Vancouver is reminding home owners that they have the responsibility to fill in tax forms on any vacant homes they own by Feb 2nd or face a fine. A lack of declaration nets a $250 fine and a false declaration nets a $10,000 fine.
It affects any property that is not a principal residence and is not occupied for six months a year.
Robertson says property owners can expect to receive instructions in the mail starting this week on how to make their declarations.
Read the full article here.
[…] – can’t afford to work in Vancouver? […]
http://www.zerohedge.com/news/2017-11-09/london-house-prices-battered-all-sides
Posted without comment
The Impossible Trinity states:
it is impossible to have all three of the following at the same time:
* a fixed foreign exchange rate
* free capital movement (absence of capital controls)
* an independent monetary policy
What country is managing just that?
Looks like Oracle finally decided that all the bears on this blog are just all big talkers and decided to take up the initiative himself?
White Power coming to Burnaby
http://vancouversun.com/news/local-news/racist-flyers-found-in-burnaby
The globalists are pulverizing the middle class with mass immigration, and wealth migration; it’s not surprising racism is on the rise in Canada.
brand new Richmond t/h purchased this spring for $888k (no joke) back on market @ $1.198M or 35% premium to original purchase price
http://www.realtylink.org/prop_search/Detail.cfm?MLS=R2220496&REBoards=All&From=MLS
Brought to you by New Locust Realty.
The seller better give the NDP brass a big tip.
A flurry of residential condo developments in north Richmond is expected to expedite plans for a new Canada Line station by as much as six years
http://www.richmond-news.com/news/city-moves-closer-to-capstan-station-1.23087805
>>> this would make it 3 stations within a short 1.5km stretch of No 3 Rd
Port of Vancouver has begun preliminary studies on a potential cruise ship facility either in Richmond or Roberts Bank
http://www.richmond-news.com/news/port-eyes-cruise-ship-terminal-in-richmond-1.23087835
so, cruise ships coming to YVR-River Rock or Steveston??? where else could it go? LOL…
Family of killed cyclist to lobby government
http://www.richmond-news.com/news/family-of-killed-cyclist-to-lobby-government-1.23089876
How the hell is it so hard to pursue negligent homicide aka. manslaughter charges for this guy? He was driving like a moron, resulting in someone’s death. It seems pretty open and shut to me. Our criminal justice system is near-worthless sometimes.
Re: G Turner… Face it..its not politically correct to state the obvious, so why bother getting into pissing matches ? Was at Richmond Center today, around 6PM..dark out..upper parkade..scanned the hi rises in the vicinity. I would guess all the ones I could see were say 90+% dark. I’m sure others see the same thing throughout Metro Vancouver. Turner seems to have a distaste for pointing fingers at foreign locusts…when a simple closed experiment would reveal that if the variable of foreign locusts funds were stopped, the fuel for the system would be gone,and the RE collapse commence. Historical statistics show that a revolution only requires 3% of the given population..so is it not fair to say that oft reported foreign locusts being “only” 10% of the RE market implies they are THE driver? What people seem to either ignore… Read more »
chinese real estate buyers in Washington state get a whole lotta love from local MSM…
Poor Seattle, the vermin will do to them what they’ve done to us.
And I’m sure that wil prove to be as successful as all your other market predictions….
You go, AIDS!!
C’mon just say it: “you are a RACIST”
You know you want to …
West coast locustation (infestation) keeps spreading.
So how long before their populace begins to rebel against this?
They have guns.
Hopefully not long.
agreed. will not take as long. also, many other well heeled locals can and will make it much more difficult for HAM to sweep in and gobble everything up like they did in Vanc (where RE is literally the only game in town)
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Check out Garths blog tonite.
Unbelievable. Basically denying immigration and foreign $$. Says will ban anyone who mentions that as debate his over and they are nil factors.
wow..
He does more than “deny”. He puts forward an argument that’s credible and often backed my data. Try it some time.
Here comes AIDS, the pet monkey again.
If any blog should be shut down it’s that worthless piece of shit run by the dishonourable Garth Turncoat.
You’re just pissed that he spanked you.
I have no idea what the fuck that means, retard.
You’ve forgotten about the time you called him a traitor? Weird.
I’ve called him a traitor a thousand time, retard.
Playing dumb is about the only thing you’re good at.
Ok, monkey.
Why are you so against anyone who isn’t Chinese?
http://www.news1130.com/2017/11/09/city-vancouver-winter-snow-salt/
He insists there will be enough salt this time around, but asks everyone to plan ahead.
>>> Locusts will take all the free salt again.
Damn Norwegians, always taking our salt…..
Of course, do you know that you can cook with it and use it as a table-salt? Every penny counts otherwise how to buy West Side mansions and all those German cars if not being frugal and practical?
5000 years of barbarism.
what a bunch of effing retards if you ask me. seriously, how hard would it be to charge a buck or two per pail full? or require donation of food? enough of this wild west, unsupervised, free for all bull$hit. given the clusterfu&k we witnessed last season it is a certainty that it will be even more chaotic this year as those who missed out will do their utmost to get their share and many others will act on ramped up gameplans that they’ve been working on for the last 12 months
Flee Sart?
Dlive my BMW to PU!
Then:
Bull! Bull! Bull! 1 year 10 months ago
http://vancouvercondo.info/2016/01/what-would-be-the-ideal-housing-economy.html#comment-266369
hot saudi money is starting to come into vancouver more and more. instability at home, tolerant locals is helping, and a real estate market that can’t loose is all encouraging it.
And now:
Saudi Billionaires Look to Move Funds to Escape Asset Freeze
https://www.bloomberg.com/news/articles/2017-11-09/saudi-billionaires-are-said-to-move-funds-to-escape-asset-freeze
it’s just a matter of time until everyone else realizes what’s going on.
Not good news…
Saudis tend to hi-jack planes and hit tall buildings.
This may affect strata fees .
TIP: Watch out for large planes making manoeuvers over pre sale sites…maybe practicing for completion day.
If people can’t afford to work in Vancouver, what happens to the city?
It’s no longer a hypothetical question. The next stage in the housing crisis, is the exodus of locals and small businesses. It’s already started, but I think it’s going to pick up in pace. The only thing that held this exodus off for the last 5 years is that the rest of the country is a frozen wasteland. Kelowna and Victoria are the next best alternatives, but they are still both small and jobs are hit and miss. I suggest people get their passports updated, the financial affairs in order and have a look south of the border. Even though Trump is a blowhard, all the west coast cities are great places. If I was in my 20’s I would move to Seattle, Portland, LA or San Diego in a heartbeat. If you don’t think this kind of BS can… Read more »
own nothing, control everything
you can still live, work, party, dine out… in Vancouver
the key is to stay away from FIRE
Even with that approach, I think people will still take a hit to their standard of living. The cost of providing goods and services in this city are about to go through the roof. The property price gains hasn’t yet fully trickled down to lease and rental rates. We’re seeing a lot of mom and pop businesses closing and the ones that will remain will be charging more money. Somebody should come up with a sushi index and track the price of a maki roll. $2 was the common price a couple years ago. I bet in 5 years, it’s $4. At a cheap Thai place, a dish might be $12 take out. I bet that goes to $20 in 5 years. I think people get squeezed from every direction. Liquor taxes, gas taxes, parking, road fees, insurance, property taxes,… Read more »
Rents are tied to local incomes; you can’t get blood from a stone. Sushi, Thai and liquor are discretionary so don’t buy that and problem solved. Rent and you won’t pay property taxes. None of this sounds so bad to me.
Definitely that’s going to happen… people who live in Vancouver will not have much discretionary income. More and more people will sacrifice that to live in a box. Eventually, the market will be driven by people sharing their space with foreign students.
After that, it’s going to be hot-bedding. 12 hours on, 12 hours off. Why not, when you can save half the rent?
Or, maybe people wise up and stop the inflow of foreign money before that happens.
Wrong.
Rents are tied to the the source of funds of the newest renters. Why don’t you try to end your tenancy and go find a new place now. You will find out quickly if its tied to incomes.
Its tied to foreign money now.
Dave, the only aspect of your post I disagree with is your use of the future tense. The exodus of small business is well underway – look at proliferation of “for rent” signs in commercial areas. The middle class is already squeezed by RE, taxes, and inflation, and is about to get much more so as it is the upper middle classes that will end up paying for housing for the rest of the middle and the working classes, along with the destitute. Palo Alto is examining subsidised housing for incomes of $250,000!
in 5 to 10 yrs none of this will matter as most properties will be owned by foreigners (who dont even live here) with the vast majority being rented out to overseas students who think of Cdn currency as play money anyway
The Feds…BC NDP and Vision should have the answers…follow the Hong Kong model whereby 30% of the population lives in public housing,….you don’t hear about hollowing out of Hong Kong.
Build hi -rises,perhaps on the co-op model, that have affordable rents which can house middle class and low income people who should be recognized as the crucial workforce that any city needs to survive.
(……………………Or is Glegol Loberstson trying for a world record in stacked shipping containers? )
Well, maybe that is a good thing. Young and those that dont own houses/condos in Vancouver have finally come to their senses and said “screw it”, and taken action: Good bye Vancouver, good riddance. It has been FUBARed. What is the point of working your butt off and then give all the money to this so called “market” rent/market mortgage?? The line in the sand has been drawn. Canada’s governments have done nothing to serve their citizens in the brewing housing crisis, they had over 20 years to do something, but Nothing, zit zero nada. This is NOT how you serve (yes, serve) your country and its citizens. Oh, by the way, Mr. T, how are your offshore tax buddies (maybe even yoursself..hmm?) doing? Anything lately we can distract the population with ? Oh yes.. the maternity leave announcement on… Read more »
Canadian citizens living in Toronto and Vancouver have been sold out by their elected governments to foreign interests. It is treason IMO.
Perhaps governments prefer to replace Canadian citizens with “better” and easier to manage foreign citizens who also happen to have some cash at the moment?
Worst conspiracy theory yet.
Looks like this forum has been hijacked by the developers trying to confuse the masses. Don’t buy it Just Me.
Stealth colonialism?
Like I’ve been saying, caucasians are going to priced out of rentals first. Mark my words.
well you should come to richmond where it is par for the course that any job applicant (let alone tenant, presale buyer, money refiner) must speak mandarin to be even considered for employment
Please provide evidence of a Canadian pre-sale which required buyers speak mandarin.
Nevermind that, plenty of companies in Richmond hire without Mandarin being a prereq, including the ones my neighbours and friends work at.
If you expect to work in a Chinese restaurant or jewelry store then you will be expected to speak Mandarin.
Or maybe we can go to the gym bullwhip29 goes to and ask how many of the trainers and staff tere speak mandarin, since 40% of them aren’t even Chinese I’d be curious to know.
it goes way beyond chinese restaurants numbskull. for starters, you pretty well have no chance getting a decent job at a bank or other financial institution if you dont speak the “language”. no, this will not be stated in job desciption, but your application will get overlooked
the issue with the gym was a different matter entirely where I effectively had an ESL student telling me to keep the noise down to appease the residents in the building, who for all intents and purposes are far less than model citizens themselves when they go out in public. secondly, i thought it was rather amusing that despite the gym being close to empty and all other businesses not yet open that almost all of the “free” parking reserved for this purpose were already occupied.
you’re right, “required” is maybe too strong a word, but considering buyers from china get front of the line access, i would say it is recommended to even have half a chance at getting on the playing field.
So I’ve no idea why you felt the need to exaggerate. Perhaps it’s because your point wasn’t as strong as you wanted it to be so you figured mistruths would help you out?
You are a fucking hopeless piece, unbelievable…
Good question…
I don’t think it is illegal, nor violation of BC Human Rights code as it doesn’t discriminate via race. Technically if a non Chinese person spoke Chinese, they would be “eligible”.
However, the ad in all likelihood is a less than subtle hint Chinese Ethnicity only.
This ad is in contravention of the BC Human Rights Code which states someone cannot be discriminated against based on their ancestry.
Yeah there’s no article directly preventing language discrimination, so they might be able to get away with it. I remember a story a couple years ago where a Chinese company was hiring mine workers, and Mandarin was a requirement. I don’t think it was found to be illegal they were just flogged by public opinion.
You’d have to plead your case to the Human Rights Tribunal and hope they determine you have a good case for an ancestry / race discrimination complaint.
On a side, but related note, the NDP are restoring the BC Human Rights Commission after it was killed by the Liberals 15 years ago. Hopefully they can do something about all the anti-Canadian discrimination going on.
The metaphorical noose is tightening on middle-class debtors across the developed world. Canada was lucky enough to dodge most of the fallout from the 2008 crisis, we won’t be so lucky on the next one as it will be global. The end result is wealthier rich people, and more poverty for everyone else. Protecting housing from commodification and speculation is the easiest way to avoid this, but politicians are either too willfully blind or stupid to see it.
Politicians profit from this racket. They get elected, the economy goes well for a long spell, they take credit, donors bring suitcases of cash as gifts (ask MS Clark for confirmation).
ASll in all, politicians only look as far as their re-election is concerned. However the NDP is miscalculating: they don’t realize they will only get re-elected if there is a housing crash. Homeowners vote Liberal in metro Van.
They’ve got the same people in the backrooms. Everyone will be taken care of in the NDP-Lib alliance.
Yeah I agree with you. The chances of the NDP getting elected post-correction are much better than the NDP getting elected if the crisis continues. They’re probably thinking short term though. They’d like the party to keep going for the 4 years they have power and will probably start worrying about the next election at the last possible moment. If they can’t stop the mania, they’ll be a one term government, period.
“but politicians are either too willfully blind or stupid to see it.”
Trust me. They are none of that. They making big $$$.
Canada didnt’ “dodge” anything from 2008. The can was merely kicked down the road to where we are now and that is why this correction will be 2x more severe.
more like 5X at a minimum given overall increase in RE valuations, consumer indebtedness and widespread feelings that 2008 is in the rearview mirror and that powers that be would never ever allow such a crisis to occur again
It’s the metaphorical equivalent of watching a huge car pile-up on the highway in the rear-view mirror while driving into a brick wall. Good job on avoiding the 2008 crisis, and don’t worry about Canadians being way more in debt than the Americans were before 2008… I’m sure it’ll be fine…
Ahhh, you’re like the posters here of 5 years ago before all the xenophobic turds arrived.
C’mon just say it: RACIST RACIST RACIST
Sure, post some more racial slurs and I’ll happily oblige.
Whatever you say gweilo.
I see your most recent post qualifies, racist.
We actually did “dodge” something. We temporarily dodged the consequences of loose monetary policy, and high consumer debt. Dodging these economic consequences is completely separate from actually fixing them however. The reckoning is still on it’s way, and won’t be so easily dodged the next time.
“dodging” would imply that problem is in rear view mirror and can’t come back to bite you in the ass, which is certainly not the case
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Happy Anniversary! Its been exactly 6 Months (half a year) since the election. What have the NDP done with housing? What loopholes did they close? LMAO
And only 11 months to go to referendum. “But But but wait until the February budget..” LMAO. “Its not foreign money but locals taking on debt, we finally get it. Again.” LMAO. “But but but wait until the fall update..” LMAO
Oh what? Referendum failed? LMAO
See a pattern here guys?
And the NDP has just backtracked on another promise. Will keep BC Ferries a Private company.
https://thetyee.ca/News/2017/11/08/Horgan-BC-Ferries-Review/
And Vancouver city council did a complete 180 on AirBnB!!! LMAO
Free for all.
Same WILL happen for empty home tax (unenforceable to begin with). But sheep thinks its a ‘game changer’.
How many IPs you logging in from? That’s not suspicious at all….
The NDP has held off on any legislative changes because this bubble is now imploding even faster than they thought possible. There is no Plan B in place, so they are trying to buy a little more time and are desperately looking for other options. THAT’S why, you dumbass.
With 25% of the BC economy tied to RE-related jobs, the future doesn’t look “bright” once this thing finally rolls over once and for all.
Imploding? You mean the new all time high in condo prices? The still massively low inventory? No implosion what so ever yet
CONDOS? Are you kidding? What a laugh. Mostly locals flipping their brains out. And, you’ll be seeing a lot of “accidental landlords” when that segment hits a wall. They’ll be begging for tenants to try to staunch their cash flow bleed WHEN they are unable to dump them in time, that is.
Until they sell them for half what they paid, prices are too high.
If you have hard evidence of that happening, please share. It would make my day.
I said, “WHEN it hits a wall” and goes in reverse. Duh. Do you actually think they’ll go up forever, BTW? You must be one of those flippers out there with a lot to lose.
Normally, my answer would be no. They should not go up forever.
But in practice, the only thing that can stop them is a crash in China. When that happens, and Chinese mainlanders are scrambling for cash, then Vancouver will implode.
The other option is that our elected officials decide enough is enough and they stop the cash flows from China. Do you see that happening right now?
The Chines have already cut off the flow of money or didn’t you know?
No, he didn’t know – Just Me is a clueless twat and his bullshit “theories” have no predictive powers.
He just claims that the Chinese have done whatever suits him to explain any variation in prices.
Boom bust is not a genuine poster. Read his posts prior to election. Developer shill that doesn’t want NDP action because the markets is already imploding. Don’t buy his bs
“Don’t buy his bs” Wise words from the irony-challenged. That’s just rich.
“not a genuine poster”
More comical irony from the most prolific puppet master this board has ever had to endure.
They cite “benchmark prices”; those are lagging indicators and on par with that useless Teranet HPI.
Are you on drugs? Shacks are selling for 2 million CAD$ on the east side. Condos for 1.5 million and up all over Vancouver.
What adjustment are you talking about? If there was a tick down in prices, it probably brought us back to late 2015 valuations. Is that a crash to you?
Not so…besides, I;m talking about the REBGV area, twit. It’s not always about just Vancouver you know. There is a like out there past Main St and even Boundary Rd. for that matter.
I am not trying to pick a fight with you. Nothing would make me happier than you being right about this.
the issue is I have absolutely no hard evidence of that happening, neither in Vancouver nor in its outburbs.
Prices and volumes are marginally lower than at peak madness. But for all practical purposes, we are still in insanity mode.
SFHs are not selling like hot cakes, true. But those that sell are still going for multiple millions.
For me, a crash is something that brings prices down at least at the level where well to do professional can confidently buy something decent on the west side. At the moment, that is not the case.
2 million dollars or up for a poorly maintained home on Main street is not my definition of a crash.
What we have seen is this………..hockey stick run up/peak/blow off top, April, 2016…….FBT…………….slowdown…………………..Dead Cat Bounce/Clark’s FBT Plan……….run up with lower end/condos…May, 2017 Dead Cat Bounce Peak……………Downhill….lower median pricing/ dollar transaction volumes…..nowhere to run/hide as BoC/OSFI raise rates….BoC out of monetary bullets, high household debt, Chinese capital controls, buyer exhaustion, yada yada………..final .POP.
It’s following a perfect bubble pattern.
Yes. It is.
“BoC out of monetary bullets”. I tend to agree, but gov not out of potentially inflationary policies. I’ve seen this movie before and other things (vested interests) can fuck things up. I was pleased as punch in the fall of 2007/spring 2008 as things were looking great… until they weren’t. Any market shudders and bets are off.
What makes you think the’re that “clever”? If they were, we wouldn’t be in this mess in the first place, would we?
Do you really think that prices will remain so high here that a “professional” can’t afford to buy? Give your head a shake.
The bubble will pop. But that clearly has not started yet. The bubble is still inflating thanks to the NDP. People need to quite apologizing for them.
It started quite some time ago. What did you expect to see, big flashing signs?
When a bubble pops you will see higher inventory, lower sales and lower sale prices. That has happened to SFH over $2 million but everything else (90% of the market) has lower inventory, higher sales and higher prices. The weakness in stuff above $2 million was due to the foreign buyers tax. After the initial dip that has leveled off. If you have data to prove otherwise lets see it.
It might not pop. Nobody is calling to stop the flow of foreign money. That’s the biggest problem.
Of course it is. Take that money out of the system and the whole thing implodes.
The truth of that is none of us really know. The current prices are ridiculous. On a per income basis, we’re the most expensive place in North America. Nobody knows what the volume of foreign money coming into our market is because nobody has that data. We’re all speculating. We’re living in an information vacuum. The scariest part about that is our Housing Minister had no clue that the previous government made a feeble attempt to measure it. That’s about 4 months into her job. What if the flow of money increases for whatever reason? All that New Zealand money is looking for a home now. What we do know is that if we stop the flood of foreign money, the market will correct. Unquestionably. The tax worked for 3 to 6 months before that money found another way around… Read more »
“The scariest part about that is our Housing Minister had no clue that the previous government made a feeble attempt to measure it. That’s about 4 months into her job.”
Incompetence, liars or both? I say both.
Celina is incompetent. Horgan and Eby are liars.
The problem is the mainland Chinese. Advertisements for housing (agencies, agents) are all in Mandarin.
Only blind people and those with vested interests disagree.
Great post. Fully agree, line by line.
Only people with stats and data disagree, you mean.
No. Only liars like yourself. Flat earth believers.
China, according to you, is only a marginal driver of Vancouver RE prices. That speaks for itself.
Define professional.
In Vancouver, even if you bring home a family income of 300 or 400k, you can hardly buy great housing on the Westside. Even on the east side is iffy.
If you don’t believe me, ask young doctors and similar high earners.
Of course, you can buy a 1200sqft shoebox in the sky. That is not the point, though.
What is it that you’re “missing”? If people like THAT can’t afford to live here…guess what? It’s a bubble of monumental proportions, Bub.
Or it’s based on fundamentals….in China.
Somebody with 400K income could safely take on $1.2m mortgage, plus downpayment, and you’re saying they can only afford a shoebox? Ridiculous exaggeration, as we’ve come to expect from you.
Have you seen what you buy with 1.5 million dollars? Can families live comfortably in a central area with that money?
The answer is no. You are a RE industry pumper. For you, we live in the best possible historical juncture, Vancouver is great and life is easy.
Liar to the bone. But we know that already.
I have no connection to RE or the industry, for he millionth time you utter buffoon.
Can’t believe you’re debating someone with ulterior motives.
Boombust has prematurely called several busts already. I think he has prematurely called this one as well.
I still believe there are significant headwinds ahead for real estate prices. I would not advise anyone run out and buy a $1200/sq ft presale condo on Kingsway today.
Why not if there is so much “upside”?
He didn’t say there’s “upside”, he said there are headwinds but no sign of a coming bust yet.
He must be deaf, dumb and blind, then.
You’re seeing what you want to see, and partying before the music’s even started. This is the type of presumption that gives the rest of us bears a bad name. YVR explained already what a bust looks like:
“When a bubble pops you will see higher inventory, lower sales and lower sale prices. That has happened to SFH over $2 million but everything else (90% of the market) has lower inventory, higher sales and higher prices.”
If anyone here is being suckered into “benchmark price rises”, think again. Those phoney stats are lagging by at least 4-6 months. No one else uses them except for the BCREA. Median prices are the best indicator, overall.
So says a BC Liberal Troll.
The market is not imploding.
Don’t insult me, you moronic piece of shit.
Don’t feed the trolls. Even if it’s Oracle the king of the trolls.
5 charts showing Metro Vancouver’s affordability has become worse despite the foreign buyers tax:
http://www.cbc.ca/news/canada/british-columbia/foreign-buyers-tax-affordability-charts-1.4392059
“In fact, based on some metrics, things have become much worse.”
Hopefully the NDP higher echelons are reading this as well.
Fixing rental and tenancy is NOT the only housing reform we need.
Gov’ts typically attack a problem via “taxing” it.
For some strange reason this seems to appease the SJW Leftards , who consistently lack any sort of practical solution.
Not sure what COV “vacancy tax” revenue projections will be, but its likely F#ck all with respect to creating housing. (Maybe Glorious leader Gregor will re-enact the Komagata Maru incident,…..?)
Hong Kong is another expensive City..but apparently has housing in place for their working class. About 30% of Hong Kong residents live in High Rise Public Housing. Others do live in shoebox apartments,,and the wait list is approx. 5 years.
Then again, Hong Kong is basically ethnic Chinese, citizens much easier to “herd” via homogeneous culture.
Vancouver in comparison is a totally different situation…again multicultural…which simply makes a solution for more difficult, if not bluntly impossible.
Given FBT and Vacancy Tax, I am wondering if foreign locusts strategy will be to flip more frequently or try some sort of Title assignment amongst family members or business partners.
Ie doesn’t the tax apply to Owner “X” and 6 + months of vacancy ?
If Owner “X” somehow delegates ownership to another party ever y 6 months , the COV will be chasing its tail.
Also: Foreign locusts web of deception often involves having both a Chinese name and an Anglicized version.
No mention of Christy Clark’s teaser loans.
Convenient.
Tsur is full of BS…the LEAP in foreign buyers from 2.5% to 5% is due to completions/registrations of projects bought two years or so ago. Anyone with a brain knows that SFD are falling hard in the suburbs, Just go to “My Realty Check” and see for yourselves. Condo-mania will soon be hitting a wall and flaming out just as SFD have done. LOTS of new completions are in the wings; condos will be a dime a dozen.
Tsur also forgets to mention that in the CoV alone,, median prices are off quite markedly and so are overall dollar transaction volumes.
As for the “bell weather” SFD market, sales for that market segment throughout the REBGV area for October only accounted for 30% of ALL sales. So, that is a 70% FAILURE RATE.
” LOTS of new completions are in the wings; condos will be a dime a dozen.”
Have been hearing this since the Olympics. Yet all that new inventory on 2nd between Cambie and Main got absorbed very quickly.
You would have been lucky to even sell one of those condos a few short years ago.
BTW, back to “pricing” for a moment, particularly with regard to SFD.s Compared to a year, ago a buyer can NOW get a nicer, newer and better-located home for the smae money. spent So, a house MAY still be asking $1M but that same money goes a lot further now. And, THIS is how many price drops have been “masked”. Down she goes.
If you are right, this is more evidence we need to stem the flow of money from Asia.
Stop that money flow and observe what happens to prices in Vancouver.
As simple as that.
What a chump. That HAM left quite some time ago.
Condos a dime a dozen… …….probably even cheaper. I cannot understand how people are so blind…the condo market is a ticking time bomb that can implode at any moment,and we are not talking minor correction. SFH is undergoing a correction….part of a normal cycle. Its sort of a warning sign for rest of RE market. that something is coming. The suckers are being herded into the condo trap via various legislation from Gov’t at various levels that seem to discriminate against SFH, but favour condos. A drive around any Metro Vancouver City shows condos built unabated. Remember the 1980’s? that crash hit SFH and MURBs…(**** NOTE: the RE market didn’t recover till first wave of foreign locusts in 1986)…………………………….condos were no where near the supply we have now. Condos volume is the equivalent potential of depreciating all Real Estate. If… Read more »
If condos were to implode, I would just leave the country and go back to the motherland if the banks wanted anything from me. Let the local authorities figure it out…it was their doing in the first place. Canada is a post nation state as Trudeau has said…knowing that, no one should have allegiance to a pseudo country. If a post nation state offers you something, then get it. If it wants something from you…run.
Exactly.
“My realty check” is cherry-picked examples, not whole market data.
Not true. If you compare the listing price changes the EXACT same price changes show up on Zolo.ca.
You mean if I compare the cherry-picked examples?
What are you talking about? They monitor ALL of it. Don’t be so stupid.
SIDA has called other posters “racists” 3 times already in this thread of 59 posts. I think that’s a new record for it.
I’m sorry that you think it’s acceptable and part of some imaginary reasonable debate on immigration to use racial slurs. But I’m only sorry because your inability to understand this implies that you’re a moron.
The moronic thing is to call people racists even though they criticize behaviour rather than ethnic origin.
If someone absuses the letter and spirit of our laws, shall we condone it just because the p[erpetrators are mostly from one country?
Pointing out bad behaviour is not racist, it is just honest.
You don’t debate anything. Your posts are just calling everyone a “racist” how is:
“Fuck the bitter unemployable racist losers”
or:
“Be gone, racist.”
any kind of a useful debate?
You are the only poster here who consistently calls everybody a racist when you don’t like what they say. It is a sign of a weak mind with no reasoning capability.
AIDS the clown still doesn’t understand what racism actually means.
But I don’t expect a sell out traitor giving cover to money launderers to actually have a meaningful dialogue with anyone.
You still think you’re not a racist, dumbass? Pathetic. Own it.
Not “when I don’t like what they say”, but “when they say racist things”. Big difference, dumbass.
Best place on meth
“Fuck the chinese community.”
Lost…but not Leased
“When we were invaded by rich foreign locusts,”
These sound to me are racism, why don’t you criticize them?
How about gravy sucking cockroaches?
You sound to me like that worthless poster known as AIDS.
Because he’s an uneducated imbecile?
Sounds familiar?
Children’s education drives Chinese demand for UK property. Post-Brexit decline in Sterling has also increased Chinese buyers’ appetite.
Maybe someone has an answer.
Costs of Post secondary education used to be reasonable/affordable…a decent summer job was enough to pay for tuition, books etc(,.mind you I am talking about 1970’s early 1980’s. )
When we were invaded by rich foreign locusts, starting around 1986, did all our taxpayer subsidized institutions like UBC etc .convert to a corporate “quasi- free enterprise” model whereby they jacked up tuition because the locusts and their spawn were ready willing and able to pay for it, which subsequently impacted those born here without rich locust parents ?
YES!!!
Developers shocked city turned down Chinatown development
http://vancouversun.com/news/local-news/developers-shocked-city-turned-down-chinatown-development
“…real estate consultant Michael Geller doesn’t think there was any overt political interference in the board’s decision, but said having hundreds of people oppose the project had an effect, as did the city’s recent apology to the Chinese community for historic racism…”
Silly round eyes…
Not bribe with enough pumpkins….
Must incorporate facets of Chinese culture..such as Birth Tourism, Whale Gamblers/Casino money laundering….. pre- sale assignment flip…..
Fuck the chinese community.
You’re Canadian or you’re not Canadian, if you want to identify primarily as some other race or culture and expect never ending apologies from every generation of Canadians you can fuck off back to where your forefathers came from.
Fuck the bitter unemployable racist losers.
Accusation of “racist” are always amusing…the finger generally points backward.
Funny how people of European ( dare I say WHITE ) extraction in general don’t seem to indulge in hive/herd mentality with massive protests about their ancestors getting F#cked over. They seem to focus looking forward, not back.
This was Trudeau’s master plan..bring these 3rd worlders over, pamper them, foster and endorse multiculturalism,keep the hive/herd mentality alive, then one has these whiners programmed as block votes. See, works well..nothing has changed, in fact it gets worse.
We have 3rd and 4th generation Chinese still whining, when the reality is if their ancestors had not come here, they would still be subsistence farming in a rise paddy under a Communist Gov’t.
Racist….is another way of saying the truth hurts.
You must be living in a cave, and sounds like a nostalgic old imperialist still dreaming about the good old colonial days! Visit any major Asian cities and u will realize who is actually living under subsistence farming!
The cruel reality of today is: if not for foreign money and people keeps pouring into Vancouver, this place may actually still be subsistence farming/mining
Looking forward, this trend will only continue! Vancouver needs people, money to keep coming in to sustain its totally not competitive economy.
So, get use to it!
You must be beaming from Mars…
These foreign locusts have much to thank Western Civilization for…..they are not innovators but blatant rip-off artists. They may have entered the 21st Century,but they are still the same dog eat dog culture they bring with them.
Pierre Trudeau set the downfall of Canada with his policies, its insulting to say we need foreign capital when our gov’t continue to betray us as they continually handcuff us and leave us open for exploitation..
You are such a pathetic loser! Whether you ‘re Canadian or not Canadian, it is prohibited by the Constitution to discriminate based on race. Wake up or you will always be a loser!
and if you don’t like what you see now, you can fuck off back to where your forefathers came from, too! fucking loser!
Bend over for Glegol Loberson !(or is that redundant?)
you re with us or you re with the terrorists-GB
Looks to me like it’s the old Cantonese community, whose historic home is Chinatown, who were doing the opposing. These were the people who came to Canada to work.
I don’t see any sign that the newer PRC arrivals gave a hoot. There isn’t a “Chinese community” in the first place.