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!
153 Comments
[…] southseacompany: Home prices in Vancouver are down 3-5% while over in Victoria they hit the 11th consecutive month of dropping […]
China’s PBoC Announces An Army Of Over 400,000 To Prevent Money Laundering
PBoC announced new anti-money laundering measures that will likely mean even less money will be leaving the country in the near future. This could mean even more trouble for real estate markets like Vancouver, Auckland, and Sydney that have become dependent on Mainland Chinese buyers.
https://betterdwelling.com/chinas-pboc-announces-an-army-of-over-400000-to-prevent-money-laundering/
July 2017? Old news
Lol
“B.C. government tackles condo flipping and unpaid taxes with new database regulations”
“VANCOUVER—To crack down on tax evasion, the B.C. government has launched a new registry requiring developers to report on presale condo and strata lot contracts.
Starting Jan. 1, 2019, developers selling strata units before a building is completed will be required to report information on the online Condo and Strata Assignment Integrity Register that the B.C. government will share with the Canada Revenue Agency…”
YVR will be pleased!
It’s ridiculous how long it took them to crack down on these dirtbags.
And developers control when info entered. Could be entered 2 months before completion to allow flipping to happen.
Or developers could charge a fee for shredding and altering records.
Burnaby lottery winner is leaving, on a jet plane
https://www.burnabynow.com/news/burnaby-lottery-winner-is-leaving-on-a-jet-plane-1.23487493
“Zheng, who has been buying lottery tickets since coming to Canada in 2003, wanted to tell her husband – but he was in China.”
LOL that figures ….
“The day he came back I told him”
So it was a temporary trip then.
What “figures” is how quickly the dumb leap to conclusions – LOL.
I think you are the one jumping to conclusions.
He was in China at that time. What else is there to say?
Don’t be such a dick.
So why does it figure? The implication you were trying to make was that he does not live in Canada, which makes you the dick.
See you jump to a conclusion yet again; that’s not what I implied but it could be true. Maybe he does live in china and was here to visit. So that still makes you a dick.
Probability says that he works in china and hides his income and she lives here to take advantage of the social services like so many of them do…
Your own words are there for all to see.
What probability are you citing exactly aside from your own prejudiced opinions? Your toxic name adequately resolves any doubts anybody may have as to what position you take.
I’ve always wondered why racists are so fucking dumb.
With no real rebuttal the race card is then played. Well done.
Again I ask what statistics you’re citing.
Guy who makes racist generalizations about people evading taxes purely on the basis of ethnicity is now trying to play the victim?
At least have the conviction to stand behind your dumbfuck opinions when called out.
For the 80th time, everyone is a racist.
Your act is getting tired. Not every Chinese person is a scammer but calling them out does not make a person a racist.!
Correct, it doesn’t. But trying to imply that their ethnicity was a good predictor does.
When will you understand this?
Province, Richmond move to restrict ‘mega-homes’ on farmland
https://www.citynews1130.com/2018/11/05/province-richmond-restrict-mega-homes-farm-land/
“We also had an election and two of the councillors who supported the status quo were defeated and replaced by two vocal critics of the previous policy,” Brodie said.
Now the law should be passed to somehow demolish and bulldoze all these houses to send the markings and memories of greed and locusts in oblivion.
unfortunately this won’t happen …
“Current homes that are above the proposed allowable limit would be grandfathered into the new rules and be allowed to stay.”
Yes it’s just like all the other government housing policies: too little and too late. Massive damage has been done to usability of our arable land by speculators. Even after a massive ALR price crash, the mega mansions will likely stay there for decades doing nothing but rotting. They’ll be too expensive to tear down, and too big for actual farm use. They’ll essentially be a stain left by our housing mania for generations to come. Sad…
A monuments of times when locust and rats ruled the B.C. with mindless support from local scumbags and criminals.
This time with link:
https://www.zealty.ca/map.html
Has everyone seen this? If you register you can view all sold prices. Sorry if this has been posted before.
– Londonernow (but I forgot my password)
15 years too late.
“B.C. government launches promised condo flipping registry” Vancouver Courier
“https://www.vancourier.com/real-estate/b-c-government-launches-promised-condo-flipping-registry-1.23487792”
Thanks BC Liberals. Their legacy of greed and malfeasance will have ripple affects for a long time unfortunately.
“Langley condo market is ‘insane’ as listings quadruple, local real estate blogger says”, Global
https://globalnews.ca/news/4631553/langley-condo-market/
“A local real estate agent and industry blogger is calling Langley’s current condo market “insane.””
“Looking at stats from the Real Estate Board of Greater Vancouver, Steve Saretsky said inventory has nearly quadrupled in the last 12 months, a six-year high.”
“He says it’s concerning. The Fraser Valley condo market saw sales drop 50 per cent, year over year, in October. And then you have inventory jump 149 per cent. That’s not really a trend that you want to fight.””
It’s still popcorn time everybody. Front row seats for one of the biggest housing bubbles ever.
New
252
Price Change
152
Sold
95
TI:13406
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.”
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
Lost…You’re an idiot of the highest order.
He’s been boycotting his meds.
As have you…
Ah, a classic retort. Very clever.
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.
“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.”
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
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.””
……… 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.”
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.
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…
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.
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.
Bizarre?
Foreign money, immigration, and FOMO.
That explains it to me.
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.
All the incentives are to avoid booking a price reduction on the property’s price history. It shouldn’t be permitted.
You are simply parrotting exactly what I said.
Saretsky?
LOL
Another GT. If you don’t think so, you’ll think so in a few years.
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.
Care to show your working?
Bear my ass.
You are a sino-apologist troll.
You have never had an original post, you simply comment on others.
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.
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.
You’re so creepy and weird. But I’m sure you’ve been told that before.
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.
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.
Monthly rent and purchase price are fairly important.
Rent = $1,875
Purchase price = $1.79 million (for slightly less square feet).
“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.
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.
Yeah well you don’t even live in Vancouver. Why you feel the need to opine on real estate here continues to elude me.
Yet another apology for something that happened 150 years ago…
https://www.citynews1130.com/2018/11/02/trudeau-apologize-tsilhqotin-1864-hanging-chiefs/
And before Canada was even a country. Why isn’t the UK apologizing for this. It happened when BC was a British colony.
It’s just government grandstanding.
Trudeau apologizes to B.C. Indigenous community for 1864 hanging of chiefs
I can finally sleep.
This lightweight’s days are numbered.
How does this even impact you?
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.
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?
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?
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.
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 »
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.
“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.
” 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)
“Will no one rid us of this slobbering apologist ? ”
Well I don’t see this guy slobbering at least.
Neither this guy. As pathetic as he is.
What’s your keyboard shortcut for that link, YVR? Do you get a free pizza after posting it ten times? You’re almost there.
These politicians are just whores for the ethnic votes.
Another idiot bitching and moaning about something which does absolutely zero harm. Why not find another outlet for your mock outrage?
I wish they had of reenacted the whole thing. Trudeau could have played the Indian Chief and then we could have called it even.
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.
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.
“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?
My postion is the NDP has no right to proclaim they were elected. They were not.
“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.
Aren’t you cute?
“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… Read more »
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!
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.
“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.”
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.
That is a SWEEET string of posts, southseacompany…..
Sweeet!!
😀
“Edmonton home prices/sales plunge: Housing report:, The Province
“Home sales — and prices — in Edmonton have taken a hit, show the latest figures.”
“Greater Victoria housing sales still falling in rocky route to balance”, Western Investor
“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.”
“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. “
Airbnbing an entire condo all year round = illegal : https://www.airbnb.ca/rooms/21564437