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Friday Free-for-all! September 1st 2017

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It’s the end of another work week and that means it’s time for another Friday free-for-all!

This is 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:

–Tax land
–Flippers triggered crash, not subprime
–market to cool slightly in 2017
–Wealthy cashing in on property tax deferment
–Odds of rate hike grows
–Quantitive easing drives house prices
–

So what are you seeing out there? Post your news links, thought and anecdotes in the comments below and have an excellent weekend!

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[…] rates were rising we’ve forgotten what it’s like, and yet it seems the tide is turning. Southseacompany points out this article over at the Financial Post: Three rate hikes this […]

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Best place on meth

Issuing new loans against unrealised capital gains has created an Australian ‘house of cards’ http://www.news.com.au/finance/economy/australian-economy/issuing-new-loans-against-unrealised-capital-gains-has-created-an-australian-house-of-cards/news-story/853e540ce0a8ed95d5881a730b6ed2c9 THE Australian mortgage market has “ballooned” due to banks issuing new loans against unrealised capital gains of existing investment properties, creating a $1.7 trillion “house of cards”, a new report warns. The report, “The Big Rort”, by LF Economics founder Lindsay David, argues Australian banks’ use of “combined loan to value ratio” — less common in other countries — makes it easy for investors to accumulate “multiple properties in a relatively short period of time despite high house prices relative to income”. “The use of unrealised capital gain (equity) of one property to secure financing to purchase another property in Australia is extreme,” the report says. “This approach allows lenders to report the cross-collateral security of one property which is then used as collateral against… Read more »

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Best place on meth

Detached benchmark prices are back in decline in several areas after a bounce lasting 5 months.

6 regions in the REBGV showed price declines vs 1 region the previous month, but overall detached increased 0.2% vs 1.5% the previous month.

Condos increased 1.7% in August compared to 2.7% in July and 2.9% in June.

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Just me

Substitute HK with Van.

Mainland graduates staying in city add to housing pressure

https://www.bloomberg.com/news/articles/2017-09-06/young-immigrants-fuel-hong-kong-s-home-shortage-as-prices-rocket

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Combat roach

It would be better to get a hurricane category 5 to hit the city than shitload of Mainlaners. Way less damage and much faster recovery.

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Best place on meth

Even a Fat Kim missile wouldn’t do as much destruction to this city.

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Confucius

Housing Bull’s Top Arguments.

Prices won’t go down till interest rates rise and interest rates will not rise.
HAM is unlimited. It cannot be stopped or slowed.
We have more prudent lenders than the US.

Now that all of these top arguments have been proven wrong, isn’t it time for Bull’s to put their money where their mouths are? Time to sell sell sell.

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paulb

New
368
Price Change
65
Sold
147
TI:9548

http://www.clivestevepaul.com

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Yikes

Bank of Canada has doubled interest rate in less than 6 months and will double them again by end of 2018 . If that and the new qualification rules don’t put out the real estate fire nothing will.

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Bear Vancouverite

As BPOM said, the OSFI rules next month will do the most damage. I’m eager to see what happens once/if it kicks in because it will turn down the debt taps by quite a bit.

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Best place on meth

It didn’t take long for space to have another complete meltdown, did it?

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YVR

NDP cancels construction on George Massey bridge project.

http://vancouversun.com/news/politics/ndp-cancels-construction-on-george-massey-bridge-project

They are still studying housing issues to see if any action is necessary.

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KickThemOut

Good thing NDP has the power to postpone earthquakes and / or making the tunnel earthquake resistant just by demanding it.

Now, how about that Portello Bridge?

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Abdul Lahazi

Pattullo Bridge.

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DaMann

And still dead silent on housing…They won’t last a year and nor should they. Eby was their biggest voice and all the press leading up to the election was housing housing housing. Now not a damn single word from them. I hope the greens take them down. I had hopes for a brief second but got hood winked into voting for them for the first and last time. So now I have no solution to the ridiculous RE problem and will now pay even higher taxes and fees. bloody hell, I would rather have the Liberals back if that’s the case. I would rather be screwed with less taxes than screwed with more taxes!

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Oracle

Take down Eby and others. That’s my aim. Bombard social media with the lying scum they are.

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Dave

They’re studying the bridge to figure out how to get their fingers into it. All those jobs need to be tendered to their union friends. And they need to pay off a lot of their supporters by handing out contracts to their consultants. I imagine nobody has yet done a study on the social justice implications of having an extra HOV lane. Or how phallus shaped bridge towers are patriarchal by nature and contribute to gender disparities.

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YVR

“They’re studying the bridge to figure out how to get their fingers into it.”

They have no way to pay for it without tolls. The union construction companies would have been involved in most of the construction anyway.

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Dr Condo

“Behind the online comments: the psychology of internet trolls”

https://www.theguardian.com/media-network/media-network-blog/2014/sep/18/psychology-internet-trolls-pewdiepie-youtube-mary-beard

“Trolls are more likely to display noxious personality characteristics, that is, traits that impair one’s ability to build relations and function in a civilised or pro-social way.”

“By attracting readers’ attention, upsetting people, sparking heated debates, and even gaining approval from others, trolls can feel important, perhaps much more than they are in their real lives”

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Bear Vancouverite

Timely and subtle. I hope the person figures out.

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KickThemOut

Good luck….

http://vancouvercondo.info/2017/07/cmhc-keeps-crying-wolf.html#comment-304646
“Upon further review, this race-baiting piece of shit is even more likely than space to be trolling.”

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KickThemOut

http://vancouvercondo.info/2017/05/friday-free-for-all-may-19th-2017.html#comment-301234
“We have to keep him because we’re a bunch of over tolerant pussies who are easily expolited by scum from china.”

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KickThemOut

http://vancouvercondo.info/2017/09/friday-free-for-all-september-1st-2017.html#comment-306712
‘Space, a frozen piece of Indian excrement still has 1000X more value than a communist chinese. And that ratio keeps rising every day.”

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KickThemOut

http://vancouvercondo.info/2017/09/friday-free-for-all-september-1st-2017.html#comment-306755
“I wouldn’t call those scumbags “citizens”, I would call them vermin, the media, politicians, greedy homeowners or shut it down already.
None of them deserve to be alive.”

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KickThemOut

http://vancouvercondo.info/2017/09/friday-free-for-all-september-1st-2017.html#comment-306795
“Hell is where I expect them to go to.”

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KickThemOut

http://vancouvercondo.info/2016/09/housing-action-rally-saturday-sept-17th-2pm.html#comment-281517
“God, it’s like playing whack-a-mole with these vermin.
Fines won’t stop them, only serious jail time will.
And seriously, stop admitting this garbage into our country.”

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KickThemOut

Crypto-currencies are the future. Get in now or be priced out forever…

But I’m sure the bears will also be crying about the crypto-currencies bubble soon and how it’s all Chinese fault too that they aren’t rich and owning lots of crypto-currencies.

http://www.zerohedge.com/news/2017-09-06/bitcoin-recovers-china-ico-ban-losses-bounces-back-above-4600

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wtfbears

Holy shit this blog is still around. How the hell can you fools still be here?

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KickThemOut

Because they got nowhere else to go?! I think people stopped listening and likely inviting them to parties years ago, and probably even their own family has given up on helping them as they don’t admit they have a problem and seek professional help. Instead, all they got is this blog where they console each other about how they are right all along, everyone else is stupid, getting ahead with renting, and it’s all Chinese fault that they don’t have a west side SFH. If it weren’t for those dumb stupid slimy Chinese, everything would have turned out alright, housing market would have crashed, they would be living in West Side SFH for $400K or less, and laughing and kicking those housing bulls in the balls. Doesn’t sound like a group of happy productive people, even if they are supposedly… Read more »

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Abdul Lahazi

So says KickThemOut who is one of the most prolific posters here and who contributes nothing to any discussion.

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KickThemOut

How’s your advice to your stupid family morons working out so far? Still the star of the party where everyone gather around and ask about your RE predictions and insightful analysis?

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Abdul Lahazi

It’s fun?

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best place on earth

they are so screwed front, left, center, up and down; where else can they go?

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Combat roach

Consistent wisdom, always says a little but always stupid.

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bestplaceonearth

you are so smart, why are you always bitchy and whiny? come on, grow a pair, try to get out your mama basement once a while, you might be learning new things. heck, i might spare you a few bucks for a latte.

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Best place on meth

How does a fool with a huge mortgage “spare a few bucks”?

http://www.news1130.com/2017/09/06/people-living-paycheque-bc/

You gonna take out a HELOC to buy him that latte?

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Combat roach

I always get “bitchy and whiny” whenever some idiot breaks record of human stupidity and you keep working on it relentlessly. You should seriously try to read and analyze what are you posting and get some healthcare professional to help with it. Alarming retardation, just alarming…

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KickThemOut

If you like free phones with those cell plans, better make sure it’s not a Chinese phone or all your data and online activities will be tracked by Chinese government.

https://www.engadget.com/2017/09/06/huawei-mobile-ai-ifa-2017/

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Combat roach

Admin or To Whom It May Concern,

Can you prohibit the psychopath again? Apparently, his place is in a sanatorium (without the internet) and not on the public blog.

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Shut It Down Already

What sort of message does it send if he bans him but not the alt-right clan?

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Combat roach

I can understand that he could be your favorite contributor hence you should do a good deed. Take him home, get cozy while enjoying the deep and fruitful dialog and spare the rest of us of that madness.

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KickThemOut

Taiwan is planning to declare independence very soon…maybe as soon as NK fires a nuke at Guam or some other actions that cause Trump to finally take it out.

This is your chance BPOM to show what you are made of and beat up and kill a lot of retarded “sinomen” or rather girly man. Show everyone it can be done and what you are made of. Not to mention making a few hundred thousand US$ in the process. Taiwan is hiring all the mercenaries / military contractors it can get its hands on, with almost no requirements / background checks.

Plus, you get to play with some really cool latest US military toys. And they love Nazis there too! There are even Nazi themed cafes in Taiwan, and those Taiwanese girls just love a real men like you.

https://www.youtube.com/watch?v=e8MUtygbmn4

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KickThemOut

Man we are getting swarmed with Chinese smog. The sun is now viewable as a beautiful red orb. BPOM you must do something about this invasion!

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southseacompany

“Three rate hikes this year? Economists ramp up tightening forecasts after Bank of Canada statement”, Financial Post

http://business.financialpost.com/news/economy/three-rate-hikes-this-year-economists-ramp-up-tightening-forecasts-after-bank-of-canada-statement

“Don’t rule out another rate hike as early as October, say some central bank watchers”

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southseacompany

“Bank of Canada raises interest rate to 1% – and that’s not the end of it, economists say”, Global

http://globalnews.ca/news/3721332/bank-of-canada-interest-rate-hike/

“The Bank of Canada raised its key interest rate by another quarter of a percentage point, up to 1 per cent from 0.75 per cent, on Wednesday. The decision, which follows a first hike in July, could be just the second in a string of rate increases to come, some economists predicted in light of the announcement.”

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Dave

I don’t expect much more to come. Maybe a half point by Summer 2018. I think the rate increases will pull real estate down, which in turn will slow the economy.

I think by the Summer, the BOC will turn cautious because we’ll have a lot of mixed economic signals at that time.

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Abdul Lahazi

It also depends on what the U.S. does. We are not fully our own masters with interest rates here.

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Best place on meth

The half percent is nothing compared to what’s coming from OSFI as early as next month.

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bullwhip29

imho policy makers are only trying to guide the market in this direction. i say poloz is done for the foreseeable future but will dangle the carrot for as long as it works. given the loonie is already approaching the critical mid 80’s level, he has little rope left to play with. this along with the NAFTA uncertainty are major headwinds for cdn exporters, tourism, retail and the millions of over leveraged home owners who have been carried along for years by foreigners

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KickThemOut

You should be a chief economist for a hedge fund.

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Abdul Lahazi

You should be a chief patient in a mental asylum.

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Slava

And who are you tell someone what they should do?

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Abdul Lahazi

I’m just making an observation.

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southseacompany

“Toronto home prices fall into bear market as sales plunge almost 35%”, Financial Post

http://business.financialpost.com/real-estate/toronto-area-home-sales-fall-in-august-real-estate-board

“Average price down 20% from the peak as new regulations and fears about a market softening curbed demand in Canada’s biggest city”

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southseacompany

“Loonie jumps to highest level in 2 years as Bank of Canada raises benchmark interest rate again”, CBC

http://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.4276837

“Canadian dollar jumps to above 82 cents US as central bank hikes for second time this year”

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bullwhip29

Higher interest rates expose hard truth in mortgage market
http://www.westerninvestor.com/news/finance/higher-interest-rates-expose-hard-truth-in-mortgage-market-1.22280716

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Abdul Lahazi

G. Turner should read this very concise article maybe he will actually learn something.

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bullwhip29

Poll finds 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque were delayed by even one week
http://www.cbc.ca/news/business/payroll-salary-survey-1.4276782

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Oracle

Ignore NDP had talked down the market several months ago, prices would have corrected 20% on the sub $1 million. Their silence has made prices jump by 20%.

And do you really think they are going to correct prices by about 40% now???

Time to destroy any likelihood of these MLAs ever getting in again even if it means a Liberal majority. At least you know what to expect out of them.

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Oracle

First word should have been “If”

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Harry Wang

Woman causes disturbance in restaurant

https://youtu.be/tbhfN0uT6AI

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bullwhip29

i don’t what is worse, the fuerdai or people like this who grew up in the gutter, wound up somehow acquiring a taste of the good life and then turning into obnoxious jacka$$es

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Combat roach

BC became a global sanctuary/resort for that kind of shit.

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KickThemOut

We need to bring in some Indian / Muslim elders to instill some discipline

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Abdul Lahazi

Best Youtube comment ever:
“She’s a bitch with the WORST VOICE EVER! Is she on helium of what?????”

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Combat roach

It is outrageous that BC drivers have to foot the bill due to political correctness because nobody has guts to point out the elephant in the room. Province enmassed a shitload of fucks with expensive cars who are completely clueless of driving and neither capable of learning but still let them to own multiple cars and continue to devastate the ICBC and traffic system in general. Needless to mention their tendency toward false claims and cheating the system to get ahead. Shame, just utter shame.

“ICBC premiums are among the highest in Canada, but according to the report “they are not high enough to cover the true cost of paying claims.”

http://vancouversun.com/news/local-news/attorney-general-to-announce-changes-to-insurance-corp-of-b-c

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Shut It Down Already

There are so many things wrong:

– lack of competition from private insurers.
– inefficiencies in government-run organizations including ICBC.
– left turns at a light being a gamble, due to everybody else thinking that the yellow means “drive faster”.
– rules which ensure that whilst pedestrians are trying to cross the street at an intersection they’ll have traffic coming at them from pretty much every direction (including behind).
– lack of a road-worthiness/safety test for older vehicles.
– poor standard of driving in general (mostly douchebags in big trucks who think they’re invincible).

But of course our resident fuckwit focuses only on the topic of his obsession. Why not petition your beloved NDP to fully open up the market to competition? That’d cut premiums in half, if not more.

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patriotz

Ontario has full competition and car insurance isn’t any cheaper in comparable cities (e.g. Toronto versus Vancouver). The real problem is the adversarial court process for settling claims. Provinces with cheaper insurance (e.g. Manitoba, Quebec) have no-fault laws where injured parties are given fixed settlements.

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KickThemOut

Yeah, so when you get hit and have a crippling soft-tissue injury or broken spine that hurts 24/7 and can’t work like before, have fun trying to live off the pittance fixed settlements they give you, and have no way to dispute. But hey, save you $200/yr on insurance!

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CBM122

Exactly. BC’s Worker’s Compensation is a no-fault system and they have a massive surplus. No issues there.

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NDP

NDP protecting body shops, Autoplan brokers, and Lawyers. Gotta have the kickbacks come from somewhere.

These guys basically lied to get in. Can’t even stick to their platform. And I’m hearing only action coming on housing is the affordable housing units…the first to be built by next summer.

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Abdul Lahazi

Whatever you say Oracle.

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Abdul Lahazi

Shit It Down: It is bad Chineeze drivers. Period. They are only used to riding bicycles in Commie-land. You should know that from your first-hand experiences.

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Shut It Down Already

Guy who reads neo-Nazi websites blames foreigners. Shocking.

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Abdul Lahazi

As the chineeze driver population increases so do the crashes. It’s a no-brainer to figure out why the number of crashes is way up. I’ll bet ICBC has the chineze crash numbers but they won’t release to the public due to political correctness.

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KickThemOut

You can make a freedom of information request to get that info, you moron!

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Abdul Lahazi

LOL ya for sure idiot.
“Hello ICBC”? “Please send me the stats you have on how bad Chineeze drivers are in Vancouver”. “Hello”? “Hello”? I think they hung up one me…

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KickThemOut

You are the idiot….ICBC is a crown corporation that’s subject to Freedom of Information request. Geez…no wonder you people still have stone age believes.

This is Canada buddy! We have laws that’s separate from Mullahs.

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Shut It Down Already

They don’t collect such info.

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Abdul Lahazi

Of course not.

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Shut It Down Already

Then FOI them, or shut up. I don’t mind which.

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bullwhip29

the biggest problem is that the so called bad drivers are consistently given only a light slap on the wrist.

– “blatant” disregard for rules = min 1 yr driving ban + min fine of $10000 on 1st offense + auto tracking software to be enabled on all future vehicles + punitive premiums and special car decal to be issued by ICBC
– repeat offenses or getting caught driving while under ban = jail time, larger fine, lifetime driving ban
– those with lifetime bans who get caught yet again thrown in the slammer for longer, issued more fines

enough of this BS already…

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KickThemOut

Totally agree…then we might actually get the bad drivers off the road and we don’t have all those leeches sucking at the ICBC tits.

Too bad it will never get passed because 95% of the violators are locals born morons or pretend locals like Abdul.

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KickThemOut

Price things according to proper insurance principles and such problems wouldn’t exist. There is no reason a $400K car’s basic insurance should be the same or 2x / 3x as much as a $50K car’s basic insurance rate.

But off course, that would not satisfy the bears on this board who thinks super car composing of what? 1% or 2% of all cars on the road are responsible for most of ICBC’s claims. In reality, ICBC probably makes a good coin off super car insurance.

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Abdul Lahazi

Wrong again dufus. They lose money insuring supercars because they are so expensive to repair. Why do you think there was a proposal (that the Libs jammed out of) to drop insurance on cars worth over $150K value?

http://www.news1130.com/2016/11/23/icbc-will-stop-insuring-high-end-luxury-cars/

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Abdul Lahazi

Oracle’s relatives are well known for scamming ICBC.

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