Friday free-for-all! November 2nd 2018

Its friday again and that means its time for another friday free-for-all thread.

What are you seeing out there in the streets?

Post your news links, thoughts and anecdotes in the comments below and have a great weekend!

Sort by:   newest | oldest | most voted
patriotz
Member

Canada’s sprint to ratify sets up Trans-Pacific trade deal to take effect this year

Note the purpose of CPTPP is to set up a rival trading bloc to counter the influence of China. As someone said:

“These trade challenges mean we have to take action to diversify our export markets now, and a speedy ratification of the CPTPP agreement represents a major step towards that goal. Further delays will cost us first-mover advantages in these markets, denying Canadian companies opportunities they are eager to grasp.”

southseacompany
Member
southseacompany

“Homes sales fall in Metro Vancouver again: REBGV”, Global

https://globalnews.ca/news/4623388/homes-sales-fall-in-metro-vancouver-again-rebgv/

“A total of 1,966 homes were sold in October, down 23.3 per cent from September, and down 34.9 per cent from the same month a year ago. As well, that figure is 26.8 per cent below the 10-year October sales average.”

Dave
Member

Fake news. It was up 23.3% month over month.

Laibach
Member
Laibach

Right, it is utter BS. Oracle confirmed that sales are up and brief correction is over. FOMO to follow the arrival of 315K home buyers soon.

https://www.citynews1130.com/2018/11/02/vancouver-home-sales-rally-october/

Oracle
Guest
Oracle

Trudeau set to sign UN declaration that declares Canada to open borders to millions of refugees.

It’s happening folks.

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

Give up, clown.

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

So will our spitting mad Sino-Apologist please share with us:

1. Bull or Bear?
2. If Bear what percentage drop you would need to buy?

I know you won’t answer becuase you are a little child hiding from your shadow. You are afraid if the posters here learn a bit about you it will further erode your filmsy credability.

The good news is, after ignoring this post or giving us reasons why its below you to answer, you can continue to call anyone who disagrees with you a racist.

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

Do you have ADHD? I answered your original questions on the other thread and you ignored me.

I’m bearish overall due to rising rates but in general it really depends on the property. So it’s not possible to quantify things in terms of a simplistic percentage drop. Perhaps you’d be so kind to tell me what a property which rents for $3000/month should sell for? I’m sure a smart guy like you can do a simple calculation like that.

And, because you apparently still don’t get it, I call people racists for saying racist things or for supporting those who do – not for disagreeing with me. Here’s a great example:

http://vancouvercondo.info/2018/06/fanciest-empty-homes-around.html#comment-334405

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

No reply? What a surprise.

You really are a fucking idiot.

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

Sorry, unlike you I am not paid to post here and don’t log on every 5 mins. I just saw this.

You are bearish because rates are going up a couple of percent max? I thought interest rates never affected your friends who buy with cash?

I am sorry that a simplistic percentage drop is beneath your intellect but answer the question. Perhaps this is more clear:

What percentage (within a reasonable range) would prices have to drop on Vancouver proper:

1. Condos
2. TH’s
3. SFH

For you to consider them reasonable value (evenif you don’t have the means to buy them which you clearly don’t)

Don’t dodge the question, try to reverse it on me as above or move the goal posts as you always do.

Simply, ANSWER THE FUCKING QUESTION you piece of shit!

Shut It Down Already (original)
Guest
Shut It Down Already (original)
I’m not saying it’s beneath me, I’m saying your question is stupid. I evauate each property on its own, not some hypothetical average. Some condos are not far off fairly valued whereas others are in cuckoo land. I can’t distill that into a single number no matter how much you hiss and spit at me. Perhaps you can do that buy/rent and then we’ve got something tangible to discuss? But for whatever reason you’ve decided you get to ask all the questions and provide none of the answers, and I think I’ll find I’ve been more than fair with you given your drunken hostility. Furthermore, I think you’ll find I’m pretty much the only person here who frequently states that loose interest rates caused overheated valuations. In fact every time I’ve said that there has been some idiot bleating about… Read more »
MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Confirmed.

Liar
Troll
Coward
Unable to answer the most simple of questions

Did I miss anything?

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

Yes, you missed the buy vs rent that’ve asked you for a few times now.

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

You are a joke. Won’t answer the simplest of questions.

You are getting so boring.

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

I’ve answered your questions, dumbass. I’ve told you my current and past living situation, my position on the future of RE, AND given you a specific example the price reduction required for a particular property. I’ve also commented on multiple prior topics that you’ve asked me to such as citizenship by birth.

You’ve failed to respond to my request for a buy/rent multiple times, however.

Grow the fuck up.

Nomad
Guest
Nomad

Dude, he won’t answer that question because he knows he has got no chance left to get into RE.
Here are some quick numbers. Say average 1b1b + den condo is renting for $2,500/mo. That covers about $500,000 mortgage roughly. For investment property you put 25% down. So that makes value of the rental property $666,666 lol as of now. So if you get something under $666K and rent out over $2,500/mo, then you are up on a monthly basis. But would that be enough return on your $166,666 investment?
Just from savings account you would earn $250/mo interest on that downpayment with scotia (1.8% interest with scotia)

IF rent goes to $3,000, then that property value will be around $800,000. I might be off but won’t be far off.

Canada is for Canadians
Guest
Canada is for Canadians

“It’s happening folks.”

What? Your lying is happening again ?

Oracle
Guest
Oracle

Yup. Huge increases month over month. Especially for the fall season.

Laibach
Member
Laibach

MSM is in panic, lying and fabricating news now due to a probable political crisis related to housing. RE sales are going through the roof as we speak and also prices as unseen numbers of migrants are crossing the border and going straight to open houses.

“A total of 1,966 homes were sold in October, a 34.9 percent decrease from the 3,022 sales recorded in October 2017, and a 23.3 percent increase compared to September 2018 when 1,595 homes sold.

As well, that figure is 26.8 percent below the 10-year October sales average.”

https://www.theglobeandmail.com/real-estate/article-vancouver-housing-sales-fall-to-six-year-low/

Oracle
Guest
Oracle

why do I even bother!?…

Canada is for Canadians
Guest
Canada is for Canadians

I wonder the same question of you ….

Oracle
Guest
Oracle

Obviously there is some sort of disconnect here.

Show me the crashing prices in the valley. Pleeze.

Best place on meth
Member
Best place on meth

Daily sales were 92 in Oct vs. 90 in Sept. Sales were flat, which is pretty normal for those two months.

What isn’t normal is how low they are. The last time numbers were this low was 2012.

YVR
Guest
YVR

“The last time numbers were this low was 2012.”

Is that bearish? What happened from Oct 2012 on? Prices doubled. And inventory was much higher in Oct 2012. Not saying prices are about to double but far from crashing. Still too many incentives kept in place by our provincial government to keep the party going.

Best place on meth
Member
Best place on meth

I’m not sure why, but based on your last 1000 posts I picture you always holding a cup of coffee and twitching excessively.

Oracle
Guest
Oracle

So someone pointing out to you to be rational and objective makes YVR nervous?? Almost like you think he is a homeowner or a realtor. For gods sake bag you head against the wall to knock some common sense into it.

When prices start falling at a rate of 3% a month, I’ll be cheering alongside. Until then get a grip.

southseacompany
Member
southseacompany

“Vancouver housing sales fall to six-year low”, Globe & Mail

https://www.theglobeandmail.com/real-estate/article-vancouver-housing-sales-fall-to-six-year-low/

“In Greater Vancouver, the month-over-month benchmark price (an industry representation of the typical home sold in an area) for all residential types has declined for five consecutive months, hitting $1,062,100 in October.”

Harry Wang
Guest
Harry Wang

Why Chinese People HATE Chinese Brands

https://www.youtube.com/watch?v=eYOwZwJrsqE

** spoiler alert **

everything they make is garbage and will break or poison you

paulb
Member

New
131
Price Change
102
Sold
43
TI:13362

http://www.clivestevepaul.com

franko
Member
franko

43 must be close to a new low.

Best place on meth
Member
Best place on meth

It is a new low.

Dave
Member

Is a single digit day possible this year?

C.Junta
Member
C.Junta

I wish. Nesting wives and and foreigners with money burning holes in their pockets won’t allow that.

Madashell
Guest
Madashell

That 43 purchaser must be very desperate or ignorant to purchase in a climate like this.

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

Ouch. Kids of Realtards are going to have a skinny Christmas!

What happened to the Realtor Hunger Index?

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

They realized they were terrible at math and showing that realtors were truly going hungry with only $15K/month to live from.

But wishing a lean Christmas on children is the sort of douchebaggery we’ve come to expect from you.

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

Again, here you go, never providing information just commenting on others.

I never wished ill will on anybody, I simply commented that with sales like this and so many Realtors it’s going to be a very lean Christmas.

You really need to go away. Everybody here hates you and ignores you. In the days of the “FORECLOSURE” people like you would be voted into 1pt font in 5 minutes so we would not have to read your drivel.

Since you are a fan of math (and often ask people for theirs) please show us how Realtors are making $15K per month?

If you do not provide a complete accounting for your math you will have once again proven you are as worthless as a 30 day warranty on an appliance made in China.

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

The $15K number was a joke, dumbass – about the only thing the “realtor hunger index” showed was that realtors were nowhere near hungry.

And yes, your comment about Christmas was clearly said with glee. Because you’re a sack of shit.

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

Sad for you. It must be terrible hiding behind your key board thinking everyone is a racist.

You are a pathetic little person.

Best place on meth
Member
Best place on meth

REBGV cartel reports overall prices down in Oct from the month before.

Detached -1.1%
Condos -0.5%
Overall -0.8%

I was hoping for steeper losses, we really do need higher inventory before we get those juicy 3% MOM drops.

Then again, if we continue to average 50 sales a day in Nov, MOI would shoot up from 7 to 13 in just one month.

Bubble
Guest
Bubble

West Side October Sales
Year / Sales
2018 / 44
2017 / 104
2016 / 77
2015 / 168

LS in Arbutus
Guest
LS in Arbutus

Double death! How apropos. Also note that SFH for rent in the Arbutus neighbourhood are many and price is coming down. Can get a $4-$5 million house for $4500- $5000 per month. That’s CHEAP compared to purchase price. Guess empty homes tax starting to bite people in the ar$e.

Oracle
Guest
Oracle

So what happens if you get a positive increase and then someone starts extrapolating and says the juicy +3% gains are just around the corner.

For gods sake, be objective man. When the 3% monthly decreases happen, I’ll be cheering with you. Just don’t count your chickens before the eggs hatch.

Best place on meth
Member
Best place on meth

As the housing market stagnates, American homeowners are staying put for the longest stretches ever

https://www.marketwatch.com/story/as-the-housing-market-stagnates-american-homeowners-are-staying-put-for-the-longest-stretches-ever-2018-10-27?ns=prod/accounts-mw

Housing-market headwinds are keeping American homeowners in their properties for the longest stretches on record, in a sharp distortion of the mobility Americans have for decades prized.

Across the country, homes that sold in the third quarter of this year had been owned an average of 8.23 years, according to an analysis from Attom Data Solutions. That’s almost double the length of time a home sold in 2000, when Attom’s data begin, had been owned.

patriotz
Member

“That’s almost double the length of time a home sold in 2000, when Attom’s data begin, had been owned.”

In other words their data starts right at beginning of the Great Bubble. I would say that an average ownership time of 8 years looks pretty normal to me, and the US is going back toward housing as a long term hold, rather than a flip.

Shut it down already (original)
Guest
Shut it down already (original)
Shut It Down Already (original)
Guest
Shut It Down Already (original)

You might want to double-check the capital letters in your name, dumbass.

Shut it down already (original)
Guest
Shut it down already (original)

I suggest they go further and make a kill list

Ultra Bear
Guest
Ultra Bear

That’s odd. I thought that the CoV cleaned up airbnb to remove the listings without a license: https://www.airbnb.ca/rooms/15127617
Don’t be shy to email the city about this. They probably only act if there’s a complaint.

Ultra Bear
Guest
Ultra Bear
MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Says 30 night min.

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

Then why not complain? Too lazy?

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

It says 31 night min. Does that mean a license is not required?

patriotz
Member

“It says 31 night min. Does that mean a license is not required?”

Correct. Under both CoV and provincial regulations that’s a not a short term rental, rather a one month lease. Keep in mind that under the RTA changes made by the NDP the tenant has the right to stay month to month without a rent increase at the end of a lease.

https://vancouver.ca/doing-business/short-term-rentals.aspx

Ultra Bear
Guest
Ultra Bear

Airbnbing an entire condo all year round = illegal : https://www.airbnb.ca/rooms/21564437

southseacompany
Member
southseacompany

“Slow sales and lots of inventory push down Vancouver home prices”, Business In Vancouver

https://biv.com/article/2018/11/slow-sales-and-lots-inventory-push-down-vancouver-home-prices

““Home prices have edged down between 3% and 5%, depending on housing type, in our region since June,” said REBGV president Phil Moore. “

southseacompany
Member
southseacompany

“Greater Victoria housing sales still falling in rocky route to balance”, Western Investor

https://www.westerninvestor.com/news/british-columbia/greater-victoria-housing-sales-still-falling-in-rocky-route-to-balance-1.23485552

“Real estate officials say Greater Victoria’s housing market is in transition as the number of monthly sales slid in October compared with the same month last year. It marks the 11th consecutive month that total sales through the Victoria Real Estate Board have dropped.”

southseacompany
Member
southseacompany

“Edmonton home prices/sales plunge: Housing report:, The Province

https://theprovince.com/news/local-news/edmonton-home-prices-sales-plunge-housing-report/wcm/5ea3d3a6-bbb4-44c0-bbff-74822a4432cf

“Home sales — and prices — in Edmonton have taken a hit, show the latest figures.”

southseacompany
Member
southseacompany

“Detached home sales in Calgary hit lowest level since the 1990s”, CBC

https://www.cbc.ca/news/canada/calgary/calgary-real-estate-numbers-down-1.4888371

“The benchmark price of housing also fell for the fifth straight month in Calgary to $426,300, marking a year-over-year dip of 2.9 per cent.”

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

The tidal wave is coming! Imagine what a year of 1-2% monthly declines will do to the psyche of this market?

Already the average joe knows its over.

kabloona
Member
kabloona

That is a SWEEET string of posts, southseacompany…..

Sweeet!!

😀

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

This from the NDP

‘We’re not going to play these games of ‘now is the time to call an election,’” said NDP observer Ravi Kahlon, parliamentary secretary for sport and multiculturalism. “We have a lot of work to do. People elected us to do that work.”

NO asshole, the people did not elect yoy. You won neither the popular vote or the most seats.

You made a deal with the devil to steal power.

patriotz
Member

“You won neither the popular vote or the most seats.”

Is your position that the Greens had an obligation to support the BC Liberals simply because the latter won the most votes and most seats? Or that the L-G had an obligation to keep Christy Clark in the premier’s chair even though her government could not pass any legislation?

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

My postion is the NDP has no right to proclaim they were elected. They were not.

patriotz
Member

“My postion is the NDP has no right to proclaim they were elected. They were not.”

Every NDP MLA was elected, as was every BC Liberal MLA and every Green MLA. For any MLA, saying “people elected us” with respect to their caucus is entirely correct. The government, like every government, was appointed not elected.

Stratahacker
Guest
Stratahacker

Aren’t you cute?

Royce McC
Guest
Royce McC

“My postion is the NDP has no right to proclaim they were elected. They were not.”

Right. I too remember the dark day last year when the NDP took their seats in the legislature by force, unlike the other parties.

Again, here is a reminder of last election’s results:
BC Liberals – 40.4% of votes, 49.4% of seats (n = 43)
NDP – 40.3% of votes, 47.1% of seats (n =41)
Green Party – 16.8% of votes, 3.4% of seats (n =3)

You might not have like the outcome from the CURRENT system, but if you can’t see that the BC Liberals were the largest net beneficiaries of this system, you need to get your eyes checked.

Of course, you could always exercise your voting rights this November and vote for an alternate system. But I suspect you might like that even less.

Royce McC
Guest
Royce McC

You are in luck. If the entirely permissible electoral outcome you saw from our current voting system upsets you that much – enough to evoke theft, Satan, etc. – may I suggest participating in the electoral reform vote that’s happening here in British Columbia RIGHT NOW?

As a reminder, here are the the 2017 election results (where the biggest offense to democracy was CLEARLY the way things unfolded for the BC Liberals):
NDP – 40.3% of votes, 47.1% of seats (n =41)
Green Party – 16.8% of votes, 3.4% of seats (n =3)
BC Liberals – 40.4% of votes, 49.4% of seats (n = 43)

Good luck out there!

Selective Memory
Guest
Selective Memory

All this partisan right-wing whinging (going on 18 months now!) about how the NDP didn’t really win the last election boils down to the notion that post-election coalitions — in this case between Greens and NDP — are illegitimate. But of course pre-election coalitions, such as the joining of federal Conservatives and Liberals in the unholy matrimony of the BC ‘Liberal’/Socred party are perfectly fine.

One excellent reason to vote for PR is that it removes the incentive for this sort of back-room coalition building before the election, and brings it all out into the open. Conservatives and Liberals can regain their identities, and we will be able to see exactly how much support there is for the different parties, who exactly is working with whom.

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

Trudeau apologizes to B.C. Indigenous community for 1864 hanging of chiefs

I can finally sleep.

This lightweight’s days are numbered.

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

How does this even impact you?

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

We have a lot real problems in Canada and our PM should be tackling them, not wasting time on pet projects like this.

He is an embrassment and his actions impact me every day.

Just as Xi’s affect yours.

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

The people being apologized to seemed to think it was a real problem.

What do you think the cost of this apology was in comparison to fixing one of your real problems? Do you think any of them could have been fixed in an afternoon? If so, which ones?

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

You think Mr. Dress-up’s apology was done in an afternoon? You really are showing your colours.

This was probably in the works for 2 years with countless meetings and focus groups to figure out exactly who was wronged and how to best make amends for something that happened over 100 years ago.

It was a waste of Gov’t time and money and frankly its bad for everybody. Examining actions that happened 100 years ago through today’s lens is a slippery slope that can only lead to more pain. Look at your country, they refuse to even admit that Tiananmen Square even happened and that was only 20 years ago. When will Xi’s apologize to the people who were murdered by your Gov’t?

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

So you’re saying you’ve no idea how long it took or what’s it cost and that you’re just an angry douchebag?

Understanding how we’ve progressed and why events of the past were wrong is exactly the point.

Face it, you were not harmed at all. You’re just a prick.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN
I am not privy to the inner workings of the Liberal Gov’t. I have no idea how much time was spent on this apology but what I can say is it was a hell of a lot longer than an afternoon that you proclaim! Harmed? Who ever said I was harmed? You said impacted. I am impacted every day by the stupid decisions Trudeau makes as are all Canadian’s. Once again AIDS, you have moved the goal posts when you can’t win. I really should take BPOM’s advice and ignore you but I can’t stand little cowardly pukes like you hiding behind your keyboards. I would love to meet you in the real world. I wonder if you would say the things you do to my face? I guess the guy who stood up to the tank in Tiananmen square… Read more »
Shut It Down Already (original)
Guest
Shut It Down Already (original)

Harm is negative impact, dipshit. Of course your initial reaction implied you’d been somehow negatively impacted. But if you think using synonyms is moving the goalposts then I suggest you go back to school.

But thanks for admitting you’ve got no idea what the cost was.

patriotz
Member

“Examining actions that happened 100 years ago through today’s lens is a slippery slope that can only lead to more pain.”

Happy Remembrance Day.

franko
Member
franko

” How does this even impact you ”

How does it impact Anyone???
Will no one rid us of this slobbering apologist ? (plagiarized from Henry 2nd regarding Thomas Becket)

patriotz
Member

“Will no one rid us of this slobbering apologist ? ”

Well I don’t see this guy slobbering at least.

https://www.youtube.com/watch?v=GdazQUKVBPw

YVR
Guest
YVR

Neither this guy. As pathetic as he is.

https://www.youtube.com/watch?v=IAs66O1H340

Specuskeptic
Member

What’s your keyboard shortcut for that link, YVR? Do you get a free pizza after posting it ten times? You’re almost there.

Canada is for Canadians
Guest
Canada is for Canadians

These politicians are just whores for the ethnic votes.

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

Another idiot bitching and moaning about something which does absolutely zero harm. Why not find another outlet for your mock outrage?

YVR
Guest
YVR

I wish they had of reenacted the whole thing. Trudeau could have played the Indian Chief and then we could have called it even.

Hyper-mega-Bull
Member
Hyper-mega-Bull

this isn’t important to me, but if it’s important to fellow canadians and helps to remove some bad feelings that exist between them and the government and the rest of canadian society i support it.

we face big challenges. we need to come together as canadians to face forces that threaten all of us.

Canada is for Canadians
Guest
Canada is for Canadians

Yet another apology for something that happened 150 years ago…

https://www.citynews1130.com/2018/11/02/trudeau-apologize-tsilhqotin-1864-hanging-chiefs/

CRA221
Guest
CRA221

And before Canada was even a country. Why isn’t the UK apologizing for this. It happened when BC was a British colony.

Canada is for Canadians
Guest
Canada is for Canadians

It’s just government grandstanding.

b5baxter
Member

A developer presentation centre opened across the street from where I am renting. So I took a look at the prices they just released and did a rent vs. buy comparison.

Real estate would have to increase at over 5.8% annually over the next 20 years for owning to beat renting.

If real estate prices increase at their historic rate of 3.5% the renter would be ahead by almost $2 million after 20 years.

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

Care to show your working?

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

Bear my ass.

You are a sino-apologist troll.

You have never had an original post, you simply comment on others.

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

You’re pathetic. But while you’re here how about you do that buy/rent that I asked you to? You know, the one you ignored.

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

Go back and read my response.

Perhaps the time is right for us to meet face to face? Why don’t we have a cup of coffee and discuss our differences. I can help you see the world correctly and you can prove you don’t live in China.

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

You’re so creepy and weird. But I’m sure you’ve been told that before.

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

So you jumped in before without having a fucking clue but the good news is we now have some numbers I can use to give you that percentage drop you keep pestering me for. Your original question was truly dumb, but I’m happy to move on.

I think these particular units – if indeed they are comparable and one rents for $1875 – should command a fair price of about $550K, implying a required reduction of almost 70% to meet my criteria. But I suspect that the quoted rent is incorrect or they’re otherwise not comparable.

Now, does this mean that I expect every property of this type to drop 70%? No, that’d be ridiculous.

b5baxter
Member

I used the calculator from here:
https://www.moneygeek.ca/weblog/2014/04/17/ultimate-buy-vs-rent-calculator/?fbclid=IwAR3JkWeeRCM9ZxJPt9IglElc0glQuFuHKe82AfqMXpqjxK-HnfbYdLgXXg4

I left most of the assumptions as the defaults :
3% mortgage rate for first 5 years, 6.5% after that.
Assumed 7% ROI on investments.
Let me know what other numbers you are interested in.

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

Monthly rent and purchase price are fairly important.

b5baxter
Member

Rent = $1,875
Purchase price = $1.79 million (for slightly less square feet).

patriotz
Member

“Rent = $1,875, Purchase price = $1.79 million (for slightly less square feet).”

Jesus jumping Christ, I thought things were crazy, but not that crazy. I wouldn’t pay a price/rent of over 120 for a condo.

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

Agree that it’s crazy. I’d not need a spreadsheet for that, either.

I knew there was something fishy about the initial numbers, hence me asking.

SilentBob
Guest
SilentBob

Yeah well you don’t even live in Vancouver. Why you feel the need to opine on real estate here continues to elude me.

oopswediditagain
Guest
oopswediditagain

……… and apparently things are really sucking out in the Valley.

https://twitter.com/SteveSaretsky

“This is Insane. Langley condo inventory has spiked 387% from last year. Now at a six year high for October. Remember this was the hottest condo market just a year ago.”

“New condo development in Langley offering to pay first years worth of mortgage payments.”

Dave
Member

It’s interesting that the two extremes of the market (Valley Condos and $3M houses) are doing poorly while the middle is holding up better. The Valley market is likely falling because of tightening credit on marginal buyers while the luxury house market is dead because HAM is drying up. To what extent those two extremes will act as an anchor on the mid market is anybody’s guess.

DaMann
Member
DaMann

I’m finally starting to see some changes to the condo market here in Kits. It’s really the only market I give a shit about cause that is where I want to buy and can possibly afford. Not sure what comparable prices are doing but I’m seeing listing prices now going down. Couple of 2 bedroom condos are now listing below $700k for the first time in a long time. So it’s starting in the mid pack now. Houses on the westside continue to get shit kicked, if they even sell at all…

Dave
Member

By holding up better, I mean falling less, which is a good problem for a bear to have.

Some days I think we’re in the mother of all bubbles with the everything bubble and Vancouver being ground zero for the real estate bubble. I can’t shake the idea that we have boom time prices and Depression Era interest rates. If you look around, all you see are cranes and towers going up. If it all falls down, everybody is going to say this was the most obvious bubble in history.

On the other hand, maybe we have a soft landing and the market acts like the 1990s.

DaMann
Member
DaMann

Tough to tell anymore isn’t it? But I don’t think we will get a soft landing like the 90’s for one very big reason. HELOC’s. They are through the roof and easily at all time highs by far. People have been spending any equity gains they have made. If prices turn negative the banks may come calling wanting their money back and people won’t have the cash to pay it out and will need to find money in other ways like selling to get what is left of their equity out. Also the 90’s didn’t have the lowest rates in history with only one place to go.

But again, who the hell knows. This market has been beyond bizarre for far too long now.

Oracle
Guest
Oracle

Bizarre?

Foreign money, immigration, and FOMO.

That explains it to me.

Dave
Member

I think we’re seeing early data in the US that higher rates are slowing down consumer spending despite strong income growth. For example, house sales and car sales are down and iPhone sales growth has slowed. Our economic cycle is normally in sync with the US, but this time around our country is highly indebted with very high housing prices. You have to think that if they have a recession, it’s going to be worse here. You also have to think that a YVR housing recession will have a big effect on our economy since it’s now the number 1 industry in the Province.

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

All the incentives are to avoid booking a price reduction on the property’s price history. It shouldn’t be permitted.

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

You are simply parrotting exactly what I said.

Oracle
Guest
Oracle

Saretsky?

LOL

Another GT. If you don’t think so, you’ll think so in a few years.

southseacompany
Member
southseacompany

Central bankers taking away the punch bowl? Party over?

“World economy strong enough to withdraw stimulus, Poloz says”, CBC

https://www.cbc.ca/news/business/poloz-britain-withdraw-stimulus-1.4892214

‘The governor of the Bank of Canada says after a decade of low-interest rates around the world the global economy has reached stronger footing where stimulus can be “steadily withdrawn.””

southseacompany
Member
southseacompany

“Housing market reminiscent of 2006 bubble, ready to burst – Nobel Prize-winning economist Shiller”, RT News

https://www.rt.com/business/443104-housing-market-bubble-shiller/

“The weakening housing market is similar to the last market high, just before the subprime housing bubble burst a decade ago, says famed housing-watcher Robert Shiller.”

StupidityCheck
Guest
StupidityCheck

For those who don’t want to click on Russian government-funded propaganda outlets…
https://finance.yahoo.com/news/shiller-u-s-housing-market-reminds-2006-134158214.html

Doomcouver
Guest
Doomcouver

Vancouver Real Estate Sales Hit 6 Year Low, Inventory Rises To 4 Year October High:
https://betterdwelling.com/city/vancouver/vancouver-real-estate-sales-hit-6-year-low-inventory-rises-to-4-year-october-high/

If you’re a housing investor and the “Greater Vancouver Composite Benchmark Price Change” chart doesn’t scare you a little, I don’t know what will. It only took 8 months to go from nearly 17% YoY gains to 1%. November we’re almost guaranteed to go into the negative. Home buyers are already too scared to buy in, just wait until the home sellers get really freaked out, then you’re going to see some crazy stuff happen.

Lost...but not leased
Guest
Lost...but not leased

Boycott Remembrance Day…..

Suckers were sent to the slaughter(aka trusted and obeyed their Gov’t) that allowed Communism through the back door.

..no wonder we are all 4Q’d

Boombust
Guest
Boombust

Lost…You’re an idiot of the highest order.

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

He’s been boycotting his meds.

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

As have you…

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

Ah, a classic retort. Very clever.

southseacompany
Member
southseacompany

All too familiar…

“Another Southern California home-price boom is cooling. Is a crash looming?”, Los Angeles Times

http://www.latimes.com/business/la-fi-housing-busts-20181104-story.html

“The Southern California housing market has been on a nearly seven-year tear, with prices in many communities reaching all-time highs.”

“But now, as mortgage rates rise, the boom appears to be fading. Sales are dropping; inventory is swelling; more sellers are scaling back their ambitious asking prices.”

paulb
Member

New
252
Price Change
152
Sold
95
TI:13406

http://www.clivestevepaul.com