Friday Free for all! November 9th, 2018

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!

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Bag it and tag it
Member
Bag it and tag it

Bearish indicator…bankruptcy trustee a regular advertiser on Canucks games.

Best place on meth
Member
Best place on meth

Those bankruptcy commercials are all over the radio these day.

Good times must be coming.

M-
Member
Best place on meth
Member
Best place on meth

She keeps thumbing her nose at our laws because she knows they’re weak and she has no respect for round-eyes telling her what she can or cannot do.

After all the trouble this vile creature has caused, she’s so far only on the hook for 19K in fines, that’s pathetic.

At least they’re looking at forcing her to sell the home if she re-offends, but really, the property should be subject to outright seizure will the proceeds going to the taxpayers who have to put up with trash like this.

Oracle
Guest
Oracle

These stunts are nothing. Wait until the Chinese have the majority here on the ‘New coast’. There will be whole set of laws that will only apply to us.

Look at Ridesharing. Chinese apps are untouchable.

Bag it and tag it
Member
Bag it and tag it
Best place on meth
Member
Best place on meth

“Yes, absolutely, I’m a feminist,” he told CNN’s Poppy Harlow on the latest episode of Boss Files. “Because a feminist is someone who believes men and women should be equal, and who believes that there’s a lot more work to do to get there.”

Strange, I believe men and women women ARE equal, not “should be equal” like Justin. Yet I don’t feel the need to be a “feminist”, whatever the fuck that means.

Maybe he’s confused and actually feels like he’s effeminate.

JT sucks
Member
JT sucks

Faggot!

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

Bigot.

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

When it comes to the Fortune 500 women are CEOs at only 5% of them. That’s your idea of equality?

Best place on meth
Member
Best place on meth

Ignored.

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

Because it’s wholly inconsistent with your claim that there is already equality rather than it being a goal? Figures.

YVR
Guest
YVR

The problem is there are 240 less women CEOs worldwide than men? This seems less important than all the apologies. Has Turd ever thought of doing his job trying to improve things for Canadians rather than trying to be a left wing celebrity.

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

No, that’s not the problem. Try again.

Bag it and tag it
Member
Bag it and tag it

There was a recent study done on entrepreneurs, sorry no link, and men outnumbered women by a very large margin when it came to successful entrepreneurs. Women don’t like this because they don’t have anyone to blame for it.

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

No link? What a complete fucking surprise.

Bag it and tag it
Member
Bag it and tag it

Here’s a link to a story where the female entrepreneurs do blame society for why they make less as an entrepreneur.
https://www.inc.com/minda-zetlin/women-entrepreneurs-pay-gap-freshbooks-survey-28-percent-less-than-men.html

bullwhip29
Guest
bullwhip29

Barely a month after a judge found a North Vancouver townhouse owner in contempt of court for renting out her unit as a hostel, neighbours say she’s at it again
https://globalnews.ca/video/4657160/neighbours-say-illegal-oasis-hostel-owner-is-defying-law/

Laibach
Member
Laibach

How did she even get the PR, citizenship, etc? How does the rubbish pass immigration bar?

Best place on meth
Member
Best place on meth

People not born in Canada can be stripped of their citizenship.

She should be shipped out once her house is seized.

Oracle
Guest
Oracle

So does the NDP really want PR or are they secretly wishing it fails?

Critical thoughts?

Should you have voted for PR just to mess with the NDP plans? Hmmmm?

Dave
Member

Why would the NDP want to lose half their voter base?

Scarlett
Guest
Scarlett

Instead of joining the rest of the civilized world in remembering & honouring the fallen heroes who fought and died for freedom, China instead indulged in an orgy of greed, crassness, and consumer craze on Nov 11, a sacred day of honouring and remembering. I don’t know why we don’t simply ban & embargo China until they actually grow up and act like a civilized country. If it were not for us, they would be speaking Japanese for god’s sake!

patriotz
Member

China was not a participant in WWI. This was shortly after the overthrow of the Qing Dynasty and the country had no effective central government. However Japan joined the Allies and used the opportunity to seize the German concessions in China, which was the start of their imperialist adventures there.

So why exactly should the Chinese commemorate WWI or Nov 11? They certainly commemorate the struggle against the Japanese, the Communist government even recognizes the contributions of the KMT.

Scarlett
Guest
Scarlett

Remembrance Day may have started with the end of WWI but it has grown far beyond just WWI. It is about remembering the sacrifices of those who fought to preserve freedom, human rights, and democracy in all wars. Something you apparently do not understand on purpose in your zeal to defend the Chinese who would be speaking Japanese, and their culture in museums if it weren’t for our sacrifice. You are a disgrace to all veterans & Canadians with such an attitude.

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

Ask yourself why China is a permanent member of the Security Council. Or better still, ask Google.

China made a huge contribution to the allies in WW2 and the UN seat was their reward.

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

Well said.

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

Of course you’d think that, because you don’t use trivial things like facts when evaluating what people say.

Anybody who says “if it weren’t for us you’d be speaking such-and-such a langauge!” is a toxic piece of shit.

Scarlett
Guest
Scarlett

Btw, Chinese did participate in WWI in the only way they can, low value add physical labour that is deemed to be a waste of resource for Allied manpower to do. The reason being they can’t fight if their lives depended on it, and hence why have to rely on others to fight for them.

https://en.wikipedia.org/wiki/Chinese_Labour_Corps

Vancouverian
Guest
Vancouverian

And in Vancouver Antifa celebrates Nov 11 by vandalizing a church with swastikas.

Classy.

https://www.straight.com/news/1163406/polish-church-east-vancouver-defaced-graffiti-including-swastika

Bubble
Guest
Bubble

Weird price changes:

213 2450 Cornwall Avenue, Vancouver, BC V6K 1B8

$735,000 2017-10-05
$1,298,000 2018-09-27
$999,000 2018-10-24
$799,000 2018-10-30
Overall Change= -$ 499,000.00

Doomcouver
Guest
Doomcouver

This reeks of either desperation, or dirty money under the table. We are going to see some really desperate marginal sellers in the near future so it’s possible this is one of them. The price cutting seems a little too aggressive to be believable as not sketchy though.

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

Their upstairs neighbour is priced below them per sqft (it’s a 1 bedroom unit), and has already cut their price despite only being listed 3 weeks.

No need to go full Oracle.

patriotz
Member

“213 2450 Cornwall Avenue, Vancouver, BC ”

BC Assessment records a sale on 07-Oct-2017, $735,000. Seems pretty clear this is a flipper who thought they’d make a lot of money in one year and now just wants to get out.

Just me
Guest
Just me

The Vancouver RE market appears to be crashing under its own weight.
Both volumes and prices are in freefall according to Zolo.

Does anyone have direct info from the trenches? Curious to hear from people who might be directly or indirectly involved in the RE industry.

One thing is clear: this is not just your standard, run-of-the-mill adjustment. If the BoC continues on its rate hiking path, we might see prices that we have not seen in 7 or 8 years.

Doomcouver
Guest
Doomcouver

Never mind 7 or 8 years; in a full-blown recessionary credit collapse you could see prices in some markets we haven’t seen in decades.

Canada is for Canadians
Guest
Canada is for Canadians

Except we won’t see a “full-blown recessionary credit collapse” so don’t get too excited.

Jesus
Guest
Jesus

Zealty.ca grants you sold prices for the past five years. Just need an email to sign up. Way more info than Zolo.

Some east side detached homes are now well under 1M. Still a long way to go. The last of the dumb money is going into condos.

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

Zolo aggregates all data and breaks it down by area and property type. Zealty is good for cherrypicking examples from but doesn’t tell you the overall picture.

They’re just different.

Stand up for Canada
Guest
Stand up for Canada

With volumes so low cherry picking seems to be the only way to gauge the market for specific segments (east side condos vs west side detached etc).

Zolo is kind of meaningless right now as volumes are too low to provide insight to an “average” or “median” price.

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

Cherry picking is the the worst way to gauge the entire market.

You’re right that averages are subject to sales mix but Zolo’s breakdown by property type and especially number of bedrooms is useful here, particularly when looking at high volume real estate such as one bed condos.

Dave
Member

The most common thing I hear from insiders is relief. They still feel positive about real estate. I have yet to hear a bearish opinion from an insider.

Oracle
Guest
Oracle

Enjoy the circus here. Counting the chickens before the eggs hatch.

Cherry picking listings at their own peril.

southseacompany
Member
southseacompany

“Vancouver Detached Real Estate Sales Fall Over 32%, Price Declines Get Larger”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-detached-real-estate-sales-fall-over-32-price-declines-get-larger/

“The price of a detached home across Greater Vancouver is getting cheaper. REBGV reported the price of a typical home fell to $1,524,000 in October, down 1.1% from the month before. Prices are now 5.1% lower than they were last year. The city saw even greater declines, with Vancouver East down 5.5%, and Vancouver West down 9.9% from last year”

KickThemOut
Member
KickThemOut

Locusts squirm their way out again after defacing holy sites in Thailand.
https://www.cbc.ca/news/canada/edmonton/brittney-schneider-thailand-graffiti-no-prison-1.4902611

paulb
Member

New
241
Price Change
178
Sold
66
TI:13371

http://www.clivestevepaul.com

franko
Member
franko

66 sales, including the long weekend???
And almost 3 times more price changes than sales???
Just getting a jump on next spring???

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

Long weekends generally won’t see any additional sales (subject removals) because nobody would be silly enough to write a statutory holiday as subject removal day.

Listings, however, can and do happen on such days.

franko
Member
franko

So the sales from all the looky -loos get forwarded to the next business day…what’s the diff?

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

They might also fall on the previous business day. Or two days later. We don’t know how the reporter sales get displaced.

Best place on meth
Member
Best place on meth

Most sales are from 2 weeks ago.

That being said, they’re still ridiculously low compared to past years.

Doomcouver
Guest
Doomcouver

It all comes down to what happens in the Spring. All the side-liners waiting to cash out could easily flood the market and the full blown collapse is on.

bullwhip29
Guest
bullwhip29

Vancouver appears poised to reverse duplex decision, despite housing crisis
https://bc.ctvnews.ca/vancouver-appears-poised-to-reverse-duplex-decision-despite-housing-crisis-1.4176255

Laibach
Member
Laibach

Oracle, what has happened here? Ain’t prices supposed to double from here on?

“There hasn’t exactly been a stampede of people building duplexes since they were allowed. City staff told CTV News there have been only three applications.”

Oracle
Guest
Oracle

Nor have prices corrected. Has anyone on this blog bought? If prices had corrected 25% across the board, buyers would have flooded in.

Low sales mean NOTHING.

Bear Vancouverite
Member
Active Member
Bear Vancouverite

“Low sales mean NOTHING.”

Low sales actually mean quite a few things:

1) it means your vaunted 100,000 immigrants/year aren’t buying any real estate
2) It means means downsizers can’t downsize
3) It means trade up buyers can’t trade up
4) it means flippers can’t flip
5) It means fewer mortgages get booked
6) It means realtors and their staff don’t get paid as much
7) it means what low sales in any other industry means: people get laid off, activity slows, and prices go down.
8) I’m pretty sure it means you’re gonna get !@$!% by the coming downturn.

Try this fun comic excerpt on for size:

Boss: “Oracle, I’m afraid sales have dropped 32% YOY for our widgets”
Oracle: “Don’t worry boss, low sales mean NOTHING”.
Boss: “It does mean I have to lay you, your brother, and your cousin off”.

Oracle
Guest
Oracle

So houses are dollar store trinkets now?

OK.

And how are rents doing by the way?

Doomcouver
Guest
Doomcouver

“If prices had corrected 25% across the board, buyers would have flooded in.”

Just like when all those buyers flooded into Arizona when it corrected 25%? Oh wait it kept going past 25% and hit over 50% drop before bottoming out. My point is don’t underestimate the unmitigated terror and systemic impact from a housing correction after 2 decades of nearly uninterrupted massive capital appreciation. Even if Vancouver housing starts listing for a 25% discount across the board that doesn’t mean buyers are immediately confident again in real estate as an asset class. Speculators don’t just speculate on the way up, they also speculate on how deep the correction will be, remember that.

Oracle
Guest
Oracle

Great. Sit on the sidelines. Less competition for people like me who’d buy after a 25% correction.

Laibach
Member
Laibach

Sorry Oracle, but with that said you definitely do sound like a pumper. What happened to you, I thought you are a bear and won’t touch anything above 75% decline?

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

You won’t. But even if you say you did nobody will believe you as you’re a proven liar.

kabloona
Member
kabloona

“Oxford academic’s research suggests Vancouver’s foreign-buyers tax has been a boon to affordability”

https://www.theglobeandmail.com/real-estate/vancouver/article-oxford-academics-research-suggests-vancouvers-foreign-buyers-tax-has/

“It was so frustrating to see the city I had come to love so much get gutted in the name of providing a market for foreign investors,” Mr. Wilson said in an interview from London. “Given the opportunity, and given the fact that people like myself are getting pushed out, there was a need to pin down the roll of foreign investment in the housing crisis, especially given that the dialogue and discourse around the issue has been so fraught with conjecture.

“Given that this tax exclusively targeted foreign investment, this fluctuation definitely proves that foreign investment is a primary factor driving the unaffordability of housing in Vancouver.”

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

Oxford academic? Seems like a grand headline for a student. Suggesting the city got “gutted” doesn’t really convince me that he’s got anything other than a specific conclusion in mind either.

bullwhip29
Guest
bullwhip29

Delta casino gets green light from BCLC
https://www.cbc.ca/news/canada/british-columbia/delta-casino-gets-green-light-from-bclc-1.4904475

>>> city of Rmd grumpy that it will be losing some of its customers who will undoubtedly slither off to sleepy Ladner where they can carry on business as usual.

Doomcouver
Guest
Doomcouver

“We were laundering money before it was cool.”
— River Rock Casino

Canada is for Canadians
Guest
Canada is for Canadians

Real estate app forces realtors to bid for business

https://bc.ctvnews.ca/real-estate-app-forces-realtors-to-bid-for-business-1.4174335

“It’s what the public has been asking for for decades,” he said. “This is the way people want to do everything else in the world right now.”

Canada is for Canadians
Guest
Canada is for Canadians

Developer offering $10K scholarships to B.C. students

https://bc.ctvnews.ca/developer-offering-10k-scholarships-to-b-c-students-1.4175890

A local developer is celebrating his 50th birthday by committing $50 million to help B.C. students.

“Ryan Beedie, president of the real estate development group Beedie, has started a foundation that has committed to supporting up to 50 Lower Mainland students in its first year.”

Doomcouver
Guest
Doomcouver

So in other words a big fat tax write-off and some complimentary advertising from the MSM. Moves like this are less philanthropic than you’d think.

Canada is for Canadians
Guest
Canada is for Canadians

Canadians’ debt remains ‘really high,’ but improving thanks to tight mortgage rules: BoC

https://globalnews.ca/news/4662646/canada-debt-mortgage-rules-boc/

Keep calm and pay your debt.
everything is under control ….

Doomcouver
Guest
Doomcouver

Yeah “improving”. What’s actually happening is borrowers are hitting the wall and can’t borrow anymore. Keep a close eye on the delinquincy rates going into 2019, we should see a trend change to the upside as all the new mortgage rules and higher rates start pushing people closer to insolvency. Up until this point delinquincies have been going down every year due to capital appreciation on real estate and home owner’s ability to tap into their HELOC to service debts. That gravy train is derailing as we speak.

patriotz
Member

https://www.theglobeandmail.com/real-estate/the-market/article-vancouver-condo-with-unique-design-sells-at-a-discount/

I recognized the photo immediately, but I didn’t know that the building had been converted to condos. Another symbol of the rise and fall of Vancouver’s real economy IMHO.

Doomcouver
Guest
Doomcouver

Yes the gold rush to build residential has been chipping away at commercial and retail spaces. Sadly it’s also been increasing our over-reliance on residential real estate economic activity to keep people employed around here. If the government allows all the the businesses to be ripped down to build condos, where the hell do they expect people to make a living? It’s very short sighted and the outcomes will be terrible.

Canada is for Canadians
Guest
Canada is for Canadians

Fun fact: this building has the floors suspended from the central core roof area and the floors are said to sag down a bit.

Hyper-mega-Bull
Member
Hyper-mega-Bull

two bedroom condo in a 50 year old building sells for $1.2 million.

that’s a symbol of the “fall of Vancouver’s real economy”?

sure bud.

southseacompany
Member
southseacompany

“Fraser Valley Condo Sales Drop 50%, Inventory Rises 153% in October”, Vancouver Condo Info

https://www.theglobeandmail.com/real-estate/the-market/article-vancouver-condo-with-unique-design-sells-at-a-discount/

“While condo sales are still above the ten year average, they have taken a steep decline, dropping 50% year over year in October. This trend has been going on for several months now and has allowed inventory to climb 153% from last year”

“The recent run-up in inventory has been particularly concerning in parts of the Valley, including Langley and Abbotsford where it has surged 405% and 208% respectively. The swelling of inventory has left sellers desperate for a buyer, even for the once popular pre sale condo, which is now offering increasing buyer bonuses.”

southseacompany
Member
southseacompany
Doomcouver
Guest
Doomcouver

Wow that’s a selling panic if I’ve ever seen one. Look at the ramp up in inventory. The valley is due for a massive correction. Commuting is so expensive it actually costs significantly more money to live outside of the GVR. In my estimation 2019 is extremely likely to be the year that the bottom falls out of our property market, all the high listings and low sales seem to be leading up to something big.

Oracle
Guest
Oracle

Let’s hope so. Have prices crashed even 30% from peak in the valley?

Waiting….

The $800K detached needs to come down to $500K before I say mission accomplished.

Doomcouver
Guest
Doomcouver

We’re not in crash territory yet. This is the low sales, high listings, seller frustration and unrealistic expectation phase of the cycle.

bullwhip29
Guest
bullwhip29
when the greatest of fools jump in head first and literally buy anything, anywhere, sight unseen, for what seems to be any price, this is the result. who would have guessed the most weak-handed of these buyers would turn around and all hit the panic button en masse and attempt to offload blocks and blocks of overpriced $hitholes located in the middle of nowhere (which were marketed as the “Point Grey” of ………) the moment the music stopped…? perhaps if any of them are reading this, I’d like to spare them countless hours of nail biting and worrying about how to proceed. if you are one of the unfortunate owners of such a property, simply forget about selling it for a quick profit or even at all for many, many years. it simply isn’t gonna happen. instead you should be… Read more »
Madashell
Guest
Madashell

Chinese officials siphoned $15bn from welfare lottery
https://www.thetimes.co.uk/edition/world/chinese-officials-siphoned-15bn-from-welfare-lottery-67580xqwg
I am sure much of the corrupt Chinese money is hidden in the Vancouver RE.

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

SIDA doesn’t believe Chinese exist..

……they are simply Caucasians with down syndrome compounded by jaundice skin.

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

I pity you.

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

BPOM alluded to big time Chinese RE vacancies..

One of Ross Kays recent interviews noted 22% of Chinese RE is VACANT. This will ultimately impact our RE via global ripple effect as the Chinese can no longer rely on price appreciation to fund and fuel offshore buying

In another interview, Kay discusses that his metrics showed the market was turning back in 2016….worth a listen.

Yes..the market still rose, but his metrics would be useful to those who invested early and wanted to make a profit under classic warning ” pigs get slaughtered”. ……………..
………..OR conversely, wannabee first timers may have heeded the advice to sit on the sidelines for a while.

Doomcouver
Guest
Doomcouver

Ross Kay is a charlatan. That said, I will agree the over-exuberance of Chinese investors is widespread and systemically dangerous.

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

I believe their definition of vacant includes unsold properties, but I suppose some here assume they’re referring to properties being held vacant by their speculator owners.

bullwhip29
Guest
bullwhip29
Doomcouver
Guest
Doomcouver

This made my day. Lower than the provincial maximum is exactly what we need to scare the pants off some ALR speculators.

Laibach
Member
Laibach

Right, but the question remains how to skin the lizards that already got in and put up monstrosities?

bullwhip29
Guest
bullwhip29

so, the question is how many will seek to subdivide their “farms” into smaller parcels and build 400 sqm structures on each? and secondly, how many will list these properties as short term rentals targeting overseas visitors seeking an authentic experience on a petting zoo surrounded by orchards and wild flowers by day and illegal gambling, body rubs and other shenanigans by night…?

Doomcouver
Guest
Doomcouver

I’m pretty sure subdividing ALR land isn’t that easy or everyone would have done it already. There are likely extremely strict restrictions on where and when you can subdivide.

bullwhip29
Guest
bullwhip29

so as long as all the parts remain farmland (technically speaking), I see no issue. all the focus has been on buyers acquiring a farm and building their versions of the Neverland ranch on it without any intention of fully utilizing the property for what it is zoned for. imho the new regs will just result in a greater number of smaller “farms”. it also remains to be seen if any of these transactions will truly be arm’s length in nature.

bullwhip29
Guest
bullwhip29

The City of Vancouver’s chief proponent for modular homes has parted ways with city hall to take an executive position with the very company contracted to build such homes
https://www.richmond-news.com/vancouver-s-housing-ceo-jumps-to-city-contracted-modular-homes-company-1.23498277

YVR
Guest
YVR

NDP corruption at its finest.

Doomcouver
Guest
Doomcouver

What does this have to do with the NDP? This is municipal politics not provincial.

Oracle
Guest
Oracle

Naive people deserve the government they get.

YVR
Guest
YVR

Horizon North reaping the rewards from construction of modular homes

Manufacturing could grow from here with the NDP government promising 2,000 modular affordable units. “Modular housing is very quick to build and it’s very easy to put in,” said Minister of Municipal Affairs and Housing Selina Robinson, who was in Kamloops on Wednesday to announce funding for 104 modular units.

https://www.cfjctoday.com/article/605576/horizon-north-reaping-rewards-construction-modular-homes

patriotz
Member

“Horizon North reaping the rewards from construction of modular homes”

Horizon North has been a regular donor to the BC Liberal Party. There is no record of any donations to the BC NDP.

Elections BC report

bullwhip29
Guest
bullwhip29