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.
[…] –Toronto sees big price drop –Beneficial ownership database –Speculation tax is essential –Canada China tax info exchange –Avoid investing in RE / Mortgages –Record high payments with low interest rates – […]
trump threatens 100 billion dollar tariffs
china says we are ready to immediately retaliate and cause US pain
Trump says ‘pain’ from China tariffs will make US ‘much stronger’
it’s amazing to watch. what a time to be alive.
Condos immune to the decline?
413 3163 Riverwalk Avenue, Vancouver
Feb 22:$1,198,000
Apr 5: $998,000
Change: – 200,000 -17%
A: $806,000
Surrey prices getting closer to assessment.
14820 86 Avenue, Surrey
Jan 30:$1,388,000
Apr 5: $990,000
Change: – 398000.00 -29%
A: $977,000
4393 Townline Road, Abbotsford
Dec 4:$3,500,000
Apr 5: $2,800,000
Change: – 700,000 -20%
A: $329,862
No less than 44 per cent of investors who took possession of new units (in Toronto) in 2017 were in negative cash flow — that is their rental income fell short of the amount needed to cover their mortgage payments and condominium fees, according to the study by CIBC and Urbanation, a market analysis firm.
Though 45 per cent of those investors were short by less than $500 per month, another 20 per cent were short between $500 and $1,000 per month. And 34.5 per cent were in the hole for more than $1,000 per month.
If only they knew how to use a calculator before they bought.
“And 34.5 per cent were in the hole for more than $1,000 per month.”
Even with rising prices you lose tons of money.
Much of that “lost” money is mortgage principal, and recoverable when the property is sold. Even if you factor in a 20% dip in prices over the long term many will still come out ahead. Of course they’re greedy and expecting something for nothing and ever rising prices. After all, it’s “unfair” that their brother-in-law made a killing on his condo, and there’s an endless stream of stupid rich foreigners to bail them out.
“a 20% dip in prices over the long term many will still come out ahead.”
They were underwater when they started and then lose another 20% but they will come out ahead. it’s odd that you are the only one who would see things this way …
Because I don’t value mortgage principal as zero. Whereas you clowns do.
Looks like we’re going to war.
Financial war with China.
first trump was playing nice with china and being really hard on n. korea, now that a meeting is being setup he’s being very hard on china.
i wonder what he has planned? maybe driving a wedge between the two countries?
Townhouse prices set a record in metro Vancouver for March. Approaching $1 million.
Yet the people on this blog are worried about $3 million detached homes.
Face it. The NDP have failed purposely. They could have ended this last year. But scam artists.
Instead of $900K townhouses. Could have been $500K because at election time they were $700K.
Wow.
Let’s hear the defenders of the NDP.
Nope. B20 pre-approvals are rolling off this month. All the dumb money fled into condos because they were cheaper, and they are about to lose their shirts. The smart money is out or trying to get out. The condo buyers are just the bag holders who are providing the liquidity.
The game is up.
Oracle this is a Wile E. Coyote moment. Supports underpinning the property market have completely eroded, but over exuberance is still causing market participants at the lower end to continue speculating. We’ll need some horror stories in SFD, or an interest rate shock to correct the bullish mindset. Incomes for realtors, brokers, and builders at the high-end are already being negatively effected. Squeeze enough of those people with higher rates and it’s going to start adding up to a massive collapse.
As the article (below) said, China probably never dreamed their unfair trade arrangement would go on as long as it did. Try to export into China’s market? No can do! Way to go Clinton, George Bush and Obama – you sold your country down the drain! Well, no more. Thank God Trump has come to town and is putting a stop to the globalists. No wonder they’re trying to impeach him. He’s taking away their game.
Just as we…..sorry, our bought-and-paid-for politicians…..have sold our country out to corrupt foreigners. Every single one of our politicians should be behind bars for doing this. Just imagine Mr. Dress-up in prison!
Support the nationalists. Only way to protect the working class. Unfortunately some workers brainwashed and acting against their own well being.
These blanket tariffs on China are more damaging to the USA than the Chinese. After all, Americans will be paying the tariffs not China. This is a classic case of cutting off your ear to spite your face. If the USA really wanted to do something about being shut out of Chinese markets they should be strategically banning some Chinese goods in retaliation, not forcing Americans to pay the tariffs.
60% of all goods exported out of China and destined for the U.S. market are from U.S. multinationals operating in China, and they’re doing this to get the cheap labor and no environmental controls. Trump is trying to force U.S. multinationals to come back home. You can’t run a country with no manufacturing, and you certainly shouldn’t be doing business with a country who wants it all one way – to steal your technology and then copy it. Bull to that. China would still be back in the Stone Age without the West’s technology and know-how. They promised they would be fair about allowing U.S. exports into their country, but they didn’t do it. They have built a mile-high wall. Bull to that too! I predict that prices will rise very little if manufacturing comes back to the States. What’s… Read more »
“Historical background, when Clinton added China to the WTO, it opened the borders and U.S. markets to Chinese goods, but likewise, China promised to treat the exports of the U.S. fairly, which are driven by movies, patents, and intellectual property rights. In theory, that’s how the deal would be equitable. However for 20 years they have not been paying billions in patents or media royalties back to the U.S.. Stealing everything, patents, intellectual rights, ignoring international law, building a mile high tariff wall… […] Guess what that shows? Tariffs work. It worked for us then and it works for China now. Go to a store and look for any item that isn’t made in China. That has devastated industry, and is arguably dumping, i.e. selling at a loss to ruin your competition. How? China isn’t a “capitalist” country, really. It’s… Read more »
China gets ready to be squeezed!
Trump said on his Asian tour: “I don’t blame China – after all, who can blame a country for taking advantage of another country for the benefit of its citizens… I give China great credit,” said Mr. Trump while addressing a room of business leaders. Instead, the US leader said previous US administrations were responsible for what he called “a very unfair and one-sided” trade relationship with China.”
It’s no surprise; I’m sure they knew it would end someday. Probably never dreamed it would go on this long. However, the way the game is played, China will still negotiate all they can as the inevitable ends. And with retaliatory tariffs, they negotiate their best deal, and as quoted, Trump understands that too. Nothing personal.
The game is over.
Great post, now queue up the regular douchebug to say something stupid or at least call you a racist.
Trump wants an extra $100 billion in tariffs. A massive prolonged trade war is very bad for Canada’s economy.
http://www.cbc.ca/news/business/trump-tariffs-china-trade-1.4607420
What the hell is an economy? Is it Stock prices, bond yields??
Trade war means Canada will have to back away from globalization. Who cares about an abstract concept ‘economy’ when the worker will be out front and centre.
Sustainable model will emerge. One that limits immigration so everyone benefits.
Uh, no. This deals damage to the global supply chain. A trade war starts picking away at links in said supply chain and makes everything more expensive or difficult to manufacture. It ultimately will mean less jobs for Canadians, more expensive consumer goods, and a bad time for everyone. i’ll concede that less immigration for Canada would be ideal, but a trade war will not create a sustainable model for anyone. It just makes life more miserable for the working class.
trump will also want cooperation from the allies on these matters. should canada do anything to undermine this, who knows what the outcome is? as i said, trudeau et al have to choose a dance partner now, the US with new NAFTA or go all in on china
GO TRUMP!
DEATH TO CHINA!
Here here.
Globalists and their media machine need to be knocked out next election in the USA.
“Oakville homebuyers purchased at their own risk, housing minister says”
“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.”
Laws are for losers, right?
“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”
“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.”
Good for them. Making ride sharing illegal is just another communist NDP policy.
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.
Breaking laws is a thing only nasty foreigners do, right? Idiot.
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.
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.
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.
Here here.
Still don’t trust those fuckers.
No results on housing prices after 1 year.
Well, you are a racist – so what exactly do you fucking expect, dumbass?
AIDS, you lost a long time ago.
Just fucking leave.
Shut up, racist?
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.
Well, he just said it. So fuck off.
“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.
Not all foreigners. Mostly recent Chinese immigrants from the mainland.
“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.””
New
268
Price Change
59
Sold
164
TI:9264
The housing correction is just getting started and Barf Turner is already telling people to buy? What a piece of work he is.
It does seem sudden, though he walked some stuff back and clarified somewhat. Note how he exempted YVR from his “start vulching” pep talk…
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.
He gives free advice every day and you can’t even be bothered to understand it. You’re such a simpleton.
You instead, your highness…
Do your grandkids regret buying you that laptop for Christmas yet?
Do your parents regret not aborting you?
Leave.
Get the fuck out.
You’re a despicable piece of excrement hated by all.
Shut up, racist.
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 ???
Only costs 6-700K to build a really nice house.
Great 6 minute followup watch to “The China Hustle”. New vernacular includes “String of Pearls” and “BRI”. https://youtu.be/EvXROXiIpvQ
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.
meanwhile this is what is being said at the University of Alberta’s “China Institute”…
http://www.cbc.ca/player/play/1202649155843/
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
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.
the perfect house for chineeze money laundering crooks who don’t deserve to live in such opulence …
And you do deserve it, presumably?
presumably not because I am not a money laundering chineeze crook.
Awww, you’re jealous.
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.
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?
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.
Oh really? Fuck off.
“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.
He’s going to take down that communist shithole.
Right after he’s declared them a currency manipulator and built the wall, you think?
What does the wall have to do with destroying your beloved communist china?
About time.
If we don’t do it now, it means war within a decade or two. US generals have said that.
It does not matter what China does. Trump will double down on every measure they take and crush them. Remember little Kim?
The USA needs to create a financial crisis in china where it is set back 30 years.
Now is the time. Us generals agree.
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.
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
So basically these reduction mean nothing. Still way higher than the record assessments.
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.
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…
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. 🙂
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 🙂
He should write a letter to Poloz. He would be first on my list.
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.
Wow, you really like Garth Turner.
It figures, I guess…..
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.
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 »
Garth says, man up and buy now!!
But how do you buy if you can’t sell the dump you already own…..? yer stuck…..
😉
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.
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”.
Association of drunk drivers should also create their own website of sob-stories. It is time for their voice to be heard too.
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!
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.
“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.
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.
If he gets in…
Ford will get in, and whoracle is still a house pumper posing as everything but a house pumper.
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.
..
My impression of GT is that he is not really a team player and that led to his downfall.
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
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.
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.