Friday free-for-all time y’all!
What are seeing out there in the streets?
Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
642 Comments
[…] –Survey on housing and foreign investment –Why are Vancouver and Toronto so unhappy? –UIsterman on CKNW –Short term rental investigation –Reliance on housing fuels recession call – […]
So new restaurant from Beijing going into The Spot condo at 12th and Cambie. Just spoke to the construction worker, there’s going to be a room where dinner is $500/pp. Owner is expecting lineups. There will be lineups because the now lower-end high end restaurant kitty corner was easily $300 -$500 for 4. This one is suuuper prestigious. Cue the Lambos.
And this is happening when Mainland investment is waning. Uhhuh.
[…] southseacompany an article about the lowly looney leaping up on hints of a Canadian interest rate […]
This is the same news that was posted earlier by bullwhip29 about the Garry Point cat dumper but notice you won’t see the word “Asian” anywhere in this article now. The previous version had said “well to do Asian woman…” now its “well to do woman…”
lol…you are right
“Miller said a woman got out of a white Audi convertible and proceeded to dump a cat out of a container.”
http://www.richmond-news.com/news/richmond-cat-owner-caught-trying-to-dump-little-francine-1.23317784
Miller said the cat’s owner, who she described as a “well-to-do Asian” woman, got out of white Audi convertible and proceeded to dump a cat out of a container.
http://webcache.googleusercontent.com/search?q=cache:ffCVUkAyZB8J:www.richmond-news.com/news/richmond-cat-owner-caught-trying-to-dump-little-francine-1.23317784+&cd=1&hl=en&ct=clnk&gl=ca
But does it really matter for reporting purposes? They wouldn’t write “a well to do white woman”. They got her license plate so they don’t need to track her down.
The race of the person is not relevant to the story.
The newspaper thought it was relevant because that’s how it was originally reported. Somebody PC must have complained so the reference was removed. IMO it is relevant because of their background of animal cruelty and their influence in changing Richmond for the worse.
yes, the woman Miller quoted that. apparently that was considered appropriate to publish by Rmd News but obviously someone complained
Rent for one bedroom starts over $1,600 at two city-endorsed East Vancouver housing projects
https://www.straight.com/news/1082871/rent-one-bedroom-starts-over-1600-two-city-endorsed-east-vancouver-housing-projects
I wonder how regular people are going to survive in this city? Great guest on the Lynda Steele show, the owner of Brix. Said the new miniumum wage will add $80k to his payroll.
As Dave would say – Squeeze
Administrator can you be contacted privately?
I’ve sent him emails before, but he didn’t post my last blog which I wrote up a month ago.
Crappy. I wonder if he would be open to selling or allowing someone else to take over the blog. There is an apparent lack of interest and I think this the only legitimate place to discuss real estate in Vancouver.
Maybe I should.
My posts above is in moderation, so I’ll try part of it again:
I think these are both good examples. It’s inevitable that everybody is going to get SQUEEZED. It’ s a natural consequence of the real estate bubble and the misallocation of wealth and investment. The model I have in my mind is ‘Rip Off Britain’. https://en.wikipedia.org/wiki/Rip-off_Britain Despite the tax revolt from the rich Kits and Kerrisdale home owners, they’ll do just fine under this type of economy. It’s the poor, middle class and small businesses that get hurt. Big business and the rich come out of it all OK, like any consumptive tax.
The rich and the socialists are both happy under such a system. The rich keep their status and wealth and the socialists get to control everybody else through all the rules, regulations and bureaucracy. The exact same elements are at play here as they are in London.
I’ve got it! Dave you start a new blog called – YVR Squeeze!
U.S. hits EU, Canada and Mexico with steel, aluminum tariffs
https://www.reuters.com/article/us-usa-trade-metals/u-s-hits-eu-canada-and-mexico-with-steel-aluminum-tariffs-idUSKCN1IW1UY
Alleged assault leads to arrest and ‘hold and secure’ protocol at Richmond elementary school
http://www.richmond-news.com/news/alleged-assault-leads-to-arrest-and-hold-and-secure-protocol-at-richmond-elementary-school-1.23320076
>>> owner of the 3rd generation McMansion is Xin C Cao. cops swarmed house with machine guns drawn. next to nothing mentioned by news until after the fact and no coverage at all on tv. this is who your new neighbors are richmondites…
and here’s some video coming a day later. sure, nothing to be concerned about here…
https://bc.ctvnews.ca/suspect-in-custody-after-woman-reports-being-assaulted-escaping-captor-1.3953445
Canada’s growth misses expectations as housing slowdown weighs
http://business.financialpost.com/news/economy/newsalert-canadian-economy-grew-at-a-1-3-per-cent-annualized-pace-in-first-quarter-2
New
286
Price Change
88
Sold
113
TI:11964
Almost double digit. Wow.
just for reference, inventory still historically low…but its slowly moving up. hmmm…wonder what happened to decrease inventory so much from 2014 to 15
2017
New
222
Price Change
53
Sold
187
TI:8806
2016
New
189
Sold
264
TI:8265
2015
New Listings 212
Price Changes 87
Sold Listings 163
TI:13394
New Listings 211
Price Changes 99
Sold Listings 160
TI:17234
Corruption crackdown sent a lot of money here in 2015/16.
And Christy Clark said, “come on over, you are welcome…your dirty money is great for homeowners!”
Actually she did not say that or anything close. But Carol James did say “Newcomers welcome. You strengthen our province” referring to Chinese. That was right after right after Horgan got back from China and vowed to protect home owners hard earned equity.
You are joking right? You really believe Carol James is inviting Chinese millionaires more intensely than Christy Clark did?
Christy Clark went around wearing little shiny red dresses. Her adverts clearly targeted Chinese investors. She went as far as saying that laundered money was good for the economy.
You are blind.
Rental crunch set off FOMO
Foreign students and 10 yr visa numbers exploded.
Wow 17234 inventory. The good old days.
Before Christy Clark made a political bet that her re-election chances would benefit from even higher house prices…..then 2015, 2016 and 2017 came, and we set historical record lows for inventories.
By and Horgan are slowly getting things back on a more reasonable track.
It was Poloz and his 2 rate cuts at the same time of a huge surge of money out of China. Just before that happened rent was roughly equivalent to ownership costs..
That is true. Polls allow everyone to leverage like crazy. Including Chinese money launderers. They bought more with their money.
All nice and good while the positive wealth effect lasts.
I still fear that BoC or government will pull a fast one on all os us and bail out home-gamblers yet again.
We need to remain vigilant. History has taught us some harsh lessons.
So far:
No: BPOE, Dave, SIDA
Yes: Oracle, Bag it, BPOM
Copy, edit and paste.
I didn’t say no. I said if you hate BC vote yes.
I might vote yes to cause trouble as much as anything. I enjoy a good s-show and this will deliver in spades. Like Trump.
Trust me on this.
What’s wrong with that? Trump has done more for the worker and low class than any of his predecessors.
That remains to be seen.
True, Trump has been effective.
But he’s also put on a good show and that’s what we’ll get too, but without the effectiveness of Trump.
No: BPOE, Dave, SIDA
Yes: Oracle, Bag it, BPOM, Just Me
(Go Eby Go!)
The referendum outline is out. Here’s my recommendations for you to follow:
1) Vote for PR. Not FPTP (Current System).
2) Choose the PR system that the Greens and NDP hate the most.
Then there is a chance of eventually getting a true grassroots party of the people rise.
Notes.
1) So there will be max 8 extra legislature members if PR adopted (So total will 95). So basically the Greens pick up the extra seats and then some. Can somehow say what percent of popular vote they got last election?
2) Any party with less than 5% vote doesn’t get any members. WTF? So if 100,000+ people
Vote for something, they are not represented.
3) There is still a small
Possibility that some NDP MLAs cross the floor as they will become irrelevant under the new system. ….Unless they are given cushy senior jobs in crown corps.
If you hate BC, vote for PR, because we’ll quickly devolve into the biggest joke in the Western World.
It’s been the biggest joke for decades. Wild west of political fundraising and all that.
BC does not work for working people. Only for Chinese millionaires and entitled baby boomers.
You are right. Sad what the NDP have done.
You have no shame. You really believe that we are where we are because of the NDP?
Sad, delusional little man.
I thought the political fund raising issue was fixed? You know that new law put in place after the NDP collected millions from unions and developers.
Yeah better will let the libs destroy this province with 38% of the vote. This NDGreen coalition is working far better than that, representing the wishes of the majority…almost like a democracy. I’ll take my chbges with PR thank you.
“This NDGreen coalition is working far better”
Which metrics are working better? The 20% higher prices for RE, the 3rd lowest inventory in the past 20 years or the record low rental accommodations available. On the other hand you are free to flip condos as a foreigner, lots of Airbnb accommodations available and if you want to launder some cash the casino will welcome you.
No need to read further, it’s a no in my circle. The green held the NDP hostage in the pipeline, now this PR!
In your circle the only choice is the BC Libs, as long as they favor homeowners.
You have no political opinion, just interests in RE.
“B.C. to choose between 4 systems for electoral reform referendum”
Good luck explaining these 3 confusing options for PR. Looks like a fail to me.
http://www.cbc.ca/news/canada/british-columbia/electoral-reform-referendum-question-eby-1.4683919
This is what happens when disgusting locusts from that hellhole on Earth are allowed into public pools
https://9gag.com/gag/aAxMOAE?ref=fbp
You have serious mental health issues. Seek help.
It’s continuous animosity. Go get laid Kick Me Out or go have some drinks and watch the sunset. Chill.
Our shores are being contaminated by opiates! Even lowly shell fish can’t escape the wrath of those which plagues us!
https://www.treehugger.com/green-food/mussels-test-positive-opioids-and-chemo-drugs.html
No more shell fish anymore. Thanks a lot locusts!
Prayers, lucky charms help Shenzhen home lottery entrants win a chance to buy dream flat
http://www.scmp.com/business/article/2148337/shenzhen-homebuyers-splash-out-us780000-deposit-chance-buy-price-controlled
“I am so lucky to be the first one to pick up a flat that I like before all others,” said Wu, who chose a 205 square metre flat that cost about 17 million yuan (US$2.64 million)
“I had this winning feeling,” said Tina Li, who gave a high-five to her husband and hugged her mother. “We really like the neighbourhood as we have been checking flats in the area for more than half a year. I am so happy that I could get one that meets all my requirements and at such a cheap price.”
And millions who own these $3 million dollar condos are coming here. Millions are getting 10 year visas and sending kids to school here.
On another note, a Chinese billionaire bought the bay site downtown.
Unless you have confidential sources, the Bay purchaser has not been made public yet.
Ok almighty overseer.
Just because you don’t know doesn’t mean others don’t. This is the problem with you people.
Then name them.
Zheng Jianjiang, chairman of Ningbo Sanxing Electric
Thanks again.
Tell us who it is Oracle…this is your big chance to prove everyone wrong…
…
…
…
I thought so
Globe and mail article. Paid wall…read it Facebook lastnite.
So I am I successful in this…my big chance??
“Wu, who chose a 205 square meter flat that cost about 17 million yuan (US$2.64 million)”.
Flats this small should be made illegal in BC. Unless we want to become like Shenzen, but I somewhat doubt the quality of life in that location…
“Flats this small should be made illegal in BC.”
That’s 2200 square feet, which is bigger than a lot of houses over here, including mine.
I stand corrected. Thanks.
Apparently both math and reading comprehensions are not strong points for RE bears.
Chinese hotpot chain Xiaolongkan shuts three restaurants after hygiene breaches exposed
http://www.scmp.com/news/china/society/article/2148460/chinese-hotpot-chain-shuts-three-restaurants-after-hygiene
>>> surprise, surprise…this co has a restaurant located at 8320 Alexandra Road, Richmond. wee-tsai-koh meat hotpot anyone?
Lots of restaurant get closed for hygiene violations – there’s a list online. Even hipster paradises like Heirloom. But, surprise surprise, facts are a mere inconvenience to some people.
very few, if any, closed for deliberately “recycling” food to pad the bottom line
btw, Heirloom is an overpriced and overrated hangout for wannabee foodie a$$holes, but i guess you would know all about that
I don’t even eat the food, I just upload a photo to social media.
Former B.C. Premier Christy Clark hired by Vancouver law firm
http://vancouversun.com/news/local-news/former-b-c-premier-christy-clark-hired-by-vancouver-law-firm
It’s appropriate that a law firm will hire a criminal.
It seems her file include trade with Asia. How fitting.
I was expecting some consulting gig in RE-related stuff. But I suppose that will come as well.
She is a money-making machine.
this may very well turn out to be RE related after all is said and done
She will answer phones make coffee and file papers. No brain work
With her long and distinguished career in law, she’ll be a perfect fit.
“Loonie shoots higher as Bank of Canada hints at future rate hikes”, CBC
http://www.cbc.ca/news/business/bank-canada-interest-rate-decision-1.4683620
“The Canadian dollar shot up Wednesday after the Bank of Canada held the line on a key interest rate but pointed to a boost in the future.”
“The central bank left its key target for the overnight rate unchanged at 1.25 per cent, where it has been since mid-January. However, the bank said in a statement accompanying its decision that developments since April reinforce its view that “higher interest rates will be warranted to keep inflation near target.””
The fact that inflation is pretty much bang on target right now (2.2% in April, target is 2%) and we’re still getting this rhetoric out of the BoC should be cause for alarm for debtors. Poloz is currently trying to invent any excuse to raise rates, and may even do so in the absence of a real inflation problem.
Hot air. He won’t raise. Remember Carney??
The rate hike bias is much higher now. Carney left rates at rock bottom forever and chastised borrowers for being in too much debt. Poloz knows that rate hikes in the USA are going to force his hand, so he’s going to pretend that he’s raising rates on his own volition.
Poloz and company are responsible for some of the insane valuations we see today. BC and Vancouver are wretched provinces, so the effects of cheap rates do not factor in their decision making.
Worst governor in living memory.
50 Policy Recommendations for the BC Rental Task Force Prepared by the Vancouver Tenants Union Policy Team
https://www.vancouvertenantsunion.ca/recommendations_to_the_bc_rental_task_force
If you have 50 recommendations to fix something, you probably don’t understand what the problem is.
Most outcomes in the World aren’t caused by more than 1 reason. This is classic management by committee and it’s the kind of thought process that got us into the trouble we’re in.
Agree.
Immigration numbers (both temp and permanent) are the #1 cause.
Foreign money is the #2 cause.
Then Low interest rates, Liar loans, CMHC and lax taxation enforcement are the fuel to the fire.
The problem is too many people dummies. The fix is less immigration until the housing situation resolves itself. So simple, but people can’t see the obvious when it stares them right in the face.
The second problem is empty homes. The NDP at least did something there.
The problem is not too many people. Limiting immigration will not let the housing situation “resolve itself”.
How about abolishing CMHC as a starting point? Next up, start educating people that buying a house is not a retirement plan. Perhaps after that we can start talking about how zoning policies at tificially limit supply.
Some simply want to blame immigrants for everything.
you are looking at this backwards (as usual). CMHC has morphed into a TBTF beast that bears no resemblance to the entity that was originally created. this never would have happened had the immigration flood gates not been left wide open for all this time
Right, and 40yr mortgages would never had happened either?
40 yr mortgages and other stimulative measures were considered antidotes to counteract a disease that was spreading like wildfire, not the cause
So stimulative measures didn’t cause prices to skyrocket?
Thank you.
For recognizing the true cause of this crisis.
Their enablers are people that want colonization and heir minions who are working against their own self interest.
This is how an invasion happens. With lies.
“Next up, start educating people that buying a house is not a retirement plan. ”
The problem is that, so far, housing has turned out to be a great retirement plan. And one can only assume the government has blessed this state of affairs.
The good, long-term public policy is for the government to make housing a horrible retirement plan. But that implies reducing some entrenched privileges. And then you get multimillionaires protesting, like in Point Grey.
We need gutsy politicians. So far the heavy lifting has been done by Eby alone.
Thanks you.
Without the first, rents keep rising.
Everybody knows that’s the solution, but the deep state doesn’t want that.
For sure. My point is why bother fiddling with the chairs on the Titanic?
How can anybody take such a report seriously when it ignores the elephant in the room.
Cut immigration by half for 5 years and I promise this problem improves itself.
Wow I took some time to read that. These people are completely out to lunch. A few gems:
Eliminate damage deposits
Increase grace period for unpaid rent from 5 to 14 days
Eliminate Express hearing process
Temporary Rent Freeze for 4 years
What are these people smoking? Do they have idea that making it harder for landlords will reduce supply and subsequently increase rents?
A major Vancouver housing co-op is facing a half-million-dollar debt that is forcing it to significantly raise rents and offer fewer subsidized units to low-income people
https://www.theglobeandmail.com/canada/british-columbia/article-major-vancouver-housing-co-op-forced-to-increase-rents-significantly/
“The case of the unidentified gambler, who is linked to allegations of corruption and suspicious land deals in Australia, is revealed in an April 2016 email from Lottery Corp. vice-president of corporate security and compliance Robert Kroeker, titled “Strictly confidential RRCR player review.”
“The player’s background was reviewed through Lottery Corp. anti-money laundering analysis, and investigators identified “links to high ranking officials” in China, according to the heavily redacted memo, and a source with knowledge of the file. The memo says the player “has multiple business interests” and was allegedly “involved in corruption as well as suspicious property deals in Sydney, Australia.”
The player was well-known to Australian police, a source said.”
VIP linked to top Chinese officials, real estate, corruption allegations, gambled with $490k at B.C. casino
https://globalnews.ca/news/4240091/exclusive-vip-linked-to-top-chinese-officials-real-estate-and-corruption-allegations-gambled-at-b-c-casino/
Richmond News reader Kathy Miller challenged “well-to-do Asian” woman she believed was abandoning pet in Garry Point Park
http://www.richmond-news.com/news/richmond-cat-owner-caught-trying-to-dump-little-francine-1.23317784
Unbelievable how these dirtbags are too lazy to drop the cat off at RAPS. It’s disgusting how animal cruelty is normalized in parts of Chinese society.
Actually, it is progress. The cat could have been eaten for Sunday’s brunch.
Probably went straight to the pet store after to buy a new ‘kitten’…the abandoned cat stopped being cute at full size.
…or maybe abandoned pets is a leading indicator for listings increase…
Ottawa’s pipeline gambit won’t save the lagging loonie and it’s the Bank of Canada’s fault
The Canadian dollar has never been so weak in the face of rising oil prices — which means there are other forces at play
http://business.financialpost.com/investing/why-ottawas-pipeline-gambit-wont-save-the-lagging-loonie
Canada’s taxman becoming more aggressive with real estate tax evasion in hot Vancouver and Toronto markets
https://www.thestar.com/vancouver/2018/05/29/canadas-taxman-becoming-more-aggressive-with-real-estate-tax-evasion-in-hot-vancouver-and-toronto-markets.html
“The penalties can be harsh, Golombek said: in a recent case involving a Toronto realtor who bought a pre-sale condo contract, but then sold the unit shortly after building completion, a judge ruled the condo buyer had never intended to live in the unit or hold it long-term. In addition to having to pay capital gains tax on her $103,206 profit, Golombek said, she also had to pay an additional fine.”
Harsh my ass, they don’t even specify how much the fine is.
Harsh would be forfeiting the entire gain to the CRA plus an equal amount in fines.
Then a tarring and feathering followed by 20 lashes with a cat o nine tails.
THAT’S harsh.
New
303
Price Change
112
Sold
158
TI:11882
12K party: Tomorrow or Thursday?
End of month expires will slow the party down. But it will come.
12K in May/June is nothing to celebrate. Unless you are selling. Then you can expect a bidding war 20% above assessed due to historically low inventory. Thanks NDP!
Don’t even bother replying to the people here that think 12K is something to cheer for in JUNE.
10K party coming in Sept.
Thank your NDP!
Is this for Tuesday only or Sat-Tuesday?