Expensive to buy, cheap to own

Having trouble saving up enough for a teardown house in a terrible neighborhood? Good news! Although its expensive to buy real estate in Vancouver, it’s one of the cheapest places for property taxes in Canada or the US.

The owner of a C$1 million ($770,000) home in the Pacific Coast city will pay just C$2,468 a year in property tax, compared with C$6,355 in Toronto or more than C$10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.

Read the full article here.

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[…] smaller retailers are packing up and leaving Vancouveras rents rise and some owners would prefer to leave retail units […]

bullwhip29
bullwhip29
2 years ago

Smaller retailers lead exodus from Vancouver
‘Certain areas of Vancouver are hollowing out,’ says analyst
https://www.vancourier.com/news/smaller-retailers-lead-exodus-from-vancouver-1.23394940

Name
Name
2 years ago
Reply to  bullwhip29

“Some landlords don’t want to lower [retail] rents because it reduces the value of their building,” he said. “They would rather leave [storefronts] empty.”

this does not make any sense to me. I’d rather have some cash flow income rather than no income vs. an inflated valuation on the asset and I’d think an empty building would be worth less than a rented one anyways.

Dave
2 years ago
Reply to  Name

Who needs cash flow when you can speculate and flip? Do you know how much trouble a tenant can cause you? It’s like you’ve never been a landlord.

bullwhip29
bullwhip29
2 years ago
Reply to  Dave

much of robson is still like a strip mall. that won’t last for very long. in the not too distant future entire blocks will be plastered with FOR LEASE signs signalling that demolition is just around the corner. patient owners know they are sitting on gold mines worth many 10’s if not 100’s of millions of dollars each. the only question is when they will get to ring the cash register.

Name
Name
2 years ago
Reply to  Dave

Ya I was thinking that when I was typing… speculator vs. investor/landlord.

bullwhip29
bullwhip29
2 years ago

Three possible scenarios for Vancouver’s housing market
https://www.bcbusiness.ca/Three-possible-scenarios-for-Vancouvers-housing-market

Will Vancouver home prices tank, surge ever higher or settle somewhere in between? With help from disgruntled residents, global investors and government intervention, here’s how the city’s real estate future could play out, for better or worse…

Name
Name
2 years ago
Reply to  bullwhip29

If interest rates keep rising my prediction is that prices will really tank. But it all depends on where interest rates go. The speculating and money laundering azians are gone and that’s another plus. Also the 20% FBT is helping somewhat. And the mortgage stress test. Too may things are lining up now to allow for the market to increase again.

bullwhip29
bullwhip29
2 years ago
Reply to  Name

poloz and the BoC are so far behind the curve it isnt even funny. i predict he will soon hold off on future hikes as it becomes more clear the cdn economy (aside from min wage service industry workers catering to tourists) is headed into the crapper in a big way. all the chatter that everything in cda is firing on all cylinders is laughable. bottomline is that cdns are lugging around too much debt (epic, historic amts in fact) and have too much of their net worth tied up in RE. the industry is quite frankly too big too fail. any meaningful and sustained downturn in prices will cripple millions of folks in this country from both a financial liquidity perspective and also psychologically as the reverse wealth effect takes hold

bullwhip29
bullwhip29
2 years ago
Reply to  Name

regarding the FBT and foreign speculation, anything is possible, but yes the game will be over for some. imho horgan will be a one term premier. come election time i suspect things will be right where the Libs want them to be in terms of where the BC economy, real estate and a variety of other matters are concerned. fast forward 4-6 yrs and I see many british columbians (who currently think they are “winning”) laid out dead under a brand new red carpet which will be rolled out for the same cast of characters that got us into this mess in the first place.

Name
Name
2 years ago

I notice in quite a few SFH listings now that the real estate agents are stating in the descriptions that the house is priced “below assessment” and it’s a “great deal” for a “quick sale” or some such hyperbole.

Dave
2 years ago
Reply to  Name

It would be interesting to develop a program that would scan real estate listings to track key words related to market sentiment and track that over time. I bet that would show up if the data was mined.

A year ago, the sentiment was that price appreciation would slow but that they never go down. That was a shift from the bull market and we’ve seen sentiment deteriorate every month of the past year. I’d say we’re in a very different space than we were a year ago, despite prices not being vastly different. That suggests to me that more pricing downside is coming because sentiment should be a leading indicator.

KickThemOut
KickThemOut
2 years ago
KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

In what would mark an abrupt and serious escalation of the US-China trade and currency war – if true – is a report from the NY Post according to which the Trump administration, as part of a crackdown on certain US investments made by Chinese companies, is set to seize a majority stake in 850 Third Ave. The stake is owned by HNA, the reeling, quasi-insolvent Chinese conglomerate whose Chairman died in a freak accident in Italy one month ago, and its US partner in the building is desperate to save it.

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

The “strike” on the HNA building, which is located between East 51st and 52nd streets, has been in the works for months according to the Post and “is believed to be the first move by the Trump White House since Congress on Aug. 1 approved expanded authority of CFIUS — the Committee on Foreign Investors in the United States.”

“This is coming from the White House,” said a source said of the seizure that could ultimately force the sale of HNA’s stake in the 575,000-square-foot building. As a reminder, as part of the CFIUS expansion, it now has purview over foreign real estate interests.

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

Seize everything from all locusts and deport them.

Oracle
Oracle
2 years ago

They’ve got Permanent Status or easy to get citizenship.

Why not focus on your politicians that make policy?

Get real
Get real
2 years ago

Vancouver homeowners have the lowest mortgage delinquency rate in Canada.

https://biv.com/article/2018/08/vancouver-mortgage-defaults-plunge-home-prices-increase

KickThemOut
KickThemOut
2 years ago
Reply to  Get real

Don’t you know? That just proves Vancouver will have the mother of all RE bear markets?! According to the brilliant bears on this website who have been outpacing homeowners the last decade by renting.

oopswediditagain
oopswediditagain
2 years ago
Reply to  KickThemOut

http://www.macleans.ca/opinion/why-a-low-delinquency-rate-isnt-the-good-news-real-estate-story-you-think/

“Indeed, the delinquency rate on mortgages in the U.S. reached its lowest level in decades in 2005, precisely when the U.S. housing bubble was at its frothiest and money was easy to borrow. Likewise, mortgage arrears in Ontario just reached their lowest level since 1990, the year Toronto’s last housing bubble popped. In that real estate crash, prices fell close to 40 per cent and took until 2010 to fully recover, after adjusting for inflation.”

Name
Name
2 years ago

This article does not fit with KickThemOut’s narrative so he will discount it as fake news.

Get real
Get real
2 years ago

That article you cite is over one year old. We are already one year after the price peak. No crash yet. Houses still super expensive.

Name
Name
2 years ago
Reply to  Get real

Their point is still valid a year later.
And houses are not as expense as a year ago. and prices are still dropping.

oopswediditagain
oopswediditagain
2 years ago
Reply to  Get real

A little patience, my friend. It took more than a year back in 1981 -82 for the full effects of the “crash” to be realized. 15% is a pretty good start, I think.

http://vancitycondoguide.com/vancouver-detached-prices-july/

“This is beginning to reflect in the data and although sales mix can distort both average and median sales prices from month to month, the trend is clear. In July, the average sales price declined 16% year-over-year. The median sales price slipped 3% year-over-year. It’s worth noting the median sales price in May registered a 12% decline year- over-year, so you can see how average and median can fluctuate rather drastically. Overall, it’s a safe bet to suggest the typical home is off about 15% from the peak.”

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

Over the weekend, Trump claimed on Twitter that the US is winning the trade war with China for one simple reason: whereas US stocks are back to all time highs, the Chinese market has tumbled and remains mired in a bear market. Now, another – less naive – indication has emerged suggesting that the US is indeed getting the upper hand in the ongoing trade feud: according to Reuters, the trade war with the United States is “causing rifts” within China’s Communist Party, with some critics saying that China’s overly nationalistic stance “may have hardened the U.S. position.”

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

While China’s President Xi still retains his undisputed grip on power, some have noted an unusual surge of criticism about economic policy and how the government has handled the trade war, revealing “rare cracks in the ruling Communist Party.” Specifically, Reuters notes that the backlash is being felt at the highest levels of the government, hitting a close aide to Xi, his ideology chief and strategist Wang Huning.

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

Naturally, China did not respond to a Reuters request for comment on Wang and his relationship with Xi, or on whether China had erred in its messaging in the trade war. But, in a stark confirmation that the ongoing trade war with the US is taking its toll, there is a growing feeling within the Chinese government that the outlook for China has “become grim”, according to a government policy advisor, following the deterioration in relations between China and the United States over trade.

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

“Many economists and intellectuals are upset about China’s trade war policies,” an academic at a Chinese policy think tank told Reuters, speaking on condition of anonymity due to the sensitivity of the issue. “The overarching view is that China’s current stance has been too hard-line and the leadership has clearly misjudged the situation.”

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

Hu Angang, an economics professor at Tsinghua University and an expert in the field of “Chinese exceptionalism”, is one prominent advocate for the view that China has achieved “comprehensive national power”. However, as the Chinese stock market has tumbled in recent weeks, Hu has faced a public backlash, with critics blaming him for making the United States wary of China by trumpeting and exaggerating its relative economic, technical and military might.

KickThemOut
KickThemOut
2 years ago
Reply to  KickThemOut

Meanwhile, as official media has in recent days been filled with defiant commentary regarding the United States and the trade war, there have been signs of a shift in China’s messaging, demonstrated mainly by Beijing’s downplaying of Made in China 2025, the state-backed industrial policy that is core to Washington’s complaints about the country’s technological ambitions.

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

They’re vermin, not hyenas.

Don’t insult hyenas.

Name
Name
2 years ago

You want reconciliation? Rename Vancouver, says local historian

https://www.news1130.com/2018/08/08/reconciliation-vancouver-name/

“If we want real reconciliation he says cities like Vancouver should be looking at bigger gestures, like perhaps one day renaming the City of Vancouver.”

oh boy, here we go. This movement is picking up momentum now and in a few years this renaming everything by SJWs to pander to the natives will be in full force. I can tell you that with 5 years Stanley Park will have a new native name.

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

In that case, I don’t want reconciliation.

I wan’t everyone to stop whining about past injustices that did not involve them or anyone else alive today.

Some white people did bad things to your great, great grandfather?

Too bad, not my problem. Shut up, I’m not the least bit interested.

And stop passing your never ending sense of victimhood down to your children, idiots!

KickThemOut
KickThemOut
2 years ago

Seems like you are bitching everyday about the injustice of you forever being a basement dweller.

Oracle
Oracle
2 years ago
Reply to  KickThemOut

That is the comment if the day!

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

Space, are any of your fellow locusts still plotting to steal tax dollars from me and my fellow Canadians over that head tax that had zero effect on them?

If so, they can suck my dick.

KickThemOut
KickThemOut
2 years ago

The only way you can possibly get your dick imaginarily sucked? And who is this Space you are talking about? The part between your ears maybe?

Selective Memory
Selective Memory
2 years ago

A large fraction of first nations people alive today went through the residential schools. The last one only closed in 1996. And now you want to blame the victims because the cultural genocide worked so well?

bullwhip29
bullwhip29
2 years ago

Firefighters on drought-stricken Vancouver Island are still scratching their heads over some floating Chinese paper balloon lanterns with an open flame on the inside that were released last week
https://www.cbc.ca/news/canada/british-columbia/it-s-a-big-no-no-floating-lanterns-released-during-vancouver-island-drought-1.4778131

>>> I guess anything goes when trying to get that all important selfie…and like who gives a flying f&*k where it lands and if someone else’s property burns to the ground

Oracle
Oracle
2 years ago
Reply to  bullwhip29

The culture has self-centered individuals. Everything is about me me me and not about those around them.

paulb
paulb
2 years ago

New
217
Price Change
72
Sold
115
TI:12764

http://www.clivestevepaul.com

Screwed
Screwed
2 years ago
Reply to  paulb

Wtf??

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

What’s wrong now?

Screwed
Screwed
2 years ago

“Sold” a picking up

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

Stop torturing yourself by trying to make sense of each and every day’s numbers – use Zolo instead.

Dave
2 years ago
Reply to  Screwed

Anything’s in the 100’s is still a low number for this time of year.

Oracle
Oracle
2 years ago
Reply to  Screwed

Yeah I hear you. Should be at 14,000 now. Just wait a few more weeks. Probably get a 15K party!

Shadow Inventory
Shadow Inventory
2 years ago
Reply to  paulb

Diff. in Inventory = 12764- 12736 = 36
New-Sold = 217 – 115 = 112
The Shadow Inventory increased by 76 today.

BubbleTea
BubbleTea
2 years ago

“All 16,000 Saudi students are ordered to leave Canada immediately.”
Looks like there are going to be a lot of Vacancy in Vancouver very soon.

patriotz
2 years ago
Reply to  BubbleTea

A quick search shows 280 Saudi students at UBC, which is the biggest university in the province.

BubbleTea
BubbleTea
2 years ago
Reply to  patriotz

Heres the link to the article. 15,000 Saudis study in Canada on scholarships and accompanying family members bring the number to 20,000 or more.
https://www.theglobeandmail.com/canada/article-saudi-arabia-to-withdraw-all-saudi-students-studying-at-canadian/

Name
Name
2 years ago

John A. MacDonald statue ‘painful reminder’ of colonialism: Victoria, B.C. mayor

https://www.news1130.com/2018/08/08/john-a-macdonald-statue-painful-reminder-of-colonialism-victoria-b-c-mayor/

“Mayor Lisa Helps says the statue will be taken down so that Indigenous people do not need to walk past the “painful reminder of colonial violence.”

how thoughtful of her (sarcasm)
maybe she should rename the city of Victoria to “Salish City” or some such thing ….

kabloona
kabloona
2 years ago
Reply to  Name

What an idiot….

Get real
Get real
2 years ago
Reply to  kabloona

They should also remove the statue of empress Victoria which is the ultimate symbol of British colonialism. They should also force the Empress hotel to change its name. And no city should be named after a colonial symbol like queen Victoria

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Get real

Yep…here we go…fasten yer seatbelts..

SJW-LibTards on the loose..

This is what is going on in the US..especially the South..history is being purged.
Right or wrong…its part of history. Where do we draw the line…

This is NOTHING more than a communist tactic…right out of the playbook to detach people from culture and their roots. First Nation ass kissing is just an excuse…

Victoria Mayor is up for re-election…

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

Pathetic

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

That means British Columbia will have to be renamed, as well as Vancouver, Prince George, Prince Rupert, Regina, pretty much every street, river, lake, mountain in the country.

It would be much easier to put all the SJW’s into a giant sack and drown them like kittens.

Name
Name
2 years ago

PG city council already renamed Fort George Park to some unpronounceable native name. And they forced it through with any refererendum or consultation with the voters.

patriotz
2 years ago
Reply to  Name

“And they forced it through with any refererendum”

City councils are elected to make decisions. They are not required to have a referendum on anything except borrowing for capital projects. If the voters of PG don’t like the decision they can elect a different council in October.

KickThemOut
KickThemOut
2 years ago
Reply to  Name

unpronounceable only to you

Oracle
Oracle
2 years ago

This land will belong to people from all over the world soon. My only concern is what happens when Asians get the majority? Based on the past, it doesn’t bode well for the white people.

Name
Name
2 years ago
Reply to  Oracle

It doesn’t bode well for you either.

Oracle
Oracle
2 years ago
Reply to  Name

Our family already has feet in two countries. Shit hits the fan here and I just go overseas…have a mansion by Vancouver standards on several acres.

Betcha you didn’t think that.

Name
Name
2 years ago
Reply to  Oracle

Then you should leave now.

Oracle
Oracle
2 years ago
Reply to  Name

Use it as a yearly vacation home. Betch you didn’t know that?

bullwhip29
bullwhip29
2 years ago

The B.C. Securities Commission has ordered Metro Vancouver businessman Paul Se Hui Oei to pay millions in penalties for promoting his political connections to investors before regulators alleged he committed dozens of acts of fraud
https://vancouversun.com/news/local-news/high-profile-b-c-businessman-paul-oei-ordered-to-pay-millions-in-penalties

>>> blah, blah, blah….

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  bullwhip29

Was he wearing an ostrich jacket?

kabloona
kabloona
2 years ago

Ha-Ha!

😀

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

“Before Oei’s sanctioning by regulators, he was a prominent figure in Metro Vancouver, mentioned in both the New York Times and The New Yorker magazine in 2016 stories about wealthy Chinese elites in Vancouver, or “fuerdai,” a term the Times described as “a Mandarin expression, akin to trust-fund kids, that means ‘rich second generation.’”

“For fuerdai seeking to establish themselves in Vancouver,” The New Yorker reported in 2016, “(Oei) is the go-to fixer and an unofficial ambassador.”

So he’s responsible for Vancouver becoming infested with these vermin.

The guy deserves to be put in front of a firing squad. Is he even in jail?

KickThemOut
KickThemOut
2 years ago

Maybe you first.

bullwhip29
bullwhip29
2 years ago

WSJ: The Money Laundering Hub On the U.S. Border? It’s Canada
Strict privacy laws, a reluctance among banks to report suspicious activity and weak regulators contribute to low number of convictions
https://www.wsj.com/articles/canada-comes-under-fire-for-money-laundering-lapses-1533729600

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

By Alistair MacDonald, Paul Vieira and Vipal Monga
Aug. 8, 2018 8:00 a.m. ET
After a Vancouver-based real-estate agent wired almost $240,000 from Canada’s Bank of Montreal to an account in Boston last year, U.S. authorities swooped in.

They arrested Omid Mashinchi and in January charged him with laundering drug money. Mr. Mashinchi pleaded guilty to the charges in late July in federal court in Massachusetts.

The case is one of several recently in which the U.S. has moved on suspicious transactions involving Canadian financial firms or citizens, and comes as Canada’s record of clamping down on money laundering is under fire at home and abroad.

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

When British Columbia’s attorney general, David Eby, was briefed by law-enforcement officials last year on alleged money laundering in his province, the scale of activity described to him “blew my mind,” Mr. Eby said.

Mr. Eby said he was embarrassed to learn that Australian authorities had even dubbed a common tactic among Chinese gangs, in which illicit money is processed through casinos, as “the Vancouver method.”

Canada’s financial-intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, said in a recent report to lawmakers that more than two-thirds of Canadian banks it examined had “significant levels” of noncompliance with anti-money-laundering rules, according to a copy reviewed by The Wall Street Journal.

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

The Royal Canadian Mounted Police estimated in 2011, the latest year for which data is available, that between 5 billion and 15 billion Canadian dollars ($3.8 billion to $11.5 billion) is laundered in the country every year.

Canada has five of the world’s largest 60 banks and is an increasing destination for global capital. So what happens within the country has effects beyond its borders, according to anti-money-laundering specialists and regulators.

Yet critics say the country isn’t doing enough to clamp down.

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

admin not allowing me to post rest of article.

if you google headline and click on link you should be able to get around paywall once or you could print to pdf

KickThemOut
KickThemOut
2 years ago

@Oracle – what happened to that big house you were building with your cousins in Surrey to house the rest of your cousins and their sex slaves?

Oracle
Oracle
2 years ago
Reply to  KickThemOut

Another racist…

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

SIDA is entering a phone booth as we speak..
……..but Clark Kent was there first !!!

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

I’m interested as well

KickThemOut
KickThemOut
2 years ago

I guess China still hasn’t learned how international trade works and how normal civilized countries resolve a dispute.

https://ca.finance.yahoo.com/news/china-slap-additional-tariffs-16-123917642.html

Name
Name
2 years ago

“A Minute with Bill Good” today he’s complaining about the NDP FBT never mentioning that it was his beloved BC Liberals who introduced that tax. He also basically said you can’t keep this market down with a few misdirected taxes and that we need more supply. Then he went on to pump Capital Direct mortgages.

Scorn on Bill Good from me. I really can’t stand that opportunist.

Dave
2 years ago
Reply to  Name

Sounds like he thinks the tax is working.

Name
Name
2 years ago
Reply to  Dave

But he doesn’t think it will keep working ….

Dave
2 years ago
Reply to  Name

It’s sort of a contrary opinion.

Obviously supply is part of the answer. It doesn’t follow that you shouldn’t act on the flood of foreign money coming in. Apples and oranges.

patriotz
2 years ago
Reply to  Dave

“It’s sort of a contrary opinion. ”

More to the point, it’s the position of the RE industry and the BC Liberal Party.

Name
Name
2 years ago

ARKADELPHIA, Ark. – A Chinese company’s announcement two years ago that it would spend more than $1 billion and hire hundreds of workers for a paper mill on the outskirts of this rural college town was seen as a much-needed shot in the arm for the region’s economy.

https://www.news1130.com/2018/08/08/as-trade-battle-rages-an-arkansas-town-waits-and-worries/

more empty promises by chineeze “investors”.

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

Sino- based promises are good as gold…..there is no controversy here.

PS: Dont count your pumpkins until they ripen past then yellow phase.

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

Never trust the chinese. The will lie as much as necessary in order to infiltrate or steal.

Same goes for their immigration applications, riddled with lies and fraudulent documentation

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

Never trust an unemployable racist.

Name
Name
2 years ago

More pumping by Royal LePage

https://www.news1130.com/2018/08/08/boomers-real-estate/

“Boomers don’t want to move but smaller cities and recreational areas will attract more boomer investment than major cities”.
So, isn’t this contradictory?

“many boomers in this province are banking on real estate to fund their retirement.”

Summary:
Boomers kids live at home until 35 years old.
Boomers don’t want to move from the family home.
Boomers are banking on real estate to fund their retirement.
Boomers want to move to smaller cities and recreational areas.

this makes perfect (non)sense to me…

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

It’s not contradictory. Many don’t want to move but some will have no choice. And where there is demand from them (not all are opposed to moving) it won’t be in areas with higher prices.

What’s so difficult to understand?

Oracle
Oracle
2 years ago

When one senior member of a couple dies, that’s when the fun starts.

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

Oracle you really are a loser.

I have a ton of Indian friends and personally don’t fear becoming a minority in Vancouver.

That said, you are nothing like them.

Best place on meth
Best place on meth
2 years ago

Probably because he’s not Indian.

KickThemOut
KickThemOut
2 years ago

One or two Indians who you have to pay $$$ to spend 30 minutes with doesn’t count as friends or a ton.

bullwhip29
bullwhip29
2 years ago
Reply to  Name

RE cartel selects a specific category or region to pump when things are generally quiet. they do it because it works

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

This recreational property mantra is old as dinosaur shite……..Ive noticed this with every boom cycle.

THE TRUTH is people buy that cabin…enjoy it for a few months..then winter hits hard.
Ultimately…as they get older..they realize they are uncomfortably far from required services, and SELL.

ItsFingRediculous
ItsFingRediculous
2 years ago

Yeah lower property taxes at the expense of higher income tax and higher sale taxes. The root cause of housing problem is lower property taxes in metro Vancouver area. Cheap to park money for speculation. No need to downsize even if someone lives in a multi million dollar home and on welfare and other subsidies from govt. It’s time to drastically change the way we are taxed in BC, higher property taxes and lower income tax and sales tax

Dave
2 years ago

The whole tax system needs to be revisited. It’s far too complicated, especially for businesses.

We need to decrease income taxes and business taxes and increase property taxes and sales taxes in my opinion. We shouldn’t be taxing wealth generation and productivity, but rather, we should be taxing consumption. We want to encourage more people to work.

While holding costs of real estate should go up somewhat, I think the other taxes like PTT should be removed. We don’t want people buying homes and borrowing money for 25 years to pay a tax. That’s insane.

paulb
paulb
2 years ago

New
327
Price Change
132
Sold
72
TI:12736

http://www.clivestevepaul.com

franko
franko
2 years ago
Reply to  paulb

Still not sure about where the market is headed Dave?
With price changes almost double of sales, it might be time to lower your stink bids.

Dave
2 years ago
Reply to  franko

A lot of those are relistings of month end expires in the first week.

The market is weak for SFH but it’s still alive for condos. I think things head down overall but not so far that I’m scared to buy.

Oracle
Oracle
2 years ago
Reply to  Dave

I think you’re ahead of the curve here as well Dave. I’m going to try to get into your mindset and get my feet wet.

If the referedum fails, at least I can jump in the next day without having to plan.

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

I’m going to try and forget the creepiness of you getting your feet wet in his mindset.

No luck so far.

Dave
2 years ago
Reply to  Oracle

It is passes, I wouldn’t rush at all. It will be a slow motion train wreck for the next decade. Ten years out is the time to buy once we restore the current system.

If it fails, I don’t think it’s a big rush either as there will be a Spring election with a likely NDP majority. While it won’t be a bull market, there will at least be some certainty.

Oracle
Oracle
2 years ago
Reply to  Dave

If NDP get a majority, they won’t do anything on housing because so many MLAs and their families are invested on multiple real estate.

Oracle
Oracle
2 years ago
Reply to  Oracle

They’ll just tax workers more.

Dave
2 years ago
Reply to  Oracle

I sort of agree. I think an NDP majority will bring some certainty back to the economy, which means housing will be steady and predictable. IMO… that’s the best outcome for this housing mess. Nobody should wish for the armageddon scenario that PR would bring us. A lot of people who want to buy won’t be able to in that scenario.

oopswediditagain
oopswediditagain
2 years ago
Reply to  Dave

http://vancitycondoguide.com/vancouver-condo-sales-july/

Vancouver Condo Sales Drop 22% Year over Year In July

Shadow Inventory
Shadow Inventory
2 years ago
Reply to  paulb

Diff. in Inventory = 12736- 12612 = 124
New-Sold = 327 – 72 = 255
So what happened to the 131 missing listings?

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

Expired.

yvr2zrh
2 years ago
Reply to  paulb

Comparative prior year
Sold – 183
Inventory +60 (This year is +124).

I think we may see a good sales day today. Sometimes when the listings are very high, it seems to almost overwhelm the board and they don’t get the sales entered – so the sales then come the next day. Either way, market is bad – – it has been really bad for 3 months and it has not shown any sign of a slight uptick.

Also – back in town for a bit – including family reunion – interesting to hear all the chatter – – will write something later but the short version is that everyone things market is bad and prices will fall now – most agents are telling buying clients to wait.

Oracle
Oracle
2 years ago

Just curious if there is anyone older than me here. Let’s here it guys tobget perspective.

37 and will have to buy soon. That’s why the pressure on NDP.

Only way to have it paid off by 62 with 25 yr amortization. Otherwise who wants to pay mortgage after retiring. I only have a one or two year window. That’s why so mean and demanding here.

Let’s hear others situation.

Name
Name
2 years ago
Reply to  Oracle

You should buy right now because you will be competing with all those 100,000’s of indians immigrating here who will drive up Surrey prices.

Oracle
Oracle
2 years ago
Reply to  Name

I will if the referendum fails. I think many people waiting for that.

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

Great, now I know how to vote.

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

Why do you “have to” buy?

Methinks you’re full of shit. Once again.

Oracle
Oracle
2 years ago

Because I believe rents will continue to go up. That’s why.

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

Sounds like a choice to me.

Doomcouver
Doomcouver
2 years ago
Reply to  Oracle

When you’re stuck between a rock and a hard place, the solution isn’t to start eating gravel. If rents become too unaffordable, the solution is to move away. I do not see rents getting much higher however because unlike housing there are no “speculative renters”. The prices are completely driven by real people with real wages.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Prices are driven by what foreigners are willing to pay. 8 foreign students to an apartment or 1 rich kid buying a mansion. It’s all happening.

Look at Vancouver. Rents outpacing wages so that businesses have to close.

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

Foreigners and foreign money are a drop in the ocean compared to greedy locals who expect unlimited price appreciation. We have data.

Oracle
Oracle
2 years ago

Your friendly NDP putting up photo radar at all camera intersections to grab money out of you.

Why not ban foreign drivers licence holders instead???

And once these fake drivers with bought licences hits you, you only can claim $6000.

Your friendly scamming NDP.

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

How will they be grabbing money from you if you’re not speeding through an intersection?

Oracle
Oracle
2 years ago

I think first step should have been taking away the right to drive with foreign drivers licences from Asia and South Asia.

Oracle
Oracle
2 years ago
Reply to  Oracle

And maybe they should lower speed limit in Richmond to 25km/hr. yes SIDA?? Then catch these guys via photo radar. Yeah??

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

What on earth are you trying to say? You’re making less and less sense recently.

Dave
2 years ago
Reply to  Oracle

This NDP government is starting to feel a lot like the last one.

Oracle
Oracle
2 years ago
Reply to  Dave

I voted for these guys and no way these guys last. No possible way. They will totally fuck up the referendum as well. Not happy with the Greens either. This GreeNDP accomplished shit. Just raising taxes.

Name
Name
2 years ago
Reply to  Oracle

These are red light cameras not photo radar cameras and they were installed by the BC Liberals.

Name
Name
2 years ago

Chilliwack nail salon locks in customer who wouldn’t pay:

https://globalnews.ca/news/4373677/chilliwack-nail-salon-customer-locked-in/?utm_source=Article&utm_medium=MostPopular&utm_campaign=2014

this azian nail salon locks a customer in who wanted to pay half the bill due to shoddy workmanship. We are talking $38 dollars here. Is $38 so important to the chineeze that they resort to this type of behaviour?

Oracle
Oracle
2 years ago
Reply to  Name

I’ve given up. Canadians will have lost all this land within 50 years without a shot being fired. Hahaha

bullwhip29
bullwhip29
2 years ago
Reply to  Oracle

in case you forgot, it is happening everywhere…

Botched eyebrow job leads to wild nail salon brawl
https://nypost.com/2018/08/06/botched-eyebrow-job-leads-to-wild-nail-salon-brawl/

bullwhip29
bullwhip29
2 years ago

A black man was denied accommodation from a Richmond Airbnb host, who has since been removed from the company’s website following a complaint
https://www.richmond-news.com/news/black-man-denied-by-richmond-airbnb-host-guest-1.23392261

the host, who appears to be of Asian ethnicity, wrote in an online message “Is he black?”

“She said, ‘there’s no blacks allowed in the building, please cancel your reservation,’”

the host, Grace, then backtracked on her statement and in a subsequent online message to Van Hoepen, she tried to explain that a black man in the building would tip neighbours off to her apparently illegal Airbnb listing

…those Crazy Rich Asians and their never-ending cheating, lying and sketchy antics…

Name
Name
2 years ago
Reply to  bullwhip29

It is well known that azians are extremely racist against blacks.

Oracle
Oracle
2 years ago
Reply to  Name

Extremely racists towards blacks. The full sun shades they wear; here is the real reason:

SJW and lefties think they are trying to protect themselves from skin cancer. Hahaha.

Real reason is the fairer skin you have, the higher the status.

Same with the breathing masks. They are trying to prevent themselves getting sick. Hahaha

bullwhip29
bullwhip29
2 years ago
Reply to  Oracle
Hyper-mega-Bull
Hyper-mega-Bull
2 years ago
Reply to  bullwhip29

Vancouver police issue photo of suspect in masked sex assaults December 8, 2017
In both incidents, the suspect is described as an Asian man who wore a surgical mask over his face.

Masked man seen running at assault victim in attack on camera in Surrey November 29, 2017
The male suspect is described as Asian and about 5-9 with a slim to medium build. He has short black hair that was spiked at the front, and was wearing dark clothing and black-framed glasses. He was also wearing a white mask, and may have been carrying a backpack.

Suspect in surgical mask stumps Richmond RCMP APRIL 27, 2018
The suspect could be described as:
Male, possibly of Asian descent
Thin build