Looking for a starter home? How about this former cocaine and fentanyl packaging site?
used as an illegal substance packaging house for cocaine/fentanyl/marijuana.”
“financing may be an issue”
Only $419k (784 per sq. Foot).
Read all about it here.
120 Comments
[…] –Canada mortgage stress –Fed raises rates –Price drops –YVR expansion plans –Mortgage borrowing slides –Prices cool on higher rates […]
http://vancitycondoguide.com/canada-mortgage-stress-data/
“Canada’s Mortgage Stress Test Starting to Reflect in Data”
“With the United States Federal Reserve recently raising rates and forecasting another two more hikes later this year it could leave the Bank of Canada in a rather precarious position. Trying to hike rates alongside their US counterparts will weigh heavily on over indebted households, but leaving rates on hold could also hit the loonie hard.”
“RBC does not expect mortgage loan growth to turn negative, noting that loan growth has only turned negative once, and that was in the early 1980’s. During which Canadian unemployment rose from 7% to 13%.”
Isn’t it cute how the bankers try to imply that only high unemployment can make mortgage growth shrink?
New
306
Price Change
95
Sold
104
TI:12679
Inventory +146.
Very high for this late in the week.
Very high for this late in the year.
I’m still waiting on a double digit sales day. June is not looking well for sales. Will it be lower than May?
June sales will be far less than May.
Looks like summer’s here (y)
Usually, the sell/list ratio increases between May and June, even in crappy years like 2012.
This year it’s dropping sharply.
Prolly nothing though, right oracle?
Millions of students and 10 year visa holders on the way and all that..
Yep. Millions are coming right now and more coming on the way. Proof: https://www.myrealtycheck.ca/
See how many blue arrows there are & a lot more in Surrey. Prices only go up.
Sorry, I was looking for sockpuppet oracle, not fake oracle.
If I weren’t right, pwople wouldn’t try to imitate me
It’s all about immigration numbers, foreign students, Supervisas, and 10 year visas.
why dont you just register for an account? then we know who the real oracle is at all times…
“If I weren’t right, pwople wouldn’t try to imitate me” – Logic = solid.
Billions more students actually… maybe even trillions….
“Albert Einstein’s travel diaries show ‘shocking’ racism”
Einstein wrote that the “Chinese don’t sit on benches while eating but squat like Europeans do when they relieve themselves out in the leafy woods. All this occurs quietly and demurely. Even the children are spiritless and look obtuse.” “It would be a pity if these Chinese supplant all other races,” he said. “For the likes of us the mere thought is unspeakably dreary.”
https://globalnews.ca/news/4273931/albert-einstein-travel-diaries-racism-xenophobia/
I don’t care WHAT people say about Einstein, that guy was a fucking genius.
And I never truly appreciated the full extent of his genius until I read that comment about the chinese.
“For the likes of us the mere thought is unspeakably dreary.”
It is almost like he traveled ahead in time and went to Richmond.
“Italy won’t ratify EU free-trade deal with Canada, says new farm minister”
Another blow for the Trudeau government. 50 cent loonie coming.
http://www.cbc.ca/news/politics/italy-ceta-canada-food-1.4705622
Another blow to the evil EU as well.
Thank you, Italy!
Amen.
At least some people in the world are waking up.
Does anyone know if the government has yet banned the tax-free incentive for foreigners to buy resale then flip (tax-free)?
Richmond drivers strike again…
http://www.richmond-news.com/news/dashcam-richmond-drivers-strike-again-1.23336042
>>> better check it out before the powers that be have this video scrubbed from the internet
You’d think ICBC would re-think their policy of allowing fraudulent Chinese driver’s licenses.
“Richmond is infamous across B.C. for its bizarre driving incidents, some more serious than others.”
and we all know why ….
As a cyclist, I’m terrified by videos of utterly incompetent drivers like this, and I’m terrified by the damage that’s been done to the bike lane dividers on the Marine Drive bike route…
Yeah, not promising at all with all those “talented drivers” on the BC streets and the retarded criminal justice system.
Dean died at the scene, leaving behind a wife and a baby girl he never met.
Michael Fan, the driver, faces a single count of driving with undue care under the Motor Vehicle Act, whose maximum fine is $2,000, a prohibition from driving or six months in prison.
https://globalnews.ca/news/4054196/brad-dean-cyclist-crash-justice/
“Comments closed”
Of course.
They should ban foreign licence holders from driving.
Driving in Asia is on opposite side and steering wheel is on opposite side. Compounds things fourfold.
Only reason they don’t is the new car dealers like JP don’t want it. No action means people die and everyone’s else’s premiums go up.
And to add to that, I don’t drive in Asia because too much thinking required to compensate for opposite side driving with opposite steering wheel.
And if you get into an accident there, you can’t leave the country without paying the victim.
Don’t believe me, try it.
If there one thing you’ve never been guilty of it’s “too much thinking”.
Some countries in Asia drive on the left (Malaysia, Thailand, Japan, Hong Kong) whereas most drive on the right.
Quit confusing Oracle with your “facts” and “logic”….
Actually, in Thailand they drive in the middle.
Trust me on this.
Hey!
You never applied for a trademark.
Still got your panties twisted?
loonie hits new low for the year…owe canada!
Who would have thought that? It’s still going lower in my view and I think it eventually dips under 70.
The Fed is getting more aggressive and Canada is about to lose NAFTA. As our housing market continues to slow, it’s going to take our growth with it. Despite that, I think inflation is going to stay high, but Poloz will probably lag the Fed rates. Perfect storm for dollar weakness.
The scenario of a housing crash coupled with dollar inflation is a likely one. Americans and other foreigners will be able to buy our housing for pennies on the dollar, similar to what Canadians did to Americans after the 2008 crash. This is one of the main reasons why commodification of housing is such a bad idea. The middle class gets screwed on the way up, as well as on the way down. Stay liquid my friends.
Yup. Was just having this conversation with someone recently. If there is a big correction arises in Vancouver housing at the same time that the CAD tanks, look for many greenbacks to be spent to acquiring property here. I have had multiple American family and friends bring this up in the past year.
It seems like fewer Americans are threatening to move here under Trump than they did with Bush. I bet American buyers will be a non-factor.
To be clear: I’m not talking about people moving here to live (esp. because of Trump). I’m talking about investment plays, pied-a-terres, etc. Particularly among Canadians living down there who want to be able to return here in retirement (either to visit or live). Maybe it’s just the circles I move in, but that seems to be something people do consider if/ when things tank here and the CAD/USD balance changes favorably for them.
Within striking distance of the all-time low of 61.98 cents! We can do it guys!!!!!!!!
If PR passes, do you think NDP will get serious about housing? Or are they hoping PR fails?
2 important questions that need answers.
I think the NDP caucus wants PR. But I doubt that opinion is shared by all their MLAs and everybody in the party. I think the longer they have to think about it, the more will accept the idea that it’s bad for them. I think it will ultimately not be implemented for that reason… somebody will pull the plug on the government before we get a PR election. I think there is a good chance we see an election by next Spring. I put the odds at greater than 50%.
The NDP know they will never get elected with a majority with first past the post. Not next Spring and not in 3 years. The NDP have lost 5 elections in a row. The NDP all want PR because it gives them a slice of power almost no matter what happens in an election. That is why Eby is trying to rig the PR vote. Eby is going to need a new riding to get re elected.
I don’t agree. The backup party always gets elected in a two party system. While such parties don’t win as frequency, they do eventually win and they do leave their mark. The Federal Conservatives are an example of this. The Liberals generally are going to win, short of widespread anger. Likewise, the free enterprise party in BC will generally win.
And it’s not like an opposition party doesn’t have power. They still influence the direction and decisions of government. It’s a frustrating role, but it does work.
The NDP got majorities with Barrett, Harcourt and Clark in recent history. They should generally win 1 in 4 elections.
LOL the Conservatives have won 2 of the last 3 federal elections. The NDP have won 0 of the last 5 in BC. Big difference.
NDP will win the next one because…Wilkinson.
Ya, I think Horgan would win if he does it in the next year. The longer his minority goes on, the worse his odds get.
They had 1 majority in the last 15 years. The Federal Liberals are called the Natural Governing Party for a reason.
Since 1957 it is pretty much even. The Conservatives have won 9 elections total . The Liberals have won 10 elections total. Since 1979 it is 6 each.
The people who call the Libs “Canada’s natural governing party” are actually Libs?
No fucking way!
“Eby is going to need a new riding to get re elected.”
Vancouver Point Grey is over 50% renters. That’s why Eby won, and he’s well aware of it.
Who is going to show up to the polls? The other 50% are owners and they are the ones who are pissed and every single one of them will be voting next election. And they won’t be voting for Eby. I wouldn’t be so sure the renters that do show up vote for Eby either. Eby has not fulfilled his promises and things are far worse for rental housing than they ever have been. The most recent renege on the fixed term lease is the latest example.
Yup. Backtracking central.
Wait until they don’t approve ridesharing.
YVR set to announce $9.1 billion in expansion plans
http://vancouversun.com/news/local-news/yvr-set-to-announce-9-1-billion-in-expansion-plans
Academics want to raise Canada’s ‘failed’ investor immigrant program from the dead
https://globalnews.ca/news/4263854/investor-immigration-canada-failed/
Unbelievable that some still considering letting that crap to Canada and causing further degradation of society.
Yeah it’s not like Canadian citizenship hasn’t been debased enough already from mass immigration and fraud. Let’s let rich a-holes buy their way in again, that’s a great idea.
and crooked rich a-holes at that…
Crooked rich a-holes from the worst country that ever existed.
Mortgage borrowing slides to lowest since 2014:
http://www.cbc.ca/news/business/household-debt-1.4705684
It’s like a social experiment to see what happens when you price nearly all first-time buyers out of the market…
Chinese student and her family blackmailed in another ‘virtual kidnapping’
http://www.cbc.ca/news/canada/british-columbia/chinese-student-and-her-family-blackmailed-in-another-virtual-kidnapping-1.4705336
>>> this all has me wondering, why would these so called victims would actually fall for this? are they that naive? honestly, I doubt it. perhaps they all know something the public here isn’t aware of and that the families being targeted are in fact guilty of said crimes or that student has legit reason to believe story being told by scam artists is plausible enough given all the sketchy dealings he/she may have witnessed at least in part?
if i was the police i would look hard at the possibility that the money is in her accounts.
look at the facts. she literally kidnapped herself and sent a fake kidnap video to her parents demanding money.
police obviously don’t know where the money went because they don’t have the kidnappers. so why assume that the money didn’t go to her or her bf?
wait, never mind. no fake ransom video in this particular case. but there was in this one
> victims have been convinced to produce fake videos suggesting they’ve been kidnapped or are the victim of another crime.
https://bc.ctvnews.ca/warning-issued-after-third-case-of-virtual-kidnapping-this-year-1.3972336
Stephen Bronfman did that in the 80s. It’s an old canard among the neerdowells of the ritchie-richs.
They “victims” being threatened to be turned in for money laundering. I am sure they were doing nothing wrong and were not involved in money laundering.
Our police say: “We want to remind all foreign students that the Chinese police will not arrest you in Canada, and if you are confused or scared, please reach out to your local police department in Canada. We are here to help.” It’s well-known that, in China, the CCP will target the families of their “criminals” who’ve left the country as a way of applying pressure on the criminal, to get them to come home and face discipline. Would the CCP be willing to forcefully repatriate their criminals here? I wouldn’t put it over them. Would the CCP, here, be willing to threaten the families of their criminals? They do it in China– I wouldn’t put it over them doing it here, too. What better cover for doing it here, than to have a scam phone call operation going– locals… Read more »
I’d be happy to give the CCP a 30 day free-for-all to come in and collect all of their trash.
Parts of Richmond would become a ghost town.
I take it David Dodge does not live in Vancouver or BC, eh? Can’t imagine a different way of life from the one he knows?
Above comment responding to Vancouver Sun article.
After reading to the end of it (I posted the previous comment too quickly) I guess he says he CAn imagine a different way of life, or at least an end of oil. Yet he thinks that we should go ahead with the pipeline even if people are willing to die over it? I don’t get it.
Why Trudeau doesn’t have the high ground on trade
One of President Trump’s darkest talents is his ability to identify an opponent’s delicate spot and stab it remorselessly. From his knack for condescending nicknames (Low Energy Jeb, Little Rocket Man) to inviting Bill Clinton’s various accusers to the second presidential debate, there’s no denying the man has a skill for knifing sensitive areas.
And now he has found Canada’s vulnerable flank: dairy tariffs.
Though Canada enjoys broadly free trade with the United States through the North American Free Trade Agreement, it has never been absolute, and the deal makes several concessions to Canadian protectionism and politics. Chief among them are Canada’s extraordinarily high tariffs on American dairy products, which at last week’s Group of Seven summit in Quebec, Trump correctly identified as a “270% tariff.
Trudeau is such a tool he will give in to everything Trump wants just to keep the dairy tariffs. The tariffs which hurt Canada by doubling and tripling Canadian’s cost for dairy and poultry to keep 9000 corporate farmers in the top 0.1%. I laugh when people get behind the Turd on this. Like they benefit somehow from these closed markets.
I’d rather have cheaper dairy too. Like I care about Quebec farmers.
” Like I care about Quebec farmers ”
The Milkman (aka Andrew Scheer) sure does. Just ask Max Bernier.
He cares about Quebec votes, yes.
Bernier was running on getting rid of the marketing boards. Scheer ran on protecting them which got him a bunch of new dairy farmer Conservative members and votes. Anytime you have all political parties agree something is good it usually isn’t. This is why Trump is so refreshing. When it is beneficial for the people he goes against all political parties including his own. Sucks in Canada we have nobody to vote for. Bernier would have been nice.
I support Trump in getting rid of dairy tariffs. He’s making Canada Great Too.
Leftists will argue that they would prefer Canadian milk as it has no growth hormones. Well, I say, let the American dairy in and let the people and market decide. Personally, I drink grass fed milk. Expensive but tastes way better and keeps me full. And I don’t mind paying a huge premium for it. Regulate the marketing but let the dairy in.
I’m sure Trudeau and those behind him are gettin kickbacks.
Shows you what a scam our dairy industry is that we need 270% tariffs to protect it.
Exactly. Imagine the money these “farmers” are making all at the expense of Canada families. The biggest tax on the poor Canada has.
A tariff is a tax, and people should not be paying a cent in tax on basic staples.
That’s criminal.
What’s the problem? Canada is trying to protect its farmers the same way the US is trying to protect its own. America is over-producing dairy and rather than let their industry correct itself they’re trying to find ways of dumping it on other markets. Right now they’re simply pouring milk down the drain rather than let market forces reduce production.
http://time.com/4530659/farmers-dump-milk-glut-surplus/
The US also imposes its own tarrifs on other agricultural products, such as tobacco and peanuts. So they’re being more than a little hypocritical here.
Do people in the US pay 2 to 3 times what we pay for tobacco and peanuts? Nope, both are cheaper in the US and those are hardly staples on a families grocery bill like dairy and poultry.
Why should I care what they pay? The fact remains that the US protects certain industries but moans if others do the same.
Live or die with supply management
From the very beginning to the very end, one policy issue was at the centre of my
campaign for the leadership of the Conservative Party of Canada: supply
management in agriculture. This is the system established by Pierre Trudeau’s
government in the early 1970s that keeps the prices of dairy, poultry, and eggs
artificially high. As I said repeatedly during the campaign, it’s a cartel. It’s the total
opposite of a free market, and a conservative party should not be supporting it.
It’s no surprise that the government that adopted supply management was the
Liberal government of Pierre Trudeau. Trudeau was a typical left-wing
intellectual. Born to a wealthy family, he didn’t have to work to earn his living and
had spent part of his adult life as a bohemian writer and traveller. He was an
admirer of communist China and Cuba, and a big fan of Fidel Castro. Before
running as a Liberal in the late 1960s, he had been a supporter of the CCF/NDP.
He had zero understanding of economics.
According to the OECD, Canadian consumers had to pay CAN$3.6 billion more
every year between 2011 and 2015 for all products under supply management.
That amounts to $258 per family, and about $290,000 in implicit support for each
producer. The worst aspect of supply management, however, isn’t that all Canadians who
buy these products must pay more. It’s that the poor, and households with
children, are affected the most. A study done by University of Manitoba
economists showed that the system imposes an additional financial burden of
$554 on the richest 20% of households, which corresponds to 0.5% of their
incomes. The burden on the poorest households is not as high at $339, but the
impact is almost five times as much compared to their incomes, at 2.3%.
“The US also imposes its own tariffs on other agricultural products, such as tobacco and peanuts. ”
How high are those tariffs?
Are they at an insane level like 270%?
270% is mind-boggling stupid for a country that claims to support free trade.
Tobacco is 350%.
Well, then the US should bring down that tobacco tariff because tobacco is a basic staple that everyone needs.
Especially children from low income families.
Right. And that’s what Trump is fighting for. Poor kids’ calcium intake. Of course. Silly me.
The average poor family in Canada pays 2.3% of their income additional towards the inflated dairy prices. That is more than they pay in taxes to the government. The dairy farmers tax poor families more than the government does. But we should ignore that because the US has tariffs on tobacco. You read too much CBC. Think for yourself.
Where did you get your numbers from then?
New
278
Price Change
100
Sold
134
TI:12533
Sold for $565,000. Similar property at 4189 Halifax St. rents for $1900. “The unit had been rented out, but when the tenant gave notice the owner decided to sell.” Not a bad idea with those numbers.
“Sold for $565,000”
It sold for 10% above assessed. The sale was 2 month ago. Probably would sell for 15% above assessed today.
And we’ve no idea what the purchase price was or what their tenants were paying. I’d assume their tenants paid less than a current comp, but we simply don’t know. We do know the last sale was over 3 years ago, however, so they probably did quite well.
85% gain in N. Burnaby condos over the last 3 years.
” so (the seller) probably did quite well. ”
Exactly. They made their return off the next buyer, not the renter. What’s that called?
How do you know what return they were getting? You’ve no idea what their purchase price was.
“Probably would sell for 15% above assessed today”
Probably not, as North Burnaby condo prices have increased 1.2% from 3 months ago.
Okay then. It would sell for 11.2% above assessed today or $6870 more than it did only 3 months ago. Is that supposed to be good news?
Federal Reserve raises interest rates
Expect the Canadian bond market and banks to follow regardless of what the BoC does.
Didn’t follow today. Nor the last few weeks. 5 yr down considerably from 2.38 to 2.13%.
“Fed Raises Interest Rates, Sets Stage for Two More Increases in 2018
Most Fed officials now expect at least four rate increases will be needed this year”
https://www.wsj.com/articles/fed-raises-rates-and-signals-faster-pace-in-coming-years-1528912910
Federal Funds Rate now between 1.75 and 2.0 %…..
I hope they’re not just raising so that they can just drop them again;
“The Fed is hiking rates to prepare for a downturn, says expert”,
https://www.cnbc.com/video/2018/06/13/the-fed-is-hiking-interest-rates-downturn-recession-economic-cycle.html
That’s not their goal, but it’s definitely going to be the outcome. We’re in a rising rate cycle because inflation is picking up due to full employment and loose monetary policy. The playbook is to reign in this growth by raising interest rates. At some point, you would expect a downturn to occur because that’s the natural economic cycle. When it does occur, I think it’s going to be another nasty recession because asset valuations have been propped up so high. So what can the central banks do other than go back to zero? I think we still have a couple years left of expansion. I think we’re in the 7th inning. The markets and the public are not yet euphoric and there still is economic discipline within the context of the current interest rate situation. I think a couple… Read more »
Yes. A look at the medium term dot plot says 2020 will be peak. Downturn expected then as the rates work their way through system.
The Fed is raising rates because pension plans are going bust from low returns.
They’re not going to stop raising or go backwards unless there’s a major crisis, not just a recession.
Low returns? Lol.
Intelligent counter argument, oracle.
“Birth and dash: Richmond Hospital owed $1.2 million for skipped neonatal bill
Yan Xia’s baby needed extensive neonatal care but Xia never ended up paying the hospital”
“Vancouver Coastal Health has filed a civil claim worth over one million dollars (and counting) against a foreign national who skipped the bill at Richmond Hospital after giving birth in 2012….”
Why didn’t the hospital confiscate the baby and sell it on the black market?
FED ^
More to come