VCI Favorite Ian Watt says the bubble is deflating in Vancouver, with a correction of 10-15% in Coal Harbor condos so far in the last six months:
All sorts of cash incentives in the market right now if that’s your sort of thing. Read the full article here.
[…] 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 […]
Reality bites for Canada as foreign hunger fades for its securities
https://reut.rs/2LsUx5q
Nasty graph will affect Canadian dollar and put the BOC in the hot seat.
‘Significant or very significant’: Analysis shows money-laundering vulnerabilities in B.C. real estate
https://vancouversun.com/news/local-news/dan-fumano-data-point-to-money-laundering-vulnerabilities-in-b-c-real-estate-sector
“According to data obtained by Postmedia News, Canada’s financial intelligence watchdog found “significant” and “very significant” deficiencies in the anti-money laundering controls at 88 per cent of real estate entities they examined in B.C. over the last two years.”
These money launderers won’t like the extra focus on their real estate holdings. If this leads to some government seizures, you can expect the rest of the rats to sell and abandon the sinking ship.
Following the bombshell report detailing how Vancouver-area casinos became hubs of international money laundering, the second phase of B.C.’s battle against dirty money is expected to target real estate
https://vancouversun.com/news/local-news/dan-fumano-data-point-to-money-laundering-vulnerabilities-in-b-c-real-estate-sector
Looks like the Admin is ready to shut down This site.
Give us a 2 week warning before you do it.
Thx for providing a platform for the last few years.
You wish.
my sources say that the Admin bought recently so no more interest in running this site…
Wow just Wow !!!
“Fears of Australian property market ‘fire sale'”, ABC News ( Australia) video
https://www.youtube.com/watch?v=6-8c5tH_9Qw
“House prices in Australia are dropping in most capital cities with data released today showing Sydney and Melbourne posting their weakest results in six years.
One of the factors that could see prices fall still further is interest-only lending. During the next three years, billions of dollars of interest-only loans will roll over to principal plus interest. That could force many Australians into serious financial difficulty.”
There is an article right now in the Georgia Straight by Charlie Smith entitled “Canada Border Services Agency irks Taiwanese Canadians by referring to their country of origin as “Chinese Taipei”. Here is an excerpt:
“It’s an idiotic phrase, especially when one considers that millions of Taiwanese residents don’t live in Taipei, which is the nation’s capital.
Canada has opposed Russia’s annexation of Crimea from Ukraine. Yet with the CBSA news release, the Trudeau government appears to be giving tacit approval to China’s desire to annex Taiwan”
” Yet with the CBSA news release, the Trudeau government appears to be giving tacit approval to China’s desire to annex Taiwan”
China does not desire to “annex” Taiwan because it has always been considered part of China by both the Republic of China (the regime that now rules only Taiwan) and the PRC. I do think that Canada could be more vocal in taking the position that future changes in the status of Taiwan versus the mainland must be achieved democratically.
I’m fine with the name change as long as Border Services refers to mainland china as “The Worlds Worst Shithole”
It’s only fair.
I find the term Chinese Taipei to be offensive. I went to school with lots of kids from Taiwan and everyone always called it Taiwan, I never heard it called Chinese Taipei. When I was in school, the kids who spoke Mandarin were all from Taiwan and the kids who spoke Cantonese were all from Hong Kong. I didn’t even know anyone from China and I didn’t know what language they spoke in PRC. As far as I was concerned, Mandarin was the language of kids from Taiwan. PRC seemed irrelevant in those days and I wish it could be like that again now. China is a very, very bad country that is hostile towards many of its neighbours. Why is Trudeau in bed with the Chinese???
…..“Bank credit swells and shrinks in synch with the land cycle… buyers need more credit to purchase land; the appreciated land than serves as collateral for more bank loans.”
https://www.forbes.com/sites/jordanlulich/…state-market-crash/
….the appreciated land than serves as collateral for more bank loans.”
….the appreciated land than serves as collateral for more bank loans.”
It was not a terrorist attack.
So says the MSM
Of course, I should have known that your conspiracy theorist websites know better.
The shooter was an ISIS sympathizer and was involved with ISIS. The media downplay this because they don’t want to incite yet more Muslim violence.
False. It’s liars like you which endanger the safety of others.
https://www.cbc.ca/news/canada/toronto/toronto-hussain-not-isis-police-saunders-1.4760817
ISIS took responsibility. Do you need it spelled out, dickhead?
Did you read the article, dumbass?
If you believe that msm narrative like a naive (I want to believe!) fool, I have a bridge to sell you. You are really dumber than I thought or just a poor propagandist.
Critical thinking is your friend.
Your article is fake news to deflect from the truth. It is a cover up.
Right. And how many people do you think are involved in this cover up and why do you think your “alternative facts” websites are somehow immune from its reach?
Morons love to believe in lies because they think if they choose to hold a minority opinion it somehow makes them smart. They’re mistaken.
Right. A moron who lacks critical thinking skills, is in denial, or is attempting to shill.
1.ISIS claims responsibility.
2.Shooter was dressed purposely in black with a purposeful actions which showed prior planning
3.Shooter is of a particular descent where is Islam is the dominant religion, and where ISLAMIST useful idiot patsies are bred.
Critical thinking tell you that suspiciously, loudly and repetitiously bull-horning the mental illness narrative right as the incident happened up until now, is a scramble of desperation. It is definitely not a fact that it was not an ISIS inspired attack. Only Morons would religiously argue that it is.
Of course most ISIS Sympathizers are mentally ill, cutting Shia, Christian, Allawite heads off, and throwing gays of buildings. Mental illness, does not mean they are not ISIS.
Critical thinking would tell you it was in ISIS’ interest to claim everything regardless of whether they were involved and that point 3 makes you a toxic racist turd.
Historical facts are racist to you, then you have some sort of mental illness and you definitely cannot think critically. Thank you for proving my point, that you are a moron.
I’m inclined to believe that you simply think the words “critical thinking” are some sort of trump card you can play or somehow gives you license to throw any garbage opinion out there. You clearly have no clue what it means.
“Morons love to believe in lies because they think if they choose to hold a minority opinion it somehow makes them smart.”
Like holding a super minority opinion that mainlanders are not responsible for the extremely high real estate prices here, an opinion held by almost nobody.
You are a moron who believes in lies, but worse, you’re an evil hypocrite for behaving in a manner that you accuse others of.
It’s not an opinon, it’s a fact that’s supported by evidence. I’m not surprised you don’t understand the difference and once again fail to understand the meaning of hypocrisy.
You have exactly zero evidence. Zero.
You are a liar and a hypocrite.
Stop embarrassing yourself.
This is all you have left.
Correct, all I have is facts and data. Boo fucking hoo.
Uhhh, no. So boo fucking hoo.
We have plenty of data to show that locals are gorging themselves on debt so that they can get into real estate before they “miss out”. But I suppose ignoring it is somehow critical thinking in action?
Liars believe their own lies.
The CBC is in his back pocket. He restored the funding cuts and kept the fat. They would say a bad word about him.
Another naive comment.
The backroom boys behind Trudeau ‘own’ the CBC.
They call the shots. And if anyone at CBC doesn’t listen, heads roll.
The Vancouver Gay “Pride” parade is his only priority right now, come hell or high water.
He is itching to party and get bummed, and fulfill his sexual desires here, once again.
Trudeau’s next mission is bisexuals should get 50% discount on vaseline….
The data is in – homosexuals prop up real estate.
“Your Gay Neighbors Really Are Raising Your Real Estate Values”
https://www.theatlantic.com/politics/archive/2012/07/your-gay-neighbors-really-are-raising-your-real-estate-values/260437/
If Gays gentrified West End…and Lesbians gentrified Commercial Drive..what group gentrified everything in between ?
The baby boomer enabled and imported black bristle brush haired clone locust hordes, of course:)
Canadian millennials have a new reason to resent baby boomers
First they reaped the benefit of the biggest property boom in Canada’s history — now they’re driving up the cost of a country retreat
And you suckers are going to pay higher taxes for their medical care and seniors homes. Privatize Medicare and let them pay for it through their equity.
I know it’s not the Canadian way but if you don’t then continue bending over for the rest of your life. And as an aside, it’ll put pressure on housing.
Callous like Garth Turner.
I am nothing like that HAM-denying Garth Turner. I consider him to be an establishment politician, and as such, he is part of the problem and needs to go away.
He’s not a politician and his behaviour when he was could hardly be described as being “establishment”.
Bingo! And they are responsible for enabling and defending Foreign / mainly Chinese money that destroyed the economic fabric and community of the Lower Mainland.
You have to identify your enemy in order to defeat him.
The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years
The U.S. housing market — particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas — appears to be headed for the broadest slowdown in years. Buyers are getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there’s only so far they can stretch.
“This could be the very beginning of a turning point,” said Robert Shiller, a Nobel Prize-winning economist who is famed for warning of the dot-com and housing bubbles, in an interview. He stressed that he isn’t ready to make that call yet.
“Proposal for luxury condo tower in Vancouver pulled amid signs of weak demand”, Globe & Mail
“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.””
Anything under $2-million will sell, but in the last two months, there’s been only one sale over $3.5-million.””
And they said it was locals driving the price increases. No foreign money – nothing to see here.
Which part of “anything under $2m will sell” is confusing to you?
AIDS they said it was locals moving the market not HAM. They were wrong and the fact anything over $2 mil is not moving cause locals can’t afford it proves it.
Not even two highly paid professionals can afford a $5 mil home. Only students and housewives from China can.
You really are stupid and likely the most hated person here.
So the fact that locals are gobbling up everything under $2m isn’t what’s moving the market? We already knew that foreign buyers made up 5-10% of sales and that they were mostly active at the high end. But that’s never been the majority of sales. Now you think that this proves the small minority of sales drives the market?
I’m guessing you inherited your money because you’re clearly too fucking stupid to have earned it.
Pulled to make design changes.
The project is not dead, but the company is going to re-evaluate the design and resize the units for the triangular piece of land at Georgia and Pender streets that was bought for $16-million five years ago. It is now assessed at $30-million.
George Wong, whose company, Magnum Projects, was set to market the Brilliant Circle tower, said he thinks the West Georgia project is an unusual case and its withdrawal isn’t the beginning of a crash. He is also marketing the Landmark On Robson towers for the company Asia Standard, which has about 240 market condos planned for the site. That is the highest-priced development on the market, with the apartments selling for $2,000 to $5,000 a square foot, depending on their placement. Just less than 50 have been sold since the marketing started in February. Mr. Wong said the Landmark’s owners, based in Hong Kong, don’t need external financing, so they are comfortable with taking five years to sell the building.
Resizing to reduce the price per square foot? A price cut then.
Resizing indicates reducing the unit size to price the unit lower not less per square foot. Although they could be making other changes to reduce the price per square foot as well. The other project quoted states they are priced at $2K to $5K per foot for a building on Robson St. That means the bottom floor facing the street is $2k per foot. Ludicrous.
If they’re resizing smaller to directly reduce unit costs then they’ve got 50 buyers who have put down deposits to screw over.
Wrong building. The building being “resized” has not been sold yet.
Right you are.
Our resident VCI geniuses seemed to miss THE most intriguing feature of the Globe and Mail article..the COV wants to charge CAC ‘s ( Community Amenity Charges ) of $300-$400 sq. ft.
WTF?
Wholly sh*te Batman!!!
Now……is this a fee across- the- board for of all COV developments?…..one would think it is…however then what the developer charges should not be pro-rated CAC….The COV gets its extra pound of flesh come property tax time and via the BC assessment racket.
These CAC’s get rolled into people’s mortgages etc.etc.
Regardless…CAC’s are a result of POOR planning…..the little guy gets f#cked over every time to pay for poor governance(redundant).
We are so stupid in this City. So many people think this is somehow free money that the City creates from thin air. If the City cared about affordable housing, they’d give density away for free and to more developers to get product built and increase supply.
There’s a reason nobody ever replies to you.
Sez dumbass f*cktwit.
“There’s a reason nobody ever replies to you…”
….said the most popular dude on the blog.
In case you hadn’t noticed it’s not a goal of mine to be popular amongst xenophobes.
“Brilliant Circle Group” sounds like an axian gang.
If anyone on Twitter, and you tweet about housing in a negative way, be forwarned that politicians and developers have probably paid to get you shadowbanned.
Twitter is the only avenue for democracy. Once that’s gone, nothing else left.
Globe article today about developers panicking
What I don’t understand is the article says that there are allegations of racism because the “white” employees were paid OT but the Indian ones were not.
But the owner is the same ethnicity as the workers he was being “racist” towards. Is it racism if you are both of the same race?
“What I don’t understand is the article says that there are allegations of racism because the “white” employees were paid OT but the Indian ones were not. ”
I would call it exploitation. That’s ripping people off because they have fewer legal rights (e.g. TFW) or don’t understand the rights they have. (e.g. recent immigrants). Doesn’t mean the boss thinks his own ethnic group is inherently inferior.
“allegations of racism”
Anytime anything negative happens to a minority it is racism. Don’t question it otherwise you are a racist. I am surprised they are not calling it a “hate crime”.
The dumbfucks would love to have people believe that calling out racists for using racist slurs is somehow out of order.
It’s a losing strategy.
I didn’t see any reference to a racist slur in the article. It was based on the person being a minority who had something bad happen. The media right away had to label it racist. Although you calling everyone a racist for pointing out bad behavior of certain Chinese is just as ridiculous.
I wasn’t referring to the article. I was referring to those who use racial slurs and then bleat that somebody called them a racist. Their only defence is to try and suggest that every accusation of racism is somehow misplaced.
They’ll insist that they cannot talk about facts without being called racist. Because they’re idiots
“Their only defence is to try and suggest that every accusation of racism is somehow misplaced.’
And your position seems to be any negative anecdote or comment about anyone who is non-white is racist. Yes sometimes non whites do bad things. Sometimes white people do bad things. Both are pointed out here. For example the mostly white leadership of the BC Liberals are called every name in the book. But if someone calls out a communist dictator or a criminal Chinese immigrant they are racist.
Straw man.
Don’t people wonder why EI’s dominate such things as Gas station employees ?
A while back…an EI dude had several Petro Canada stations under his management…..employees were TFW(EI) employed to work there and many complained of long hours , being ripped off..etc.
When you let 3rd worlders in..expect them to import their sh*tty F8cked up culture….duhhhh
Judging by how you write I’m sure they’re more educated than you. Or less stoned.
But you somehow think you’re superior.
The media grasping at straws.
On another note, The Indian employees are probably foreign students.
It’s not uncommon for the owner to demand sexual favours from female Indian foreign students these days.
Talk shows on RedFM 93.1 devoted to this issue. The foreign students are in a bind and need the money and/or experience to get residency.
So probably more to this story than the corrupt media says.
Is that how SIDA gets dates ?
That’s nothing. Booster juices that provide lunchtime drinks to schools actually double their stated sugar. “Two pumps instead of one.” Lol
Kids will like the ‘stealth sugar’ drink while parents will like the ‘healthy’ drink. Hahaha
You forgot to end with a ‘Wow oh wow!
Wait till the minions here start calling me a Real estate pumper or a BC Liberal hating on the NDP. The partisan crap.
They just don’t get it.
They have no idea that they are the ones being played.
I hope PaulB is not loosing interest in posting daily sales number on this site.
He knows that associating with racists is bad for business.
Brings up the racist card again. Hahaha
I bet you more than half the people here are ‘visible minorities’.
Only racists here maybe is BPOM and SIDA.
Being a minority doesn’t mean you can’t also be racist. Are you that dumb?
Sure you can! How do you treat blacks when you go back to China?
Like the locals do? I thought so.
Oh, you are that dumb.
Commie upvoted himself.
Without being a member? You’re even more dumb than I thought.
LOL. You proved his point…
Vancouver Tenants Union looks to expand across BC
https://www.news1130.com/2018/07/28/vancouver-tenants-union-looks-expand-across-bc/
“When I came back four years ago I found Vancouver in particular I can only describe as having a kind of toxic mist of greed hanging over. It all related to the value of land and property,” she explains.
that sums things up quite well…
In a tight rental market these people have little if any power.
And the new 500 licences are to be owned by existing taxi platebholders. Making them richer.
And also all cash business.
Kickbacks only reason they protected.
An acquaintance once mused about offering ” free ” rides….but strongly hinting at “tips”
…could that be stopped?
Title of the article is “Taxi industry in B.C. worried value of taxi licences could fall further owing to ride-hailing” by Jennifer Saltman.
$500 million explains why the taxi industry is fighting ride-hailing.
Pub licenses used to be worth something….but changes to liquor act have impacted that. Dairy farmers buy “quota” as an investment.
“Taxis” and licenses..no secret which identifiable group(EI) has a literal monopoly on these. This extrapolates into a potent voting block, when it involves extended family.
Taxi licenses value helps explain why the EI’s drive cab …then build houses when not driving.
NDP are not very bright, but ain’t THAT stupid…by golly gosh…!!!
Wrong. That’s the media go to headline. Most Indians would be happy to see this cartel broken up. It’s about 1000 families that are doing this and it relates to cash kickbacks.
Nothing to do with ‘voting blocks’. Don’t buy that bs propaganda.
Same difference….
If, as you say….1000 families are in charge…that’s enough political power as it extrapolates into trickle down mode…the rest below the caste system will toe the line..or else..
Voting blocks exist….do you seriously deny that????
…how do you think parties like Federal Liberals stay in power? What do you think was THE reason behind multiculturalism?
The million dollar SFH line has moved west of the Pitt river with Port Coquitlam now under that value. Line is at the Lougheed highway. Next target is South Coquitlam.
Hmmm…this is interesting…NDP has a few ridings in these areas….NDP policies are killing off own soon- to- be ex- millionaire supporters ????
Regardless…interesting to observe where the” million dollar SFH” line maxed out before retreating.
Watch the condo market not only follow SFH…..but likely implode..many people bought at these peripheries and drove prices to unsustainable levels. Bubble is deflating fast.
Or. conversely, if one could afford to pay $1 million…now you can shop around for something closer.
Ladner slipped under a mil last month.
Yes, the world famous Ladner with its A list movie stars and international high roller financiers all living there.
Once again, that’s Ladner.
Some issues that can bring down Canada to its knees and wakrbthe naive minions up!
World trade of $2 Trillion per year. The US-EU trade is half or $1 Trillion. They have started negotiating true free trade. If it happens it means zero tariffs and zero subsidies.
Trump at the same time may strike a deal with Mexico. Trump basically said Fuck Canada because the clown Trudeau is pandering to Chinese interests.
China is Trumps #1 Target. Hopefully the country is set back decades and their financial system collapses. The vested interests in canada in alignment with China must be defeated!
Otherwise Canada will be brought to its knees.
Andrew Weaver slams the NPD faux crack down on tax evasion.
“This is not dealing with tax avoidance, despite what the press release says. What this is doing is it’s allowing government to collect data, and it’s also essentially dealing with anonymity of property ownership,” said Weaver. He says the NDP government needs to require the property transfer tax be applied to the beneficial owner of property, not just the owner listed on the land title. Weaver says the province needs to close the bare trust loophole that allows people to purchase a property in a trust, have a corporation own shares in that trust, and then sell the shares in that corporation and transfer the beneficial ownership of the property without changing the title, to avoid paying the property transfer tax.
Andrew Weaver, quoted in the above article:
“This is not dealing with tax avoidance, despite what the press release says. What this is doing is it’s allowing government to collect data, and it’s also essentially dealing with anonymity of property ownership.” He says the NDP government needs to require the property transfer tax be applied to the beneficial owner of property, not just the owner listed on the land title. “They haven’t closed that loophole … they still left it open, but now it’s transparent, and it’s almost like you’re taking half steps in actually dealing with what frankly government said it was going to do ages ago, and it still hasn’t done it.”
Wow. NDP showing its true colours. They are hoping to stay in power on the backs of the naive.
If renters can’t see this then they deserve this.
Bare Trust should be closed. That simple. They could do it in a week.
This data collection is no better than a ‘study’.
Vote for PR. Then vote massively for the Greens. Let’s Fuck this NDP up!!
Does he mean avoidance or evasion?
“NDP rules could boost Pattullo Bridge replacement by $100 million”
Your tax dollars at work. The unions pay the NDP you pay the unions.
The same thing happened when the new island highway was built. It was a closed shop for unions only. No non union trades were permitted. So it cost the taxpayers millions more than it could have.
Are you sure it was closed shop?
…..I thought it was wages on par with unions was the key .
Sonny Sidhu, of G S Farm says he and other blueberry farms in Richmond are having to keep a keener eye on pickers these days. Theft is a recurring problem and so are a minority of pickers who don’t respect rules, including littering, where at one point this season, Sidhu, in a shake-your-head moment, had to discard a used diaper found between his rows of blueberry bushes…
http://www.richmond-news.com/business/richmond-u-pick-101-guide-farmers-don-t-do-dirty-diapers-1.23380951
At least they’re finally starting to put their infant locusts into diapers rather than allowing them to piss and shit freely wherever they go.
Note to the farm owner, the reason some of them show up without buckets is because they’re only there to fill their bellies, not to buy.
I’ve witnessed this first hand.
What makes you think the diaper was for an infant?
and still more bending over for china
https://globalnews.ca/news/4357580/cbsa-taiwan-chinese-taipei-one-china-aggression/
China says vaccine maker Changsheng broke manufacturing rules, faked records
https://globalnews.ca/news/4357502/china-says-vaccine-maker-changsheng-broke-manufacturing-rules/
we can add this to the long list of fraudulent practices to come out of that cesspool of a country.
more likely didn’t pay the bribe or executive didn’t let the high level communist party official sleep with his wife.
the fact that there are manufacturing rules and fake records is a given. the real question is what resulted in them getting caught? see my above comment.