Friday free-for-all! September 28th 2018

It’s Friday and that means it’s free for all time!

This is our regular end of the week open topic thread.

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below to let us know and have an excellent weekend!

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Canada is for Canadians
Guest
Canada is for Canadians
Auto tariffs would put central bank ‘between a rock and a hard place’: Poloz Terry Pedwell, The Canadian Press, at 20:09 on September 27, 2018 OTTAWA – Introducing auto tariffs into the Canada-U.S. trading system would put the Bank of Canada “between a rock and a hard place” when it comes to adjusting interest rates, bank governor Stephen Poloz told a business audience in Moncton, N.B., Thursday. “(It’s) the worst place for a central bank to be,” Poloz said when asked his thoughts about how the outcome of the negotiations for a new North American Free Trade Agreement could affect monetary policy. The bank governor said uncertainty over NAFTA has resulted in less business investment in Canada than there otherwise should be. “So you get NAFTA signed, then investment should pick up,” he said. But if the trade deal that… Read more »
southseacompany
Member
southseacompany

“New interactive website shows prices homes sold for in Metro Vancouver”, Daily Hive

http://dailyhive.com/vancouver/zealty-interactive-real-estate-map-canada-bc

“A new interactive map on Holywell Properties’ Zealty website shows MLS sold prices soon after they are provided to the real estate board.”

M-
Member

I signed up this morning, and got caught up on all the sales data in my neighbourhood that I hadn’t tracked before!

I sold my condo a few months ago, and I found out that a (better) unit in my building just sold for 17% less per sq.ft than I sold for!

bullwhip29
Guest
bullwhip29

Real Estate Council of BC finds North Vancouver realtor guilty of unprofessional conduct when he used fake offer from “asian buyer” with last name “Huang” when no such client existed
https://www.richmond-news.com/north-vancouver-realtor-found-guilty-of-unprofessional-conduct-1.23445018

Time to go
Guest
Time to go

Hope this manages to stay up. Some good info on there for us non-realtors. Can’t imagine it’ll last long though.

Time to go
Guest
Time to go

Wrong post to reply to. Meant the “interactive website” post by southseacompany.

Doomcouver
Guest
Doomcouver

Makes you wonder how many other realtors use fake shill offers on houses to fake a bidding war and never get caught. I bet it’s a lot.

Canada is for Canadians
Guest
Canada is for Canadians

This happened back in October 2013. The wheels of justice at the Real Estate Council of BC turn slowly.

bullwhip29
Guest
bullwhip29

One of L.A.’s most famous real estate brokerages is opening up shop in Victoria, hoping to draw big money clients to Vancouver Island
https://www.cheknews.ca/famous-l-a-real-estate-firm-wants-to-draw-big-money-to-vancouver-island-493582/

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

But get ready for more glitz and glamour. As The Agency expands, Binab says Vancouver, Whistler and the Okanagan are next.

Just more REALTORS chasing the same declining dollars. I would say these guys are 3 years late to the party.

Canada is for Canadians
Guest
Canada is for Canadians
Canada’s housing affordability has reached the worst level in 28 years: RBC The Canadian Press, at 12:09 on September 28, 2018 TORONTO – A new RBC report says Canada’s housing affordability has reached its worst level in 28 years and is bound to deteriorate even further. Economists from the bank say the share of income a household would need to cover ownership costs hit 53.9 per cent in the second quarter of 2018. They say the cost of owning a home in the country hasn’t been this bad since 1990, when the share of income a household would need to cover ownership costs was 56 per cent. The economists say nation-wide affordability is being dragged down by the Vancouver, Toronto and Victoria markets, where affordability has hit 88.4, 75.9 and 65 per cent respectively. They say the lack of affordability… Read more »
Doomcouver
Guest
Doomcouver

Household incomes will only continue to increase as the housing bubble does. As soon as there’s a material correction, household incomes will plummet, and the self-feeding spiral of death for our real estate market will be in full effect.

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

What does household income have to do with property prices?

Simple Solution
Member
Simple Solution

you mean what does REPORTED household income have to do with prices…

Doomcouver
Guest
Doomcouver

A hot housing market means lots of jobs for the real estate sector. 20% of Canada’s GDP is from real estate. If you kill real estate, you kill jobs and depress wages.

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

There are Statscan numbers which show historical employment breakdown by sector. Basically we’re at record highs for construction in B.C.

Oracle
Guest
Oracle

Exacatly. Not worker can afford to buy in metro anyways.

don
Guest
don

On the flip-side is RBC saying that the lower interest rates of the past resulted in more affordable housing?

Doomcouver
Guest
Doomcouver
Hyper-mega-Bull
Member
Hyper-mega-Bull

omg! a 2 year bull run! that’s astounding.

Doomcouver
Guest
Doomcouver

You’re right this could just be a pause before it becomes even more expensive. But Hong Kong is a property market to watch as it’s the most overheated in the world and would likely have a massive effect on Chinese investor sentiment if there’s a material correction.

southseacompany
Member
southseacompany

Headline gets it right: “Toronto, Vancouver among biggest property bubbles in the world, UBS says” CBC

https://www.cbc.ca/news/business/toronto-vancouver-housing-bubble-1.4842272

“Swiss investment bank UBS has deemed Toronto and Vancouver to have among the world’s biggest housing bubbles, with mispricing that’s even more pronounced than it is in expensive cities like Paris and San Francisco.”

Laibach
Member
Laibach

Apparently, Vancouver and Toronto are inhabited by the greediest, craziest, most-obsessed real estate idiots in the world and the whole situation has nothing to do with wide-open, no questions asked access to these markets provided to foreign “investors”, students, homemakers, parents, launderers, stashers, cheaters, scumbags, speculators, etc.

patriotz
Member

“Apparently, Vancouver and Toronto are inhabited by the greediest, craziest, most-obsessed real estate idiots in the world”

You got that part right. As for the other part, those two markets are actually are the least accessible to foreign buyers in Canada, since they have a foreign buyer’s tax.

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

Nasty foreigners not only bought every property with dirty cash but they also managed to make the locals heavily indebted at the same time. The scoundrels!

Best place on meth
Member
Best place on meth

You always take the bait, moron.

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

It’s not bait, it’s the opinion of an idiot racist.

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

What does UBS know?

Our local real estate associations say exactly the opposite. Clearly UBS is conflicted and it is affecting their advice.

BubbleTea
Guest
BubbleTea

20 times median household income, making the city (Vancouver) the most unaffordable market in North America.
https://www.bloomberg.com/news/articles/2018-09-27/british-columbia-cracks-down-on-dirty-money-in-real-estate

Doomcouver
Guest
Doomcouver

The quickly increasing toxicity in government policy towards speculative and/or illegal activity in the housing market could definitely form a larger sentiment shift of investors. We’ll see how it plays out, but it could be a case of “be careful what you wish for” as government policies could finally turn the tide in favor of affordability and completely tank the economy and drain government revenue derived from housing activity.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Fifty-five violation tickets for distracted driving were issued by Richmond RCMP during the space of a few hours in the city centre last week
https://www.richmond-news.com/news/richmond-mounties-nab-55-drivers-for-distracted-offences-1.23445920

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

I think this would be any intersection in the lower mainland. At the next stoplight look at how many people are texting. I’d say 1 in 3.

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

Right. You can even see people texting while cycling in Vancouver. But bullwhip wants to pretend this is limited to Richmond and therefore imply that this is an “imported” problem.

Oracle
Guest
Oracle

It is. People from third world countries accept a culture where exploiting anything is considered ‘smart’ if you can get away with it.

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

The people I see texting while riding are man-bun hipsters.

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

How can you see them from your computer in China?

Best place on meth
Member
Best place on meth

He has a birds eye view of drivers from his seat on the B line.

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

Every thousandth post my leaders reward me with a free return ticket.

bullwhip29
Guest
bullwhip29

A number of West Vancouver high school students who live on Bowen Island were left high and dry recently after B.C. Ferries refused to let them walk on to the 7:30 a.m. vessel, telling students it was full
https://www.vancourier.com/bowen-students-left-high-and-dry-by-ferry-overloads-1.23445245

>>> with foreign students, tourists and investors arriving here by the plane loads on a daily basis this is no surprise.

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

Is there anything you won’t try to blame foreigners for? You think a 7.30am ferry from Bowen on a week day is full of tourists and RE speculators and not commuters?

You’re a have-not because of you, and you alone – not because of some foreign boogeyman.

Oracle
Guest
Oracle

Why do you always defend one nationality?

There are others too you know.

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

Nobody mentioned any specific nationality. Duh.

southseacompany
Member
southseacompany

“Home sellers trim prices as Hong Kong’s decade of cheap money ends with higher interest rates”, South China Morning Post

https://www.scmp.com/business/banking-finance/article/2165899/hong-kong-raises-base-lending-rate-striking-final-nail-more

“Some Hong Kong homeowners are discounting the prices of their lived-in flats by up to 16 per cent in the secondary sales market, hours after 11 of the city’s banks raised their lending rates for the first time in more than a decade.”

southseacompany
Member
southseacompany

“Another Recession Is Looming”, Wall Street Journal

https://www.wsj.com/articles/another-recession-is-looming-1538088367

“Ten years after the Great Recession’s onset, another long, deep downturn may soon roil the U.S. economy. The high level of asset prices today mirrors the earlier trend in house prices that preceded the 2008 crash; both mispricings reflect long periods of very low real interest rates caused by Federal Reserve policy. Now that interest rates are rising, equity prices will fall, dragging down household wealth, consumer spending and economic activity.”

Laibach
Member
Laibach

Cost of owning a home in Toronto, Vancouver ‘off the charts’ — and likely to get worse, warns RBC

https://business.financialpost.com/real-estate/cost-of-owning-a-home-in-toronto-vancouver-off-the-charts-and-likely-to-get-worse-warns-rbc

Doomcouver
Guest
Doomcouver

You should get a mortgage now before things get even more unaffordable. — RBC Shill

paulb
Member

New
153
Price Change
96
Sold
77
TI:13766

http://www.clivestevepaul.com

southseacompany
Member
southseacompany

“U.S. central bank chief issues warning on Canadian housing without even realizing it: Don Pittis”, CBC

https://www.cbc.ca/news/business/fed-interest-rates-1.4839094

“”Really, what hurts is if consumers are borrowing heavily and doing so … against an asset that can fall in value,” he said. “That’s a really serious matter, when you have a housing bubble and highly leveraged consumers and housing values fall.”

Canada is for Canadians
Guest
Canada is for Canadians
Oracle
Guest
Oracle

This story is off he mark.

Those ballots they are buying are for the Referendum. Not the civic election.

The NDP wanted it this way. They want big money to buy so PR fails.

They could have had a one day vote. PR is that important. But nope.

Ok minions. Get back to jumping up and down at the sound of hearing NDP.

And PS: immigrants culture will exploit laws. They think they are smart doing it. Keep immigration at record levels and see what happens.

Canada is for Canadians
Guest
Canada is for Canadians
YVR
Guest
YVR

David Eby, Perter German and Larry Campbell all complicit in money laundering cover up under the NDP.

“Documents allege complicity in money laundering in major investigation of River Rock Casino”

German and B.C.’s Ministry of the Attorney General have not responded to requests for comment about the perception of Alderson and other BCLC employees, that say they believe German’s report “minimized” actions by staff at River Rock Casino.

https://globalnews.ca/news/4491774/exclusive-documents-allege-complicity-in-money-laundering-in-major-investigation-of-river-rock-casino/

Oracle
Guest
Oracle

Not surprised. They haven’t even closed the Bare Trusts for example.

Corrupt.

If only the dumb NDP followers would see this and pressure heir MLAs. But nope. The minions jump up and down.

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

Bingogate 2.0?

YVR
Guest
YVR

NDP’s new Residential Tenancy Act regulations in action. Long term tenants get kicked out and get right of first refusal to come back in 2.5 years at new “market rents”. Lucky them.

“Renovation evictions at an aging Vancouver West End rental tower sparks controversy”

Once the comprehensive reconstruction project is finished, tenants have the first right of refusal and may come back at market rents, as per new rules introduced by the provincial government in the Residential Tenancy Act.”

http://dailyhive.com/vancouver/the-berkeley-tower-renovations-evictions-1770-davie-street-vancouver

KickThemOut
Member
KickThemOut

Because giving no incentive for landlords to do maintenance and tear down the building once it’s no longer habitable is so much better for the tenants?

YVR
Guest
YVR

PR looking less likely. Looks lie the honey moon is over on the GreenDP.

“Will leaders debate with poll showing a ‘souring’ on electoral reform?”

The findings of the new poll do suggest that concerns about minority governments are the biggest reservation that voters have about proportional representation… the current dead heat is a sign of the public souring on the novelty of the NDP-Green partnership… Almost half (48 per cent) of those polled agreed with the statement: “I don’t like the idea of B.C. having more minority and/or coalition governments.”

https://vancouversun.com/opinion/columnists/vaughn-palmer-will-leaders-debate-with-poll-showing-a-souring-on-electoral-reform

Oracle
Guest
Oracle

Betting odds are 75% chance of it failing. I’ve always maintained hats what the NDP wanted. Otherwise would lose seats.

Greens okay with that. Who know what was signed off to weaver.

And both agreed early on to protect their equity in their investment homes.

Dave
Member

The NDP definitely loses power under PR. Sounds like a good deal on the surface when you’ve been out of power or so long, but when you play it out, you’re actually giving up power.

Best place on meth
Member
Best place on meth

NDP would be giving up absolute power which they rarely get, in exchange for shared power forever where they are likely going to be the leading party of a coalition.

Seems like a reasonable strategy.

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

The Liberals will always get more total votes than the NDP.

An attempt to bar them from power by forming a GNDP alliance will not sit well with the voters and is another reason why PR is a bad fit for BC.

Oracle
Guest
Oracle

Your thinking is flawed.

If the Greens had no effect on the NDP now, what makes you think that the NDP wants them to hold more clout and take away the NDP powers?

NDP hoping for a failure. Weaver given goodies.

Minions confused.

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

Where are those betting odds liar?

Can I place a wager somewhere?

Best place on meth
Member
Best place on meth

This month’s edition of David Eby’s newsletter, “Where’s Eby?”

http://davidebymla.ca/in-the-community/newsletter-archive/?mc_cid=0a126e2f8c&mc_eid=e46d1d4b50

YVR
Guest
YVR

Lets summarize:

– Money Laundering – Peter German (corrupt) conduct an investigation (more studies, no action, cover up & no arrests like the casinos)
– For housing supply issue – 2,000 modular housing units planned (wow 2000 units planned, only 118,000 to go!)
– Human Rights Commission to advocate for and protect a diverse and tolerant community in our province (LOL)
– Our new budget has increased BC’s carbon tax (great, more taxes that will do nothing to stop climate change)
– ICBC – reform car insurance policy (increasing rates, cutting coverage and not addressing what is the root causes)

TrollerOfTrolls
Guest
TrollerOfTrolls

The root cause of ICBC’s financial hole is from the Christy Clark Liberal government trying to cover up their over spending by stripping working capital from ICBC and BC Hydro and replacing that hole with debt. We went from income generating capital to blood sucking debt for our 2 largest crown corporations because Christy needed to pretend that our economy was healthy. The root cause of ICBC’s problem (Liberals led by Christy) has been removed but we now have to pay back the debt she left us with and build a capital surplus again to get the insurance business working properly again.

YVR, people see through you and your agenda. You’ve been warned

Oracle
Guest
Oracle

You seriously don’t believe the shit you just wrote. Do you?

Just having icbc rate increases front and centre means the referendum fails.

And an election called. All because dumb idiots can’t see but blindly cheer the NDP.

TrollerOfTrolls
Guest
TrollerOfTrolls

Just bring back the Liberals who put us in this position, they’ll know how to fix it… Oracle, am I doing this right?

Best place on meth
Member
Best place on meth

Christy should be put in front of a firing squad for what she did to this province, as should Coleman.

The pillage of ICBC is treason.

Oracle
Guest
Oracle

After this winter, year 3 of NDP just around the corner.

All they have done is talk.

TrollerOfTrolls
Guest
TrollerOfTrolls
YVR and Oracle are totally right. I have seen the light. We should dismantle this GreenDP alliance and get the Liberals back in. I don’t like how the NDP keep investigating money laundering and making it public. Remember the old days when the Libs would block any investigation and call you a racist if you asked any questions about money laundering?? How can we fix ICBC after the Liberals raped and pillaged ICBC capital reserves? Put the people who did it back in charge!! They know exactly where they blew the money so they should be able to get the $1 billion back and fill the giant hole they dug. YVR and Oracle, thanks for making me see the light. I’ve been reading your post for years but it took my small little brain this long to realize that you… Read more »
MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Well at least you have now seen the light.

I guess you remember the 1990’s under the NDP. This bunch is 2.0 and are following the playbook exactly:

Pay back union buddies with union only public service contracts that cost taxpayers 20-30% more.

Increase taxes on evil corporations.

Download MSP to evil corporations (see above) and tell taxpsyers you are cutting their cost of living and saving them money. (Do not reveal this is a lie)

Increase taxes on the “rich” bring our marginal tax rate to nearly 50% – but keep increasing until we are 55% (right at the rate when the Gordon Campbell Liberals handed us the worst wipeout in BC history)

Go back to angry opposition for 15 years.

In the year 2033 hope to steal power like we did in 2016.

What could go wrong?

#NDPcouldnotrunalemonaudestanf

TrollerOfTrolls
Guest
TrollerOfTrolls

That’s it!!!! You’re right!!!

We need go full tax haven! We have one of the lowest corporate tax rates in the developed world on top of tax credits and deductions for taking a shit in a toilet on our soil but you’re right!!! It’s not enough!

Let’s go full reta… tax haven. Full tax haven!!!

#YVRFullTaxHaven

Let’s get it trending!!!!

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

They’ll be back before you know it. Once the NDP raises taxes 11 more times and gets thrown out for 15 more years.

Oracle
Guest
Oracle

Dumb thinking.

Just because someone points out the failings of the NDP, you think they are Lib supporters???

FFS get an IQ boost.

YVR
Guest
YVR

Christy Clark is long gone. Under the NDP we now have the highest insurance rates in the country and they are about to go higher. Meanwhile for these higher rates we get less coverage, caps on injury claims and restrictions on who can drive your car and other additional fees coming. Typical NDP. Pay more, get less. If that is what you like then enjoy.

TrollerOfTrolls
Guest
TrollerOfTrolls

Christy and the Libs stole $1 billion from ICBC?!!!!!?! And then they blew the money!! And now you’re trying to pin this on the NDP because they’ve been left with this hole they have to fill.

This is all a part of your agenda YVR, trying to spin this as the NDP’s fault and that they have to fill the $1 billion hole in 1 year. I don’t know if you’re just 1 demented person or a bunch of real estate moles posting on this as “YVR” but we see through your techniques of propaganda; bandwagoning, glittering generalities, big lies, gaslighting.

You and Oracle are very skilled at this, so bravo. It’s strange that you two get louder the more the market turns.

But we see through your lies now…

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

Troller of Trolls are you a long time listener, first time caller?

Where did you come from? You seem to have strong opinions on long time posters.

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

Blew the money? It was added to general revenue.

Oracle
Guest
Oracle

There is an annual deficit of $1 billion now.

If they stole $1 billion. That was last year. What about this year’s Billion?

Try to keep up in math.

joey
Guest
joey

https://www.huffingtonpost.ca/2018/09/05/vancouver-real-estate-correction_a_23518030/

But some real estate insiders in B.C. say there are segments of the market where things are considerably worse than the real estate board’s data suggest.

Realtor Ian Watt used independent figures from data-mining company SnapStats to determine that detached homes on Vancouver’s pricey west side have fallen by 26 per cent in the past year, to a median of $2.8 million, from $3.8 million a year ago.

In West Vancouver, detached house prices are down 30 per cent over the past year, to $2.5 million from a median of $3.6 million.

southseacompany
Member
southseacompany

“Toronto, Vancouver Have World’s 3rd And 4th Largest Housing Bubbles: UBS”, Huffington Post
https://www.huffingtonpost.ca/2018/09/29/toronto-vancouver-have-world-s-3rd-and-4th-largest-housing-bubbles-ubs_a_23544956/?utm_hp_ref=ca-homepage

“And it offers a warning: The biggest killer of housing bubbles is now on the prowl. Historically, investors have had to be alert to rising interest rates, which have served as the main trigger of corrections. Most such downdrafts in the past 40 years have been preceded by an increase in rates,” UBS noted.”

“That’s a far cry from the recently optimistic sounds coming from Canadian real estate insiders, many of whom are pointing to the upturn in Toronto home sales in the past few months as a sign that worst is over. In reports this week, Re/Max and Sotheby’s both declared the city’s housing market is returning to growth.”

xyz
Guest
xyz

Foreign buyers to be targeted by stamp duty hike, Theresa May announces

https://www.telegraph.co.uk/news/2018/09/29/foreign-buyers-targeted-stamp-duty-hiketheresa-may-announces/

Best place on meth
Member
Best place on meth

“The Prime Minister will announce plans to levy a new stamp duty of up to three per cent on individuals and companies not paying tax in this country.”

3 percent? Really?

Doomcouver
Guest
Doomcouver

3 percent sounds more like the government wanting a cut than actually wanting to stop foreign speculators. Better than nothing though I guess…

Dave
Member

One time or per year?

patriotz
Member

“One time or per year?”

One time. Stamp Duty is the UK name for PTT. Laughably low IMHO.

https://www.gov.uk/stamp-duty-land-tax

xyz
Guest
xyz

my best guess is that they might want to see how the market reacts initially……after all, they can always adjust accordingly