BC, data, economy

Home sales continue to slide

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91 Comments

Home sales in BC continue their decline.

“Sales fell 33.2 per cent compared to the same month a year ago, and the average residential price of $685,749 was down 1.1 per cent from September of 2017.”

“Association chief economist Cameron Muir says, “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of B.C.’s economy over the last five years.”

Read the full article here.

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[…] –outgoing mayor blames house prices on “influx of global capital” […]

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southseacompany

“After Years of Easing, Meet Quantitative Tightening”, Washington Post

https://www.washingtonpost.com/business/after-years-of-easing-meet-quantitative-tightening-quicktake/2018/10/12/07b2133c-ce48-11e8-ad0a-0e01efba3cc1_story.html?utm_term=.8e2b7f248d10

“For a decade, investors around the world have ridden a rising tide of more than $12 trillion — the extra cash pumped into the global system by key central banks to counter the deepest financial crisis since the Great Depression, and its aftermath. Now that flow of so-called quantitative easing is turning to the ebb of quantitative tightening, and markets are — perhaps not coincidentally — showing increasing volatility.”

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Bag it and tag it

That heading a year and a half too late.

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Raincity

From the article, this looks like a typical HAM MO:…”“To be honest, there was no beneficial impact on the local economy,” she said. “They [incoming companies] enter the area, reap the financial rewards and transfer the money out. They don’t boost the income of the locals and are only there for the tax breaks, which are good for the companies but don’t benefit the government.”

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southseacompany

“Scotiabank, CIBC hike posted fixed five-year mortgage rates”, Globe & Mail

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-scotiabank-becomes-first-big-bank-to-hike-fixed-mortgage-rates/

“Despite a surge in bond yields, which typically lifts fixed mortgage rates, most banks have held their posted 5-year fixed rates at 5.34 per cent. But Friday morning we saw the first mega-bank break ranks in five months. Scotiabank hiked its posted 5-year fixed rate by 10 basis points to 5.44 per cent.”

“the Big Six banks have all been lifting discounted fixed rates in the last week. Just Friday morning, Scotiabank and CIBC announced a host of posted and discounted fixed rate increases.”

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bullwhip29

A tightening of rules in the once tax-free city of Khorgos and Beijing’s crackdown on the entertainment industry has seen production houses running for the hills
https://www.scmp.com/news/china/society/article/2168303/chinas-film-companies-flee-xinjiang-tax-haven-wake-fan-bingbing

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bullwhip29

A Chinese property developer was sentenced to at least two-and-a-half years in jail by an Australian court on Friday for non-consensual intercourse with a woman after a Sydney dinner party hosted by billionaire JD.com-founder Richard Liu
https://www.scmp.com/news/asia/australasia/article/2168378/chinese-developer-sentenced-jail-australia-sexual-assault

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bullwhip29

West Australian bus operator Adams Perth has partnered with Aus Highway travel to deliver Chinese-speaking trips via a new joint venture: Ni Hao WA Tours
https://www.busnews.com.au/industry-news/1810/leading-wa-bus-operator-to-offer-bespoke-chinese-speaking-tours

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bullwhip29

Talk in Kyrgyzstan of allowing tourists from China to visit without obtaining a visa has ignited heated public debate
https://eurasianet.org/kyrgyzstan-talk-of-visa-waiver-for-chinese-tourists-sparks-ire

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bullwhip29

How Asian Social Media Transformed a Quiet U.K. Walking Spot

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bullwhip29

Residents are upset about signs appearing on their property, while candidates complain about those vanishing
https://www.richmond-news.com/election-2018/battle-over-election-signs-rages-in-richmond-1.23461513

>>> oh the shenanigans that go on in the dark of night in Richmond where doing whatever the F you please whenever the F you want seems to be widely accepted and possibly even encouraged by the new generation of thick skinned go-getters…

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M-

Hong Guo in the news again…

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hashtag

After denying HAM for years GRwgor now admits it:

“then we got walloped with the biggest influx of global capital really that any city had seen all at once.”

https://vancouversun.com/news/local-news/people-want-to-blame-me-outgoing-vancouver-mayor-gregor-robertson-reflects-on-10-years-in-office

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Dave

What an idiot, especially since his girlfriend was HAM.

These dummies were cheerleading the bubble all the way up. All those guys were saying high prices were a positive endorsement of the great city they built. They were all patting themselves on the back thinking people were willing to pay anything to live in such a great City. But the reality was that we were willing to sell the City out to foreign money.

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Shut It Down Already (original)

He needs a scapegoat for his legacy being an extreme affordability crisis.

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DaMann

He was also the same twat that started calling people racist if they brought up the issue of foreign money. Then turns around and says that the foreign money deluge has destroyed the city. Funny, his opinion turned after he sold his place ( thought he was probably selling at the top), only to find the market race on another 50% now he can’t buy again. Now all of a sudden foreign money is a problem. Guy should be shot

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Dave

He should be charged with treason along with Christy Clark for selling the Province out to a foreign government and conspiring to keep it secret.

Andrew Weaver should also be charged with treason for trying to bring in PR absent a referendum. Talk about complete distain for democracy.

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patriotz

Sorry but the Criminal Code defines what treason is, not you. Also provinces have the power to change the electoral system without a referendum. It’s happened before right in BC. Holding a referendum is just a courtesy.

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Dave

It meets my definition which is an unlawful overthrow of the government. We should change the Criminal Code and then charge him.

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MarKoz

What if we had “Unexplained Wealth Orders” here?

“A woman who spent £16m at Harrods in a decade can now be identified as Zamira Hajiyeva – the first target for the UK’s new anti-corruption law.”

https://www.bbc.com/news/uk-45812210

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M-

I love the UWO concept, but the cynic in me says 98% of cases wound end with wealth from land/business deals in China which (on the surface) appear legitimate, or with the wealthy individual having been exceptionally lucky at the casino…

The nominally-legitimate land/business deals would probably require the other party to testify to their own corruption/bribery in the deal, which means that without some uninvolved person who knows and has evidence of what went on (and who didn’t get a payout in the process), it means on balance of probabilities, that the foreigner will be allowed to keep their “earned” wealth…

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Oracle

I noticed there is a lot of cheerleading going on at this site.

Just a question. What happens if the PR vote fails? Did we miss our chance because of the NDP inaction?

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Dave

Chance at what?

I gave the NDP credit when they took some action but I think we would be where we are if they hadn’t done those things. The Chinese money has dried up all over the World, interest rates have been going up all over and the B20 rules were from the Feds. Those are the three biggest factors and none have to do with the NDP.

Nobody is going to resurrect the market either.

I hope PR fails because it’s ridiculous.

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Oracle

Glad someone sees that it’s external actions that slowed this market down.

NDP hasn’t done jack all besides increasing the FBT by 5%. And then they increased exemptions to it if you pay tax here. Go figure.

For better or worse, this experiment will all be over in about a month. Only if they hadn’t lied about their ‘bold’ action and Weaver actually did something. Oh well.

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Bag it and tag it

Why is PR ridiculous? It’s what they do all over Europe? Almost 2 decades of destruction of our province with the majority being held hostage by 39% popular support…now that’s ridiculous. If you happen to have 2 parties representing the same issues you get vote splitting…which is bad luck if you’re voting for one of those parties. Luck should not play into it. The only way the current system would work is if you have have multiple choices. IE. If your Green candidate is in 3rd place and you selected the NDP as your 2nd vote, then you’re NDP vote would be the active one. It’s crazy how undemocratic. For the record, the NDGreen coalition has done A LOT since being elected and everything they did represented the interests of the majority of BC voters. Compare that with the Liberals.… Read more »

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bullwhip29

A video is circulating on social media that shows a white SUV hitting another vehicle, mounting the curb, bursting through some bushes and narrowly avoiding a pedestrian in Richmond
https://www.richmond-news.com/news/video-suv-barely-misses-pedestrian-in-richmond-1.23461122

>>> just another typical day in Richmond…

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Doomcouver

‘He added that reckless driving is “becoming a regularity” in Richmond, and hopes city council takes steps to address the issue.’ — fat chance with the current Richmond City Hall. They couldn’t even fix the ALR fiasco or mandate some English signs in the city.

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Canada for Canadians

and yet no one can stand up and state the obvious because that would be ‘racist’ … how sad …

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Oracle

I can.

There are some factors at play here.

1). The cultures in Asia breed a ‘me only’ thinking pattern. So when on the road, it’s all about me. That’s why the disregard for others around you when driving. It seems as though the driver is oblivious to others because they are. This me attitude breeds big white SUVs and huge sprawling mansions on ALR as well.

2) you drive on the oppiosite side of the road. That confuses the hell out of me when I drive overseas. To compound matters further, the steering wheel is also on the other side.

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Oracle

3) people in Asia simply buy their licences. Icbc approves it here. Locals subsidize this.

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bullwhip29

4) if you wind up being one of the unlucky souls who ends up being run over by a porsche macan or range rover sporting an 888-licence plate, there isn’t even a space left for you to be buried as all plots have been scooped up too.

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DaMann

God Richmond has turned into such a crap hole. I grew up there as a kid and I just can’t fathom what has happened. Even Steveston, the last ok part of Richmond will be finished off soon I’m sure. I never set foot in the place unless I’m flying somewhere. Disgraceful.

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bullwhip29

in 12-24 months steveston as we knew it will be gone. all the cafes, boutiques and other established businesses will be replaced by noodle houses, bubble tea shops and other sketchy nondescript storefronts which are rarely open for business. i must say that steveston pizza’s business is going gangbusters selling all those dragon and seenay pizzas (eaten with chopsticks) as if they were a side order of fries…

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Nomad

Or picking up UPS package

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bullwhip29

City of Richmond investigates vote-buying scandal on Chinese app
https://www.richmond-news.com/news/city-of-richmond-investigates-vote-buying-scandal-on-chinese-app-1.23461356

“To encourage people to take part in the municipal elections, the Canadian Association of Wenzhou Fellows will give a transportation subsidy of $20 for those who vote this year,”

The post went on to ask people to vote for Richmond incumbent councillor Chak Au, mayoral candidate Hong Guo, council candidate Peter Liu and Melissa Zhang, and five other candidates

“It was the original plan, but then we heard that this is illegal, so we corrected the post soon after….”

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Doomcouver

Didn’t know vote buying was illegal? Yeah right these crooks know it’s illegal. They just thought the English speaking media wouldn’t find out because it’s on their exclusionary Chinese only platform wechat.

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bullwhip29

Landlord shows off damage done by ‘bad tenants
https://globalnews.ca/video/4540151/landlord-shows-off-damage-done-by-bad-tenants/

>>> maybe it’s just me, but the first thing that came to mind was that owner staged this to make it look worse all in an effort to scam his insurance co

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Doomcouver

Maybe he should find another investment vehicle instead of trying to siphon money from the working class. I don’t feel sorry for these amateur landlords; they’re pulling housing out of the ownership pool to try and make a quick buck, and deserve any financial hardship they have coming their way in the coming recession.

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MAKE TRUDEAU A DRAMA TEACHER AGAIN!

So what about the working class who can’t afford to buy?

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Canada is for Canadians

and they are driving up the R/E prices to boot ….

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Best place on meth

Pre-sale buyers seem nervous, perhaps they’re facing a huge loss and unable to find anyone to take the units off their hands.

They are apparently “motivated!” and asking you to “bring an offer!”

https://www.mikestewart.ca/condos/

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Doomcouver

I’ll bring an offer. 95% off list price.

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MAKE TRUDEAU A DRAMA TEACHER AGAIN

58.888888% below ask.

Take it or leave it.

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paulb

New
221
Price Change
147
Sold
97
TI:13605

http://www.clivestevepaul.com

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MAKE TRUDEAU A DRAMA TEACHER AGAIN

Oracle the increasing inventory must be blowing your mind!

Wow oh Wow!

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Oracle

Not really.

I need to see prices crash.

This cheering could all be over next month if the PR vote fails.

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bullwhip29

SCMP: Public anger in China spreading as property prices drop
https://www.scmp.com/news/china/society/article/2168025/public-anger-china-spreading-property-prices-drop

Sales are usually brisk at this time of year, but so far the figures are grim – and people who’ve already bought are protesting against price cuts…

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BubbleTea

Mark my words, it will be the housing bubble in China that will bring down the CCP. They know it and they are trying desperately to keep it inflated.

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Doomcouver

The CCP will survive they’ll just start rolling tanks over people that don’t like taking massive write-downs on their worthless empty homes. The iron fist is ever-present with the Chinese government; always ready to crush dissent. The real question you should ask yourself is will Canadian or Chinese real estate collapse first? I’d have bets on China, but I think it could go either way.

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Laibach

Why? It is cheaper to print money and keep them fucking happy.

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bullwhip29

Cambridge to split up ‘problem’ Chinese tour groups
https://www.bbc.com/news/uk-england-cambridgeshire-45799773

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bullwhip29

Crowded Chinese bridge caves in under weight of tourist numbers
https://www.scmp.com/news/china/society/article/2167153/crowded-chinese-bridge-caves-under-weight-tourist-numbers

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Best place on meth

Chinese are getting fatter, this was bound to happen eventually.

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Doomcouver

They don’t call if “tofu construction” for nothing…. delicious…..

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Canada is for Canadians

The bridge collapses and they just keep walking on it totally oblivious ….

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bullwhip29

China border crackdown on luxury items spook big brand investors
https://www.businesstimes.com.sg/consumer/china-border-crackdown-on-luxury-items-spook-big-brand-investors

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Laibach

“The stricter scrutiny is adding to fears of a slowdown in spending by China’s consumers, who account for two-thirds of the luxury market’s growth. ”

This was/is about the same ratio when it comes to Vancouver’s real estate. The same shit, trophies.

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bullwhip29

British Columbia DMO Courts Winter Tourists in Beijing
https://jingtravel.com/british-columbia-winter-tourists-beijing/

With almost half of Chinese tourists to Canada heading into British Columbia, Destination British Columbia (BC) is hoping to boost its winter tourist numbers again with a push for more experiential travel activities that cater to a younger demographic…

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Doomcouver

“experimental travel activities”
…. Running over bicyclists maybe? They seem to like that activity.

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bullwhip29

There has been a 32-per-cent increase in the number of Metro Vancouver families on B.C.’s housing registry since 2014. Sixty-one per cent of families on the housing registry are led by single parents, and about 87 per cent are led by women
https://theprovince.com/news/local-news/union-gospel-mission-ubc-release-report-on-homelessness-and-affordability/wcm/e475c4fe-0e50-4ef0-8242-cbb600d405bb

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bullwhip29

OneCity releases intentionally corny video with candidates singing along to parody of Trooper song
https://www.youtube.com/watch?v=CZpK-pwVMKA

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CRA221

Wow, I know who I’m NOT voting for after that cheesy display.

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Best place on meth

For a low budget parody, I quite enjoyed it. Great song choice too.

The part that confused me was that I thought David Bowie was dead, but otherwise it was clever.

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bullwhip29

Outgoing Vancouver Mayor Gregor Robertson reflects on 10 years in office
https://theprovince.com/news/local-news/people-want-to-blame-me-outgoing-vancouver-mayor-gregor-robertson-reflects-on-10-years-in-office/wcm/b1fb1265-fe85-4eb5-89b7-15dcf6b183ce

“People want to blame me…”

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MAKE TRUDEAU A DRAMA TEACHER AGAIN!

They do and they should.

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Hyper-mega-Bull

Everyone loved Robertson. They loved the city. They loved his vision of the city. They loved it until THEY were the ones priced out. The ones who’s children had to move away. The ones that were negatively impacted by HAM. Then they turned on him. Robertson’s failure was not turning when the public turned.

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Best place on meth

Vancouver has had many shitty mayors in recent history, and Bethune-Qu is no exception. I can’t think of one notable accomplishment that can be attributed to him.

Before his was that useless clown Sam Sullivan, and that other useless clown Larry Campbell, maybe Philip Owen was somewhat decent, but before him was the most useless clown of all Gordon Campbell.

This city and province has been blighted with terrible leadership, the only reason we’ve survived is our abundant resources that have mitigated some of the damage inflicted by corrupt and incompetent politicians.

Good riddance, Gregor.

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Laibach

All listed fit the same profile of slimy asshole who is keen to suck up to highest bidder.

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