Friday Free-for-all! June 15th, 2018

The end of another week has arrived and that means its time for another Friday free-for-all post!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Canada mortgage stress
Fed raises rates
Price drops
YVR expansion plans
Mortgage borrowing slides
Prices cool on higher rates

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

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Party on
Guest
Party on
The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada. At the end of March, 2018 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $7.745 trillion. At the end of March, 2017 the total debt outstanding was $7.34 trillion. In the 1 year period from the end of March, 2017 to the end of March, 2018 it increased by $404.4 billion. This is an increase of 5.5%. Looking at the total debt outstanding of domestic non-financial sectors in Canada (17th line up from the bottom of the credit market summary data table): At the end of March, 2018 the total debt… Read more »
bullwhip29
Guest
bullwhip29

Chinese hotpot restaurant bankrupt after deal offering all you can eat for a month
http://www.scmp.com/news/china/society/article/2150992/chinese-hotpot-restaurant-bankrupt-after-deal-offering-all-you

bullwhip29
Guest
bullwhip29

who here remembers what happened to Griffins at the Hotel Vanc?

Laibach
Member
Laibach

Also, Costco in all locations had significantly to reduce free food sampling due to a flood of preferable freeloaders (they buy RE but leach off on everything else). They didn’t know due to a language barrier what sampling (testing) is but rather thought Costco is offering free meals during each visit.

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

And you can back up that claim, right? Of course you fucking can’t.

KickThemOut
Member
KickThemOut

That’s why I live China free, or as much as I can. Dare to eat after seeing this? Every Chinese restaurant is like this! Scary thing is that after I shown these to the Chinese coworkers, they just shrug and say what’s the big deal?! Even the girls who squeals about the tiniest things?! WTF?

What Chinese restaurant kitchen look like…
https://www.youtube.com/watch?v=Ht8IrGh3LYE

Best place on meth
Member
Best place on meth
bullwhip29
Guest
bullwhip29

late April in suburban Ontario…
https://www.youtube.com/watch?v=qJCRuZZJsiU

not quite the frenzy we are used to seeing here though…
https://www.youtube.com/watch?v=2lch1qISv00

hope you all kept your GOOS shares!

Laibach
Member
Laibach

That is totally alright. Having Goose garment gets you a better starting position as well as maneuverability when you run and fight over free SALT in winter conditions. How else one gets ahead?

https://www.youtube.com/watch?v=1QLSViytsl0

Best place on meth
Member
Best place on meth

Where are the white people?

Were they all clubbed over the head with shovels as they tried to approach?

Best place on meth
Member
Best place on meth

You should have seen them ripping apart Sears during the final days.

Empty boxes flying everywhere.

bullwhip29
Guest
bullwhip29

Crown Counsel files appeal against Richmond driver’s acquittal following fatal crash
http://www.richmond-news.com/news/crown-counsel-files-appeal-against-richmond-driver-s-acquittal-following-fatal-crash-1.23336538

>>> as nonsense like this keeps flying under the radar, the moral hazard that results only increases…

Name
Guest
Name

Judge Gregory Rideout concluded that “the momentariness of the accused’s conduct in excessively speeding is insufficient to meet the criminal fault component and he must be acquitted.”

this judge Rideout dude is off his rocker.

Dave
Member

If I ever murder my wife, I hope I get him as my judge. That would be momentary act as well.

Best place on meth
Member
Best place on meth

A. This judge had to have been paid off, as his reasoning would be found ridiculous by a retarded 5 year old.

B. We just learned a lot about Dave’s wants and needs that we didn’t need to know.

bullwhip29
Guest
bullwhip29

and as a reminder that Vancouver is not the center of the real estate universe…
https://www.interest.co.nz/property/94309/property-developer-former-anz-and-bnz-employee-and-suspended-lawyer-found-guilty

Name
Guest
Name

the perps are azian? who’d have thunk it?

Best place on meth
Member
Best place on meth

Not “asian”, but lying, cheating thieving, scamming mainland chinese.

Asians are cool.

bullwhip29
Guest
bullwhip29

New rules designed to protect consumers in B.C.’s real estate market will take effect today
https://globalnews.ca/news/4275445/bc-real-estate-rules/

Name
Guest
Name

James Palanio, with the B.C. Real Estate Association, says his group’s members have no issue with the rule changes, but need more time.
“Our commitment is to serving customers with professionalism and integrity,”

hahaha good one there James ….

bullwhip29
Guest
bullwhip29

not surprisingly HAM was one step ahead and co’s like New Coast spun off supposedly independent entities like Nu Stream, Metro Edge, Le Homes etc to circumvent the new rules. anyone that believes all these agents aren’t still working together are fools…

Best place on meth
Member
Best place on meth

So realtors need time to adjust to being ethical.

Cool.

Dave
Member

And down the dollar goes. Good work Poloz.

franko
Member
franko

” And down the dollar goes ”
And that’s BEFORE JT slaps duties on US imports to make them even more unaffordable.

Dave
Member

Here’s the thing about trade negotiations… Canada has no clout this time around.

The US is everything to us while we’re almost nothing to them. Canada used to be able to play the energy card (which Harper played at times), but low oil prices, massive increases in US production and the vocal minority stifling projects has taken that away from us. This is true for almost all commodities, other than maybe water, which we’ll never sell.

That’s all you need to know to know that we’re going to lose.

Oracle
Guest
Oracle

Absolutely correct. It’s scary that the dairy cartel (and others) is so strong in Canada that Trudeau and gang have to go by what they want even if it means blowing up NAFTA. Either they are scared of violence or are getting kickbacks in foreign banks accounts.

kabloona
Member
kabloona

If we have no clout then why hasn’t NAFTA been cancelled already…..?
Hmmmmm…..

BTW, you are incorrect about Harper “playing the energy card” since the existing NAFTA specifically prohibits Canada from cutting energy exports to the USA….

😉

Meanwhile, any new US tariffs will be matched by US, EU, Mexico, Japan…..and now after today the Chinese are slapping $50 billion worth on US products.

https://ca.finance.yahoo.com/news/latest-china-says-retaliate-us-080331019.html

Dave
Member

Harper brought up oil during the softwood lumber stuff along with any other trade issue. The worked great leading up to $150 barrel oil. Not so well after the Great Recession and shale oil fracking technology.

patriotz
Member

“Harper brought up oil during the softwood lumber stuff ”

All Harper did was talk about ramping up oil exports to China, which would have resulted in a higher price on oil exported to the US due to higher market demand. Not achievable in the short term and in fact not achieved at all while he was PM. Not only could Harper not levy an export tax on oil or restrict its export to the US due to NAFTA, his own power base in Alberta and the oil industry would have been violently opposed.

https://www.theglobeandmail.com/news/politics/canada-very-serious-about-selling-its-oil-to-china-harper-says/article4181621/

notanam
Guest
notanam

Canada may lack clout but Canada could inflict pain to a very precious sector:

“Canada must find an asymmetrical way to retaliate in this trade war…
Canada should consider—and threaten—expropriating American pharmaceutical patents….
Six of the world’s top ten pharmaceutical companies are American. No industry throws more lobbying dollars around Washington—more than the banking, defence, and automobile industries combined. Any trade retaliation aimed at pharmaceuticals certainly will be felt on Wall Street and heard in the White House….
The White House would be left furious by Canada’s decision, but it would be without legal recourse.”

https://www.macleans.ca/opinion/why-pharmaceuticals-could-be-the-prescription-for-trade-warfare-that-truly-hurts-america/

YVR
Guest
YVR

Trudeau starts a trade war for political points. We’re the casualties

Canadians who think Prime Minister Justin Trudeau is standing up for Canadians against U.S. President Donald Trump over dairy tariffs have it wrong. Trudeau is standing up for Quebec against the Rest of Canada. It is Trump who is standing up for Canadians.

http://business.financialpost.com/opinion/lawrence-solomon-trudeau-starts-a-trade-war-for-political-points-were-the-casualties/amp

Laibach
Member
Laibach

Sounds like Libs/Trudeau cunning strategy to set China up as a Canadian major major trade partner and main ally in general. Very dangerous play, very dangerous…

bullwhip29
Guest
bullwhip29

Canada’s ‘shaky’ manufacturing sales unexpectedly drop, economists cut growth forecasts
http://www.cbc.ca/news/business/canada-manufacturing-sales-growth-1.4707758

southseacompany
Member
southseacompany

Warning from BC Business magazine: “What happens if B.C.’s housing bubble bursts”
https://www.bcbusiness.ca/What-happens-if-BCs-housing-bubble-bursts

“With rates expected to keep inching upward in 2018 and the provincial government intent on curbing house prices, a quick rebound in Vancouver’s detached home market could be a fading pipe dream. Now it’s become apparent that banks have started pricing in additional risk, raising borrowing rates and getting more selective about who qualifies for a loan. Homeowners hoping to renew their mortgages are also at the mercy of their current creditors following new B-20 mortgage guidelines that require borrowers to face a stress test if they want to switch. ”

“With some 55,000 housing units under construction, nearly double the long-term average, the real estate and construction industry been firing on all cylinders. Unless you’re hoping for a crash, it could be time to think about taking shelter.”

Dave
Member
Notice the headline wording of Bubble. It would be unthinkable one or two years ago for any vested interest to call it that. Plenty of bears and naysayers used that term, but for a business publication to use it, shows a major shift in sentiment. This feels like a slow motion train wreck. Nothing is causing the market to drop quickly, but many things are causing it to drop steadily. Lower credit growth and higher rates cause lower sales which cause lower prices. Government policies have reduced foreign buyer demand. Locals are still buying what they can afford in their current situation, which is why things aren’t going completely to hell. Prices are dropping because those buyers are being given less money. This explains why condos and townhomes are still strong… money displaced from SFH is headed to that segment.… Read more »
kabloona
Member
kabloona

Canadian home sales expected to fall 11% this year – CREA says May sales hit 5-year low and forecasts overall 11% decline this year
CBC News · Posted: Jun 15, 2018 9:56 AM ET | Last Updated: 2 hours ago

http://www.cbc.ca/news/business/crea-home-sales-forecast-1.4707523

“The decrease almost entirely reflects weaker sales in B.C. and Ontario amid heightened housing market uncertainty, provincial policy measures, high home prices, ongoing supply shortages and this year’s new mortgage stress test,” CREA said in its outlook.”

Laibach
Member
Laibach

Here we go again…

Toronto Sales Rebound Signals Canadian Housing Is Stabilizing

https://www.bloomberg.com/news/articles/2018-06-15/canada-home-sales-little-changed-in-may-as-toronto-halts-decline

Screwed
Guest
Screwed

They can’t make their mind. Is the matket stabilazing or the prices are falling?

Screwed
Guest
Screwed

The sales are falling…

Simple Solution
Member
Simple Solution

“Making Room”

https://www.news1130.com/2018/06/13/vancouver-densifying-city-making-room-strategy/

Is the city considering allowing duplex on ALL RS zoning?

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Mixed in with the 3-4 real estate flyers I get daily and intreating one with some stats.

Westside Median House Sale Prices

Jan 2016 $3,500,000
May 2018 $3,200,00

Interesting – 2.5 year return -8.5%

Westside Average House Sale Prices

Jan 2016 $3,873,600
May 2018 $4,035,977

Of note, the median price in March and April was $3,000,000 and has moved up to $3,200,000

Points in his flyer
Westside House demand improved in May 2018 and was at its strongest level in 2018
In May 2018 high end Westside homes were starting to sell again for the first time this year
More serious buyers are coming through our open houses and this could be the start of a late “Spring Market”

Comments?

Dave
Member

Of course May is the highest month of the year. Serious buyers is aspirational. It means nothing. Everybody knows the SFH market is dead. Realtors are trying shake a few buyers into action.

stagnate
Guest
stagnate

there’s been significant compression in some markets, we could see a slight uptick in move up transactions/activity. first time buyers have been running in traffic and ergo are looking a little exhausted

Shut It Down Already
Member
Shut It Down Already

‘DISEASE X’ FEARS Terrifying new strain of bird flu that kills over a THIRD of those who contract it discovered in China amid fears of new global pandemic

https://www.thescottishsun.co.uk/news/2790957/terrifying-new-strain-of-bird-flu-that-kills-nearly-half-of-those-who-contract-it-discovered-in-china-amid-fears-of-new-global-pandemic/

Best place on meth
Member
Best place on meth

Just to be safe, North America should halt all flights from china immediately,

After about 50 years, flights can resume.

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

Why do these things always start in China?

Shut It Down Already
Member
Shut It Down Already

Einstein was a racist? His 1920s travel diaries contain shocking slurs against Chinese people

China is a “peculiar herd-like nation,” its citizens “often more like automatons than people,” he writes. He says “even the children are “spiritless and look obtuse.” After commenting on the alleged fecundity of the Chinese, he laments:

“It would be a pity if these Chinese supplant all other races. For the likes of us the mere thought is unspeakably dreary.”

https://www.usatoday.com/story/life/2018/06/13/albert-einsteins-1920-s-travel-diaries-contain-shocking-slurs-against-chinese/698448002/

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

It’s always amusing when mouth-breathers use this article to congratulate themselves on their own toxic behaviour.

Name
Guest
Name

He really was a genius ….

Lost...but not leased
Guest
Lost...but not leased

Einstein WAS A FRAUD…..he stole theories from others such as Henri Poincarre’….his position as patent clerk gave him exclusive access to new information

His theories have been proven to be bullshit….ie the speed of light is NOT a constant.

Einstein REFUSED offers/invites to debate.
He was also a rotten husband and father..he divorced his wife and married his cousin.

BUSTED!

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

1. Anything he saw at the patent office wouldn’t have been something he could have transformed into an idea like General Relativity. Patents are for temporarily protecting inventions.
2. Science is about offering the best possible explanations for our observations. Much of it gets refined over time, and that doesn’t take anything away from the original work. So say that his theories have been proven to be “bullshit” is naive at best.
3. He debated Niels Bohr. Famously.
4. He later changed his racist views. There’s a lesson to be learned for some people here, maybe?

Lost...but not leased
Guest
Lost...but not leased

Psssttt

SIDA the F*cking Know F -all took the bait….(gee..what are the odds)

Seems his/her/its role is to be a knee jerk contrarian to cloud up any/all objective debate like a turd in the punchbowl.

If SIDA head wasn’t so far up his ass….he would be aware of the Royal Society and its corruption of science throughout the ages. Probably believes in Global Warming….errr Climate Change

PS…Einstein fraud served a purpose far beyond academia…..know what it was SIDuh?? (…… ..here is a hint…….it starts with Z and ends in M.)

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

Fuck off back to your conspiracy theorist websites, dumbass.

Lost...but not leased
Guest
Lost...but not leased

Captain Kneejerk strikes again !!!!!!!!
…….. back to his secret identity as Dumbass Mcturd…

Best place on meth
Member
Best place on meth

AIDS works for china.

He’ll soon be renamed to “Bird Flu H7N9”.

Lost...but not leased
Guest
Lost...but not leased

SIDA is “AI”

…err artificial ignorance

……some remnant of Commodore 64 algorithm gone wrong………created by love child of some fortune cookie factory slave..

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

Actually, I call you a toxic racist dumbass for free.

Lost...but not leased
Guest
Lost...but not leased

When in doubt, use SIDAs limited cache of expletives…..right Einstein

paulb
Member
Active Member

New
179
Price Change
80
Sold
140
TI:12637

http://www.clivestevepaul.com

Screwed
Guest
Screwed

What???

Lost...but not leased
Guest
Lost...but not leased
TI = 14,000+ (minimum) by late August Current potential sellers are likely dominated by “don’t have to sell AND feel that prices will either hold and even rebound”..likely mortgage free boomers etc. If these people get realistic and practical…they will realize that if their own SFH price is reduced…the tide will generally affect all other RE…so that condo they may desire will also be cheaper. It gets interesting when the next class/category of sellers is “HAVE to sell”….those who have had reality bite them in the ass and realize they made a bad decision, bought at or near peak/can’t afford rate increases…….etc. and enter the “chase the market down” zone…whereby, for example, if the current market average haircut is say 10%….cut yours by more….say 15% as bait to potential purchasers(………..before the next round of haircuts is 15%…..aka CUT YOUR LOSSES.)..… Read more »
Oracle
Guest
Oracle

NDP can make that happen. Just a little nudge needed.

End bare Trusts, or instate flipping tax, or end foreign student/work permit exemption.

Best place on meth
Member
Best place on meth

East Van detached had been holding up reasonably well until now, but oh well….

1560 41ST AVE E, Original Price $1,385,000, Sale Price $1,200,000,

4840 VICTORIA DR, Original Price $1,438,000, Sale Price $1,350,000,

2836 16TH AVE E, Original Price $1,519,000, Sale Price $1,315,000

1214 GEORGIA ST E, Original Price $1,499,000, Sale Price $1,300,000

5869 DUMFRIES ST, Original Price $1,430,000, Sale Price $1,295,000

Oracle
Guest
Oracle

What’s the bottom after the correction is done on those houses you think?

And what are property taxes like there in East Vancouver?

Dyugle
Guest
Dyugle

Under construction should fall by 50%. That would lead to mass unemployment and further price drops. This is a process and prices bottom a year after that provided the 50% drop is maintained. In the US this was the pattern. They were building twice what was required then it all slowed down, the prices dropped, construction fell by 75% and stayed there. If you bought 1 year after construction fell by 50% you would have done very well in most of the hard hit markets. Can this happen here? Can we over build? Will foriegn money flee? With 1 Trillion in US securities coming to the market in the next year I do not see a lot of money left over for the property market.

Specuskeptic
Member

Although there are parallels, we won’t get the wave of foreclosures the US got (full recourse loans and all that). History doesn’t repeat itself, but it rhymes. 😉

oncebittwiceshy
Guest
oncebittwiceshy

Except, my friend, the States that were most affected by foreclosures were actual full recourse States. Oops.

Lost...but not leased
Guest
Lost...but not leased

I’ve been on a road trip for the last few weeks….went through Washington state>Oregon…..California….Arizona Utah….Idaho…..

There is NOTHING in any of these places that comes close to the Vancouver building insanity….Americans that come over to the Metro Vancouver area must think they have entered a war zone.. I think the Americans learned their lesson after 2008 collapse.

More Later

Lost...but not leased
Guest
Lost...but not leased

They claim it takes 2-3 years to get a given project to completion stage.

Pre sale suckers learned that the developer has most of the a law on their side and can cancel a project under a laundry list of excuses. The most recent wave was the so -called added (= unprofitable ) costs of construction.

My guess is the next wave of project cancellations will be developers who realize the market is tanking and its best to leave the project dormant ie no excavation or other preparatory work = cut the losses.

YVR
Guest
YVR

2 out 5 of those sold for over assessed. I am not sure anyone should be getting excited about tare downs on 33′ lots in East Van selling for $1.3M. The fact the realtors asked $1.5M for these dumps originally is irrelevant.

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

Gotta love the one which has building value assessed at $22K. It’ll cost more than that to pull it down.

Lost...but not leased
Guest
Lost...but not leased
East Van has always been an interesting market…had its own vibe till it got gentrified by those who could not afford the West side. What I forsee is the house built in post Expo 86 era….built say between 1986 and 2000….those boxy home with low pitched rooves aka McMansions 1.0 that catered to Honk Kong immigrants…many of them are now in their 4th decade of existence..having displaced many homes that were built in 193Os-1960s. What will unfold is not the size of the house per se…McMansions 1.0 have maximum sq ft allowable built…but the age etc will make them to expensive to upgrade…so expect McMansions to depreciate to lot value in a decade or so and be replaced by McMansion 2.0. We have examples of many of these homes (such as South West corner of Park and Oak street) whereby… Read more »
Name
Guest
Name

No crash yet apparently . Wake me up when prices are half of these.

Hibernating Renter
Member
Hibernating Renter

Are credit cards loosening up again? I am switching cards for more cash back, was approved for just under 1/6 my annual income while I already have other cards totalling 1/10 annual income. What is this madness?

Lost...but not leased
Guest
Lost...but not leased

My guess is that banks are like drug dealers…..and credit is their drug.

They may have to cut back on BULK credit..ie mortgages..but will make up the difference with classic rip off of credit cards high interest rates.

Hibernating Renter
Member
Hibernating Renter

Joke’s on them if they think they’re getting any interest from me. Guess the merchants will pay up for the privilege of giving me some spare change! LOL

Specuskeptic
Member

“Supply is not going to help as long as there is toxic demand”. Preach.

https://thetyee.ca/News/2018/06/15/Housing-Advocates-Developer-Westbank-Chinese-Website/

Headline: Housing Advocates Abuzz Over Access to Developer Westbank’s Chinese Website
Internet users from Canada shut out from site temporarily, but access returned after outcry on social media.

Name
Guest
Name

By selling our real estate directly to foreign interests, Westbank and Ian Gillespie are traitors to Canadians .

Best place on meth
Member
Best place on meth
The real estate war on the west coast that’s tearing Vancouver neighbourhoods apart https://www.macleans.ca/economy/realestateeconomy/the-real-estate-war-on-the-west-coast-vancouver/ Across the street from a run-of-the-mill Starbucks in the Kitsilano neighbourhood of Vancouver is a two-storey Ferrari and Maserati dealership. Locals will tell you with amazement that it is the highest-volume location in North America. Whether or not that’s true, the five homeowners gathered today around a table at the Starbucks want to make clear that Ferraris are not for people like them. Though their homes on the west side of the city may be worth millions of dollars, they do not consider themselves rich. “It’s really hurtful when someone says, ‘You live in a $2-million property, so that means you’re a wealthy person,’ ” says Mary Lavin, an English teacher. “Um, no. Not at all.” Lavin points to her car in the lot, a 1998… Read more »
Best place on meth
Member
Best place on meth

Teranet: Toronto Real Estate Is Negative For The First Time Since 2009, Vancouver Still Soaring

https://betterdwelling.com/teranet-toronto-real-estate-is-negative-for-the-first-time-since-2009-vancouver-still-soaring/

Best place on meth
Member
Best place on meth

The Latest in Mortgage News – The Stress Test & A Slowing Housing Market

https://www.canadianmortgagetrends.com/2018/06/the-latest-in-mortgage-news-the-stress-test-and-canadas-weakening-market/

Home Sales Reach 5-Year Low

Mortgage Borrowing Falls to 4-Year Low

Borrowing by Millennials Sees Major Pullback

Oracle
Guest
Oracle

Yeah, in places where foreign money isn’t a factor.

Ground zero is Vancouver and Toronto.

Best place on meth
Member
Best place on meth

Letter to the editor: Real estate agent expresses regret over words and insists they were not intended as a threat

https://www.straight.com/news/1090696/letter-editor-real-estate-agent-expresses-regret-over-words-and-insists-they-were-not

At the June 7 West Vancouver public town hall meeting, I regrettably stated, “The NDP should be shot,” in response to the high level of frustration my clients and I are feeling.

My frustration, and that of others, stems from the provincial government’s new taxes and the influence they are having on our housing market.

As a North Shore realtor for more than 40 years, many of my clients are seniors who are facing uncertainty. This loss of equity (25 to 35 percent) and increased tax gravely impacts their retirement funds. Most bought their homes when prices were much lower than current assessed values. They worked hard, paid off their mortgages and were rewarded with increasing property values.

Specuskeptic
Member

It’s not an apology if he’s just using the attention to draw attention back to his initial bullshit. Fuck him and his FUD spreading.

just your average joe
Guest
just your average joe

he was probably a mediocre real state agent the first 30 yrs….but due to the housing boom where any agent with pulse can get sales doesnt want his gravy train to end

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

Not sure anybody is getting many sales these days.

Lots of Ad’s though

Just me
Guest
Just me

Gotta love the ending:

“I hope that the provincial government will work with local experts to find a solution to affordable housing that doesn’t erode the equity people have earned in their homes.”

The only solution to the affordability crisis is lower prices. Everyone who says otherwise is a liar. People are finally understanding it.

Oracle
Guest
Oracle

They’re really dumb if it took that long to ‘understand’ it.

Name
Guest
Name

As the income carpet gets pulled out from under these vested interests, we will see the really ugly side of the real estate industry. They will use every dirty trick in their books to stop any attempt to reign in prices for future generations.

M-
Member

As I see it, there are two possible solutions to the housing affordability crisis: lower prices, or subsidized housing for locals.

The first choice involves depressing demand, and “eroding equity” in peoples’ homes. The second involves taxing somebody in order to subsidize homes. There aren’t enough high-income-earners to tax, to be able to make a meaningful dent in the affordability issue.

However, there’s a lot of unearned equity in houses. Taxing some of that equity will both (1) reduce demand, and (2) generate some cash to be able to provide housing subsidies.

Just me
Guest
Just me

And by the way there was no apology. The tone was aggressive.
The substance was that these sellers bought their homes when young for 300k and now they have a God given right to sell them for 3 million.their retirement would suffer apparently if they sold for 2.3 million instead. Makes your heart bleed doesn’t it?

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

No apology?

“I apologize to anyone who was offended, as well as to those like NDP MLA Bowinn Ma, who may have felt I was inciting action against elected officials or others.”

You’re always selective in what you choose to see.

Just me
Guest
Just me

Ok. Let me be more clear for those who are challenged by the admitting the truth: no genuine or heartfelt apology. The meaning is clear, he is not sorry. Not even a tiny bit.

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

Just admit you were wrong for once. You’ll feel better about yourself.

Just me
Guest
Just me

I will be happy to admit I am wrong in case I am. In this case, I was certainly not wrong.

Read the letter again, then let me know if it sounds like an apology to you.

Best place on meth
Member
Best place on meth

It sounds forced and only issued for self-preservation, just like a worthless politician’s canned apology.

Of course AIDS will only look at the meaningless words uttered and call you wrong – because he’s a lowlife piece of shit.

Lost...but not leased
Guest
Lost...but not leased

Re: Realtor threat…

Whether one agrees with it or not….a large number of people will depend on their home as their retirement fund. If it doesn’t work out as planned, the backwash could impact society at large in a number of ways.

On the flip side, how much longer can we afford, let alone tolerate, the wages,benefits and pensions of the civil service?

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The few who will benefit from their outrageous home prices pale in comparison to the damage being done to future generations who are being forced to live in substandard accommodation and poverty do to the greed of the boomers.

Lost...but not leased
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Lost...but not leased
The average person has no control over the price of housing (or any other commodity). Majority of Boomers(and older) were caught up in eras of high interest rates and various economic boom- bust cycles that subsequent generations never experienced. Debts, Deficits and inflation literally forced the economy to be juiced via near zero interest rates for the last decade. The first warning was in 2008-2009 collapse… Blaming Boomers who have paid off their mortgage and whose homes have appreciated from 5 figures into 6 figures is ridiculous. If they had the power…why not make the homes worth 7 figures ? With interest, over say 30 years they have paid over 3X’s the original purchase price. It is what it is. As usual….Gov’ts and Central Banks create the mess and get off scott -free, and ROTFLMAO as the public infights amongst… Read more »
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Boomers have been running this system for the last 40 years so it’s pretty safe to blame them for this mess.

Just me
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Just me

Boomers will have to make do with just a couple of millions each. Rather than 3. Not exactly poverty.
I don’t see them very sympathetic to the plight of younger, much worse off generations.

bullwhip29
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bullwhip29

First Vancouver cohort to complete Mandarin immersion program set to graduate
http://www.cbc.ca/news/canada/british-columbia/mandarin-immersion-vancouver-1.4705322

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And the brainwashing continues …

Best place on meth
Member
Best place on meth

“Students learn not only Mandarin, but also the crucial elements of Chinese culture.”

Let’s review the crucial elements of chinese culture:

Lying
Cheating
Stealing
Scamming
Fraud
Disrespect of environment, animals, other nations and cultures.
Exploitation of environment, animals, other nations and cultures.
Exploitation of the weak and poor.
Raping the world’s resources.
Beating live dogs to tenderize them prior to eating them.
Cutting the fins off live sharks, leaving the animal to die painfully.

Did I miss anything?

Laibach
Member
Laibach

Laundering money
Flipping real estates
Terribly driving expensive cars
Lacking style and good taste in general
and
Possibly “being obtuse” according to Albert Einstein.

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

How cute, the uneducated racists think they are superior.

Laibach
Member
Laibach

A situation when frustrated, mediocre jerk runs out of any sense with perpetual idiocy and brings up education and racism. How pathetic but somehow sad.

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Bear paws
Bear gall bladders
Powdered rhino horn

M-
Member
Oracle
Guest
Oracle

Guys, wasn’t B20 supposed to stop this market in its tracks?

And wasn’t the NDP supposed to stop it in its tracks ?

No new policy on the horizon.

What’s happening????

Specuskeptic
Member

“What’s happening????”

You’re repeating your talking points again. That’s all.

Oracle
Guest
Oracle

Still got your panties in a knot?

Sheesh!

How’s your predictions coming Einstein? Or now should we wait till after the referendum.

Oh yeah. Let’s jump on that bandwagon.

Prices gonna crash after the referdum. Sounds good.

Specuskeptic
Member

Do you even believe half of the shit you post here? That’s 50% more than anyone else does…