From southseacompany: Home prices in Vancouver are down 3-5% while over in Victoria they hit the 11th consecutive month of dropping sales.
Meanwhile next door, Edmonton is plunging and Calgary detached home sales have hit the lowest level since the 1990’s.
Canada Pension Plan eyes Chinese assets as trade tensions hit valuations
https://business.financialpost.com/news/fp-street/update-2-canada-pension-plan-eyes-chinese-assets-as-trade-tensions-hit-valuations
‘An honour system’: Elections BC, Elections Canada can’t confirm voters’ citizenship
https://www.citynews1130.com/2018/11/09/elections-bc-voter-citizenship/
“It’s possible that people who are ineligible to vote would be able to cast a vote and it would not be caught,” Penz added.
here’s the problem with Canada right here… we are a bunch of saps when it comes to the rest of the world. We assume everyone is honest like we are but the 3rd world immigrants we let in here lie cheat and steal as a way of life and Canadians get walked all over by them.
The problem needs to be fixed but don’t try and pretend that it’s currently being exploited:
“Penz said she doesn’t have any specific numbers on whether or not this has been an issue, but noted Elections BC does not think the numbers are significant.”
But you probably know better than Elections BC. Having opinions is what matters these days, after all.
It’s a bit like that guy who keeps pretending that there’s widespread election fraud in the US despite never providing a shred of proof and contradicting pretty much any official who’s in a position to know.
Of course they are going to downplay it but the point being is that the door is wide open for potential voter fraud. If there is this potential for fraud then the entire elections system is at risk due to a lack of confidence.
Me and my cousin all vote we are foreign student and automatic carecard. We vote for No cause We like buy houses and more houses. More visitor get bc licence from foreign licence and go vote. Christy Clark make us more rich in future. We like NDP too for letting us vote. WeChat spread word.
Fuck. Here we go with this old sock puppet again. Or did you forget to log out and log in with the right username/pass you lying piece of shit?
ChinaOne… fooling no one.
Why would they have reason to downplay it when they could instead do the exact opposite and ensure that it gets fixed?
That’s so true. It’s like how we tell criminals you can go on parole but you can’t own guns or have contact with minors or some other bs restriction. Criminals broke the law in the first place and what makes you think they won’t do it again?
Kenya lawmaker targets foreign firms, decries China ‘invasion’
https://www.reuters.com/article/us-kenya-china-trade/kenya-lawmaker-targets-foreign-firms-decries-china-invasion-idUSKBN1ND1ZR
Foreign Investor Burnout Hits Miami Real Estate
https://www.forbes.com/sites/kenrapoza/2018/11/08/foreign-investor-burnout-hits-miami-real-estate/#16cc2dad777c
Chinese President Xi Jinping’s mantra that homes should be for living in is falling on deaf ears, with tens of millions of apartments and houses standing empty across the country
https://www.businesstimes.com.sg/real-estate/50m-apartments-a-fifth-of-chinas-homes-are-empty
Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to more than 50 million empty homes, he said.
And locust is still very hungry and moves farther to do the same, consequences are devastating…
A $150,000 income is not enough for a home in Vancouver: report
http://dailyhive.com/vancouver/vancouver-income-housing-report-zoocasa-2018
They should stick to “Top 10 brunch spots” articles because understanding reports like this clearly isn’t their thing.
Vancouver Coastal Health is warning customers that a hot sauce being prepared out of a home in Richmond could cause botulism
https://vancouversun.com/news/local-news/vch-issues-warning-about-richmond-hot-sauce-due-to-botulism-scare
Add this to the list of the multitude of unauthorized and illegal businesses that can be run out of a china mans home here in our once law abiding, first world country.
Hotel
Brothel
Casino
Money laundering bank
Doctor
Dentist
Plastic surgery
Birthing facility
I’m sure I’ve missed a few.
I think you missed Drug Production Facility
Would hafta be a meth lab or fentanyl facility….weed grow-op not so profitable anymore.
😉
So that this doesn’t get lumped in with the Mainlander stuff. This lady is a CBA divorcée who was selling the hot sauce to make ends meet. Doesn’t make it ok but it’s someone who’s trying to live in this expensive city in tough times.
The article below is a re-hash of the Knight Frank report already discussed on this blog, but its headline makes it irresistible!
from Business in Vancouver, Nov 7:
“Vancouver luxury property market ranked world’s worst”
https://www.vancouverisawesome.com/2018/11/07/worst-luxury-market-world-vancouver/
Horgan-Wilkinson debate on PR coming up at 7 pm on Global.
I predict the LibCred leader’s main taking points will be
1. It’s too complicated and confusing, people won’t understand it (so let’s just forget about it so we can get back into power soon)
2. Extremists will get power. Dear god, Nazis will take over!
3. NDP stacked the deck to pass this horrible idea that will ruin our democracy.
If anyone is interested in playing a drinking game during the debate, take a shot every time Wilkie uses the word “confusing”, “extremists”, or “democracy”. Bonus shot for “neo-nazis”.
You should be properly hammered 8 minutes in or less.
My money’s on “fringe” to deliver a fuck-ton of drinks.
West Side land fire sale:
4491 W 6TH AVENUE, Vancouver Point Grey
$2,760,000 Sold Oct 27, 2018
Assessed $3,311,000
New
153
Price Change
91
Sold
81
TI:13373
Quick question: Could rents be also in a bubble? Is there somewhere a graph comparing wages, population growth ( Metro Van) and the average/median rent over time?
Oracle is going to explain it all about rents shortly, please be patient. He knows exactly why they are so high and what will happen next.
I’m sure you don’t know why. You’ve been wrong here for 10 years.
You have been wronger about more things than anybody else here.
” Could rents be also in a bubble? ”
Rents cannot be in a bubble because they always reflect real time supply and demand. In a bubble prices are inflated by speculative demand, i.e. people buying because they expect to sell later at a profit.
You could argue that there’s been some speculative activity — people renting an apartment with the intention of subletting for more, e.g. on Air BnB. Hard to see that being a very large part of the rental market, though, especially with new restrictions on home-sharing platforms.
There’s also FOMO. People could overpay (or accept a lower quality of housing at the same price) because they anticipate prices will be higher in the future.
I think the rental speculator is a pretty rare occurrence. That said, rent bubbles do exist. The most likely cause of popping a rental bubble is a collapse in local incomes. If home prices collapse however, rents may be buoyed by an increased demand for rent as a hedge against buying. It’s my feeling these two factors may cancel each other out in Vancouver and will lead to mostly sideways movement in rents rather than a collapse. It’s just one opinion though.
That’s specious reasoning. By your logic the stock market can never be in a bubble because stock prices represent real time supply and demand.
“By your logic the stock market can never be in a bubble because stock prices represent real time supply and demand.”
Read what I said again. A bubble exists when the price of something is inflated because people intend to sell it later at a higher price. Anything that can be resold in the future can be in a bubble.
If current trends continue, then rents are not in a bubble. Rents have spiked not so much because of permanent immigration but because of so called temporary immigration (that’s really Permanent). This type of immigration includes foreign students, their 10 year visa families, Supervisa grandparents/parents, and Temp foreign workers. Let’s take a look at these. 1) Foreign Students: there are 135,000 of them in BC with majority in metro Vancouver. This number started spiking in 2014/2015. 2) 10 Yr Visa holders are coming in droves. There have been 3 million issued in the last 3 years since its inception. At this rate, we should have 10 million visa holders within 7 years. And it’s renewable. This segment includes HAM and parents of foreign students. 3) Supervisa parents and grandparents. Ever since the government reduced the permanent immigration stream for these… Read more »
Was I wrong? I said you will elaborate all the rent matter shortly. Who knows it if not you?
US mortgage rates jump to highest level in nearly 8 years
https://www.citynews1130.com/2018/11/08/us-mortgage-rates-jump-to-highest-level-in-nearly-8-years/
“The yield on the 10-year reached 3.23 per cent Thursday, up nearly a full percentage point from 2.33 per cent a year ago.”
The Diwali celebration in the Fraser Valley were out of this world last night. Hundreds of thousands of people celebrating.
I’m now convinced that the entire Fraser Valley will within 1 decade be majority Indian. In 2 decades? Forgetaboutit! There will be 1 million Indians here by then.
Megamansions on ALR? You haven’t seen anything yet.
I’m preparing for the upcoming new world. There are pros and cons but I nowbsee it as inevitable.
And huge push coming for having a Diwali stat holiday just like Easter. Let’s do it!
yes it’s true that indians make large mansions on ALR, but this wasn’t an issue until chinese started building HOTEL sized mansions and renting out every single room as a hotel. they even have shuttle bus service. they even operate as illegal nightclubs, casinos, where customers are kidnapped, beaten up and extorted. look at this timeline. for over a year police knew this house was being used for illegal activity but did nothing. has corruption reached the point where police are accepting bribes? In April 2016, RCMP say they got a tip that someone was being held hostage at the address. A search of the sprawling home revealed 15 people gambling, gaming tables, casino chips, playing cards, a money counter and an elaborate video surveillance system, according to the civil action. A year later, RCMP were called again when a… Read more »
Fucks even got the address tailored to fit their lunacy, 8880 Sidaway Road.
The Chinese state-run news network unveiled two “AI synthesized anchors” yesterday. They’re based on real people, but their faces and voices are computer-generated — allowing them to say and do things that their real models never did
https://www.abacusnews.com/digital-life/chinese-state-media-has-tv-news-anchors-can-broadcast-24/7-computer-generated-faces/article/2172298
>>> more like “allowing them to say and do things that their real models never” wanted to…
Not much difference though. So many of supposedly real people look and act like the humanoid robots so difference won’t be noticeable. Remember at open houses and condo presales, didn’t they all look like some weird robots going door to door and scooping whatever is available.
CNN has been doing this for years. The CNN anchors and reporters are all controlled from Hillary Clinton’s basement.
I don’t see how anyone will be able to tell a real chinaman from a robotic one.
Actually the robotic ones will probably have more personality.
I don’t see how anyone will be able to tell a real china man from a robotic one.
Actually the robotic ones will probably have more personality.
Kris Wu’s iTunes U.S. Sales Acquired ‘Fraudulently’ and Won’t Count Toward Charts
Chinese fishing village fears contamination cover-up after chemical leak
https://www.scmp.com/news/china/society/article/2172347/chinese-fishing-village-fears-contamination-cover-after-chemical
How would you say the scale of this compares to Hanford?
Vast Chinese Meddling Abroad Exposed in Report by Canadian Policy Institute
https://www.theepochtimes.com/canadian-think-tank-exposes-vast-chinese-meddling-abroad_2710967.html
“Confucius Institutes, overseen by China’s Ministry of Education, are a Trojan horse and visible manifestation of influence on campuses. As demonstrated by “In the Name of Confucius,” a one-hour documentary made in Canada, these organizations are vehicles for espionage, censorship, and curriculum manipulation.
That is why the University of British Columbia has thrice rejected a Confucius Institute on campus. ”
Yes, but UBC still accepts thousands of spies posing as students.
Fans of pop star Ariana Grande accuse Vancouver raised pop star Kris Wu of gaming iTunes rankings
https://www.washingtonpost.com/world/2018/11/08/fans-pop-star-ariana-grande-accuse-chinese-star-gaming-itunes-rankings
As of Yesterday, only 1.4% of PR ballots returned.
It’s going to fail.
Election coming. The Greens and NDP purposely screwed it up. Why not have a 1 day vote unless you want it to fail.
No wonder they didn’t do anything on housing.
Luxury condo developers and others aiming at the high-end consumer market have a new target on their radar: “Henry” – an acronym for young adults who are “high earners, not rich yet,”
https://www.vancouverisawesome.com/2018/11/08/henry-target-luxury-condo-builders-vancouver/
Bank Run in Southwestern Chinese City Could Signal a Broader Financial Crisis
https://www.theepochtimes.com/bank-run-in-southwestern-chinese-city-could-signal-a-greater-financial-crisis_2709550.html
Sales up, inventory down.
People who can afford to are presumably pulling listings in hopes of a spring rebound. Time will tell.
Zolo showed a bit of a bump in prices, so I think some were taking advantage of market weakness. Time will tell if that was a wise move or not.
Here’s a cool new chart: The ratio of average daily listings in each month, divided by the average daily listings for January of the same year: https://goo.gl/Y5YRhb
One of these years is not like the others….
Vancouver expects $30 million in first year of empty homes tax
“Owners who don’t declare that status will be taxed, which amounts to one per cent of a property’s assessed value, and owners who miss the due date by even a day will also face a $250 penalty.”
I find it astounding that some people would rather pay this “tax” than rent out their property.
It just goes to show how drunk some people are with real estate and what incompetant business people they are.
That’s only 1500 or so $2 million houses. There are probably that many families here with assets over $100 million. I don’t think they are going to care.
More like they’ll ignore it for a decade or longer, until they go to sell and find there’s a massive lien on the property because they weren’t paying their empty homes tax.
Lol
Mainland Chinese thinks once the home is rented out, it is no longer “New” and will not get a good price when time to sell.
More like it’s actually used for 4-5 months of the year but the owners think that they can’t rent it out due to the recent changes to fixed term leases.
Used for 4-5 months? Where are the owners the rest of the year? China perhaps?
Does it matter where they are? I don’t recall seeing anything in the legislation about that.
I just wouldn’t want to make an assumption so I thought I’d ask.
You think you’re smart.
10 year visa holders. Millions have that visa.
Well you would know wouldn’t you?
What a way to spend your vacation.
I find enganging a half-wit like you fun. I’m pool side, spending a few minutues a day on this forum is fun me. Its 12:20 am here so just going to bed but I’ll touch base with you soon.
While you’re there will you be telling the locals how you really feel about them?
http://vancouvercondo.info/2018/06/fanciest-empty-homes-around.html#comment-334405
If I believed in the fairy tale that yearly double digit percentage appreciation on an illiquid non-productive asset was sustainable, I’d probably buy 10 and leave them all empty.
As Hong Kong’s property market turns south, homeowners in the New Territories are feeling the pinch more than others, as flat prices in the area have fallen faster and as much as 16 per cent since August
https://www.scmp.com/business/article/2171941/new-territories-home-prices-surged-most-hong-kongs-property-boom-are
As I sit pool side in Mexico the last 10 posts have brought a smile to my face.
Who can I thank for the trip? Well my landlord of course! He’s renting me his multi-million dollar westside house for a fraction of the cost to buy. I have 2.5 yrs left on my 5 year lease. I’d say I could have a similar house today for $500 less per month than I signed for. I’d also say the house has dropped over $1 mil since I started renting it.
Owning real estate in Vancouver doesn’t define me. Having an enjoyable life with my family does.
Nice, enjoy!
ps. I bet Oracle would disagree with you.
Oracle will still be trumpeting his bull case even if Vancouver property crashes 80% off current value. Some people never learn.
Has it crashed 80%? Or even 30%?
And don’t give me examples of high end homes.
Show me a detached that went from $1.2 to say 900K.
3360 Parker st. assessed 1,174,000, sold 830,000
Haha. Nice rebuttal and nice stat. That’s what I like to see!
So all properties are selling at 30% below assessment?
Righttttt!
The outliers are cash payments.
What makes you think there are so many SELLERS willing to commit fraud?
Ya, too low to make sense. Likely some funny business. Maybe the vendor did a loan to the buyer off-title so they could get mortgage approval.
Could be some kind of casino laundering deal too. Or a marry my “cousin” for citizenship deal. Or maybe some kind of brothel arrangements.
Lots of creative deals to be had in Vancouver.
I think there was sexual favours involved.
20% on one property cherry picked?
Wow. Lot values are starting to crumble. The lot value in this area is now $775 to $800k. It was $1M about a year ago, so that’s probably a 20% drop.
I’m surprised by that amount of downside already because the stats aren’t showing it and I wouldn’t have predicted lots to fall this far this fast. This would have been my bottom call and you know it’s going down further.
” Lot values are starting to crumble.”
Lot values are essentially a futures market for finished houses because builders will only pay a price for a lot value property that they think enables them to sell the finished house at a profit.
Let’s see what your kids say in 20 years. When they won’t be able to afford rent/lease.
Rents are dropping too.
You are going to be in for a surprise when you have to move.
You’re giving your landlord $6K a year more than necessary but he’s paying for your vacation? Sure, if you say so.
I was waiting for my spitting mad Sino Apologist to chime in.
I am paying a rent that I am very comfortable paying. $6k a year wouldn’t come close to covering the repairs he has had to make.
I’m paying a fraction of the cost of ownership so YES he is paying for my vacation.
Thanks for your concern though…
You’re lucky to have a landlord who shares details of their mortgage and other expenses with you.
I’ll bite, you angry little child.
He doesn’t, but I know what taxes and upkeep are.
Whether he paid cash or not, there is a cost of capital and opportunity cost on the capital.
I know that my rent barely covers, taxes, insurance and maintaince. And based on your ‘buy vs rent calc’ this is not a very good deal.
This is the last I will respond to this topic. Unlike you, I have a life and am happy to pay the rent I do to live in the house I do. You glib trolling comments are laughable.
So in your second language:
Fuck off.
I figured your argument would boil down to opportunity cost. How disappointing.
I do hope they spend that $6K on something nice. It sounds like they deserve it.