Wow, time flies when you’re having fun!
Did you know that it was ten years ago that the US financial system had a little stumble due to over exuberance in the housing market?
10 years is a long time, but it’s how long it took at least one guy to sell his house.
That guy figures he lost about 60K over those ten years on a house he paid $137k for.
Fortunately in Vancouver there are no $137k houses so that can’t happen here.
Burnaby residents told they won’t be able to park on their own street
https://www.vancourier.com/burnaby-residents-told-they-won-t-be-able-to-park-on-their-own-street-1.23437916
Emily Yu, the North Vancouver woman accused of running a hostel out of her Central Lonsdale townhouse is pushing back against the city’s attempt to have her shut down
https://www.vancourier.com/short-term-rental-owner-fights-north-van-city-lawsuit-1.23438023
there always seems to be a Vancouver connection…
Millionaire fugitive accused of murdering wife may be hiding in Canada
https://www.ctvnews.ca/canada/millionaire-fugitive-accused-of-murdering-wife-may-be-hiding-in-canada-1.4103674
Amazing that we had close to 3000 sales last Sept and this year we’re on pace for 1600.
Every month the stats get worse, whether it’s year over year sales, or month over month price drops.
What is amazing is with these low sales numbers we are still at historically low inventory.
With properties being privately marketed and sold through shadow channels (damn Norwegians), MLS has ceased to be a particularly good indicator of actual inventories. That said, it is likely still reflective of the overall trends.
Vancouver rental prices flatlining, despite fears over allowable increases
Median one-bed rents about the same as last year, as landlords come under fire over permitted price hikes
New rentals may be flat lining (at already absurd rates) but anyone already in a place gets a 9% increase.
Not really. With more supply available the pressure to raise existing rents decreases. Or they can just move somewhere else.
Landlords defend 4.5 percent rent increase set by B.C. NDP government for 2019 (Thanks NDP!)
http://vancouvercondo.info/2018/09/one-decade-since-the-us-housing-bubble-bust.html
B.C. Green Party leader calls on NDP government to revise allowable rental increase formula
As renters in the province face the highest maximum rent hike since 2004, B.C. Green Party leader Andrew Weaver wants the NDP government to take a “hard look” at the allowable rental increase formula.
“BC families paying almost $1,000 more in taxes under the NDP”
Families in British Columbia will be paying more in taxes with the new NDP government in power, according to a new study. ..Families with a higher income would see about a $2,000 annual increase
Yes but they didn’t subtract the $1000 each family is saving in medicare when they was chopped in half.
That was the BC Liberals that cut MSP in half. You can thank them. The $2000 tax increase was all NDP.
Medical Services Plan (MSP) premiums will be cut in half starting January 1, 2018 as part of the 2017-2018 budget rolled out Tuesday (February 21) by Finance Minister Michael de Jong. The move is described as a step towards the eventual elimination of the MSP premiums.
https://www.straight.com/news/871821/bc-liberals-cut-msp-premiums-half-election-year-budget
NDP backtracking on speeding cameras. But not the rate hikes. Hahaha
You mean NDP breaking backtracking speed limits ?!?
NDP will shite after Oct. 20 civic elections when VISION and other commie parties get nuked.
New
218
Price Change
80
Sold
81
TI:13538
ouch…
Regarding sales, I now have the answer I was looking for.
Not sure why other VCIers think 13,000 number is irrelevant, we’ve had worse TI numbers…
It took a while….but dam has burst…as predicted.
Rich investors granted Canadian residency despite suspicions of fake documents and dubious assets
“In the early 2000s, the Quebec government hired an outside firm to help vet applications. It was found that more than 65 per cent of them contained forged documentation.
And according to data obtained under Quebec’s access-to-information law, from 2013 to 2017, a total of 1,783 immigrant investor applications were rejected by the province’s officers in Hong Kong due to faked documents.”
65 percent contained forged documentation. Just let that sink in.
Among a total number of (legitimate) immigrants, and among total number of purchasers in the lower mainland, it is a small amount, but what tone does it set among local buyers? It definitely stokes FOMO… Fertile ground for the RE hype machine to market a-la-yellow helicopter.
Absolutely shameful.
Sorry Diadora – didn’t realise you’d already posted this.
Should be instant deportation and a lifetime ban from entering the country when applying for residence, visa, or citizenship with any type of forged document or any type of blatant lie.
If these people are willing to lie on their official immigration application then what else are they capable of once they are living here?
Pumpkin farmers are asking the same question as we approach Halloween.
“65 percent contained forged documentation. Just let that sink in.”
That number doesn’t seem right, usually with mainland chinese the rate of fraud is around 95%.
Bricks and slaughter:
Part one – Exposing Australia’s housing crisis | 60 Minutes Australia
Watched that Aussie 60 minutes yesterday…..
GT latest post says Big 6 Banks are safe…..
Is it a coincidence that this RE ramp up( and overdue collapse) is pretty much the same in Commonwealth countries????? NOT !
Same SHITE..different players. We subject of “Her Majesty ” are simply packaged as serfs and peons to “City of London”Rothschilds banksters.
Been following the Aussie RE market for a while, IMHO what happens there is foreshadowing HERE.
IMHO, THE big warning sign will be foreign locusts “RE price catalyzing”money drying up as well as law suits by the same as they screw each other over.
The rest of us can sit back and “observe” what SHTF and where the dust settles.
If we think/thought lending practices are/were loose here, it is/was at a whole different level in Australia, specifically interest only mortgages. You should me a country with interest only mortgages and….well, you get the picture….
Good program….
Homeowners in Vancouver proper have hit the jackpot. They’ve basically got a 50% boost in prices.
Tear down that are $1.5 million will mean duplexes for $1.2 million x 2.
Cue FOMO 2.0 for townhomes and condos. Nothing going to be less than $1 million soon. Not even condos.
Now if the NDP assholes would only do so thing this bold on the other side.
Jackpot in declining market ?
Current SFH owners will be taxed higher….that’s a guarantee.
Laneway homes create quasi duplex per SFH site….study these first.
If the prices were to rise…that decreases affordability.
NOBODY gains except City coffers.
Sure they’ll be taxed higher but eventually SFD homes will be in the $3-5 million range. They will become less and less percentage of total housing stock.
This should set a fire under Richmond detached homes.
Can’t see it Oracle…at least not in near future.
HAM were the buyers….I can’t see them flocking in….they either want SFH or strata(townhouse or condo)…duplexes are a hybrid. This may help existing McMansion sales if they can be” duplexed”, but this will create tensions in SFH neighbourhoods.
Then again..if the 1/2 duplex ends up costing say $2 million….why not buy into a cheaper hi rise?
Marpole area has this duplex zoning…they are functional but limited aesthetics. aka ugly Stalinesque.
There is plenty of existing newly- zoned capacity for future higher density needs(which themselves are unaffordable.
This DUPLEX move was simply a petty move by VISION…which means a lot of problems in the future.
I don’t see a market for duplexes with the exception of family units.
Did you say million? surely you meant billion or even trillion no?
Oracle just likes to try getting people riled up.
YOu still need to tear down and build. How much does it cost to build a duplex? 1 million plus easily.
In Oracle’s dream world his cousins can build you a house for $100 a sq/ft
Pleased ignore Oracle and his douchebaggery. It just feeds his ego and it’s the only reason he’s here. By not even acknowledging his posts, he’ll eventually go away…. or at least come up with a new handle.
At least he provides a small amount of entertainment value like a court jester or other such clown, unlike AIDS who has contributed absolutely zero for the last 5 years, other than being a mean, spiteful prick to most of the posters.
Only the racists.
So anyone who says anything remotely negative towards or about a Chinese person regardless of said persons actions.
Sound about right loser?
Wrong. Using racial slurs defines somebody as a racist. I’m so sorry that this confuses you time and time again. It’s really quite a simple concept.
As I thought….
No way… oracle can build for free!
exactly.
besides, many 1000s of older homes have already been torn down and rebuilt in the last decade. the cost to do major modification or rebuild makes no sense. if owner is planning on living on property, he/she has more options (income-wise) by keeping single large home and renting out rooms, suites
50% boost in prices… you are freaking ridiculous… tear down at 1.5M would mean duplex at 1.2 x2… wow oh wow. I assume you can build for free???? I love your analysis…
Not exactly related to RE but very related to our local culture, regular norms, habits, and standards that blossomed over the past 20 years as result of multiculturalism, preferable immigration, and political correctness.
“The following editorial will take you inside the dark world of data brokering, as we expose the backroom deals in which fifteen years of customer data from defunct Canadian retailer NCIX were sold. Every single piece of personal data ever given to NCIX over the last 15 years has been leaked and sold, including plaintext credit card info, email addresses, and passwords.”
The guy who wrote and did that is a douchebag. I’m OK with him letting the public know their data was compromised but there was no need to mention that the former owner had pictures of himself with escorts. Why potentially ruin his family life when it doesn’t affect you or anybody else? He deserves a serious beating just doing that in my view. He deserves a beating just for being stupid enough to think the owner won’t get him back for making that public.
Good point, but how dumb or ignorant one (owner) can be to let that happen. He totally deserves to be severely punished for what he did to clients and businesses that got exposed due to his stupidity, irresponsibility and of course greed. If we had more of those shit exposed and published perhaps we might see some progress toward justice that is notoriously obstructed by dedicated political correctness.
Jeez… If you have ever shopped online at NCIX, and if you re-use passwords, it’s time to change the password on other sites.
Trump is simply killing it right now!
China is announcing tariff reductions now rather than taking retaliatory measures because they know they are screwed. Trump isn’t going anywhere and will only tighten the screwed more, along with everyone else in the World.
North Korea fatty Kim is promising to de-nuclearize quickly after Korean Summit, and now begging Trump for another meeting.
Canada can act tough but NAFTA is pretty much going to be on US’ terms.
Trump is just killing it right now.
99% of Vancouver SFH rezoned for duplex. Let the feeding frenzy begin! Front / back duplex – with back duplex becoming a rooming house for dozens of Oracle’s closest relatives and dozens more imaginary female university tenants / sex slaves all servicing just him for free room & board.
Nothing more than a dirty trick by a failed political party”VISION” that knows it will get its ass kicked in upcoming civic elections.
This is a final commie “shit-on- their- head” shot at the SFH owners who are demonized as the bourgoise problem?
It will solve nothing. (isn’t higher density ala condos supposed to fix affordability…duhhhh)
Simply another method to ratchet up property taxes via “higher- and best- use” designation.
VISION is simply precursor to BC NDP moves…..
Vancouver has basically increased prices overnight.
Every lot in the city is going to be thought of as 2 lots. Smaller though but still ground oriented.
IMO, prices on SFD have risen overnight. Many will build 2 and rent out the 2nd half.
Really? Risen? because now on a standard size lot you can build 2 – 1400sq ft duplexes? With basement suites?
You are pure comedy….
How Oracle?
Prices doubled in 2015-2017……due to influx of billions from offshore.
Proving to be unsustainable.
More likely haircuts back to pre- 2015 level.
Haircuts is what we are seeing in the market right now….
What effect will this have on the supply? And what effect will that have on prices? Take all the timeeyou need….
this isn’t as cut and dried as some might think. a lot of older homes have already been torn down and the layout in many of the newly built homes might not be a good fit for duplex configuration. of course, there are areas where demolition isn’t allowed. obviously an expensive modification or rebuild makes no economic sense. also the restrictions on what can be done with the additional unit (or existing laneway home) were ratcheted upward after many already took the city at face value and built the additional units (which they now can’t rent out short or leave empty). it’s funny that the richmond mega home model appears to offer owners the most leeway in terms of vacancy, rental or use as a hotel, casino, brothel, boiler room, money refining facility, grow op and so on and so… Read more »
every time the market starts to cool the city does something like this.
Landlord B.C. is wrong—Vancouver tenants can’t afford these rent hikes
Coming soon to a city near and dear to our hearts! Condo project cancellation prompts calls for provincial action The cancellation of another large Toronto-area condominium development, this one planned for the City of Vaughan’s Metropolitan Centre, has left buyers furious and prompted calls for provincial action from frustrated city officials. On Sept. 14, people who had put down deposits for pre-construction contracts in a 53-storey tower called “The Icona” began getting their money back with a claim from the developer that said the project was now “un-financeable.” “This is disappointing and a poor way to do business in our City,” said Vaughan Mayor Maurizio Bevilacqua in a statement. About 1,000 of the planned 1,143 apartment units had been pre-sold in early 2017 for a proposed tower at 3201 Highway 7, land currently occupied by a Hilton hotel. The letter… Read more »
My guess is within next few weeks you will see a lot of projects cancelled…..writing is on the wall. CRA is going after flippers, others are caught up in financing/mortgage problems….and/or underwater….etc etc. ( really what moron would buy now versus sit and wait? )
Near me is a small condo project.say 5 units…stopped at framing stage(not lock up). Typical Chinese run….which can drag out for years.
Other projects (low rise) in many parts of Richmond are commencing…but slowly…..and not sold out.
Where’s Eby ?
Eby head is firmly planted up Keg Waiters ass……..whose own head is firmly planted up Weaver’s ass.
(NOTE: This combination eerily mimics Chinese Dragon dance. )
Subject to change depending on New Dysfunctional Party inner turmoil whereby knives come out. Refer to last NDP administration and 4 count em FOUR premiers in 10 years( Harcourt, Clark, Miller, Dosanjh).
Can’t believe some people still support this liar. He could have wrapped up the money laundering files and housing by now.
What do we have currently:
-Bare trusts
-Development rush for mansion grandfathering on ALR.
– backtracking on spec tax
List goes on.
“In the early 2000s, the Quebec government hired an outside firm to help vet applications. It was found that more than 65 per cent of them contained forged documentation.”
“One former bureaucrat recalled rejecting a candidate on suspicions their assets were corruptly obtained. His boss instructed him to be more lenient next time because corruption existed in Quebec too.”
Quebec IIP: We knew they weren’t coming to Quebec and we also knew they weren’t going to learn French.
– Former immigration official
https://www.cbc.ca/news/canada/quebec-immigrant-investor-program-civil-servants-1.4830231
OK, the news story about Hong Guo and some other legal nonsense is now back…
Chinese investors claim they are $13 million out of pocket after a $40 million Richmond development deal, involving mayor candidate Hong Guo, turned sour
https://www.richmond-news.com/news/richmond-mayoral-candidate-hong-guo-faces-lawsuit-over-13m-dispute-1.23436524
“Guo has failed to file a defence within the time required by law”
and she’s supposed to be a lawyer??? What a joke.
Of course,
…………………………..we all know this case is such an anomaly( and no indication whatsoever of a pending flood of similar cases of foreign locusts being ripped off by other foreign locusts being made public and concurrent court filings. )
Rich investors granted Canadian residency despite fake documents and dubious assets, ex-officials say
https://www.cbc.ca/news/canada/quebec-immigrant-investor-program-civil-servants-1.4830231
When will this stuff stop?
what i don’t get is that many here and elsewhere don’t believe it is actually happening and would rather cite someone like myself as a blow hard racist spewing nothing but fake news. the only logical explanation for all the craziness is that activity like this is and has been running rampant all over the country behind closed doors. i dont buy the notion that only certain stories or cases were cherry picked to make a certain group look bad and would rather believe that the more rocks we turn over, the more we’ll find. the question that still remains is whether the powers that be really, truly want to look. i suspect they already know what they’ll find…
Uh…when we have Federal leadership that grows a set and tells provinces they don’t have the right to grant Canadian residency…it’s ridiculous.
That will never happen.
What politician is going to tell that to Quebec?
Apparently, it’s stopped here … for several months. We can keep posting about rich asians coming hoping to drive some kind of FOMO, but apparently it’s not persuading people to jump into the market. Just the opposite!
http://www.myvancouverproperty.ca/houses-for-sale-in-vancouver-under-1000000
“Houses for sale in Vancouver <$1,000,000"
http://vancitycondoguide.com/bc-housing-sales-slide-in-august/
"Home sales in the province dropped 26% year-over-year in the month of August. There were just 6748 sales in BC, a six year low for the month. The slowdown was rather daunting in the Fraser Valley where sales slid an eye watering 39.5% in August. Greater Vancouver sales fell 37%, Victoria by 21%, and the Okanagan-Mainline by 20%. Regardless of how you slice it, the trend was rather ominous."
“B.C. home sales forecast to slide further next year”, Vancouver Is Awesome
https://www.vancouverisawesome.com/2018/09/19/bc-home-sales-forecast-2018/
“The CREA’s latest updated home sales forecast predicts an overall annual decline of 22.2 per cent, to 80,700 resale units sold in B.C. in 2018. That’s a significant downward revision from previous forecast. It’s also lower than the annual decline seen so far in year-to-date sales, currently down 21.3 per cent, according to the latest B.C. Real Estate Association figures.”
“The CREA is also predicting a further slight decline in home sales next year, to a total of 80,400 transactions in 2019 – a drop of 0.4 per cent and also lower than the previous forecast.”
Yup, always revise down once they have no choice, but then paint a more stable picture for next year…standard stuff.
“Mortgages Soar For Canadians In Their 80s, 90s”, Huffington Post
https://www.huffingtonpost.ca/2018/09/19/mortgage-seniors-canada-transunion_a_23532574/
“The number of mortgages issued to people in the pre-war generation — aged 73 to 93 — jumped by a whopping 63 per cent in the first quarter of this year according to a new report from credit agency TransUnion, and the report suggests helping family members with a down payment may be one of the primary reasons.”
“Mortgages also jumped by 18 per cent among baby boomers aged 54 to 72, compared to a year earlier, the report found.”
Watch detached sales in vancouver go up massively. Especially corner lots with street access on two sides.
Basically can build two homes with street frontage.
Buy for $1.4 million. Basically equates to a $700,000 building lot. $300,000 to. Hold with suite. Total is $1 million. Suite generates $2000/month. Remaining mortgage $600,000.
Chinese going to go crazy now.
OK… quick back of the napkin math…. 33 ft lot usually around 4000sq ft… .7 FSR = 2800 Sq ft
1400 sq ft per side… your hypothetical/fantasy 2k a month suite will be how many sq ft?
The best part of your analysis is the 300K building cost for 1400 sq ft… $214 a square foot. you are fucking hilarious….
IDK why Oracle continues to embarrass himself on this blog. May he has a mental problem of some sort.