House prices make city ‘look bad’

When the city of Vancouver was trying to woo Amazon there was some concern that housing data would make the city look bad.

As city staff scrambled last fall to put together a proposal to woo Seattle-based Amazon to build a second headquarters here, they were faced with a major potential weakness: how to make the city attractive in the midst of a housing affordability crisis?”

“Internal email records obtained by the National Post through a freedom-of-information request show that the issue was top of mind for staff within the city’s economic development agency, the Vancouver Economic Commission, some of whom discussed leaving out certain housing data that could make the city “look bad.”

Read the full article over at the National Post.

As Dave puts it “Imagine if they were concerned about housing for locals.

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paulb
Member

New
285
Price Change
126
Sold
149
TI:12699

http://www.clivestevepaul.com

Oracle
Guest
Oracle

Why isn’t the NDP closing the Liveral era loooholes and policies. It’s been a year and a half almost.

Bare Trusts
Foreign students work permit exemption
Presales overseas and exempt from FBT
No government housing registry
Spec Tax backtracking and delay
No renters credit

What’s going on here? Have we been played by assholes??

Best place on meth
Member
Best place on meth

Report claims Immigrant Investor Program could solve Vancouver housing crisis

https://www.mortgagebrokernews.ca/news/report-claims-immigrant-investor-program-could-solve-vancouver-housing-crisis-243991.aspx

“A report from a University of British Columbia associate professor posits that the Immigrant Investor Program should be reinstated, and the proceeds invested in rental housing—of which the scarcity has reached crisis level in Metro Vancouver.

The IIP—which essentially gave internationals permanent residency in exchange for $800,000 interest-free loans, to be repaid in five years—was discontinued four years ago, but James Tansey of the Sauder School of Business at UBC believes that was a mistake.”

Bag it and tag it
Member
Bag it and tag it

Maybe someone should tell that dumbass that the program cost more than it took in, so there are no ‘proceeds’.

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

Even if there were proceeds there’s an entire country to distribute them over.

Doomcouver
Guest
Doomcouver

James Tansey, what a moron. He knows that calling them “investors” doesn’t actually mean they’re investing… right? FYI speculating on real estate isn’t “investing”.

Ulsterman
Member

If Vancouver is such a desirable place for rich Chinese to park their money, why don’t we just auction off permanent residency eBay-style? Put in a minimum bid starting at $1m for immediate, fast-track entry and see how keen they are to get the money out. Set a cap on how many visas we offer each year. If some geezer in China really need to get the money out in a hurry and find a hiding place, maybe he’ll stump up $5m for quick access. Why make it this loan system? If it really is such an assssssome place, they’ll be clamoring to pay up. And if they don’t and they all decide to move to Seattle, oh well!

Best place on meth
Member
Best place on meth

Canadian Real Estate Sales Have Worst May In Over 10 Years

https://betterdwelling.com/canadian-real-estate-sales-have-worst-may-in-over-10-years/

That’s great news, because it was exactly 10 years ago that a major bust in Canadian real estate was just beginning, only to be cut short a mere 8 months later by the Great Financial Crisis and the emergency cutting of interest rates to zero.

Any bailout this time?

Oracle
Guest
Oracle

Would be much worse if they didn’t include Lower mainland and GTA in there.

The policies they are proceeding with only affects locals. They have purposely failed to tackle the immigration and foreign money issues.

Bag it and tag it
Member
Bag it and tag it

The boom in Abbotsford townhouses is definitely skewing the numbers.

backwardsevolution
Guest
backwardsevolution

The last of the suckers.

Doomcouver
Guest
Doomcouver

Yeah it used to make some sense that people would go out to the Valley as far as they had to in order to get a house. But moving out to Abbotsford to get a townhouse? Are these people mentally unstable? Plus with the cost of gas, I’m sure they’d be saving money buying closer to the city. FOMO people don’t do math though. Numbers just make them anxious.

Oracle
Guest
Oracle

At current rate, workers will soon be priced out of Abby townhomes.

I kid you not.

Laibach
Member
Laibach

Abbotsford, end especially its townhouses, are becoming a paradigm of high-end modern living on ultimate location. It isn’t for nothing that very first flight of discount airline Swoop heading to Abbotsford.

“No frills airline will fly from Hamilton to Abbotsford, B.C. on its first of many voyages”

https://www.cbc.ca/news/business/westjet-swoop-launch-1.4711998

Doomcouver
Guest
Doomcouver

Soon it won’t matter. Many of the big foreign buyers are only in it for the capital appreciation. Once the writing is on the wall that prices are reversing direction, they’ll liquidate en masse, and the locals will be too broke to catch the falling knife (even though they’d probably like to).

Laibach
Member
Laibach

“Any bailout this time?”

Perhaps not but locust never stands still so it will be about how repellent will hold.

Best place on meth
Member
Best place on meth

Shanghai stock market has breached the critical 3000 level and has sunk to a 20 month low.

https://finance.yahoo.com/quote/000001.SS?p=000001.SS

Oracle
Guest
Oracle

I’m with the USA on this. We need to set China back 30 years.

An existential threat to the USA and Canada way of life.

Do it with trade war…

We must unite and boycott all Chinese products.

Doomcouver
Guest
Doomcouver

I would boycott Chinese products if alternatives were actually available. The manufacturing sector in Canada/USA has been totally hollowed out. Partially from China, and partially from the ever-rising cost of living. Finding USA made products is hard enough, finding Canadian made products is damn near impossible. I’d easily pay double to buy Canadian, but many of the products just don’t exist anymore.

Dyugle
Guest
Dyugle

Many of the companies in China are state sanctioned monopolies. It is amazing how the US puts tariffs on bombardier but will let ZPMC completely corner the container crane market. Anti trust laws exist for a reason and the US should use them to maximum extent on all foreign monopolies selling products into the American market.

Best place on meth
Member
Best place on meth

Today in the House of Commons, a passionate, angry and thoroughly batshit crazy Jenny Kwan rails against Trump’s inhumane treatment of criminals who are illegally sneaking across the border from Mexico. Apparently these criminal queue jumpers are being separated from their children 🙁

She screams at The Turd to let them all in ASAP.

Because she cares.

Dave
Member

Jenny Kwan is so dumb.

Oracle
Guest
Oracle

Treasonist.

What happened to Canada?

Laibach
Member
Laibach

Absolutely, and fuckwits are questioning Albert on his valid assumptions…

Just me
Guest
Just me

I never heard Jenny Kwan make the human rights case for the abuses occurring in the PRC. I suppose that would be culturally insensitive.

Doomcouver
Guest
Doomcouver

Did someone drag them to the border then throw them across? If not I don’t feel bad for them. Mexicans keep crossing the border because enforcement of the law has been lax. If you make an example out of them they’ll go back to Mexico and tell all their buddies what happens if you cross illegally into the USA and they’ll STOP COMING. I generally dislike Trump, but I have no empathy for border jumpers, they’re getting what they deserve. Make the adults do hard time, and chuck their kids back into Mexico.

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

Except the number of crossing attempts is increasing. So the deterrent clearly isn’t working, and it’s the children who are being punished because of a simple choice that the current administration has made in order to try and force the oppostion’s hand on funding of the wall. Imagine the uproar from the usual morons here if another country attempted something so sickeningly inhumane.

Best place on meth
Member
Best place on meth

“it’s the children who are being punished because of a simple choice that the current administration has made”

https://www.zerohedge.com/news/2018-06-19/flashback-both-hillary-and-obama-advocated-separating-migrant-families-strict

Your hypocrisy has no limits, you awful traitor.

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

ZH? You might as well cite Fox News, imbecile.

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

For those who are still confused and/or hyper partisan morons:

http://www.politifact.com/punditfact/statements/2018/jun/19/matt-schlapp/no-donald-trumps-separation-immigrant-families-was/

Either way he could put a stop to it with a phone call which, in fact, he may have just done. Thus proving my point.

Kwakster
Guest
Kwakster

She wants to set a precedent. Chinese elites in Vancouver very much miss their slave labor. If boat loads of them could be brought here to serve their masters and remove the need for expensive and haughty locals who are too dumb to learn a real language Vancouvery become a heavenly kingdom.

Best place on meth
Member
Best place on meth
Government’s forthcoming ban on foreign buyers of New Zealand houses is not expected to have much impact on either house price inflation or housing affordability – say a bunch of banker economists. https://www.interest.co.nz/property/94335/anz-economists-say-governments-forthcoming-ban-foreign-buyers-new-zealand-houses-not After a long winded attempt at justifying their positions, their true motives come to light near the end. “Although the housing market represents only a small part of foreign investment, restrictions do move us in the direction of increased protectionism. In a global economy where trade and free flow of capital have large economic benefits, we need to be careful that we do not send a signal that New Zealand is closed for business, or that foreigners – and foreign capital – are not welcome here. “The impact of foreign buyers on our housing market is relatively small. But the benefits of openness are broad and large… Read more »
Bag it and tag it
Member
Bag it and tag it

Wonder how many months it took them to craft that spin job…slimy

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

How’s it slimy? An island economy like New Zealand isn’t going to reach it’s growth potential by shutting out external influences.

Best place on meth
Member
Best place on meth

Pompeo Calls China’s Appeals for More Trade Openness a ‘Joke’

https://www.bloomberg.com/news/articles/2018-06-18/pompeo-calls-china-s-appeals-for-more-trade-openness-a-joke

Holy fuck, I love this administration….what a breath of fresh air.

Oracle
Guest
Oracle

This is war. The US generals cannot have China rise to superpower status. They will destroy the USA if they do. The smart people know that.

Time for the gloablists to take a back seat for the next 50 years and for people to demand sensible immigration numbers.

Best place on meth
Member
Best place on meth

China retaliates, meaning Trump raises the bet from tariffs on 50 billion to tariffs on yet another 200 billion

And then:

“He said the U.S. would impose tariffs on another $200 billion after that if Beijing retaliates.”

That would be tariffs on $450 billion if the chinese are dumb enough to go tit for tat.

“The U.S. imported $505 billion of goods from China last year”….. 🙂

Oracle
Guest
Oracle

What I’d like to see is Trudeau brought to his knees because China is using the port here as a backdrop into the Anerican economy.

And the uncontrollable issuing of millions of 10 year visas to Chinese is a national security threat. For all we know, they could be members of the People’s Liberation Army.

This is serious.

Oracle
Guest
Oracle

‘Backdoor into…

Screwed
Guest
Screwed
bullwhip29
Guest
bullwhip29

regarding Amazon’s HQ2…Vanc city staff are so full of themselves and completely drunk on Locustland koolaid that they failed to understand that a 2nd headquarters located so closely to Seattle was never ever in the cards. or perhaps this was all common knowledge from the get-go and the whole exercise was just an excuse to conduct more studies, consultations, expensive VIP dinners and the like all on the taxpayer’s dime…

Name
Guest
Name

That shows the huge ego of Vancouver thinking that we are the center of the universe and everyone wants to live here.

Doomcouver
Guest
Doomcouver

That’s because admitting the truth about why it’s actually so expensive to live here is too bitter a pill for the city to swallow. Vancouver “exceptionalism” is not one of the reasons. Historically lax enforcement of taxation, the lowest sustained global interest rates on record, rampant speculation causing overvaluation across the entire region, and mass migration of foreign investors (among other things). Without all this, Vancouver is a sleepy backwater, economically and otherwise. Make no mistake, Vancouver will likely always be the most expensive city in Canada, but Canada’s real estate prices are overheated everywhere and overdue for a massive correction.

bullwhip29
Guest
bullwhip29

naturally it has become of a city of douchey real estate millionaires who all think they got to where they are as a result of their extensive knowledge of real estate matters, financial wherewithal and overall investment saavy, so it would be a given that they would also feel the city simply deserves HQ2 just because…

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

All those local RE millionaires yet the luxury cars you see are automatically assumed to have been purchased by foreigners using proceeds of crime? Gotcha.

southseacompany
Member
southseacompany

“Vancouver schools losing teachers due to ‘impossible’ housing market, low wages”, CBC

https://www.cbc.ca/news/canada/british-columbia/bc-teacher-shortage-vancouver-housing-students-school-short-staffed-1.4708831

“Exodus of educators as many seek opportunities in less expensive parts of province”

Name
Guest
Name

Why live here when they could work the same job for the same money and have their living expenses cut by more than half? It’s like a 50% pay raise.

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

As mentioned a few weeks ago. A teacher parent and her teacher husband on my daughters softball team are moving to Comox this summer after securing positions.

100% of the reason had to do with never being able to own anything other than a condo. They would have been content with a townhouse but saw that was completely out of reach on two teachers salaries.

Doomcouver
Guest
Doomcouver

The hollowing out continues. The mass exodus means there is basically no intrinsic lower bound on the housing market in Vancouver. The lack of working class people in the city will make the price crash much larger. Foreigners likewise will bail on the city as soon as SHTF.

bullwhip29
Guest
bullwhip29

well, remember, in Richmond there is no “working class” yet there are mansions, hotels and amusement parks as far as the eye can see.

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

They couldn’t rent?

bullwhip29
Guest
bullwhip29

moron, the point is that their dream does not include renting or sharing a home with someone else. that is simply not how things are portrayed in the movies where supermoms beam with delight as they entertain for friends they despise, serving them trendy chef inspired canapes and other must have luxury items they have previously never heard of all while lounging in perfectly manicured and staged patios and yards that they will spend the rest of their lives paying for…

Oracle
Guest
Oracle

And we’re importing people with attitude like this by the millions.

People better wake up.

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

I heard trillions from my sources.

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

Oh really? People are apparently quite happy to share a home with somebody else providing they’re the owner and the other occupant is a tenant in the “mortgage helper suite”. It’s all about “building equity” or something.

29 must be your IQ.

Ulsterman
Member

My Kitsilano dentist buddy just moved to Nanaimo with his family. He couldn’t comfortably afford a house in Vancouver. Ironically the practice he bought there is making him more money for less hours, and as for the price of housing, well….

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

Are you suggesting that people who don’t like high house prices should just move? I recall that not being popular with some here.

Simple Solution
Member
Simple Solution

Lots of people ultimately vote with their feet…. hollows out the city

Didora
Guest
Didora

Its not only educators, but most every other professions such as doctors, hi-tech workers, etc. Vancouver is becoming a resort city with the only profession left is the service industry fo r the rich,

Simple Solution
Member
Simple Solution

Getting to the point where it will be unlivable. People require services… empty condos and homes not so much. Sad to see all the empty storefronts.

southseacompany
Member
southseacompany

“House price debate goes from if they’ll fall to by how much”, ABC Australia

http://www.abc.net.au/news/2018-06-19/house-price-falls-from-if-to-how-much/9886604

“Now that all the major indices are showing falling prices, with leading indicators like housing finance and auction clearance rates showing no signs of a bounce, 2018 has moved on to a discussion of how far house prices will fall.”

Dave
Member

We’re not quite at that point yet. We seem to be lagging their sentiment by about 6 months. I wonder if their auction system is the cause of this in that it causes a faster balancing of market conditions.

bullwhip29
Guest
bullwhip29

Nearly 4,000 Canadians died of opioid overdoses in 2017, a new record
https://globalnews.ca/news/4282699/canada-opioid-death-statistics-2017/

>>> as if this wasn’t enough to celebrate, 36% of the deaths occurred in the province with the highest per capita net worth (yet somehow the lowest tipping), namely beautiful BC…

Laibach
Member
Laibach

All those casualties are collateral damage caused by globalization but actually very” good for the economy” otherwise how would products and investments from Wuhan, Zhuhai, Guangzhou, Xianju, and Shanghai reach BC, got laundered in the process and invested in booming RE market?

https://www.reuters.com/article/bc-finreg-aml-canada-fentanyl-traffickin/canadian-aml-regulator-highlights-flags-for-fentanyl-trafficking-mainly-from-china-idUSKBN1FQ2KR

Oracle
Guest
Oracle

I suggest people start putting pressure on the GreeNDP to take action on housing.

I’m sure the NDP wants PRef to fail. Crickets out of them.

Then what?

The naive we’re played? I’ve been telling you guys.

Laibach
Member
Laibach

Agreed, you are right on this. Progress is slow, momentum is fading and pressure is low. More should be done to provide some perspective on the possibility of the future existence of local wage earner in this part of the country.

Name
Guest
Name

COLUMN: Nanaimo byelection loss wouldn’t be fatal to B.C. NDP

http://www.burnabynow.com/opinion/columnists/column-nanaimo-byelection-loss-wouldn-t-be-fatal-to-b-c-ndp-1.23339481

Keith Baldrey’s analysis.

Dave
Member

I don’t think that’s right. The role of the Speaker is to maintain the status quo. They first try to keep the Legislature debating a bill until a majority can be obtained. If not, they’re supposed to default with how things are now (i.e. existing law). That means the speaker should normally vote AGAINST the government. The other obvious solution is for the speaker to abstain and not vote one way or another. In that case, the Bill fails. Since the government is deadlocked in this scenario, it falls.

stagnate
Guest
stagnate

the Nanaimo seat is a safe ndp seat. apparently white men will not be welcome to apply though. I know by-elections typically go to the opposition but the ndp is still in the honeymoon phase. as much as I despise tax and spend governments I’m interested to give them more time. I can foresee this looking a bit like the 90’s. over time business and development investment will grind down. the public unions are going to be disproportionately powerful.

Dave
Member

Who knows if it’s safe. It will be a referendum on the government more than anything. If you don’t like the government or want an election, vote for the Liberals. The Liberals will get all the Conservative vote (those people won’t sit out) for that reason.

Oracle
Guest
Oracle

Watch the popular vote closely. If liberals get above 38%, imo the referdum is done then.

Dave
Member

The referendum would predate the by-election.

The order would be municipal election –> PR referendum —> bi-election

Oracle
Guest
Oracle

I see. It’s interesting to note that Horgan said that Nanaimo a safe seat…and Weaver said they are running a candidate.

But crickets from Horgan regarding NDP.

Can someone convince me that I’m wrong and that the NDP really want PR. Please.

Oracle
Guest
Oracle

…regarding PR. Autocorrect

Dave
Member

They seem to want it since they’ve rigged the vote.

Screwed
Guest
Screwed
paulb
Member

New
268
Price Change
131
Sold
152
TI:12715

http://www.clivestevepaul.com

Just me
Guest
Just me

At this rate no 13k by month end. Listings have slowed down and sales have picked up a notch.
Not sure whether this means lower prices luring buyers in. If they are buying at current prices, they are gamblers.

Best place on meth
Member
Best place on meth

Compared to last month, listings are still higher and sales are still lower.

Just me
Guest
Just me

For June, you are right. I am referring to the last couple of days.

Bestplaceonearth
Guest
Bestplaceonearth

They are always right! Except when they were priced out.

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

All those years invested in failing to understand the RE market could have been so much better spent. What a shame.

Bestplaceonearth
Guest
Bestplaceonearth

They bought in 2015, bears said they were gamblers. They buy now, same song. Had you bought in 2015 with that $65k in saving, you would be laughing by now! Bhahahaha!

Oracle
Guest
Oracle

What have I been telling you? No offence but you are dull.

The NDP didn’t do anything. Name one policy that’s in effect right now that they brought in?? A 5% increase in the FBT that has huge loopholes in it?? That’s it.

The next cohort of ten year visa holders and another 30,000 foreign students will land here in the next 60 days. Watch what happens to rents and condo prices.

Just watch. 60 days isn’t that much.

Just me
Guest
Just me

We do need implementation of the budget promises on housing asap. Finalize the school tax and introduce registry for bare trusts and numbered companies, to eliminate anonymity.

It is becoming a bit of a long stretch by now. Hopefully before the summer ends?

Bestplaceonearth
Guest
Bestplaceonearth

Considering those history! And you think the NDP is here so you can buy a house west of Cambie. Bhahahaha!

Specuskeptic
Member

“And you think the NDP is here so you can buy a house west of Cambie?”

No. He doesn’t think that and neither does anyone else, but please do continue beating that strawman.

Oracle
Guest
Oracle

They’re not going to do it if they haven’t done it by now. Their policy had zero effect in eastern Fraser valley.

Many people pissed are going to vote no to punish NDP.

I’m guessing the referdum fails.

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

Every Vancouver property type on Zolo aside from one bedroom condos is showing negative y/y price changes. Average price for SFH is down anywhere from 6%-30% depending on number of bedrooms, aggregate drop is 21%.

Who in their right minds would want to buy when they could wait a year and save over $100K?

Best place on meth
Member
Best place on meth

Your crooked friends from the mainland?

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

Blaming others for your own poor decisions and overall failure is about the only thing you’re good at.

Best place on meth
Member
Best place on meth

Say “racist” again, fuckwit.

That never gets old.

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

You should be as proud of the label as you are of your pathetic toxic opinions.

bestplaceonearth
Guest
bestplaceonearth

Just wondering what would happen if the city changes the zoning of all single family lots to duplex lots! Me think it will happen soon enough.

Oracle
Guest
Oracle

Prices on those go up and detached go up even further.

Say micro condos name the norm. Then 1 bdrm condos would go up in price.

Oracle
Guest
Oracle

But what’s happening in the valley Mr ‘who wants the invasion to continue’ ?

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

You tell us, Mr “never has any data to support his bold claims”. I’ve already corrected you once this week – with data – regarding your lies about Langley strata prices. I’m sure I’ll have to do so again soon.

bullwhip29
Guest
bullwhip29

sure, whatever you say Mr. “Am I just being a hopeless romantic here, forever wandering alone…” (note the proper use of caps this time around…)

Oracle
Guest
Oracle

The Fall of 2018 just around the corner.

Where is the NDP action??? They really played their renter base like fools.

I’m predicting these people don’t send their ballots in because some believe now that the NDP is a fraud on housing.

I predict a massive fail for referdum and a new election called soon after.

bullwhip29
Guest
bullwhip29
patriotz
Member

” as ski resorts seem to offer stability in a rapidly changing real estate climate. ”

BS. Ski resorts crashed big time in 2008 and unlike the cities prices did not recover within a couple of years. The article itself admits this: “It was the highest-selling Whistler property since 2007.” 11 years to get back to 2007 prices. The whole thing reads like a RE ad.

Name
Guest
Name

These are for the most part “second homes” not primary residences so they get dumped first when times get tough.

bullwhip29
Guest
bullwhip29

Canadian movie producer, Raymond Law, who drugged and sexually assaulted women while taking photos of the attacks in his Vancouver apartment has cited his supposedly harsh Hong Kong upbringing that made him feel ‘unloved’ to help explain his crimes
http://www.scmp.com/news/world/united-states-canada/article/2151550/apology-sex-attacks-canadian-film-producer-raymond

bullwhip29
Guest
bullwhip29

Buyer of world-record US$760,000 parking space is boss of Hong Kong financial company
http://www.scmp.com/property/hong-kong-china/article/2151682/buyer-world-record-us760000-parking-space-boss-hong-kong

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

You mean the person who bought an expensive parking spot in Hong Kong is a rich person who lives in Hong Kong? Shocking! Next you’ll be telling us that they don’t drive a 78 Toyota Tercel.

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

SIDA is renting out trunk of their Rolls Royce

…..and charging parking fee…

bullwhip29
Guest
bullwhip29

Do Chinese tourists need a ‘code of conduct’ while travelling abroad?

bullwhip29
Guest
bullwhip29
No Chump
Guest
No Chump

I guess if they act like assholes in Bali like the Australians do or like shitheads in Europe as the Americans do…then I guess they do.

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

I hope SIDA cuts Jenny Kwan a break on rent….

…….she is on a roll right now , preaching and prostelytizing her fellow locusts world view that only people of european descent are capable of evil….

She is a credit to her DNA pool…