Luxury condo tower pulled on weak demand

It appears there might be a limit to ‘build it and they will come’. Southseacompany points out a recent development proposal that was pulled amid signs of weak demand.

“A proposal for a downtown Vancouver luxury condo tower that was scheduled to go to a public hearing next week has been abruptly cancelled by the owner.”

“A representative of the developer, Brilliant Circle Group, sent a letter to the planning department last week withdrawing the project. The letter, obtained by The Globe and Mail, explained that the decision “is due to the impact of the rapidly changing real estate market, which affects both the unit mix and the CAC evaluation.””

““Everything’s corrected and the luxury market is gone,” said Ian Watt, a realtor who specializes in higher-end housing. “Anything under $2-million will sell, but in the last two months, there’s been only one sale over $3.5-million.””

Read the full article here.

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[…] Good news! Although its expensive to buy real estate in Vancouver, it’s one of the cheapest places for property taxes in Canada or the […]

Lost...but not Leased
Lost...but not Leased
2 years ago

Anybody here tired of these LGBQT politics…

Do we need to know peoples %$#@& preferences ….(other than SIDA….. whose is obvious )

Otherwise..I have a lot of jokes to post…

xhistory
xhistory
2 years ago

Here is my favorite all time joke:

In 1962 there was only one woman in Canada of breeding age, not pregnant or nursing a new born. She was 19 and living on Saturna island.

Best place on meth
Best place on meth
2 years ago

No I don’t give a fuck about identity politics, although I’d love to attend a straight pride parade just for the giggles.

xhistory
xhistory
2 years ago

You’ve all been to a West Coast beach? A mix of gravel and sand, even large bolders here and there. Driftwood in varies sizes and lengths line the high tide shore.

Enjoy a day at one of these places, the Sun is shining, and maybe you pack a patio umbrella.. I dont bother

The driftwood can be constructed to make temporary shelters. You’ve all seen these things, some beaches they are every 50 feet.

Be sure to mark your occupation at one of these places by raising a ‘flag’ on a makeshift pole. When you leave, take your ‘flag’ down, so others can see it unoccupied, and available.

Make sure to train the children on the beach this protocol. Have a great holiday.

bullwhip29
bullwhip29
2 years ago

so the city of Richmond spent more of our money and likely wasted countless hours putting this map together which shows the locations of some of the “legal” b&b’s in Richmond.
https://maps.richmond.ca/BnB/

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

under a bylaw approved by Richmond city council in March 2017, bed and breakfasts are only allowed in detached homes. Hosts may only rent up to three rooms to up to six people in total

>>> so who here thinks these 2 so called legit businesses are complying? lol…
7520 Steveston Hwy (licensed as the Arica Funhouse)
10660 Westminster Hwy (even goes so far as to indicate owner operating 4 room bnb, but a quick check would reveal way more than 4 rooms are used)

Name
Name
2 years ago
Reply to  bullwhip29

We need to see the real map. You know, the one showing the thousands of illegal locations.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  bullwhip29

Richmond Councillor Carol Day is operating a hotel out of her home…..

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  bullwhip29

Only reason Govt give a shite about suites, AirBnB etc is they hate missing out on CA$H GRAB$.

WTF is the REAL difference with EIs etc have large families under one roof VERSUS suite(aka affordable housing) and Air BnB etc.

PS how about Firemen and the moonlighting they do on off days and compete with civilians for work.

The End

Name
Name
2 years ago

And all the double dipping transit cops.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

The difference is that an illegal suite may not conform to code and could be a safety issue. Are you that dumb?

Lost...but not Leased
Lost...but not Leased
2 years ago

Sure SIDA.
…..famous last words throughout history are:

……. Hi Im from Govt and I am here to help you..( aka bend over)

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

Yes, I’m sure developers would install sprinklers out of the kindness of their hearts if there were no regulations.

bullwhip29
bullwhip29
2 years ago
kabloona
kabloona
2 years ago

Uh-oh…..

“Vancouver, Toronto housing slowdown takes toll on Canada’s economic growth”

https://www.theglobeandmail.com/business/article-slowdown-in-home-resales-in-toronto-and-vancouver-affects-canadas/

“Falling home sales in Toronto and Vancouver this year are reverberating throughout the economies in both regions, pulling down broader economic growth in Canada.

Residential real estate activity – including resales of existing homes, construction of new homes and home renovation – accounts for about 7 per cent of national gross domestic product on a direct basis, and a significant drop in resale activity this year is cutting GDP growth forecasts, economists say. The spinoff effects of a real estate slowdown, such as reduced spending on furniture and appliances, will amplify the impact…..”

Name
Name
2 years ago

Lance Bass tried to buy home featured in ‘Brady Bunch’

https://www.news1130.com/2018/08/06/lance-bass-tried-to-buy-home-featured-in-brady-bunch/

But the ‘N Sync singer posted Saturday on Instagram that the deal fell through. Bass wrote he was “heartbroken” to learn a corporate buyer wants the house “at any cost.”

xhistory
xhistory
2 years ago
Reply to  Name

Is it a house or museum?

Name
Name
2 years ago
Reply to  xhistory

The weird thing is they only used the outside image but the inside was on a sound stage so it wasn’t really their “house” it was just some random house that was picked because it looked “middle class”.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Name

Which Brady.
…….Tom or James….

Name
Name
2 years ago

New federal probe opens on P.E.I. immigrants alleged to have used fake addresses

https://www.news1130.com/2018/08/06/new-federal-probe-opens-on-p-e-i-immigrants-alleged-to-have-used-fake-addresses/

when there is a group of people who see nothing wrong with lying and cheating then this is what happens ….

bullwhip29
bullwhip29
2 years ago
Reply to  Name

who here thinks this is only happening in Charlottetown and Richmond? imho this horse$hit is taking place in dozens, if not hundreds of locations across the country…

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  bullwhip29

Main difference is PEI pumpkins are booby-trapped..

Best place on meth
Best place on meth
2 years ago
Reply to  Name

Don’t worry, it’s just a few bad apples. Only around 1000 in this single case.

They’re still the best immigrant group ever!

Oracle
Oracle
2 years ago

So it begins;

Many sites are being completely wiped off the internet. Only a matter of time until this one is. The SJW minions and 1% elite have complete control over media now. Info- has been wiped of the face of this earth.

No Chump
No Chump
2 years ago
Reply to  Oracle

Do us all a favour and wipe yourself off this site, Oracle. That would definitely be a “start”.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Oracle

They’re not being “wiped off the internet” they’re being removed from platforms which have explicit terms and conditions that prohibit their hateful content. There’s no conspiracy, they’re just enforcing the rules which the sites originally agreed to and then chose to ignore.

Pick a side.

Just me
Just me
2 years ago

Right. Who defines hateful? You?
If one states that rich families from China are a significant force in RE valuations in Vancouver, is that hateful or racist?
I am sure some people would be horrified by the simple statement of facts and figures. Does that mean that certain facts cannot be mentioned?

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Just me

I’m not surprised you’d defend hate speech.

These shameful sites have the option to host their toxic crap on their own infrastructure. Google are under no obligation to let them continue to use YouTube. Good riddance.

Best place on meth
Best place on meth
2 years ago

Google has no moral high ground, they have just sold their soul to the devil. https://theintercept.com/2018/08/03/google-search-engine-china-censorship-backlash/ The Dragonfly project was launched in spring 2017. Since then, small teams of Google engineers have been developing a custom Android app, different versions of which have been named “Maotai” and “Longfei.” The app has been designed to filter out content deemed undesirable by China’s ruling Communist Party regime, such as information about political opponents, free speech, democracy, human rights, and peaceful protest. The censored search will “blacklist sensitive queries” so that “no results will be shown” at all when people enter certain words or phrases, according to internal Google documents. Human rights groups responded to the revelations with a chorus of condemnation. Amnesty International issued a statement calling on the internet giant to abandon the plan. “It is impossible to see how such… Read more »

Just me
Just me
2 years ago

I am neither hateful nor racist. I am just a person who dislikes opportunistic behaviour and barefaced lying.

realist
realist
2 years ago
Reply to  Oracle

Oracle, your concerns about information might meet with skepticism, but they are not lightly dismissed. No less august a body than the Council of Europe has declared “information disorder”, including disinformation, to be a serious issue, and is attempting to define and address it. (We shall leave aside for the moment the view held by some that the Council of Europe itself an adept practitioner of same!)

https://www.coe.int/en/web/freedom-expression/information-disorder

bullwhip29
bullwhip29
2 years ago

City of Richmond to provide only paramedical services such as those found in traditional Asian and holistic medicines, dietitian services and other related services” at the new Minoru Centre for Active Living
https://www.richmond-news.com/news/city-of-richmond-rubs-longstanding-business-the-wrong-way-1.23389948

>>> as Mayor Brodie can surely attest, those other “services” being provided must leave many with big smiles on their faces…

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  bullwhip29

Brodie only goal is the become the longest serving Richmond mayor..which he will become if we wins again.

Lawyer Brodie is a bully towards Richmond Council…he uses his Lawyer $5 words to intimidate Council so they generally STFU…
Brodie has also tied his cart to ALR house size issue(along with Steves and Day )…which is strange..given Chinese and EIs are pissed off re this issue.

Richmond Council is bifurcating..it appears Johnson and Au will belong to a new party.
Chinese community will be catered to…and they will also field a number of candidates.
My guess is Chinese will make serious inroads this time, if nothing else than vote -splitting.

Regardless..Richmond is screwed either way..

bullwhip29
bullwhip29
2 years ago

Telus and its joint-venture partner Westbank selling new Vancouver headquarters building in deal that was likely the result of an unsolicited offer that was too good to refuse but did not name the buyer or indicate the sale price
https://theprovince.com/business/commercial-real-estate/telus-and-partner-sell-telecoms-new-vancouver-headquarter-building/wcm/12f5bd81-cf50-4e05-8fe7-c53ba09f6498

patriotz
2 years ago
Reply to  bullwhip29

“Telus built the 24-storey, high-tech office tower with joint-venture partner Westbank Corp. as part of a $750-million redevelopment of most of the block of Richards Street from Georgia to Hornby that included a 53-storey residential building.”

Hornby is the street between the Hotel Van and the VAG, several blocks west of Telus Gardens. Was this story written by anyone familiar with Downtown Vancouver?

Best place on meth
Best place on meth
2 years ago
Oracle
Oracle
2 years ago

He is another Garth Turner.

Name
Name
2 years ago
Reply to  Oracle

because he doesn’t follow your script ?

Oracle
Oracle
2 years ago
Reply to  Name

Go ahead. Consider him and GT gods then.

Oracle
Oracle
2 years ago
Reply to  Oracle

And I’m not the realtor or guys flipping houses and owning multiple property.

Spec
2 years ago
Reply to  Oracle

This is one of many examples of why Boracle needs to be ignored. 1) He’ll make an assertion (usually ridiculous). 2) Someone counters it 3) He comes back with a strawman.

At no point did Name assert that Saretsky and GT are gods, yet, Bullshitsicle’s reply asserts that to be Name’s assertion. There is no discussing anything with him without him putting this ridiculous frame on it. The easiest and most effective way to deal with him is to ignore him. He will eventually go away if ignored….

Food for thought.

Oracle
Oracle
2 years ago
Reply to  Spec

Ok genius. 80% of your peers are doing better financially than you in life and probably own a home and yet you still think your are smarter than most. LOL

realist
realist
2 years ago

“Housing Bubbles Are Dangerous, That’s Why Canada is Finally Trying to Tamp Down on Them. And the US?”
by Wolf Richter Aug 4, 2018 Wolf Richter with Jim Goddard on “This Week in Money”: 35 to 47 min.

https://wolfstreet.com/2018/08/04/housing-bubbles-are-dangerous-thats-why-canada-is-trying-to-tamp-down-on-them-and-the-us/

A financial blogger in San Francisco compares and contrasts the Vancouver and San Francisco markets.

Just me
Just me
2 years ago
Reply to  realist

Wow. People are finally realizing that resources should be channelled into productive investments, rather than idle housing speculation. What next? Politicians who actually shift the tax burden on land rather than businesses and labor?

Name
Name
2 years ago

Racist vandalism on “Crazy Rich Asians” bus stop sign

https://www.news1130.com/video/2018/08/05/graffiti-targets-asian-community-in-vancouver/

now the SJW are up in arms over this overt “racism” blaming the BC Government playing the “RACE CARD” maybe these asians flaunting their greedy wealth should get the message that most other people don’t like these greedy pricks who are changing Vancouver for the worse and we see this greed everyday.

I wonder how many people the reporter asked about the sign because everyone on the interview thought the so-called vandalism was bad but i’m sure many others would think the message was true.

Name
Name
2 years ago
Reply to  Name

I would like to add that this is not ‘racism’ against all asians but it is a protest against attitudes by some asians for promoting a materialistic lifestyle in their own community. Maybe they should not be so quick to play the race card but instead take a good long look at how some of them are portraying themselves to the rest of their community and the general non-asian communities they live among.

Just me
Just me
2 years ago
Reply to  Name

The point is that people are fed up with the bad behaviour and untouchable status of some young people who use money from abroad to lead a life of shameful abandon and disregard for basic social norms or respect and self-constraint.

This was never about race, but many people benefit from the fact that any hint of racism will shut down the conversation and perpetuate the inflows of money. Nobody is more upset about the current state of affairs than the many honest Canadian of Asian heritage, who have to witness these young millionaires making a bad name for their ethnic group. They are furious, and rightly so. This is about money and behaviour, not race.

patriotz
2 years ago
Reply to  Name

The guy doing the complaining on camera produced a TV “reality show” about “Rich Asians” i.e. he’s been exploiting the very stereotypes behind the graffiti. I’ll give you the advice that using term “SJW” just because you don’t agree with someone does not add weight to the argument.

https://ca.linkedin.com/in/kevin-k-li-69404731

Name
Name
2 years ago
Reply to  patriotz

Yes I know who he is, I was using SJW in a broader sense. People need to have more critical thinking skills rather than just throw out the racism card after any criticism of any identifiable group and think about the message behind their behaviour like in this case how are they portraying tihem selves to the world? There are people barely surviving in Vancouver and then there is this group flaunting their wealth. It’s no wonder that others are disgusted by it.

Just me
Just me
2 years ago
Reply to  Name

The director Kevin Li has no shame. He should reprimanded for his race baiting. First, he films a documentary following the lives of filthy rich kids who disregard common sense and good taste, living like self-absorbed prick in a city where many people struggle to put a roof over their heads. Then he claims that people are racists because they criticize the filthy rich kids because of their Asian background.

All this from a guy who put the word “Asian” in the title of the documentary.

Kevin, you should hang your head in shame. THis is not about being Asian: the problem is the horrible behaviour of the filthy rich sprouts who spend the money of their parents with no regards or sensibility,

Best place on meth
Best place on meth
2 years ago
Reply to  Just me

You had me at “Kevin, you should hang…”

Best place on meth
Best place on meth
2 years ago

China’s Summer of Discontent

https://www.project-syndicate.org

Five months ago, when the Communist Party of China freed President Xi Jinping from term limits, the conventional wisdom was that his dominance within the Chinese party-state was so strong that his authority could not possibly come under attack. How things have changed.

At the time of Xi’s announcement, the conventional wisdom was that his dominance inside the Chinese party-state was virtually absolute, and thus that his authority could not possibly come under attack. Xi is now facing the worst summer since he came to power in November 2012, characterized by a steady stream of bad news that has left many Chinese – and especially Chinese elites – feeling disappointed, anxious, angry, helpless, and dissatisfied with their increasingly powerful leader.

Oracle
Oracle
2 years ago

So I was correct again when I said we were at peak inventory a week or two ago. Was an extreme challenge trying to convince people here. Now my next challenge is 2 fold but I will face opposition. Here they are: 1). This correction needs to happen fast and furious. What the NDP is doing by their inaction is allowing a slow drawn out process. Why don’t I like it? Because it won’t work. 50,000 new permanent immigrants and probably another 50,000 temp residents are coming here each year. This will obviously put pressure on rents. There will also come a time when these people jump back into the market with foreign money and this ignite local FOMO etc. So my conclusion is NDP never wanted a price correction. They are liars. 2). NDP will try to sabotage the… Read more »

Dave
2 years ago
Reply to  Oracle

Maybe. It could go higher in September and if it does, we should see a strong first week of listings. But there is a good chance we’re past this years peak.

The NDP deserves credit for acting. Who knows if it’s too little or too much. I’m not so sure yet.

Spec
2 years ago
Reply to  Dave

“It could go higher in September and if it does, we should see a strong first week of listings. But there is a good chance we’re past this years peak. ”

Exactly. Some years in the past, September #s are higher than July – it’s unusual and the exception, but it happens.

To make predictions and come to conclusions with the bravado and confidence the local part-time braggart and full time lying clown does is ridiculous.

Oracle
Oracle
2 years ago
Reply to  Spec

The ‘lying clown’ seems to be correct.

December will roll around and you will still think you are geniuses. Eventhough market will be the same.

You were bleating the same thing in 2017 when NDP gained power. Now 2019 is just around the corner.

Name
Name
2 years ago
Reply to  Oracle

you should go outside for some sun. It’s a nice day out there.

Spec
2 years ago
Reply to  Oracle

Discussing anything with Oracle is an exercise in Pigeon Chess. “Debating [Oracle] on the topic of [real estate] is rather like trying to play chess with a pigeon — it knocks the pieces over, craps on the board, and flies back to its flock to claim victory.”

Best place on meth
Best place on meth
2 years ago
Reply to  Spec

Oracle = a thousand monkeys on a thousand typewriters.

Nom nom nom
Nom nom nom
2 years ago

“It was the best of times, it was the ‘blurst’ of times…. YOU STUPID MONKER

Nom nom nom
Nom nom nom
2 years ago
Reply to  Nom nom nom

“Monkey”

Oracle
Oracle
2 years ago
Reply to  Spec

So I should just agree with you guys when I don’t see it your way?

Spec
2 years ago
Reply to  Oracle

“So I should just agree with you guys when I don’t see it your way?”

Masterful Strawman there. In short, no.
1) Don’t make shit up (ie lying)
2) Follow data where it leads.

Once you accomplish these two things, then there’s room for discussion.

franko
franko
2 years ago
Reply to  Dave

C’mon Dave, you strike me as a fairly intelligent person, so what’s there not to be sure about. There will always be the odd Baghdad Bob determined to pump his BS to the bitter end, but anyone with a lick of common sense should realize by now that this market is toast. Every single thing that has helped to fuel the bubble over the last 10 years has ground to a halt: -HAM is so totally dead -Int rares are on the way up -Demographics (more boomers will need to unload their properties to fund their retirement) -Cheap money will be history come renewal time -The stress test will keep FTBs out of the market -With foreign money gone, it would take the average local buyer 21 years to raise a down-payment for a house, even if they were dumb… Read more »

franko
franko
2 years ago
Reply to  franko

Forgot to mention that a record number of new condos will be coming on the market next year.
Perfect storm!

Oracle
Oracle
2 years ago
Reply to  franko

HAM is not dead – the people are coming. The money will find a way somehow.

Interest rates – not going much higher, look at yield curve.

Demographics- boomers are not going to sell. They will leave houses for their kids. M

Stress test – non factor because of credit unions, 30 yr amortization, liar loans.

Name
Name
2 years ago
Reply to  Oracle

you forgot to include 500,000 immigrants and 200,000 international students.
Wow just Wow !!!

Oracle
Oracle
2 years ago
Reply to  Name

It’s 340,000 immigrants and about 150,000 new foreign students each year into Canada.

And about 1 million ten year visa holders and 75,000 suoervisa holders.

Close though.

Dave
2 years ago
Reply to  franko

Despite all that, condos are still in a sellers market and townhomes are balanced. It looks like prices are headed down but it’s not looking catastrophic at this point either. It’s a mixed market out there. I just lost on a bidding war for a house a couple weeks ago as an example. I went to a few open houses today and it was totally dead. Not another person in sight and I was the only person to have come in the first hour. I looked at another house a few months ago and it’s now off the market. I called to realtor to see if it sold and they were planning to relist in the fall. In the meantime the realtor said just make an offer of anything. My goldilocks outcome would be a 15 – 20% correction and… Read more »

Oracle
Oracle
2 years ago
Reply to  Dave

Yeah, I hear you. I’m hoping but for a $300,000 correction in Surrey detached with suite but looks like not happening. Wishful thinking one my part. The suite income will always rise with rents so should take care of rising property taxes and bills.

I’ll end up buying in the winter if I don’t see any new policy action coming or referedum fails.

Dave
2 years ago
Reply to  Oracle

The referendum is like Groundhog Day. If it doesn’t pass, only six more months of Winter (GreeNDP). If it passes, we get another seven years of Winter. I’ll probably sit on the sidelines until we find out. If the NDP make it fail, they have a good shot at a majority and they’d be smart to trigger an election in April.

franko
franko
2 years ago
Reply to  franko

Meant to say that we won’t escape the next recession that easily as dumb-ass Justin has already see to that

franko
franko
2 years ago
Reply to  franko

Maybe time to consider mandatory IQ tests for potential heads of state.

Dave
2 years ago
Reply to  franko

Three years of Trudeau and Stephen Harper has never been so popular. He’d probably win a majority if he came back now.

Harper was the best PM in our lifetime IMO. I’m embarrassed to say that I almost voted for Trudeau. He’s down with Mulroney as worst PM in my lifetime.

patriotz
2 years ago
Reply to  Dave

“Three years of Trudeau and Stephen Harper has never been so popular. ”

Among your own circle, or can you point us to some independent polling?

“Harper was the best PM in our lifetime IMO”

For anyone in the RE business, he certainly was.

Dave
2 years ago
Reply to  patriotz

I see it all over. Yes, it’s a self selected circle but my circle is pretty balanced.

Name
Name
2 years ago
Reply to  Dave

I would vote for Harper again. Harper was not perfect butTrudeau is ruining us.

Best place on meth
Best place on meth
2 years ago
Reply to  Name

I would vote for electoral reform like Turdoh promised but reneged on, so that we never have to choose between a douche an a shit sandwich again.

Bring on PR in BC!

No Chump
No Chump
2 years ago
Reply to  Dave

Come off it, Dave. Harper is a psychopath in the truest and most clinical sense of the word. Along with you pal, Trump.

kabloona
kabloona
2 years ago
Reply to  No Chump

My favourite…..

“6 charts show Stephen Harper has the worst economic record of any Prime Minister since World War II ”

http://pressprogress.ca/6_charts_show_stephen_harper_has_the_worst_economic_record_of_any_prime_minister_since_world_war_ii/

Dave
2 years ago
Reply to  franko

The Conservative election attack ads should say he’s still not ready. It’ll actually work this time.

patriotz
2 years ago
Reply to  Dave

The Conservatives’ biggest problem is not anything to do with Trudeau or Scheer. It’s that the Liberals have never lost a federal election where the NDP has done badly. The latter are heading for disaster in the next election and the LIberals are going to pick up most of the votes they lose. That’s what the byelections are saying and next up is Outremont.

Dave
2 years ago
Reply to  patriotz

Ya that’s a good point. I predicted two terms all along I think that’s how this plays out. He’s going to lose seats though and maybe even get a minority.

kabloona
kabloona
2 years ago
Reply to  patriotz

Agreed……Jagmeet is broke.

Also I think he’s a non-starter in Quebec….

Oracle
Oracle
2 years ago
Reply to  kabloona

Just say it. White folks everywhere except Vancouver and Toronto are not going to vote for a turbaned guy.

kabloona
kabloona
2 years ago
Reply to  Oracle

Nope….it’s just that Quebecers have an intense dislike for displays of religious belief with respect to Politics….

“Jagmeet Singh’s Quebec problem – In a province where suspicion of religion in politics is a progressive impulse, the NDP leadership hopeful is facing an uphill battle ”

https://www.macleans.ca/politics/ottawa/jagmeet-singhs-quebec-problem/

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Dave

Even if inventory is only 20 units higher in September I’m sure the alpha douchebag will be doing a dance around the end zone.

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  Dave

If the policy changes that are made are common sense and in the long term best interest of the city and province, then there’s no such thing as ‘too much’

Dave
2 years ago

I disagree. A housing correction of more than 15% will carry over to the rest of the economy is a very significant way. Imagine what a 30% correction would look like. It would be devastating to a large number of people. That would include the people hurt most by the housing crisis. What good is a 30% sale on housing if you don’t have a job or good economic prospects?

This is the reason this housing bubble is so insidious. Damned if you do, damned if you don’t. There is no easy path out of it.

patriotz
2 years ago
Reply to  Dave

” Imagine what a 30% correction would look like. ”

I don’t have to imagine it, I was around for one. But I worked in a sector which had nothing to do with RE. More people are directly or indirectly employed in RE today, but I ‘m pretty sure it’s still a minority. And I don’t buy the argument that the people hurt most by the housing crisis work in a RE-related sector.

Best place on meth
Best place on meth
2 years ago
Reply to  Oracle

You’ve proven nothing, oracliar.

Inventory will pick up again after Labour day and peak in Oct.

Oracle
Oracle
2 years ago

Ok so it goes to 13,188. Lol. You win. It’s gonna crash in early October guys. Sarcasm.

FFS, inventory peaking at that level won’t cause a crash or correction.

Best place on meth
Best place on meth
2 years ago
Reply to  Oracle

Wrong again, abhoracle.

The worst sales since 2000 and falling prices show that a correction is already underway.

Oracle
Oracle
2 years ago

I wish it were true. But I just don’t see it with the numbers and policy brought in.

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  Oracle

Even if you were right, it’s not cool to brag about it, so it’s even more of a douche move to brag about being right when you were wrong.

Oracle
Oracle
2 years ago

Don’t get me wrong here. I’m on the same side and want to see a huge correction or crash in prices.

But I hate it when people here cheer insignificant factors thinking that ‘this is it’ mentality. How long has it been going on for now?

What this does is it takes away the push for more change as the minions rest on their laurels thinking ‘this time it’s different.’

Well no it is not. I don’t see any huge policy brought in by the NDP to curtail it. And Trudeau policy is still wide open borders.

Only a matter of time before FOMO picks up again. You guys need to pressure the government. Not keep saying a mythical crash is upon us.

Oracle
Oracle
2 years ago

Toronto correction is officially over.

Sales up 20% year over year and prices starting to rise.

Same will happen in vancouver. NDP failed us.

Name
Name
2 years ago
Reply to  Oracle

Garth Turner debunked those numbers the other day.
Oh wait, you won’t believe what he says unless it fits your narrative.

Oracle
Oracle
2 years ago
Reply to  Name

Garth Turner??? You quoting him????
Hahahaha

Dude, guy lies and keeps buying and selling himself.

Name
Name
2 years ago
Reply to  Oracle

You are the chief liar.

realist
realist
2 years ago

“Some might pray for a house price crash, but be careful what you wish for” from the Guardian, 29 August 2017, but still germane

https://www.theguardian.com/money/2017/aug/29/house-price-crash-price-dublin-economy

“The “priced out” generation believe a crash would return prices to sanity. There would be winners – not least the younger generation currently parting with as much as 60% of their take-home pay in cities such as London, Oxford and Brighton, just to find a place to rent…But they should be careful what they wish for. Across the Irish Sea, Dublin went through the 50% price crash that many pray for in London. But it did not prompt a wave of buying by delighted young adults.”

realist
realist
2 years ago

“UK “Housing Downturn” Pushes Biggest Real-Estate Agency with 10,000 Employees to Brink, Shares Collapse
Blamed: political and economic uncertainty, Brexit, and the very measures designed to tamp down on London’s housing bubble”
https://wolfstreet.com/2018/08/03/uk-housing-downturn-pushes-biggest-real-estate-agency-with-10000-employees-to-brink-shares-collapse/

“Countrywide, the UK’s largest real-estate services group with over 10,000 employees in 900 locations, saw its shares plunge over 60% on Thursday…In a statement to the stock market, Countrywide said its problems had been exacerbated by a flagging housing market, particularly in London. “The prime central London housing market continues to experience low levels of activity owing to political and economic uncertainty, particularly in relation to stamp duty and Brexit, which is felt more acutely in the capital,” it said.”

Dave
2 years ago
Reply to  realist

Sounds more like the Chinese money has dried up just like Vancouver and Australia. Add in tighter monetary policies and over leveraged consumers and we the recipe for a disaster.

Like the article above states, be careful what you wish for. I think more focus needs to be placed on the end game in all this. Prices are correcting and since real estate is the biggest industry, it’s going to be a self reinforcing cycle. It’s going to effect everybody on the way down.

Oracle
Oracle
2 years ago
Reply to  Dave

The Chinese money will come back with a vengeance. Wait and see.

Need a deep correction now. Not tomoro.

Name
Name
2 years ago
Reply to  Oracle

“Chinese money will come back with a vengeance”

You wish, you pumper. They have left the building and the money taps are turned off.
We are witnessing a real estate crash as we speak.

Oracle
Oracle
2 years ago
Reply to  Name

I thought you were intelligent but now have outed yourself as a minion.

In a crash, inventory explodes AND prices go down across the board.

Hope that little helped you think for yourself rather than relying on garths blog.

Did you know he tried to flip a property for a $1 million profit??

Selective Memory
Selective Memory
2 years ago
Reply to  realist

“Countrywide” is still the company name of choice for real-estate train-wrecks, it would seem.

kabloona
kabloona
2 years ago

“Countrywide is on your side”…..

😀

paulb
paulb
2 years ago

New
137
Price Change
62
Sold
74
TI:12612

http://www.clivestevepaul.com

Screwed
Screwed
2 years ago
Reply to  paulb

Were sales this low last year?

Best place on meth
Best place on meth
2 years ago
Reply to  Screwed

No, this level of sales is extraordinary.

Last August sales were 3043, this month would be 1700-1800 based on what we’ve seen so far.

Oracle
Oracle
2 years ago

Sales?? They can turn on a dime like they are in Toronto.

Prices matter most and second it is inventory (heading down now).

Name
Name
2 years ago
Reply to  Oracle

Sales are not “turning on a dime” in Toronto.
Don’t be a Liar.

Oracle
Oracle
2 years ago
Reply to  Name

Just stay quiet. You’re out of your league here.

Name
Name
2 years ago
Reply to  Oracle

At least you didn’t call me “son”

Best place on meth
Best place on meth
2 years ago
Reply to  Name

Oracle = Foghorn Leghorn

Shadow Inventory
Shadow Inventory
2 years ago
Reply to  paulb

I was wondering if there was a way to calculate the “Shadow Inventory” of the Greater Vancouver real estate market. Since the beginning of the year, new listings have always been higher than sold ones when you look at daily stats. Despite this, the official inventory has peaked at 13,000 and is now going down.

What would the “change in Inventory vs (new listings – sold listings)” graph would look like?

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

It’d be a meaningless number because you can’t distinguish between relists and new lists.

Dave
2 years ago

It would look like a bell curve with the peak in July.

Oracle
Oracle
2 years ago

Listings expire.

Laibach
Laibach
2 years ago

Where is the dumbass prick to explain now to Seattle folks how’s it all greedy local and locust is just a noise…

https://www.google.com/amp/s/www.cnbc.com/amp/2018/08/02/seattle-housing-market-is-under-pressure-as-chinese-buying-dries-up.html

bullwhip29
bullwhip29
2 years ago

Prime Minister Justin Trudeau scheduled to visit Richmond Night Market
https://www.vancourier.com/news/prime-minister-justin-trudeau-scheduled-to-visit-richmond-night-market-1.23389952

>>> what’s the deal with this guy and the night market? maybe he’ll run into Micheal Ching there to get an update on developments at the Intl Trade Center being constructed just steps away? or maybe Miaofeng Pan? or perhaps a quick game of cards with a few buddies next door?

Best place on meth
Best place on meth
2 years ago
Reply to  bullwhip29

The Manchurian Candidate is here to solicit donations from communist party operatives.

Laibach
Laibach
2 years ago
Reply to  bullwhip29

Most likely starting the election campaign with the sediment that he can count on.

bullwhip29
bullwhip29
2 years ago

Crash leaves car flipped on its roof at Shell and Williams
https://www.richmond-news.com/news/crash-leaves-car-flipped-on-its-roof-at-shell-and-williams-1.23389814

“This is the second bizarre car accident in as many weeks in the area…”

“Spectacular crashes are not uncommon in Richmond…”

Best place on meth
Best place on meth
2 years ago
Reply to  bullwhip29

Looks like the muffler will need replacing soon.

Name
Name
2 years ago
Reply to  bullwhip29

Bizarre car accidents…
Spectacular crashes….

Reading between those lines, The author of that piece is having some fun at the expense of chineeze drivers.

bullwhip29
bullwhip29
2 years ago

Crash leaves car flipped on its roof at Shell and Williams

Oracle
Oracle
2 years ago

13K party today??

What’s going on? I’m confused. Aren’t we supposed to be going up in a straight line cause we ‘feel’ it?

Best place on meth
Best place on meth
2 years ago
Reply to  Oracle

Now you sound like AIDS, arrogant, smug and prick-like.

Never go full AIDS.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

Is this how you concede that you might have been mistaken about peak inventory? So gracious.

Oracle
Oracle
2 years ago

Not smug or arrogant. It’s just my opinions were trashed when I said we were at peak inventory.

I was basing it on past trends. And you guys were basing it on ‘it’s different now’.

I stand by my reasoning that NDP hasn’t done anything of substance to tackle the housing crisis.

And you guys can’t see that!