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Just to make sure You Get It, Bloomberg article includes no less than Three Chinese Women with Savings they feel impervious to Losses… they are in age, as follows, 29, 29, 30
Get it SiDA? myst i Illuminate further?
Oh my! Three whole people? That sounds representative.
Id’sa very good article if they want you to look at a particular TIME in China
That’s a good article as is the one a couple below it. When I have time, I want to research some of the numbers further. I have heard and read a number of times that there is a huge amount of off the books lending going on. The Chinese government will not take loan defaults kindly so I can imagine overseas investments will get dumped first to meet their local obligations. I’m sure a lot of people will pull the plug and leave China in that type of scenario, but it will only exacerbate a downturn.
This could be the mother of all bubbles.
Steve Saretsky: ‘The Wexley’ in Langley. 15% of the building has been flipped already and they just did sales in May, 2017
High sales and high prices are an indication the bubble is still inflating. You need a drop in one to reach the peak of a bubble.
That tells you the market saw right through the NDP correctly. Now that Horgan confirmed the party is still on at the UDI, expect continued price appreciation.
The Province can do very little to increase supply. They don’t control municipal permitting. The turn around time to realize any new marginal supply is likely 4 or 5 years. The industry is already working at full capacity, so how can you actually build more in any case?
“The Province can do very little to increase supply. ”
You mean stock of course, but stock has been growing quite adequately as detailed in recent posts. There is plenty the Province can do to increase supply, i.e. the number of properties for sale. For example, suppose it brought in an Ontario 1975 style speculation tax, effective for any property sold after Jan 1, 2018. Last one out is a rotten egg!
The NDP is holding off because this RE mess is unravelling faster than most people realize. Give your head a shake.
Yes those record prices for anything below $2 million is the definition of unraveling.
Just so you know, there is a lot happening out there past Boundary Rd.
These are not Garth T’s followers who will believe anything you spew.
Zolo disagrees with you.
The province doesn’t control municipal permitting? Well…actually…wrong.
The ALR was created by Commie NDP based on a legal opinion that the Province, via legal pecking order, could over-ride Local Gov’t and create a province wide zoning, in this case the ALR.
In other words, Provincial Gov’t can displace any/all Local Gov’ts..the only question is would they, via the optics etc. Horgan and NDP could easily force Local Gov’ts to either act in a number of ways, or simply suffer consequences.
That said…no-on on either side will blink, hence the stalemate.
You know what I mean. Who are you, Patriotz?
Option trading … umlucky stiifs that actually gonna live in that place will pay for the Enterprise gambling winnings… what a warm fuzzy feeling to get from your ‘Home’
… every day you wake up in your Home, to think of that…ughh
The lovely Home, that cosy nest of Mothers milk, safe and secure.. no boogie man gonna get me… oh no…
Trump Vancouver (down 48 per cent)
This article has got interesting stats but the analysis is thin gruel.
Telegraph isnt a media outlet that illuminates.. you gotta do that yourself… SIDA might need help with his ‘bong’
They have Trump Vancouver charging $1080 Canadian a night in Jan 2017. The hotel opened in March 2017. That rate is obviously bogus even if they were open which they weren’t.
So, all the talk among the office the last few days are about how Mayor Moonbeam is stepping on the Chinese with the modular homes thing because he’s still pissed he got dumped by his Chinese arm-candy for someone younger, rather than the other way around. Now, those slackers want to “switch” their lunch to join protest at city hall….
Yeah right, like they will actually work once they get back to the office at lunch….
As usual, the real Canadians have to pick up the slack.
Oh well, they can enjoy the rain and the cold…whiny princesses.
Apple iPhone X is reportedly assembled with illegal high-school student labor
so, you’re saying these students were enrolled illegally? and this is news?
B.C. couple accuses realtor of double-dealing, secretly representing both buyer and seller
There is something fishy about this story because: 1. Burnaby SFH is very slow right now so IDK how they could have had 50 viewings. My neighbor’s Burnaby house has been for sale for weeks now and only a couple of people have looked at it. 2. Why did she end up taking the one low offer? 3. Why not just wait for another offer? 4. Why not fire the real estate agent and get a new one?
PS: what do you see that’s wrong with the house just from watching the video?
Whats wrong with house?
My guess is the detached downpipe.
Yup. That’s what I saw.
The house seems to be classic 1960’s architecture ( much of it CMHC driven ). One basically had a choice of 10 or less floor plans.
It is quite clear they did major renos…blatant on the exterior, and thus likely throughout the house. The at minimum due- diligence” red flag” is were req’d permits obtained and subsequent work passed?
The seller has a house 50+ years old , which in the current market would translate into a depreciated ” improvement” to almost lot value.,…………… prime for demolition and mega mansions.
I bet the seller did get scammed. She wasn’t told until after by a neighbour someone was trying to contact her realtor to put in an offer and got no return phone call. The realtor listed the buyer as having no agent which is the same as a double ender. It was likely Global that edited out the realtors name. If the house is lot value then those 50 groups that came through would have known what they were looking at even before actually viewing. None of them wanted to put in an offer for lot value after looking at it. Not even a low ball offer? Makes no sense. These scams are done all the time.
A dumb story from start to finish; the SFD market has changed considerably since last May. This woman is so far out of the loop that its almost laughable. Of course, Global is merely humouring her all along the way. Far be it from them to “report” was is really going on out there.
IMO it almost fake news.
Yeah..fishy story. Why doesn’t she identify the agent?
The other classic issue is most sellers are “one of’s”….they may sell the only home they may have ever owned, and thus not well versed on the process. Prime for such stories.
this story is a load of BS in many ways
selling agent and firm not mentioned
seller needed to sign off on contract which clearly names the buyer and their agent
if seller was truly suspicious, she could have gotten a friend to inquire about making an offer and see what happens
a simple case of sour grapes imho. she either thought her place was worth more OR she sold low and now can get an extra 100-200k for it
Looks more and more likely that NDP is going to go ahead with Site C.
Now will the Greens let the government stand if Kinder Morgan and Site C go ahead?
Of course they will. Corrupt to the core.
the truth is krusty left horgan and co with hidden landmines, booby traps and unfixable houses of cards all over the place. as i mentioned in previous posts, Eby has his hands full and will barely be able to scratch the surface in the time the NDP is in power. i’m not outright defending Horgan but I kinda feel for the guy. perhaps his intentions were noble enough, but his undoing will be not having the foresight to grasp the severity of the mess that they inherited.
What does this have to do with housing reform? They know what is needed. And they are not doing it (yet). We can wait a bit longer, but we need to be realistic.
site C, massey tunnel, ICBC, BC Hydro, translink, bc ferries, casinos/money laundering, housing, schools, hospitals, opioid epidemic, widespread corruption etc are all ingredients in one large toxic soup. my point is that under every rock left behind by the Libs is a festering pile of feces. seeing as horgan appears to a regular, decent sort of guy, he didn’t see this coming or grossly underestimated what the previous administration was capable of. bottom line is that there will be no money to tackle housing when all is said and done
Horgan could reverse the market tomorrow if he desired. Economics and housing are significantly affected by the confidence of the market.
All Horgan has to do is say he is going to stop the flood of money and it will slow down in a big way before they even do anything. It’s really that simple.
Instead, Horgan went to the UDI last week and told everybody the party is going to continue. He told the crowd he wasn’t going to attack demand but focus on supply. Under the best case scenario, that can only affect the market years from now.
All you people waiting for something in February shouldn’t hold your breath. The NDP have already told you their new policy and that’s not to rock the boat.
“All Horgan has to do is say he is going to stop the flood of money…”
>>> market wouldn’t buy it even if he said such things. the problem is way above his paid grade. there are private jets carrying all sorts of characters with briefcases full of cash landing at YVR every few minutes. the passengers are then whisked off to who knows where without anyone batting an eyelash. how else could one explain the kind of business co’s like Silver Intl conduct (just one of many) that are moving 100’s of millions of dollars around PER YEAR. if Trudeau suddenly decides to close the border and terminate the myriad of programs currently in place that facilitate this activity then maybe we’d be onto something.
If the NDP’s plan is government funded housing supply that just takes away land and construction resources that would be in the private sector. That means higher land prices and higher construction costs which puts upward pressure on existing housing prices. Then all those overpriced government houses finished 5 to 10 years down the road will be paid for by your average working Joe while HAM flips properties and takes advantage of the added supply demand. The NDP are such fools they will do exactly the wrong thing.
It can’t and won’t work. The demand side is what needs to be addressed. NOT HAPPENING.
They don’t need extra money to curb the housing demand problem. They need to step in and tax the idle money parked by Chinese millionaires, and those who don’t generate labor income. There are easy ways to do it: the proposal of the BC and SFU academics is not rocket science. And just requires legislative will.
Told you guys. Now Horgan/Eby/James returns the favour and pass Kinder Morgan and Site C, thereby helping out Trudeau and Christys friends.
One big happy family.
More to come.
“Increasing supply in a housing bubble linked to a bigger crash”, ThinkPol
“The BC government has promised to tackle the housing affordability crisis in Metro Vancouver by “aggressively” increasing supply. A new study coming out of Princeton suggests that the NDP government may want to reconsider that strategy. In Economic Consequences of Housing Speculation, researchers link increased supply to a more severe crash when the bubble bursts”
“But Zhenyu Gao, Michael Sockin, Wei Xiong found that “housing speculation, anchored, in part, on extrapolation of past housing price changes, led not only to greater price increases and more housing construction during the boom in 2004 to 2006, but also to more severe economic downturns during the subsequent bust in 2007 to 2009.”
Bring on the supply!
The most disappointing thing in BC politics of the last year? Look no further than the this sentence:
““We need to make sure we’re sensitive as we address demand side but be aggressive on the supply side,” Premier John Horgan assured Vancouver’s developer community at an Urban Development Institute (UDI) a luncheon last week.”
Shame on you Horgan. February is your last chance to fix housing. Else, you will be wiped out by voters.
“We need to make sure we’re sensitive as we address demand side but be aggressive on the supply side,”
LOL. And you said the jury is still out? The jury has returned and it is official. You were lied to.
Exactly. The NDP aren’t going after foreign money. They are terrified of starting a housing crash.
Right now, I’m focussed on China and considering what the likelihood of a liquidity crisis is going to be. It looks like they are tightening lending right now. In the event of a liquidity event, maybe the first victim will be foreign housing markets because the Chinese government won’t want internal assets written off and devalued. Rather, to access liquidity, the people facing a liquidity crunch will sell off foreign real estate. I would expect Gold and Bitcoin to lead a downturn in that scenario.
I have decided to give them the benefit of the doubt until a February. If they introduce serious demand curbs by then, they will save their seats. If not, they will deserve to be kicked out. And they will.
Eby must be aware if the massive political gamble he is taking. People don’t care about left or right politics, they want this indecent circus of foreign money to stop.
February is his last chance??
Dude, they lied. Only you and BPOM keep touting February. What magical thing is going to happen then?
Housing policy changes don’t need the Budget.
i wouldn’t say they lied but rather purchased a “fixer upper” govt based on a falsified PDS. it is becoming abundantly clear that nothing the Libs said or did in recent memory can be relied on in the least bit. every rock that gets turned over going forward will reveal even more undisclosed misdeeds, fraud, corruption and shady dealings that will take years to understand let alone undo
Right. Blame the Liberals for why the NDP can’t live up to their promises. Typical NDP Liars.
They are purposely doing this.
Seems like Carole Jamez must have made some pretty good backroom deals the last 16 years…
Pre election: FBT Plus loopholes, 2% spec tax, etc.
Post-Election: supply supply supply blah blah blah
Purloined potatoes, pilfered pumpkins: Crop theft a growing concern for some farmers
Greater Vancouver has become a fucking shithole, for more reasons than this. It’s just a garbage dump of the worst people on earth now.
a couple of suggestions…
those vietnam style punji pits would work like a charm any time of the day either for trespassers on foot or ones patrolling around in Range Rovers with their lights off
second, anyone could hop down to Bass Pro shops and pickup a night vision scope and an air rifle, camp out on the barn roof and go to town in the dark of night when all the nightcrawlers come out to play
These millionaire migrants are truly disgraceful.
Where does it say they were migrants or millionaires? Oh wait, it doesn’t, and you’re making shit up as usual. What a disgusting individual you are., Mr “I’m just following the money”.
30 years ago in Ontario there was a famous case of a farmer catching on his property, a Vietnamese worm picker. Late at night, out with his crew, flashlights on.
The farmer tied the worm picker up in his garage and called the cops.
You know what im going to say, right?
The cops arrive, charge the farmer with confinement.
Anyway, soon a few van loads of immigrants were broadsided, and many killed. They are shity drivers, just like back in the old country where lights, signals, stop lights, etc.. y’know RULES arent for them.. just a Horn is good enough!
Just Another day in Canada folks… bendover for the new neighbor. Dont like it? Move!
Take them all and get them all straight to Richmond. That would be a great social, humanitarian and multicultural act, everybody would just love it.
Send all 60,000 of them to 24 Sussex.
Soapy will take good care of them.
The person you think doesn’t actually live at 24 Sussex. Drive….
That house is a dump.
Haitians will turn foreign locusts into zombies.
New 239 Price Change 38 Sold 156 TI:9482
A followup of sorts to Barrett’s Tyee article a few weeks back. https://thetyee.ca/Opinion/2017/11/20/Policies-To-Help-Afford-Vancouver/ “Five Policies That Would Have Helped Me Stay in Vancouver Rent control, affordable child care and a relaxation of pet bans for renters would address affordability in the short term.”
Vancouver should implement all suggestions from this woman. Heck, take away the homeowners’ rights and give them all to renters like herself. She is entitled to those rights; let find her a proper place in British Properties.
They let you out or you didn’t make it back “home” after the weekend?
I was out protesting affordable housing for failure like yourself. Put your name on the waiting list in South west van and you shall move in the container soon.
Shaughnessy area after Depression was called” Poverty Heights”..many of their wealthy residents went broke.
IMHO,we ain’t seen nothin yet. If one does global comparisons, COV, and much of Metro Vancouver, is likely the most out of control RE market, further compound by one of the most lax regulations that subsequently attract these corrupt foreign locusts.
Its beyond obvious that the condo market will crash ( like Shaughnessy SFH ), as the locusts have run out of pump and dump larvae.
IMHO Dr Rose…quoted earlier, made very conservative estimates re: degree of excess capacity. We are talking a 30 year build up since EXPO 86…which has built up a huge inventory at the brink of collapse.
If you guys think we battle have a read of the comments section. A very good insight into what people in Vancouver think.
The only way these concerns can be addressed is when people get their heads out of their asses , do the homework and research how other jurisdictions have dealt with similar housing issues.
Once working model/s have been identified, then their energies can be directed more constructively via cornering the politicians into a long term plan. Shouldn’t be rocket science.
NOTE: A starting point might entail a review of why the Pierre(asshole) Trudeau gov’ts began to remove funding for rental units(MURBS), co-ops etc. back in the 1970’s early 1980’s.
We don’t need any research. The problem is high prices, the solution is lower prices, and all governments that have the power (i.e. federal and provincial) know how to get lower prices. The problem is that most voters (homeowners) don’t want lower prices.
Everything else you hear is just a smokescreen to obscure this obvious truth.
Most voters outside Vancouver proper. Here it is ground zero of anger.
As a basis i posted a link from The Guardian the other day about how Holland creates social housing. But it’s a wash, this country fails miserably when it comes to corporate taxes/tax sheltering.
There is such a thing as being too good at something, ie Sheltering, in Hollands case, for good or ill
Canada has a similar polarity problem. To wit, the creative refinance business that began to feed on itself driving velocity of refinancing higher chasing and incurring higher RE prices.
This country has an uncanning affinity to the BuckstShop way of doing business. Pressure tactics work.
So the bucket shop stock brokering technique sees a polarity to the bucket shop mortgage and RE fiasco. It’s great on the way up, and sucks on the way down.
Sorry, but landlords cannot get insurance to cover damages attributed to tenants pets.
Vancouver doesn’t need any more pets. Every piece of grass is already a dog toilet. It’s pretty gross.
I can think quite a few things we don’t need anymore of in Vancouver that I would target before pets.
Okay…what about cats?
They usually use their own litter box….
Watch your cat. It might become part of a noodle soup…..
Cats outside never leave their shit where you can see it, ever.’
The only thing worse than the millions of filthy dogs in this city are the disgusting owners who shouldn’t even be allowed to own a gerbil.
Wow. I actually agree with you on something.
John Ivison: The Liberals’ housing plan unlikely to help first-time buyers
This is a good thing, but the columnist like too many others thinks it’s a bad thing.
Whistler employees being squeezed by real estate boom: Report
“I’m not surprised by the increase in value,” she said.
Replace “value” with “price” and I might agree. I don’t see any “value” there. What I see are prices being driven up by speculators.
You are seeing what you want to see in Whistler. We are in a worldwide real estate bubble so high prices in other ski resorts don’t justify it like high prices in San Francisco don’t justify Vancouver prices. I can get a hotel room in Whistler right in the Village for $150 per night 95% of the year. No other ‘world class’ resort or city offers cheap hotel rates like that.
I normally agree with your posts but this is just nonsense. Try 15% of the year I you want to stay in a dump.
If it’s a Phase 1 development aren’t you obliged to make it available to rent if you don’t live there on a permanent basis?
Phase 1 is shared ownership. You are usually limited to 60 nights or so of use and it must be in the rental pool for the other dates.
We own a house.
Further, you may disagree but certain world class areas command higher prices and Whistler is now known around the world as a world class resort. This is not the Whistler of the 1990’s (as much as most of us wish it was) It is a resort catering increasingly to the rich.
I go to Whistler several times a year with my family and I rent a condo or townhouse. Rents are cheap and I could rent for 500 years before I’d come close to what it costs to buy a house up there. We don’t need to own a place in Whistler to have the Whistler experience. My guess is that if prices were stagnant or falling that you would not have bought. My definition of a speculator is someone who does not live in their secondary house whether is is empty or rented out because no one needs more than one house.
Thanks goodness I don’t care what your definition of a speculator is.
It is obvious you are too interested in your own opinion to read my posts. As stated above, I rent in Vancouver. Whistler is my only house.
I am hoping you will change your thoughts about me so I can sleep well this weekend at my house in Whistler.
PS – The base is 200 cm so you and YVR might want to grab some of those cheap rents and $150 a night hotels and come on up for some fresh POW!
I am aware of your situation. Your Vancouver rented house is your primary house. Your part-time owned house is your second house. I have found that people who like to brag about owning in Whistler are basically big on their egos. To me it means nothing but that’s just another of my opinions.
Whistler is likely the Local Gov’t in BC that has received THE most disproportional amount of Gov’t largesse, none more apparent than the Highway upgrades for 2010 Olympics, as well as other infrastructure.
Nice area granted..but WTF drives up prices?….uber speculation for a one industry town that puts Metro Vancouver to shame.
Vancouver’s Rental Realities: From mouldy co-op to mom’s basement
Vancouver’s Rental Reality is a week-long original series looking at housing in Vancouver from the renter’s perspective. From renters locked out of the property ladder to hellish landlords, ‘renovictions’ and cramped living quarters, we look at how renters say the city is pushing them away.
And here you thought that Rennie had too much influence over The Sun. Try sleeping after reading this:
Very discouraging and scary, there will be major issues down the road…
“Prof. Hamilton also called for Western countries to be vigilant in guarding their own values as China links its economic clout with a desire for global influence.
“Humans have a remarkable capacity to be blinded by money,” he said. “And we are seeing that blindness exploited at all levels.”
VISION..party of the people…???
From Bob Mackin: Andrea Reimer, now being evicited, was renting a penthouse from a” Chinese Student” Gregor Robertson, in 2015, bought a $1.68 million penthouse.
Brisbane condo market is tanking?
Brisbane population is approx. 2 million.
Apparently Chinese condo buyers are defaulting, and realtors are now organizing ” Vulture Tours” for buyers…prices are down approx. 20%.
Coming soon to a foreign locust invasion near you?
The boosters of high migration to Canada claim it’s the key to economic salvation.
Virtually every labour economist says the Canadian public and prospective immigrants deserve more research into, and more robust discussion of, the links among immigration, non-permanent workers, economics and wages.
With Canadian politicians making the country a unique global experiment in mass migration, few issues call out for more investigation.
Too much immigration. Along with globalization is why there has been stagnant wage growth in Canada for the last 30 years.
Canada immigration is a scam. We sell prospective immigrants a fake bill of goods and they arrive here and realize they were lied to. That’s why we have such high quotas because many immigrants end up being disillusioned with Canada and leaving for greener pastures. It is only the dregs that stay; like refugees who have nothing in the first place, and chineeze looking for a place to hide out.
Massive immigration was designed to destroy natural growth instincts of the boomer generation.
Canada, USA and Australia are a wasteland of homeless men, and indebted women.
You’re blaming immigrants for that? Unbelievable.
Massive 3rd world immigration the Coup de Main*
Fentaynl Coup de Gras
* But it was a wide ranging onslaught. Massive job displacement immigration was only part of it.
-Key family building industries removed to Asia. -Religious organization, their sociopaths activated -Govt infiltrated by Birth Control -Banks and their decrepit debt money..
Just the way it is if you want to bring in Millions of fresh slaves, and conduct demographic transition.
The Proof is all around you. Who has benefited?
Ok that’s about enough.
There is a “Stop white genocide” blog next door.
Dont you have a mortgage to refinance, and a Mexico vacation to go to?
Put down the bong, we’re all worried about you.
Typical made in Canada Bullshit.
Thinkpol has an article about PhDs delivering pizza to make ends meet. Full time profs make approx. $90,000 per year….sessional instructors make $10,000 per semester..these and non regulars tend to make up approx.half of all faculty in post secondary institutions.
In addition,OECD studies indicate Canada has the highest proportion of working age adults participating in higher education.
If this is the case, why do we need more immigration ? Let’s talk about our politicians being hell bent on undermining their own citizens with polices that attack the family unit as a combination of unnatural, unaffordable etc.
Seems counterproductive, unless you see the hidden agenda.
“Canadian Mortgage Holders Risk ‘Payment Shock,’ Ratings Agency Warns”, Huff Post
“Canada’s mortgage rates are starting to reverse a three-decade-long downward trend, a new report says, and the result could be “payment shock” for mortgage holders.”
“In a report issued Wednesday, Toronto-based credit ratings agency DBRS said we are entering an era where households renewing their mortgages will face higher, rather than lower, mortgage rates, meaning larger monthly payments.”
“Speculation rampant in Vancouver’s red-hot condominium market”, South China Morning Post
“The flipping fever is a sign of creeping speculation in the city’s condo market, a trend experts said further chipped away at affordability and which could lead to a crash if market conditions changed.”
Was at Metrotown today. Browsing items on a shelf in an isle in when an Asian male came right infront of me . Back to me and in between the stuff i was browsing and me.
Damn racists getting bolder and bolder. Noticing more of these issues with Asian folks these days.
Get used to this Dude, Chinese are taking over the whole world, including your home country.
Nothing new there. It’s their dog eat dog culture.
I am particularly wary of their driving habits, whereby they will position their vehicles at a stop sign, or exiting private property, and at the last moment enter onto the road. Rude ,obnoxious and dangerous.
It is cultural problem in this case communication. They can only understand rudeness, being nice and polite don’t work with “TUHAO”. Always get on them and tell them to go home or fuck off.