It’s that time of the week again…
Friday Free-for-all time!
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
267 Comments
[…] housing –Brace for steep rate hikes –Failed flips –BC Changes tenancy regulations –Higher debt loads […]
[…] Southseacompany points out this article claiming speculators are leaving the local market and selling homes purchased in the last two years for less than the purchase price: […]
One possibility???
I wouldn’t put it past some of the RE players to try to royally f*ck up the RE market with these” broken wing” tactics..
They may have a play in place to gain from what could be token haircuts to give an illusion of an RE crash.
Some of the biggest fortunes in the US were made after the Great Depression..which was an intentionally engineered crash.
Flipper special?
1868 ACADIA RD VANCOUVER V6T 1R3
Sale Date
24-Jun-2016
Sale Price
$6,200,000
Sale Date
January 25, 2015
Sale Price
$5,000,000
Sale Date
September 13, 2014
Sale Price
$4,820,000
Sale Date
January 14, 2014
Sale Price
$4,650,000
Sale Date
September 22, 2007
Sale Price
$2,800,000
Question:
Where does one access such info?
After Jan 14 2014, relatively small increments in price.
Regardless, this is one CRA might want a peek at.
Before anyone gets too carried away by the notion of a weakening/slowing SFH market on Vancouver west side:
4296 W 8th Ave MLS® Number: R2226413
SOLD 30-Oct-2014 $5,850,000
ASSESSED as of 1-Jul-2016 $8,278,000
FOR SALE now $14,980,000
https://www.realtor.ca/Residential/Single-Family/18914551/4296-W-8TH-AVENUE-Vancouver-British-Columbia-V6R1Z9
Yeah? So? They can “ask” whatever they like. What they “get” is a different matter.
But when they drop the asking price closer to assessed you will claim prices are crashing.
They have a loooong way to go on this one! It’ll just sit and sit. Besides, the assessments from 2016 are as out of date as your hair-do.
Good Ruck….
Seems most of the perceived value is in “view”.
Photos indicate a “vacant” house.
Seller appears to be out of touch having bought 3 years ago and thinks the market is still hot.
My Realty Check shows a home at 4673 W 8th listed at July 2017 $4,888,888..now DEC, 2017 $3,680,000
I’d think for that price that they could put toilet paper in the bathrooms.
Andrew Weaver dropped a bombshell on CKNW this morning. Said John Horgan in June assured Mayor of Fort St John that Site C will proceed. Pigs at the trough.
So….why would Weaver “rat” out Horgan…..what purpose does it serve? ..and how would Weaver know what Horgan said in June?
If it’s true…major blow to Horgans and NDP credibility as the fix was in and the Site C “review” was token at best.
Seems like Weaver is sending a message to Horgan re whose in charge and what other secrets may be revealed? Again, as I noted before…the brass ring may be PR vote…nothing else matters to Weaver.
since when do they have any credibility?
Weaver can’t do anything even after PR passes because the NDP rigged it so that an early election would be under FPP. I think that’s a big weakness in his deal. He has zero clout over Horgan. The odds of the government surviving for four years is low. People get sick, change parties, scandals, etc… I think there is a good chance the Speaker resigns or has to step down once a recall campaign gets underway. I think the NDP might be eyeballing a majority government this Spring by engineering their own defeat. The timing would be good as the Liberals will have a new leader and the Party won’t be completely united by that point. At the end of the day though, I don’t think they’ll take the risk because Weaver is basically a lock for them because they… Read more »
Everyone but the NDP voters knew Site C was going ahead. That was just election spin like the NDP “quickly cooling the housing market” whihc is now up 15% since they were elected. So much for NDP election promises. For all you sad NDP voters go drive over the Port Mann bridge a few times for free. You will feel better. That is all you got. Keep notes for next election.
“Why the world is agog over Canadian home prices and debt: A special report”, Globe & Mail
“Some of the “madness” in Canada’s housing markets may have abated, but observers fear sanity may be short-lived and that many families are now in a precarious position as interest rates rise.”
“World shares retreat ahead of Fed interest rate decision”, CTV
https://www.ctvnews.ca/business/world-shares-retreat-ahead-of-fed-interest-rate-decision-1.3717433
“Shares were mostly lower in Europe and Asia on Tuesday as investors retreated ahead of the Federal Reserve’s decision on interest rates.”
“Statscan to release foreign ownership data for Toronto, Vancouver housing markets”, Globe & Mail
Something else to ignore.
Good idea for Point Grey but the land should be expropriated at today’s assessed price, rezoned, then sold to developers at market price. Proceeds going towards a housing fund (excluding shipping containers of course which are a waist of money).
The city’s newest councillor is hoping to change that with a motion he’s bringing to council on Tuesday. The NPA’s Hector Bremner wants to rezone a 151-acre section of the neighbourhood to allow for six-storey, rental-only apartment buildings.
http://www.cbc.ca/news/canada/british-columbia/west-point-grey-rezoning-1.4442289
why not go one step further by robbing the land owners and hand over the land freely to the freeloaders?
Many of the landowners *are* the freeloaders
Oh yeah? How so?
New Vancouver rentals coming to market! Thanks Vision for the great job! “A Craigslist post shows a 450-sq.-ft. unit being offered for $5,400 per month, and a two-bedroom for $6,600.”
Years ago, the city granted Onni a rezoning for the building with an increased floor space ratio (FSR) — meaning it could take up more room on the land it was located upon. The project was to be located in a zone that only allowed for an FSR of 5.0, but city staff recommended that the ratio be hiked up to 8.87 — increasing the buildable floor space from 150,000 sq. ft. to 265,945 sq. ft.
staff report: “the provision of rental housing advances a significant housing policy goal of the city since rental housing is affordable to a broader range of household incomes than home ownership.”
I once parked my van at an ONNI constrution zone that had been put On Hold.
It was the best use of this land in many months.
It is folly to build fixed housing to alleviate a short term problem. The govts at all levels know it, as i have been very vocal educating them. There is however an ADDICTION amongst the FIREworkers and plutocrats. Once they sign the paprrwork to bring in more Fentanyl to murder Quality Energy, they assign ever more Brokered international slaves to infuse with CRAPPY debt money, and dump ’em into Slumlord Welfare Financialized fraud mortgage Housing units..
It’s what we are good at!
Moonbeam and his gang should stop using the word affordable in Vancouver already. Quit dreaming in technicolor.
You need an audit for that? • China Audit Finds Provinces Faked Data and Borrowed Illegally (BBG) “China found some local governments inflated revenue levels and raised debt illegally in a nationwide audit, a setback for Beijing in its bid to boost the credibility of economic data after a run of scandals. Ten cities, counties or districts in the Yunnan, Hunan and Jilin provinces, as well as the southwestern city of Chongqing, inflated fiscal revenues by 1.55 billion yuan ($234 million), the National Audit Office said in a statement on its website dated Dec. 8. Of that, 1.24 billion yuan was from the Wangcheng district in the provincial capital of Hunan, where officials faked the ownership transfer of local government buildings to boost income. ” https://www.bloomberg.com/news/articles/2017-12-10/china-audit-finds-provinces-faked-data-and-borrowed-illegally Chinese are merely mimicking their ZogHerod pals in New York, Switzerland and London..Vatican.. Did… Read more »
Welcome to Communism…
Seems like the Gov’t is “cracking down” lol….lifting up the rug….and the rats are scurrying.
Seems like China is nothing more than a giant Ponzi scheme,..the only reason is hasn’t been outed is its Communistic lack of transparency. Likely the tip of the iceberg re fraud etc…much more to come.
China didn’t have to go to war to conquer once sovereign nations, it used the Trotsky school of infiltration,subversion and traitors from within.
New
180
Price Change
42
Sold
97
TI:8909
Thank you Paul for continuing to post these numbers. For a year-and-a-half now, I have been building some statistical models on the daily stats and have been making comparisons of various data outputs to the historical REBGV stats. One thing that has been very striking has been the “momentum” of the inventory. I would call this – the change in inventory during a month compared to historical trends. Since July, the market has actually been showing significant signs of weakening (not weakness but weakening) with October and November being particularly week. Looking at the first part of December, it has also been very weak, with inventory falling very slightly in a month where we should be seeing active listings falling ~100 listings per day. Where this really came out was in the gross number of listings for November. They were… Read more »
Try segregating regular inventory and land assembly inventory, see what you get for sfd. You don’t see total inventory dropping fast enough due to the part of land assembly listings extend to longer period.
“Hundreds?”
Dec 11, 2017
https://globalnews.ca/news/3901953/ndp-site-c-dam-decision/
dam, total cost raised to $10.7B
Dec 16, 2014
https://globalnews.ca/news/1728515/site-c-dam-announcement-expected-tuesday/
Construction is set to begin in Summer 2015, with a budget of $8.77 billion
In three years only 2 billion down the Crime Syndicate Rat Hole
Effen Assholes… is there anyone left in this province Not corrupt?
Re; Site C
Where’s Waldo…err Weaver?
My take from the news interviews is Weaver is not a person of principal, but a sheer unabashed opportunist aka a political whore. He could have stopped Site C, or at least delay it by playing the extortion cards he has .
Thus,….what ‘s his real agenda…simply political survival and create the properly worded PR referendum vote that is seriously skewed to increase Green MLA’s?
Weaver is a two face liar. Trust me on this.
Site C…news reports are it is going ahead…
Well, to be fair to the NDP they campaigned on a process to either stop it or continue it (after review). So no matter what decision they made they’d be able to claim it as a promise kept.
They campaigned that there was an option to cancel it. There really wasn’t. They knew prior to the election it was past the point of no return. There was no need for a new study. The NDP knew all along they would not cancel it. It was just another lie in the biggest election fraud in BC history. Anyone want to guess on how the housing studies will come out? More disappointment for NDP voters.
I believe the NDP on Site C. But I think they sold people out on housing.
Believe the NDP on what? Horgan said today he despised the project and would have canceled it if he could. He either knew prior to the election it was past the point of no return or he is incompetent for not knowing. You are going with incompetent I guess. I say he knew and is a lair.
I believe they wanted to reconsider the project.
I thought they would go ahead because decisions and government have a momentum unto themselves. It’s easy to say otherwise when you’re a backseat driver, but being the guy in charge brings with it responsibility.
I’m not convinced Horgan knew that cancelling wasn’t really an option.
Done.
SITE C FAIL
HOUSING FAIL
RIDESHARING FAIL
MINIMUM WAGE FAIL
RENTERS CREDIT FAIL
TOLLS — PASS
CAMPAIGN FINANCE REFORM — DEVIL IN DETAILS
MASSEY BRIDGE — WILL FAIL
REFERENDUM — WILL FAIL
OK guys, signing off for a long while. Some Morons will never get it! I know how this story goes over the next 18 months! Enjoy debating everything trying to figure things out!! By the way, Langley condos up 48% year to date! Half on NDP watch. Hahahaha
Why? Because of a bunch of flippers? So?
Again?!
Can I pick your new handle for when you come back tomorrow or later tonight? Sticking with the Greek theme, may I suggest Narcissus? Maybe Oedipus (cause you’re such a motherfucker) LOL
I up-voted that first comment…..
😉
The Referendum will pass because the bar is so low with 50% plus 1. The people who want change will show up in greater numbers than those who do not, which will push it over the edge.
On the No side they only need the Liberal vote and 10% to make it fail.
If the vote becomes politicized, as you point out, then the NDP will do likewise and their voters will rally in support, just to keep Horgan in power.
This is why changing democracy should not hinge on a 50% vote. People will be voting for all sorts of reasons, and a lot will simply be party lines. That’s INSANE.
They should have put the vote during the next election to remove that bias.
They’ve gamed the system so much that they are going to undermine public acceptance of democracy.
YOU fail with your bogus “News”.
ORACLE FAIL – You promised to leave the site….
How many of your bear morons can even graduate from Chinese high school? Probably 0 given the amount of intelligence shown so far.
When in Rome…do what locusts do…get someone to take the test for you.
Regardless, who cares…what does Mainland China Education Hive produce except knock off artists and money launderers.
China produce many if any Nobel Prize winners?
Suggest emigrate there and report back.
Typical response of morons who knows they and their pathetic spawns are beat.
Number of Nobel Prize winners? Seriously? Like that is actually an indication of anything useful? US has the most Olympic gold medals and overall medals, they are still one of the fattest, sickliest country in the world.
Why art thou in such denial…your terms of reference continually change.
The olde metrics re: education used to be 10% of Grade 12 graduates went to university…now the participation rate is around 90%……. likely fuelled by Asian Hive mentality of anti- Trades/pro university bias.
This resulted in increased demand for Trades whilst the college crowd is manipulated and plundered into high student debt and no employment prospects.
Absolutely. Plumbers, carpenters, electricians, framers, masons, etc. All in high demand because no one wants to get their hands dirty any more.
Regarding the PR referendum, Can the critics thinkers here chime in…
If PR passes, and NDP maintain 40% of the popular vote in the next election (likely less %), then some MLA’s will lose their jobs (or be appointed to cushy positions). So lets say 5 MLA’s lose their jobs…
With Site C passing, wouldn’t it be in the interest of these sacrificial MLAs to leave the NDP today after site c passes? If they stay, then one of 2 things is basically guaranteed for them:
Guarantees:
1) They are already told that NDP will make sure PR Referendum Fails so they get to keep their jobs.
2) The ‘losers’ are to be offered ‘Great’ Jobs at the expense of the taxpayer.
AND Don’t tell me Weaver doesn’t now this!
BREAKING NEWS: NDP Government cancels Site C Dam Project citing escalating costs and ongoing issues with First Nations communities; NDP also to award multi-billion dollar remediation contract to Aecon Group, a wholly owned subsdiary of CCCC International Holding Ltd
https://www.desmog.ca/2017/04/20/b-c-scales-down-energy-saving-measures-manufacture-demand-site-c-ubc-report
Hopefully they proceed. Then at least they will be ‘more forced’ to do something on housing as they will have broken all election promises except for bridge tolls.
you’re dreaming. at the end of the day, eby will get a nice pat on the back for putting in the effort but unfortunately when push comes to shove, he won’t succeed in shutting down all the illegal activity. it will also become pretty evident in short order that this administration won’t have the funds (and all the corp backing that Libs enjoyed) to carry out these delusional endeavours
BS.
On twitter, @ destinydawn (no space after @) puts out a link where Moe Sihota is basically a lobbyist for the LNG industry. Company name Woodfibre LNG. WTF????? He was working behind the scenes to get NDP elected. They wanted Site C all along. KaChing!!
Big $$$$$ flowing into foundations!!!
Moe Sihota probably did more to take down the NDP than almost any others combined. If the guy was white he’d be in jail.
Re Glen Clark…should add that this NDP weasel got off easy…moreso via the NDP passed legislation that had taxpayers fund Clarks legal bill…under the bogus auspices he was an “employee” of the public at the time.
So Horgans Lieutenants basically said that independent Power producers will also be needed as the Dam is going to take longer to complete than expected. A Date of 2027 is being tossed around now and they say they will need power in the interim. Can you say cost overruns batman??
Expect hydro rates to double. Told Father in law and he said he will just increase tenants rent to offset. Cant argue with that. Renters are going to face the biggest blow here.
Many Metro Vancouver homes selling for a loss
https://thinkpol.ca/2017/12/11/many-metro-vancouver-homes-selling-for-a-loss/
>>> i wonder if any of these sellers are deliberately triggering superficial losses and transferring real estate to “non arm’s length” parties to offset some of the capital gains made on other deals?
Told ya so,
What’s superficial about the loss?
market is quiet. perfect time to do some simple tax planning. i bet many of these way below mkt transactions are non arm’s length in nature and non change in beneficial ownership actual occurs but cap gains tax bill is dramatically reduced or eliminated altogether.
Money being transferred overseas or being transferred out of contract.. Example: A condo resale contract transferred $10K. Also $100K under the table (overseas). Thats why site like Juwai exist.
Why would off shore money be dumb enough to “invest” in a correcting market?
the money launderers don’t see local RE as an investment, but a rather a vehicle to move larger sums of cash. nothing further. New Coast and their clients were simply cycling funds in/out of the same handful of Richmond properties at whatever price they felt like
So you “suggest”; t’s over now, BTW.
new coast, nu stream and metro edge are still conducting the same bs among themselves. when the shtf a while back, they reorganized firm into separate entities to bypass the new RE authorities, double dealing restriction etc. by the looks of it most/all of the realtors that were put under microscope still in the business today and going about things as though nothing happened.
RE: Houses selling at a loss and money laundering.
Money launderers don’t care re: losses…they made their “fast” money and wish to make it look legit.
That said…if people are selling at a loss, should these sales have more CRA scrutiny aka red flags. Re: the ThinkPol article, one wonders why some houses are being flipped ( at least listed ) at a loss after being bought in many cases in 2016 and held for approx one year. Why not hold?…or their business model is simply try to pump and dump.
The article makes a good point that the buyers are perhaps cutting their losses ( first loss is your best loss ) and concerns re: NDP bring in a speculation tax.
No it’s not. Stop stoking false hope amongst the weary who are so beaten down they will believe anything
I’m just telling you whats happening. Either believe it or brush it off as a Realtor pumping housing. I don’t really care.
You’re such a cretin.
Fuck off
“i wonder if any of these sellers are deliberately triggering superficial losses”
A superficial loss exists when you sell an asset and buy the same asset back within 30 days. I highly doubt anyone is doing that with houses.
“Many Metro Vancouver homes selling for a loss”, ThinkPol
https://thinkpol.ca/2017/12/11/many-metro-vancouver-homes-selling-for-a-loss/
“Dozens of homes in Metro Vancouver bought in the last two years are currently listed to be sold for a loss as speculators appear to exit Canada’s hottest real estate market.”
“The whistleblower believes that speculators are expecting a significant correction in 2018, and are willing to even take a nearly 25% hit to exit the falling market.”
holy shit …
Told ya so.
This is definitely what the start of a crash would look like:
R2169543 6XXX BELLFLOWER DR RICHMOND $1,680,000 5-Apr-2016 $2,200,000 23.64
Imagine taking a $520,000 hit just to exit the market, that is insane. I guess since that house is probably only worth 600-700k they got off easy. If we’ve reached the big one, expect crashing sales volumes, and even crazier losses on the selling side.
Vancouver councillor wants to rezone West Point Grey for rental apartments
http://www.cbc.ca/news/canada/british-columbia/west-point-grey-rezoning-1.4442289
>>> lol…
How China’s politics are screwing with Canada’s real estate markets:
https://thetyee.ca/Opinion/2016/08/08/Chinese-Politics-Canadian-Real-Estate/