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.
WEAR POLL???!!!
Possibly there weren’t any sales hence why bother posting?
What a country where their own citizens cannot trust their own government or their own financial system. But instead of trying to make it better at home, they run away like rats off of a sinking ship and then ruin it somewhere else for everyone else too. Mainlanders are the total vermin of the earth with their lying, cheating, and stealing.
Their poor investment decisions will come back to bite them when they find out the rental yields are absolute garbage, and when the foreign demand inevitably dries up the locals won’t be paying these high prices.
Lol. Please stop.
You first.
Lol
If I was them, I’d do the same thing. The blame lies with the politicians in their destination countries for welcoming their money with open arms regardless of the damage it’s doing.
Right, their lack of sense of others lives and spaces is just stunning. Either in the city, street, bus, gym, swimming pool, traffic, wherever. Acting and behaving like entitled parasites with that weird prepotent expression on the face probably expecting the rest of us to be delighted and honored by their presence and actions. However more annoying and frustrating are their local enablers at all levels who are immensely benefiting of their shitshow while the entire community and society go down to the shitter.
Quit fighting for Canada. It is lost. Worry about yourselves.
I have heard, second-hand but from a reliable source, that many wealthy Chinese are understandably alarmed by Xi’s tightening grip on power, and responding by trying to move more assets out of the country. One sign of success might be a Bitcoin surge, but I haven’t noticed that yet.
Trump era is over.
Republican lost the House.
Let’s see if the Dema and Reps make deals to make the rich even richer in the USA. Dems won’t let the stock market crash. Not reverse the tax cuts.
Wonder if Weaver is drinking every night now that his days in power are numbered.
Surely by now he must realize the NDP wants PR to fail. The NDP base isn’t even motivated after all the lies. Meanwhile, got call from developer friend asking me to fill out application for FPTP.
Only 23 days left….
Then Election. No way the NDP MLAs were going to sacrifice the equity in their investment homes.
Richmond insurance firm facing $47 million investment fraud probe
https://www.richmond-news.com/news/richmond-insurance-firm-facing-47-million-investment-fraud-probe-1.23488760
yet more chinese crooks …
I assume you didn’t read the article?
“BCSC’s notice of hearing names six additional people – Chun Ying “Jim” Pan, Chung-Sheng “Johnson” Kao, George Lay, Gagan Deep Bachra, Chi Kay “Dixon” Wong and Meng Cher “Philip” Tsai – who were appointed by Lim and Low as directors of related companies in the FS insurance group that also sold the unsecured loans.”
Darrell Wayne Wiebe must be an anglicized name, amiright?
Your social credit score just went up another point.
Soon you’ll qualify for a free 10 km ride share on wechat.
Nice distraction.
Numbered company claims scuttled Richmond real estate deal caused $200M in lost profits
https://www.richmond-news.com/real-estate/numbered-company-claims-scuttled-richmond-real-estate-deal-caused-200m-in-lost-profits-1.23488545
and more chinese crooks …
Money money money. That’s their God. Let’s see who can buy the nicest card and biggest homes and lets stress and sue each other. We just need more money so we can show face. What a disgusting culture.
So cute…
Trudeau set to issue apology for 1939 refusal of ship of Jewish refugees
yet another apology for something that happened before he was born from this political grandstander…
canada’s refusal to help them resulted in many dying in nazi concentration camps.
FUCKING NAZI CONCENTRATION CAMPS.
and you’re criticizing trudeau for expressing regret over that.
i think our national drama teacher has set you ppl up to look callous and ignorant and you fell for it.
…and no one on that ship still alive. It’s one thing to acknowledge errors of the past, but don’t apologize in such cases.
That’s actually incorrect, some of the survivors are still alive and are in the House of Commons today for the official apology. I personally think these apologies are meaningless however. Unless you can get Zombie William Lyon Mackenzie King to rise from the grave and give the apology. That’d be kinda cool……
The survivors obviously thought it had meaning. Why wouldn’t that be enough for you?
It is time for a new cabinet (department) within the government, the Ministry of apologies and compensations. They would be easily the most productive department in the house.
They can apologize for all the apologies they need to make because of our ancestor’s “bad” behaviour…
I wan’t an apology for the horrific Immigrant Investor Program that inflicted so much pain and suffering on the people of Canada.
1939 was such a long time ago. Don’t Nazis deserve another chance?
Zoo visitors in China pelted a one-tonne crocodile with rocks until it bled just to see whether it was real or not
https://www.mirror.co.uk/news/world-news/crocodile-left-bleeding-after-zoo-13541420
The naive locals have no idea on what values they’re importing.
Every event which is extreme enough to make international headlines MUST be representative of over a billion people, right? Right?
there’s no shortage of fucked up shit making local headlines here.
well, I’ve seen video of 2 other China zoo rock throwing incidents, and the telling part is the reaction of bystanders, who acted like the rock throwers were doing nothing wrong and didn’t care or were amused.
Way to miss the point, bozo.
Respect for nature and wildlife is a hallmark of chinese culture.
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
But Oracle still won’t stop slinging the bs.
Why is it inevitable that it will trickle down??
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.
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.
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….
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
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/
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.
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
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.
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?
Kris Wu’s iTunes U.S. Sales Acquired ‘Fraudulently’ and Won’t Count Toward Charts
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 china man from a robotic one.
Actually the robotic ones will probably have more personality.
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!
Fucks even got the address tailored to fit their lunacy, 8880 Sidaway Road.
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.”
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.
Was I wrong? I said you will elaborate all the rent matter shortly. Who knows it if not you?
New
153
Price Change
91
Sold
81
TI:13373
West Side land fire sale:
4491 W 6TH AVENUE, Vancouver Point Grey
$2,760,000 Sold Oct 27, 2018
Assessed $3,311,000
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.
