Mostly wrong for more than a decade.

A comment from Ulsterman to kick off the new year:

Well, it’s been almost 15 years of being wrong about this market. Yup, believe it or not back in 2003 people thought prices were too high. Yes, it’s comical now, but at the time when you watched a Commercial Drive condo go from 80k to 115k within a year, people were worried about buying at a peak….

Anyhow, 2018 certainly looks like there are many factors aligned against rising prices:

1) SFH prices have already been falling
2) rates are rising
3) more restrictive lending
4) a kinda/sorta foreign buyers’ tax
5) the upcoming stress test
6) insane debt levels

What i have learned through bitter experience is that the LM market can be incredible resilient, so i won’t get my hopes up for a really significant drop in prices, but i genuinely do think SFH’s will be cheaper a year from now. Will it make a difference to me? Unlikely.

Good luck to all of you in 2018!

Sort by:   newest | oldest | most voted
Boombust
Guest
Boombust

Ulsterman was never wrong. Just early in his call. After all, how was he to know the lengths the establishment would go to keep this party rolling. It’s all over now, though. They have run out of bullets.

Specuskeptic
Member

As much as I’d love this to be true, I’ve seen too many bullets come from the nether regions of policy makers…

history
Guest
history

He was right about RE, he just had the place wrong.

In other news i notice RE is going up higher on Vancouver ISLAND, a delightful green crickie of a place, full of elves and toad stools, lucky charms on every street. Perfect corner of the world to build your Bastian, throw up a perimeter fence and add a security system. Apple, Amazon, or Aramco exec. will be along in a minute. Throw a football over the fence, and for shits and giggles, see what they do with it.

Me too
Guest
Me too

I heard tonight that at some fundraiser Xmas party that John Horgan was caught stink fingering Andrew weavers cork-hole … bizarre for sure fact or fiction who knows. On another note Cristy Clark just sold her Mount Pleasant house/ cashin in

Joe Money
Guest

As David Madani said – don’t look for rational triggers for an irrational market.

southseacompany
Member
southseacompany

“Outlook for Vancouver’s housing market in 2018”, BNN

https://www.bnn.ca/real-estate/video/outlook-for-vancouver-s-housing-market-in-2018~1293557

“Steve Saretsky, realtor at Sutton West Coast Realty and founder of Vancitycondoguide.com, joins BNN to discuss his outlook for Vancouver’s housing market in 2018.”

Muri
Guest
Muri

Steve Saretsky is a joke. He was crying ‘the sky is falling, the sky is falling’ when the foreign buyers tax came in. I had the misfortune of listening to him. He panders advice to what is happening without having any in-depth knowledge to back it up.

patriotz
Member

I don’t know who “people” are but in 2003 I didn’t think prices were excessive nor am I aware of informed opinion saying so at that time. 2005, yes.

Those in 2005 who believed prices were out of line with fundamentals were proven right in 2008 when prices started falling more rapidly than in most US markets. Then you had a huge cut in interest rates which is the most important fundamental. If I’d known this was coming I would have had a different view in 2005, but of course if you could predict financial markets in this way you’d be the richest person on the planet.

So really we’re looking at a bull market starting in mid-2009. Can the factors supporting it continue indefinitely? I doubt they all can.

Bag it and tag it
Member
Bag it and tag it

I do recall in 2003 think things were getting crazy considering prices hadn’t gone up in so long, then shot up about 30% in a year for condo’s at least (I don’t know the actual %)…at the time I felt it was likely prices would correct a bit…got that wrong!

history
Guest
history

Everybody is smoking the hopium, mon

The truth is that no one on Eart does the Indoors as good as Canada . We are especially good at productive endeavours when the windows are shut, the climate is controlled, the lighs are timed perfectly, and the circulation is optimized.

Our RE money maker is a well oiled machine that has excelled in a secret finance world, unrestricted is our motto. If it goes bust, we must identjfy the culprits. They will need coddling and confidence boost.

To this end, a gigantic Mecca is made Vancouver. We need to get back to the Country. When this pans out and the population rises, make it a fixture in Bustland.

Abdul Lahazi
Guest
Abdul Lahazi

Buy marijuana stocks.

history
Guest
history

Mari-WHooWAAAAAna

Canada Global Corporate headquarters.. mon

Are you ferling FOMO, brother Bob? Prahna, Ganja and Dreadlock, Ayurvedic law*yers here to help

Abdul Lahazi
Guest
Abdul Lahazi

MJ stocks getting “higher” every day …

kabloona
Member
kabloona

Weed stocks….yet another bubble

😉

Abdul Lahazi
Guest
Abdul Lahazi

GT’s 2018 predictions:

“8. BC’s leftie government mistakenly brings in a speculation tax while doubling the one on foreign buyers. The stealth collapse in Lower Mainland detached real estate values accelerates.”

>>> hopefully this happens ….

Doomcouver
Guest
Doomcouver

I’m really hoping for a 30% FBT province-wide and an anti-flipping tax. Hopefully the NDP don’t realize these measures would pop the bubble and they implement them. If they knew how big the bubble was there’s no way they’d be implementing curbs on speculation now, it’s political suicide.

Just me
Guest
Just me

I disagree. It would have been political suicide 10 years ago. In 2018 it is the only way for them to be re-elected. If they do nothing significant on housing, they will be booted. Homeowners did not vote for them, and they will not in the future.

patriotz
Member

“Homeowners did not vote for them”

In rough numbers – let’s assume 2/3 of renters in metro Van voted NDP (I think even for renters there are 1/3 who wouldn’t due to the usual reasons – social conservatives, hate unions, etc.). Renters are 35% of households so renters voting NDP amount to 23% of votes cast. I think the NDP got about 50% in metro Van. So the other 27% came from owners.

Just me
Guest
Just me

Any of the “owners” who voted NDP are people who have no land, just condos. And want to upgrade and move up. They need lower prices just as much as renters. For practical purposes, it would be political suicide for the NDP to ignore their voters (a majority of whom are renters or families in need of more space). If they try to please landowners, they are politically screwed.
I, for one, would never consider voting for them again if they don’t come up with serious measures to counter money from Asia.

Doomcouver
Guest
Doomcouver

Wanting lower house prices so you can move up the property ladder doesn’t make much sense unless you have a lot of equity, and don’t care about taking a massive write-down. Buyer sentiment will be a lot different when the wealth effect does a 180 and their wealthy mindset changes to poverty-stricken. I doubt they’ll be as enthusiastic about buying more house during a meaningful correction, just look at what happened to American millenials after 2008, there was a surge of appetite for renting, and much less for buying.

kabloona
Member
kabloona

Yeah, I’m totally down with that….

😉

Burnabonian
Guest
Burnabonian

Constantly in moderation.

Tried a few iterations to see which words might be triggering the SPAM filter.

Abdul Lahazi
Guest
Abdul Lahazi

only publish one url link per post. With more than one it seems to go to moderation.

Burnabonian
Guest
Burnabonian

No URLs for me.

Fortunately myself and the other 4 remaining bears in Vancouver basically form the world’s smallest echo chamber anyway. My comment literally does not matter.

I think that if 2017 taught us anything, it’s that a herd of stupid animals will convince itself to run off a cliff faster than you can say “Brexit voters love Donald Trump’s new yacht Boaty McBoatface”.

Beware, home equity “millionaires” who believe that if the crowd is large enough it will speak only truth and be capable only of upwards momentum.

Recall that you are using precisely the same logic as the Bitcoin “Billionaires”.

BTC is a panicked herd of millennials buying fake gold based on a groupthink fantasy about new normals and fundamentals no longer being fundamental.

Vancouver RE is the same thing but with baby boomers.

Doomcouver
Guest
Doomcouver

I’d be willing to bet this is an unintended yet foreseen consequence of not having the FBT on the island: http://www.timescolonist.com/business/real-estate-assessments-on-island-skyrocket-1.23133602 . Let’s hope the NDP brings in some meaningful curbs to speculation province-wide in February, otherwise the bubble may continue to grow unimpeded.

Just me
Guest
Just me

Without political intervention, and taxation of foreign money flows, this p[rice ratcheting up will continue (with occasional but meaningless pauses) until Vancouver and BC become a resort for Chinese millionaires.

Doomcouver
Guest
Doomcouver

I can’t see that happening long-term. Interest rates and maximum debt are hitting the breaking point now. The Chinese story is ending (look at their stagnating GDP numbers), and new capital controls mean the exodus of cash from China will be ending at least over the short term.

Even if your assertion is true housing affordability is becoming more and more important to the electorate. The NDP upset last election was almost entirely because of Liberal inaction on housing. When locals start getting hit with higher interest rates and poorer job prospects, they’ll be forced to either demand change or become homeless. It will be like the 1%er movement, except more angry and desperate.

patriotz
Member

” When locals start getting hit with higher interest rates and poorer job prospects, they’ll be forced to either demand change or become homeless ”

Actually this applies much more to homeowners than to renters. They are far more in debt, and a 1% or 2% increase in rates affects payments more because mortgage rates are a lot lower than consumer loan rates.

And there are a lot more of them. That’s the tightrope any government has to walk.

history
Guest
history

Problem with your “government doing something” spiel

… they ARE the problem.. Show me Even One sniveller who hasnt personally Heloced their shithole? .. and many, many times too.

KickThemOut
Member
KickThemOut

The scariest phrase is “I’m from government and I’m here to help”. No, government never solves any problems, they just make things worse. If anyone says that, run away from that person as quickly as you can. Unfortunately this is Canada. In US, there are quicker and more permanent solution to this problem.

history
Guest
history

In the Age of Aquarius, who is the government?

Is it you?, me? The gang down the street? The queers? Is it even known?
One clue tho: whoever is Generous.. they will govern

So, according to the Tulips whispering on the Horgan, Space, our Newest Trusted Member, you are 100% wrong. But like Ulsterman, and the Ottawa Sniveller, there is a problem with Timing. We have within our current government the Wrong People, inappropriate for Generousity.. due to their ignorant greed and hedonist afflictions

Bag it and tag it
Member
Bag it and tag it

Thanks for outing yourself as the vote hacker

Just me
Guest
Just me

Th3 NDP has no tightrope to walk. If they don’t take measures to significantly reduce house prices, they will not be re-elected. Vancouver voters have one priority only: house prices. And they made it clear in May 2017.

Burnabonian
Guest
Burnabonian

YOU GET A PRIZE

Doomcouver
Guest
Doomcouver

This is correct. Not fixing the housing affordability crisis will promptly get them kicked out of power.

Also, I do not agree that the government can’t make housing more affordable. They generally don’t because their measures are imprecise and short-sighted, but intelligent oversight by the government would help to curb market speculation and land-hoarding.

patriotz
Member

Governments (provincial and federal) know perfectly well how to bring housing prices down. The reason they only take half measures (if any) is that they believe most voters don’t want lower prices.

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-tried-a-speculation-tax-on-property-and-the-market-collapsed-overnight

Just me
Guest
Just me

Agreed. Now is the time to start acting. If the NDP do not do it, they are just as bad as the Libs. Period.

Oracle
Guest
Oracle

Have a plan B man. Talked to an NDP party insider on payroll about how they are deserting their base who voted for housing and his response: A shrug and a who cares look.

Just saying. Have a plan B.

history
Guest
history

We are fascist anyway, BC politics is a façade to cover Family based economic system. You tell us stories right out of the Prince, by Machiavelli

Lost....but not leased
Guest
Lost....but not leased

My MLA used to be that Fat B*tch LIBERAL L$nda Reid….oink baby OINK..BC most useless MLA.

Longest serving MLA….sits on her fat @ass….either ignores you or deleted e mails….

OINK OINK is a double entendre re HAM..hint hint….

Doomcouver
Guest
Doomcouver

If rent gets significantly more expensive plan B is leaving the province. This isn’t a luxury everyone has.

Bubble
Guest
Bubble

Price reduction:

309 2565 Maple Street, Vancouver, BC V6J 1Z4
$2,488,000 2017-11-03
$2,188,000 2017-11-29
$1,998,000 2017-12-13
Overall Change= -$ 490,000.00
Percent: -19.69

Burnabonian
Guest
Burnabonian
Thirteen hundred bucks a square foot to live nowhere. Cheap because we first tried for sixteen hundred. HA! Because let’s all remember that Kitsilano is NOWHERE. Kitsilano is hard to get to and hard to get out of. It does not have economy, transport, industry, or development. It does not have art, culture, density, vibrance, or tourism. It is literally a dead quiet MILF suburb full of mostly unremarkable postwar stick frame houses on a useless jut of land. It is bounded by endless kilometers of equally bland suburbia. The people who built Vancouver knew this and abandoned Kits to dirty hippies and students. Why would it cost more to live there than Manhattan or Beverly Hills, you might ask? For the same reason that one Bitcoin costs as much as a Honda Civic. Because of a stupid herd of… Read more »
Doomcouver
Guest
Doomcouver
In the past decade, House prices in Vancouver have become a Veblen good. What that means is people want to buy houses in Vancouver because most people can’t, and in doing so the prices have uncoupled themselves from intrinsic value. I think most people, even bears on this blog, underestimate how massive the crash could be from peak to trough. Detached homes in Vancouver could literally crash down to sub-400k prices, erasing 15 years of price gains in the process (~ 80% loss in value). Many people claim that immigrants, or locals that were previously priced out would buy in before that happens, but think about how many real estate agents, construction workers, bankers, and other jobs would be taken out of the buyer pool. Our prices will only find a stable foundation where locals, working non housing related jobs,… Read more »
Burnabonian
Guest
Burnabonian

Spot on.

We all suffer — bulls and bears alike.

Our family and friends suffer.

Our employers suffer.

And the negative consequences echo back and forth for years in a downward spiral.

It has happened lots of times before and the bubbles then were a tiny fraction of this one.

NDP were the same mind you…

Lost....but not leased
Guest
Lost....but not leased

MILF?

………………..you mean “MOTHER -I -LIKE to FRAME” ?????

Just me
Guest
Just me

That very unit cost 1.34 million as a pre-sale circa 2014/15. I have actually still the brochure at home.
These flippers are delusional.

Doomcouver
Guest
Doomcouver

https://www.cp24.com/news/arson-suspect-sought-after-car-set-on-fire-in-driveway-of-east-york-home-1.3742123
Did one of you do this? There are more constructive ways to get revenge on housing speculators you guys. :-3

Lost....but not leased
Guest
Lost....but not leased

FYI : if it happens East of Fernie BC….Nobody cares…

That said…the guilty party is one of the posters on this blog…
….they have been contacted and informed they will be exposed unless they give a generous donation to the 4Q “NDP -GREEN” PARTY LYING BASTARDS potluck dinner…

Hyper-mega-Bull
Member
Hyper-mega-Bull

if you’re wrong for more than a decade you don’t understand the market and your predictions are worthless.

Shut It Down Already
Guest
Shut It Down Already

Especially when that condo was $115K.

Oracle
Guest
Oracle

Bingo!

OSFI mortgages changes not going to put in a dent.

NDP has its base wrapped around it finger. When they announce nothing next month, the base will say “but wait it’s coming “.

The core issues are not even being talked about.

Doomcouver
Guest
Doomcouver

Claiming to know when the housing market will crash, and asserting it WILL crash are two very different things. The former is foolish, the latter is a logical conclusion based on historical data and the behavior of debt-fueled asset manias. Additionally the resiliency of a bubble isn’t proof it doesn’t exist, and the lack of a meaningful correction within the housing price cycle should be a red flag that our house prices are in danger of a very severe correction.

Burnabonian
Guest
Burnabonian

HODL! HODL!! HOOOOOOODDDDLLLLLLLL!!!!!

Joe Money
Guest

The amount of money conjuring by central banks in the last 15 years is historically unprecedented. The world’s money supply has doubled in the last 15 years – a scale not seen in history.

Such an intervention, and resultant asset inflation, would have been difficult to predict, as it was, after all, unprecedented.

Ulsterman understood very well what “the market” would do under non-interventionary conditions. What he… or me, or many others didn’t understand was the extent to which central bankers would collude and print money in order to save the financial system, regardless of the massive amount of asset inflation that would result.

Burnabonian
Guest
Burnabonian

You are correct.

Oracle
Guest
Oracle

Right. And Edmonton prices are the same as Vancouvers. Face palm.

Joe Money
Guest

Truth is that from 2000-2013 Edmonton home prices rose 178%, while Vancouver’s prices rose 159%.

While Vancouver’s home price are higher, since they started out higher, Edmonton’s prices actually closed the gap during that time.

http://www.torontocondobubble.com/p/canadas-housing-bubble.html

From 2000-2013 home prices rose in ALL 20 major Canadian centres – many at a higher rate than Vancouver.

This was a Canada wide phenomena.

Abdul Lahazi
Guest
Abdul Lahazi

So Oracle proves yet again he is no Oracle.

Shut It Down Already
Guest
Shut It Down Already

It also puts a bit of a downer on your ideas about foreign money.

Burnabonian
Guest
Burnabonian

Ring the bell Charlie we’ve got a winner.

Specuskeptic
Member

See Joe Money’s post above Boracle? Data, citations, and sources and not “I’m hearing” and similar bullshit. Welcome Joe *claps

kabloona
Member
kabloona

There was a housing bubble in Saskatoon, for Pete’s sake!

😉

Saskatoon!!!

Best place on meth
Member
Best place on meth

How did Edmonton compare to Vancouver since 2015 when china ramped up their crackdown on corrupt officials?

You can find out on Teranet, let us know what you discover.

Oracle
Guest
Oracle

No hope for some here to understand. Smart people like Doomcoover and Patriotz keep leading the sheep astray by reinforcing why they want to believe. Doom “hidden bull” cover winning so far.

Doomcouver
Guest
Doomcouver

I’m sure that made more sense in your head.

Bubble
Guest
Bubble

More delusional sellers:
1512 WESTERN CRESCENT, University, Vancouver West, $15,880,000.00

Sale Date
February 20, 2014
Sale Price
$9,500,000

Sale Date
February 9, 2006
Sale Price
$3,368,000

Doomcouver
Guest
Doomcouver

If I believed that double digit per year price appreciation is normal and sustainable in Vancouver, I’d be listing for at least 16 mil. Heck I’d go full Chinese and list for $88,888,888.88 . It’ll be worth at least 100 million in another 10 years so you’d be getting a sweet deal…

Burnabonian
Guest
Burnabonian

Two sales 8 years apart yielded a $6.1MM gain.

Appreciation = x2.82 per 8 years.

At 24 years after purchase it’s a $213MM property.

At 32 years it’s $600MM.

By 2054 it’s a cool $1.6 Billion.

I would like to be a billionaire in my lifetime; it is one of my goals.

If only I had been decisive and snapped it up in 2006 for $3MM.

Doomcouver
Guest
Doomcouver

Yeah man, ride the exponential growth. Because as we all know, exponential growth in house prices is now the new normal, and will continue into infinity. Don’t listen to all that “parabola” talk. They’re just jealous that they don’t be billionaires in another 30 years.

Burnabonian
Guest
Burnabonian

The highest concentration of Trillionaires is in Zimbabwe.

Second highest is Kitsilano.

Lost....but not leased
Guest
Lost....but not leased

If true….Zimbabweans should be contacted by NuCoast realtors…

…………………unless Stan Winstons’ heirs have perfected F/X to camouflage 7ft Africans as 2.99 ft. tall Rickshaw drivers…..

Remember if your RE holdings are in midst of SHTF zone……repeat the mantra that in Metro Vancouver “……you can ski in morning..go to beach in afternoon…club at night…and jerk off to Michael Campbell’s latest horseshite unicorn -and -rainbows report” .

patriotz
Member

“Because as we all know, exponential growth in house prices is now the new normal”

Exponential growth in all prices has always been the normal.

patriotz
Member

OK, except computers and the like but the overall price level has always grown exponentially.

Burnabonian
Guest
Burnabonian

Price growth is normally linear.

What grade are you in son?

patriotz
Member

Oh you’re funny. Your homework assignment is to express a price increase of 2% per year in the form y = a + bx (that’s the definition of linear for math challenged types).

Lost....but not leased
Guest
Lost....but not leased

Linear…shminear…

Can one film RE related PORN movies with or without Air BnB…????

Example; Nu Coast dressed as Unicorn AND $#@%^-ING Bob Rennie….

……………the MATH becomes redundant

Just me
Guest
Just me

Linear in logs?

Lost....but not leased
Guest
Lost....but not leased

What’s the base reference of yer logarithms ???

Natural Logs……………. or otherwise?

Doomcouver
Guest
Doomcouver

We’re getting into the weeds on this one. What I mean by exponential growth is exponential growth beyond inflation. Inflation grows exponentially. Thus you are right even in a “normal” market where the price of housing roughly tracks inflation, your home will appreciate in price “exponentially”, although in real terms the value may be staying the same. What’s abnormal is exponential growth in the inflation adjusted value of a home, without any changes to “permanent” fundamentals like wage growth.

history
Guest
history

This thread reminds me of Power Growth law, which showed up in the global demographics during the early 60s. The 911 of that time was a bullet to JFKs head, to move the growth rate back out of Power law. The nastiest HELOCers of our time comes from from this era

Oracle
Guest
Oracle

Prediction:

1) NDP does nothing significant in housing next month. What it announced won’t be effective until after the referendum.

2) incomes taxes will rise next month and rents will continue rising massively.

3) prices will resume upward trajectory especially in valley after even the die hards realize that NDP not going to do anything.

Lost....but not leased
Guest
Lost....but not leased

NDP will hire dyslexic people to work under Selena Robertson..
They will unwittingly tax the poor and subsidize everyone else.

Andrew “Hot Air” Weaver will bunker down in his Villains lair and watch James Bond movies

Doomcouver
Guest
Doomcouver

I’m hoping Andrew Weaver holds the NDP’s collective feet to the fire. In my opinion the Greens have the most to gain if the housing market implodes in on itself. If I was him, I’d be exploiting that.

Just me
Guest
Just me

I tend to agree that the Greens might be the reason why the NDP will have to take action.

Oracle
Guest
Oracle

naive. watch in 30 days.

Doomcouver
Guest
Doomcouver

Don’t confuse naivety with cautious optimism.

Oracle
Guest
Oracle

You are so correct. Weaver will be groomed to be “The Next Saviour” of the people concerned about the housing crisis.

The people simply don’t realize that they’re being played by the 3 parties.

Raymond Wong
Guest
Raymond Wong

Don’t be surprised if one of these days, the first baby born on Jan. 1st will be from birth tourism.

history
Guest
history

A guy killed his two daughters in Victoria on Chritma day.

KickThemOut
Member
KickThemOut

How egotistical must you be to spend all that $$$$ and time to do a self-promo film like this?

https://youtu.be/Ynn4TegBrfw

Doomcouver
Guest
Doomcouver

Jet Li must have made some serious money producing this film. This is the definition of a vanity project. Also Jack Ma looks like the ugliest cave troll I’ve ever seen. What the hell is wrong with his face?

paulb
Member
Active Member

New
123
Price Change
21
Sold
85

TI:6689

http://www.clivestevepaul.com

Shut It Down Already
Guest
Shut It Down Already

6K party!

Just me
Guest
Just me

Does it make you so happy that the inventory is crashing? How do,you,profit from it?

Shut It Down Already
Guest
Shut It Down Already

I don’t profit from it. I’d like to see lower prices but I also understand the market and am realistic about what might bring them. Currently the greedy locals are still tripping over themselves to own multiple properties. It’s now apparently the norm for those moving up to keep their old residence as an investment. I wonder why that might be….

oncebittwiceshy
Guest
oncebittwiceshy

However, the last two weeks of December saw sell/list ratios running from 120% to 527% so it would look like a lot of that rush has abated. http://www.robchipman.net/

bestplaceonearth
Guest
bestplaceonearth

You have $60k in saving and you did not buy your first condo! You hang out with the naysayers too much.

Just me
Guest
Just me

I guess I don’t want to pay commissions to people like you.

Bestplaceonearth
Guest
Bestplaceonearth

You don’t have to. You can represent yourself during the buying process. But, your stubbornness and negative attitude bring you the failure and misery. I am not a realtor by the way. Why don’t you try getting to know a good realtor? I can recommend someone if you unfortunately don’t know one. You don’t have to be afraid of them. They are just people like you and me.

Just me
Guest
Just me

I will go to NuCoast and hire one of those guys, first thing tomorrow.
They are just people,like everyone else, right? They don’t. Cheat and lie more than your average person.
Thanks for your life lesson, I shall treasure it.

best place on earth
Guest
best place on earth

You won’t go far with your miserable view.
My average person? Knowing how to cut-and-paste a few links here does not make you high above everyone else. I wonder how you had survived at the year-end parties (if anyone invited you).
You are most welcomed for my life lesson. You should treasure it; I hope, you will not learn the hard way down the road.

Oracle
Guest
Oracle

My biggest laugh comes at the people who have good sentence structure and grammar and think they are smart. lol

Specuskeptic
Member

My biggest laugh comes from people who promise to leave the blog but then keep posting…. for years. Also, liars…. and sock-puppet masters (same thing as lying, but with a little bit more panache and cowardice).

Just me
Guest
Just me

Thanks for your wisdom.
My only advice to you: there are free ESL classes. Consider attending some.

best place on earth
Guest
best place on earth

You have a lot to learn: nothing is free. It might be free to you, but it costs something to somebody else. You need to spend more time on the street to learn more of real life. You hang out here too much with the landless and it destroys your mentality.

Hibernating Renter
Member
Hibernating Renter

60k? If I only had 60k in savings I’d be on rice and beans until I had a proper emergency fund.

Oracle
Guest
Oracle

is it a coincidence that those in this blog are 100% wrong about the direction of the market. Some are naive and get played by the smart folk here. Nothing has changed the direction of the market. Townhouse approaching 700K in langley.

Yeah, you’ve effectively priced yourselves out of the valley now. Good for you.

Doomcouver
Guest
Doomcouver

When has anyone given you a specific time when the market would change direction? It IS a big fat bubble, the biggest in our country’s history, and it will correct. No intelligent person would be able to tell you with confidence when that will happen however. Could it go on another 100 years and outlast all of us? Although I’ll concede it’s possible, I’d give that outcome 1 in a billion odds. There’s almost nothing holding the market up at this point other than low rates and investor house-lust. The political climate is becoming increasingly hostile towards the housing crisis as well. The electorate won’t put up with it much longer, they’re on the cusp of a full blown revolt.

bestplaceonearth
Guest
bestplaceonearth

listings usually spikes from January here on. Let see if that is the case this year.

Oracle
Guest
Oracle

Listing won’t reach 10K. Why? (1) Housing boom coming after next months budget, (2) 400 K immigration, (3) off mls sales

KickThemOut
Member
KickThemOut

Obviously a sign of supply glut and sellers panicking and going to sell for pennies on the dollar to the bears on this blog! 2018 is the YEAR of BEARS! Rights!?

Burnabonian
Guest
Burnabonian

Nobody knows when it’s going to happen but we all know what is going to happen.

Bulls know too. That’s why they come here. Their fear presents as anger.

Bears are here to vent while we wait.

Bulls are here to rail against the inevitable like a crazy old man screaming at the tide.

Burnabonian
Guest
Burnabonian

Tide comes in
Tide goes out
Tide comes in
Tide goes out

Tide comes in

HURRR HEY GUYZ LOOK THIS TIDE IS SO HUGE IT CAN NEVER GO OUT

FLOODED STREETZ IZZ NEW NORMAL

THE OTHER SIDE OF THE OCEAN HAS AZIANS

THEY MUST HAVE DONE IT

THIS PROVES IT WILL NEVER CHANGEZZ

HURRRRRRRRR

Just me
Guest
Just me
Cannot resist reposting this (brilliant comment to a CBC political article): The Liberal Dream team : Prime Minister of Canada: Justin “Jailbird“ Trudeau -This tax-till-they drop PM convicted of 4 ethics violations …GUILTY! Deputy Director of Operations: Claude-Eric “hands-on” Gagne – Under investigation for “inappropriate behavior” …GRABBY! Minister of Foreign Affairs: Chrystia “banned in the USSR“ Freeland – Kicked out of a G8 country, how’s that work for FOREIGN affairs? …LOL! Liberal Fundraiser Stephen “paradise papers” Bronfman – Hid millions in an offshore trust by “accident”…BALONEY! Minister of Finance: Bill “Needs to do more” Morneau – caught tax cheating with 43M in shares plus a chateau villa in France …THIEF! Gov. General: Julie ”crazy drivin” Payette – Ran over 65 year old lady, domestic violence filed by ex husband …NICE! Minister of Defence: Harjit “War Stories” Siajan – caught multiple… Read more »
Doomcouver
Guest
Doomcouver

“– Says 400,000 a year is the “new normal””

Yeah if he can get 400k immigrants a year. The last time we had over 300k immigrants in one year was in 1913. Unless Trudeau takes a barge over to Somalia and picks more up himself, I bet they’ll only get 320k if they let in everyone with a pulse.

history
Guest
history

All they have to do is send Immigration into the Winklevoss by Ramming the Head count

Winklevoss is when your idea is stolen and the thief makes it his own.

Is Canada’s funnel of cheap quality debt slaves going to be diiverted somewhere else? Or conversely, will Soros eastern Twin begin dumping mass amounts of refugees on our shores, stealing the ME War – European model and making it his own?

Abdul Lahazi
Guest
Abdul Lahazi

Ya this 400k is pure politics. And half the immigrants end up leaving eventually anyways when they find out how expensive Canada is to live in and that there are only shitty jobs for them here.

Oracle
Guest
Oracle

You guys are so lost. The 400K quota will be filled. Keep dreaming. And Doom is playing the intellectually challenged here.

Doomcouver
Guest
Doomcouver

Hey Oracle, even the 300k quota isn’t being filled, so I don’t know what you’re smoking.

KickThemOut
Member
KickThemOut

Really? Aren’t the bears also complaining about immigrants stealing their jobs?

Doomcouver
Guest
Doomcouver

I personally don’t have a problem with immigrants coming to work here. I’ve got a way bigger problem with TFW’s and property speculators that pay almost no income tax. Though you’re probably right, some bears probably don’t want any foreigners to work here.

Abdul Lahazi
Guest
Abdul Lahazi

Given up as a baby, B.C. girl features in campaign to link adoptees with their parents in China

https://globalnews.ca/news/3943006/isabelle-smit-100-kit-quest/

“I want to know why [my birth parents] gave me up …”

>>> First of all they didn’t “give her up” they abandoned her to die and because there is no value placed on human life in china… and you are a girl.

KickThemOut
Member
KickThemOut

Good thing no one ever gives up babies for adoption in Canada now.

Hate to think what kind of life a girl would have in your culture where goats & camels are worth more.

Abdul Lahazi
Guest
Abdul Lahazi

Not sure what you mean by “your culture”… my culture is Canadian … what is yours? Are you really this BIG of a racist?

Doomcouver
Guest
Doomcouver

“Are you really this BIG of a racist?” — It’s KTO, I think you know the answer to that question.

Oracle
Guest
Oracle

A little over 30 days until the NDP bombshell of minimal housing action!! The few items will be effective Jan 1, 2019, after they are thrown out of office.

OFSI business being shifted to credit unions as banks need to capitalize. No stress tests at creation unions. Foreign money continues to flow unabated. Immigration at record highs.

If you are a renter, vote Liberal for lower taxes. Housing being equal, you will end up subsidizing astronaut families even more.

Burnabonian
Guest
Burnabonian

No action required from the NDP.

The same macros that caused it now cause it to go away.

The NDP know this and are making sure to be seen to have stayed out of the way. Didn’t do it, didn’t undo it.

Their base, after all, is poor people.

This is an NDP watershed as their voter ranks are about to swell.

Doomcouver
Guest
Doomcouver

I agree, sadly doing nothing is the only path to re-election for the NDP. Do something and pop the bubble they get kicked out by angry homeowners, do nothing and the bubble continues to inflate they get kicked out by angry renters. Their only win-state is doing nothing, and the bubble collapsing under it’s own weight. They talked a good talk while the Liberals were asleep at the wheel, and they’ll get to have a big “told you so” moment if the house of cards collapses. If the housing crisis continues until the next election however, I can’t see them retaining power, I certainly won’t be voting for them.

Burnabonian
Guest
Burnabonian

They probably don’t have to worry about this going on for 3 more years and neither do you.

http://www.myrealtycheck.ca

WHY ARE THOSE ARROWS RED

Nobody knows for sure BUT I HAVE A WILD GUESS

Just me
Guest
Just me

In Vancouver proper, I count 4 red and three green.
We have been on the verge of an adjustment many times before. I am now convinced that the only way to tip over the market over the edge is to tax foreign money and stop foreign money flows.

Only the government can make this happen. Or we might be here in 12 months saying the same old things, blaming locals.

Burnabonian
Guest
Burnabonian

Haha his data must have rolled over for the new year.

A few days ago the map was a sea of hundreds of reds with the occasional optimistic green making a last stand.

Burnabonian
Guest
Burnabonian

…come to think of it, the last time I looked was 24 hours ago.

Something borked. No way there are only 7 properties in Van for sale that have had price changes.

Shut It Down Already
Guest
Shut It Down Already

They’re red because sellers have less of a reason to price adjust upwards. If they’ve listed too low they’ll get multiple offers and accept the highest. The listing never changes. A seller who has listed too high revises the price downwards until they start seeing offers.

You’re trying to read into something that simply isn’t there.

Burnabonian
Guest
Burnabonian

Overpricing something, getting no offers, and then walking your price down in steps until you find someone stupid enough to bite is the sales technique of children in a playground, morons, and the desperate.

“OBO” is for Craigslist and people selling speakers out of the backs of their vans.

Anyone selling real estate that way has sweat on their brow and shit running down their leg.

Shut It Down Already
Guest
Shut It Down Already

Unfortunately this is how it works. Pricing isn’t an exact science, and often people get it wrong. Sometimes sellers interview multiple realtors and choose to list with the one that offered the highest listing price. Some sellers are simply stubborn and think they know better than their agent.

So whether or not you think it’s infantile or desperate doesn’t change the fact that you’ve misinterpreted the price change stats because of flawed starting assumptions. Oh, and because of wishful thinking of course.

But every once in a while a poster still comes along and says that current price changes indicate a downward trending market. How well have those predictions panned out these last few years?

Burnabonian
Guest
Burnabonian

No doubt that some sellers are clueless amateurs who employ the stupidest possible tactic and leave small (or large) fortunes on the table.

No doubt some realtors fail at their fiduciary duty to properly price a property, even though that act is basically their only job in a crazy market like ours.

No doubt also that I am thinking wishfully and suffer from massive confirmation bias. I have never disputed that.

But that does nothing to diminish the fact that a distinct line of slippery red arterial blood is in the water all around the boat right now.

“Nobody knows for sure BUT I HAVE A WILD GUESS”
-Burnabonian, 3 January 2018

Shut It Down Already
Guest
Shut It Down Already

There’s always a sea of red, an on average most properties ultimately sell below list no matter the market conditions. But suit yourself.

Burnabonian
Guest
Burnabonian

That is not what that website tracks.

It is tracking sellers reducing their OWN listing price.

Listings that sit on the market not selling, then get reduced by the same person who originally listed too high.

Shut It Down Already
Guest
Shut It Down Already

Yes, I know what it tracks. And my point stands.

Just me
Guest
Just me

For once SIDA got it right. The myrealtycheck price changes are not very informative, unfortunately. Would love you were right, but I think SIDA’s argument applies.

Best place on meth
Member
Best place on meth

No, AIDS moved the goalposts as the slippery cocksucking commie always does.

He changed the topic from price reductions prior to sale, to final selling price being below asking.

You can’t trust a locust.

Boombust
Guest
Boombust

Bang on. The NDP seems to be dragging their feet on this issue because this market in unravelling FAST.

Oracle
Guest
Oracle

Your killing me. Have mercy on the intellectually challenged here. Lol. They are following you like a cult. Do people not know who this is??

Oracle
Guest
Oracle

Really? Well huge increase to propert tax exemption. They aren’t definetly counting on falling prices. It would decimate revenue projections.

BubbleTea
Guest
BubbleTea

Casino workers’ union stunned by BCLC’s $500,000 freedom of information search fee
http://vancouversun.com/news/local-news/casino-workers-union-stunned-by-bclcs-500000-freedom-of-information-search-fee
Guess the Casinos does not want anyone to see how they laundered money

history
Guest
history

Whatever happened to Fake Media? Has the lessons of the past three years been learned?

Is it to prepare us to tackle the Dark Secrets in our souls?

We’ve now set our Stearn Gaze on the mysterious mechanizations of the Fascist Business Model.. The price to enter is a high.

God help us. It is the beginning of the End

Diadora
Guest
Diadora

“Some have bought multiple properties. By renouncing their permanent resident status they can stay below the radar and avoid Canadian taxes,” he said. “They can visit Canada whenever they want on a 10-year visa. Why would they want anything else?”
http://vancouversun.com/news/local-news/growing-number-of-migrants-renouncing-canadian-immigrant-status

Just me
Guest
Just me

“People who renounce their permanent resident status no longer have to prove they’re spending significant time in Canada when they cross the borders or fly into an airport, say immigration lawyers in Vancouver.”

“Nor do Canadian immigration process dropouts have to give up the passport of their homelands, where many continue to work or run businesses. And they are not expected to declare their foreign assets to Canada Revenue Agency.”

Just me
Guest
Just me

“Renunciations are growing in number and will likely remain high,” says an internal report from Canada’s immigration office in Shanghai, China, the largest source country for immigrants to B.C.

“Many people are renouncing five years after landing (in Canada), rather than renewing their permanent cards, as they are working in China and do not meet residency requirements,” says the internal report, published in the Vancouver newsletter Lexbase.

“Their children often remain in Canada to complete school and to begin their careers.”

Just me
Guest
Just me

Vancouver immigration lawyer Jeffrey Lowe said many people who renounce their permanent status are breadwinners who cannot meet Canada’s two-year-residency requirement because they hold down jobs elsewhere, typically earning more money in their homeland than they believe they could in Canada.

A large number of these are so-called astronaut parents, who work offshore while their spouses and school-attending children remain in Canada, usually in urban centres, and own residential property, say the immigration lawyers.

Best place on meth
Member
Best place on meth

“typically STEALING more money in their homeland”…

Fixed

Just me
Guest
Just me

“A lot of people with permanent resident status have wanted to get their family and wealth transferred into Canada,” said Hyman.

“Some have bought multiple properties. By renouncing their permanent resident status they can stay below the radar and avoid Canadian taxes,” he said.

“They can visit Canada whenever they want on a 10-year visa. Why would they want anything else?”

Just me
Guest
Just me

Richard Kurland, author of the Lexbase newsletter, said it’s become common for breadwinners to bring their entire family to B.C. as permanent residents and then to decide “either it’s too cold or there’s no way I’m going to file an income tax return and report my global interests and property and pay taxes in Canada on that. I’m returning to my country of origin.”

In many cases, Kurland said, just the spouse and children who physically stay in Canada for five years end up being the ones who become Canadian citizens.

Just me
Guest
Just me

n some cases, Kurland says, the family members who remain in places such as Vancouver, Toronto or Montreal while the breadwinner pays taxes elsewhere end up living, “technically,” below the poverty line.

Meanwhile, he said the family breadwinners “are happy to just come to Canada for two or three weeks several times a year. They just come to visit and for holidays.”

If the breadwinner should ever want to retire in Canada, Kurland said, their now-Canadian spouse or children could apply to sponsor them.

Best place on meth
Member
Best place on meth

If the original applicant is renouncing their residency, then all family members they brought with them on the application should have their residency cancelled as well and they should all pack up and leave Canada.

This giant loophole needs to be closed.

Just me
Guest
Just me

People using these loopholes should not be considered bona fide members of Canadian society and should be dissuaded by persevering in these behaviors by taxation.
If you don’t pay your taxes here and do not contribute in some meaningful way to social welfare (other than making some baby boomer rich by buying their real estate), you should be taxed heavily. H

Higher taxes that attack their foreign income and wealth should be considered by our governments. It is a matter of basic fairness. it goes to the roots of our social contract.

Burnabonian
Guest
Burnabonian

I see no problem here.

Come to Canada, spend millions into our economy buying totally immobile assets like houses and cars, then…go away?

This is wealth confiscation with Canada as the benefactor.

Ironically it probably makes China insane.

Remember that unless you are buying Bitcoing, capital outflow from one country is capital inflow to another.

Just me
Guest
Just me

You see no problem? They are removing a very scarce good (land) from the market, paying no taxes in the process and pocketing the full capital appreciation tax-free?

All this while local workers are stuck in crazy small accommodations and pay 50% tax rates on their labor incomes?

Really? You see no problem? The only people who win are those who bought land 10 or 15 years ago or so. Everyone else loses.

Oracle
Guest
Oracle

The true bulls are playing with you.

history
Guest
history

“US-Pakistan relations face a stiff test following President Donald Trump’s Twitter tirade against Islamabad, foreign policy experts have warned Washington against implications of losing Pakistan as an ally.”
https://www.pakistantoday.com.pk/2018/01/04/trump-could-drive-pakistan-towards-full-service-to-china-experts/

history
Guest
history

Is it Just Me, or should the meaning to this be emphasized?

“In his first message on the first day of the New Year, Trump unleashed a volley of allegations against Pakistan, saying the South Asian country has not done enough in return for US aid.”

Burnabonian
Guest
Burnabonian
What are you talking about. When you spend a dollar in an economy, there are 3 or 4 or 5 dollars’ worth of benefit. Because the people you spent it with spend it, then those people spend it, etc. In the above scenario a person comes from a faraway land and either borrows money locally (economic activity) then spends it locally (economic activity), or brings money in (capital inflows) and spends it locally (economic activity). The incredible part is that they leave and they leave their asset behind! HA also do this when they launder money, Great Canadian Casinos also do this when they launder money, pot shops do this when they sell illegal agricultural product, and the small amount of Chinese capital outflows that reach our shores do this when they buy houses, cars, jackets, dinners out, and overpriced… Read more »
Just me
Guest
Just me

If one follows your logic, then we should get even more Chinese millionaires into Vancouver. But eventually this would lead us all to leave: no wage gains would be sufficient to make up for the increased cost of housing.
Every additional dollar that our local incomes go up because of Chinese money, our asset valuation grow by two dollars. You are worse off than you started with.
It doesn’t matter how many dollars you earn per month: what matters is what those dollars buy you.

I would happily take a 25% pay cut if house prices dropped by 50%.

Burnabonian
Guest
Burnabonian

The more the merrier.

The reason it is okay is that crazy outflows like what we have seen recently are *always* temporary.

Everything reverts to the mean. Everything every time.

There is no escaping it.

Millionaires can bring their money here all they want and preferably spend it all on housing.

When their orgy ends, they find out that:

1) we have millions of their dollars, and
2) they are left with nothing but a stupid soggy tear down in a boring neighbourhood in a half dead city in a poor province

That is actually a pretty good trade if you think about it.

Just me
Guest
Just me

The market can stay irrational for much longer than you can stay solvent. This is the rule number one of shorting.

The past 15 years have shown that Chinese money flows have not dissipated, and actually have increased. One day they will stop: but by that time they might own the whole city.

All I am saying is: if you want to restore some measure of affordability within the next five years, it is imperative the government does something to reduce the influence of foreign money. Natural adjustments of the type you suggest may take decades, and leave Vancouver unaffordable for our lifetimes.

Burnabonian
Guest
Burnabonian
There are natural limits however. Stocks cannot trade below zero, for example, and a commodity’s price cannot exceed the purchasing power of it’s purchasers. We have robust statistics indicating that most lower mainland housing is bought by Canadians using Canadian money and/or Canadian loans. And we all know that the supply of money and loans here is extremely finite relative to multi-million dollar mansions. The availability of capital is also being constrained at a very rapid rate. The small number of transactions that do involve capital inflows (read: offshore money) are a) a net benefit (as explained previously) and b) also being constrained at a stratospheric rate. As of 2016 China made capital flight, and particularly capital flight for the purpose of real estate acquisition, a public enemy. They will do what it takes to reduce the ease of smurfing… Read more »
BubbleTea
Guest
BubbleTea

It is amazing that this group has taken advantage of our generosity and yet the government is opening the floodgate for more to come in.

Just me
Guest
Just me

Even more amazing that these scams do not seem part of our national debate on immigration. Trudeau must know about this stuff, his mother lives in West Vancouver and he visits regularly.

Yet, it seems these scams are perfectly fine for Trudeau. Serious reform of immigration requires Federal involvement.

What a disappointment Trudeau has been. He seems quite happy for the Chinese to do as they please in BC. Totally unconcerned.

Just me
Guest
Just me

Early signs are not encouraging. More government pandering to the homeowners’ lobby.

B.C. homeowner grant threshold raised to $1.65M.

http://www.cbc.ca/news/canada/british-columbia/b-c-homeowner-grant-threshold-raised-to-1-65m-1.4471541

What is the reason we consider normal to give multimillionaires such tax breaks? Workers pay their taxes, idle RE investors get rich tax free.

Oracle
Guest
Oracle

Income tax paying workers continue to subsidize millionaire homeowners of the leisure class.

Whopping $500,000 (30%) increase to exemption from last year!! Wooooo!! Courtesy of NDP!!

And do you think they will do anything. Ow to lower prices?? Hell NO. Doing so would mean huge revenue hit on property taxes.

Do the math. Game over. NDP lied.

Just me
Guest
Just me

What are you talking about? Are you on drugs? Please present evidence supporting your claims.

Best place on meth
Member
Best place on meth

You’re asking a serial liar for supporting evidence.

This is a waste of time. He’ll just ignore you and post another 20 random lies today.

Oracle
Guest
Oracle

Early signs? Lol. I’ve been telling you since early September.

Best place on meth
Member
Best place on meth

I don’t know what whoracle is shrieking about, other than spreading blatant lies on purpose as always.

The grant is going up 3%, from 1.6M to 1.65M. About the rate of inflation.

Just me
Guest
Just me

The grant should be progressively phased out. It is welfare for millionaires.

Abdul Lahazi
Guest
Abdul Lahazi

Also the property tax deferral program for seniors should be cancelled. If a homeowner can’t afford to pay their property tax then they should sell the house.

DaMann
Member
DaMann

Exactly! You hear all these assholes say “if you can’t afford to buy a place here then leave” Well if you can’t afford your taxes sell and leave. The brutal pandering to homeowners is disgusting!!!

Just me
Guest
Just me

I share your view. The argument goes: if you cannot earn enough to live in Vancouver, move to Edmonton. Well, if you cannot afford to pay your taxes in Vancouver, sell and move elsewhere. You are still going to be a multimillionaire after selling to the Chinese.

It seems that homeowners get special dispensation from the laws of logic.

Shut It Down Already
Guest
Shut It Down Already

Living in Vancouver is not the same as owning a SFH in a prime neighbourhood.

Best place on meth
Member
Best place on meth

True, all government assistance to homeowners should be phased out.

However, these long-standing benefits to existing homeowners are nowhere near as disgraceful as the the programs designed to help people get into the market, like the first time buyer welfare program introduced by Krusty last year.

That one must be axed in next month’s budget.

Just me
Guest
Just me

Amen to that.

YVR
Guest
YVR

“That one must be axed in next month’s budget.“

The NDP have it in the budget for the next 3 years minimum. Just another broken election promise by the NDP.

Best place on meth
Member
Best place on meth

Link?

Best place on meth
Member
Best place on meth

No link from YVRacle, just another lie from a hyper partisan Liberal supporter.

YVR
Guest
YVR

Check the NDP budget update. Then come back and apologize.

Oracle
Guest
Oracle

Ok Einstein. Libs we’re going to up it this year and NDP kept that increase AND ADDED TO IT!!! LMAO at the NDP apologists.

YVR
Guest
YVR

But why would the grant have to go up if house prices are supposed to be rapidly cooling under the NDP? If Eby ever comes out of hiding please ask him.

Best place on meth
Member
Best place on meth

How does this affect housing prices?

Are buyers going to pay more for a house because the grant went up a few bucks?

What impact will this change have to a homeowners tax savings? 50 bucks?

Do you ever think your posts through while in a blind rage fuming against the NDP?

YVR
Guest
YVR

1. It makes them cheaper to hold/own
2. Yes
3. See point 2
4. Yes

DaMann
Member
DaMann

That’s fucking criminal. Why is there a homeowner grant at all? and on an asset of $1.65 million? God I hate this place sometimes.

YVR
Guest
YVR

What ever happened to the renters rebate the NDP promised? That was canceled because it cost too much but increasing the home owners grant is no problem. The biggest election fraud ever. Hard to believe people still support these clowns.

specialfx3000
Member
specialfx3000

CRA has no time for the tax cheats as they’d rather go after the little guys like me. Got a Notice of Reassessment because I missed selecting USD currency on my US investment. Now they’ll get an extra $80 from me which includes $2 interest charge.

history
Guest
history

That reminds me, i havent filed in three years….

BubbleTea
Guest
BubbleTea

“We would really like to work with federal [and] provincial governments around enhancing that data regime,” Garrison said. “Starting with more information on our housing stock, how much of it is owned locally, how much of it is owned or occupied [and] how much of is it owned by foreign investors or others.”
https://thinkpol.ca/2018/01/03/ottawa-vague-helping-city-vancouver-curb-housing-speculation/
In an emailed response, Luciani-Girouard repeated “Our government will keep working alongside provincial and municipal partners to study the state of the housing market.”
In other words, feds will do nothing.

Just me
Guest
Just me

I lost any hope of the Feds doing anything after reading this:

“We know that for many middle-class Canadians, their home is the most important investment they will make in their lifetime, as such it is critical that this investment is protected. That’s why one of the first things we did in December of 2015 was increase down payment requirements to address pockets of risk in Toronto and Vancouver.”

When they start their statements by appealing to this nonsense about “homes as the most important investment” for middle classes, you know the rest of the sentence is bullshit. It is clear to me that, for reasons unclear, the current Federal government has no intention of curbing money flows from Asia and continuous appreciation of Vancouver’s real estate.

Oracle
Guest
Oracle

Anti-immigrant party only solution. Others will keep record rates.

patriotz
Member
People who already own homes would be unfairly hurt by a policy that would lead to a drop in real-estate values. If the current homeowner has taken out a mortgage for say 90% of the worth of their home, and values then drop by 10%, the homeowner has lost 100% of her or his equity. That is from probably the most left-wing living person to have held elected office in BC. If that’s what you hear from him, don’t expect to hear something different from the mainstream parties. Politicians will say things like this as a CYA move even if they do bring in policies that might result in lower prices. And the Liberals have brought in such policies. Not as much as you or I might like to see, but every politician doesn’t want to be blamed for breaking… Read more »
Just me
Guest
Just me

This kind of excuses about home ownership and taxation of idle rents is what is slowly chipping away at our faith in the system.

We do need politicians who are willing to take serious and honest steps to rectify the rigged system we are living in. The system is broken, that much is clear. And the people who profit from it are not going to do anything to fix it.

YVR
Guest
YVR

Basically the same as what Horgan said after the election. I don’t recall this statement in any of the 500 pre election Eby press conferences about housing.