It’s the end of another glorious week and that means it’s time for another glorious Friday free-for-all!
This is our regular end of the week news round up and open topic discussion thread for the weekend.
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a fantastic (and glorious) weekend!
Trump already told the little boy what he’s going to do.
At least someone is looking out for Canada.
Don’t you ever get tired of embarrassing yourself, FFOM? (False flag on meth)
He does not.
Are you saying that Trudeau has the best interests of the Canadian working and tax paying middle class in mind?
So far, what has his decision making indicated to us?
New
143
Price Change
85
Sold
89
TI:13343
Public’s input wanted as panel looks to address dirty money in real estate
https://bc.ctvnews.ca/public-s-input-wanted-as-panel-looks-to-address-dirty-money-in-real-estate-1.4170862
There are so many but first, jail and deportation.
Huh. Tsur Somerville is one of the three people on that panel (he’s evidently their real estate expert).
Anonymous responses directed to this panel can be submitted at this link:
https://feedback.engage.gov.bc.ca/461797?lang=en
(“Please provide feedback on how the Province can better protect the real estate sector from money laundering.” )
Total clusterfuck, rats and locusts must be laughing like crazy. A panel, RE expert, public input, debates, months, years, etc… No wonder they do what they do while thinking Canadians must be the biggest idiots in the universe.
And a study after that.
That why me and cousins like BC government all types and they like our Chinese money.
Lying douche sockpuppet “ChinaOne” is back and not fooling anyone. Such a wanker.
Wow Einstein. You are a smart cookie.
Still got you panties in a knot?
Awww. Does having your ridiculous and relentless lying exposed make you cry? So sad…
*wipes tear
Company in China pays its bond holders in ham instead of cash
https://www.straitstimes.com/business/companies-markets/china-company-pays-its-bondholders-in-ham-instead-of-cash
What if the bond holders are Jewish….?=
SIDA reply = here_________________________
Developers furious with City of White Rock as council freezes tower plans
“The new council is comprised entirely of people who did not agree with some of the decisions made in that process, so it comes as no surprise that upon election they would immediately take on a process of attempting to reverse the OCP in some areas at least,” the former mayor said.
“Free mortgage deal attracts buyers to Langley development despite condo glut”
“First-time homebuyers leaped at the chance to live mortgage-free for one year in response to a Langley developer’s offer to make their mortgage payments.
The savvy marketing move by Kerr Properties, the developers behind The Landing, 78 one- and two-bedroom condos in Langley, attracted several buyers before the promotion ended last week, development manager Travis Tournier said Friday.
“People really seemed to like it,” he said, adding “we hope to bring the promotion back in the future.”
Real estate analysts say creative purchasing incentives could become more popular as the Lower Mainland’s housing market begins to cool and prices come down….”
So-called creative pricing masks the true sales history and shouldn’t be allowed. It’s a way of giving a discount that isn’t recorded anywhere as what it really is – a price reduction.
You’ll be hoping that the promotion will work when you hope to bring it back, Mr. Travis Tournier.
Critical thinking and logic points to you doing deeper and deeper “promotions” as time goes by.
4674 SOPHIA ST, days on market 113
Assessed 1.848
Listed 1.899
Reduced 1.799
Reduced 1.599
Sold 1.397
2856 WALL ST, days on market 60
Assessed 1.472
Listed 1.399
Reduced 1.350
Sold 1.290
4423 14TH AVE W, days on market 68
Assessed 2.900
Listed 2.625
Reduced 2.499
Sold 2.300
3937 37TH AVE W, days on market 39
Assessed 4.760
Listed 3.998
Reduced 3.698
Sold 3.300
4491 6TH AVE W , days on market 15
Assessed 3.311
Listed 2.950
Sold 2.760
764 46TH AVE W, days on market 15
Assessed 3.344
Listed 2.967
Sold 2.478
I just went to Google maps to see the place on street view. The picture was taken July 2018 and there is a realtor’s sign on the lawn so I’m guessing the “15 days on market” is a re-list.
2326 35TH AVE W , days on market 7
Assessed 4.455
Listed 2.999 (whaaat?)
Sold 3.810
Deal was probably done before listing. Foreign cash transfer fell through. Had to raise price here.
Very creative, well done.
Bagdad Bob
Well, minimizers and their data…
“What you’ll notice when you see people try to minimize the role of foreign money is that they fixate on “foreign buyers”. (We’ll call these people “minimizers”.) When they do this, they want you to focus on the nationality of the buyer, or sometimes their residency. In other words, they emphasize stats about foreign citizens purchasing housing, which the B.C. government now collects, or “nonresident” owners, which Statistics Canada has collected for Toronto and Vancouver.
The problem is that these stats only capture a small part of the foreign ownership that’s happening in Vancouver. This means that those stats are misleading.
What matters is where the money comes from. Foreign ownership, properly defined, is “ownership primarily based on foreign income or wealth.”
That definition would apply to anyone who is employed in a business that exports goods or services (IE, gaining income from foreign sources).
A lot of people are involved in selling goods and services to foreign countries, therefore deriving their income from foreign wealth (China included). In fact, we’d have a trade deficit if it weren’t that way.
That would include people employed in;
– Coal Mining
– Forestry
– Wood Manufacturing
– Paper Manufacturing
– Oil and gas
– Food manufacturing
– Engineering
– Architecture and urban planning (now an export, too)
BC exports all of the above to foreign countries, including China. If you work for those industries, much of you’re income comes from foreign sources. That’s where “the money comes from”
Way to be disingenuous Joe. Slow day at your open house?
Foreign or local – they’re all drinking out the same punch bowl.
In your example, the money is earned in Canada and therefore not “foreign”. The sales are foreign, the profit is local.
That is the exact opposite of sales in Canada of foreign merchandise where the profit goes back to China and no income taxes on that profit are paid here.
A more serious “disingenuous” minimizer, who is trying hard for some type of affirmation, in an attempt to convince himself.
Focus on being understood before trying to sound clever.
That I am clever is self evident, no need to try and fail, as you always do…lol
Thank you for proving my point.
…lol
This is what I’ve been saying all along. There are so many Asians and South Asians here with immigration status that they pushed the market up.
The Asians with their foreign money plowed into Vancouver and the South Asians with their drug money bought up the valley. Driving everyone into FOMO.
Not South Asians, but specifically Punjabi Jats, who rely on driving dump trucks and slapping together mostly Chinese foreign investor bought eyesore houses…The Jats have a right to be worried, as the jig is up, even the money laundering illegal banking in the temple won’t be able to help them..
“As it is now, we often effectively subsidize foreign ownership. Those who place their families here, but do not pay income taxes here—i.e., satellite families—are able to free ride on the social services and infrastructure that local taxpayers sustain. This benefits some people a great deal, such as developers and speculators. But it also means that people in the labour market, many of whom are shut out of ownership, are effectively subsidizing wealthy people from around the world. This is perverse, and it’s a recipe for an unhappy society.”
This what happens when politicians sell out their own constituents and citizens to foreigners.
Andy Yan, director of SFU’s City Program, analyzed Statistics Canada’s previous release and found that, while overall non-resident ownership across Metro Vancouver was around five per cent, it was as high as 24 per cent depending on the period of construction and where it was built….
https://globalnews.ca/news/4301766/vancouver-foreign-buyers-study/amp/
In addition, the graph in the article above shows, from 2016 to 2017 as an example, Vancouver 14%, Richmond 20%, Burnaby 15%
https://shawglobalnews.files.wordpress.com/2018/06/nonresidentownership.png?quality=70&strip=all
Certainly not an insignificant portion of the market since all real estate is local. Some peole always quote BC wide numbers when making the case re foreign ownership….
Yes, that’s right – if you drill down into a small enough submarket you’ll be able to make the number as high as you like.
Note also that the dates in that graph relate to year of construction, not year of data collection.
@ SIDA
“small enough submarket”
You mean Vancouver and suburbs? Certainly not “small”
It’s not the whole of Vancouver and suburbs. It’s new properties only, a small fraction of these markets. Stop trying to pretend the numbers are something they’re not.
Correction, new condos only.
@SIDA
“Stop trying to pretend the numbers are something they’re not.”
In what way am I doing that?
“In what way am I doing that?”
Omitting the extremely important fact that it’s not the entire market in these localities?
http://vancouvercondo.info/2018/11/friday-free-for-all-november-9th-2018.html#comment-342429
@SIDA
Omitting??
The article isn’t about the entire market nor did I claim it was…but it is still significant. Touched a nerve did I??
Only about a quarter of the market is new homes. A fraction of that again is condos. 15% of what remains is significant?
@ SIDA
Nice try…only your strange logic would have foreign buyers magically drawing a line at condos. Of course the intelligent reader here will know that these stats are an indication of the broader market, But that’s likely why you are here on this blog…you come across as a special interest troll…
Where on earth did I say foreigners buy only condos? I’m referring the the very data you posted and, apparently, don’t understand.
You just grab onto what you think are high numbers, context be damned.
Strange to focus on 14% -20% – while ignoring the other 80%-85% who were also paying the price and pushing up prices.
It’s like being stuck in traffic – people blame others and ignore the fact that they are part of the traffic too.
Between 2001-2013, home prices rose at similar rates in all 20 major Canadian cities.
http://www.torontocondobubble.com/p/canadas-housing-bubble.html
Look beyond the Chinese guy down the street – asset inflation is a global issue.
“This what happens when politicians sell out their own constituents and citizens to foreigners.”
The big sellout is to local greedbag homeowners and the RE industry. The foreign buyers are just hangers on at the party. If it was really just about locals (I mean all locals) versus foreigners the voters would have demanded action long ago and government would have delivered.
Both the greedy unproductive boomer establishment, the “Buy now or be priced out forever” crowd and the foreign money are responsible for ruining metro Vancouver/Lower Mainland.
It is not one or the other.
“Canada’s National Housing Agency Is Forecasting An 11% Drop In Buying Power”, Better Dwelling
“The CMHC is forecasting mortgage rates will rise, consistent with interest rates “normalizing.” Analysts have a high forecast of 5.6% in 2018, 6.2% in 2019, and 6.5% in 2020. Currently, the 5 year posted BoC rate is only 5.34%, meaning a huge reduction in buying power is coming. The numbers seem small, but the 21.72% increase in rates from today to 2020 will have a serious impact on buying power.”
The numbers seem small, but the 21.72% increase in rates from today to 2020 will have a serious impact on buying power.”
…..not sure what point the article is making because if it’s a “serious impct” then I would think that the market would have to adjust…ie: asking prices falling…hence buying power would remain the same over time….no?
Still assuming Vancouver and Toronto housing prices are based on local incomes. They detached long ago.
Prices are based on local equity + leverage. The majority of sales are to people who already own homes, including those who bought before the boom – many leveraging their homes with cheap money to trade up. The nominal price is not important to them, only the difference in purchasing power they gain with cheaper money.
We’re already seeing that ‘perpetual motion machine’ start to stall as money is slowing becoming tighter. Not just here, but around the world.
You’re acting like Vancouver prices haven’t reflected local incomes for hundreds of years, it’s been like 2 decades tops. Yes valuations are currently only supported by speculative pricing. What you fail to realize is speculative underpinnings are always transient and prices will reattach themselves to local incomes at some point in the GVR.
At some point.
There’s no guarantee that point will be in any sort of useful timeframe, that is to say within our lifetimes.
True, you’ve got me there. Though I feel the chances of avoiding a mean reversion in our lifetimes is relatively minute. If people want to play the probability lottery that all Vancouver houses will be worth $20 million in 30 years then have at it.
Those aren’t the only choices, though, are they?
This is so silly – 2 decades is long time, enough to pay off a mortgage, and its also long enough to become a new normal.
There are 2 generations of people living that have never seen anything but this place being absurdly expensive.
I don’t expect for that to change, ever.
In the short term there’s a reduction in buying power. In the long term there’s a reduction in prices.
2608 W 11th Ave. Old house on an odd-shaped lot, on a quiet street, across the street from Kits High.
LP $1.695.
Sale $1.610.
Assessed: $2.482.
“Are Australian house prices going to join the Canadian Club?”, Daily Telegraph
“Canada’s housing market is a lot like Australia’s. Like us, Canada had no major fall in house prices during the Global Financial Crisis. Like in Australia, official interest rates fell, making borrowing very cheap. House prices soared and household debt went with them. Older and wealthier Canadians got caught up in a frenzy of investment while the younger portion worried about affordability.”
‘If four major cities in Canada and Australia all start falling in synch, it would be enough to start to suspect that they are all at the mercy of the same global forces — interest rates and liquidity.”
Those 4 cities have the highest per capita immigration rates in the world where you’re allowed to bring your entire extended family.
“Entire extended family”
Liar.
STFU you USA hating commie.
You’re such an immature prick.
And a liar.
Both of you liars and immature pricks, to say the least.
It is hilarious to see you bickering with each other as the little bitches that you are.
The solution for these above pests (Oracle, SIDA) who habitually soil this board, is for everyone to try to ignore any of their comments by simply not responding to them.
I’m sure the USA intelligence has eyes on you.
If an American did what you are doing in China, guess what would have happened?
Just remember, USA is probably watching you.
Still nothing to back up your claim then, liar?
Just remember, everybody is fucking laughing at you. Prick.
Correction, everybody is fucking laughing at BOTH of you.
I’m sure you’re laughing real hard from your $1400/month palace.
I guess you’re too stupid to understand that long term tenants are getting a steal compared to what their place would rent for if they were to move out.
Do you even live in this country, china man?
Never mind, nobody gives a shit what you think.
Give my love to Emily Yu.
I’m sure it’s a spectacular residence and not at all shithole-like.
Correct, it’s not at all like your motherland.
“You must be from China” is literally your best argument. Quite hilarious that you and your pet have persuaded yourselves that where somebody is from is somehow a measure of the validity of their words.
Whether or not I’m from China hardly has any bearing on you being an unemployable racist if you think about it.
““You must be from China” is literally your best argument. ”
It’s far from my best argument, but it’s all a worthless hypocrite deserves when they say “your residence must be a shithole”.
You’ll never understand what a despicable person you are and I would never waste my best argument on someone like you.
Why don’t we all just agree to ignore so it is deprived of the satisfaction of any reaction, as well as forgoing future fifty cent payments?
I’ll agree to ignore this vile pro-china troll if Whistler or Bust/MAKE TRUDEAU A DRAMA TEACHER AGAIN buys in.
It has to be a team effort.
You’ve said that once before. You didn’t exactly last long.
Yet here you are, misquoting me.
Remember your best guesses and assumptions on this anon board may very well not be correct, and you will never know, so best not to talk trash, as your stupidity and immaturity comes through for all to see.
No, that would be you.
Bingo.
4088 W 19th. Old house across from the Camosun Bog. Looks like it’s been unmaintained for a long time.
Sale price: $2.040.
Assessed: $2.809.
3-3301 W 16th Ave. Townhouse @ Blenheim St. I always wondered what that complex looked like!
Sale price: $1.198.
Assessed: $1.590.
2833 W 18th Ave. Bungalow on 33*93 lot, looks well maintained.
Sale price $1.540.
Assessed: $2.079.
4159 McGill St.
Sale price $1.070.
Assessed $1.370.
The “Nightmare Scenario” For Beijing: 50 Million Chinese Apartments Are Empty
75% of people’s wealth in china is in real estate, vs. 28% in the USA.
Whoever said chinese are smart was chinese.
Well that’s why they are buying multiple homes when they migrate here.
All NDP has done is raise the foreign buyers tax by 5% and a measly 0.5% tax on 0.5% of properties in BC.
If that’s gonna make a difference. Hahaha
Here’s a link to a non-conspiracy website. Better sources = fewer stupid false flag comments.
https://www.bloomberg.com/news/articles/2018-11-08/a-fifth-of-china-s-homes-are-empty-that-s-50-million-apartments
I don’t care if you like the source or not, you whiny fuckwit.
Now I’m going to link even more ZH stories just to trigger you and the race baiting lowlife.
Don’t get mad at me (aka triggered) just because you’re too stupid to tell the difference between idiotic conspiracy theories and reality. I’m just trying to help you avoid another ridiculous false flag comment.
It is always stupid to shoot the messenger (ZH) in this case, because you are sore about the message, and facts being reported. Never shoot the messenger unless you can refute the message.
The stupidity check applies to you, in haste.
It’s ok to shoot the messenger when he’s (ZH) a Trump-supporting, BTC-loving, RWNJ conspiracist.
Let the baby have his bottle.
He’s already decided that rather than use reliable sources he’ll use a right wing conspiracy theorist website and simply pick and choose which things he decides to believe. It’s a totally rational position to hold.
Unfortunately many conspiracies have become conspiracy facts.
Again don’t shoot the messenger because you can’t handle the truth/facts of the message.
“Conspiracy facts”? That’s a new one. Exactly what are you referring to, moron?
Here’s primarily there for the racist comments.
The comments there are useless, almost as bad as yours.
Why are you reading them?
Never mind, it’s a rhetorical question because nobody gives a shit what you think.
Duh, I’m reading them to get a sense of the sort of twat who gets their news from ZH.
What’s your preferred source for news?
Just kidding, it’s a rhetorical question because nobody gives a shit what you think.
+10
You reply an awful lot for somebody who claims not to care.
Nonsense.
What’s a racist? The Black people inhibited “Chocolate City” as the Chinese named it, in China, perhaps?
“75% of people’s wealth in china is in real estate, vs. 28% in the USA.”
I wonder what % of wealth RE is in Vancouver. In Vancouver proper we may exceed China.
Crash Vancouver real estate and disable Chinese influence in Canada.
Let’s do it!
For many people who bought in the last year the answer is zero or negative.
Toronto startups look to disrupt Canada’s real estate model
Google this its in the Globe. Link got me stuck in moderation.
Canadian Regulators Take Aim at the Growth of Home Equity Lines of Credit
According to CMHC, roughly 3.1 million Canadians have HELOCs, with the average credit balance in the first quarter of the year sitting at just under $65,000 when all HELOCs are lumped in together, including those with and without balances. Among HELOCs with a balance owing, the average debt was $97,000. In BC, Canada’s most expensive housing market, that number sits at $78,203 with the average tapped HELOC having inflated to $123,797.
This will hurt the condo market. Mommy and Daddy won’t be able to pay for junior’s down payment.
Let’s hope so.
And also hope the NDP ends Bare Trusts yesterday.
