Friday free-for-all! October 12th 2018

It’s the end of another week and that means it’s time for another open topic thread. Friday free-for-all time!

Here are a few recent links to kick off the chat:

outgoing mayor blames house prices on “influx of global capital”

quantative tightening

5 year rates rise

old Vancouver

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

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[…] Well right now it’s a great time to buy or sell real estate because the runaway market is taking a breather. […]

Shut It Down Already
Shut It Down Already
1 year ago
Oracle
Oracle
1 year ago

Just wait 12 years

Shut It Down Already
Shut It Down Already
1 year ago
Shut It Down Already
Shut It Down Already
1 year ago

ON OCT 20th HE’LL BE VOTING

https://imgflip.com/i/2kbpy6

WILL YOU?

Please share.

Oracle
Oracle
1 year ago

Just read the spec tax regulations. Exemptions you can drive a LNG Ship through.

Examples:

Say your place has a flood for 60 days. Then exempt.

Say you are a foreigner taking a course here or get a work permit. Exempt.

Say your spouse needs an extra home. Exempt.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago
Reply to  Oracle

You mean to say you could get around the law by committing fraud? Say it ain’t so!

Oracle
Oracle
1 year ago

And I bet the Chinese lead the way. If they get caught, say ‘no english’ or play naive.

Oracle
Oracle
1 year ago
Reply to  Oracle

The extra spouse home will nullify the effect of this tax.

What a fucking farce! Hope the other people here see this.

paulb
paulb
1 year ago

New
267
Price Change
106
Sold
90
TI:13676

http://www.clivestevepaul.com

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  paulb

Oracle hows the peak looking?

Best place on meth
Best place on meth
1 year ago

Just 100 more and we’ll have a new peak for the year, probably the latest peak ever.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

Inventory is marginally higher than it was in summer yet still ridiculously low overall. MOI for detached is back below 20. But enjoy your chest-thumping – you really do deserve to take a victory lap after all these years of having no fucking clue.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago

The victory laps are just starting my spitting mad Sino-Friend!

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

Actually, didn’t you start about two years ago? After you quit the blog in a drunken rage and then returned only to trumpet how accurate your prediction was (it wasn’t)? Short memory?

TrollerOfTrolls
TrollerOfTrolls
1 year ago

You’re right!!! Sales to listings ratios don’t matter!!!!! It’s all about the gross listings number!!!!! You so smrt

patriotz
1 year ago

BUDGET MEASURES IMPLEMENTATION (SPECULATION AND VACANCY TAX) ACT, 2018
unreported income“, in relation to an individual for a calendar year, means the total of all amounts the individual earns or realizes in any manner inside or outside Canada, including amounts earned or realized from the disposition of property, if the amounts
(a) are earned or realized in the immediately preceding calendar year, and
(b) have not been reported in respect of the individual for the purposes of the federal Act, but does not include an amount expended to earn or realize those amounts.

https://www.leg.bc.ca/parliamentary-business/legislation-debates-proceedings/41st-parliament/3rd-session/bills/progress-of-bills

Nice to know whose side Andrew WIlkinson is on.

Just me
Just me
1 year ago
Reply to  patriotz

Wilkinson’s behavior on this issue is shameful. He knows full well who the people hiding their foreign income are. Yet, he pretends he is concerned about defending local income earners.

Satellite families would (and probably will, if they can) vote for Wilkinson.

Oracle
Oracle
1 year ago
Reply to  Just me

I can tell you the Indian immigrant community who goes on income assistance usually has a home overseas.

Good luck getting income assistance if a born and bred local with no overseas ties owns a home here or has any assets here.

Canada is a gong Show.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago
Reply to  patriotz

Almost everybody has unreported income from the previous calendar year – until about April.

Doomcouver
Doomcouver
1 year ago
Reply to  patriotz

I can’t wait for the speculation tax. It should be a massive windfall in Richmond with all the satellite families declaring no income living in their mansions. I think we found an easy way to pay for the Massey Tunnel replacement…

Joe Money
Joe Money
1 year ago
Oracle
Oracle
1 year ago
Reply to  Joe Money

Absolutely.

I’d like to see 2 more things.

1) close credit union and extended amortization loopholes.

2) verify income directly via CRA. No exceptions.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Oracle

3) You fucking off for good!

Oracle
Oracle
1 year ago

Carole james on CKNW a few minutes ago said ‘it’ll take a few years to see the results of the spec tax”.

Hahaha. And the minions here still believe this bullshit.

A few years the NDP will be out of power…

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  Oracle

Oracle:
you have posted this same message on this same topic 3 times now in the space of half an hour. Is it a slow day in the real estate office for you?

Oracle
Oracle
1 year ago

Wow. Einstein has outed me. Thinks I’m a real estate agent.

Good grief.

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  Oracle

You forgot to call me a “minion”

Just me
Just me
1 year ago

‘Golden passports’ threaten European security, warns EU commissioner
Exclusive: ‘citizenship for sale’ under increasing scrutiny from governments and security agencies

https://www.theguardian.com/world/2018/oct/16/golden-passports-threaten-european-security-warns-eu-commissioner

“Europe’s security is being put at risk by so-called “golden passport” schemes that have allowed states to sell citizenship or residency to potentially “dangerous” individuals, the EU justice commissioner has warned.

Věra Jourová described the programmes as “problematic” and “unfair” – echoing the private concerns of Europe’s intelligence agencies, who fear “golden passports” have been exploited by people with enough money to buy access to the UK and Europe.

Just me
Just me
1 year ago
Reply to  Just me

“Her comments came as Malta and Cyprus were named in a blacklist of 21 nations operating passport schemes that are deemed to pose a high risk of tax evasion. The list was published on Tuesday by the OECD, a leading thinktank, which wants tighter controls. The two EU member states have already sold citizenship to hundreds of individuals from Russia, China and the Middle East.

Jourová said making money was being put before security. “I understand that citizenship schemes are favourable for the economy. But this is unfair for the people who cannot afford to buy citizenship. And citizenship is something so, so big and so valuable that citizenship for sale seems for me rather problematic.”

Canada is for Canadians
Canada is for Canadians
1 year ago

Local housing market still ‘taking a breather’ but runaway home prices could return:

https://www.citynews1130.com/2018/10/16/housing-market-runaway-prices/

“‘It won’t stay this way for long’ warns Royal LePage CEO”

if by “not long” he means 20 years then he might be right, otherwise pumpers just gotta pump ….

DaMann
DaMann
1 year ago

Stay what way for long? Sales might suck but anything below $1 million hasn’t budged yet. I’m glad the top end is getting massacred but I couldn’t give a shit what happens is the $2 million plus range. I want the low end to drop and so far it hasn’t moved. So Mr CEO I think you have a long way to go before you even get to “this way” It’s only just started. God this burns my ass. Fucking real estate shills expect never ending booms in perpetuity. There are a whole generation of RE people who have no fucking clue what an actual downturn is. A downturn is not weak sales for 6 months with some slight price drops at the top end. A downturn is YEARS! Fuck these guys. Can’t wait for Rome to truly burn. Sorry… Read more »

Oracle
Oracle
1 year ago
Reply to  DaMann

Look what Carole James said on CKNW today. Says spec tax measures now will see an impact a few years down the road.

WTF??

A few years. All BS by the NDP.

Stand up for Canada
Stand up for Canada
1 year ago
Reply to  DaMann

This is not the stock market. Interest rate hikes take a few months or more to really have effect. People don’t have to sell now so they hold out hoping for some miracle. But when people can’t make payments they will be desperate. The high end gets hammered first as the market is smaller but also people have larger mortgages and more to lose and tiny increases percentage wise in rates equal huge monthly interest increases in absolute dollars.

Oracle
Oracle
1 year ago

Not with record immigration. Only reason rents are going up massively is because of massive people inflows.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago

But I was told all Chinese ese buy with cash and never sell.

Could that be a lie?

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  DaMann

Not a rant at all. You are 100% right. A correction is 30% or more over 3-5 years. Lots of pain. Its happened before it will happen again.

These pumpers think the best time to buy is always today!

I read one loser write: “Don’t wait to buy real estate, buy real estate and wait”

I would fully support a 50% drop in prices. I know there would be immense pain but our city would be better for it. The people who borrowed responsibily and bought to live not speculate would come out just fine.

Oracle
Oracle
1 year ago
Reply to  patriotz

And No impact as per Carole James. Says we will see results in a few years. Hahaha

Canada is for Canadians
Canada is for Canadians
1 year ago

U.S. real estate website Zillow to start offering Canadian home listings
The Canadian Press, at 08:10 on October 16, 2018

TORONTO – U.S. real estate website Zillow is expanding to offer listings for homes in Canada for sale.
Zillow says it has agreements to receive more than 50,000 listings from Canadian brokerages and franchisors.
Users will be able to use the popular U.S. site and mobile app to search for Canadian for-sale properties by postal code, city or province.
The Canadian listings will display the home’s list price, a description of the property, photos and available home facts.
The listings will also include the listing agent’s contact information as well as link to the brokerage or franchise website.

patriotz
1 year ago

Sounds to me that all they’re going to do is carry a copy of the listing that you can already see on realtor.ca. Conspicuously absent from the news release is any mention of price history.

http://zillow.mediaroom.com/2018-10-16-Zillow-Adds-First-Canadian-Listings-to-Mobile-App-and-Website

Stand up for Canada
Stand up for Canada
1 year ago
Reply to  patriotz

Access price history on Zealty.ca. It’s only a matter of time before Zillow offers price history for BC. Realtors can appeal but precedent has been set. They will lose.

Polozi Scheme
Polozi Scheme
1 year ago

Prime Minister Scott Morrison’s government is in the early stages of drafting plans to force thousands of migrants to settle outside the nation’s two largest cities. It’s seeking to address concerns about rapid population growth and the impact on infrastructure ahead of an election that must be called by May.

The influx of immigrants that’s equivalent to one person arriving in Australia every minute is causing a backlash in the biggest cities. While the flood of arrivals has swelled the population by 50 percent over the past three decades and underpinned economic growth, residents are frustrated that their quality of life has been compromised, with house prices too high, roads clogged and wages stagnant.

https://www.bloomberg.com/news/articles/2018-10-08/want-to-move-to-australia-okay-but-forget-sydney-and-melbourne?utm_medium=social&utm_campaign=socialflow-organic&utm_content=business&utm_source=facebook&cmpid=socialflow-facebook-business

patriotz
1 year ago
Reply to  Polozi Scheme

“Prime Minister Scott Morrison’s government is in the early stages of drafting plans… ahead of an election that must be called by May”

Oz’ Liberal/National coalition (i.e. conservative) government has been in power since 2013. Time to serve up a helping of “we’re going to do something” too late to actually do anything.

Shut It Down Already
Shut It Down Already
1 year ago

Chinese man attempts to flee Thai immigration at airport; Thai gets fired

https://www.bangkokpost.com/news/general/1548986/airport-guard-under-fire-for-slapping-tourist

Shut It Down Already
Shut It Down Already
1 year ago

How chinese guys fight

https://streamable.com/m7n0h

Nomad
Nomad
1 year ago

hahahaha you made my day. Spit contest.
Yeah I shit on you haha

paulb
paulb
1 year ago

New
288
Price Change
133
Sold
94
TI:13651

http://www.clivestevepaul.com

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  paulb

Strong listings for mid Oct.

Oracle
Oracle
1 year ago

Who cares about listings FFS.

Tell me about prices in the sub $1 million market.

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  Oracle

Listings = supply
Sales = demand

have you ever heard of supply and demand?

patriotz
1 year ago

“Sales = demand”

No, a sale is where supply equals demand. We don’t know demand in the way we know supply, because prospective buyers don’t publicly post what they want to buy and how much they’re willing to pay.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

MOI is down again.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago
Reply to  Oracle

In Vancouver the only sub-million markets of any size are one bed condos and studios. Both are down substantially over the last 12 months according to Zolo.

You’re welcome.

Nomad
Nomad
1 year ago

Strong listing?. There is nothing strong about it.
1b1b in DT Van still seeing new highs. No inventory, nothing worth buying comes up for sale. When it did recently, it received 6 offers, 3 are strip naked clean offers. So yeah, unless someone wants to buy 20+ yr old party or leaky condo with $500/mo strata fee, go ahead.
When going in bidding war like that you are just creating new highs all the time . This city needs to implement Aussie/NZ auction style system.
I don’t give a rats ass for whats happening with $2M+ properties. People here don’t realize DT Van will be for the rich and successful only.

Check this add. Room for rent in DT Van, req: $80,000 annual salary. This is going to be very common in few years. https://vancouver.craigslist.ca/van/roo/d/robson-and-hamilton-st/6689575198.html

Time to go
Time to go
1 year ago
Reply to  Nomad

Just as a personal story. In-laws of mine put an offer on a 80s townhome 15k below asking (800k), they weren’t even close according to their realtor. 8 offers way over asking and a couple of no subjects. There is even a special assessment upcoming as noted in the minutes of unknown cost (retaining wall issues) but still the place received multiple offers. So think there are still people with money out there that can’t afford the 1mil+ house option but are going crazy for the RIGHT property under a mil. Strange market out there.

Time to go
Time to go
1 year ago
Reply to  Time to go

Oh and place was in the east van.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Time to go

Ok well here’s my story. A couple I know bought a town house in South Surrey for $800k while still owning a 2bd room in Langley for $500k.

The 2 bd room has been on the market for 3 months with 0 offers. The Realtor tokd them it would sell in an instant.

They are now carrying 2 mortgages.

The market is slowing big time and stories like the own you shared will become more rare in my opinion.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Nomad

So he’s looking for a roommate? If that place would go for $2500+ then I see no issue with this. How is this different than two people getting a place together? The $80k min income was a bit silly.

Nomad
Nomad
1 year ago

That $80K min income was the point. Why not $50K? Even $30K income should be able to rent that. Room cost wasn’t the point. Even in Burnaby a single room in a newer condo is renting $1,400/mo. There is no surprise. My whole point was DT Van will not see major downturn as many of you are expecting to happen. Anything outside DT will be hurt in some way or form. I wouldn’t be surprised if DT 1b1b condo costs as same as single family detached in Coquitlam in 10 years. Main problem with this inventory is, no one can move upwards now. Doesn’t matter you own 1b1b in DT right now with $400K in equity. After you sell, you will not qualify to move up to 2b2b condo with all these mortgage tightening. So everyone is stuck. Unless you… Read more »

Madashell
Madashell
1 year ago

Douglas Todd: Will the new leader of Quebec kill its immigrant-investor program?
Most of the roughly 5,000 migrants a year who exploit Quebec’s buy-a-passport program immediately move to Metro Vancouver and Toronto, where their foreign-sourced dollars pump up the cities’ already high-priced real estate.
https://vancouversun.com/opinion/columnists/douglas-todd-will-the-new-leader-of-quebec-kill-its-immigrant-investor-program

Oracle
Oracle
1 year ago
Reply to  Madashell

NDP has said that’s it’s not their jurisdiction so they won’t ask Quebec to cancel it.

??????

SilentBob
SilentBob
1 year ago
Reply to  Madashell

Having lived out east for a while, I got the distinct impression that people from Quebec generally dislike anglophones/the rest of Canada and are happy to screw them over at any available opportunity. This program is win-win for Quebec, so I’d be somewhat shocked if they actually changed it in any meaningful way.

Lost...but not Leased
Lost...but not Leased
1 year ago

Where’s EBY……………????????????????………………ffs

Methinks he and Weaver are at Empress Hotel discussing how to turn BC into commie colony in perpetuity while Keg Waiter Horgan is serving them drinks….

Oracle
Oracle
1 year ago

Nah. Weaver is going to be in turmoil next month.

Can’t say we didn’t tell him so.

Oracle
Oracle
1 year ago

Looks like the NDP cheerleading had died down here.

I told you guys last September/17 after they did nothing in the summer that they weren’t going to do anything.

All they did thus far is a 5% increase in FBT BUT they increased exemptions.

The PR vote is going to be very interesting. If it fails, election will have to be called or Greens will have destroyed themselves.

Selective Memory
Selective Memory
1 year ago
Reply to  Oracle

This forum is an ongoing demonstration of the Asymmetry Principle of Bullshit. 10 times the effort needed to refute as to produce.

Oracle
Oracle
1 year ago

100% Agree!

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Oracle

That you are the creator of the bullshit?

I agree too!

Oracle
Oracle
1 year ago

Ok there. So go ahead and cheer the NDP because listings have gone from abysmally low to very low in 18 months.

How’s the house hunting going? Next month might be the best month to buy if the referendum fails.

xyz
xyz
1 year ago
Lost...but not Leased
Lost...but not Leased
1 year ago

SIDA provided excellent service at Panda Express…tip is in the mail !.
PS….what’s yer West Van address..next to Jimmy Pattison?

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago

SIDA lives in China.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

Grow up.

Lost...but not Leased
Lost...but not Leased
1 year ago

CHINA lives in SIDA !

Bag it and tag it
Bag it and tag it
1 year ago

You can take the SIDA out of China, but you can’t take the China out of the SIDA, except here it’s normally said as AIDS.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago

Now that was funny!

Shut It Down Already
Shut It Down Already
1 year ago

Fuck off you faker. You are making me look bad.

Lost...but not Leased
Lost...but not Leased
1 year ago

SIDA is simply an algorithm produced by indentured fortune cookie workers during their one bathroom break in 24/7/365 shift.

Bubble
Bubble
1 year ago

4498 W 7TH AVENUE, sold for $6,450,000, Oct 5, 2018

Sales History (Since October 2014)
Date Comments MLS® Number
2018-Oct-05 Sold $6,450,000 R2311991
2017-Nov-14 Sold $7,280,000 R2155290
2017-Apr-11 Terminated $8,688,000 R2127968
2017-Apr-10 Listed for sale R2155290
2016-Dec-15 Listed for sale R212796

Assessment:
Year Total Land Improvements
2018 $7,035,000 $4,418,000 $2,617,000

Laibach
Laibach
1 year ago
Reply to  Bubble

Good stuff, but fact that locust is still well and alive is somewhat annoying. Who else with any sanity left would spend that amount of money on a house in Vancouver but typical locust?

Bubble
Bubble
1 year ago
Reply to  Bubble

2018-Oct-05 Sold $6,450,000
2017-Nov-14 Sold $7,280,000

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Bubble

Buy now or be priced out forever!

Oracle
Oracle
1 year ago

Saw the Surrey mayoral candidate Tom a few days ago give a talk at a private mansion on ALR.

He came along with the guy that bought the future Surrey Hospital land off the city a few years ago near Hwy 10 and 152. The guy has since developed the land.

Wowowowoe.

He further stated that they plan on 150-200 Km of LRT in Surrey.
He also stated 30 years ago was when people could afford a detached. 10-15 years ago was when they could get a townhomes. He said the future for families is in condos.

He wants to build 5 story structures around these LRT lines. All over the place.

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  Oracle

I had an audience with the Queen last week. She said she was going to demolish her castle and build condos there because LRT will be running past there soon.

Oracle
Oracle
1 year ago

Glad to have you join the minion crowd. How long have you been wrong?

Wait until you’ve been priced out of all rentals in the Fraser valley. Remember your snark remarks.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
MAKE TRUDEAU A DRAMA TEACHER AGAIN
1 year ago
Reply to  Oracle

I remember:

You voted for the NDP.
Was building a house in Surrey but then wasn’t.
Lied about going to Hawaii (for some odd reason)
Twice quit the blog only to come back shortly after.

I am sure others here can add to this pathetic list.

Best place on meth
Best place on meth
1 year ago

Fake Indian.

Like Elizabeth Warren.

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

You left once, too. If I recall you came back to declare victory on your correct prediction of a housing crash.

Oracle
Oracle
1 year ago

The other vote starts on the 20th too.

Now I’m thinking PR would be the worst option if we want change. It’s now clear that the parties are in bed with each other so FPTP might be better if we can get a new party going. Then 41% of the vote would win power. After PR, need 51%.