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”
–
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
[…] Well right now it’s a great time to buy or sell real estate because the runaway market is taking a breather. […]
Richmond Community Coalition condemns lists promoting Chinese-only candidates
Just wait 12 years
Vancouver society at centre of vote-buying allegations has ties to Chinese government
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.
You mean to say you could get around the law by committing fraud? Say it ain’t so!
And I bet the Chinese lead the way. If they get caught, say ‘no english’ or play naive.
The extra spouse home will nullify the effect of this tax.
What a fucking farce! Hope the other people here see this.
New
267
Price Change
106
Sold
90
TI:13676
Oracle hows the peak looking?
Just 100 more and we’ll have a new peak for the year, probably the latest peak ever.
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.
You’re right!!! Sales to listings ratios don’t matter!!!!! It’s all about the gross listings number!!!!! You so smrt
The victory laps are just starting my spitting mad Sino-Friend!
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?
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.
Nice to know whose side Andrew WIlkinson is on.
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…
Almost everybody has unreported income from the previous calendar year – until about April.
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.
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.
If the mortage brokers are hating it, it must be a good thing.
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.
3) You fucking off for good!
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…
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?
Wow. Einstein has outed me. Thinks I’m a real estate agent.
Good grief.
You forgot to call me a “minion”
‘Golden passports’ threaten European security, warns EU commissioner
Exclusive: ‘citizenship for sale’ under increasing scrutiny from governments and security agencies
“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.
“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.”
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 ….
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.
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.
But I was told all Chinese ese buy with cash and never sell.
Could that be a lie?
Not with record immigration. Only reason rents are going up massively is because of massive people inflows.
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.
And No impact as per Carole James. Says we will see results in a few years. Hahaha
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.
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
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.
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.
“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.
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
How chinese guys fight
hahahaha you made my day. Spit contest.
Yeah I shit on you haha
New
288
Price Change
133
Sold
94
TI:13651
Strong listings for mid Oct.
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
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.
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.
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.
Oh and place was in the east van.
Who cares about listings FFS.
Tell me about prices in the sub $1 million market.
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.
Listings = supply
Sales = demand
have you ever heard of supply and demand?
MOI is down again.
“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.
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
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.
NDP has said that’s it’s not their jurisdiction so they won’t ask Quebec to cancel it.
??????
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….
Nah. Weaver is going to be in turmoil next month.
Can’t say we didn’t tell him so.
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.
This forum is an ongoing demonstration of the Asymmetry Principle of Bullshit. 10 times the effort needed to refute as to produce.
100% Agree!
That you are the creator of the bullshit?
I agree too!
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.
Ross Kay regarding sales:
https://mobile.twitter.com/rosskay/status/1051857707534184449
SIDA provided excellent service at Panda Express…tip is in the mail !.
PS….what’s yer West Van address..next to Jimmy Pattison?
SIDA lives in China.
Grow up.
Fuck off you faker. You are making me look bad.
SIDA is simply an algorithm produced by indentured fortune cookie workers during their one bathroom break in 24/7/365 shift.
CHINA lives in SIDA !
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.
Now that was funny!
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
2018-Oct-05 Sold $6,450,000
2017-Nov-14 Sold $7,280,000
Buy now or be priced out forever!
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?
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.
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.
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.
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.
You left once, too. If I recall you came back to declare victory on your correct prediction of a housing crash.
Fake Indian.
Like Elizabeth Warren.
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%.