Home sales fall 2x bank expectations

Southseacompany pointed out this one: Vancouver home sales fell twice as fast as a bank thought they would after new NDP 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.”

Read the full article here.

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Whistler or bust?
Guest
Whistler or bust?

Lets hope prices follow.

Just me
Guest
Just me

That is the whole point. Policies should be kept in place until,some degree of affordability is recovered. That means at least a 30 % nominal price drop. Anything short of that is window dressing.

xhistory
Guest
xhistory

Give the board 5 Japanese success stories of the 1990’s. Personal strategies that propelled 5 asymetrical Japanese to wealth and fame.

YVR
Guest
YVR

Condo prices and house under $2M are up 30% under the NDP. Basically what you are saying is you want RE prices to go back to the good old days under the BC Liberals in 2017.

Best place on meth
Member
Best place on meth

The real estate board is reporting rising detached prices despite enormous MOI.

Liars.

xhistory
Guest
xhistory

For two solid years after Japan peaked in 1989, people plowed money into the Japanese technology juggernaut. It was inconceivable that this country could ‘break.’ Back in Ontario, where i lived at this time, we were in awe at this countries capability to manufacture ‘the good life’s. I lost Thousands of dollars. It was a very hard pill to swallow for a 29 year old.

Doomcouver
Guest
Doomcouver

China: The New Japan (it’s different this time)

Bubble
Guest
Bubble

204 6279 EAGLES DRIVE, University, Vancouver West, $899,000.00

According to the realtor, bidding did not work out, as no one is willing to pay up to the listing price.
Back to open house on the weekend.

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=R2251466&rowc=3&rowp=1&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=1&MNPRC=700000&MXPRC=1000000&SCTP=RS

Laibach
Member
Laibach

Perhaps this time it will work out, masseuse changed the colours of balloons.

Doomcouver
Guest
Doomcouver

$899,000 with an almost $300 monthly maintenance fee. This is better than renting how exactly?

patriotz
Member

“This is better than renting how exactly?”

Actually it is renting of sorts because it’s leasehold. Eventually the university gets the property back for nothing.

Lost...but not Leased
Guest
Lost...but not Leased

Is this leasehold….or freehold…property.
Makes a HUGE difference.

ted
Guest
ted

Has anyone checked out Great fool Garth Turner. He has one a 180 on housing , even the mindless sheep on his blog are calling him out on this. This guy has what I call chutzpah.

kabloona
Member
kabloona

As has been noted elsewhere – and here – he has a house on the market he needs to sell. Cuz he already bought another flip house…..

Therefore…..it’s a GREAT TIME to buy!

https://www.realtor.ca/Residential/Single-Family/19078168/16065-MISSISSAUGA-RD-Caledon-Ontario-L7C1X8-Rural-Caledon

😉

Hyper-mega-Bull
Member
Hyper-mega-Bull

that’s a beautiful house. i bet patriotz bought a nice house too.

meanwhile the people who listened to these guys own nothing. interesting isn’t it?

it’s like cult leaders living in luxury while their brainwashed slaves scrub the toilets.

backwardsevolution
Guest
backwardsevolution

Garth Turner is nothing more than a glorified salesman. He’s been busy pushing the stock market, and now he’s pushing housing! A few days ago he let out that he’s been renovating and flipping houses over the past few years. Who knew?

Laibach
Member
Laibach

Cute fella…

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Who knew? Anybody who was paying attention.

backwardsevolution
Guest
backwardsevolution

Bull! He’s been lying to people all along.

Doomcouver
Guest
Doomcouver

Garth started when it was still edgy and dare I say “hip” to call it a housing bubble. Now so many bears have capitulated, almost no one is trumpeting a crash anymore, including Garth. It’s only die-hard contrarians that are still calling for a real estate implosion. The amount of complacency of market participants should be extremely alarming however considering how overstretched the valuations are across the country now. The case for a housing crash is stronger now than ever before.

Dave
Member

I recommend not reading dummies like Garth Turner. He’s a salesman. 10 years ago, fear was in demand, so he sold it. That demand went away and so he sold optimism. Fear is coming back in a big way, so get ready for Garth’s new book with a scary title.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

A salesman who gets so many hits on his website but doesn’t have advertising? He basically writes for free.

Name
Guest
Name

it’s not for free. his blog indirectly directs people to his investment business and also promotes his corner store.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It’s free, dummy.

Best place on meth
Member
Best place on meth

Fuck off, garth.

Disgruntled
Guest
Disgruntled

Not only has he done a 180 but he claims that he has always had this opinion. And by the way you can bet that he has censored half the comments that blog is very heavily censored. I have had many comments on there not show up and not even show up as deleted, they just do not appear. That he puts a note at the bottom of this blog using the word uncensored is quite ridiculous.

kabloona
Member
kabloona

In case you didn’t see it elsewhere…

😉

“Toronto home prices see biggest drop in almost 30 years. March sales down 40% from a year ago, the lowest since 2009”

http://business.financialpost.com/real-estate/toronto-luxury-home-sales-tank-from-last-years-record-pace

Laibach
Member
Laibach

Who is keeping Vancouver’s shit still afloat at this point, if not Chinese and what’s left of their money from home ?

“Sales of detached homes in and around Canada’s biggest city fell 46 per cent in March from the same month a year ago, while the average price fell 17 per cent to $1.01 million, according to data released Wednesday by the Toronto Real Estate Board. That dragged down the average selling prices for all housing types by 14 per cent from a year earlier to $784,558, the biggest drop since 1991.”

Doomcouver
Guest
Doomcouver

Extremely low inventory, and stupidly stubborn sellers are keeping Vancouver afloat. Toronto still remembers their crash back ’87, thus the flood of listings and widespread price-slashing is happening now. No on in Vancouver seems to remember that detached homes lost over 30% of their value back in ’81/’82, so they’re in no rush, and assume prices will go vertical again any time now. It’ll just make the panic more desperate when they see their neighbors slashing their asking prices and realize what’s happening. Recency bias will bite you in the ass every time if you let it.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Stubborn sellers don’t make a sale and therefore have no direct impact on the stats. It’s the dumb buyers keeping things afloat, you know the ones who think rich foreigners will price them out forever if they don’t shackle themselves with a mortgage that will surely be unaffordable come renewal time.

southseacompany
Member
southseacompany

“Josh Gordon: Speculation tax is essential for housing affordability”, Vancouver Sun

http://vancouversun.com/opinion/op-ed/josh-gordon-speculation-tax-is-essential-for-housing-affordability

Just me
Guest
Just me

“The speculation tax is meant to address a weakness in our existing tax system which generates housing unaffordability. Our current system broadly assumes that people work and pay income taxes in the jurisdiction where they and their family reside. This means that when they consume social services and use public infrastructure in that community, they have contributed in a way commensurate with their income or means. This is part of our social contract.

A problem arises, however, when people can buy housing with income or wealth not generated locally, and yet are still able to use social services — education, health care, etc. — and infrastructure — roads, bridges, legal system, etc.”

Just me
Guest
Just me

“If property taxes are comparatively low, as they are in B.C., this allows such individuals to pay much less than their fair share of taxes. They can, in short, free ride on the contributions of others.

What will be the effect of that dynamic? If the jurisdiction is an attractive place to live, it will mean that wealthy people from around the world will want to place their families there. They will buy expensive housing, pay minimal income taxes, and enjoy public amenities and services — all for the modest cost of their property taxes.”

Just me
Guest
Just me

“…those who benefit most from this dynamic — developers and those ready to cash out their real estate gains — are generally well off. But those who suffer from this dynamic — local working people who rent — are usually more precarious financially.”

“…non-real estate related businesses will get squeezed or stifled, as high housing costs harm their ability to attract and retain mobile skilled workers.”

“…the social contract, and thereby the social fabric of society, will fray. Working people who dutifully pay their taxes, but who see rising housing costs and subsidized elites as their reward, will come to resent the entire, rigged system.”

Just me
Guest
Just me

“So how does the speculation tax help?

It helps by providing a backstop to our income tax system, which has a hard time taxing global income. This means that global elites will be pressed to pay their fair share — discouraging foreign ownership — and housing prices will come to more closely reflect local incomes. This re-coupling of the housing and local labor market will also reduce speculative activity, which assumes that the “resort town model” will continue indefinitely.“

Just me
Guest
Just me

“So what the opponents of the speculation tax must answer then are the following: Should young working British Columbians be forced to subsidize those who are using foreign funds to out-compete them for housing? Would you accept that situation if you were in their shoes? And how do we avoid becoming a subsidized resort, if not through some version of the speculation tax?

The NDP deserves credit for addressing this obviously perverse and socially destructive situation. So too do the Greens, who kept pressure on the NDP to act.”

Just me
Guest
Just me

“That leaves Andrew Wilkinson and the B.C. Liberals. Are they interested in creating a level playing field for young working people in urban B.C.? Or will Mr. Wilkinson continue to defend the status quo kept in place for so many years by his predecessor, Christy Clark, which helped bring us the housing crisis.

With 81 percent of British Columbians in support of the speculation tax, that shouldn’t be a difficult decision.”

YVR
Guest
YVR
The problem is the spec tax is now toothless. The vast majority of HAM real estate is owned by HAM locals. They will avoid the tax completely as Carol James stated 99% of BC residents will pay nothing. If only 1% pay as she stated some as little as 0.5% it is a rounding error on the total RE costs. 0.5% per year is 1/30th of the BC Liberals foreign buyers tax which was due up front. There are so many ways to get out of the 0.5% tax it is laughable. Rent a suite for 6 months and you pay nothing. $200 million per year in total spec tax was estimated prior to the 85% reduction which will not make a dent in the multi billion dollar BC RE industry. Another failed NDP initiative before it even starts.
Shut It Down Already (original)
Guest
Shut It Down Already (original)

99% of residents will pay nothing because only a minority have multiple homes to begin with. It’s called being a weasel with the statistics.

patriotz
Member

“0.5% per year is 1/30th of the BC Liberals foreign buyers tax which was due up front. ”

What do you mean “was”? Not only is the FBT still around, it’s up to 20% and extended to Fraser Valley, greater Victoria, greater Nanaimo (all still including rural areas unlike spec tax), and the Kelownas.

But you knew that anyway.

YVR
Guest
YVR

I know that but the point is adding an extra 1/30th per year in the spec tax to 1% of home owners is not going to do much. Like adding a quarter percent to the PST would not change consumer spending.

Bag it and tag it
Member
Bag it and tag it

These HAM locals will have to pay 2% on their primary residence if they are a non or underreporting Satellite Family…that could have a big impact.

Oracle
Guest
Oracle

They will just enrol in a course FFS. Automatic work permit. No tax.

You guys seem so clueless on this blog sometimes.

Best place on meth
Member
Best place on meth

Dear elected leaders and CRA,

Please read all of oracle’s posts to learn how locusts will evade every single one of our rules and taxes.

Bear Vancouverite
Member
Bear Vancouverite
@YVR “BC Liberals foreign buyers tax” – you previously argued vehemently and repeatedly that all policies should be blamed/attributed to the current government in power, therefore please use the correct label when praising the NDP Foreign Buyer’s Tax. In that same vein, I look forward to hearing the following praises/criticisms from you: * Criticism of the Liberal “First Homebuyer Loan” that the NDP have now cancelled. or praise of the NDP cancelling the Liberal First Homebuyer Loan. * Criticism of the BC Liberal failure to crackdown on BC Casino Money Laundering. * Criticism of both NDP and Liberals for failure to come through on LNG * Praise of the NDP going through with Site C as you insisted I do find it amusing that those who argued the most that Site C must go ahead then feel they can accuse… Read more »
YVR
Guest
YVR

Are you on the crack pipe again?

Best place on meth
Member
Best place on meth

That was a lame response.

Did your Keg waiter piss you off again?

Oracle
Guest
Oracle

Don’t even bother. There are more dumb people on the bear side to know that their opportunity is lost.

Spec tax is useless now.

southseacompany
Member
southseacompany

“Five predictions for Canadian housing markets in 2018”, BNN Video

https://www.bnn.ca/real-estate/video/five-predictions-for-canadian-housing-markets-in-2018~1320510

“Hilliard MacBeth, author of “When the Bubble Bursts,” joins House Money to discuss his top five predictions for Canada’s housing markets in 2018.”

southseacompany
Member
southseacompany

“Avoid investing in Canadian housing, mortgage market right now: PenderFund”, BNN Video

https://www.bnn.ca/real-estate/video/avoid-investing-in-canadian-housing-mortgage-market-right-now-penderfund~1208356

“Geoff Castle, portfolio manager at PenderFund Capital Management and manager of the Pender Corporate Bond Fund, joins BNN to discuss his views on investing in Canadian real estate.”

southseacompany
Member
southseacompany

“Canada’s housing market slows, but experts warn it’s temporary”, CBC’s The National

https://www.youtube.com/watch?v=WBPvqkv9jdI

“Canada’s housing market is showing signs of slowing in big markets like Toronto and Vancouver, but experts warn the chill is temporary. Municipal governments have made attempts to cool housing markets that appear to be working, but prices are still higher than they were in years past and they’re even starting to climb again. And while the housing market has seen a dip, prospective buyers have turned to condominiums, driving prices up.”

bestplaceonearth
Guest
bestplaceonearth

Now that the market is crashing in bears’ term, are bears getting ready to pick up the deal they have been waiting for? Or are they gonna let this opportunity to go pass them again?

Dave
Member
I plan to add to my real estate holdings and I want to buy at the absolute bottom just for bragging rights. I am a converted bear and joined that team a couple years ago. When Poloz started to cut rates after the oil crash, I predicted he was creating a housing bubble that would eventually correct. I don’t expect a big downturn in prices, but I do expect a protracted stagnant market once that happens. My expectation is for the market to return to levels 12 to 24 months ago, say a 20% correction over the next year. I think it will take 5 to 10 years for prices to rise above those levels again, mostly dependant on what happens to interest rates. If Canada gets a deep recession in the next couple years, then the low rates will… Read more »
Dave
Member

When I say all the politicians are trying to squeeze Canadians, the only one who isn’t is Trump.

He’s trying to open up our telecommunication and dairy markets, amongst others, because Canada has protected those industries. Hopefully Trump wins that argument against our own negotiators who are trying to screw over 99% of consumers. Go Trump. Lower cell phone bills.

kabloona
Member
kabloona

Uhh…remember when Blowhard John Baird was trying to “lure” Verizon into Canada to “compete” with local carriers…?

The Blowhard wanted them to buy up Wind Mobile (now Freedom Mobile, owned by Shaw) and was willing to waive foreign takeover rules…..

Unfortunately, as was pointed out by various analysts, Verizon’s cheapest plan in he US was more expensive than those offered by the Canadian carriers….oops!

No profit for Verizon in Canada……so they passed.

Dave
Member

Some people are using US plans in Canada because the foreign charges for data are still cheaper than plans they can get here. I don’t really care about the $25 savings per month so much as I care that our government is enriching a few people at my expense.

Same with the CBC. Wouldn’t it be great if Trump pushed to remove funding for state broadcasters? A girl can dream.

Oracle
Guest
Oracle

Which proves Canada is run by cartels.

They need the naive for that to work though. Impossible to educate the dumb.

Time to do that is in grade school.

Bag it and tag it
Member
Bag it and tag it

Well said…shows you’ve been listening carefully to our bearish rants over the years 😉

Best place on meth
Member
Best place on meth

“I am a converted bear and joined that team a couple years ago.”

You’ve come a long way, Dave, I still recall harassing you mercilessly.

Sorry about that.

Sebastien
Member
Sebastien

I’m waiting to buy a foreclosure.

Bag it and tag it
Member
Bag it and tag it

Let me know when your mortgage is underwater then I’ll take it off your hands.

kabloona
Member
kabloona

What deals….??? I don’t see blood running down the streets yet….

Oracle
Guest
Oracle

Bottom is in on Toronto.

Ford is going to rid it of the FBT.

oopswediditagain
Guest
oopswediditagain
Just a few more headwinds coming our way. The increase in debt loads over the last several years and the reliance on helocs to finance their way out of debt is going to bite back! https://askross.ca/2018/03/more-bad-news-for-mortgage-renewals-in-canada/ “It used to be as long as your mortgage repayment history was impeccable, you did not worry too much about your mortgage renewal.” “More Bad News for Mortgage Renewals in Canada Last month we received an email from a distraught client in Ottawa who had just received a letter from his mortgage lender letting him know his mortgage maturing five months from now will NOT BE RENEWED. Same time a Hamilton family called us to complain their mortgage lender had just sent them a renewal notice — they are welcome to stay but the new rate will be 7.99%!! And only yesterday, another family… Read more »
Dave
Member

How pervasive is that though? Forced selling is something that can feed onto itself and would be very bearish if common.

A recession is another forced selling event because people lose jobs and can’t make payments. A recession in China would cause a lot of Vancouver forced selling too.

kabloona
Member
kabloona

I think the security blanket provided by CMHC makes the situation here more precarious than it was in the US back in 2008.

Of course the banks just want customers to keep paying, but no way they will let people stay an average of 24 months before foreclosing as was done in the USA.

Just go to fast foreclosure proceedings and the Canadian banks will be made whole by CMHC…..no worry about non-performing loans sitting on their balance sheet.

Burnabonian
Guest
Burnabonian

In a city where poor people have overextended themselves to jump onto the Real Estate Roulette Wheel?

You bet that’s bearish.

That’s as negative a feedback loop as you could come up with!

C.Junta
Guest
C.Junta

2015: Can’t afford a home in VAN/GTA? Stop whining and move!
2018: Can’t afford a home in VAN/GTA? Stop whining and sell!

Bear Vancouverite
Member
Bear Vancouverite

Thanks for this, I plan on replying to BPOE repeatedly with it.

Burnabonian
Guest
Burnabonian
This is absolutely incredible. All YVR homedebtors were getting a “free pass” once they had a mortgage, and that pass has just been revoked?? i.e. buy $xMM Vancouver property at a moment in your life when you have good jobs and good credit. Property starts appreciating at hundreds of thousands per year, natch. In the meantime, life happens: Jobs are lost (or quit), credit cards and LOC maxed, second properties bought, etc. That’s OK because renewals are rubber-stamped and you can always keep up with the payments — just take it out of equity if necessary. The perpetual golden goose. This article says that that family will now have to pass income validation, credit checks, AND a stress test at renewal time??? Holy crap. Does the average person with hundreds of thousands or millions in free equity not spend at… Read more »
YVR
Guest
YVR

“This article says that that family will now have to pass income validation, credit checks, AND a stress test at renewal time???”

That is in Ontario. Not in BC where credit unions are exempt from the stress test by order of Horgan.

Selective Memory
Guest
Selective Memory

Endless repetitions of a lie do not make it true. It’s a notably boring style of propaganda.

Burnabonian
Guest
Burnabonian

Credit unions are voluntarily adopting the same standards as banks.

What controller in their right mind would want to filter for all the crap, low quality borrowers who were ineligible for bank mortgages?

Not what credit unions are for.

Name
Guest
Name

http://www.news1130.com/2018/04/05/report-inaction-icbc-financial-crisis/

“A report from the Fraser Institute says ICBC’s financial mess can be blamed on the previous provincial government failing to make difficult decisions.”

more leftover mess from the criminal organization known as the BC Liberals ….

Dave
Member
That’s a rare critique from the Fraser Institute against a free market party. There is still a lot of division with right of centre interests. That’s why the NDP could get a majority if an election were held today. I imagine the NDP know this full well and I’m sure Horgan is tempted to have an election. If I was Horgan, I’d be pushing natural gas 24/7 to the point of absurdity (I’d wear an LNG hard hat to the point that Christy Clark is embarrassed) so that Weaver would have no choice but to pull the plug. Worst case, Weaver would destroy what little credibility he has left. And Horgan would pick up a lot of Liberal votes by being pro-industry. This is such low hanging political fruit that you have to think even the NDP can see it.… Read more »
YVR
Guest
YVR

“That’s a rare critique from the Fraser Institute against a free market party.”

No free market party likes government run insurance. ICBC should be shutdown. I read 80% of ICBC insured get the full 43% discount. How can that be possible when it takes 12 years to get it? Every immigrant must get it automatically just to be politically correct. It shows why government should not be involved in public insurance. No different than CMHC.

Lost...but not Leased
Guest
Lost...but not Leased

ICBC was an NDP creation….NDP have to get rid of it…but don’t hold your breath.

Oracle
Guest
Oracle

A year in power now and nothing from the NDP.

A sham.

Just me
Guest
Just me

“The report claims rate increases of 11.2 per cent in 2015, 13.6 per cent in 2016 and 20 per cent last year would have been required to offset the rising costs at ICBC, but instead basic insurance rates only rose between 4.9 per cent and 6.4 per cent over the same period.

The Fraser Institute says to cover basic insurance losses, between 2010 and 2017, ICBC transferred $1.4 billion from its profitable optional insurance business, which competes with other insurance providers, to the basic business, which has a monopoly over mandatory coverage. It adds ICBC also transferred an additional $1.2 billion to the BC government itself over the same time.”

Just me
Guest
Just me

“The report asserts that faced with exploding costs, the previous BC government had a choice: contain the costs, take the unpopular decision to increase rates substantially, or enact large-scale reform of the basic auto insurance system in the province.

In the end, it claims the government chose to do nothing.”

bullwhip29
Guest
bullwhip29

EU, Japan Join U.S. WTO Complaint Over China
https://www.bloomberg.com/news/articles/2018-04-05/america-seeks-coalition-of-willing-on-china-trade-update

>>> somehow, not surprisingly, Trudeau, Freeland and Canadians in general have found themselves in a no win situation and now have to pick a single dance partner. As much as the powers that be in Ottawa may think they can continue to BS and sweet talk all parties involved, it is clear Trump and Xi will not stand for any cheating behind the others back. the ramifications of a cooling Cda-China relationship should be obvious to all in this neck of the woods

Laibach
Member
Laibach

I wouldn’t be surprised at all if the current administration picks China and apologizes to everyone dressed in Chinese folk costumes, just in case.

Best place on meth
Member
Best place on meth

Turd desperately wants to side with china, he hates the US and Canada.

I hope he slips up so the whole country can see where his allegiances lie.

Lost...but not Leased
Guest
Lost...but not Leased

Re Garth Turner:

My understanding is while an MP and cabinet minister…he saw that Harper was going to engage in similar policy that created the US Housing Bubble…..voiced his concerns….and was effectively marginalized.

..

Name
Guest
Name

My impression of GT is that he is not really a team player and that led to his downfall.

kabloona
Member
kabloona

Millionaire crybabies in Oakville who don’t wish to close on their purchased properties because house prices have fallen even have their own website of sob-stories….

https://www.communityforfairness.ca/

Ontario taxpayers should get ready for the inevitable bailout….

Kinda reminds me of when Kim Campbell didn’t wanna close on her downtown Vancouver condo because prices had “cooled”…..

I think she lost in court. 🙂

Sebastien
Member
Sebastien

OMG… Thank you so much!!!! I don’t think to be able to handle so much schendfraude at once. Will read every night before going to bed 🙂

Dave
Member

He should write a letter to Poloz. He would be first on my list.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

How is it is his fault that these idiots chose not to understand the market they bought into and expected risk-free returns forever? They deserve to be mocked for expecting anybody to give a shit about their poor decisions.

Just me
Guest
Just me

Wow, you really like Garth Turner.

It figures, I guess…..

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’d bail them out, I suppose? Nobody should face negative consequence for their actions? That doesn’t surprise me given where you ended up.

Sebastien
Member
Sebastien
https://www.communityforfairness.ca/our-stories #7 I came to the land of opportunities (Canada) 20 years ago. All I had with me was a thousand dollars. I faced great hardship here, securing a full-time job at the same time going back to school to upgrade my skills. Life continued and I got married and now have three wonderful children. My youngest is 5. Through perseverance and determination I became a software engineer in Toronto. I continued to work overtime and took on a part time teaching job to support my family. For the betterment of our children, we decided that my wife would stay home with the kids. To us, it was worth the sacrifice. As our family and children grew, we needed to buy a bigger home. We chose one of the new homes released by Mattamy in Oakville. Our decision was based… Read more »
kabloona
Member
kabloona

Garth says, man up and buy now!!

But how do you buy if you can’t sell the dump you already own…..? yer stuck…..

😉

DaMann
Member
DaMann

People like this make me want to puke. I’m fairly confident that he wasn’t complaining when his current residence was sky rocketing in value and that people all over the city were priced out. I’m sure he had the “well tough shit for them attitude”. Did he really need more room for the kids or was he looking to make even more money?
As well, if you buy a place without condition of sale of your current residence then I have ZERO sympathy. That’s massive risk in itself. He rolled the dice and lost. he could have sold his place first and THEN bought.

Sebastien
Member
Sebastien

Amen. He probably wanted to keep his first house as an investment property for airbnb/rental income. Guess he realized it was too late for that to happen. If only could get his address, I would send him a beautiful sympathy card saying “suck it up asshole”.

Laibach
Member
Laibach

Association of drunk drivers should also create their own website of sob-stories. It is time for their voice to be heard too.

Sebastien
Member
Sebastien

If you look at their solutions (https://www.communityforfairness.ca/copy-of-action), they are advocating for the laws that would allow buyers to opt out “at will” and guarantee builders to lose money in a downward market.

Sorry folks, not gonna happen!

Dave
Member

Fear and greed drive markets. We have a lot of greed stories in the last decade. When people start to hear the fear stories, the market sentiment will shift. This is the kind of thing you hope gets media traction. We need some crying visuals too.

patriotz
Member

“Ontario taxpayers should get ready for the inevitable bailout….”

Well this would amount to a bailout, although perhaps not what you had in mind. The FBT, which has been blamed for falling prices, was introduced in greater Toronto a year ago.

How Doug Ford’s tax plan could bring back a housing bubble

Oracle
Guest
Oracle

With election coming June 7th. I think a bottom is in. Now is the time to buy there.

No more FBT if Ford gets elected.

Sebastien
Member
Sebastien

If he gets in…

Best place on meth
Member
Best place on meth

Ford will get in, and whoracle is still a house pumper posing as everything but a house pumper.

Sebastien
Member
Sebastien

Wanted 40% over assessment:
214 1150 E 29th Street, North Vancouver
Feb 7:$948,800
Apr 4: $729,900
Change: – 218,900 -23%
A: $601,000

Oracle
Guest
Oracle

So basically these reduction mean nothing. Still way higher than the record assessments.

Sebastien
Member
Sebastien

Not necessarily. The psychological harm has been done. They were wishing for 1,000,000 for their place. Now they know it won’t happen.

Laibach
Member
Laibach

And they probably know $500K won”t cut it either so they will have to continue their psychological drill down to the next milestone. Fun times…

specuskeptic
Member

Was reading through some comments on this article http://vancouversun.com/business/local-business/lower-mainland-condo-prices-soar-but-there-are-signs-of-softness-at-the-top-end

“Gary Brooke” sounds an awful lot like VCI’s most compulsive and reliable liar…
Also, check the “Josh Gordon: Speculation tax is essential for housing affordability” article and same thing.. Eerie actually.

Hyper-mega-Bull
Member
Hyper-mega-Bull

“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said in a statement.

https://www.cnbc.com/2018/04/05/trump-asks-us-trade-representative-to-consider-100-billion-in-additional-tariffs-on-chinese-products.html

Best place on meth
Member
Best place on meth

He’s going to take down that communist shithole.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Right after he’s declared them a currency manipulator and built the wall, you think?

Best place on meth
Member
Best place on meth

What does the wall have to do with destroying your beloved communist china?

Oracle
Guest
Oracle

About time.

If we don’t do it now, it means war within a decade or two. US generals have said that.

YVR
Guest
YVR

It does not matter what China does. Trump will double down on every measure they take and crush them. Remember little Kim?

Oracle
Guest
Oracle

The USA needs to create a financial crisis in china where it is set back 30 years.

Now is the time. Us generals agree.

Bubble
Guest
Bubble

Wow, only $4 million above assessed value:
Assessed: $15,676,000, property tax: $33,000+
4768 DRUMMOND DRIVE, Point Grey, Vancouver West, $19,880,000.00
Where is the owner in last 12 months?
http://www.realtylink.org/prop_search/Detail.cfm?MLS=R2252445&REBoards=All&From=MLS

Sebastien
Member
Sebastien

To be honest, if I had 20,000,000 to blow on RE I wouldn’t buy that place. Think about it, with that amount of money you can buy your own island for the weekends and a luxurious loft downtown for work.

Name
Guest
Name

the perfect house for chineeze money laundering crooks who don’t deserve to live in such opulence …

Shut It Down Already (original)
Guest
Shut It Down Already (original)

And you do deserve it, presumably?

Name
Guest
Name

presumably not because I am not a money laundering chineeze crook.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Awww, you’re jealous.

Just me
Guest
Just me

No. He is simply telling you that these millionaires never contributed anything to our society, so it is rather unpleasant that they get to live the high life over here.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Um, the place doesn’t have a buyer yet but you’ve already made quite a few assumptions about them. Perhaps it’s because you’re a prejudiced scumbag? What say you?

Just me
Guest
Just me

Again, Name simply pointed out he is not laundering Chinese money in RE. No need to get all worked up.we know you and Garth love those criminals bringing in suitcases of cash, but that is not reason enough to use expletives.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Oh really? Fuck off.

specuskeptic
Member

Great 6 minute followup watch to “The China Hustle”. New vernacular includes “String of Pearls” and “BRI”. https://youtu.be/EvXROXiIpvQ

Just me
Guest
Just me

Great video. Someone should make it compulsory watching in schools, so our kids know.
There is nothing benign about China’s commercial expansion. It’s intentions go well beyond commerce.

bullwhip29
Guest
bullwhip29

meanwhile this is what is being said at the University of Alberta’s “China Institute”…
http://www.cbc.ca/player/play/1202649155843/

Bubble
Guest
Bubble

Brand new house in Point Grey:
4695 W 9th Avenue, Vancouver
Listing price
Sep 29:$4,950,000
Apr 4: $4,488,000 (-9%)
Assessed as of July 1st, 2017 $3,762,000

If the developer paid $3 million for the land, the profit will be ???

Oracle
Guest
Oracle

Only costs 6-700K to build a really nice house.

Name
Guest
Name

The housing correction is just getting started and Barf Turner is already telling people to buy? What a piece of work he is.

specuskeptic
Member

It does seem sudden, though he walked some stuff back and clarified somewhat. Note how he exempted YVR from his “start vulching” pep talk…

Bag it and tag it
Member
Bag it and tag it

It could be time to buy in Ontario if Ford wins the election…not sure when it is though…or even if the polls show he is likely to win…since it sounds like he’ll go full Christy Clarke in terms of gas throwing.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

He gives free advice every day and you can’t even be bothered to understand it. You’re such a simpleton.

Just me
Guest
Just me

You instead, your highness…

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Do your grandkids regret buying you that laptop for Christmas yet?

Best place on meth
Member
Best place on meth

Do your parents regret not aborting you?

Leave.

Get the fuck out.

You’re a despicable piece of excrement hated by all.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Shut up, racist.

paulb
Member

New
268
Price Change
59
Sold
164
TI:9264

http://www.clivestevepaul.com

Just me
Guest
Just me

Laws are for losers, right?

http://vancouversun.com/news/canada/underground-ride-sharing-services-in-b-c-appear-to-be-thriving-amid-crackdown/wcm/f3c68cbc-3044-440c-9af7-b7eebd45701f

“Even though ride-sharing services like Uber are not currently sanctioned in B.C., that hasn’t stopped several companies from setting up, catering largely to Chinese customers”

Just me
Guest
Just me

“Whenever Arthur Chen is running late for class at Simon Fraser University, he knows he’s just a few swipes and finger taps away from getting a ride.

Even though ride-sharing services like Uber are not currently sanctioned in the province, that hasn’t stopped competitors from setting up throughout B.C.’s Lower Mainland. Catering mostly to Chinese-speaking clientele, the companies operating in the shadows bear names like Raccoon Go, Udi Kuaiche and Dingdang Carpool and advertise on the popular Chinese-language social media platform, WeChat.

“There’s plenty of choices. … I will see which one is faster and which one is cheaper,” Chen said.”

YVR
Guest
YVR

Good for them. Making ride sharing illegal is just another communist NDP policy.

Oracle
Guest
Oracle

The Indians are screwing the white people by paying off bureaucrats and politicians to keep English ridesharing out.

The Chinese are allowed to do as they please as they can’t upset that demographic. Too powerful.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Breaking laws is a thing only nasty foreigners do, right? Idiot.

Best place on meth
Member
Best place on meth

Racists breaking laws providing chinese only services are definitely something only foreigners do, you nasty fucking traitorous scumbag.

The rest of us have to obey discrimination laws while listening to shitbags like you call US racists while giving THEM cover.

YVR
Guest
YVR

Horgan is the one who promised ride sharing would be legal by the end of 2017. He is the one who lied and should be jailed.

Best place on meth
Member
Best place on meth

Horgan should be jailed for not legalizing ride sharing by the end of 2017?

Once you’re sober please read your comment again and admit that it was incredibly fucked up.

Oracle
Guest
Oracle

Here here.

Still don’t trust those fuckers.

No results on housing prices after 1 year.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Well, you are a racist – so what exactly do you fucking expect, dumbass?

Best place on meth
Member
Best place on meth

AIDS, you lost a long time ago.

Just fucking leave.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Shut up, racist?

Laibach
Member
Laibach

What a shitty piece are you. He never said that. You should fucking go to some dive bar to pick a fight and not here to flex muscles and eat shit.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Well, he just said it. So fuck off.

Best place on meth
Member
Best place on meth

“Breaking laws is a thing only nasty foreigners do, right?”

Nope he didn’t say it.

You should get the fuck out of here forever.

Just me
Guest
Just me

Not all foreigners. Mostly recent Chinese immigrants from the mainland.

Just me
Guest
Just me

“Zhang said the current crop of underground ride-share providers welcomes regulation and the chance to officially “join the game.”

Until that framework is in place, the companies show no signs of stopping. And that suits Chen just fine. Even if a car smells or its driver is an angry mood, it doesn’t matter, he said.

“I don’t care about the service, I just care about how fast they can come.””

kabloona
Member
kabloona

“Oakville homebuyers purchased at their own risk, housing minister says”

https://www.thestar.com/business/real_estate/2018/04/05/oakville-homebuyers-purchased-at-their-own-risk-housing-minister-says.html

“Ontario Housing Minister Peter Milczyn says he doesn’t know how many homebuyers have been financially imperilled by the plunge in the Toronto real estate market following the introduction of the foreign buyers tax last April.
“I’m not aware this is a massive problem,” he said on Thursday…
…On Thursday, politicians and builders said that the buyers should have known they were at risk when they signed contracts with a builder.
“The government is not here as a backstop for real estate transactions gone bad,” said Milczyn.”