Friday Free-for-all! October 26th, 2018

It’s FRIDAY and that means it’s time for another Free-for-all!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

So what are you seeing out there?

Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

Sort by:   newest | oldest | most voted
Laibach
Member
Laibach

Hopefully, it doesn’t happen on Lions Gate Bridge over Sthinky Pok.

https://www.youtube.com/watch?time_continue=27&v=Iy87Li8HNwo

Dave
Member

What’s the over/under on hitting a triple digit sales day this month?

Oracle
Guest
Oracle

Sales apparently up. Prices holding after a brief correction.

But don’t tell the 6 people here who know more than the millions who participate in the market.

Laibach
Member
Laibach

Interesting but also worrisome, where sales are up? That number of 52 yesterday must be wrong or outlier that shouldn’t be taken into account? Is it correction already over? Please advise, if someone knows what is going on around that would be you. Although some people might laugh, you prove yourself so many times so far as a well-informed insider who has trustful sources on the street.

Oracle
Guest
Oracle

And if you have 310,000 people pouring into the country…only a matter of time before FOMO hits tier 2 cities.

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

You’ve already been shown what proportion of them ended up in Metro Vancouver.

Stop. Fucking. Lying.

Oracle
Guest
Oracle

News1130 story.

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

Like that cute smile and joyfulness on their faces when hippo swallows the bag. Pure pleasure…

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

I’m glad I caught your eye, but I’m afraid I’m simply not interested.

southseacompany
Member
southseacompany

“Vancouver Condo Sales Drop to Lowest Total Since October 2012”, Vancouver Condo Guide
https://vancitycondoguide.com/vancouver-condo-sales-drop-october-2012/

“Vancouver condo sales fell 28% year over year to their lowest total since October 2012.’

“As a result of weaker than usual condo sales, listings are beginning to stagnate. This has allowed inventory to build rather quickly, jumping 74% from the same month last year. While historically condo inventory remains low, this trend should certainly put sellers on notice.”

“With the Bank of Canada determined to hike interest rates towards their neutral rate of 2.5-3.5% this will further chip away at local borrowing capacity. As a result, developers are proceeding with caution, and have begun slowing new housing starts. Despite this, there remains a record pipeline of new inventory coming to market over the next 1-2 years.”

Doomcouver
Member
Doomcouver

Here’s our front-row seat on what irrational exhuberance turning into illogical fear looks like. Vancouverites have never known the terror of a speculative, illiquid asset being worth a fraction of what they thought it was. Watch for marginal sellers, they’re the real bringers of the fear, and they’re going to start coming out of the woodwork very soon.

Canada is for Canadians
Guest
Canada is for Canadians

Dream of a detached house for many condo-owning young families out of reach

https://www.citynews1130.com/2018/11/01/detached-house-young-families/

Dream will turn into a nightmare soon …

Oracle
Guest
Oracle

310,000-350,000 with probably 20% coming directly into metro Vancouver. Do the Math!

70,000 per year excluding foreign students and ten year visa holders.

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

There’s no need to make shit up:

https://vancouversun.com/news/local-news/metro-vancouver-population-sees-record-losses-in-latest-census-report

“A total of 31,541 people migrated to Vancouver from other countries in 2016-17. Vancouver was ranked third in international migration growth among census metropolitan areas, behind Toronto (113,074) and Montreal (52,158).

However, the proportion of immigrants who settled in one of these three areas continued to decline — in 2016-17 54 per cent chose to live in Toronto, Montreal or Vancouver, compared with 68.5 per cent 10 years earlier.“

From the surrounding context you’ll see they’re talking about Metro Vancouver, not the city.

You’re welcome.

Oracle
Guest
Oracle

Shut the Fuck up you moron.

I know exactly what I’m talking about and give those Damn stats to your mother you dumb imbecile.

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

Strong counter argument. I’m persuaded.

Best place on meth
Member
Best place on meth

Metro Vancouver is 6% of Canada’s population, why would we get 20% of the immigrants when we have the highest fucking housing costs in the country by far?

Oracle
Guest
Oracle

yeah sure. All the immigrants are in Victoria and Pribce George and Saskatoon. Ffs open your eyes

Doomcouver
Member
Doomcouver

Oracle seems to think all 300k immigrants come here with briefcases full of cash. The truth is the vast majority are working class, and are getting screwed over by our ridiculous housing market, high taxes, and poor job prospects just the same as your average naturalized citizen.

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

He also doesn’t understand that high prices provide a strong incentive to settle elsewhere. He’s just a clueless alarmist.

Oracle
Guest
Oracle

You keep waiting when detached are at 500,000. Tell your kids how smart you were.

Laibach
Member
Laibach

The Bank of Canada wants interest rates back to normal – here’s what that means for your mortgage, line of credit…

https://www.theglobeandmail.com/investing/personal-finance/article-the-bank-of-canada-wants-interest-rates-back-to-normal-heres-what/

Doomcouver
Member
Doomcouver

Spoiler alert: Poloz is about to put debtors in the poor-house.

Oracle
Guest
Oracle

This is Carney 2.0.

paulb
Member

New
205
Price Change
90
Sold
57
TI:13343

http://www.clivestevepaul.com

Stand up for Canada
Guest
Stand up for Canada

Looks like sellers are waiting for a spring rebound. Good luck when rates will be even higher and trump is looking to destroy China.

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

Happens every year.

Laibach
Member
Laibach

Denial rules, all is well. Chinese will be back soon…

Madashell
Guest
Madashell

Looks like they have not heard about the housing crash in Cities around the world like Hong Kong and Sidney. This crash will be epic.

Doomcouver
Member
Doomcouver

The synchronized global destruction will feed the asset deflation monster for many years to come.

Raincity
Member
Raincity
From Garth’s site: Two realtors that I spoke with recently (with one whom I know very well) say things are slowing down big time, nothing is moving. Nothing is selling, and they are having a hard time convincing people wanting to list that the parties over and the prices they think they could get are in the rear view mirror now. People listing don’t want to admit it and are still in fantasy land. In addition, Buyers can’t get access to the same amount of credit and / or are unwilling to purchase at the prices being listed which = no sales! Looks like bah humbug for these realtors this year with no sales and none on the horizon. One guy said he had to send his wife back to work because there was no income coming in from him… Read more »
kabloona
Member
kabloona

Fuel for the fire…..it’ like something out of The Onion…. 😉

“B.C. Human Rights Tribunal finds resort owner schemed to replace Caucasian workers”

https://www.cbc.ca/news/canada/british-columbia/human-rights-tribunal-b-c-resort-racial-discrimination-spruce-hill-1.4885932

“The B.C. Human Rights Tribunal has awarded over $173,000 in total to seven former employees of the Spruce Hill Resort and Spa in the B.C. Cariboo who claimed owner Kin Wa Chan discriminated against them because they’re Caucasian.

In a 73-page decision, tribunal chair Diana Juricevic found “that over a period of months, Mr. Chan repeatedly said that he wanted to replace Caucasian employees with ethnically Chinese employees to reduce labour costs.”

“I find that Mr. Chan said words to the effect: ‘Chinese workers are better and cheaper than white workers’ and ‘Chinese workers do not have to be paid holiday pay or overtime.'”

Best place on meth
Member
Best place on meth

Finally, a ruling that takes chinese racism seriously!

May there be many more, they’ve been getting off scot free for years.

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

The courts rightly ruled against him. Does this mean you’ll all stop whining now at how you think the system sides against you?

Laibach
Member
Laibach

Did you even read and understood the article or you are just peddling your race baiting crap as usual. It isn’t the courts but BC Human Rights Tribunal which is a huge difference when it comes to power and execution. The fucking criminal will wok out free and be just fine, no consequences whatsoever. I would expect he will soon get an apology and rewarded some money for his wasted time and emotional pain.

And for victims good luck getting the money from criminal and see him punished overTribunal ruling.

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

Does that mean you’re going to continue to play the victim or not?

Laibach
Member
Laibach

Very disturbing, locust isn’t only racist but cheap sexual predator too. I bet that kind must be gorging rhino balls and shark fins frequently to make up for the shortage. How this shit passes immigration filtering or maybe there is no filtering at all for those type of vermin?

“The decision also found that Chan sexually discriminated against former resort general manager Melonie Eva, the lead complainant in the case. Upon arrival, the pair went out for dinner and then walked through a market that sold sex toys. Eva testified that when they went to their hotel, she was shocked to discover only a single room had been booked and that Chan expected them to share it. “

no-name
Guest
no-name

wasn’t stuff like this and tax evasion the reason the head tax was introduced?

patriotz
Member

“wasn’t stuff like this and tax evasion the reason the head tax was introduced?”

Well no. There was no human rights code in those days and employers could discriminate all they wanted. So a Chinese business owner could legally hire only Chinese, although in those days I don’t think they ran much beyond one or two man operations. On the other side of the coin you had major businesses who wouldn’t hire Chinese.

Also there was no income tax to evade. One of the reasons cited for the head tax is that the Chinese were said to take most of their earnings back to China which deprived the government of sales tax revenue, but that’s not tax evasion.

bullwhip29
Guest
bullwhip29

Victor Li Tzar-kuoi, the elder son of Hong Kong’s richest man Li Ka-shing, says Hong Kong’s housing market is not in a bubble waiting to burst
https://www.scmp.com/property/hong-kong-china/article/2170914/theres-no-hong-kong-housing-market-bubble-insists-cks

“Do not say it is a bubble. It is not that serious…”

Raincity
Member
Raincity

Which means that IT IS Serious!

gottalaff
Guest
gottalaff

“They’ll know you’ve arrived when you pull up in a ’58 Edsel….” — Edsel Ford

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

Anybody making declarations about whether a market is in a bubble or not has no excuse not to back it up with something quantifiable. If you want to claim there’s no bubble then show how properties are still justifiably valued. Perhaps he did and that never made the article but there’s no need to turn it into a religion when we have facts and data pretty much everywhere.

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

Why don’t you share your opinion?

Are we in a bubble?

Are you a bull or a bear?

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

You’re a fucking idiot. That’s about all I can say. Do you ever even read my posts or do you just lunge straight to the reply button?

Best place on meth
Member
Best place on meth

I’ve told Whistler before not to waste his time on a piece of shit like you, but he just won’t listen.

Why would anyone care what a worthless china apologist like you thinks?

It’s beyond reason.

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

Oh noes! I got called worthless by a toxic racist who just happened to be.. cough.. accidentally passing by… cough… a white supremacist rally last year.

http://vancouvercondo.info/2017/08/friday-free-for-all-august-18th-2017.html#comment-306040

You think confronting uneducated idiots like you makes somebody an “apologist”? Oh dear.

Doomcouver
Member
Doomcouver

The bubble deniers like to conflate speculative demand with actual demand. Saying things like “There is no bubble, that’s just what people are willing to pay.” . The issue is when the speculative demand inevitably dies, there is only utilitarian demand, and utilitarian demand doesn’t support these insane prices.

bullwhip29
Guest
bullwhip29

China’s 100,000 property developers are bracing for an industry shakeout as economic growth sputters
https://www.scmp.com/property/hong-kong-china/article/2171203/chinas-100000-property-developers-are-bracing-industry

“…marketing materials for Ruyi Island, a man-made chunk of land depict a utopia for the wealthy…showing families strolling along marina boardwalks strung with fairy lights and villas nestled around palm tree-lined lagoons…”

“…five years after construction started Ruyi Island remains a huge sand bank, a few cranes sitting idle. Its developer, Beijing-based Zhonghong Holding, is in the process of selling, or at least trying to sell, the 13 billion yuan (US$1.9 billion) project to a competitor after burning through cash and piling up debt…”

Doomcouver
Member
Doomcouver

It looks like China screwing America over on trade has finally bit them in the ass. Trump’s tariffs are likely the pin that will pop China’s credit bubble. The USA credit market is less risky, and the tariffs will somewhat insulate the USA from the fallout in China. Hopefully the PRC doesn’t resort to violence as the economy implodes in on itself. Totalitarian regimes often start wars to distract from economic turmoil.

paulb
Member

New
163
Price Change
114
Sold
72
TI:13273

http://www.clivestevepaul.com

Best place on meth
Member
Best place on meth

Worst performing luxury real estate market in the world over the past year – Vancouver

https://content.knightfrank.com/research/323/documents/en/prime-global-cities-index-q3-2018-5931.pdf

WEAR HAAMM!!??

realist
Member
realist

Knight Frank’s analysis is not easily dismissed, given their high profile. Of note, in their Global Residential Cities Index, Q32018, Vancouver’s RE appreciation comes 43 of 43, behind such highly desirable cities such as Nairobi and Mumbai. Moreover, the depreciation is accelerating: the 12 month change is -11.2%, whereas the 6 month change on an annualized basis is 16.2%, and the 3 month change annualized is 19.2%. The local RE industry won’t be able to “extend and pretend” the denial for much longer.

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

Joking aside, this is big news.

The spinners and pumpers can no longer hide the widespread damage the market is undergoing.

A profound change in the psyche of the market is underway!

Oracle
Guest
Oracle

Is there change on houses you can afford? Like the sub $1 million market.

Otherwise who cares whether you can afford a home on Londons Billionaires row.

realist
Member
realist

An analyst needs to care about the prices of houses that billionaires buy because that effects the rest of the market, including the sub $1 million. This phenomenon has been on display in Vancouver for >30 years, but because it is politically inconvenient, it has been ignored whenever possible, and when not possible, denied, and when undeniable, castigated as xenophobia.

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

It’s ignored because what you just said is bullshit. Outliers are called outliers for a reason.

realist
Member
realist

Thank you for your considered and polite response. If you’d read the thread, you would have understood that the reference to billionaires was metaphorical and in response to previous post. Point is: when there is a permanent bid at the higher end of the RE market, pricing in remainder of market will be affected – that is, increased.

realist
Member
realist

oops, above “effects” should read “affects”

Doomcouver
Member
Doomcouver

You do understand that luxury real estate doesn’t exist in a vacuum right? Pricing at the top cascades down to all the lower property rungs. It takes a while to propogate, but it will happen.

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

Yes, there is change. And this has been pointed out to you many many times now. If still in any doubt, check Zolo.

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

Le Homes says fake news.

“The market is taking a short breather before going up 15% in 2019 and 20% in 2020”

Oracle
Guest
Oracle

Why would you disagree? Immigration increased. People need a place to live. Rents rising.

I’m buying once his small correction done. Then I’ll keep posting on how wrong you guys were .

Doomcouver
Member
Doomcouver

Not all immigrants are wealthy, most of them are working class people that can’t afford these prices.

Canada is for Canadians
Guest
Canada is for Canadians

This doesn’t fit with Oracle’s narrative.

Oracle
Guest
Oracle

Breaking news.

Trudeau has increased immigration to 350,000 annually. Furthermore, huge increases in Foreign Students, Supervisa, and 10 year visa holders.

This will make even Prince George unaffordable.

Best place on meth
Member
Best place on meth

Fake news oracle strikes again:

Oracle: Trudeau HAS increased immigration to 350,000 annually.

Fact: Trudeau to increase annual immigration admissions to 350,000 by 2021, 3 years from now.

Wildcard: Trudeau goes back to teaching drama and grabbing asses next fall.

bullwhip29
Guest
bullwhip29

meanwhile, we still have to find space for the 310,000 that will be pouring through our borders each year until that increase kicks in…so, yeah nothing to see here

Doomcouver
Member
Doomcouver

Most of them are asians. They cram like 20 people to a house usually. I’m pretty sure the rate of construction is more than adequate.

oopswediditagain
Guest
oopswediditagain

Yes, they come here until they don’t. Lol

https://vancitycondoguide.com/canada-population-growth-housing-booms/

Canada’s Population Growth Resembles Previous Housing Booms

“From 1998-2008 a spectacular housing boom and a stunning immigration wave gripped the country of Spain. This resulted in large net flows of migrants, which peaked in 2007 along with the housing boom. As construction halted and unemployment began to rise, migrants left the country and migrant flows turned negative.”

Oracle
Guest
Oracle

So you’re okay with this? So you don’t think this causes rents to spike? Moron.

Laibach
Member
Laibach

Desperation rules. Missing any ideas and being totally incapable this only what Trudeau and his goverment could do in order to appear that they work on something.

Canada is for Canadians
Guest
Canada is for Canadians

We don’t fill the existing numbers anyways so this increase (if it’s even true) is irrelevant. More fear monger if by Oracle.

Oracle
Guest
Oracle

Fear mongering? Hahaha.

Numbers are people and they are coming here. Either will buy or rent. Ready for rent competition?.

franko
Member
franko

Any bets where the bulk of the caravan from Honduras will end up?

Best place on meth
Member
Best place on meth

Dispersed by tear gas and rubber bullets about 300 metres south of the US border.

Laibach
Member
Laibach

Probably this guy doesn’t understand what he actually said or is just plain stupid to seriously think something like that.

“Hussen said immigration drives innovation and strengthens the economy, rejecting some claims that newcomers drain Canada’s resources and become a burden on society.”

https://www.cbc.ca/news/politics/immigration-canada-2018-1.4371146

Canada is for Canadians
Guest
Canada is for Canadians

They won’t get re-elected anyways.

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

They won’t if we all vote.

OI can’t seem to find anyone who likes him but someone obviously voted for him.

Oracle
Guest
Oracle

Happy Halloween guys.

And ridicule any new/large house with their lights off tonight. Chances are they just don’t want to spend $$ and hand out candy.

Doomcouver
Member
Doomcouver

Or they’re empty.

bullwhip29
Guest
bullwhip29

or they went to aberdeen mall to escape the rain and take selfies…

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

Or they’re out enjoying themselves. Last time I checked it’s not a requirement to be at home on Halloween.

In fact, all the people you see out trick-or-treating are absolutely not home. Trust me on this.

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

AIDS you ignored my simple question again, even after asking me what I wanted to know about you. Here it is again:

1. Renter or owner?
2. What area of town?

Lets start with that?

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

Your question was buried under all meth’s bleating, but make no mistake – you’re not entitled to anything. If I tell you anything it’s because I choose to, so perhaps you should be a bit more fucking polite, eh?

Of course your question is dumb, because if I answer it it won’t tell the whole story. So I’m going to help you out a little – I currently rent but used to own. In Vancouver.

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

Oh I am so glad I wasted my time on you.

Oracle
Guest
Oracle

At the start of the evening? SJWs always looking for excuses for others.

Dave
Member

Or trying to make their mortgage payments and need to save a few $$$.

Doomcouver
Member
Doomcouver

I’m surprised old Chinese people aren’t going around trick-or-treating and trying to sell the candy back to kids. Seems like a lucrative and tax-free business opportunity.

Canada is for Canadians
Guest
Canada is for Canadians

They are too busy rummaging through the recycling bins.

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

That says more about you than it does anybody else.

Laibach
Member
Laibach
Nomad
Guest
Nomad

Dude your link is about American born Korean. Far from the mainlanders.
On a side note, I heard Metrotown mall gone crazy yesterday filled with kids. Would they leave home lights on? Nah…

Best place on meth
Member
Best place on meth

“‘He drops her off at about 8:30pm and leaves her there until about midnight,’ Miller said.

‘I’ve see her sitting outside by herself in drizzle. She even defecated on one of the benches before because she had to go to the bathroom. There’s so many things wrong with it.’ ”

Everything seems in order here, nothing out of the ordinary.

Doomcouver
Member
Doomcouver

Haters gonna hate, China’s gonna China.

bullwhip29
Guest
bullwhip29

StatCan wants Canadians’ financial data, downplays privacy concerns
https://www.ctvnews.ca/politics/statcan-wants-canadians-financial-data-downplays-privacy-concerns-1.4157136

>>> personally I think they may be trying to legitimize this data grab under the guise of market research or something to that effect while their real motivation is to obtain financial records on hundreds of 1000’s of account holders that may be conducting sketchy or fraudulent activity and are already on their radar. Richmond realtors, contractors, bankers, card dealers, masseuses, bell hops, limo drivers, students and housewives should be on alert…

Laibach
Member
Laibach

Chinese are exempt from this exercise due to cultural norms.

“Kwan, a member of the province’s NDP government, was reported as saying, “The Chinese are very private about their money. This law goes against our culture.”

http://www.vancouversun.com/news/Vancouver+candidates+promise+track+down+Canadians+flouting+foreign+asset+disclosure+laws/11403459/story.html

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

Her opinions do not constitute law. How dumb of you to try and present it that way.

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

You seem to be confusing StatsCan with the CRA.

bullwhip29
Guest
bullwhip29

the fact is that the govt is looking to conduct this massive data grab for reasons we can only theorize about. they are not doing this for fun or trivial reasons. i believe there is more going on here than meets the eye. i realize that stats can is supposed to keep this info locked away in vault, but the cynic in me says otherwise especially if other agencies can make a plausible case to support their demands for access in the name of the public good. hey, but you can believe what you want…

Oracle
Guest
Oracle

SIDA heart lies with communist China first. He could care less about Canada and its citizens.

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

You always struck me as the sort of person who’d say “could care less” instead of “couldn’t care less”. Thanks for not disappointing.

Doomcouver
Member
Doomcouver

I think they’re wanting to see how dangerous the credit bubble really is. They’ll likely be using the data to look for more ways to insulate the government, the CMHC, and other government institutions from the fallout.

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

Seriously? They don’t need transaction details to work that out. We already know that debt-to-income is the highest it’s ever been in recent history. And we also know what people are spending their money on – overpriced real estate. It’s not rocket science.

YVR
Guest
YVR

“It’s not rocket science.”

It is Trudeau. He only reads crayon.

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

Trudeau’s explanation of quantum computing wasn’t quite accurate but I’d love to hear Trump’s. After all, he claims (without providing evidence) he’s “really smart” and boasts about he high his IQ is. But there’s no need to take a test just yet – perhaps he could start by releasing his academic records? A really smart person wouldn’t take issue with that, would they?

Best place on meth
Member
Best place on meth

Trump has outsmarted all of your ilk so far, and will continue to do so.

You people will never get it.

bullwhip29
Guest
bullwhip29

yes, i was also thinking this too. i would guess that most wouldn’t get a warm and fuzzy feeling knowing the govt has no idea what’s going on and therefore has to resort to such options in the first place.

Oracle
Guest
Oracle

If history is any guide, it’s the waiters that should be concerned even more. Students and homemakers will probably get a pass if their name sounds Asian.

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

Except the whole “getting a pass” thing is something you just made up.

Dave
Member

I heard a good statement on CNBC today, but missed who said it. The comment was that asset values across the World are priced at boom time levels, but we have Depression era interest rates.

It’s nothing that hasn’t been pointed out and said one way or another here, but that statement really simplifies and captures what’s going on. Asset values weren’t at these levels in the Great Depression and interest rates weren’t at these levels in historic boom times. The two ultimately have to reconcile.

Doomcouver
Member
Doomcouver

Normally housing markets have a correction every 7 years or so. We’re going on over 2 decades without a material housing correction in many Canadian housing markets. I believe the globalization of capital is creating asset super-cycles in housing and the stock market. Making the booms and the busts much longer and bigger than before. The “everything bubble” as it’s been referred to seems to be in the end-phases now. The main question is what is the bust going to look like.

Best place on meth
Member
Best place on meth

We had the beginning of a correction in 2008, right on the 7 year mark.

That correction was suddenly interrupted by the financial crisis so now we have a double bubble that needs double the correction.

Doomcouver
Member
Doomcouver

Yes the bubble was immediately reinflated due to intervention by the BoC when they dropped rates to 0. The secret Canadian bank bailout helped as well.

Laibach
Member
Laibach

Beside the global bubbleization Canada and especially BC got additionally screwed in the past 25 years with Hong Kong transition and China “liberalization” by absorbing too much crap coming from there to only target housing and nothing else.

patriotz
Member

During the 1930’s you could buy a house in Vancouver for about 3 years rent.

Best place on meth
Member
Best place on meth

That means Oracle will calculate that rents need to go up to $30,000 a month for a 2 bedroom condo during the next depression.

Canada is for Canadians
Guest
Canada is for Canadians

That’s what inflation is for …. it is the great equalizer.

Dave
Member

This is a big debate in macroeconomics right now. We’ve moved to a global economy with a global workforce which is a deflationary force. The nature of our economy is growing more and more towards information technology, which is also deflationary. We’ve printed a huge amount of money this past decade, which has given us lots of asset inflation, but are we really in an inflationary world right now? What are the forces that will keep asset prices high and growing?

Laibach
Member
Laibach

How about Richmond’s birth shitshow?

Trump Says He’ll End Birthright Citizenship With Executive Order

https://www.bloomberg.com/news/articles/2018-10-30/trump-to-sign-order-ending-birthright-citizenship-axios

Hyper-mega-Bull
Member
Hyper-mega-Bull

Richmond’s mayor thinks being born in Canada shouldn’t automatically grant you citizenship

https://www.citynews1130.com/2018/10/30/richmond-canada-citizenship/

patriotz
Member

If Brodie wants something done he can start by cracking down on the “birth houses” that are operating in violation of zoning bylaws.

“Richmond currently has more than 20 makeshift hotels, where expectant moms can rent a room until they’re ready to deliver their babies.”

Doomcouver
Member
Doomcouver

I agree, this is clearly where Brodie can make an impact. Since they advertise publicly it shouldn’t be difficult to prove they’re running illegal hotels and shut them down. Richmond has an illegal hotel problem in general though, not just birthing hotels.

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

He knows he can’t revoke the constitutional right by an executive order, he’s just appealing to the dumbest of the dumb before the midterms. Judging by your post the strategy is working, and you can’t even vote there.

xyz
Guest
xyz

Nothing inherently wrong with what Trump is doing…especially compared to the rest of the world in this regard. The US doesn’t have to have any obligation to anyone except it’s own citizens. Make note of all the GRAY colour on the map below in addition to the restricted areas and then you will see that Trump is not out of place on a worldwide basis…
Note the gray colour in most of Asia and Africa.

https://en.m.wikipedia.org/wiki/Jus_soli

patriotz
Member

“The US doesn’t have to have any obligation to anyone except it’s own citizens. ”

Of course that’s not true, the US Constitution guarantees certain rights like voting to citizens, but other rights are guaranteed to anyone under its jurisdiction. And it also forbids the USG from dishonouring its debt, which means it has obligations to any bondholder, not the least being the PRC.

xyz
Guest
xyz

@ patriotz

“The US doesn’t have to have any obligation to anyone except it’s own citizens. ”

I was speaking in the context of the subject at hand (birthright citizenship) and whether Trump can
remove it.

https://dailycaller.com/2018/10/31/donald-trump-right-birthright-citizenship/

patriotz
Member

“I was speaking in the context of the subject at hand ”

The President is not the US, but one of its officeholders with powers and obligations specified by the Constitution, which he is sworn to uphold. In particular, the power to establish rules for citizenship rests with Congress, not the President.

xyz
Guest
xyz

@ patriotz

……but if there is no existing law passed by Congress as of now that gives jurisdiction to illegal aliens born in the United States……(see my article linked above), then is your point not moot?

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

Aside from the fact he claimed that the US is the only country to allow it, you mean?

YVR
Guest
YVR

Read the constitution. It doesn’t cover illegals. This will go to the supreme court and Trump will win like usual just like the travel ban. You need to quite believing what CNN tells you. It is all fake.

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

Paul Ryan works for CNN now?

Harry Wang
Guest
Harry Wang

Scientists Confirm China as Major Source of Banned Ozone-Depleting Chemicals

https://e360.yale.edu/digest/scientists-confirm-china-as-major-source-of-banned-ozone-depleting-chemicals

Hyper-mega-Bull
Member
Hyper-mega-Bull

is there anything evil they won’t do for money?

Oracle
Guest
Oracle

Who cares!?

We have a bigger problem. The PR vote means we can have Selina Robinson as our housing minister forever. Throw these clowns out! They had their chance. Over a year and entry level housing prices are higher now than during the election.

And what happened to FBT on presales and Bare Trusts. FFS if we give these guys power forever, they will backtrack as they all have investment properties.

Make them earn the next 2 years. So don’t give them the next 200 with PR.

Please vote NO and think why!! Thanks

Selective Memory
Guest
Selective Memory

All the effort you’re putting in here to convince folks to vote against PR. So much disinformation and lying. You do realize only about 10 people read this blog, right?

southseacompany
Member
southseacompany

“Housing market now ‘reminds me of 2006,’ Robert Shiller says”, MarketWatch

https://www.marketwatch.com/story/housing-market-now-reminds-me-of-2006-robert-shiller-says-2018-10-30

“Famed housing-watcher Robert Shiller said Tuesday that the weakening housing market reminded him of the last market top, just before the subprime housing bubble burst, slashing prices by nearly a third and costing millions of Americans their homes.”

““The drop in home prices in the financial crisis was the most severe drop in the U.S. market since my data begin in 1890,” Shiller said. “It could be that we’re primed to repeat it because it’s in our memory and we’re thinking about it but still I wouldn’t expect something as severe as the Great Financial Crisis coming on right now. There could be a significant correction or bear market, but I’m waiting and seeing now.””

Oracle
Guest
Oracle

Exception will be Vancouver. A place where immigration papers are handed out for free.

Doomcouver
Member
Doomcouver

It’s not different here. Most of the Chinese are economic migrants and will leave in the next recession.

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

Did the population decrease in the last recession, then?

bullwhip29
Guest
bullwhip29

i take three, my husband gonna take three…

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

Except they’re not. Why must you lie?

Laibach
Member
Laibach

Theoretically agreed, hard to oppose it.

Best place on meth
Member
Best place on meth

The federal NDP should be disbanded after this attack on free speech.

“NDP wants Steve Bannon debate cancelled”

https://www.cbc.ca/news/politics/steve-bannon-munk-debate-1.4883327

Theses assholes are ok with neocon warmonger David Frum, who vigorously advocated for the criminal invasion of Iraq in 2003 based on fabricated WMD evidence (Frum is a regular contributor to CBC lately), but they have a serious problem with Bannon speaking about nationlism at a debate?

Jagmeet and his party are an extremist fringe group.

YVR
Guest
YVR

Jagmeet is unelectable. It shows the intelligence of the NDP party to put this guy as the leader.

Oracle
Guest
Oracle

He’s a selfish idiot. There is no way he is doing good for the party. It’s all for his inlaws to say what a successful guy he is.
Ruins Canada by giving vote to Trudeau.

Doomcouver
Member
Doomcouver

Jagmeet is completely unelectable. He’s a dogmatic buffoon.

YVR
Guest
YVR

Eby is too busy to ban foreign buyers from buying presales like he promised but he has time to ban donations for people who want to recall him. Maybe if he kept his promises he wouldn’t need to worry about recall?

Attorney General David Eby told Postmedia News the goal was to bring recall campaigns under the same rules the NDP has put in place for provincial and municipal campaigns. “We’re going to be applying the same restrictions to recall that exist for general elections, a $1,200 donation limit, no union or corporate (donations),” said Eby.

https://vancouversun.com/news/politics/b-c-to-ban-corporate-and-union-donations-from-recall-campaigns

Best place on meth
Member
Best place on meth

I guess you want special interests funding recall campaigns.

Oracle
Guest
Oracle

Cmon BPOM. Eby could do way more than he is right now. And it’ll be 2 years in May. Even you must be getting fed up.

I know people who have had 2 kids since Election just so the child benefits could pay the increasing rents.

YVR
Guest
YVR

If politicians do their job and don’t lie they do not have to worry about recall. Eby lied and has to worry. He campaigned on taxing presales for foreign buyers but instead taxed house rich locals with a surtax that was never mentioned in the NDP platform or campaign. The surtax will not make a difference to wealthy foreigners. The 20% presale tax would have.

Oracle
Guest
Oracle

Yup. Hopefully the supporters here start seeing reality.

What is Eby waiting for? The PR vote to fail?? Haha.

It’s all hot air. No rspect anymore for that guy.

Laibach
Member
Laibach

Either ways and no matter who is in charge locust profits and get ahead while local suffers and gets screwed. Who would think that “anti-racism” is such powerful tool when used by interest groups and corrupted politicians.

Dave
Member

Impossible to get enough votes, but this bill is meant for Plecas.

bullwhip29
Guest
bullwhip29

Negative equity returns to Hong Kong as small, older flats’ values drop by 20 per cent in a declining market
https://www.scmp.com/business/article/2170560/negative-equity-returns-hong-kong-small-flats-value-drop-20-cent-declining

Best place on meth
Member
Best place on meth

20% drop in 2 months?

I hope that disease hits our shores soon, it could wipe out that other disease that’s been plaguing us.

Laibach
Member
Laibach

That other disease already morphed into a connective tissue and forced its distinctive characteristics like greed, lie, corruption, scum to become fundamental features of the host organism.

bullwhip29
Guest
bullwhip29

Ultra-modern custom house in Squamish was listed three weeks after it wasn’t chosen in the May B.C. Children’s Hospital prize draw and is still for sale at $1.95 million five months later
https://www.richmond-news.com/luxury-b-c-children-s-prize-home-still-on-market-for-1-95-million-photos-1.23481211

YVR
Guest
YVR

“B.C. Assessment pegged its value at $1,568,000 in July 2017”

Gee I wonder why it is not selling for $1.95M?

kabloona
Member
kabloona

“Canadians should get used to idea of 3 per cent interest rates: Poloz”

https://ca.finance.yahoo.com/news/canadians-used-idea-3-per-221627846.html

The Canadian PressOctober 30, 2018

“OTTAWA — Bank of Canada governor Stephen Poloz wants Canadians to get used to the idea of three per cent interest rates as the new normal, now that the era of rock-bottom borrowing costs is gradually fading away.

Poloz raised the benchmark rate last week for the fifth time in just over a year to 1.75 per cent — its highest level in about a decade.

He sent signals that future hikes could arrive sooner than previously expected, in large part due to the economy’s resilience and the removal of some business uncertainty following the recent agreement on an updated North American trade pact…”

Oracle
Guest
Oracle

The next recession is (80% probability) in 2020.

They are raising so they have room to cut then. Otherwise, negative rates will happen.