

Lawyers take 30% of all money flowing into ICBC.

NDP won’t touch that. These guys are worse than Liberals. Never thought I’d say that. They are just looking for their handouts.

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YVR

Actually lawyers take 30% on one side and ICBC also pays huge legal fees on their side. Probably more like 45% going to lawyers. But hey let the NDP spin it as Lambos.

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Abdul Lahazi

“In November, the former government claimed costs were so high, the Liberals were looking to privatize insurance for these vehicles.
But despite the press conference and the promises by then-Transportation Minister Todd Stone, that never happened, an ICBC spokesperson confirmed.”

Another failed Liberal promise.

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Best place on meth

Premiums on the Ferrari should be $70K, not 7K as currently.

How many different ways are we subsidizing mainland crooks?

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Abdul Lahazi

Yup. Just like how low property taxes are on real estate. Government and the taxpayers subsidizing of home owners.

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Harry Wang

Trunk Trade: Unlicensed food market quietly growing in Richmond
Popular website and app driving people to buy products in parking lots

http://www.richmond-news.com/news/trunk-trade-unlicensed-food-market-quietly-growing-in-richmond-1.21805131

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Combat Mao

Must be tasty food as long as tax isn’t paid.

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Best place on meth

What better place to buy seafood on a hot day than from the trunk of someones car?

Once again, mass law breaking, mass tax evasion, this culture has no shame.

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squeak

which begs the question, where is this “food” coming from? Legal fishing? Or illegal, how is that ie affecting the fish stock, the fishing industry, those that pay licences and taxes and follow the rules. laws and quotas. This is how you push legit businesses out of business, make them go bankrupt and those illegal move in after some crafty laundering. Organized crime methods it sounds like.
Who is paying the bill should there be food poisoning? The Canadian tax payer? The health care system is strained to the hilt, staff are loosing morale, burnouts, injuries etc.
Where is the respect for those that play by the rules, pay the taxes, follow the regulations. Clearly many don’t give a hoot.
This is a very dirty game, and why is Canada allowing this ?

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Oracle

Canada?

It doesn’t exist anymore. Post Nation State. 1000/day running across border into Canada illegally.

Trudeau welcoming it.
And no these people won’t leave.

Canadian sheep have to be the dumbest people in history.

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paulb

New
142
Price Change
47
Sold
125
TI:9800

http://www.clivestevepaul.com

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NDP Elite

A wholehearted Thank-you to the people on this blog that helped get the NDP elected. We are aware of your concerns and will campaign on this issue prior to the next election. In the meantime, we will study the situation and consult stakeholders before we release a report in the 2nd quarter of 2018.

We are also taking offers on who gets the contracts for the 114,000 units we promised to build. Pay to play amounts accordingly. 114,000 units x $50,000 profit from each = $5.7 Billion.

5-10% would be greatly appreciated into our foundations.

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patriotz

“A wholehearted Thank-you to the people on this blog that helped get the NDP elected.”

I’d be surprised if they all managed to tear themselves away from their computers to vote. Who got the NDP elected? Christy Clark, that’s who. She could have won easily – I thought myself she would get a majority despite everything and I said so on this forum – but no, she couldn’t resist giving metro Vancouver voters the finger and they returned the favour.

So I suggest you quite whining, join the BC LIberals, pick a new leader with a few ounces of humility, get to work, and maybe you’ll have your party back in power before too long.

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YVR

Don’t worry the NDP will do all that is necessary to gift the next election to the Liberals. The Liberal could run a trained chimp next election and win.

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Best place on meth

They did that the last time, and she was very amusing. For a while.

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Abdul Lahazi

LOL !!!
Plus 1 thumbs up !

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YVR

That trained chimp last time beat the NDP in popular vote, seats and won the election before. That tells you a lot about the NDP. They have still yet to beat a trained chimp and have now lost 5 elections in a row. Perpetual losers.

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Best place on meth

Oh yeah, and Hillary won the popular vote too.

Who cares?

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Best place on meth

Thanks for the kind words, YVR/Whister!

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YVR

Nice of the NDP to thank the naive. Trudeau never even bothered.

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Bestplaceonearth

The No-Deal-Party is gonna waste your money to fight the pipeline. I hope the pipeline company will counter sue the NDP government for delaying the construction and breaching its jurisdiction, and open the eyes of the NDP supporters. By the way, there’s no handouts to the freeloaders yet, but just ask them you shall receive.

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Abdul Lahazi

10 out of 21 posts so far are by KickThemOut.
You are on a roll today.

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KickThemOut

Just doing my part to keep the traffic number and hence ad revenue up…

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southseacompany

“Why this infamous economist says supply is not the issue in Toronto and Vancouver”, BuzzBuzzNews

http://news.buzzbuzzhome.com/2017/08/economist-says-supply-not-issue-toronto-vancouver.html

“The real estate industry regularly links high home prices in the Greater Toronto Area to a supply shortage — here, and here, and here — but the contrarian economist doesn’t buy it.’

““Housing bulls argue that the surge in house prices in recent years and the current strength of new home construction are justified by strong population growth in Canada, but the data suggest otherwise,” writes the latest weekly report edited by David Madani.”

“Capital Economics suggests this isn’t the case in Canada’s priciest markets. They aren’t seeing the fastest rates of population growth in the country, and those cities that are don’t have soaring home prices”

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KickThemOut

So why are the inventory so low? Why are there virtually no good SFH selling for reasonable affordable prices if supply is not an issue? Why does this David guy still has a job after all these years?

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patriotz

“So why are the inventory so low?”

Because instead of selling them people are hanging to to properties they don’t need (either too big for them or empty) in expectation of prices going up. Our tax system also subsidizes this behaviour (e.g. property tax deferral).

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YVR

When do you expect the NDP make the changes to correct the subsidizing of home owners? LOL

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Joe Condo

Madani is talking overall housing stock – not listings. Metro Van’s housing stock growth has surpassed population growth for the last 15 years. There is no shortage of housing stock, in fact an oversupply, so population growth is not a factor.

However, speculators buying up condos and letting them sit probably is a factor;

http://vancouversun.com/business/local-business/three-transit-oriented-communities-in-metro-rival-coal-harbour-for-empty-or-underused-housing

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KickThemOut

Right…because houses that are being held empty and not on the market are totally part of the supply a buyer can choose to buy from….

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Best place on meth

Supply is definitely not the issue, speculators are. Both domestic and foreign.

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