More imaginary buyers

For some reason even in a hot market some salespeople feel compelled to make up fake buyers. You might remember the fake sisters posing as buyers for a news story.

Well a North Van Realtor has been found guilty of professional misconduct after a competing offer was presented from a buyer who doesn’t exist.

According to the disciplinary panel’s written reasons, Inglis testified at the hearing that the offer from a buyer with a last name of “Huang” had been left on the kitchen counter on the property –along with a real estate agent’s business card – at an open house, after he’d given a pre-printed offer form to an “Asian person” who asked for it. He told the council he’d altered the form to delete his own name as the buyer’s agent, and added the real estate agent’s name whose card had been left with the offer.

But that real estate agent told the panel he hadn’t been involved in writing the offer and had not had a client named Huang.  The discipline committee also noted Inglis gave a contradictory version of how he’d received the offer in a message he left for his co-listing agent, saying he’d been handed the offer in person. A handwriting expert called to testify said it was “probable” Inglis wrote the offer himself.

The committee concluded Inglis had changed or made up the offer to create the impression that his story about receiving offers on the property was true, then made “false statements” to both his co-listing agent and the real estate council about it.

When Inglis found out about the investigation, he called the co-listing agent and left her a phone message, according to the panel’s written reasons, saying, “So if you really want to get blackballed you’ve gone to the right person because trust me I wield a bigger bat than you do.” The message continued: “So you’re off my books as far as ever doing a deal. I will never, ever, ever process one of your offers ever. So you’re done.”

Read the full article here.

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[…] Home sales in BC continue their decline. […]

Oracle
Guest
Oracle

OSFI wanting to make changes?

Have they finally realized that Asians and South Asians would never pay back an underwater mortgage loan?? They would rather go back to the motherland rather than pay. It’s the locals who aren’t transnational that should be worried about a downturn.

Doomcouver
Member
Doomcouver

Killing equity lending will put the last nail in the coffin for international investors. All the satellite families that claim near 0 income won’t be able to get mortgages anymore.

Oracle
Guest
Oracle

https://www.bloomberg.com/news/articles/2018-10-11/toronto-condo-rents-hit-new-record-as-supply-remains-crunched

This is what you get with record migration both temp, perm, and illegal.

But the minions think slowing housing sales is a good thing. I predict. One bedroom in metro (yes surrey too) will hit $2500 within 2 years If Trudeau is reelected.

Doomcouver
Member
Doomcouver

Near the top of the market more people will be looking to offload risk of exposure to the housing collapse. Inevitably this will lead to more demand for rentals. Look to the USA to see what happens to rents when the price of housing implodes.

southseacompany
Member
southseacompany

“Trump Called the Fed’s Rate Hikes ‘Crazy.’ The Banking World Respectfully Disagrees”, Fortune
http://fortune.com/2018/10/11/trump-federal-reserve-powell-lagarde-carney/

“In the context of a Wall Street stock tumble that went on to reverberate around the world, Trump said the Fed had “gone crazy” and was “making a mistake.””

“Officials lined up to praise Powell for his independence and judgment. Speaking at the IMF and World Bank annual meetings in Indonesia (as was Frenkel), IMF managing director Christine Lagarde said she “would not associate Jay Powell with craziness,” and Powell’s counterpart at the Bank of England, Mark Carney, said Powell was “an individual that really understands the plumbing of the U.S. and global financial systems.”’

YVR
Guest
YVR

“The Banking World Respectfully Disagrees”

Then why are the markets including banking stocks going down? Clearly someone agrees rising rates are not good.

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

Lol. That’s your mental model of the financial world?

Balanced Arguments
Guest
Balanced Arguments

Now you know why it’s called a “Debt Trap”. Real Estate only goes up right??

Hyper-mega-Bull
Member
Hyper-mega-Bull

Yesterday’s selling was triggered by the hurricane damage and the impact on the economy

Joe Money
Guest
Joe Money

Junkies alway get the shakes when someone takes the smack away.

Joe Money
Guest
Joe Money
southseacompany
Member
southseacompany

“Gasp! Canadians Might Have To Actually Make Enough Money To Buy Real Estate Soon”, Better Dwelling

https://betterdwelling.com/gasp-canadians-might-have-to-actually-make-enough-money-to-buy-real-estate-soon/

“After years of doing mostly nothing, Canadian regulators are springing into action. The Office of the Superintendent of Financial Institutions (OSFI), after successfully rolling out B-20 Guidelines, are turning their focus to equity lending. Mortgages issued this way allow lenders to gloss over income, and rely mostly on equity in the home. 1 in 5 loans during the 2017 Spring buying season were issued this way, and OSFI wants to put an end to it.’

southseacompany
Member
southseacompany

“Home sales continue to slow down: B.C. Real Estate Association”, Global

https://globalnews.ca/news/4536252/bc-home-sales/

“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.””

southseacompany
Member
southseacompany

“Softening Vancouver market cuts condo sale price”, Globe & Mail

https://www.theglobeandmail.com/real-estate/vancouver/article-softening-vancouver-market-cuts-condo-sale-price/

“The unit first came onto the market in May at $1,299,999, which was comparable to other units in the area. But the softening market required a price reduction to $1.249-million in June, followed by a new price of $1,199,800 a month later. It sold 22 days later below asking, which is a reflection of the new market, Mr. Albrighton said.”

YVR
Guest
YVR

“The unit was purchased in 2013 for $675,000”
“two-bedroom, two-bathroom, 907-square-foot”

Are we supposed to think $1.2 Million is a good deal because it was originally listed for $1.3M?

Laibach
Member
Laibach

Yep, just another proof of craziness we live in and the existence of idiots who would still pay more than 380K for that particular condo.

Doomcouver
Member
Doomcouver

Can’t wait for all the homeowners to start whinging when the real price slashing happen.

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

“The yuan has already weakened significantly, to offset the tariffs announced so far,” said Alan Ruskin, Deutsche’s global head of G10 FX strategy. “Further weakness could exacerbate concerns of a self-fulfilling flight of capital and a loss of control.”

Lower Yuan = Less buying power to buy Vancouver RE. It also increases the likelihood of selling here and bringing the money back to China.

Nail 71 in the heavy coffin of Vancouver realestate.

My souces tell me Oracle is trapped inside. Sadly, he’s got lots of company!

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

In November last year the exchange rate (vs Canadian Dollar) was 5.2, today its 5.28.

Do you think that’s going to make any difference compared to, say, B20 and rising rates?

Oracle
Guest
Oracle

Some here are mentally challenged. They couldn’t do an analysis with one variable.

southseacompany
Member
southseacompany

“London housing slump weighs down national property prices”, The Business Times

https://www.businesstimes.com.sg/real-estate/london-housing-slump-weighs-down-national-property-prices

“London’s house price slump left UK values stagnating for a fifth month in September as Brexit concerns and interest rate rises discouraged buyers.”

southseacompany
Member
southseacompany

“Australia’s property downturn will be the longest and largest since the 1980s, says Morgan Stanley”, Sydney Morning Herald

https://www.smh.com.au/business/the-economy/australia-s-property-downturn-will-be-the-longest-and-largest-since-the-1980s-says-morgan-stanley-20181011-p5091w.html

“Australian home prices have fallen for 12 consecutive months, with the pace of price declines accelerating nationally in September, largely reflecting a steep drop in Melbourne and continued modest declines in Sydney.”

“According to Morgan Stanley’s forward-looking housing model, something that has been a more than useful indicator in predicting changes in home prices in the past, the current pace of declines will likely extend well into next year, putting the current downturn on track to become the largest since the early 1980s.”

southseacompany
Member
southseacompany

“HOME SALES DIP IN NORTHERN VANCOUVER ISLAND AS TREND REVERSES TO BUYERS’ MARKET”, MyCampbellRiver

https://www.mycampbellrivernow.com/27794/home-sales-dip-in-northern-vancouver-island-as-trend-reverses-to-buyers-market/

“Higher interest rates and a tougher ‘stress test’ for buyers are taking a toll on housing sales across the country. And Vancouver Island is no exception.”

Dave
Member

Some part of the talk on the stock market correction today revolves around what is happening in China. I think a lot of investors believe things are worse than they look on the surface. The trade war with the US isn’t going well for them and they’ve injected monetary stimulus into the system and have made money cheaper. That means their government is getting concerned about liquidity.

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

The Chinese consumer has stopped showing up. High end Fashion brands got smoked today.

If they don’t have money for $5000 purses they don’t have money for $3 million Vancouver crack shacks.

Nail #43-70 in the Vancouver real estate coffin!

Laibach
Member
Laibach

“If they don’t have money for $5000 purses…”

Than “old school”, back to counterfeiting and knock-offs.

Screwed
Guest
Screwed

I was in YVR the other day. Lots of newcoming chinks taking selfie with canadian flag.

Oracle
Guest
Oracle

No. Lol.

Immigration is at a record high. People need a roof over their heads. If people don’t buy, it means rents will go up.
Think!

YVR
Guest
YVR

“The Chinese consumer has stopped showing up. High end Fashion brands got smoked today.”

Apparently China is cracking down on Chinese travelers bringing luxury goods back into the country.

Oracle
Guest
Oracle

Rumours from China are that they want their own mobile phone and computer platforms. If that’s the case, then tech stocks will get hammered and NASDAQ will crash in the USA.

That’s the leverage china is using behind the scenes.

Dave
Member

That would possibly be the dumbest thing they could do. The world more and more runs on mobile phone platforms. Shutting yourself out of that is the same as shutting yourself out of the global economy.

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

Where do you even get this stuff?

paulb
Member

New
261
Price Change
128
Sold
62
TI:13566

http://www.clivestevepaul.com

Dave
Member

Still growth in listings. Getting bearish out there.

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

Lots of sales!

Dave
Member

218 days of inventory, or 7.3 MOI… balanced too bearish.

franko
Member
franko

Lots of PRICE CHANGES.
Almost double that of sales two days in a row .

Laibach
Member
Laibach

The clown says the Federal Reserve has ‘gone crazy’ by continuing to raise interest rates…

https://www.cnbc.com/2018/10/10/trump-says-the-federal-reserve-has-gone-crazy.html

Dave
Member

He’s just hedging his bets. If the market crashes and the economy turns, he has a scapegoat. That said, I think he actually believes what he is saying because he said the same thing in 2008. Since he’s in real estate, he’s sensitive to the effect of interest rates.

xyz
Guest
xyz

From 2010:

Obama defends Federal Reserve’s $600 billion bid to boost economic recovery

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/08/AR2010110806587.html?noredirect=on

southseacompany
Member
southseacompany

“Dow plunges 800 points as sell-off steepens amid rising rate fears”, USA Today

https://www.usatoday.com/story/money/2018/10/10/dow-selloff-gains-speed-amid-rising-interest-rate-fears/1588915002/

“Investors bailed out of the market as fears about the negative economic fallout caused by rising interest rates and the ongoing U.S. trade conflict with China spooked investors. “

bullwhip29
Guest
bullwhip29

a cryptic comment from Jeff Bezos https://www.cnbc.com/2018/09/14/jeff-bezos-says-he-doesnt-think-about-amazons-stock-price.html and seemingly positive announcement regarding increase to minimum wage for Amazon workers (while ending stock compensation and other bonuses) https://business.financialpost.com/pmn/business-pmn/amazon-to-cut-bonuses-stock-benefits-as-it-raises-wages-2 both occurred as the bottom was about to fall out from under tech stocks and equities in general. looking at this another way, maybe he was sending anyone who would listen a deliberate signal that the music was about to stop? food for thought…

Dave
Member

Was listening to CNBC and missed who the guest was, but he was speaking about a reversal of capital from Vancouver real estate back to China. That may just be speculation or anecdotal, but it would be great to find some data from any of the bubbly markets. It’s one thing for the flow of money to stop, but it’s a completely different thing for it to reverse. If it starts reversing, then listings should skyrocket, which is why I don’t think it’s actually happening at this point. But I do believe the flow of money has slowed significantly.

Laibach
Member
Laibach

As long as Chinese maintains the presence in the Vancouver RE market either as an investor or speculator or launderer or landlord or parker or student or homemaker or flipper or immigrant or astronaut or realtor or whatever there will be no significant change or improvement. In order to fix the housing, they should be removed from the equation and not as a part of the problem (FBT) but the problem. Their numbers are so significant that no matter what their role and purpose here are the mess can’t get fixed unless they get literally disallowed.

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

They follow the money. If we get significant YOY losses expect them to decamp to greener pastures.

Oracle
Guest
Oracle

Wrong. Lol

Asians are primarily real estate investors.

They will be back as soon as the correction is over.

They are flooding the country with themselves.

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

You are a bull pumper and a liar. Nobody listens to you. Go away.

Nomad
Guest
Nomad

Anyhow, my fellow white, black, brown and yellow beings on this board sorry for spamming with links unrelated to RE.
Wanted some giggles.

Nomad
Guest
Nomad
Nomad
Guest
Nomad
bullwhip29
Guest
bullwhip29

R. I. P.

The Everything Bubble

March 2009 – October 2018

“This time was different…
…it was much worse”

Dave
Member

Lots of bearish stuff happening. Stocks getting slammed. Five year mortgages going to the moon.

xyz
Guest
xyz

Interest rates are merely returning to pre 2010 levels…looking at a historic chart, what we’ve seen over the past decade is actually not the historic norm….young people…twenty-somethings especially, should take a look at a 30 year interest rate chart…

Dave
Member

It’s not a given with the high level of debt. Could be like this for decades. Regardless, that was likely the bottom more or less and the end of asset inflation from cheap money. Best case, is we return to previous values, plus inflation and land creep.

In the short run… some scary trends. A broad real estate correction of more than 20% will have a lot of negative consequences and a lot of pain. Part of me hopes to see 30-40% to enjoy it.

Doomcouver
Member
Doomcouver

With the insane amount of irrational exuberance surrounding Canadian real estate in general I don’t think a 20% correction is in the cards. If we get to 20% the damage to the collective paradigm of Canadian real estate as a safe investment will be extremely damaged. Fundamental values of real estate as shelter for the working class is at least 30-50% off current prices in my mind. 50-80% in Vancouver/Toronto. It’s all a matter of opinion though.

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

Vancouver has had a 50% correction in the 80’s and from a much more affordable base.

Oracle
Guest
Oracle

They didn’t have immigration like the do now.

Donkey-doug
Guest
Donkey-doug

Vancouver filmmaker sent to prison for ‘repulsive and predatory’ sex assaults

Raymond Law gets 11-year sentence on 10 charges for drugging, assaulting and photographing 3 women

Just me
Guest
Just me

Woman who spent £16m in Harrods revealed

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

Talk about “good for the economy”…..

Just me
Guest
Just me

“Originally from Azerbaijan, she is the wife of an ex-state banker.

She risks losing her £15m home near the London store and a Berkshire golf course if she fails to explain the source of her wealth to the High Court.

Under the terms of the UK’s first ever Unexplained Wealth Order, Mrs Hajiyeva, 55, must now provide the National Crime Agency with a clear account of how she and her husband, Jahangir Hajiyev, could afford to buy their large home in the exclusive London neighbourhood of Knightsbridge.”

Laibach
Member
Laibach

A UWO (Unexplained Wealth Order) is a new power which has been designed to target suspected corrupt foreign officials who have potentially laundered stolen money through the UK.

Interesting, such an act must be coming out of racism and jealousy according to usual clowns and shills.

Best place on meth
Member
Best place on meth

Just need that all important SLUR .

patriotz
Member

“Interesting, such an act must be coming out of racism and jealousy according to usual clowns and shills.”

Well how about some quotes then.

Just me
Guest
Just me

Christy Clark would probably welcome Ms Hajiyeva with open arms…good for the economy, we are open for business. No questions asked in BC, Canada.

southseacompany
Member
southseacompany

“Confidence in housing market ‘collapsing’, NAB survey says”, The Guardian Australia

https://www.theguardian.com/australia-news/2018/oct/10/house-prices-set-to-continue-to-fall-for-another-two-years-survey-says

“Confidence in the housing market is collapsing in Australia’s biggest states and prices will continue to fall for another two years, according to a survey of property professionals.”

southseacompany
Member
southseacompany

“Calgary home sales on track for slowest pace in more than a decade”, CBC

https://www.cbc.ca/news/canada/calgary/calgary-september-2018-real-estate-forecast-1.4852120

“Fewer than 13,000 homes changed hands during that time, down 14 per cent from the same period in 2017, which was itself a slow year. From a sales point of view, 2018 has been the slowest Calgary has seen in more than a decade.”

southseacompany
Member
southseacompany

“Mortgage rates jump past 5%, signaling more home price cuts ahead”, CNBC

https://www.cnbc.com/2018/10/09/mortgage-rates-jump-past-5percent-signaling-more-home-price-cuts-ahead.html

“Higher rates could throw cold water on those high home prices, as sellers see demand fall off and their houses sit on the market longer.”

southseacompany
Member
southseacompany

“Trump: Fed’s interest rate increases ‘don’t have to go as fast'”, BNN

https://www.bnnbloomberg.ca/fed-s-interest-rate-increases-don-t-have-to-go-as-fast-trump-1.1149676

“President Donald Trump said the Federal Reserve is moving too fast with interest-rate increases and dismissed concerns about inflation, extending his run of criticism that central bankers have largely disregarded as they push ahead with higher borrowing costs.”

patriotz
Member