Realtor: Bubble correction is underway.

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:

“Usually you’d have five to 10 sales a month, but we’ve only had one in the last six weeks. Everything above $2 million is pretty much dead; anything related to international money is gone right now.”

Prices have also declined for downtown condos in the $600,000 to $700,000 range, Watt said.

In relatively affordable Langley and Abbotsford, where a two-bedroom, two-bathroom townhome goes for between $300,000 and $400,000, it’s a similar story: seven or eight weeks ago, sellers would receive multiple offers. Properties are now sitting on the market for longer, said Tim Sawatzky, a realtor with 2 Percent Realty Valley.

Where it was once common to see lineups to buy condo pre-sales contracts, Sawatzky said developers in Surrey, Langley and Abbotsford are now offering a variety of incentives, such as a $20,000 “furnishing package,” or between $20,000 and $40,000 off the closing price when the building is completed. (When buyers purchase a pre-sale condo contract, they typically pay five to 15 per cent of the price up front and then pay the full amount after the building is completed.)

All sorts of cash incentives in the market right now if that’s your sort of thing.  Read the full article here.

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Name
Guest
Name

In Burnaby SFH are down by average of $500,000 from their peak in 2016. That’s a helluva haircut and prices are still dropping. The prices got massively bid up by Azian speculators who are now gone from the scene.

franko
Member
franko

” still dropping ” ???
The drop has barely begun…stay tuned!

Name
Guest
Name

The price run up was astronomical so the other side will be just as spectacular.

YVR
Guest
YVR

“In Burnaby SFH are down by average of $500,000 from their peak in 2016.”

I assume you have an couple of examples of an average Burnaby house selling for $500K below 2016 assessed?

Name
Guest
Name

Yes I do.

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

“Yes I do”

LOL.

Best place on meth
Member
Best place on meth

Now go ahead and demand at least a dozen examples.

Do it, fucker.

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

Dumbass, he was only asked for “a couple” but as he says he has them it shouldn’t be a problem for him to share them.

Although he’ll struggle to refute Zolo’s stats. We do have data, remember?

Best place on meth
Member
Best place on meth

Cocksucker, you demanded a dozen examples from another poster to prove their claim recently but then declined to do the same for one of your imbecile rants when I asked you to do the same.

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

Dumbass, this is an unrelated conversation and he already said he had such examples. Try and keep up, I know it’s difficult for you.

Best place on meth
Member
Best place on meth

You actually don’t know what hypocrisy is, do you?

What country are you from?

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

Again, he already said he had specific examples. And note that I never asked for a dozen, either.

No wonder you’re unemployable.

Best place on meth
Member
Best place on meth
Shut It Down Already (original)
Guest
Shut It Down Already (original)

Fuck me you’re stupid. When I said “I never asked for a dozen” I was referring to today’s thread. You know, where I said “LOL” to suggest that his claims might have more credibility if the examples he stated clearly that he already had were actually provided? The fact that the words “I never asked for a dozen” were in the very next sentence should have given you a pretty big fucking clue.

Do you get it now, fuckwit troll?

Best place on meth
Member
Best place on meth

And then the lowlife hypocrite simply ignores the same request directed back at him.

http://vancouvercondo.info/2018/06/saturday-lets-do-a-free-for-all.html#comment-335297

Do as I say, not as I do, right creep?

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

Awww…is this best ever VCI pissing match over already?

Oracle
Guest
Oracle

Hahaha.

Get me a Surrey Detached for less than $500,000 from peak. Hahaha

Or even $300,000. Hahaha

Name
Guest
Name

Surrey is not Burnaby. There was a higher run up of prices in Burnaby than there was in Surrey and also Burnaby was more expensive dollar-wise to begin with so the price drop is steeper. Burnaby is a more desirable place to live than Surrey and between 2013 – 2016 the Azians were wildly speculating in the area I live in.

You are so busy being a smart-ass you fail to get out of your own way.

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

I would love to believe they are down even $250k. If you have evidence I’d love to see it.

Oracle
Guest
Oracle

In their make believe universe, the correction has already happened. But the prices looks the same as last year.
Except the $6million dollar house is $5 million now. WooHoooo!

Specuskeptic
Member

I thought the valley was on fire. What kind of asshole would lie about that? LOL

Oracle
Guest
Oracle

It is. Get me a Langley strata anywhere near 2016 prices.

Waiting. Show me an example Einstein.

Oracle
Guest
Oracle

Abbotsford Detached went from $400,000 to $750,000 presently since 2015

Oracle
Guest
Oracle

And that is a tear down

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

A family members ” Richmond home doubled in price from 2015 to 2017 (sold Sept. 2017).

It was previously reported billions of dollars from China entered the Metro Vancouver market in 2015.

This catalyzed a new benchmark all through Metro Vancouver.
The effect rippled into the Fraser Valley.
This was an anomaly that has played its course. People got royally sucked into bidding wars.
Ooopps.

As I have previously stated…TI is meaningless…there is a new undercurrent .
Anyone that actually can afford to buy now should wait it out.

25% haircuts is just the start…..keep an eye on signs of developer panic .
Also watch Craigslist ads for desperate pre-sale flippers…..increasingly going underwater.

ItsCrashingNow
Guest
ItsCrashingNow

Surrey / Delta/ Langley always lag other metro Vancouver cities. Crash is coming to Surrey as well. Just wait and watch.

YVR
Guest
YVR
Same old NDP. VICTORIA — It’s possible, in some parallel universe, that last week was a good one for Premier John Horgan. It wasn’t until four hours later, after questions from Postmedia News, that government released a statement that shed light on the core of the issue: “Within 30 days of employment on the job site, any non-union worker or a worker from another affiliation will be required to join the union for work specific to the project.” It’s hard to escape the cynical conclusion that the NDP hid the controversial change in the hopes it could get a few hours of feel-good coverage of its apprenticeship program. But it left the impression that government was so embarrassed to admit the change that it went to great lengths to make sure it wasn’t made public until it was backed into… Read more »
YVR
Guest
YVR
YVR
Guest
YVR

Good comment

Bob Petras
Always a one term Government. They create so much fiasco in their stupidity to force their idealisms on the population that it is little wonder B.C. longs for a change when they vote again. History will repeat itself and we can put the NDP back in Opposition for another 16 years.

Oracle
Guest
Oracle

100% agree.

The people behind the scenes of the NDP are crooks.

I know the BC Liberals are developer owned but fuck the NDP is already corrupt a little more than a year into its mandate. Maybe they expect to lose next election and are quickly feeding at the trough.

Everyone I know is leaning towards voting NO in the referendum. Sucks to be the Greens who had all the power and wasted it away.

Bag it and tag it
Member
Bag it and tag it

It’s funny, the more prices drop, the more you want the NDP out, and the pro-equity Liberals back in…and yet you claim to want lower prices…hmmm

Name
Guest
Name

“Always a one term Government.”

They won two back-to-back general elections in 1991 and 1996 before being defeated in 2001. that’s more than one term for those who know how to count.

Bag it and tag it
Member
Bag it and tag it

and the last great time to live in this city was the late 90’s. Lots of good jobs, low house prices. People actually said hello to each other when the passed each other on the sidewalk.

Slava
Member
Slava

But high school drop out level parasitic jobs like Realtors and Mortgage Brokers were not making enough? Don’t you know?:)

ItsCrashingNow
Guest
ItsCrashingNow

I don’t think so. After all that money laundering fiasco, people don’t trust Liberals at all. I voted for Liberals in all elections except the last time. Not voting for them again unless they change in a big way.

Best place on meth
Member
Best place on meth

Australia’s version of the sub-prime crisis that ushered in the global financial crisis could be looming, with a significant number of the 1.5 million households with interest-only loans likely to struggle with higher repayments, experts warn.

https://www.smh.com.au/money/borrowing/it-s-our-version-of-the-gfc-warning-on-looming-interest-only-crisis-20180720-p4zsrs.html

patriotz
Member

“with a significant number of the 1.5 million households with interest-only loans”

According to the Oz census, there are 2,855,222 private dwellings with mortgages. So interest-only appears to comprise over 1/2 of all mortgages. Another point of interest is that 1,039,874 private dwellings, or 11.2% of total, are reported to be unoccupied.

http://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/036#householdcomposition

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

Must be all those rich foreigners taking interest only mortgages.

Sinophiliac
Guest
Sinophiliac

China vaccine scandal sparks fury, roils markets
by Reuters
Monday, 23 July 2018 10:27 GMT
* Changsheng faked vaccine production, test records

news.trust.org/item/20180723102815-y5p0b

southseacompany
Member
southseacompany

“There’s trouble ahead in the global housing market”, Business Insider

https://www.businessinsider.com/housing-market-prices-about-to-plummet-worldwide-2018-7

“The tsunami of $trillions printed by the world’s central banking cartel since 2008 clearly found its way into the housing market. The world real estate market is HUGE, over $200 trillion. That dwarfs the global debt and equity markets. So it’s no surprise the central authorities did all they could to reverse the losses the GFC created for property owners.”

“As a result, many of the most popular locations to live are now clearly in bubble territory when it comes to home prices”

(map includes Vancouver as “most bubblicious major cities”)

southseacompany
Member
southseacompany

“Bond yields rise on BoJ easing talk while stocks slide”, Globe & Mail

https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-premarket-bond-yields-rise-on-boj-easing-talk-while-stocks-slide/

“Signs that the Bank of Japan could scale back its monetary stimulus faster than expected sent tremors through bond markets on Monday. Europe’s bond yields climbed after a Reuters report that the BoJ was discussing modifying its huge easing programme sent Japan’s 10-year bond yield to a six-month high.”

“Trump’s comments against Fed rate hikes also helped steepen the Treasury yield curve.”

southseacompany
Member
southseacompany

“The next financial crisis”, The New Internationalist https://newint.org/features/2018/07/01/the-next-financial-crisis

“What has become known as the ‘great unwind’ – the phenomenon whereby almost every major economy is planning to raise interest rates at the same time – stands out as one of the most risky and uncertain human-made events of modern times.”

“Failure to unwind low interest rates risks excessive inflation and and asset bubbles, but policymakers are faced with a Catch 22: raise interest rates too slowly and they risk being dangerously ill-equipped to combat the next downturn; raise rates too quickly, however, and they risk creating the next recession themselves.”

“Central bankers and politicians have become used to thinking about crises – like those that might arise from automation or climate change – as something that happens to them. The truth is, the next one is likely to be of their own making.”

Name
Guest
Name

Burnaby prices down $500,000 – Examples:

These are all comparable mid 1950s bungalows on 50×120 foot lots.
2016 $1,950,000 (Spring peak with bidding war)
2017 $1,650,000 (late 2017)
2018 $1,525,000 (not sold yet after a price drop and now relisted with a new agent)

YVR
Guest
YVR

LOL, one example, no link and not $500k.

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

I think he’s offering multiple prices over the years on different properties, claiming they’re all comparable.

Name
Guest
Name

Reading comprehension is not your strong suit is it?

These are all same type of house on same sized lots in the same area. So they are directly comparable.

Name
Guest
Name

These houses are all within a block of me so I’m familiar with what happened with their sales.

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

How’s it a problem with reading comprehension if I correctly summarized what you said?

Slava
Member
Slava

Playing stupid or reading comprehension, a recurring boring theme with this one.
I venture to add that SIDA only believes that the above is being clever.

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

YVR said “one example” was provided. I corrected his misunderstanding in a way which was not wrong or in any way inconsistent with what Name originally wrote. So what exactly is your problem?

Name
Guest
Name

Three examples…. over three years to indicate how prices are falling off from the peak.
But believe what you want to …

YVR
Guest
YVR

It is easy enough to find the same house sell over the past 2 years to get a direct comparison. All those I have seen are at best flat but most are still up from 2016 in Burnaby. Condos are way up form 2016 and 2017.

Slava
Member
Slava

So you now have examples above. Time to STFU? What do ya say?”)

Slava
Member
Slava

Or below depending on how you view this site…

oopswediditagain
Guest
oopswediditagain

Here’s a few more to help you out “name”.

7954 Lakefield Drive, Burnaby
May 2:$1,489,000
Jun 13: $999,999
Change: – 489001.00 -33%
Assessment: $1,304,400

4855 Smith Avenue, Burnaby
Jan 16:$2,590,000
Jun 16: $1,999,000
Change: – 591000.00 -23%
Assessment: $2,136,000

350 N Hythe Avenue, Burnaby
Apr 19:$2,180,000
Jun 18: $1,699,000
Change: – 481000.00 -22%
Assessment: $2,036,500

7460 Aubrey Street, Burnaby
Feb 22:$1,979,000
Jun 18: $1,588,000
Change: – 391000.00 -20%
Assessmetent: $1,614,500

Dave
Member

Lakeview Drive is still listed at $1.49M.

Name
Guest
Name

Thanks.
Yes 20% to 30% from the top is what I’m seeing in the area right now.
And nothing is selling for anywhere near assessed value.

Guest
Guest
Guest

That Aubrey Street house was on originally at $2,500,000

specialfx3000
Member
specialfx3000

Googled 350 N Hythe Avenue and first search result shows $1,599,800 and a note that it sold in 1 day. (LOL)
Zolo shows sold on July 19… interesting to know the actual Sales Price.

YVR
Guest
YVR

According to BC assessment it sold for $1.599 in 2016. At best the price was flat for this one. There is zero evidence Burnaby SFH are selling for less today than 2016. Certainly not $500K less as claimed.

YVR
Guest
YVR

4855 Smith Avenue, Burnaby
Jan 16:$2,590,000
Jun 16: $1,999,000
Change: – 591000.00 -23%
Assessment: $2,136,000

It was claimed selling prices were $500K below 2016. The one above was assessed at $1.759 in 2016 and is now listed at $1.999. It is priced 10% higher than 2016 not $500K less. People dropping asking prices that were $500K over assessed are irrelevant.

oopswediditagain
Guest
oopswediditagain

I’m not even sure that there are any “bulls” left on this site or whether everyone is just contesting the depth of the ongoing correction. In any event, I know Oracle keeps track of the “other” side of the river. Apparently, million dollar homes can’t sell for even the assessed amount there.

Oh, the price cuts are less than the “wealthier” side of the river but it will be a lot uglier in September. Remember though, if it’s your “forever” house, what does it really matter.

2663 Wildwood Drive, Langley
May 31:$929,000
Jun 25: $699,000
Change: – 230000.00 -25%
A: $880,000

13177 68a Avenue, Surrey
May 22:$1,100,786
Jul 10: $900,000
Change: – 200786.00 -18%
A: $910,000

5896 148a Street, Surrey
May 9:$949,900
Jul 10: $825,000
Change: – 124900.00 -13%
A: $899,000

5796 16a Avenue, Delta
Mar 22:$1,198,000
Jul 16: $998,000
Change: – 200000.00 -17%
A: $1,088,200

25 1881 144 Street, Surrey
Mar 9:$1,350,000
Jul 18: $999,000
Change: – 351000.00 -26%
A: $1,065,000

Oracle
Guest
Oracle

Fair enough. But we need to see these across the board and sustained pressure thereafter.

Slava
Member
Slava

So now that you concede, please stop broken gramophone routine in future comments.

Specuskeptic
Member

Oracle’s constant spamming of bullshite will never stop. The tactic is clear. He takes full advantage of Brandolini’s bullshit asymmetry principle in that he is able to prolifically produce the bullshit with little time and energy cost to him while the time/effort required to refute said bullshit is an order of magnitude greater.

http://ordrespontane.blogspot.com/2014/07/brandolinis-law.html

Slava
Member
Slava

In other words a type of spamming or shouting over everybody or puking all over the discussion table?

How low and dishonest can an individual be? You wonder what motivates them.

Specuskeptic
Member

“You wonder what motivates them.”

I have a theory and it starts with “V” and ends with “ested interest.”

Laibach
Member
Laibach

I think Oracle is sharp enough to know that he isn’t taken seriously, although insisting on apocalyptic warnings to the whiteys, while enjoys “public speech” and opportunity to be heard no matter what he peddles. I bet that his subject matter expertise is the same either on emigration or RE or washers and dryers or sports, or politics or human rights or world’s crises, or the moon landing + hundreds of other topics. For the most of the time, he is entertaining contrary to some other sick nutfucks who are posting on VCI.

Oracle
Guest
Oracle

Can’t have groupthink here.

I just hate when people get excited about insignificant government policy.

And I don’t have any ‘bull’ vested interests. I’d be the happiest if the sub $1 million market crashed.

Bag it and tag it
Member
Bag it and tag it

too annoying and dishonest to be entertaining

Oracle
Guest
Oracle

100% incorrect.

Bag it and tag it
Member
Bag it and tag it

your forever house matters if you were using the equity as down payment for other homes. plus underwater mortgages = depressed owners.

Name
Guest
Name

southseacompany posted this link about Burnaby houses few days ago:

“Burnaby becoming buyer’s market for detached homes”, New Westminster Record

http://www.newwestrecord.ca/news/burnaby-becoming-buyer-s-market-for-detached-homes-1.23369002

“Active listings rising as fewer sales are made and prices drop”

Dave
Member

I think what we’re seeing is the market flattening. The demand curve below $1M is strong but is weak above $1M. That putting upward pressure on condos and townhomes and easing for single family homes.

We’ll have to see more condo and townhome inventory come to market to see downward price pressure in my opinion.

Oracle
Guest
Oracle

100% agree.

What renters who work for a living need is the sub $1 million to correct.

Otherwise it matter not that a $3 million homes goes to $2.5 million.

Dave
Member

Exactly. Inventory needs to grow a lot more for that to happen though. The foreign money might not be buying right now, but it isn’t selling either. Underlying local demand is still there because so much was displaced by the foreign money.

Laibach
Member
Laibach

Absolutely correct, foreign money and overall “locustation” are main culprits for the housing disaster. Something, what would force locust to fuck off and give up on their laundered deposit boxes, must happen in order to get this country back on track so Canadians who exist and happen to work here also can live here.

Dave
Member

Exactly. Vancouver condos are a ‘safety deposit box’ to many rich foreigners. There isn’t much incentive to cash out right now. I think the money would reverse in the event of a liquidity event back in China. That may very well be the next recession, but until it comes, I don’t see many of those units entering inventory.

So in my view, the only way we get inventory is through construction of which there will be record levels for the next few years. Even at that, I think it’s still not enough to cause a crash or major correction.

patriotz
Member

“So in my view, the only way we get inventory is through construction ”

There are plenty of local negative cash flow amateur landlords and if only a fraction of them decide it’s time to get out inventory will go up significantly.

There are also a lot of people renting out condos on AirBnB contrary to local laws and/or condo bylaws and once that $1000/day fine kicks in they may decide to call it a day.

Dave
Member

How many units do you think are rented out on AirBNB? And how many did you think hit the market this year?

patriotz
Member

“How many units do you think are rented out on AirBNB?”

Well CoV staff have been quoted as saying 1000 to 4000. REBGV says 483 condos were sold in Vancouver East & West (that number includes UBC which is not part of the CoV) in June, which is a high sales month. So if a good portion goes on sale in the fall that could make a bump in supply.

https://www.cbc.ca/news/canada/british-columbia/airbnb-short-term-rental-crisis-mcgill-study-housing-vancouver-bc-1.4240787

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

Aren’t they more likely to switch to long term rental rather than sell?

Bag it and tag it
Member
Bag it and tag it

many units the owner would bleed $1500 per month on long term…airbnb was the only reason they were in the black.

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

Only if you consider mortgage principal payments as negative to your net worth (they’re not, they’re neutral).

Dave
Member

That’s not many units relative to the market. Even if 10% of those listed, it’s not enough to move the market. We need numbers in the many thousands to cause downward price pressure.

Time to go
Guest
Time to go

This is a list of current airbnb units from their data:

https://mountainmath.ca/open_data_day_2018#9

Posted on Jens Von Bergmann’s twitter account:

Original Tweet: https://twitter.com/vb_jens/status/1021863212709335040

Slava
Member
Slava

Many, many units for sale with priced accordingly for foreign money investors.
Foreign money investors no longer buying, prices go down to reflect local buyers.

Supply and demand.

Dave
Member

Low supply + moderate local demand = stable condo prices

Hard to argue otherwise right now. I wish that weren’t the case, but the condo market is still in sellers territory.

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

Local buyers were already over 90% of the market.

Stand up for Canada
Guest
Stand up for Canada

I know some very average people with very average jobs (solidly middle class) who just bought a 1.1m townhouse. The locals still think the market is going up up up. In any other market the 1 million plus homes are reserved for the rich.

Slava
Member
Slava

And very dumb people to buy at this point. Will be crying later, but that will be ignored.

oopswediditagain
Guest
oopswediditagain

http://vancitycondoguide.com/vancouver-condo-inventory-trending-upwards/

“As of June 2018, sales have decreased by 35%, inventory has increased by 57%, and many developers have begun offering bonuses and decorating allowances on available pre sale units. It won’t be long until developers begin pulling back on housing starts.”

Diadora
Guest
Diadora
Slava
Member
Slava

China is well on its way to implementing a national social credit score system which is a giant leap towards realizing Technocracy, surveillance to hold the surveilled accountable, and total control over its population.

This can indicate that China is part of this Trilateral System, and a snake in the grass.

Anyways I highly recommend Part 3 of the Patrick Wood Interview who among others things describes his direct and documented blackballing by the deep state, after his Larry King Interview.
Youtube: Patrick Wood: Technocracy Rising Interview (Part 3 of 3)

Oracle
Guest
Oracle

Great Post. Insightful. Any more info or links on that social credit system? Thanks.

Specuskeptic
Member

Best article I’ve read on it here. https://www.wired.com/story/age-of-social-credit/

paulb
Member

New
261
Price Change
84
Sold
111
TI:12956

http://www.clivestevepaul.com

Screwed
Guest
Screwed

Will we reach 13K by the end if July? Or is it too much to ask?

Bag it and tag it
Member
Bag it and tag it

My guess is Wednesday

Bear Vancouverite
Member
Active Member
Bear Vancouverite

I think YVR asked for a home selling $500k below assessed. I spent a few minutes looking at the listings today, and here’s one selling $500k below last sold price in Vancouver:

2765 W 8th Avenue
Asking: $1.998M
Last sold:
$2.58M in Jun 2016
$1.5M in Sept 2015
Assessed:
$2.269M in 2017

Not quite what he wanted to see, but then this is in Vancouver West and not Burnaby ;). This is a 29% drop from last sold price so fairly substantial, but I think this one’s an outlier – most other examples I could find in the $1.5-2M range are around $50-100k below last sold price, and around $100k-200k below assessed.

Seems to me the SFH in the $1.8M+ range continues to come down in prices slowly but surely.

Shut It Down Already (original)
Guest
Shut It Down Already (original)
The claim was that an average detached in Burnaby has come down by an average of $500K relative to 2016 assessed. If that were the case it would be possible to find examples where the price decrease was actually more than that, as it’s unlikely every sold property would have decreased by exactly $500K to reach that average. So far none have been shown, but clearly prices have come down some. Asking prices aren’t sold prices and listings may not even result in sales. But none of this is exactly surprising given we can see that very information on Zolo. Incidentally, Vancouver detached MOI just hit 20. Let’s see how long it stays there. Condos and townhouses are now in buyers market territory, too. One bed condos have shown a substantial price drop since spring, which may be sufficient to… Read more »
Name
Guest
Name

“The claim was that an average detached in Burnaby has come down by an average of $500K relative to 2016 assessed. ”

No that was not the claim. I never looked at or compared assessed values, I looked at local sales in my area of properties I’m familiar with and took their sale prices over the three years. I was also taking closing costs into consideration because that is a component of the overall sales price. We have also seen other sales data showing 20% to 30% drops and off the assessed as well. So obviously the trend is there.

IDK why some people need to be so nit-picky. I suppose because the data doesn’t fit with their world view.

Strata Hacker
Guest
Strata Hacker

Name = full of $hit.

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

Apologies, you’re of course correct. You said “2016 peak” without mentioning assessed values. But the fact remains we still have no such examples when they should be plentiful if what you say is true.

Name
Guest
Name

But if the assertion was prices have increased by $500,000 would I need to show proof of that? I’ll bet not.

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

Extraordinary claims……

Bear Vancouverite
Member
Active Member
Bear Vancouverite

I think the point is that you made a claim and didn’t provide solid examples to back it up, and then later provided some fairly vague numbers that are hard to corroborate. We’d love to see specific examples including addresses and actual sold prices.

YVR
Guest
YVR

“We’d love to see specific examples including addresses and actual sold prices.“

We did see those. Prices are higher than 2016.

HELOCs in trouble
Guest
HELOCs in trouble

They’re sensitive because they’re probably concerned about their HELOCs. I would be too if I was over leveraged facing rising interest rates. They’re going to use whatever tactics to keep price reductions quiet. A race for the exits would be devastating for HELOC spenders. Keep up the price reduction info guys. Price reductions all over Downtown too.

YVR
Guest
YVR

You claimed the average SFH price in Burnaby is $500k lower today than 2016. All real data with addresses shows Burnaby SFH on average are higher than 2016. If you want to imagine they are $500k lower go ahead.

Name
Guest
Name

So then why are real prices lower by 20% to 30% wiseguy?

ShibuyaRepublic
Guest

i been looking for a vancouver condo and i see no supply and no lower prices in the price band I am looking in. there were more choices a few months ago. the bottom seems to be as strong as ever

YVR
Guest
YVR

“So then why are real prices lower by 20% to 30% wiseguy?”

They are only lower in your imagination and I have no explanation for that.

Bear Vancouverite
Member
Active Member
Bear Vancouverite

Yes I’ve been watching MOI and townhouses have crept up, and now putting pressure even on 2bed condos. 1BR condos continue to be resilient due to very low MOI, I think this will continue for a while yet.

I’ve talked to some sellers who have pulled their listings and intend to relist in September on the advice of their realtors, so I am eager to see what happens to listings, MOI, and inventory starting in Sept.

Oracle
Guest
Oracle

Cash exchanged hands either here or overseas to avoid cap gains tax.

Unless these reductions are across the board, then jokes on you.

bullwhip29
Guest
bullwhip29

Alleged partnership of Canadian casino company with gambling tycoon could trigger new investigation
https://globalnews.ca/news/4328072/canadian-bc-casino-link-vip-hong-kong-tycoon-investigation/

>>> and yet even more indications that the whole system is rotten to the core…

Best place on meth
Member
Best place on meth

Thank god for David Eby, wherever he may be.

YVR
Guest
YVR

Any idea when Eby is going to come out with the foreign buyers tax on presales like he promised 18 months ago? According to Eby the only reason the BC Liberals left this loop hole in was corruption (being paid by developers). Has Eby given his reasoning for leaving the loop hole in? Does he just like watching foreigners flipping condos to locals or was it the developer $500k in donations to the NDP?

patriotz
Member

“According to Eby the only reason the BC Liberals left this loop hole in was corruption (being paid by developers)”

Eby didn’t say “corruption”. As a lawyer and now A-G he’s careful about using such loaded terms, unlike anonymous web posters. However here’s an actual quote by Eby (June 2018 newsletter):

“We’re tracking, and reporting to the Canada revenue agency, the activities of people flipping pre-sale condos, with a brand new law passed last session.”

YVR
Guest
YVR

He said the only explanation for leaving the loophole is the developers donated money to the BC Liberals. Call it what you want but Eby and the NDP are doing the exact same thing but what makes it worse is they promised to change it and already said the only explanation is donation from developers which they took $500K from. I don’t know how people can defend this stuff. It is the definition of corruption.

Oracle
Guest
Oracle

100% agree.

We expected this shot from CC.

The NDP outright lied.

What is worse? The NDP because they seem to have ulterior motives. Prove us wrong.

YVR
Guest
YVR

“We’re tracking, and reporting to the Canada revenue agency, the activities of people flipping pre-sale condos, with a brand new law passed last session.”

Wow they are tracking it to tax it. How does that help any local who wants to buy? And they can only tax what people profit from. If prices are going down then there is no profit and tax to pay. Wouldn’t a ban on foreigners be more effective? Unless your motive was just to maximize tax revenue. Which pretty much sums up every NDP measure so far. Toothless tax grabs.

Oracle
Guest
Oracle

This needs to be done asap.

20% FBT on presales on anyone that’s isn’t a PR or a Citizen.

Couple that with a 10% 3rd home tax followed by 2-5% annual tax.

Oracle
Guest
Oracle

He better start producing results and sooon

You may be on his bandwagon forever but others are jumping off.

bullwhip29
Guest
bullwhip29

Everyone step up…spin the (steering) wheel and try your luck. Pick a lucky road, highway, bridge or tunnel! Will it be shut down or will you be free to pass for another day? Win a new car or take the cash…you decide! and remember to always use your Game Sense…

https://www.cbc.ca/news/canada/british-columbia/vehicle-accident-on-alex-fraser-bridge-leads-to-morning-commuter-chaos-1.4759486

Hyper-mega-Bull
Member
Hyper-mega-Bull

priced out slaves make the daily slog from the far flung suburbs earning money to pay for the tax evading masters.

Bear Vancouverite
Member
Active Member
Bear Vancouverite
Making predictions about Real Estate is a tricky business, but I think we can make some pretty accurate predictions about people. I noticed YVR is still on his hyper-mega-partisan rage. I think we all know that prices are coming down and he continues to claim prices are climbing under the NDP. It takes true legerdemain and twisting of facts to maintain this charade. One of his favourite phrases now is that prices were lower under the Liberals. He doubles down on these claims any chance he gets. Unfortunately for him the trend is not on his side and he risks having to backtrack or move goalposts, but my read on his personality is that he will be too stubborn to graciously or grudgingly admit he’s wrong. My prediction is he’ll continue to cling to this story about increased prices. He’ll… Read more »
YVR
Guest
YVR

I just posted real data that shows Burnaby SFH are priced the same or higher than 2016. The claim was they were down on average by $500k. You reponded with a house in Van West. Look back at what Name was claiming and tell me who is wrong? Clearly you have no clue Burnaby is not Van West.

Name
Guest
Name

Time will prove you are wrong.

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

That’s another way of conceding that you were wrong about the market today?

YVR
Guest
YVR

In other words it is your forecast not reality today.

patriotz
Member

“I just posted real data that shows Burnaby SFH are priced the same or higher than 2016.”

Real data is always welcome, but that doesn’t prove anything about where prices have gone under the NDP, because they’ve only been in office since July 2017.

YVR
Guest
YVR

You are a glutton for punishment aren’t you. Here is the real data:

July 2017 Greater Vancouver compared to June 2018 is up a whopping 9.5%

Burnaby detached is up 1% same period.

https://www.rebgv.org/mls-home-price-index?region=all&type=all&date=2018-06-01

YVR
Guest
YVR

This is after the Federal bank regulators introduced B20 and the BoC raised rates 3 times. But of course Horgan had to exempt BC credit unions allowing them to avoid B20 to keep the BC bubble inflating as the real data proves.

YVR
Guest
YVR

“My prediction is he’ll continue to cling to this story about increased prices. He’ll then start to focus purely on townhouses, condos and sub $1M units as rising under the NDP.“

LOL that is over 80% of the Metro Vancouver market. But because it is not going down it somehow becomes irrelevant?

bullwhip29
Guest
bullwhip29

Vancouver continues enforcement of Airbnb and other short-term rental operators
https://vancouversun.com/news/local-news/vancouver-continues-enforcement-of-airbnb-and-other-short-term-rental-operators

Best place on meth
Member
Best place on meth

The 89 offenders found so far are facing fines of $10,000 each, finally some serious penalties for these cheaters.

Now if only Richmond would grow a spine and do the same, including the birth hotels, but they tend to pander to cultural sensitivities.

YVR
Guest
YVR

Too bad the NDP have more than offset the progress of the CoV by legitimizing Airbnb province wide with the PST deal. They gave Airbnb exactly what they asked for.

https://www.cbc.ca/news/canada/british-columbia/airbnb-vancouver-bc-1.4524284

patriotz
Member

“Too bad the NDP have more than offset the progress of the CoV by legitimizing Airbnb province wide with the PST deal.”

You know perfectly well that the collection of PST by the province does not affect in any way the powers of municipalities or strata councils to restrict short term rentals and fine offenders. In addition the NDP has raised the maximum fine stratas can levy from $200/week to $1000/day, province wide.

https://www.news1130.com/2018/07/18/2724685/

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again
In one of her last acts as a Vancouver City Councillor, Andrea Reimer wants to rename city streets and other placenames to remove names that reflect BC’s colonial past. Dunsmuir and Trutch Street, among others, are on the list of offensive names as they are named after evil white male colonialists. I think the city name itself should be changed. Vancouver is the name of a British explorer who mapped and charted much of the BC coast. I was taught in my politically correct university education/indoctrination that the very act of mapping and applying longitude and latitude (Western technologies reflecting a linear ontologies as opposed to circular ontologies of Aboriginal world views) to North America was a racist act of colonization and dispossession. By naming our city Vancouver, we are celebrating the genocide of Aboriginal peoples. I propose that the… Read more »
Dave
Member

We should change the name because maybe people won’t find the City if we do.

Best place on meth
Member
Best place on meth

City #444 would get my vote.

bullwhip29
Guest
bullwhip29

actually what Reimer wants is for city to adopt policy that will allow the PUBLIC to request the name change if 75% of the people directly affected believe it is in their interest to do so

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again
The word “actually” in your reply to my post implies that you are correcting a mistake in my post. My post remains factually correct and you are simply adding a detail that I left out for brevity. The fact is Reimer supports renaming placenames in order to appease political correctness, she has said as much herself. This is why she is creating a mechanism by which people may effect change in this regard. She is not getting behind any specific placename change (that I am aware of) but she is supportive of the concept generally. This is erasing history because it offends some people today based on modern standards and I find that abhorrent. In my couple posts today, I actually managed to use political correctness speak and post modernism to argue that Abba is racist but calling Vancouver ‘Hongcouver’… Read more »
patriotz
Member

” The fact is Reimer supports renaming placenames in order to appease political correctness, she has said as much herself.”

“Said as much”, which means you’re ascribing motives to her without direct evidence.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I am not ascribing motives without evidence. I am summarizing, in my owns words, what Reimer has said in the past. I am sure she would not phrase it as “appeasing political correctness” but that is what this is about. In the articles I have read on the matter, Reimer has cited the need for more diversity in our placenames and in the Global News article she said this initiative is important because of Vancouver’s commitment to indigenous reconciliation. That is all part of political correctness and identity politics. The connection seems pretty clear to me between renaming placenames to reflect diversity and political correctness, whether you agree with the policy or not.

Shut It Down Already
Member
Shut It Down Already

2 Chinese flight attendants fined for trying to smuggle turtles from U.S., ordered out of country

As part of their probationary sentences, U.S. District Judge S. James Otero ordered that both defendants pay $5,500 each to the U.S. Fish and Wildlife Service before returning to their native China within three days.

The defendants paid about $200 per animal in the Los Angeles area and expected to pocket as much as $41,000 for the lot in Asia, where there is a “robust” market for turtle species native to the United States, according to court papers.

https://www.sgvtribune.com/2018/07/23/attempt-to-smuggle-turtles-out-of-lax-could-land-chinese-flight-attendants-in-federal-prison/

Shut It Down Already
Member
Shut It Down Already

‘Massive’ number of live, dead cockroaches found throughout Hacienda Heights restaurant and other health inspector reports in the San Gabriel Valley (Southern California)

https://www.sgvtribune.com/2018/03/09/massive-number-of-live-dead-cockroaches-found-throughout-hacienda-heights-restaurant-and-other-health-inspector-reports-in-the-san-gabriel-valley/

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again
A BC music executive was forced to apoloize recently after posting a tweet critical of the push to put together bands that include representatives from various identity categories in order to appease political correctness. One of the top movies rights now is Mamma Mia! starring virtue-signalling Meryl Streep. The film is about the 1970s Swedish pop group Abba. I just want to point out that Abba is racist and reflects a binary, heterocentric view of gender and reinforces patriarchal notions of female beauty. The band is all white, which is a reprehensible example of racism as whites must never be grouped together–there must always be at least one non-white person in all groups at all times (although it’s totally okay for there to be bands with no white people at all). Also, Abba has a strictly binary approach to gender,… Read more »
Lost...but not leased
Guest
Lost...but not leased

Why do First Nations hate snow?

Its white and on their land.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Adrianne Carr wants mandatory green roofs on all new large buildings in Vancouver, including multi-family residential developments.

OMG!!!!!!

Mandatory green roofs on all new multi-family dwellings. Now that is a sure way to bring affordable housing to Vancouver. /s

Adrianne Carr is demonstrating she could not be more out of touch and she could not be more unfit for political office in Vancouver.

Article is on CBC titled “Developers concerned by councillor’s motion to make green roofs mandatory in Vancouver”