Its Tuesday

Huh. Step away for a week and we hit over 1000 comments on that last thread.

Well here’s a new thread to reset a bit.

Does this feel like a lull in the market or a turn? What are you seeing out there in the streets and micro condos of Vancouver?

Sort by:   newest | oldest | most voted
Ron K
Guest
Ron K

(May 29, 2014)
Huge explosion on Japanese oil tanker

Captain missing and four crew severely burned, with 998-tonne Shoku Maru left gutted and leaning over in the water

The tanker had unloaded its cargo of crude oil and was stationary close to the coast of Hyogo prefecture, about 280 miles (450km) west of Tokyo, when the explosion happened.

https://www.theguardian.com/world/2014/may/29/huge-explosion-on-japanese-oil-tanker

Dave
Member

Captain Sum Ting Wong again.

patriotz
Member

Think the leaky condos were bad? Try this. And note the government loan juicing the market:

Langevin funded the flat in 2014 through some savings, a mortgage with a high-street bank and a £95,000 government loan under the Help to Buy scheme designed to help people without enough savings to get on the property ladder.

Value of London flats slashed by Grenfell-style cladding: Home in New Capital Quay, Greenwich, worth £50,000 rather than £475,000, owner told

MarKoz
Member

With respect to the cladding:
Explaining the decision to withdraw the material from sale, the US company Arconic cited concerns about the “inconsistency of building codes across the world”.

Use of the product is in effect prohibited on towers in countries including Germany and the US, but not in the UK, although since the Grenfell fire, the government has said it “should not be used for cladding on a building taller than 18m”.

https://www.theguardian.com/uk-news/2017/jun/26/councils-too-slow-in-getting-tower-blocks-fire-tested-alok-sharma-suggests

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

If I understand this correctly, the cost to remove this cladding is over 400,000 English Pounds

…WTF?…how is that possible?
Leaky Condos never had such a per unit $$$$ hit..

patriotz
Member

Ontario NDP releases election platform.
Good news: they want to copy the BC NDP’s speculation tax.
Bad news: they want to copy the BC Liberals’ property tax deferral for seniors.

https://www.ontariondp.ca/platform.pdf

YVR
Guest
YVR

“Good news: they want to copy the BC NDP’s speculation tax.”

Good for who? Property speculators who live in Ontario and will be 99% exempt like here.

“Bad news: they want to copy the BC Liberals’ property tax deferral for seniors.”

That is the BC NDP property tax deferral now. You may have forgot who is in power in BC and has kept the deferral system.

backwardsevolution
Guest
backwardsevolution

Then like the IMF said, they are going to have to introduce measures that actually work.

Dave
Member

Multiple offers are still in style for Spring. Just saw a house get more than 10 offers.

That’s what I’m seeing out there.

Just me
Guest
Just me

Hi Dave, can you be more specific on location and type.
I don’t doubt you but am curious about specifics.

This market has surprised me many times before, so I always expect the worst.

Bac Si Dre
Guest
Bac Si Dre

Down the street in Aldergrove, my neighbor just sold for $930K, $30K over asking. Just had me shaking my head. Wonder who the idiot was?

Ulsterman
Member
Active Member

“Wonder who the idiot was?” The problem with this statement is that bears (inc me) having been saying this for 15 years – trust me, many bears thought the market overpriced back in 2003 – and the buyers have done just fine. Sure, there are lots of factors that would appear to make this a risky time to buy, but this is Vancouver, the market that appears to defy gravity and logic.

bullwhip29
Guest
bullwhip29

should anyone ever check I think it would be a given that some of these offers are of the phantom variety and/or buyers attending open houses are hired actors. it has been proven that certain agencies operate with a different set of guidelines (ie. say/do anything to get the sale, eff the rules, make a little extra under table if poss). having said this, the sellers along with their agents have and always will lie through their teeth too when it comes to disclosure of any material details. the naive, uninformed buyer has no chance whatsoever in this market.

ostritch
Member
ostritch

Bear logic.

Ben
Guest
Ben

And I just went to several open houses with no buyers. And one home in my townhouse complex has been on the market for 3 months with no takers. See, I can pull shit out of my ass too.

Bag it and tag it
Member
Bag it and tag it

Or perhaps pricing homes well below market value in hopes of quick sale and creating a bidding war is back in style.
There isn’t a single home that will not get 10 plus offers, if it is priced low enough.

Name
Guest
Name

Some agents will have shill fake buyers browsing around the property making loud noises like they plan on putting in an offer.

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

Bullshit.

YVR
Guest
YVR

Loud noises? Like oink oink?

xhistory
Guest
xhistory

Very true. First person to look at my townhouse in Ontario back in the 80s, she was a fake buyer. Brought in to Dis the place, while her friend was the intended purchaser.

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

MOI for SFH is 20, and average sell:list price isn’t indicative of multiple offers being commonplace. So I’d say that that house wasn’t in Vancouver, was mispriced deliberately, or you’re making it up.

Dave
Member

Port Moody. 10% above list.

Bag it and tag it
Member
Bag it and tag it

what’s the sell price vs 2017 assessment?

Dave
Member

9% over.

backwardsevolution
Guest
backwardsevolution

Last of the idiots then.

Bag it and tag it
Member
Bag it and tag it

OK so I just checked Port Moody detached YoY is up 10% from last March and considering the assessment date was July, that’s about right that it would sell for about 9% over….so in other words, they priced it 10% below market value and surprise surprise, they had a bidding war and it sold for 10% above list or market value. Next…

Whister or Bust?
Guest
Whister or Bust?

Unlike you Dave actually has credibility here. If he posts it its very likely true.

Back to reeducation class….

Best place on meth
Member
Best place on meth

A new townhouse complex in my area of E. Broadway went up for sale over a month ago with 8 units.

5 straight weekends of open houses.

Not one sale yet.

backwardsevolution
Guest
backwardsevolution

Dave – I’m going to be more pointed in my question: exactly where is this house and how were you in a position to see it get ten offers? Did the realtor severely under-price the house in order to draw in a crowd, thus creating a bidding war? How much was the house up for? Did the house sell? If yes, for how much?

ostritch
Member
ostritch

Dave must be lying. It’s not possible to see over-aks sales. Unless you get weekly sales from a realtor, then you still see lot s of them.

southseacompany
Member
southseacompany

“For Home Prices in London, Check the Tokyo Listings”, IMF Blog

https://blogs.imf.org/2018/04/10/for-home-prices-in-london-check-the-tokyo-listings/

“If house prices are rising in Tokyo, are they also going up in London? Increasingly, the answer is yes.”

“In recent decades, house prices around the world have shown a growing tendency to move in the same direction at the same time. What accounts for this phenomenon, and what are the implications for the world economy? These are questions that IMF economists explore in Chapter 3 of the latest Global Financial Stability Report.”

Dave
Member

I had this theory as well. I think with globalism, the world economy is now moving in sync. Excess liquidity created by central banks will spread to real estate markets around the World, or into other assets.

In the case of Vancouver, that liquidity has displaced an entire generation of people.

In the past, excess liquidity would be confined to a country’s borders more or less. If pricing got out of line, it would be self correcting, or it would show up as inflation. But right now, the Chinese are exporting deflationary goods and leaving excess capital in real assets.

Doomcouver
Guest
Doomcouver

Foreign buyer taxes will slowly drain all the wealth from most of these people if they’re dumb enough to leave the cash parked in some markets. The smart ones will sell and consolidate their wealth in locations where they won’t be taxed. The loopholes to avoid the tax are slowly closing so we’ll be able to see the endgame soon enough.

southseacompany
Member
southseacompany
“House Prices In Canada Are Now Under The Control Of Global Forces”, Huffington Post https://www.huffingtonpost.ca/2018/04/17/housing-markets-globalization-imf_a_23412706/ “But before you throw all the blame on China’s nouveau riche, it’s worth noting that the IMF sees a number of reasons for this trend, beyond simply foreign buyers: — Corporate money flowing into the housing market. “Institutional investors, private equity firms, and Real Estate Investment Trusts have been increasingly active in major cities such as Amsterdam, Sydney, and Vancouver as they seek out higher returns,” the IMF said on its blog. — Globally co-ordinated interest rates. “The world’s major central banks have kept interest rates unusually low for a long time in a bid to stimulate growth,” the IMF says. “That has produced a ripple effect of low borrowing costs, including cheap mortgages, across the globe, which has helped push up prices.” — A… Read more »
Burnabonian
Guest
Burnabonian
The only thing we know for sure about the global financial markets is that they are self-correcting and always revert to the mean. Anyone who thinks that the current macro conditions can be relied on to be stable for the next 25 years, 25 months, or 25 days needs to share with me whatever they are smoking. Puff puff pass, man. If Canadian housing prices can be robustly correlated to the looney-toons batshit crazy equity cycle we are in, that should strike fear into the hearts of everyone with more than pocket change invested in housing. The Canadian economy plods along, with up times and down times, but never gets too crazy in either direction. Just like Canadian housing when prices were being set by Canadian fundamentals. Meanwhile the global economy right now is widely acknowledged to be the largest… Read more »
BubbleTea
Guest
BubbleTea

Too little to late? Robinson says they are also examining ways to require developers to track who is snapping up pre-sale properties and then how they are flipped and to who.
http://www.radionl.com/2018/04/16/the-provincial-government-is-targeting-real-estate-tax-evasion/?sc_ref=direct

Patiently Waiting
Member
Patiently Waiting

I don’t think so. Income tax audits can go quite far back if someone is suspected of fraudulent behaviour. Can you imagine if they actually started doing to serial assignment flippers?

bullwhip29
Guest
bullwhip29

the CRA can’t touch anyone that either isn’t here anymore, wasn’t here in the first place or operated under a second name, chinese name, alias, numbered co etc. besides up until very recently one could snap up a presale without having to give up much info at all meaning there isn’t anything to audit. these folks never worked, never filed tax returns and operated compltely under the radar. bottom line is that the money is gone, accounts closed, bye bye… the little guys aren’t worth the effort. those that took significant measures to mask their identities prior to engaging in more of business of flipping won’t be caught either. if the downside is that they can never travel to Cda, then so be it…

patriotz
Member

The buyer of RE or any interest thereof (which includes a pre-sale) from a foreign owner is required to submit withholding tax to CRA and is liable for the tax if they don’t.

bullwhip29
Guest
bullwhip29

lol…good one

yvr2zrh
Member

@bullwhip29, don’t laugh. If you, as a buyer, fail to withhold taxes for purchase from a non-resident, you are liable for unpaid taxes of that person. Now – a pre-sale contract might not meet the definition of real property – and thus, it is basically contract speculation and not technically subject to Canadian taxes if you are foreign. However – perhaps that should change?

patriotz
Member

“Now – a pre-sale contract might not meet the definition of real property”

All non-resident sellers of Canadian property (including assigning a pre-sale) must notify the CRA within 10 days of the date of the property sale to obtain a Certificate of Compliance and remit 25% of any capital gain (profit)…

Buyers also typically request a holdback of 25% or more of the purchase price until the Certificate of Compliance is delivered. This is to protect the buyer. If a seller were to disappear without paying the required taxes, the buyer would be liable for those taxes.

https://royalpacific.com/blog/2014/09/18/what-non-residents-need-to-know-about-canadian-taxes-and-real-estate/

bullwhip29
Guest
bullwhip29
i think in the coming years there will a whole slew of buggered up deals where the seller simply lied on their declaration or used other means to dodge the certification. due to the shear numbers these buyers will ultimately be given a free pass. it is widely known that phony document mills have been setup all over the lower mainland for one purpose or another. a smart and clever buyer of multiple properties could very easily have conducted all kinds of for profit business under an alias and then vanished into thin air after the loot was withdrawn. meanwhile the ding dongs in victoria can’t even figure out what names should be on care cards and driver’s licences yet let alone tackle the problem of those who are gaming the system and cashing multiple welfare and benefit cheques (all… Read more »
Shut It Down Already (original)
Guest
Shut It Down Already (original)

Have you ever bought a presale?

Bestplaceonearth
Guest
Bestplaceonearth

You have no clue about the process…but keep on going…some stupid bears buy into it.

bullwhip29
Guest
bullwhip29

if purchase was made thru a blind trust, local nominee etc there would be no tax withheld meaning the onus would be on the assignor to do the right thing at tax time. of course, many of you here believe shenanigans such as this never occur and that the banks and developers take always the high road and do their due diligence…lol

Doomcouver
Guest
Doomcouver

Are you thinking of a “bare trust”? I don’t think property speculators usually use “blind trusts”. The bare trust loophole will hopefully be closed soon with the NDP’s “beneficial ownership database”, as long as it materializes.

bullwhip29
Guest
bullwhip29

got me on that one. but thinking about that further, a “blind” trust would be an even more effective method of conducting one’s business as you could simply play dumb

bullwhip29
Guest
bullwhip29
Doomcouver
Guest
Doomcouver

One more reason why buying into a strata is a terrible idea.

Best place on meth
Member
Best place on meth

One more reason why Richmond has become a shithole.

Doomcouver
Guest
Doomcouver

Most Richmond strata is leasehold as well. I’d never buy a leasehold it’s basically a way more expensive form of renting.

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

Richmond strata mostly leasehold ?

I highly doubt that

bullwhip29
Guest
bullwhip29

Richmond lawyer claims bank failed to spot suspicious transactions
http://www.richmond-news.com/news/richmond-lawyer-claims-bank-failed-to-spot-suspicious-transactions-1.23270433

>>> what a load of BS. it is the lawyer’s job to make sure all the i’s are dotted and the t’s crossed. the fact the Guo seemed so eager to repay the so called missing funds out of her own pocket speaks volumes…

Name
Guest
Name

and she is running for Mayor of Richmond. Good luck Richmond, you’ll need it.

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

Probably one of SIDA’s concubines
….or SeeSaw’s relative
Won Dum Fuk

kabloona
Member
kabloona

“TD lowers variable mortgage rate, suggesting no Bank of Canada rate change”

https://ca.finance.yahoo.com/news/td-drops-variable-mortgage-rate-suggesting-no-bank-canada-rate-change-184754945.html

Wow….what a suprise…Poloz not raising rates…. 🙂

Doomcouver
Guest
Doomcouver

It’s literally the least surprising thing that could have happened.

Disgruntled
Guest
Disgruntled

Oh wow 0.1% I just saved 10 bucks a month. I’d rather Poloz run off and join Mark Carney in England, and we get someone to call an end to this 20 year “emergency” level. Won’t happen of course. So we can only hope the US Federal Reserve forces Canada to follow suit. One out of every 2 US Fed increases is probably the best we can hope for here under Poloz so we better hope for pretty steep increases in the US.

paulb
Member

New
297
Price Change
56
Sold
120
TI:9898

http://www.clivestevepaul.com

rockerguy
Member
rockerguy

Inventory is now 14% higher than in 2016 at the same time of the year and trending upwards at the same slope as 2014. We could be at 12,000 by late summer, which would imply price declines.

Sebastien
Member
Sebastien

-20% in 5 weeks!
6174 Bruce Street, Vancouver (It’s a hobbit house 🙂 )
Mar 6:$1,250,000
Apr 16: $998,000
Change: – 252,000 -20%
A: $1,186,300

Astronaut Mama sale:
4104 Maple Crescent, Vancouver
Oct 26:$5,498,000
Apr 16: $3,988,000
Change: – 1,510,000 -27%
A: $3,889,900

Any more info?
201-6611 Pearson Way, Richmond
Feb 14:$2,580,000
Apr 16: $1,999,900
Change: – 580,100 -22%
A: ?

Why the discount? This place will be up-zoned soon thanks to Metrotown:
8326 Royal Oak Avenue, Burnaby
Mar 12:$1,500,000
Apr 16: $999,999
Change: – 500,001 -33%
A: $1,357,100

Now Coquitlam sees under-assessment sales:
1517 Hammond Avenue, Coquitlam
Oct 31:$1,488,000
Apr 16: $1,199,000
Change: – 289,000 -19%
A: $1,412,000

Now under Assessment:
4146 Gilpin Crescent, Burnaby
Sep 18:$2,980,000
Apr 16: $2,388,000
Change: – 592,000 -20%
A: $2,679,000

Disgruntled
Guest
Disgruntled

“Why the discount? This place will be up-zoned soon thanks to Metrotown”
I know someone who went to an open house that was listed at 999,000. She basically was told right away that it was a teaser price and they would not accept less than something like 1.3. Yes the open house was full f****** scummy Realtors.

Sebastien
Member
Sebastien

Good point. I’ll follow that listing.

Best place on meth
Member
Best place on meth

Mmmm…..love that new thread smell.

Doomcouver
Guest
Doomcouver

It smells like bull-fear and spurned house-lust.

Best place on meth
Member
Best place on meth

Realtor who deceived buyer into displaying New Coast Realty “sold” sign for a year fined $2,000

https://thinkpol.ca/2018/04/15/realtor-deceived-buyer-displaying-new-coast-realty-sold-sign-year-fined-2000/

Wow, a whole $2000!

Would a larger fine have been considered racist?

Doomcouver
Guest
Doomcouver

Should have made it $8,888. Much less racist that way.

southseacompany
Member
southseacompany

“The wake-up call for a generation of wide-eyed home buyers”, Maclean’s

http://www.macleans.ca/news/canada/the-wake-up-call-for-a-generation-of-wide-eyed-home-buyers/

“A wide swath of young homebuyers is beginning to grapple with something unseen in their adult lives—a market that actually goes down”

Just me
Guest
Just me

“Mattamy, and homebuilders like it, assume that the sort of people dropping $1.6 million on a home are “sophisticated buyers.” An alarming consideration: What if they aren’t?”

Doomcouver
Guest
Doomcouver

Recency bias in action. Many current home buyers weren’t even alive to see the last Canadian housing crash. They’ll get a painful education in what negative equity feels like.

southseacompany
Member
southseacompany

“How the interest rate vise is closing on people with home-equity lines of credit”, Globe & Mail
https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-the-interest-rate-vise-is-closing-on-people-with-home-equity-lines/

“There are two separate interest-rate threats facing the people who have collectively borrowed about $207-billion from the big banks using a home-equity line of credit.”

The obvious risk is that the Bank of Canada will continue a process begun last summer of raising its benchmark overnight-lending rate. The central bank has six more opportunities to increase rates this year, including a regularly scheduled rate announcement on Wednesday. The second risk was revealed recently to some clients of Toronto-Dominion Bank who have home-equity lines of credit (HELOCs). They were told in letters from the bank that, effective June 3, the rate on their credit lines will rise by an average 0.2 of a percentage point or 0.5 of a point, depending on the situation.”

Sebastien
Member
Sebastien

Exactly what happened in the US ten years ago.

Doomcouver
Guest
Doomcouver

Yes and the Canadian banks are raising rates for the same reason the American ones were writing so many NINJA loans. The banks think it’s win-win for them. Either they collect more money from interest payments, or the person defaults and they can swoop in and foreclose. What the Canadian banks aren’t accounting for is how worthless housing will be after the collapse. Weird how history tends to repeat itself. Truly sad we didn’t learn more from the American sub-prime crisis.

backwardsevolution
Guest
backwardsevolution

Doomcouver – “Truly sad we didn’t learn more from the American sub-prime crisis.” Oh, we learned. We learned that some people, those with inside information, can make an absolute fortune in a housing boom. They were all too happy that history repeated itself. In fact, they purposely manufactured it so it would turn out that way.

ostritch
Member
ostritch
Huh? Canadian banks are raising rates for the same reason US banks sold No-Job-No-Income loans to Americas poorest who also had the worst credit ratings? How does that make sense. More “worthless homes after the crash” might entice the exact same bottoming out process that happened in the US where large REITS and other companies bought up huge swathes of housing stock to rent back to people,who could not afford their ARM mortgage that had gone from 3% to 11%. Plus I doubt OFSI or any other regulatory body is going to ask the Big Five to mark to market, which caused the tipping point of the whole US fiasco. And banks no longer foreclose on mortgages like,they used to. They used To do it after 3 delinquent payments. No more. Stop misrepresenting the facts of 2008 guys. We all… Read more »
Oncebittwiceshy
Guest
Oncebittwiceshy

Except the ARM mortgages actually went from around 4% to 7% and the mortgages were significantly smaller than your typical Vancouver mortgage.

The banks will absolutely foreclose in order to get reimbursement from CMHC in a deteriorating market. They can’t hide loan impairments anymore because they have been forced to adopt international accounting standards this year.

Canadian banks didn’t even consider a mortgage loan impaired until 6 – 12 months. The new standard, surprise, is 90 days.

Quit trying to give people false hope.

Strata Hacker
Guest
Strata Hacker

False Hope? Oh Lordy… that’s laughable coming from some one who has been consistently wrong for a decade

oncebittwiceshy
Guest
oncebittwiceshy

and if I’m only right once and the market crashes by 50 – 60%, where does that leave you?

Strata Hacker
Guest
Strata Hacker

Don’t know don’t care cause it’s just your speculative fantasy. I am not the least afraid cause you won’t be right not even once.

ostritch
Member
ostritch

If there is a massive crisis you don’t think the government will work out a deal with the banks to keep those mortgages from foreclosing like they did in the US? Our bank governors now have a master playbook from the US so all this talk of an unprecedented crisis happening here is just BS. Plus a lot of players made good profits out of the US crisis. I bet they’re praying harder for a big crash here than you are.

oncebittwiceshy
Guest
oncebittwiceshy

The aptly named “ostrich” must realize that every option that was available to the USA during the housing crisis was ineffective so why would those “bank governors” not realize that after reading their playbook. lol. Good money after bad? I don’t think so.

ostritch
Member
ostritch

I named myself ostritch after the bears here. The crisis in the US crushed the lower tier and benefitted the rich. If that happens here, locals (who are a large part of the lower, condo-owning tier) will be wiped out.

oncebittwiceshy
Guest
oncebittwiceshy

http://www.businessinsider.com/impact-of-2008-crash-on-housing-2016-2

“Older millennials, minorities, especially Hispanics, men and the wealthy in overheated housing markets were most likely to be displaced from homeowners to renters.”

Strata Hacker
Guest
Strata Hacker

What a crock of $hit. Canadian impairments have not changed at all since the changes. You are so deluded.

oncebittwiceshy
Guest
oncebittwiceshy

Strata Hacker, I’m not sure whether you are naive or disengenuous. Do you truly believe that the historical debt that has been accumulated by Canadians was going to be anything less than a ticking time bomb?

https://www.huffingtonpost.ca/2018/03/12/debt-canada-banking-crisis_a_23383451/

https://betterdwelling.com/impaired-mortgages-soar-at-canadian-banks-as-standardized-reporting-hits/

“Under IFRS-9, that changes. All loans, except for credit cards, are automatically considered impaired after 90 days of non-payment. That includes CMHC’s obscenely long 365 day window, for accounting purposes at least. This is already making dramatic changes to the numbers banks are reporting.

Canadian Banks See Impaired Loans Rise Up To 136%”

Strata Hacker
Guest
Strata Hacker

136% of almost nothing is still almost nothing dipstick.

oncebittwiceshy
Guest
oncebittwiceshy

https://www.youtube.com/watch?v=zKhEw7nD9C4

You’re like the Black Knight in the Life of Brian. “It’s only a flesh wound”.

I apologize for suggesting that you were naive or disengenuous. Clearly you are very invested in this market, you’ve never experienced a “crash” in the housing market or a major recession and you have obviously swilled more than your share of the koolaid.

Good luck

Strata Hacker
Guest
Strata Hacker

The comparison to the US is a bear trap. Just like comparison to past crashes. Just wish projections of dumb bears.

ostritch
Member
ostritch

Are you comparing a 0.2-0.5% rate increase to ARMs (Automatic Reset Mortgages) that jumped from 3% to 11% overnight? And which were sold to America’s poorest borrowers?

Burnabonian
Guest
Burnabonian

Americans weren’t borrowing seven figures on modest middle-class incomes the way we are.

So yes, it is comparable.

ostritch
Member
ostritch
Lord. OK ARMS were sold to millions and millions of americas poorest. Your point is the mortgages are bigger here. Fair enough. But there are way less of those “million dollar” mortgages than you are suggesting. Here, you have always needed income to qualify. Here, the bank of mom and dad will back their kids. There, they loaned 110K on a property worth 90K to people who had no income. And advertised it as free money from the bank if you remortgage, so why wouldn’t you? Many people did not read the small print about the reset They had boiler rooms to sell tens of thousands of mortgages every week to unsuspecting, uneducated poor folk or greedy idiots. Don’t remember small banks setting up boiler rooms here. Sorry but it’s still Canada. We have far fewer banks and shady institutions… Read more »
oncebittwiceshy
Guest
oncebittwiceshy

Ostrich: “OK ARMS were sold to millions and millions of americas poorest.” So, in the States they have 30yr set mortgages and these ARMS looked like an attempt to copy the Canadian model of 25/35/40 year Adustable Rate Mortgages which reset every 1/2/3/4/5/10 years???

oncebittwiceshy
Guest
oncebittwiceshy

Ostrich: “Here, you have always needed income to qualify.”

https://www.canadabestmortgagerate.com/knowledge/special-mortgage/mortgage-for-no-income/

oncebittwiceshy
Guest
oncebittwiceshy

Ostrich: “Here, the bank of mom and dad will back their kids.”

Because Canadian parents love their kids way more than American parents. Seriously!

oncebittwiceshy
Guest
oncebittwiceshy
Ostrich: “There, they loaned 110K on a property worth 90K to people who had no income. And advertised it as free money from the bank if you remortgage, so why wouldn’t you?” https://canadianmortgagepro.com/collateral-versus-conventional/ Pros: If you qualify (and the lender approves) you could borrow more money (up to the registered amount) without having to register another mortgage (saving legal fees). “A collateral charge mortgage is type of mortgage that allows your home to be used as security for a loan (home, line of credit, or car). Lenders offering this type of mortgage may register the charge for up to 125% of the property value, which is more than the approved mortgage amount. For example, if your home purchase was for 300,000.00, with a 20% down payment (60,000). the collateral charge mortgage registered could be as high as 375,000 (300,000 x… Read more »
oncebittwiceshy
Guest
oncebittwiceshy

Ostrich: “Sorry but it’s still Canada. We have far fewer banks and shady institutions involved in our mortgage market.”

http://www.businessinsider.com/1-in-5-canadian-homeowners-commits-mortgage-fraud-2017-2

http://business.financialpost.com/news/fp-street/in-home-capitals-mortgage-mess-blame-the-unlucky-brokers

Yup, everything’s fine here folks. Nothing to look at … move on. lol

Disgruntled
Guest
Disgruntled

Honestly after 20 years of emergency rates give me a break boc Poloz will never raise more than 1/2 of the increases we see south of the border. BoC will have to be dragged into doing that much just trying to keep the Looney above $0.50 US.

Oracle
Guest
Oracle

They won’t raise. Dumb people believe the talk.

Proof: look at longer yields

southseacompany
Member
southseacompany

“Stephen Poloz’s cautious approach to interest rates is about to be challenged”, Financial Post

http://business.financialpost.com/news/economy/rising-inflation-poses-biggest-test-of-polozs-cautious-stance

“While the central banker is expected to hold off from raising borrowing costs for a second straight policy decision on Wednesday, and retain a degree of prudence in his rhetoric, Poloz will probably face mounting pressure to return to the rate hike path soon, with inflation and growth beginning to pick up.”

Just me
Guest
Just me

Poloz is the worst shock that hit the Canadian economy over the past 25 years.
And that’s an understatement…….

backwardsevolution
Guest
backwardsevolution

“Associations representing real estate agents have been calling on governments to pull back on these policies, arguing they are harming the housing market. And indeed the latest numbers do suggest a significant slowdown in the market in the wake of the new mortgage rules.

But the IMF’s findings suggest these new rules may have been a good idea after all — and if housing markets still continue to decouple from local economies, more regulatory action may be called for.”

Even the IMF agrees.

Bag it and tag it
Member
Bag it and tag it

Real Estate Associations would like governments to stick to affordability policies that don’t actually work. How dare they implement something that IS effective.

bullwhip29
Guest
bullwhip29

A suspect at the top of Richmond RCMP’s most-wanted list has been arrested after a year-long wait
http://www.richmond-news.com/news/richmond-s-most-wanted-arrested-by-rcmp-1.23270934

“The sheer number of charges that were approved strongly illustrates just how active this individual was in our community and surrounding areas,” said Cpl. Dennis Hwang

Name
Guest
Name

but what about the librarian kicker ?

bullwhip29
Guest
bullwhip29

i just thought it was rather comical that this guy of all people is considered Richmond’s most wanted. not that he is entirely innocent, but the powers that be are looking for whales of the wrong color…

“Figuratively speaking, he was our white whale.” – Cpl. Dennis Hwang

Name
Guest
Name

Dollar slips after Bank of Canada keeps interest rate at 1.25%

http://www.news1130.com/2018/04/18/bank-canada-interest-rates/

“Canada’s annual pace of inflation in February sped up to 2.2 per cent — its fastest pace in more than three years — to creep above the central bank’s ideal target of two per cent. Meanwhile, the average of the agency’s three measures of core inflation, designed to omit the noise of more-volatile items like gasoline, climbed slightly above two per cent for the first time since February 2012.”

Poloz continues to fiddle while “Rome” burns ….

southseacompany
Member
southseacompany
“Canadians underwater: Where, exactly, rising interest rates may leave Canadians in danger of losing their homes”, Global News https://globalnews.ca/news/3951652/interest-rates-canaa-housing-underwater/ “Atherton bought the house for $655,000 with a $55,000 down payment. Monthly payments of $6,000 with a mortgage rate of 11.99 per cent weren’t sustainable, but she was hoping to cut that sharply by refinancing after she moved in. But it didn’t work out that way, and her dream of homeownership is mired in a lawsuit and a series of what she calls inflated and unexpected fees that she can’t afford. Without a lower rate, she says, she’ll lose the house to foreclosure.” “Low rates and rising real estate prices have let some homeowners get away with high debt levels – so far. But with interest rates rising now, and toughening mortgage rules in effect, I don’t think homeowners will be… Read more »
southseacompany
Member
southseacompany

“Inching closer to the edge: Higher interest rates have more indebted British Columbians on the brink-survey”, Vancouver Sun

http://vancouversun.com/sponsored/news-sponsored/inching-closer-to-the-edge-higher-interest-rates-have-more-indebted-british-columbians-on-the-brink-survey

“British Columbians are increasingly fearful rising interest rates are pushing them toward insolvency, the latest data from an ongoing survey of Canadians’ indebtedness reveals.”

southseacompany
Member
southseacompany

“Congrats! Canadians Just Set A New Record For Borrowing Against Their Homes”, BetterDwelling

https://betterdwelling.com/congrats-canadians-just-set-a-new-record-for-borrowing-against-their-homes/

“Canadian real estate related debt tapering? That would be ridiculous! Filings obtained from the Office of the Superintendent of Financial Institutions (OSFI) show, after a brief decline in January, the balance of loans secured by residential real estate hit a new high in February. More interesting is the segment of loans being used for personal consumption, is growing at the fastest pace in years.”

Shut It Down Already
Member
Shut It Down Already

China rolls out online website to report ‘foreign spies’

This year for China’s National Security Education Day, Beijing released an anti-espionage cartoon and a website for anyone in the world to report activity that could ‘dismember’ the Chinese state

https://www.taiwannews.com.tw/en/news/3407518

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

Were you on vacation too, moron?

Shut It Down Already
Member
Shut It Down Already

I see your obsession with me continues. Get a life you faker.

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

Like nobody knows how the gravatar system works….

Best place on meth
Member
Best place on meth

“report activity that could ‘dismember’ the Chinese state”

I’d like to dismember all of the chinese spies here in Canada, literally.

patriotz
Member

The RE industry is afraid, very afraid, of the spec tax. “As British Columbians we need to make housing more affordable, but that can’t be done by piling on taxes.” Right guys – we know what you are worried about is lower prices.

http://scrapthespeculationtax.ca/

bestplaceonearth
Guest
bestplaceonearth

The owners do not care regardless, they only have one house to live in. What they care about is the damage the NDP goons bring to the economy, and the like-head-tax wealth tax on Canadians. They don’t lose or gain anything if they don’t sell, remember? I would not expect you to understand it anyway, you moved to Ottawa, and how many times before that again?
By the way, what wrong with investors worrying about lower price? I imagine you invest in equity and you want its value going down?…Bears’ mentality!

Name
Guest
Name

Oh dear, Mr. Realturd is upset !!!

Royce McC
Guest
Royce McC

Ugh. Way to force more and more people to flat-out take a side that includes a small group of people who do have a truly racist agenda.

How can it not possibly sink in yet that shrill cries of “raaaaaaaciiiiism” from real estate-fattened cannibals hurts your interests? Going that route only weakens any other arguments you might have to make on this topic. People know it’s not true because they can see for themselves that the most prominent voices on this topic come from ALL ethnicities.

But hey: you do you.

patriotz
Member

“and the like-head-tax wealth tax on Canadians.”

Of course a wealth tax isn’t like a head tax at all – the latter is simply a tax on people, whether on Chinese immigrants as the Canadian government used to do, or on everyone as Margaret Thatcher proposed and eventually abandoned. You’re trying so hard to turn it into a racial issue you’re spouting nonsense. The spec tax isn’t really a wealth tax either as it has nothing to do with someone’s net worth – it’s more a property use (or lack of use) tax.

Oracle
Guest
Oracle

I agree. If NDP isn’t going to do anything significant on housing, we then need lower taxes.

User pay everything! Especially education and healthcare. Sick of paying for others nowadays.

Royce McC
Guest
Royce McC
No matter who is in power, taxes and fees (and the cost of everything, really) are sure to skyrocket if we don’t see a real estate correction. The Lower Mainland has over 2.7M people in it. Those people have all kinds of needs in terms of essential services as well as basic goods/ services too. If this insanely high cost of living is here to stay, then people’s pay will need to go way, way up just to meet the minimum of these needs. Otherwise, convincing talent to stay or come here in the first place will just get harder and harder. You might be “sick of paying for others”, but the fundamental need to keep the lights on around here and ensure you can see a doctor or have a grocery store to visit that’s relatively nearby means you’re… Read more »
Just me
Guest
Just me

Quite appropriate!

backwardsevolution
Guest
backwardsevolution

Royce – excellent post!

Best place on meth
Member
Best place on meth

I bet you loved the Head Tax known as the Immigrant Investor Program, huh Byron?

Oh yeah, the chinese money launderers didn’t complain much about that Head Tax either.

Until it was canceled. Boy did they bitch and howl then.

BRING BACK HEAD TAX OR i SUE YOU!

Name
Guest
Name

Brought to you by a coalition of British Columbians:
Kelowna Chamber of Commerce
UDI Capital Region
UDI Okanagan UDI Pacific Region
Canadian Home Builders Association – Central Okanagan
Independent Contractors of British Columbia
Stop the Speculation Tax Petition (#StoptheSpecTax)
Nanaimo Chamber of Commerce
Peachland Chamber of Commerce
Tourism Victoria
Business Council of British Columbia
Okanagan Mainline Real Estate Board
Canadian Taxpayers Federation
Vancouver Island Construction Association
Greater Westside Board of Trade
Victoria Real Estate Board

——-> “a coalition of British Columbians” that comprises mostly real estate interests …

bullwhip29
Guest
bullwhip29

who was it that suggested the speculation tax would be killed in short order? i believe the same one that also believes the FBT will eventually be abolished too.

Oracle
Guest
Oracle

0.5%?? With more exemptions to come.

I buy 10 condo at $600,000

Tax $1000/yr. I raise rent on some and keep some empty. Tax covered.

I get work permit for $55. Tax covered.

Name
Guest
Name

hey oracle you should advertise your expert advice on we chat you could make some money advising the tax cheater azians how to game the system.

Just me
Guest
Just me

Brought to you by the richest and most powerful lobby in BC, which has been successfull to manouvre it’s way into the higher political echelons and to run the Province to its own advantage for most of the past 20 years,

Anyone who wants lower house prices must be a communist or a racist. Or both…

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

Except nobody ever said that, did they, dumbass?

xhistory
Guest
xhistory

Perhaps we should scrap it. But let’s deal with Housing As A Right issue. Empty Houses aren’t homes.. no families live in them.

We also need to talk about pet and travel fetishes that are unproductive to equality.

Oracle
Guest
Oracle

Another BS post.

You and I know that it will have no effect as doesn’t apply to condos under 400,00 k and barely applies for condos and townhomes to $700K. Cost of business.