Happy Fall!

It’s getting to be that time of the year again… the air is getting cooler, the leaves are starting to turn and the listing numbers are blooming.

New
498
Price Change
155
Sold
53
TI:12439

Thanks to paulb for the numbers!

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Best place on meth
Member
Best place on meth

This needs to be on top:

paulb

New
498
Price Change
155
Sold
53
TI:12439

http://www.clivestevepaul.com

Screwed
Guest
Screwed

The inventory still decreasing… why?

Specuskeptic
Member

Month-end expiries.

Specuskeptic
Member

That new listing number is a bit, um, high….. Interesting as a one-off.

franko
Member
franko

Awesome numbers!

Oracle
Guest
Oracle

That damn Oracle guy is such a idiot! How dare he call the top in inventory a few weeks back. How dare he thinks he knows.

Youre welcome folks.

And I figured out why valley prices rent falling as fast as Vancouver prices. I’ll post that in a few days.

YVR
Guest
YVR

Wow are we at 12k inventory in September! Never thought we would see such massive inventory number. Anyone remember when the last time we had 12k inventory? Surely this must mean the NDP are doing a great job.

Oracle
Guest
Oracle

Hahaha. Please stop.

I’m torn whether to vote yes or no in the PR referendum. I want to punish the liars in power right now with a NO but that also means no hope for a new party to rise and get 5% of the vote. .

Bag it and tag it
Member
Bag it and tag it

Love the double entendre ‘Happy Fall’ headline.

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

It’s also doubly ironic because fall doesnt actually begin for another couple of weeks and people here have a rich history of calling the start of price drops prematurely.

Best place on meth
Member
Best place on meth

Chinese Tax Authorities Join Hunt for $21 Trillion in Overseas Assets
The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the frozen accounts belong to Chinese residents, warns that more account freezes are coming and that in September, the Australian and New Zealand governments will begin sharing information with China’s tax department.

http://investinginchinesestocks.blogspot.com/2018/09/chinese-tax-authorities-join-hunt-for.html

AUS and NZ are just the first stops, they’ll come looking in Vancouver in short order.

Looks like china needs money thanks to Trump’s trade war.

YVR
Guest
YVR

“Chinese Tax Authorities Join Hunt for $21 Trillion in Overseas Assets…Australian and New Zealand governments will begin sharing information with China’s tax department.”

Where is Eby! Too busy counting $20 bills at Riverrock.

Oracle
Guest
Oracle

This NDP just as bad as the Liberals. All talk and smoke and mirrors.

They won’t even close Bare Trusts!

Bag it and tag it
Member
Bag it and tag it

Pretty sure this is something that could only be done at the Federal level. Where’s Boy Blunder?

M-
Member

Do you mean Mr. Dress-Up? I’m sure he’s out partying somewhere.

Ron K
Guest
Ron K

(August 31, 2018)

Maxime Bernier: Why my new political movement? Because Canada has been hijacked

https://nationalpost.com/opinion/maxime-bernier-why-my-new-political-movement-because-canada-has-been-hijacked

Oracle
Guest
Oracle

Hopefully he wins for the sake of our nation. We must mobilize.

Oracle
Guest
Oracle

The local Chinese community went ALL SALT at a local Surrey No Frills store. Corn was $0.14 racha and they went bonkers. Pushing to get the corn. Road Salt 2.0.

Video making rounds on WhatsApp.

Comments SIDA?

I was expecting Indians but Damn Chinese in an Indian hood going beserk hahahah

Ralph
Guest
Ralph

Surrey is becoming China. You will have competition over there.

Bag it and tag it
Member
Bag it and tag it

Chinese don’t like Indians and Indians don’t like Chinese…

Hyper-mega-Bull
Member
Hyper-mega-Bull
Shut It Down Already (original)
Guest
Shut It Down Already (original)

Where’s the fighting exactly?

Ralph
Guest
Ralph

Latest real estate numbers are out:

Condo prices are UP 10% YoY and also 1% MoM.

WTF NDP what are you doing???

Dave
Member

Condos are down MoM. That’s positive news for bears because that market has finally turned the corner. The big question now is how far it goes.

My expectation is that we trend downwards slowly. There isn’t any panic or fear out there yet. We’re barely into the worry stage. Sales are dead and that’s not going to change anytime soon. It’s the listings that matter now. Until we see a flood of listings, I don’t think we’re going to get the level of fear needed for a significant correction.

In some ways it’s hard to blame the NDP for higher YoY prices. They killed demand which is the only thing they could really affect in the short run. They don’t have much control over supply.

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

Low sales makes sales mix even more prominent in the averages. Who knows at this point if the market is in decline (as in similar properties now selling for less than they did a year ago) or if the mix has changed.

Although if you separate out 1 and 2 bedroom condos as well as 2 and 3 bedroom townhouses (ignoring the studios, 3 bed condos and 1 or 4 bed townhouses) then Zolo also indicates a clear downwards trend over the past 6 months. MOI is hardly in bear territory, however.

M-
Member
I sold my place recently (an above-average condo in Richmond), and now a better unit in my building has had to drop their asking price (per sq.ft) to what my sale price was in the spring. Other condos in my neighbourhood have dropped their asking prices to below what comparable units were selling for earlier this year. So from my perspective in Richmond, comparable condos are definitely down from the spring. There’s also a change in the sales mix, with the higher-end condo sales having slowed almost to a halt, and with developer-owned presale units in my area dropping their price-per-sq.ft to very close to the asking prices of resale condos. Presale assignment sales, on the other hand, are still asking crazy prices, and I haven’t seen a single assignment in my neighbourhood sell in the last 6 months.
Ralph
Guest
Ralph

Metro Vancouver sees house prices edge lower for 2 straight months

https://www.citynews1130.com/2018/09/05/metro-vancouver-house-prices/

Detached home prices fell 2.8 per cent since May to $1,561,000, which is also down 3.1 per cent compared to the previous August.
Attached home prices fell 0.8 per cent to $846,100 since May, but rose 7.9 per cent compared to August 2017.
Condominium prices also dropped since May by 1.6 per cent to $695,500 — up 10.3 per cent from the same time last year.

Shadow Inventory
Guest
Shadow Inventory
Simple Solution
Member
Simple Solution

No wonder the city cant shut this down…the people running them are so sneaky and know how to hide…

Maybe expanding the communication staff at COV will help combat this!

Stand up for Canada
Guest
Stand up for Canada

https://www.zolo.ca/vancouver-real-estate/7818-main-street

East side bungalows listing under 800k. Assessed 1.5m. Half off. Will there be a bidding war? How much is this house really worth? With such low volumes who knows? Take a blind stab at throwing 800k-1m plus at this house.

xhistory
Guest
xhistory

Probably worth more if the grass was green

Burt
Guest
Burt

That’s not a bungalow. Its a 1/2 duplex.

Burp
Guest
Burp

Look again.

Stand up for Canada
Guest
Stand up for Canada

Doesn’t change the fact that it’s half off assessed.

Burp
Guest
Burp

Assessment means nothing.

Oracle
Guest
Oracle

That’s cash money laundering if you haven’t figured it out yet.

Best place on meth
Member
Best place on meth

But it hasn’t sold yet so no cash has exchanged hands.

You keep repeating this blatant error, fake news guy.

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

7820, the other side of the duplex, was also listed until a week ago (R2301351). That address doesn’t show up on the BC Assessment website, but the house number is clearly visible in the photos that are on 7818’s listing.

So I’m going to make a bold guess that the original property was only recently split in half and the assessed value was for the whole.

Either way there’s something weird about this which demonstrates once again how futile cherry-picking examples is. No need to get so excited.

Laibach
Member
Laibach

Vancouver Real Estate Is Starting To Look Like A Disaster (even with prices going up)

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

Oracle
Guest
Oracle

For fuck sakes. Prices is what matters.

Bag it and tag it
Member
Bag it and tag it
MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

He’s raised $90k and he’s bragging about it.

He’s a lightweight who has no chance of winning more than his own seat (if that)

He can however, hand the election to Mr. Dress up but siphioning votes away from the Conservatives.

Bag it and tag it
Member
Bag it and tag it

Change doesn’t happen overnight. If you don’t vote for him then change will never happen. Right now none of the parties represent the interests of Canadians as a whole, just special interest. Not one of them is talking about lowering immigration even this is what the majority wants. If you don’t vote for Bernier then things will never change, even if it means handing the election over to Turd, sad as that is. He could win enough seats to pull a Green Party and wield some power.

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

If we are going to have this open immigration then I’m going to advocate that as many Indians come here as possible. We will make one area of the province ours. Chinese are doing it so why not us?

Bag it and tag it
Member
Bag it and tag it

The big takeaway from that survey is only 6% want it increased, and yet no political parties talk against increasing it, like when the Liberals announced plans to increase it after some bogus special interest think tank proclaimed that we need to increase it, back a couple years ago. Plus, people are often afraid to say when being interviewed for fear of sounding xenophobic…so I’d say half of those saying they want to keep it the same really want it decreased.

YVR
Guest
YVR

In polls most people say the politically correct thing. That is why Trump never had a chance according to the polls.

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

Trump didn’t get a majority in the popular vote either.

Best place on meth
Member
Best place on meth

Who cares about the popular vote?

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

Somebody talking about majorities and polling, duh?

YVR
Guest
YVR

Polling for projecting who wins the US Presidential election is based on polling in the electoral collages. At least it should be. Maybe those fake news polls actually were polling based on popular vote of places like California. It fooled you. And it looks like you still don’t understand how the US election works.

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

Of course I know how the electoral college works. Nice diversion, though.

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

I think the Conservatives did an excellent job for 15 years. Low taxes and balanced budgets. They were far from perfect but I was very pleased with what they did.

Dave
Member

I think a lot of people are coming to that realization. Harper is getting more liked and respected as time goes on. That’s what happens when you go from one of the best to the worst.

YVR
Guest
YVR

“I think the Conservatives did an excellent job for 15 years.”

Harper and crew are no longer going to run things. Scheer is Trudeau light. The guy won the leadership by drawing in dairy farmers to vote for him who were never conservatives.

Bag it and tag it
Member
Bag it and tag it

They lowered the down payment to 5% and at one point introduced 40 year amortizations…yeah, great job Harper.

Best place on meth
Member
Best place on meth

They lowered down payments to ZERO.

Fucking idiots.

YVR
Guest
YVR

“They lowered the down payment to 5% ”

Nope that was done by the Paul Martin Liberals which kicked off the bubble.

Bag it and tag it
Member
Bag it and tag it

I thought I recalled them changing to 0/40….and they did it when the market was already red hot…desperate to overheat the economy so they could win a majority next election since they only had a minority at the time. Yup, sound leadership…I really miss you Harper.

Dyugle
Guest
Dyugle

https://youtu.be/KhFED9glZWA
I miss Harper too, so much great material for comedians.

Oracle
Guest
Oracle

Troll unveiled himself.

Best place on meth
Member
Best place on meth

Monthly stats look great, price decreases are accelerating nicely.

Condos down 1.4% compared to -0.5% in July.

Detached down 1.5% compared to -0.6% in July.

HAM areas for detached were pummeled. Burnaby -4%, W. Van -2.8%, Van W -2.3%, Richman -1.9%

Bag it and tag it
Member
Bag it and tag it

It’s a beautiful thing…gonna be a nasty fall/winter

Oracle
Guest
Oracle

See what Horgan announced?? Cancelling any public inquiry into money laundering and real estate.

Oracle
Guest
Oracle

Says cost too much. Hahahaha

Bag it and tag it
Member
Bag it and tag it

Nice try…and hey, I see you upvoted yourself again.

Bag it and tag it
Member
Bag it and tag it

Still think NDP hasn’t done enough Oracle? Can’t wait for your spin…

YVR
Guest
YVR

“Still think NDP hasn’t done enough”

What did they do? The BoC raised rates and we are seeing the effect. Still prices are up since the NDP took office despite B20 and several BoC rate increases.

Bag it and tag it
Member
Bag it and tag it

Are you for real?

Best place on meth
Member
Best place on meth

Sadly, yes.

YVR
Guest
YVR

What did they do? Other than piss off a few local house rich seniors on fixed incomes.

Oracle
Guest
Oracle

Hasn’t done Fuck all for me.

A $1 million place hasn’t fallen to $700,000 so what do icare about the $4 million dollar homes.

Get your head out of the sand andget back to reality.

Dave
Member

Those are some bearish numbers. Three points make a trend so let’s see what happens in a month.

I think some sellers will transition from concern to fear now. Bad sales and falling prices will motivate even more price cuts.

Bag it and tag it
Member
Bag it and tag it

Don’t keep me hanging, Paul…

Dave
Member

The August numbers should keep you happy for the month. 🙂

Bag it and tag it
Member
Bag it and tag it

I’m greedy I guess. He’s likely processing a flood of listing requests…

Oracle
Guest
Oracle

Horgan cancelling public inquiry into money laundering via real estate and housing.

Wow o wow.

Dave
Member

Imagine how many municipal politicians would hang. Most are NDP allies.

Too many people caught up in this mess. It’s not just the BC Liberals. This is Bingogate on steroids.

I can see why he doesn’t want it.

Joiner
Guest
Joiner

Probably because it was a “non-story” to begin with.

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

Like overseas buyers right?

Joiner
Guest
Joiner

You tell me.

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

The story about overseas buyers is about how many fools thought that there was a story and subsequently made the biggest financial decision of their lives out of fear and greed.

M-
Member

My last landlord “owned” 5 houses “on behalf of” his cousin in China. And each year he refinanced the properties to borrow more against them…

My RBC mortgage broker, in 2016/2017 said that the majority of her clients were in China.

Bag it and tag it
Member
Bag it and tag it
Oracle
Guest
Oracle

You are so behind the 8 ball. It’s already happened. And the German report was compromised. Aka fake

Oracle
Guest
Oracle

FFS. Who’s side you think Global is on? LOL.

And it’s said he’d prefer not to have inquiry.

That’s how they butter up you minion level thinkers.

Unbelievable

Bag it and tag it
Member
Bag it and tag it

Fuck you’re stupid

Bag it and tag it
Member
Bag it and tag it

Yes, but only because he thinks an ‘internal inquiry’ might be more effective, but he essentially said that an inquiry is happening one way or another. Now start fabricating your next BS post.

Best place on meth
Member
Best place on meth

Bearish headlines all over the place, and it’s still only the beginning of the slide.

“Home sales – and prices – slump further in Metro Vancouver
Overall benchmark prices are still higher than a year ago, but they’re on the slide, with detached home values dropping most”

https://www.vancourier.com/real-estate/home-sales-and-prices-slump-further-in-metro-vancouver-1.23422093

Specuskeptic
Member

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

“Vancouver Real Estate Is Starting To Look Like A Disaster
In some areas, detached home prices may have fallen as much as 30 per cent.”

YVR
Guest
YVR

“Overall benchmark prices are still higher than a year ago”

What was the election promise again? Does that mean housing is more affordable or less affordable?

Best place on meth
Member
Best place on meth

What will you bitch about when prices turn negative year over year?

Or when prices are lower than they were when the NDP formed government?

Never mind, I don’t care.

Bag it and tag it
Member
Bag it and tag it

You should jump out of plane from 10,000 feet without a parachute…you’ll be able to yell to the world for a couple of minutes that you’re still higher than last year…and you’ll be right.

patriotz
Member

“What was the election promise again?”

I’ll give you a hint – it wasn’t “Lower REBGV benchmark prices within one year”. See for yourself:

https://action.bcndp.ca/page/-/bcndp/docs/BC-NDP-Platform-2017.pdf

YVR
Guest
YVR

I couldn’t find the part about benchmark prices being up after 1 year. I did see something about taxing foreign buyers on presales.

Dyugle
Guest
Dyugle

If someone says they are going to stop a runaway car and they stop it; I do not complain that the car kept moving forward after the brakes were applied if it comes to a controlled stop. I would complain if it was driven into a bridge abutment but I assume that is how you would like to see the car stopped.

Dave
Member

The NDP were pretty clear their goal was a price drop.

https://vancouversun.com/news/politics/government-says-goal-of-budget-taxes-is-a-housing-price-drop

To this point, housing is still less affordable than it was when they took power. They moved too slowly on the housing file while prices were still appreciating. The NDP should have talked the market down the minute they took power, but they didn’t. They sat on the file for the better part of a year.

That said, they deserve some credit for taking action and they did it in a real way, not superficially as I was expecting.

My criticism going forward is that some of their measures should have been ‘temporary’ measures. Popping any asset bubble carries serious risks.

Dyugle
Guest
Dyugle

Minority governments generally do not get everything that they want and they move more slowly.
While I would like them to do more is that realistic?

Dave
Member

The NDP can do what they want because Weaver has his nuts in a vice grip. He’s not taking the government down on anything. It might as well be a majority government at this point.

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

+1

Best place on meth
Member
Best place on meth

Vancouver short-term rental listings drop almost 50% as new rules take effect
Airbnb deactivates more than 2,400 listings in Vancouver

https://www.vancourier.com/real-estate/vancouver-short-term-rental-listings-drop-almost-50-as-new-rules-take-effect-1.23422574

Holm said staff has investigated more than 2,650 short-term rental listings to date and since Sept. 1, 294 new addresses have been flagged for non-compliance and are subject to enforcement.

She added that the city built a “sophisticated data analytics system to address the complexity of tracking and managing” short-term rental listings and the city is tracking all platforms using third-party data scraping.
“This week, we are starting enforcement and targeting unlicensed or invalid licenced online listings,” Holm said.

Fines can run up to $1,000 per offence. Holm said that could mean up to $1,000 per day, per platform.

YVR
Guest
YVR

“Vancouver short-term rental listings drop almost 50% as new rules take effect”

That and it is September. Many short term rentals are only on for the Spring/Summer. Lets see what it looks like next year.

Ralph
Guest
Ralph

Weak regulations make Canada a money-launderer’s playground, says report

https://www.cbc.ca/news/politics/money-laundering-howe-meunier-1.4811911

“The report cites estimates of between $5 billion and $100 billion in dirty money being laundered under Canada’s lax regime,”

most of this laundered cash is in Vancouver real estate.

Dave
Member

I’m not sure how much of the problem is regulation versus the incompetence of the CRA. It’s much easier to target the middle class, than it is to understand international finance.

patriotz
Member

“I’m not sure how much of the problem is regulation versus the incompetence of the CRA”

It’s not CRA’s job to go after money laundering per se, In fact the point of money laundering is to make the funds look legit so the parties involved usually report it as business income and pay the appropriate taxes.

Dave
Member
I’m not just referring to money laundering. I’m referring to the broad range of illegal money movement and transfers into Canada. It’s a poor excuse to say that if CRA takes a cut of the money, it’s not something they should go after. We’ve had a flood of billions of dollars into Canada through all sorts of sketchy means and a lot of that money has found it’s way into our real estate market. I’m sure they pay their municipal taxes, but a lot of sketchy stuff went on to get to that point. Does it make sense to you that owners of apartment buildings list ‘student’ as their profession? Does it make sense to you that a ‘homemaker’ owns a $10Million house and reports no income? The housing bubble in Canada has exposed our government as being incompetent at… Read more »
realist
Member
realist

“The housing bubble in Canada has exposed our government as being incompetent at much every level. It took a lot of failure to get to this point.”
Well said. Incompetent at best, ignorant as the middle ground, corrupt at worst…The situation is so extreme that the usual mere incompetence and ignorance that generally attend human affairs are insufficient to account for the scope and magnitude of this disaster…so, it is likely corruption, attended by a cheering brigade of unwitting and witting 5th columnists.

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

Yes. It makes sense that you can find an example of a $10m house owned by somebody with low income. Unless not being wealthy rather than a debt slave is now somehow considered to be suspicious behaviour?

YVR
Guest
YVR

“In fact the point of money laundering is to make the funds look legit so the parties involved usually report it as business income and pay the appropriate taxes.”

Are you really that dumb? We are talking about people who flip houses claimed as principal residencies and pay no income or business taxes. They report it as income from a house sale which they then have the paper trail to back up – all tax free. They can then move the funds to anywhere in the world no questions asked. Or just buy more houses here no questions asked.

Ralph
Guest
Ralph

David Eby slams ‘colossal failure’ of money-laundering law enforcement during Ottawa appearance

https://www.cbc.ca/news/canada/british-columbia/david-eby-slams-colossal-failure-of-money-laundering-law-enforcement-during-ottawa-appearance-1.4596106

“Real estate links:
Eby told the committee that money laundering in B.C. isn’t limited to casinos — there’s also strong evidence that illicit funds are being used to purchase real estate, helping to drive up housing prices.
As German writes in his interim recommendations, “It has been said that, ‘everything in B.C. comes back to real estate.'”

Eby was instrumental in convincing the Federal Liberals that there is a huge money laundering problem in Canada that needs to be addressed.

Bag it and tag it
Member
Bag it and tag it

So that’s where he is…

Best place on meth
Member
Best place on meth

What’s he doing in Ottawa?

Probably used taxpayer money to fly there too.

YVR
Guest
YVR

But I thought it was the BC Liberals fault? At least that is what he said 2 years ago. Now he has been in power 18 months he can’t do anything himself but whine?

Best place on meth
Member
Best place on meth

“Now he has been in power 18 months”

Ok, if you say so.

southseacompany
Member
southseacompany

“Metro Vancouver sees house prices edge lower for 2 straight months”, CVT News

https://www.ctvnews.ca/business/metro-vancouver-sees-house-prices-edge-lower-for-2-straight-months-1.4080757

“The Real Estate Board of Greater Vancouver says prices for detached homes, townhouses and condos have fallen for two consecutive months in Metro Vancouver.”

southseacompany
Member
southseacompany

“Vancouver Real Estate Sales Drop Over 36%, Slowest Price Growth Since 2014”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-real-estate-sales-drop-over-36-slowest-price-growth-since-2014/

“Vancouver real estates is finally starting to cool down, but it’s doing so incredibly fast. Real Estate Board of Greater Vancouver (REBGV) numbers show growth deceleration in August. This is the sixth consecutive month we’ve seen price growth slow. The slowing growth is largely due to sales plummeting, while inventory begins to soar.”

YVR
Guest
YVR

“Slowest Price Growth Since 2014”

Wow, impressive. The price growth is not hitting record pace anymore.

southseacompany
Member
southseacompany

“Vancouver Real Estate Is Starting To Look Like A Disaster”, HuffPost
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.”

“The seeming collapse in house prices at the top end of the market could be the “canary in the coal mine” warning of a broader correction, realtor Stuart Bonner told the Vancouver Sun earlier this month.”

southseacompany
Member
southseacompany

“Bank of Canada holds rates steady as it eyes NAFTA fallout”, Globe & Mail

https://www.theglobeandmail.com/business/economy/interest-rates/article-bank-of-canada-holds-rates-steady-as-it-eyes-nafta-fallout/

“Many economists are betting that the central bank will resume hiking at its next rate-setting announcement on Oct. 24, when the bank is due to release its next quarterly economic forecast.”

southseacompany
Member
southseacompany

“Abbotsford home prices keep falling”, Abbotsford News

https://www.abbynews.com/news/abbotsford-home-prices-keep-falling/

“Number of sales down dramatically, while double the homes now up for grabs”

Bag it and tag it
Member
Bag it and tag it

Oracle, are Abby townhouses still approaching $700K?

Bag it and tag it
Member
Bag it and tag it

“The price of the average townhouse also dipped, to just above $400,000”

Best place on meth
Member
Best place on meth

That’s seems a tad lower than $700K.

I thought Oracle said the valley was on fire.

Did he mean the forests or that they’re also having a lot of houses burning down under suspicious circumstances?

YVR
Guest
YVR

Wow, $400k for a townhouse in Abbotsford. That is a steal. Time to buy. Let us know which one you get.

southseacompany
Member
southseacompany

“Fraser Valley sales, home prices keep on dropping”, Peace Arch News

https://www.peacearchnews.com/news/fraser-valley-sales-home-prices-keep-on-dropping/

southseacompany
Member
southseacompany

“Australia’s property boom ends as credit squeeze begins”, Financial Times
https://www.ft.com/content/cf5bcbf8-b0b1-11e8-8d14-6f049d06439c

“Economists cite tighter credit and unaffordable prices as the reason for the biggest fall in Sydney property prices for nine years. New figures this week show Sydney prices have fallen 5.6 per cent over the past year, while the national market fell 2 per cent.”

“This follows a similar pattern overseas, where property markets from London to Toronto are seeing price declines as central banks begin to unwind record-low interest rates, consumers balk at paying record high prices and regulators or banks impose tougher lending criteria on consumers.”

Hyper-mega-Bull
Member
Hyper-mega-Bull

upvote if you think we are at the beginning of a housing crash that will have a severe impact on the canadian economy.

Laibach
Member
Laibach

Perhaps some but not severe or at least not for long. It will rather have a positive impact in getting economy back on the right track in the long run.

Ralph
Guest
Ralph

We will be better off in the long run with lower housing prices.