We have a very special Friday free for all to kick off the new year. This is our regular end of the week news round up and open topic discussion thread for the weekend, but this ones special because it comes on a Saturday!
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
[…] Bullwhip29 points out that BC Finance Minister Carol James has no plans to prohibit foreign buyers in BC. […]
[…] Southseacompany pointed out this article about rising interest rates around the world: […]
Finance Minister Carole James has no plans to prohibit foreign buying of B.C. residential real estate
https://www.straight.com/news/1016291/finance-minister-carole-james-has-no-plans-prohibit-foreign-buying-bc-residential-real
Even a broken clock is right twice a day….which is a better average than the perma bears on this site. Who knows maybe with the NDP in you might finally get everything to crash!
Dan Fumano: If foreign home ownership is a $45-billion ‘tip of the iceberg,’ Vancouver expert hopes ‘we’re not on the Titanic’
While some real estate industry figures maintain that local demand drives Metro Vancouver’s housing market, where prices across the region increased 65 per cent in the last three years, other experts say the new figures reveal a level of foreign ownership high enough to put substantial pressure on pricing.
Although last month’s StatsCan release represents a big step forward in understanding foreign property ownership in Canada, it doesn’t capture the full picture. Haig McCarrell of Statistics Canada told Postmedia last month the initial data release didn’t include, for example, condo pre-sale contracts or properties owned by foreign-controlled companies.
It’s unclear how many properties fit those descriptions, but, said McCarrell: “You’re seeing the tip of the iceberg right now, quite frankly.”
A 20 per cent proportion of foreigners owning higher-value condos is “a very high number” by international standards, and enough to “drive up housing prices for local residents,” said Manuel B. Aalbers, an associate professor of urban and economic geography at the University of Leuven in Belgium.
“There are very few, if any, other cities where the numbers are this high,” said Aalbers after reviewing Yan’s findings. Aalbers studied transnational property investment in six countries for his 2016 book The Financialization of Housing.
“Even a much smaller number — say five per cent — would already impact housing prices significantly,” Aalbers said.
Pokémon is to Cryptocurrency
As Fast Ferries is to ___________.
weed ?
MariHuana would works, there is an element of mind travel to it.
I was thinking how Fast Ferries were about leveraging your day job, yknow Wages.
These days leveraging balance sheets is the ticket. So the answer is HAM or HELOC Tourism
“Interest rates shoot higher amid worries the central bank easy money party is over”, CNBC
“The bond market is getting a wake-up call from global central banks that the post-financial crisis era of easy money and super low interest rates is coming to an end.”
“In what was a sizzling move for the Treasury market, the 10-year yield zipped higher Tuesday amid talk that the Bank of Japan could finally be ready to wind down its easy policies. The 10-year yield broke above the key 2.50 percent level and was trading as high as 2.55 percent, the highest since March.”
Why in the world would this get downvoted 7:1.
This is literally the comeuppance that we have marked the agonizing days waiting for.
IT’S HAPPENING PEOPLE
The ground is giving way, but the Wile E. Coyote Vancouver buyer, be they Asian or local, up-sizer or down-sizer, first-timer or investor, is still running upwards after that Roadrunner expectation of gains.
Ride the wind Vancouver – ride the wind. Smoke the Remax weed and together we can fly like a kite to the moon.
It’s been a few years since somebody brought up the Wile E Coyote simile! Ahh, takes me back!
A few people on VPN downvoting. Specku, Boomboobs, SIDS etc.
Those that want to invade and those locals abetting it.
And the irons aren’t anaonymous. They think they are but nope
Morons
BC’s real estate watchdog sues Real Estate Council for refusing to discipline Realtor
https://thinkpol.ca/2018/01/09/bcs-real-estate-watchdog-sues-real-estate-council-refusing-discipline-realtor/
Next to the chineeze, realtors are the biggest crooks that there are.
New
190
Price Change
16
Sold
67
TI:6816
Many new listing. Crash must be here.
Never thought I’d see this but small new houses on 4000 square foot lots just sold for $1 million in Chilliwack. Wtf!?!?
Close to Kincora golf course and they are right beside that trans mountain pipeline. Ask a realtor if you don’t believe me.
Foreign money buying all land in the valley. Locals in on the FOMO. Understandably.
Basically renters are priced out of detached in the ENTIRE lower mainland now. Wow.
Townhomes rocketing higher Inder FOMO. $700,000 townhomes in langley without a basement suite helper. Wow.
Where is EBY and Horgan? LMAO. Would be surprised if anyone who rents (except the totally stupid) supports them after this.
Here I was thinking I can buy in Chilliwack. The million dollar line went from East Van to Chilliwack in 30 months. Wow
BTW. I checked the lots out personally today.
I hope you check out for good today
Yeah. That fucker promised to leave. Why haven’t you checked out yet, Oracle? Remember that promise?
Shut up motherficker. And your not anonymous on this blog if you don’t use VPN. The server has so many holes that your picture is showing.
……. or you could simply stay in Surrey where there are over 70 homes listed under $800,000. Perhaps the new OSFI legislation will help you as prices are dropping the most in months on myrealtycheck.ca.
Surrey:
Average Change: -2.31% Up:20 Down:68
Overall $ Change: -12468113.00 Average Change Amount:-141683.10
Prices are set at the margin. One person overspends on a property and hundreds nearby go out of whack.
Short early and short often. That’s where there is money to be made.
You know so much, you must be making millions.
What does that mean
Well, that goes to show how stupid this has all become, doesn’t it it? Duh.
I see two detached listings in Chilliwack right now for around a million, one of which is 1300sqft on an acre whereas the other is 3100sqft on 1/3 of an acre.
Where’s this small house on 4000sqft then? I see R2226249 in the area you describe but that’s listed for $700K.
Would some hard facts hurt, just this once?
Solds right by the golf course. New development.
Was contemplating buying a lot and building.
No additional information then?
We’ll just have to assume you’re full of shit, as usual.
The illegal Richmond ride-hailing app that allegedly won’t take non-Chinese fares
https://globalnews.ca/news/3953538/richmond-ride-hailing-illegal/
>>> now it’s right out there for all to see … more bad press for the chineeze I sense a backlash brewing …
“The driver said the company running the app asked them not to take any Westerners, or, say, non-Chinese riders,” Qi explained.
Only beating with the shitty sticks is left, another lingo those lowlifes don’t understand.
more evidence that the new majority is perfectly content going about things without any regard to existing rules, bylaws or regulations.
“Guoqing Fu, the father, claimed on his #Canadian income tax return a worldwide income of $97.11.” But judge noted he is among China’s richest men.
http://vancouversun.com/opinion/columnists/chinese-legerdemain-taken-for-granted/
Where is the CRA!
Most people at the CRA couldn’t find their keys, nevermind money launderers.
They are totally incompetent. BC is a Banana Republic.
From the same SUN article: These representatives of China’s elite played fast and loose with the truth and treated provincial immigration programs and permanent residency requirements as mere annoyances
One compared having to spend the required qualifying time in her expensive residence to a jail stint.
They have amazing disdain for their hosts.. but they are parasites so it figures.
Question is why you following the laws???? The culture in Indian and China looks at laws as how to exploit them (loopholes). Schooled locals look at laws like a line to never cross.
Don’t know if it’s a function of schooling but local Caucasian renters are the most screwed on the new world in canada.
The next thread should be about “banning foreign ownership”.
Good: reducing price increase;
Bad: Boomers losing equity;
Ugly: Canada will be in recession
etc.
I count that as three goods.
A total of 135 individuals working in real estate spent more than $53-million at the casino that year.
Housewives, the sixth-largest group on the list of occupations, placed more than $14-million in bets.
https://www.theglobeandmail.com/news/british-columbia/bc-gaming-officials-flag-unusual-betting-in-casino-review/article37536398/
Thanks to all for the various stories,links and updates….
HOWEVER…These epiphanies and revelations are getting more and more depressing…..
When the SHTF it will be biblical in proportion/s.
The sad part is most of that money came from locals, not China…so the jokes is local morons like you.
btw, housewives are euphemism for me love you long time…so a lot of the money probably came from Abdul, Oracle & their buddies, and any so called “rent savings” from all the lonely bears like BPOM & his disciples. Which reminds me, it seems he’s been losing disciples recently….no more posts aside from Abdul…guess there is only so much one can take before they bite the dust and buy that 300 sq ft condo before being priced out forever!
Or maybe they got into those modular shipping container homes and there is no more free internet.
Wow….KTO…… you have issues.
The rug is getting lifted higher and higher and the foreign locusts are scurrying. The stories and anecdotes get more and more amusing…( and we are just getting started.)
Sure, locals shoulder much of the blame ( depending on how you define locals..as locusts can apparently camouflage under various designations ), but the locusts set the benchmarks..aka no locusts…metrics change dramatically.
Vancouver’s empty homes tax prompts audits, call to complete forms
https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=VG91135
Property owners who don’t declare by the deadline will have their homes declared vacant, will be fined $250 and will have to pay the tax at a rate of one per cent of the properties assessed taxable value.
The foreign absentee owners won’t take notice until the fines pile up and there’s a massive lien on their house when they try to sell. Depending on how good the enforcement is, this is very bearish for Vancouver house prices.
“The foreign absentee owners won’t take notice until the fines pile up”
The same party who gets the property tax bills will get the vacancy declaration. I really don’t think anyone who puts a million or two into RE would neglect to assign someone to handle property taxes.
A property tax lien is always first to be paid, even before a mortgage. The lien is automatic. I know some mortgages require the property tax to be paid to the lender in the mortgage payment and the lender pays to ensure the property tax is always paid up. With these new rules I bet anyone with a mortgage in Vancouver is going to have to prove there is no property tax lien every year.
I made a fair offer on a house languishing on mls with a insane price tag, they declined so I reported as a empty house
I’ll take “Things that didn’t happen for $200,” Alex.
STFU.
https://globalnews.ca/news/3953576/china-recycling-ban-bc/
>>> China does not want our garbage any more but we keep accepting their garbage?
Unfortunately with the likes of you, their garbage is actually improving Canada, as sad as that sound.
Green Party leader Weaver says B.C. needs to ban foreign ownership of real estate.
I guess I will vote green at next prov election.
New Zealand just imposed a ban on foreign real-estate purchases in a bid to rein in a runaway market where locals can’t afford to buy. Now, B.C. Green party Leader Andrew Weaver says the province should do the same thing
Of course, NZ has only banned purchases of existing properties, which has been shown to be ineffective in controlling prices in Oz. Smyth may be getting Weaver’s position wrong but I do hope the latter clarifies it. Weaver is certainly wrong about this:
“The problem is not the people who are coming here, the problem is the people who are not coming here”
http://theprovince.com/news/bc-politics/mike-smyth-ban-foreign-real-estate-purchases-weaver-says
I’m voting Green!
When did he say this?
Links? proof? Otherwise lies.
Five reasons the Bank of Canada might NOT raise its rate next week
http://business.financialpost.com/news/economy/heres-why-case-for-bank-of-canada-rate-hike-isnt-airtight
5 yr bond yields closed above 2% break point next up 3% by December
This will bring down the market. No need for government to introduce new housing measures.
whether it’s cosmetics, chocolate, bbq ribs, dried blueberries, vitamins or what have you, it seems there are always folks trying to bend the rules at Costco Bridgeport and this time it bit the company right where it hurts as Elizabeth Arden has now blacklisted the retailer from selling their merchandise going forward. what is to come of this store where many of the shoppers don’t even have legit memberships or even intend on keeping what they buy for more than a couple of months (or until a newer model is stocked?). will there even be a point of visiting this location if one can never find anything that is truly sold below typical MSRPs or a parking spot for that matter?
http://forums.redflagdeals.com/costco-west-bc-ab-sk-mb-jan-1-7-115-pics-2160345/
Scalpers need to get a life. I have a funny feeling that many of the Chinese scalpers aren’t legally allowed to work in Canada so they resell stuff illegally to make money. Just like the can collectors, or illegal ride share drivers, for some reason they don’t want to go back to China and work a normal job, so they stay here, live with their kids, and make money illegally. I’d imagine it’s extremely difficult for the CBSA to crack down on these dirtbags, but more needs to be done to charge and deport illegal foreign workers.
Then stop going there?
Mega mansion propels farm lot from $88,000 to $8.3 million
http://www.richmond-news.com/news/mega-mansion-propels-farm-lot-from-88-000-to-8-3-million-1.23138830
A newly-built, farmland mega mansion, owned by a shell company, has driven a 26.6-acre lot it sits on from an assessed value of $88,000 to $8.3 million
Bad info…yellow journalism
The lot did NOT sell for $88,000..they simply qualified for Farm Status..which in essence artificially lowers the price for the purposes of applying the mill rate
. By virtue of this it is clear the land is being farmed.
B.C. gaming officials flag unusual betting by ‘housewives’ in casino review
https://www.theglobeandmail.com/news/british-columbia/bc-gaming-officials-flag-unusual-betting-in-casino-review/article37536398/
“It’s incomprehensible to me why that didn’t result in further investigative work, and attempts to ensure that people demonstrated where they got the money from,” Mr. Eby said.
I thought Eby had promise when he was running but it looks like he will spend the next 4 years pointing fingers and not taking any significant action. This casino issue could have been fixed already. Enough of the studies and grand standing. Time to actually do something. Eby you are no longer in opposition you are the government.
“A Star Wars warning for central bankers: Economically speaking, the Force is not with you”, Financial Post
“Central banks are the financial world’s Darth Vader, creating asset bubbles that will eventually explode and cause the very deflation they are trying to avoid.”
“Here in Canada, our equity market is significantly lagging the U.S. thanks to our exposure to the bursting of the commodities bubble in July 2014. However, low interest rates and a shadow banking market that has grown to more than half the size of our traditional banking sector have created a new level of euphoric wealth in Canadian housing. As a result, households in Canada are undertaking exactly what our southern neighbours did leading up to the financial crisis.”
The illegal Richmond ride-hailing app that allegedly won’t take non-Chinese fares
https://globalnews.ca/news/3953538/richmond-ride-hailing-illegal/
“…as the provincial government discussed the future of ride-hailing in British Columbia, seven illegal ride-hailing services were already up and running around the province. Five of them were operating in Richmond alone…”
Uber and Lyft are coming…..why fight it?
😉
They have ride-sharing in freaking Ottawa and Toronto…and society hasn’t collapsed.
😀
Just do it already, Premier Horgan….
The BC Housing scandal of a year ago where the developer was given a loan at basically 0% interest to build luxury condos has been swept under the rug by……..drumroll…..NDP.
Now it’s their turn to loot.
Hey Burnabonisn, here are the side effects of easy money and money laundering in BC. Still believe we are better off for it?
Million-dollar line of detached houses spreads like wildfire across Metro.
Almost three-quarters of the single, detached homes in Metro Vancouver are now assessed at $1 million or higher, a 50-per-cent increase from 2014. And the “million-dollar line” has spread deep into the suburbs.
Hey, but we have a booming economy. We should be grateful, right?
I DON’T THINK WE SHOULD HAVE. But sadly, yes I believe that we are better off for having done it. Our elites chose to pull the wool over our eyes and look the other way for all those years and they apparently had their reasons. And we as a people went along with it while our assessments climbed and our streets filled with supercars. Fast forward to 2018 and the political teams have changed but the status quo has not. So the oligarchs still seem to have their reasons, possibly mostly denominated in 20’s and 50’s. Unfortunately there is nothing that we can do about that now. We tried to vote out the bad ones only to accidentally vote in more of bad ones. Oops; that’s all they had on the ticket. What was there to do. But you asked… Read more »
PS let’s all remember that this story is not over yet. Nobody knows for sure where this is going but I have a guess. And it turns out that my guess is the same as the prediction currently being made by our Attorney General. BPOM posted this and I will repost it because everyone here should stop what they are doing and read it: http://davidebymla.ca/wp-content/uploads/sites/14/2018/01/Transparency-International-Speech.pdf I have no idea whether Eby (who bleated about the same things VCI and VREAA does while he was in opposition but then was given the reigns and melted into the background) will fix it himself. But I do know for sure that this insanity is temporary. It was created by an accident of macro capital flows seeking jurisdictions around the world that are too embarrassed to call out organized crime for fear of offending… Read more »
Organized, Financial crime families, operating in Secret. Of an order of magnitude that can be described as Nuclear Explosive.
We are now having to deal with the fallout … the radioactive financial ashes floating down on Assets … throwing things Out of Balance.
God help us
You are absolutely not better off for it. You are deluding yourself. We sold the city, and we will have to leave it altogether if we don’t stop this madness.
What good is money in the bank if you cannot buy much with it?
In life you have to take a bit of bitter medicine to get better.
Housing has become a major disease, it needs curing.
And no, it is not just a minor inconvenience, it is a major crisis.
Delusional.
Every one can salivate. Talk is cheap. Now you know everything to make it better, what are you gonna do?
Exactly.
To use your metaphor, we are just about to be hospitalized.
Talk to me in a few years when the cycle resets — as all cycles do.
I feel your desperation; I was there too once. Afraid that it was somehow permanent.
But that’s the thing. It cannot be permanent by definition.
That’s the side effect of everybody wanting to jump into the markets or hold onto the properties they already own even when they no longer wish to reside in them because, hey, real estate is a good investment that always goes up!