It’s the end of another work week and that means it’s time for another free-for-all post!
This is our normally scheduled end of the week round up and open topic thread for the weekend.
Sometimes we post news links, sometimes we don’t.
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
[…] pointed out this one: Vancouver home sales fell twice as fast as a bank thought they would after new NDP […]
Barf is taking some heat today for his column yesterday.
Give Garth a break…he still has a $2.25 million Flip House he needs to sell!!
Get out there AND JUST BUY IT!!
😀
Barf really deserves that heat! He has duped a whole lot of people.
New
324
Price Change
67
Sold
154
TI:9204
850 listings in 2 days, though I’m sure some were re-lists, but still.
Waaaare newwww threadd? Raaaawrkkk….
“Vancouver home sales fell twice as fast as a bank thought they would after BC NDP’s new taxes”, Global News
https://globalnews.ca/news/4123076/vancouver-homes-sales-drop-taxes/
“Vancouver home sales dropped by around 30 per cent in the month after the BC NDP government introduced a plan to tackle housing affordability. But the losses look even more dramatic on a quarterly basis, according to calculations by a major bank.”
Amazon package thief steals from Richmond stoop
http://www.richmond-news.com/news/watch-this-amazon-package-thief-steals-from-richmond-stoop-1.23256001
>>> in case it wasn’t clear who is moving the levers in this town…
package delivered at 2:20 p.m. and it was stolen at 3:05 p.m. three officers sent to house by 3:15 p.m same day. investigation is still ongoing
“If you suspect something, that’s what we do,” Hwang said. “We respond to these cases.”
if, on the other hand, you are mentally challenged and happen to drop kick and old lady to the ground, we do nothing…
“Stoop”? Since when did people around here call it anything but a front porch?
See Weed prefers “bend over”…
……except when peeing..then its “squat”.
Around where?
You live in Mainland China.
Do they call them porches there?
It is all about local priorities. That Amazon package could be stolen from the porch of high CPC cadre whereas old librarian lady was a small collateral damage while being at the wrong place at the wrong time during a mental breakdown of another estimable citizen.
If someone is stupid enough to order an item that will be left unguarded on a porch………I hope the thief steals their &^%$# next time.
In your urge to sound intelligent you forgot that you also have to make sense.
This stuff just slays me….. 😉 “They bought their prebuilt homes at the market’s peak. Now they face financial ruin” https://www.thestar.com/business/2018/04/04/they-bought-their-prebuilt-homes-at-the-markets-peak-now-they-face-financial-ruin.html “A group of Oakville homebuyers, struggling to finance the pre-construction houses they bought in February 2017 at the height of last year’s real estate frenzy, are blaming “reckless” provincial housing policy and new mortgage rules for putting them on the brink of financial ruin…. …..Declining real estate sales in the Toronto region has meant the buyers have not been able to sell their existing homes for the amounts they anticipated when they contracted to buy new houses in Mattamy’s Preserve development near Dundas St. West and Fourth Line. After they failed to sell when the market plunged or they took lower-than-expected prices, they say they couldn’t get larger loans to cover the difference. “This impacts your health. Financially it… Read more »
Oh, yeah…for even more laffs, guess what? Zahir Bashiruddin is an ACCOUNTANT!!
🙂
Yeah…and with name like that..must be a Caucasian….maybe Irish….they are the problem…..where’s Turdeau….time to deport them all !!!!
I actually think British Columbians should file a class action lawsuit against the government for willful negligence in the creation of a housing bubble. What Christy Clark did was borderline criminal. She did nothing to investigate or to reign in the housing bubble.
Hundreds of thousands of people have paid too much for their real estate and hundreds of thousands lost out. Some people didn’t buy because they believe foreign buyers weren’t very active in our market based on false information provided by the Province.
I generally agree with your take that those buyers/sellers in Oakville are idiots. But, they also have a pretty good point in that the government was completely reckless.
Is there a lawyer in the house?
Doctors billing patients for health-care services outside the public system will face sanctions in British Columbia.
“Doctors who bill patients for health-care services outside the public system could face criminal charges and fines in British Columbia as the NDP government enforces a law introduced by the Liberals over a decade ago.”
“Charging patients for publicly paid health services is prohibited under the Canada Health Act and British Columbia’s Medicare Protection Act.
“It’s our expectation that those providing health care in British Columbia follow the law and that our laws protect people, protect patients,” Dix said. “In British Columbia, we’ve had an approach, really, over a long period of time, of ‘Don’t ask, don’t tell’ with respect to these issues. And that approach, I think, has to end.”
““Previous health ministers, previous premiers, those I’ll name, Premier (Christy) Clark and Premier (Gordon) Campbell, had said they would act on this question, and they did not. Today, we are taking steps to protect patients and our public health-care system by bringing into force sections of the Medicare Protection Act that was passed unanimously by the legislative assembly in 2003.”
It seems that lack of enforcement was an accepted Modus Operandi of the previous BC Libs administration.
Laws were routinely ignored, after all also doctors can vote and make themselevs heard. Isn’t Andy Wilkinson an MD as well?
What a circus our Province had become under the BC Libs.
Speaking of Wilkinson…. Waaaare Andeeee? Raaawrrrk? Why isn’t he out there “opposing”?
He’s trying to figure out how to make the most profit from his new position as Lib leader.
To tie this back to real estate, it’s interesting to consider that this change in enforcement might actually lead to reduced income for one of the few LOCAL job types that paid enough to allow participation in the 7 figure real estate market.
Total reach on my part though. This only affects a small subset of doctors.
China screwing with the world food supply again: https://www.washingtonpost.com/news/wonk/wp/2018/04/04/china-just-gut-punched-trump-on-trade-is-it-time-to-get-worried/?utm_term=.7bfaf9c16062
I think some of this is good news for Vancouver real estate. I think China will be getting concerned about a global trade war. Since they are so leveraged, they can’t afford to do it. The US has them over a barrel and both Trump and Xi know it. So, if I’m China, I would want to shore up balance sheets back home in the event trade drops. Maybe we’ll see some of that foreign money unwind and move the other way.
I love this escalating trade war.
All chinese shit taxed at 100% would be ideal.
Surrey/Delta Carnage ( bbbbut immigration!):
4620 W River Road, Delta
Dec 13:$1,514,000
Apr 3: $869,000
Change: – 645,000 -43%
A: $842,000
9078 139a Street, Surrey
Jan 3:$1,499,000
Apr 2: $1,269,000
Change: – 230,000 -15%
A: $1,141,000
15032 73b Avenue, Surrey
Mar 7:$1,680,000
Apr 3: $1,250,000
Change: – 430,000 -26%
A:$1,170,000
9017 156 Street, Surrey
Jan 2:$1,150,000
Apr 3: $875,880
Change: – 274,120 -24%
A:$831,500
2221 168 Street, Surrey
Nov 27:$1,398,000
Apr 3: $1,198,000
Change: – 200,000 -14%
A: $1,190,000
SFH is definitely rolling over now.
Why do VCI posters still care re SFH….???
At the high end,…yeah…..much pain and haircuts..
Around $2 Million….corrections…but no major collapse.
ITS THE CONDO MARKET THAT IS DANGEROUS…..talk about AirBnB….these “air lease” units are still being overbid=overpriced and nobody seems to get the fact that the longer Strata market delays a collapse…..the worse it will be once it unwinds.
In other words..your SFH, in Metro Vancouver may correct to $1 Million….but the condo you paid $1 Million in a pre-sale could easily collapse to $300,000 or less.
Because, you dumb chicken plucker,, SFHs always set the market trend in a rising AND a falling market. That’s why.
OMG…RU that Thick ???
Please threaten us with your crayons again..
Have you been trying to say chicken fucker all this time?
Just say it you dumb piece of shit.
300K for a unit which probably rents for $3500? In your dreams. Literally.
Astronaut mama sale:
3608 W 35th Avenue, Vancouver
Dec 21:$6,480,000
Apr 3: $5,180,000
Change: – 1,300,000 -20%
A: $5,298,000
Yeah, so this is a thing:
Realtors know what side their bread is buttered on.
China Injects $9.7 Billion Into Anbang After Fraud Alleged
https://www.bloomberg.com/news/articles/2018-04-04/anbang-gets-9-7-billion-injection-from-china-insurance-fund
>>> Wall St bankster bailouts all over again…
What’s wrong with very low unemployment? Hawaii knows
http://www.news1130.com/2018/04/04/whats-wrong-with-very-low-unemployment-hawaii-knows/
High home prices and low unemployment and people moving away while available jobs go begging for workers.
I think the future of Vancouver looks a lot like this. Despite this pending correction, prices are still going to be unaffordable to most people. My best friend doesn’t own and he jokes that the market means nothing to him because he’s still priced out with a 50% correction. There is a lot of truth in that. This City is going to have a shortage of workers pretty much indefinitely. So there will be lots of jobs, but you’re not going to get ahead by living here. Eventually, it will look like Hong Kong where working people live in closets or share apartments with multiple people. If you’re under 30 and if you can’t afford to buy into this market a year from now, you really pack your bags and move to a City that provides opportunity to build some… Read more »
Bang on. The on-paper rich locals are going to pay more and more for everything, even as essential services and opportunities in general decline. Some will have so little self-awareness that they will even gripe about growing wait times or poor service without realizing the large role their “hard earned equity” has played in it. In the long run, this affordability crisis will only really benefit the small fraction of people who take their winnings and leave.
Of interest for weekend watching: BREAKINGVIEWS-Review: China fraud will always have a sequel Reuters10:30 AM Eastern Daylight Time Mar 30, 2018 (The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By John Foley NEW YORK, March 30 (Reuters Breakingviews) – The collapse of Sino Forest, a Toronto-listed timber company accused by analysts of fabricating its accounts, was the moment Chinese fraud risk really slapped Western investors in the face. Right up to the moment of its bankruptcy in 2012, the company’s executives insisted Sino Forest was the real deal. “I know those trees exist,” one frustrated director told me the previous year. “I even pissed against them.” Of course, most investors who watched more than $5 billion of market capitalization evaporate in just two months hadn’t even imagined doing that. They had bought shares assuming the… Read more »
Sino Forest is only one (albeit huge) example of many business frauds coming out of china. I say it again and again: never do business with the chineeze.
Here is another chineeze fraud:
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/22/alibaba-beats-amazon/#36e3a6d03f97
the bankster crooks on this side of the pond having been pushing this paper garbage just like they were with all the toxic subprime sludge. at the end of the day the chinese (who are just as guilty) and many thousands of mom and pop investors will be left holding the bag. officers, directors, management who cashed out of their phony shares a long time ago are sitting pretty all over gr vanc now. nonetheless, i believe we have now crossed over into the next chapter of this story where the goldmans and other money changers are carefully setting the stage for another controlled demolition of epic proportions which they will not only profit handsomely from but will also have two convenient targets, namely china and donald trump, to point the finger at
““You cannot be down catastrophically in sales and not eventually have an affect on prices,” Eilers said. “
Did I wake up in some alternate reality?
Garfo finally capitulated and said it is time to buy SFD. This guy was my favourite contrarian indicator ever. BTW he has been flipping houses all along. His 3rd flip just went to market.
On the flip side, Phil Sopher, who is always right in his predictions has gone bearish and expects significant impact yet to come.
What is a bull to do?
Yes Barf’s latest column was a real flip-flop that’s for sure. But notice he says people won’t buy when prices are declining but then he says millennials will be out there buying. Like WTF? Can he ever make up his mind?
Garth never said not to buy under any circumstances. He’s always maintained that balance is good, and blowing your retirement savings on a downpayments whilst taking on massive debt in a rising interest environment on isn’t wise. He’s explained a few times his own personal RE investments to those who care to pay attention, and understands that all real estate markets are local. He’s not been buying in condos in Vancouver to the best of my knowledge.
Take it from Garth himself, who disguises himself as AIDS on this blog.
“Many Canadian home buyers in for a shock. And that’s aside from the price”, Globe & Mail
“Many Canadian home buyers are in for a shock. And that’s aside from the price. It’s because so many aren’t aware of the new mortgage qualification guidelines that came into effect in January, a new poll suggests”
“They’re also interesting in that they show home-buying intentions at their highest in eight years despite the new guidelines and rising interest rates.”
“Greater Toronto Home Sales Drop Nearly 40%, Vancouver Sales Down Almost 30%”, Huffington Post
https://www.huffingtonpost.ca/2018/04/04/toronto-home-sales_a_23402704/
“The country’s two priciest housing markets continued to show signs of slowing in March, with sales falling 39.5 per cent in Greater Toronto and 29.7 per cent in the Vancouver region, compared to a year earlier.”
“Metro Vancouver home sales down nearly 30 per cent in March”, Vancouver Sun
http://vancouversun.com/news/local-news/metro-vancouver-home-sales-down-nearly-30-per-cent-in-march
“Home sales were down nearly 30 per cent in March in Metro Vancouver, as the region marked its lowest first-quarter sales in five years.”
“‘You’re starting to witness the slowdown’: declines expected in today’s Vancouver real estate figures”, CBC
http://www.cbc.ca/news/canada/british-columbia/van-realestate-april-2018-figures-1.4603948
“People hoping for Vancouver’s housing bubble to burst could find reasons to be optimistic today. Monthly real estate figures for the Lower Mainland will be released for every municipality, with predictions of significant drops in total sales compared to a year ago. “
Likely future scenario IMO. Still not convinced NDP and Weaver will do much about housing. Here’s why:
1). It’s been 11 months since election. No results yet. All they talk about is ’30 point plan’.
2). Weaver spearheaded the reduction in the Spec Tax.
3). Nothing done on the money laundering front after almost a year.
4). 7 months left till referendum. Chance of it failing is 50% IMO. Then what? Election will be called and Liberals likely back in power.
NDP will have pissed away the opportunity to help their base. Prices should be down 25% after 1 year in power. They are instead up 25%.
Think about that.
Thats basically a 50% swing in prices
And they’ve done nothing with rents. Still rocketing higher.
Whoever has Netflix, be sure to watch The China Hustle. Un-real.
Ho Lee Fuk
Watched it a couple days ago and was planning to recommend on here…beat me to it!
Definitely worth a watch.
without question the chinese smoke and mirrors act is the biggest driver of the everything bubble. it is possible that trump is being directed by wall street to set into motion a plan to topple this house of cards so they can cash in bigly on The Big Short: China Edition
Also, watch “Death by China” on Youtube. Mandatory for all politicians especially Justin T.
Thankfully Navarro has been elevated in Trump’s cabinet.
Emperor Dogface is going to get the shit kicked out of him.
Millionaire deported after using Richmond-based immigration scam
http://www.richmond-news.com/news/millionaire-deported-after-using-richmond-based-immigration-scam-1.23252608
“Li, 49, originally came to Canada with her husband and two sons from China through Quebec’s immigrant investor program in 2005. They were declared permanent residents in December 2006.
But just 10 days later, the family returned to China and “over the next seven years, they only intermittently visited Canada,” according to the court decision.”
Best immigrant group EVER!
National inquiry into the immigrant investor program, please!
“National inquiry into the immigrant investor program, please!”
That would be the only reasonable and honest thing to do. But imagine the accusations of “racism”. We live in a society that condones lawless behaviour in the name of political correctness.
Not really. Only you whites talk about political correctness and race cards. We laugh at you because you don’t even know that you’re being brainwashed.
We are DONE with the cocksuckers who scream “racism” to cover for criminal behaviour.
The are to be mocked, tarred, feathered, drawn and quartered, hung, shot, pissed on, and finally have the whole procedure repeated again.
Sorry AIDS, your future looks pretty SAD.
“”Last September, following convictions of seven New Can and Wellong employees, CBSA’s Inland Enforcement Section said it had identified over 1,600 suspected clients who utilized the scam. Of those, 770 clients have already either lost their residency status or been reported for inadmissibility under the Immigration and Refugee Protection Act.”
The scale of the crime is so large, and the attitude so arrogant and offensive, that the only response of a serious country should be revocation of all residence privileges and deportation (jail time for those who engineered it).
If Canada does not act strongly on this, I will lose any faith I have left in our democratic institutions.
You still had faith? I lost mine a long time ago. We have kangaroo courts, no free speech, inept bureaucrats and a dishonest media in this country. That’s not changing anytime soon.
All I can say to them is good luck selling your $8 million mansion in a down-market you a-holes. GTFO
Its high time for a new thread. Why not lead with Paul’s 538 New?
3 or 4 days worth of listings, one days worth of sales. Every fucking long weekend this comes up, so no need to piss your pants just yet.
Wrong. This weekend was almost a month end.
We did not get the usual listing deflation due lo expiries.
I am still cautious, but 538 listings is good news.
Wow, you are always right eh! And good new for whom? It doesn’t make any difference for you regardless of the numbers. Keep sitting on your fat arse.
Well, you’re a big fat dummy poopypants, BPOE
^ That, ladies and gentlemen, is how it’s done. The key to communicating effectively is to meet the interlocutor where they are. Don’t speak above their level because they will resent it and don’t speak below their level because they feel you’re being condescending. (To BPOE: Condescending means to speak down to someone.)
Good news for those who have honest jobs and want to buy RE with local incomes.
It’s new listings, dummy, not net inventory change. Month end expires aren’t relevant here.
Yeah anything over a 4:1 new listings to solds ratio should at least slightly raise an eyebrow. Inventory is still really low, but if we can see a few weeks of this kind of trend then the fabled “rush to the exits” is likely on. Let’s see what the next couple weeks look like, Q1 was horrendously bad for SFD in Vancouver, so at least some fear must be starting to creep in.
Your insults are, as usual, misplaced.
I was referring to the fact that total inventory did not record the usual start-of-the-month dip.
Anyway, why do I even bother answering your rants….
You told me I was “wrong”, provided a completely unrelated reason why, and are now pretending that I’m the one who was mistaken. Why do you bother indeed.
Its almost time for SIDA’s graveyard shift……
…….See Saw has to pack their lunch…so may not be able to post for a while…almost forgot to pluck the chicken.