San Francisco Prices on a Columbus Ohio income.

Vancouver seems to be getting a lot of attention right now for the disparity between house prices and incomes:

The median cost of a Vancouver home, adjusted for purchasing power parity, is US$672,000 — costly but still 15 per cent to 26 per cent below that of San Jose and San Francisco, the two most expensive housing markets, according to Andy Yan, director of Simon Fraser University’s City Program, whose study accounted for the difference in buying power of a dollar across geographies and currencies.

What pushes Vancouver to the top of the unaffordability rankings is paltry wages. In Canada’s third-largest city, the median household earns the equivalent of US$61,036 a year — in line with Columbus and less than families in Omaha, Nebraska, Kansas City, Missouri and even Lancaster, Pennsylvania, a rural community of 59,000 known for cornfields.

fortunately the solution is simple: cut house prices in half or double up current household incomes. Read the full article here.

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backwardsevolution
backwardsevolution
2 years ago

We were told that the Chinese would be a good thing for Canada, and now we are being told that Syrian terrorists are a good thing: “Canada to accept up to 250 Syrian White Helmet volunteers, family after dramatic escape. Canada is among three Western nations that will accept hundreds of volunteer emergency workers that Israeli forces plucked from Syria under the cover of darkness in a dramatic international rescue, CBC News has learned. Several hundred people — volunteers and their families — belonging to the rescue organization known as the White Helmets were extracted late Saturday from the southwestern portion of the war-torn country that’s being overrun by forces loyal to leader Bashar al-Assad.” http://www.cbc.ca/news/politics/syria-russia-white-helmet-1.4749380 Award-winning journalists have come out repeatedly to say that the “White Helmets” are not volunteers (they’re paid by Western governments) and they are not… Read more »

YVR
YVR
2 years ago

You got what you voted for. Pretty much they said they would do this from day one. Open borders. People sure are stupid. The change they vote for is change for the worse.

backwardsevolution
backwardsevolution
2 years ago
Reply to  YVR

YVR – who said I voted for him? He’s done.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
2 years ago

Not unless the people vote!

Change isn’t looking so good is it?

Oracle
Oracle
2 years ago

Ok guys, got to go. I’d had my laugh and entertainment here for the weekend.

For real info, visit a mainstream site.

Name
Name
2 years ago

Buyers turn to letters to snag homes in Canada’s hot real estate markets

https://www.news1130.com/2018/07/22/buyers-turn-to-letters-to-snag-homes-in-canadas-hot-real-estate-markets/

I had to double check the date of this article because it seems to reflect the way things were two or three years ago, but not now. This is probably just realtor BS trying to hype the market.

Oracle
Oracle
2 years ago
Reply to  Name

Until I see prices drastically lower in the sub $1 millions, I’d rather believe them than some armchair crystal ball I feel it armchair economist on some fringe blog.

The stats are probably right in this case as prices in Valley at record highs.

Name
Name
2 years ago
Reply to  Oracle

well at least you didn’t steal my “wake me up when …” line.

Oracle
Oracle
2 years ago

It’s almost the Fall of 2018. 2019 just around the corner.

No NDPer insiders have sold their 2nd homes. But but but the NDP is going to correct the market next year.

NOT!

Ridesharing stopped in its tracks. Trevana just openly lied. And you trust these folks? They just lost all respect. They are no different than the Liberals.

YVR
YVR
2 years ago

Inside B.C.’s shameful failure on ride-hailing

It’s a double broken promise by John Horgan’s NDP government that’s inflicted a double-whammy on Vancouver’s economy and international reputation. That’s the view of the city’s business leaders after the government broke its promise — again — to deliver ride-hailing services to Metro Vancouver.

https://theprovince.com/news/bc-politics/mike-smyth-inside-b-c-s-shameful-failure-on-ride-hailing

Oracle
Oracle
2 years ago
Reply to  YVR

And you have Weaver sitting on sidelines.

NDP doing everything it can to make the referendum fail.

Selective Memory
Selective Memory
2 years ago
Reply to  Oracle

The taxi industry is a poorly regulated supply management system that has festered for years under governments of every stripe. Uber is a quasi-monopoly that has barely begun to fester, and already its nature is clear: it exploits market dominance created by network effects to crush competition, evade regulation, buy off legislators, and grind its workers, while siphoning money out of local economies around the world to further enrich already obscenely wealthy digerati. I think we’re supposed to call this ‘the sharing economy’. Communities need to create a non-profit version of Uber that retains local control, is amenable to local regulation, with the participation of the local workforce. The fees should be minimal and retained in the local economy. They should open-source it so any city or municipality in the world can adopt it, since wide-spread availability would be necessary… Read more »

YVR
YVR
2 years ago

In other words words we should just go full on Communism.

Oracle
Oracle
2 years ago

Who said UBer??

LYFT or what anyone can start.

YVR
YVR
2 years ago
Oracle
Oracle
2 years ago
Reply to  YVR

Seriously now considering voting No and telling everyone to do the same. Imagine the NDP in power without fear and the corruption they will rack up. The ridesharing racket is unbelievable.

Name
Name
2 years ago
Reply to  Oracle

I’ll vote yes just to piss you off.

Oracle
Oracle
2 years ago
Reply to  Name

Just blindly voting YES without analyzing. Ever thought this is why you are in the position you are?

Another minion who thinks the political parties are distinct.

Name
Name
2 years ago
Reply to  Oracle

What position am I in ? Do tell.

Name
Name
2 years ago
Reply to  YVR

From Wilkinson.
No bias there huh?

Oracle
Oracle
2 years ago
Reply to  Name

Are you thinking this is Liberal vs NDP debate here??

This is about NDP breaking promises left right and centre. And the minions too naive to see it.

Name
Name
2 years ago
Reply to  Oracle

The NDP have fulfilled most of their election promises and you should know that.
You are a serial liar.

YVR
YVR
2 years ago
Reply to  Name

“The NDP have fulfilled most of their election promises ”

That pretty much sums up that their election promises were a disaster. After they have “fulfilled most of their election promises” we have higher housing prices, record low inventory, higher rents, higher taxes, higher ICBC rates, higher hydro rates and less child care at higher costs. Pretty much proves their plan was flawed from day one. Unless you like higher costs for pretty much everything.

Oracle
Oracle
2 years ago
Reply to  YVR

Hahahaha. These people here are delusional.

If they’ve fulfilled their promises, then we are at a near bottom on housing.

FFS. The ignorance here. Hahaha

Lost...but not leased
Lost...but not leased
2 years ago

NDP promise check list ???

bwahahahahaha

Man…people just don’t get it…
BC NDP has the record for losing BC elections…..their MAIN GOAL is to stop this any way they can.

People are being sucked in royally….
NDP goal is to eliminate the existing election process that both got them in office and also purged them from office.

HAS ANYONE LOOKED INTO THIS ?
99.9 % of the population has no clue re: the PR referendum and the details…they are setting us up for an NDP gov’t in literal perpetuity, while their clueless supporters cheer them on.

Why fear PRC??? …we will have their equivalent here.

Oracle
Oracle
2 years ago

That’s the unknown. Give them PR and these guys will be in power a long time.

And they’ve outed themselves as crooks with the ridesharing and Site C/LNG debacle.

It’s going to be a tough decision but what Weaver does here in the next 2 months will cement my decision to vote Yes or No. if he does what he has been doing then NO vote.

Name
Name
2 years ago
Reply to  Oracle

“they’ve outed themselves as crooks with the ridesharing and Site C debacle…”

Delaying a little thing like Uber makes them crooks huh?
And site C/LNG was the Liberals baby.

You really have to grasp at straws to support your ideology don’t you?
You and YVR should get together. You can fling your shit together like monkeys.

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

What do you mean Yvracle should get together?

They’re siamese twins joined at the brain.

You can’t get more together than that.

Oracle
Oracle
2 years ago

Actually our thinking coincided with the majority out there. You few here are fringe thinkers.

Slava
Slava
2 years ago
Reply to  Oracle

Man you are worried. Relieve somewhere else, as it is clearly not working for you here.

Oracle
Oracle
2 years ago
Reply to  Name

It’s the details. Look up Kater App and who owns it.

Oracle
Oracle
2 years ago
Reply to  Name

You wish it was delaying. They outright banned them with the legislation.

Hahaha. The minions think this is about Liverals vs NDP.

This is about the lies of the NDP.

Lost...but not leased
Lost...but not leased
2 years ago

Magic TI number????

Not sure why some VCI parties think TI of 20,000 is some catalyst for SHTF?

The SHTF is occurring below TI 13,000….

The market is dead..DEAD….
Is it different this time?
There is no price inflation….prices are at the precipice of going into the aby$$ beyond flatlining.

Crucial MOMENTUM is gone….it takes years to build that bubble..which can collapse sooner than later.
Developers and Realtors are in panic mode( how many SOLD signs do you see these days ? )
TI does not reflect the undercurrents…..

Remember : Pumpkins are generally cheaper NOV .1

No Chump
No Chump
2 years ago

Glad to see you’re finally “on board”, LBNL. About time, too.

YVR
YVR
2 years ago

“Not sure why some VCI parties think TI of 20,000 is some catalyst for SHTF?”

History tells us that. But as they say it could be different this time.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  YVR

Point is…it IS DIFFERENT THIS TIME..

…..posted TI is misleading..,,,beyond obvious.

Screwed
Screwed
2 years ago

Surprisingly i saw quite a number of “ sold” ones on Marine Dr today.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Screwed

There will be SOLDs…

…….probably big haircuts trying to cut losses.

Driving around yesterday on West Side and Richmond… saw ONE SOLD …and it was a strata.

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

20K isn’t a magic number. It merely gives context to the morons who think 13K is significant.

Laibach
Laibach
2 years ago

Peak, no peak… who cares? Is that even matter? More interesting development in years to come…

“By their own terms and what Xi enunciates I would argue by definition what they’re waging against us is fundamentally a cold war, a cold war not like we saw during the Cold War, but a cold war by definition. A country that exploits all avenues of power licit and illicit, public and private, economic and military, to undermine the standing of your rival relative to your own standing without resorting to conflict. The Chinese do not want conflict,”

https://www.cnn.com/2018/07/20/politics/china-cold-war-us-superpower-influence/index.html

Oracle
Oracle
2 years ago
Reply to  Laibach

This. Which is why they will build a wall at the northern border.

If China ever gets the upper hand, the western way of life will be extinguished. Let’s not kid ourselves.

USA needs to set China back decades. Fuckers are waging war as per CIA.

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

“The chinese do not want conflict.”

That’s correct, they’re cowards in addition to liars, cheaters and thieves.

Loco
Loco
2 years ago

Big inflation number yesterday. That reminds me of something that many people don’t realize. The Canadian system rewards debtors and the economy functions on debt and debt is the foundation of the country and if you don’t get into debt like everyone else you are swimming upstream and will never get anywhere. Central banks and governments do whatever they can to have at least 2% inflation every year. Even in low inflation years like the past few years, everyone’s debt has been reduced by 10% because of inflation. If you borrowed $500,000 in 2012, $50,000 of it was inflated away by 2018.

https://www.bankofcanada.ca/rates/related/inflation-calculator/

You have to understand debt and inflation and central bank mandates to make sound buying decisions. And please don’t respond with “stagflation” alarmism. That is an infrequent and unlikely circumstance in the US and Canada.

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

You make some very good points, oracLoco.

Very good points.

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

That 10% reduction only works under 0% interest. Mortgage schedules front load the interest, too.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Loco

The overarching concern is…when will this fiscal house of cards collapse…???

Simply look at Gov’ts and national debts/deficits…can never be repaid…so what’ s the trickle down effect to slaves….err citizens?

Oracle
Oracle
2 years ago

Site C going to produce 5100 MW of electricity.
Wood Fibre LNG and LNG Canada (plus upstream operations) to require 4800 MW.

Reduced electricity rates for LNG.

$10.7 billion cost of Site C.

can you say skyrocketing hydro bills Batman?? And NDP will blame the Liberals “Site c dumpster fire”. Hahahaha

You NDP supporters are being taken for a ride.

Dyugle
Dyugle
2 years ago
Reply to  Oracle

There are 500 billion GJ of gas in northern BC. Shipping to the US causes at least a 1 dollar discount and right now almost 2 dollar discount. This cheap stranded gas makes the tar sands viable for years to come. Build a lng terminal and raise the price to get 500 billion more dollars into the BC economy. This supplies gas to China offsetting coal use and the higher cost also limits the viability of the tar sands. Please explain to me how this is not the best possible plan for the Earth and the economy?

Oracle
Oracle
2 years ago
Reply to  Dyugle

BC residents will get little.

The NDP insiders and insider architects of this deal will get rich.

Foreign interests will get rich.

Locals will pay for Site C and further Carbon tax errr climate change initiatives.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Oracle

Yep..BC will get 4Qd’s over.

Suggest people GOOGLE the Tyee and Andrew Nikiforuk…does excellent analysis of Energy issues…such as Kinder Morgan pipeline…LNG etc.

RE market is going in the shitter…usual next up in bogus economy juicer is mega projects with bullsh*te job and revenue projections.

Just me
Just me
2 years ago

1 year in, B.C. NDP has completed nearly two-thirds of its election promises
80 platform pledges are complete, 18 remain unfulfilled, while two dozen more are still in progress

https://www.cbc.ca/news/canada/british-columbia/1-year-in-b-c-ndp-has-completed-nearly-two-thirds-of-its-election-promises-1.4751180

Oracle
Oracle
2 years ago
Reply to  Just me

You believe that BS?

1 year in and you still can’t afford a house.

1 year in and rents higher.

1 year in and no ridesharing, no $400 rebate, no closing Bare Trusts, site C go ahead, KM boondoggle, no one in jail, etc.

Jokes on you for not seeing this shit.

Dyugle
Dyugle
2 years ago
Reply to  Oracle

What was the other choice?

Oracle
Oracle
2 years ago
Reply to  Dyugle

There was none.

These political parties are in bed with each other and those that can’t see that (Just Me , BPOM) are enabling this ‘democracy’.

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

That’ why I want PR, the 2 party system is a scam.

Oh wait, why are you against political reform again?

YVR
YVR
2 years ago
Reply to  Just me

With everything complete now have you bought your house?

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

Why would he buy a house?

Oracle
Oracle
2 years ago

2 years into NDP rule and you are still thinking more housing action is coming? Jokes on you…

30 point plan blah blah blah

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

Why attend open houses if there’s no intent to buy?

paulb
paulb
2 years ago

New
155
Price Change
95
Sold
99
TI:12930

http://www.clivestevepaul.com

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

Inventory lower than yesterday? It’s almost like we’re close to the peak or something.

Oracle
Oracle
2 years ago

20,000 by Fall. And rises from there.

Just me
Just me
2 years ago

Last year we were at what? 8000 or so? 9000 even? Whatever way you look at it, the proportional growth in listings is stunning. West side SFHs are taking big price cuts. Volumes are extremely low. I don’t know what it will be like in 6 months but if you buy today you get big discounts.

Oracle
Oracle
2 years ago
Reply to  Just me

And 5 years ago it was at what 20,000?

You’re delusional if you think 13,000 is high.

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

He thinks market data didn’t exist until he started paying attention to it.

Oracle
Oracle
2 years ago

One good thing is it’s encouraging that there are lots of mathematically illiterate people out there. Easier to get ahead.

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

It’s not stunning. 13,000 is ridiculously low. Even in years of crazy price appreciation we routinely saw peak inventory far higher than that, and now the market itself is larger. It’s pointless giving data to clowns who are incapable of understanding it.

MOI is generally the number to watch, but again the dimwits here started to ignore that (instead favouring “price changes” or some crap like that) every time it failed to paint the picture they demanded.

Get real
Get real
2 years ago
Reply to  Just me

In 2012 we were at 20,000 listings by July 31. That did not mark the start of a crash Although the market did plateau for around 24 months after that.. We all know what prices did after that. Get some perspective and look at the archives on this blog:

http://vancouvercondo.info/2012/08/2012-worst-july-since-2008.html

Name
Name
2 years ago
Reply to  Get real

It’s not 2012 anymore.

YVR
YVR
2 years ago
Reply to  Name

Yup 2012 the good old days. I guess that change you voted for was not change for the good.

Name
Name
2 years ago
Reply to  YVR

BC NDP were voted in on a platform of stopping government corruption and reigning in the housing market. Any unbiased observer (which you clearly are not) would say they have done a good job so far.

YVR
YVR
2 years ago
Reply to  Name

The NDP were not voted in. The lost the election for the fifth time in a row. Lost in both popular vote and seats. Corruption through back room deals got them the power they have. You’re dumber than I thought.

Slava
Slava
2 years ago
Reply to  YVR

Uttering the words that the NDP got in due to corruption and back room deals is exactly what today’s spurned liberal party members are sputtering.

And that is exactly why you are a liberal party hack.

Slava
Slava
2 years ago
Reply to  Get real

Yes. The signs of a crash were appearing then in 2012, until the BOC lowered the interest rate twice against all expectation, and that intentionally re-started the ever larger shitshow.

That is the key difference.

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

Rates were not changed at all throughout 2012.

Slava
Slava
2 years ago

Did not write that BOC lowered in 2012. There was relative stagnation until they lowered in 2015, twice.

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

Anyone who dismisses a 50% year over year increase in inventory as insignificant is either stupid or has an agenda.

YVR
YVR
2 years ago

It is the 3rd lowest inventory in the past 20 years with a larger market. You sound like a realtor trying to spin the stats.

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

Read what you wrote and get back to me about stat spinning.

YVR
YVR
2 years ago

Is 13000 a bearish or bullish inventory number? History says bullish. Sure it is less bullish than last year but still bullish. It just shows your desperation for “good news” under this failing NDP regime. Inventory is at historically low numbers under the NDP. No other way to spin it. But nice try.

Just me
Just me
2 years ago
Reply to  YVR

You can always vote for the corrupt and pei-millionaire BC Libs.

Under their watch the market went hyper and in entry tanked to 8k.

Remember recent history?

Oracle
Oracle
2 years ago
Reply to  Just me

You are the problem with society. Totally naive.

All the parties are in bed with each other and minions like you enable this.

When people criticize the NDP, it’s doesn’t mean they are Liberal hacks.

Get a brain.

YVR
YVR
2 years ago
Reply to  Just me

I remember cheaper housing prices, higher inventory, lower rents and lower taxes when the BC Liberals were in power. The good old days.

Just me
Just me
2 years ago
Reply to  YVR

You should go and ask realtors what is happening with prices on the Westside. Discounts abound. Prices are lower than what was the case last year or in 2016.
VREB figures are not a good representation of the local Westside market. If you think I am lying, go and ask people you trust. The correction is already happening on the Westside.
Whether it was the NDPO or not, I have no idea. But prices are coming down.

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

No need to ask for stories, we have actual data remember?

Oracle
Oracle
2 years ago
Reply to  YVR

I seriously think some on here are intellectually challenged. They think having the ability to post grammatically correct sentences makes them a genius. Hahaha

Inventory extremely low. And no effect on prices for the working class. Only effect is top end. Meanwhile at least 75,000 people pour into the region every year.

The worst part is some here think we are punters and realtors. Couldn’t be further from the truth.

Loco
Loco
2 years ago

What do you define as significant? During Great Depression II in 2008-2010, the average price went down 20%. In 2012 with way hire listings (20,000 by July 31st, 2012), the market was flat for 2 years. Will this change in the market be worse than during Great Depression II when giant financial companies were going insolvent around the world?

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

I define a 50 percent year over year increase increase in inventory as significant, didnt I just say that?

DUH

Oracle
Oracle
2 years ago

Insignificant in prices on entry level stock doesn’t go down.

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

It’d be significant if it were 20,000 to 30,000, but it’s not.

Oracle
Oracle
2 years ago

They don’t like to look at the overall graph. Just localized inflection points. Lol

Oracle
Oracle
2 years ago
Reply to  Loco

Demand is different. Any local slack or downturn is quickly made up many times over by recent immigrants funnelling on foreign homes and buying over and over.

Because they expect anothe million people here.

Oracle
Oracle
2 years ago

Wrong. You don’t understand numbers.

Did you know the FED when it started raising rates increased them over 100% in a single day.

Wasn’t that huge???

Learn numbers. And Math. 13k is extremely low and we are at peak. Unless you think inventory goes up forever in a straight line.

Best place on meth
Best place on meth
2 years ago

The twat’s calling the top!

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

Of course, I forgot to account for your stellar track record here when it comes to RE predictions. I do hope you’re enjoying that one bed condo.

Best place on meth
Best place on meth
2 years ago

YOU’VE BEEN WRONG FOR 10 YEARS!!!

SQUUAAAWWWKKK!!!!

10 YEARS!!!

RRAAWWWRRKKK!!!!!

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

You’re clearly happy in your ignorance.

Lost...but not leased
Lost...but not leased
2 years ago

Is SIDA over 9 years old ?

Slava
Slava
2 years ago

Probably too much soy, so low testosterone, and lack of self belief.

Slava
Slava
2 years ago

I am sure that you’re enjoying your one bedroom condo:)

Oracle
Oracle
2 years ago

You tell em. Wait until inventory goes up to 12,931. We will laugh him out of here.

Real fun begins when inventory hits 12,932.

realist
realist
2 years ago

“L.A. Mansion Features Its Own Shark Tank—Will a Buyer Bite at $35M? Developer Ario Fakheri hopes that the world’s only residential open-air shark tank will lure in a buyer willing to spend $35M for his latest project” from SFGATE, July 17
https://www.sfgate.com/realestate/article/mansion-la-shark-tank-Ario-Fakheri-open-air-13073959.php?utm_source=sfgate&utm_medium=hp&utm_campaign=celebhomesautorandcoll

“Spec homes in Los Angeles are engaged in an elaborate game of “Can you top this?” It’s no longer enough to have a negative-edge pool overlooking the city, a walk-in closet with a champagne bar, or a second kitchen for the catering team. To that end, developer Ario Fakheri hopes that the world’s only residential open-air shark tank will lure in a buyer willing to spend $35 million for his latest project… ‘It’s a pretty insane house,” says listing agent Sam Real’ “

Laibach
Laibach
2 years ago
Reply to  realist

Lot’s of people trying lately to unload the shit but it isn’t going as expected. This one is interesting for a certain type of customer, either a mafioso who like his opponents being eaten alive by a shark or “well to do Chinese” who admires his shark fin soup fresh.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
2 years ago
Reply to  realist

You should see what $35 million gets you in Vancouver!

Lost...but not leased
Lost...but not leased
2 years ago

Surrey ????

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  realist

Bridget Bardot, Pamela Anderson, PETA, give or take a Johnny Depp will protest over the shark.

Hopefully, they will “dive in” .

southseacompany
southseacompany
2 years ago

“Today’s robust reading on Canada’s economy boosts expectations of more rate hikes to come this year”, National Post

http://vancouvercondo.info/2018/07/san-francisco-prices-on-a-columbus-ohio-income.html

“The consumer price index recorded an annual pace of 2.5 per cent in June, the fastest year-over-year acceleration since 2012”

“The reports, a reverse of last month’s disappointing sales and inflation data, will bolster expectations for continued interest rate increases this year from the Bank of Canada.”

Name
Name
2 years ago

Here’s a list June inflation rates for Canadian provinces, territories
The Canadian Press, at 08:07 on July 20, 2018

OTTAWA – Canada’s national annual inflation rate was 2.5 per cent in June, Statistics Canada says. Here’s what happened in the provinces (previous month in brackets):

— Newfoundland and Labrador: 2.3 per cent (1.8)
— Prince Edward Island: 2.9 (2.4)
— Nova Scotia: 2.2 (2.3)
— New Brunswick: 2.2 (2.1)
— Quebec: 2.0 (1.7)
— Ontario: 2.4 (2.3)
— Manitoba: 2.7 (2.7)
— Saskatchewan: 2.7 (3.0)
— Alberta: 2.8 (2.6)
— British Columbia: 2.7 (2.7)

inflation nudging almost 3% in the western provinces. More interest rate hikes will come.

Doomcouver
Doomcouver
2 years ago
Reply to  Name

Everyone will soon get to see how little the BoC cares about keeping house prices aloft. They’re tasked with stoking the economy and managing inflation, and that’s pretty much it. By the time the housing collapse starts to kill economic activity, and the BoC has a mandate to act, the damage will already have been done and they won’t be able to put the genie back in the bottle.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Completely disagree.

The difference in opinion arises from the notion that I think ‘Rome’ is corrupt all the way to the top.

There is no independence at BoC. They can be bought and likely have been. They will keep rates low for housing, developers and banks.

Only reason for last rate hike was to support the currency so as to not upset Trump during trade negotiations.

oopswediditagain
oopswediditagain
2 years ago
Reply to  Oracle

Let’s see: Support the largest market in Canada or placate Trump when Nafta negotiations are going nowhere anyhow. Hmmmm

“Toronto home prices see biggest drop in almost 30 years”

https://business.financialpost.com/real-estate/toronto-luxury-home-sales-tank-from-last-years-record-pace

Just me
Just me
2 years ago

“Sales of detached homes in and around Canada’s biggest city fell 46 per cent in March from the same month a year ago, while the average price fell 17 per cent to $1.01 million, according to data released Wednesday by the Toronto Real Estate Board. That dragged down the average selling prices for all housing types by 14 per cent from a year earlier to $784,558, the biggest drop since 1991.”

Slava
Slava
2 years ago
Reply to  Oracle

You can disagree all you want, it’s happening. Your party is over.

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

And rates were increased shortly after those numbers were established. The next set of data will include the initial impact.

Slava
Slava
2 years ago
Reply to  Name

Awesome!
Needs to get to 10%.

Name
Name
2 years ago

If Trump takes on the Fed it will be the last thing he ever does.
Look at what happened to JFK when he tried.

southseacompany
southseacompany
2 years ago

“Dick Bove: Trump poised to take control of the Federal Reserve”, MSNBC

https://www.cnbc.com/2018/07/20/trump-poised-to-take-control-of-the-federal-reserve.html

“President Donald Trump has multiple reasons as to why he should take control of the Federal Reserve. He will do so both because he can and because his broader policies argue that he should do so. ”

“The Board of Governors of the Federal Reserve is required to have seven members. It has three. Two of the current governors were put into their position by President Trump. Two more have been nominated by the president and are awaiting confirmation by the Senate. After these two are put on the Fed’s board, the president will then nominate two more to follow them. In essence, it is possible that six of the seven Board members will be put in place by Trump.”

southseacompany
southseacompany
2 years ago

“Trump’s stunning comments about the Federal Reserve could actually backfire”, Business Insider

http://www.businessinsider.com/trump-federal-reserve-comments-rate-hikes-2018-7

“The comments raised the specter of President Richard Nixon’s pressure on the Fed in the 1970s, which led to economically damaging stagflation. But JPMorgan economist Michael Feroli advanced an interesting alternate theory: Trump’s comments may inspire the Fed to go the other direction.’

“”Given what we know about Powell, we see little chance the President has gotten in his head,” Feroli wrote in a note to clients. “In fact, an argument can be made that the President’s comments may skew the Committee in a hawkish direction: if a decision is a close call then the appearance of kowtowing to the President may bias them toward raising rates.””

southseacompany
southseacompany
2 years ago

“Trump hits the Fed again in tweet: ‘Tightening now hurts all that we have done”, MSNBC

https://www.cnbc.com/2018/07/20/trump-hits-the-fed-again-in-tweet-tightening-now-hurts-all-that-we-h.html

“President Donald Trump criticizes the Federal Reserve’s monetary policy again on social media Friday, a day after his initial negative remarks were revealed on CNBC.”

southseacompany
southseacompany
2 years ago

“The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?” Trump tweeted.”

Dave
2 years ago

Trump is playing politics here. He’s worried about an economic downturn for his 2020 run. He’s setting up the Fed as somebody to blame should that play out.

Ves
Ves
2 years ago
Reply to  Dave

Dave, it is not about politics. It is about America Fist and new way of redistributing resources among “allies” and no more freeride.

Name
Name
2 years ago
Reply to  Ves

The USA is the one getting a free ride with cheap goods manufactured by semi-slave labour in third world countries. Trump doesn’t even understand basic economics. And by attacking his “allies” with whom the USA has good economic relationships he is shooting himself in the foot and will do more harm than good for the USA.

YVR
YVR
2 years ago
Reply to  Name

“Trump doesn’t even understand basic economics.”

That is why US GDP growth went from 8 years of 2% under Obama to over 3% now and forecast to be 4% by Q4. He has doubled US GDP growth in less than 2 years.

Dyugle
Dyugle
2 years ago
Reply to  YVR

Not one single country in history rose to the top thanks to free trade.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Dyugle

Free Trade= Lowest Common Denominator

……..aka slave wages and greater mulit-national oligarch profits.

Slava
Slava
2 years ago

Let’s have equal wages and labour standards, and then we can all have free trade:)

Strata Hacker
Strata Hacker
2 years ago
Reply to  Name

This Name loser is almost the dumbest of them all.

Slava
Slava
2 years ago
Reply to  Strata Hacker

Whatever you say dumbass, must be true. You have some delusion of grandeur, that is all.

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

He’s also a liar.

Slava
Slava
2 years ago
Reply to  Name

The USA Corporate elite are getting a free ride, not a majority of the USA Population. That boomerang is about to come back and hit them hard.

Name
Name
2 years ago

Inflation CPI up to 2.5% the highest level since 2012
Retail sales high.

Another interest rate increase will happen later this year.
Real estate is getting crushed.

Dx3
Dx3
2 years ago
Reply to  Name

inflation is higher is higher than my interest. my debt is being inflated away. god i love economics.

Doomcouver
Doomcouver
2 years ago
Reply to  Dx3

Unless it’s all unsecured credit, prepare yourself to get hit with monetary inflation and asset deflation at the same time.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Not real estate asset deflation if record immigration continues. Rents continue to increase.

Strata Hacker
Strata Hacker
2 years ago
Reply to  Doomcouver

Doom,
You always claim to know the future but nothing you predict ever comes to pass. In fact, it’s always the opposite.

Confucius
Confucius
2 years ago

Summer sales are crashing down to Christmas levels. Summer is generally slower than spring, but slower than Christmas, the cyclcal low? Sheeeeeeeeit.

Dave
2 years ago
Reply to  Confucius

We’ve had a lot of sub 100 sale days.

I think we’re starting to see the slowdown affect the condo market now, but it’s still early days. Unsold new inventory is growing and the downtown market is softening. Even rental rates are headed down which is not common.

But, the inventory still isn’t there to cause a faster correction. This is playing out very slowly. I think the low sales will cause realtors to push vendors to lower prices, which will eventually pull prices down.

I’m noticing realtors are very aggressive is asking for offers. I think a lot of them just aren’t getting offers but want to keep their listings, which is easier to do if some offers have come in, but not closed.

YVR
YVR
2 years ago

Trump is crushing China

“Why Trump isn’t backing down in the trade fight — in one chart”

President Trump’s fight with China isn’t going to stop any time soon, say Bespoke Investment Group analysts for our call of the day. They’ve reached that conclusion after looking at how the S&P 500 has far outperformed the Shanghai Composite Index SHCOMP, -0.52% in the year to date. “Through Wednesday, the YTD gap between the two indices is over 20 percentage points in favor of the U.S., and that’s before even taking the decline in the value of the yuan into account,”

https://www.marketwatch.com/story/why-trump-isnt-backing-down-in-the-trade-fight-in-one-chart-2018-07-19

Dx3
Dx3
2 years ago
Reply to  YVR

and he is slowly working to removing china’s few allies one by one and isolate them politically and militarily. not that they have a lot of allies. all their neighbours hate them.

patriotz
2 years ago
Reply to  Dx3

“all their neighbours hate them.”

https://www.reuters.com/article/us-china-russia/chinas-xi-awards-best-friend-putin-friendship-medal-promises-support-idUSKCN1J41RO

“Chinese President Xi Jinping gave visiting Russian President Vladimir Putin China’s first friendship medal on Friday, calling him his best friend, underscoring the close ties between the two despite deep reservations many Western nations have of Putin. “

YVR
YVR
2 years ago
Reply to  patriotz

Yes I am sure Vlad and Xi are best buddies. It is about money and power. That is what makes the world go around. You lefties are so naive.

Strata Hacker
Strata Hacker
2 years ago
Reply to  YVR

Patridiot is so dumb.

Slava
Slava
2 years ago
Reply to  Strata Hacker

No one is requesting this information from you.

Slava
Slava
2 years ago
Reply to  patriotz

If China thinks that Russia will be its bodyguard and let China fled the Russian market with cheap manufactured goods, to replacd the US Market, they have another thing coming. Same goes for Europe and most other countries.

patriotz
2 years ago
Reply to  Slava

“and let China fled the Russian market with cheap manufactured goods”

Have you actually been to Russia and seen what’s in the shops? Apart from the boutiques serving the rich, everything is made in China, even more so than here. At an average wage of about $500/month that’s all the ordinary Russian can afford.

Slava
Slava
2 years ago
Reply to  patriotz

It is enough to look if Russia has a sizable trade deficit with China.
The USA does.

patriotz
2 years ago
Reply to  Slava

“It is enough to look if Russia has a sizable trade deficit with China.”

It’s not enough, because Russia is the #2 oil exporter in the word, and China is the #1 oil importer. One would expect Russia to have a sizable trade surplus with China. In fact Russia has a slight deficit with China. This isn’t really China’s fault – Russia is simply so dysfunctional that’s it’s incapable of competing with anyone.

https://themoscowtimes.com/articles/russias-trade-with-china-up-22-to-59285

Slava
Slava
2 years ago
Reply to  patriotz

And it is China that has a sizable trade deficit with Russia, and it will stay that way.

paulb
paulb
2 years ago

New
183
Price Change
99
Sold
94
TI:12934

http://www.clivestevepaul.com

Bear Vancouverite
Bear Vancouverite
2 years ago

3 brand new Fraser East Townhouses are now listed on MLS @ ~$720-730/sq ft: 1012 E 20th Avenue – $948k for 1321sq ft 3618 E Windsor Street – $998k for 1380sq ft 3608 E Windsor Street – $998k for 1383 sq ft All of these units were listed at around $920/sqft around Oct 2017, and as an example, 1012 E 20th Avenue was assessed at $1.28M for 2017, so these brand new units are now listed 20-25% below Assessed and previous asking prices. In 2017, two units sold in this development for around $1000/sq ft: 1020 E 20th,- sold for $665k/sqft for 645sq ft in Nov 2017 1001 E 20th – sold for $1.05M for 1227 sq ft in Mar 2017 Whoever bought those two probably overpaid by at least 20%. West side new build townhouses (such as along Granville)… Read more »

Lost...but not leased
Lost...but not leased
2 years ago

Bear Vancouverite makes good points:

” $ 1000+ /sq ft seemed to be the magic number throughout Metro Vancouver..to the point suckers got into bidding wars at the periphery of Vancouver,(ie New West etc.) driving up prices to ill- advised levels.

Now..if COV prices are below $1000/sq.ft… with 25+% or more haircuts for Brand New……then the SHTF !!!

Only way the builders make a profit is if they bought the land at lower price, as all their other costs(ie labour, fees and materials) have risen dramatically.

In addition, with gentrification…many who may have wanted West Side will see East Side is not so bad…If East Side averages say $700 sq ft…only an idiot would pay $1200 Sq Ft on West Side

Patience= WATCH Vancouver prices before bidding at the periphery….that will set the tone…the shakedown is under way…