Friday free-for-all! December 14th, 2018

It’s the end of another week and perilously close to the end of another year. Let’s do another open topic discussion thread for the weekend!

Here are a few recent links to kick off the chat:

Home prices are economically justified
No major price drops for 2019
Welcome to the 1980s
Detached prices descending rapidly
Victoria mayor concerned about casino laundering
economic outlook dims

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!

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Best place on meth
Member
Best place on meth

1948 33RD AVE E

Assessed 1.265, listed 1.088, sold 1.029

Best place on meth
Member
Best place on meth

7296 INVERNESS ST

Assessed 1.283, listed 1.00, sold 1.027

Best place on meth
Member
Best place on meth

7639 PRINCE EDWARD ST

Assessed 1.492, listed 1.425, sold 1.278

DaMann
Member
DaMann

Love it!

Best place on meth
Member
Best place on meth

531 RUPERT ST

Assessed 1.308, listed 1.180k sold 985K

DaMann
Member
DaMann

Beautiful!

Simple Solution
Member
Simple Solution

Is this all fake news? The real estate cabal tells us prices barely down??

Oracle – what do your “sources” say?

Oracle
Guest
Oracle

BPOM: those are some good price drops based on assessed. Detached I’m assuming??

Now why aren’t these kind of drops in detached happening in the valley? Is it because prices are less and basement suite rents are higher?

Oracle
Guest
Oracle

A reliable source said that if the vote fails, the next election will be called at the annual budget whenever that is.

If the PR vote passes, I suggest we all start writing to Weaver and the Greens that if they bring prices down, we go Green next election and not NDP.

Simple Solution
Member
Simple Solution

Prices ARE coming down… didn’t even need the government to help…. bubbles do what bubbles do

bullwhip29
Guest
bullwhip29

Recent developments in Canada’s relationship with China could have wide-ranging—and potentially devastating—economic impacts for B.C. school boards and postsecondary institutions, if an irritated China decides to pull the plug on allowing its citizens to attend Canadian schools and universities
https://www.straight.com/news/1177526/patti-bacchus-china-tensions-could-be-costly-school-districts-and-then-some

DaMann
Member
DaMann

Wait, you mean schools could possibly be geared towards, and utilized by, local kids again? The more I read about China’s retaliatory tactics the more I am trying to understand what the down side would be.

Slava
Member
Slava

The only downside is for the local greedy baby boomer based establishment addicted to this China Money.
For the citizens of the Lower Mainland it would be a celebration!

Hyper-mega-Bull
Member
Hyper-mega-Bull

pathetic spineless canadians are using FEAR to scare us into making Chinese on canadian soil be above the law.

ppl say canada is the 51st state. seeing the way these ppl behave, i can tell you we don’t deserve to be the 51st state.

we deserve to be a chinese colony and like the boots of rich chinese communists. oh, wait, we already do that.

Oracle
Guest
Oracle

Patti Bacchus and the NDP just love these international students. For the real estate industry. They don’t care about locals.

Slava
Member
Slava

That is not what Patti wrote. Read the article before commenting, Jat.

bullwhip29
Guest
bullwhip29

More details emerge of Huawei heir Meng Wanzhou’s husband, personal life
https://www.straitstimes.com/world/more-details-emerge-of-huawei-heirs-husband-personal-life

Canada is for Canadians
Guest
Canada is for Canadians

“Said a 46-year-old blogger on Weibo yesterday: “I’ve never hated a country I don’t know. This country is Canada. It’s a joke that a sovereign country would humiliate itself by being another country’s ‘dog’. Justice will win, and my powerful motherland will win.”

>>>> it’s always comical when some brainwashed uneducated and unformed goof comments and tries to make a pointless point at someone else’s expense …

Doomcouver
Guest
Doomcouver

They’re just jealous because most countries refuse to sign extradition treaties with China.

Slava
Member
Slava

Yes such a powerful motherland that any one with means and money is trying to run away from or invest in foreign property (in 5 eyes countries), for a future escape route out of China.

They have no balls to take back Taiwan, and no balls to help out in Syria. China only wants to come back and rebuild after Russia, Iran and the Syrian Army finishes the war with the terrorists.

They were also humiliated by the Vietnamese in the late 70’s after China invaded Vietnam, and were sent packing back to China. Plain cowards.

Best place on meth
Member
Best place on meth

We hate you too, evil fuckers!

Death to china!!

bullwhip29
Guest
bullwhip29

Paul Oliver Wong and 58-year-old Kai Man Cheu charged in Burnaby crosswalk death of Brazilian exchange student
https://globalnews.ca/news/4767826/two-drivers-charged-in-burnaby-crosswalk-death-of-brazilian-exchange-student/

Oracle
Guest
Oracle

If they are non Canadian citizens, then they have already won. They will just be deported.

bullwhip29
Guest
bullwhip29
DaMann
Member
DaMann

Vancouver has the lowest property tax in Canada and one of the lowest in N. America. Why don’t the god damn useless media do their homework. What is preposterous here is how they get air time for their poor hard done by lives of having to pay the lowest taxes in Canada on their overinflated tax free asset. They already have it too good!

Slava
Member
Slava

Bingo!
Would these homeowners agree to the following compromise? A third option would be that they would pay lower property taxes, and if they sell they will have to sell at a prescribed reduced price in line with local incomes, (not foreign earned untaxed incomes of Foreign Investors and foreign untaxed incomes Canadian Residents of convenience).

Watcher
Guest
Watcher

It’s only low as a percentage of house prices. But the property tax bill per property is comparable to other cities. Otherwise the City would be bankrupt.

Slava
Member
Slava

Using the word “Only” in the context you chose to describe Vancouver Property Taxes is misleading and disingenuous.
They are the the lowest, as property taxes are always based on the Value of the Property
What you have inadvertently brought up here, is that Vancouver Property Owners are essentially being subsidized through the low property taxes they pay, the lowest in Canada.

DaMann
Member
DaMann

Absolutely exactly.

DaMann
Member
DaMann
That is incorrect. The property tax on $1 million dollar house is not the same as on a $1 million dollar house in other cities. Having the “same tax bill” on your $5 million dollar house being equivalent to a $2 million dollar house elsewhere is absolutely the exact point I’m making! Being low as a percentage of house prices is exactly the point! Holding costs are too low, hence why they are left empty. It’s cheap! Don’t like the tax bill cause your house is worth triple to other areas? Don’t buy it. It’s no excuse to have a lower rate. that’s just another log on the stupid bon fire we call RE here. https://globalnews.ca/news/4311558/property-land-transfer-taxes-cities-canada/ Graph at the very bottom says it all “Indeed, Vancouver has the lowest residential property tax rate among Canada’s largest cities, with the city… Read more »
Simple Solution
Member
Simple Solution

No, actually it is not even close to other cities…. Vancouver property taxes are very low. Just look at property tax for comparable properties in other large cities…

bullwhip29
Guest
bullwhip29

Canadian home sales will fall to 9-year low next year, CREA forecasts
https://www.cbc.ca/news/business/november-home-sales-1.4948800

bullwhip29
Guest
bullwhip29

Massey Tunnel announcement to come this morning
https://www.cbc.ca/news/canada/british-columbia/massey-tunnel-proposals-announcement-1.4948997

>>> catalyst for what might be last real estate frenzy for foreseeable future, albeit a very localized one, is in play today…

Selective Memory
Guest
Selective Memory

Already under way… See real estate stats for Ladner vs. every other area in Metro Van.

SilentBob
Guest
SilentBob

Aaaaaaand it’s gone.

Slava
Member
Slava

A global uniform minimum wage standard would be true “Globalism” and put a swift end to these China and Wall Street shenanigans.

Oracle
Guest
Oracle

Breaking news:

NDP cancels Massey bridge only to bring it back after 1 year. Bridge will have no transit lanes.

Wtf. Watch for their BS talking points.

Does anyone believe the NDP anymore?

And why announce it now? Because election coming.

Slava
Member
Slava

No final decision on Massey Tunnel replacement until fall 2020 – CBC News.

Please stop lying. Seek psychiatric help.

Simple Solution
Member
Simple Solution

I see your random lie generator is operating at peak power….

southseacompany
Member
southseacompany

“Home sales set to fall to nine-year low in 2019, CREA projects” Financial Post

https://business.financialpost.com/real-estate/canadian-home-sales-fall-for-a-3rd-month-new-listings-also-down-crea

“Rising interest rates and strict mortgage stress-test rules will continue to put a damper on homebuyer sentiment, CREA says”

southseacompany
Member
southseacompany

“Canadian Real Estate Sales Drop Over 12%, Vancouver’s Decline Is Almost 3x Larger”, Better Dwelling

https://betterdwelling.com/canadian-real-estate-sales-drop-over-12-vancouvers-decline-is-almost-3x-larger/

“Canadian real estate sales are still dropping. Canadian Real Estate Association (CREA) numbers show home sales falling in November. Last month, only three major real estate markets saw increase on a year over year basis. The rest saw declines, especially in major markets like Vancouver – which led the way lower.”

southseacompany
Member
southseacompany

“Canadian Economy More Dependent On Housing Than ‘At Any Other Time On Record'”, Huffington Post

https://www.huffingtonpost.ca/2018/12/17/canadian-home-sales-cibc_a_23620414/

“Many in Canada’s real estate industry have recently declared that Canada’s housing markets have achieved a “soft landing” after the slowdown earlier this year. But a new report from CIBC says the correction is not over yet — a bad sign given the country’s economy has become more dependent on residential real estate than it has ever been before.”

Doomcouver
Guest
Doomcouver

Calling a “soft landing” this early into a correction is the equivalent of calling a “top” to the market back in 2010. There’s no possible way they can know that the market has stabilized, and all the evidence points to continued weakness and price cuts on housing in Canada. It’s good to see that the analysts at CIBC are capable of independent thought and logical examination of our housing market though.

southseacompany
Member
southseacompany

“Trump blasts Fed on eve of policy meeting for ‘even considering’ another interest rate hike”, Financial Post

https://business.financialpost.com/news/economy/trump-slams-fed-on-eve-of-rate-meeting-calls-dollar-strong

“President Donald Trump slammed the Federal Reserve on the eve of a pivotal policy meeting for “even considering” another interest-rate increase, and suggested the central bank has no reason to move because inflation is low and the U.S. currency is strong.”