What’s up?
Are you ready for the end of the year?
You’re almost there.
In the meantime let’s do another free for all thread!
What are you seeing out there?
Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!
[…] From the Professor: […]
With holiday shopping season over, Canadian retailers closing stores
https://www.ctvnews.ca/business/with-holiday-shopping-season-over-canadian-retailers-closing-stores-1.4239224
Trump has no idea what he’s up against. China’s military has been hardened and tested while fighting Tibetan monks and university students.
On the other hand the US has only been fighting non stop wars around the world for the last 70 years.
US issues China travel advisory
https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/china-travel-advisory.html
West Vancouver closes donation bins after man’s death
https://www.cbc.ca/news/canada/british-columbia/clothing-donation-bin-death-west-vancouver-1.4964460
…closed until further notice as they look into “options for removing them or using bins that are more secure.”
>>> translation: residents don’t want this sort of activity in their backyards. perhaps new bins will be installed, but I am betting many “anonymous” and highly opinionated residents will want these re-located somewhere else or banned outright (using public safety as a convenient cover story)
Most of your “bets” are garbage, so…..
people are supposed to remove their clothes before donating them.
Horse riding enjoys a boom in China
https://www.scmp.com/video/china/2180340/horse-riding-enjoys-boom-china
>>> video is good for a few laughs…
China’s super-rich brace for tax raid on $24-trillion wealth pile
https://vancouversun.com/personal-finance/high-net-worth/chinas-super-rich-brace-for-tax-raid-on-24-trillion-wealth-pile/wcm/5180c5cc-06e9-448f-8232-ab27af3595e2
Space exploration breakthrough: China lands on far side of moon
https://arstechnica.com/science/2019/01/china-makes-history-by-landing-on-the-far-side-of-the-moon/
F*#k all China haters on this board.
Welcome to 1969, China! Meanwhile, did you see the pictures today of that thing a billion miles beyond Pluto?
Cool… maybe they will all move there instead of here now
Following the discovery of 14,000 bottles of fake Penfolds wine for sale in China in November, Wine Australia had to concede it can’t keep track of the extent counterfeit Australian wine is being sold in the country
https://www.smh.com.au/business/small-business/the-perfect-crime-aussie-business-battles-counterfeit-wine-in-china-20181217-p50mok.html
Canadian Mortgage Credit Growth Drops to 22 Year Low Signalling the End of the Housing Boom
The result of banks reigning in loan growth is significant for a number of reasons. Over 90% of new money is created through banks issuing new loans, with a large portion of that growth derived through new mortgage loans. Essentially banks are shrinking the growth of new money supply, which is also called M1 and is considered the most liquid portion of the money supply because it contains currency and assets that can be quickly converted to cash.
As credit growth begins to contract it is effectively reducing aggregate demand, not only for housing but also has a subsequent knock-on effect, slowing new spending and wage growth. This ultimately impacts debt servicing, as wage growth is needed to offset the increasing rise of interest payments. Per RBC, Interest payments rose at their fastest rate (14.8% y/y) since 2007. This is also important to keep in mind for rent prices. As rents are typically tied to the labour market. Rents rise when the housing boom is in full swing because credit growth is abundant, this then pushes home prices higher, which propels banks to issue more loans, creating a self fulling prophecy. The creation of this new credit drives wages higher, improving the quality of the borrowers who are witnessing strong wage growth. As unemployment falls an inflow of… Read more »
The debt-death spiral will definitely be the worst Canada has ever seen.
One of America’s most expensive listings on record has finally sold . Playa Vista Isle, previously known as Le Palais Royal, was a two-parcel listing asking as high as $159 million. After no buyers came forward, it eventually went to auction via Concierge Auctions, in conjunction with Ralph Arias of ONE Sotheby’s International Realty, on November 12th, 2018.
The combined final selling price for both parcels was $42.5 million,
The main parcel, with the 11-bedroom, 22-bathroom home with over 30,000 square feet of living area, sold for just over $37 million ($37,081,250) and the adjacent 2-acre empty lot of land sold for almost $5.5 million
The seller, Robert Pereira, founder of the Massachusetts-based construction company Middlesex Corp., likely lost money on the deal, telling the Wall Street Journal in 2015 that the construction costs exceeded $100 million.
New
148
Price Change
53
Sold
57
TI:9440
1 year ago today:
paulb
New
123
Price Change
21
Sold
85
TI:6689
http://vancouvercondo.info/2018/01/mostly-wrong-for-more-than-a-decade.html
The comments are a hoot!
After one year and $1 million price reduction, this house is back on the market.
1159 W 32ND AVENUE, Van West
2019-Jan-01 Listed $3,880,000
2018-Jul-01 Expired $4,680,000
2018-Mar-20 Terminated $4,990,000
2018-Jan-03 Listed for sale
Everything below $800K is up. Price reductions of million dollar homes means nothing for renters.
Rental yields are still as dead as ever. Capital appreciation of the underlying asset means nothing if you can only rent it to people making local incomes.
Capital appreciation is the only thing which has been compensating for poor rental yields, so currently it means everything. Guess what happens when the party ends?
China jails former top secret police official for life
“A Chinese court handed a life sentence to former high-ranking secret police official Ma Jian for taking bribes, “coercive” business deals and insider trading, state broadcaster CCTV said.”
>>> this guy should have just moved to Vancouver and bought a mansion …
Meanwhile, another scumbag parties at his US fellow-crook’s place…
“Fugitive Chinese billionaire rings in the new year at Trump’s Mar-a-Lago estate ”
just imagine the dirt this guy has on some of his former peers back home. pretty gangster move by trump but in the long run moves like this might not matter much especially considering Xi will be running the joint for the rest of his life while Trump will be fighting for his (political) life. i wouldn’t be surprised if agent orange is gone well before the curtains go down on 2019
As Oracle kept saying…
“In the Fraser Valley region — that includes Surrey and Richmond — the biggest winners among detached residential property owners are deep in the valley, with Chilliwack values growing 10 per cent (to $613,000), District of Hope rising 17 per cent (to $416,000) and District of Mission 10 per cent (to $698,000). In Abbotsford, condo owners will see their assessed values jump on average 28 per cent (to $353,000), while detached homeowners will see an average 9 per cent rise (to $758,000).“
The only thing Oracle keeps saying are lies and misguided opinions. This price trend is exactly what’s to be expected when a housing mania ends. The top of the market is rolling over. The collapse will propagate downwards as the fear and credit destruction spreads.
Ends? You are such a troll. Lol
Low end continues to rise because of massive population growth. Abbotsford townhomes approaching $650K.
The $2000 2 bedroom geographical line is marching eastward.
Avoid trolls like Doomcouver. He is playing you.
I’m pointing this stuff out so you can see what’s happening with massive immigration. And I’m not telling you to buy. .
Not sure if they are still going up on either ends. These Vally shit was just tailing the market on its way up.
Massive immigration would only affect prices if it was raising the net migration percentages. If anything net migration is severely at risk of going negative. From 2011 to 2016 in Metro Vancouver the population only grew 6.5%. For context between 1991 and 1996 it grew by 14.3%. True there’s a lot of immigrants but people are leaving in droves thanks to high housing prices and a relatively poor economy outside of speculative housing activity. The population growth doesn’t come close to supporting these prices, and the next recession will make even more working class people steer clear of the city.
First Richmond baby of 2019 is a girl…however, her name is a mystery after her parents declined publicity and didn’t want their names released
https://www.richmond-news.com/news/first-richmond-baby-of-2019-is-a-girl-1.23571093
Tough times, disguise rules.
I have to wonder why are they hiding ?
Not wanting publicity is now considered to be suspicious?
i don’t know, but if your baby was born in the Air China birth tourism wing of Richmond Hospital, you might want not want to make a spectacle of yourself. thinking about this further, most regular mom’s and dad’s tend to celebrate the occasion though, so something here seems amiss imho…
Hospital should’ve offered parents matching Canada Goose parkas in exchange for names and photos.
Huawei backlash could hurt B.C. education industry
https://www.richmond-news.com/business/huawei-backlash-could-hurt-b-c-education-industry-1.23570420
>>> think for a second about all the secondary “industries” that will be affected as well…
BC and Canada are totally in the driver’s seat as far as China is concerned but we don’t realize it. We are like the gorgeous woman who doesn’t realize how hot she really is. China wants to move here, to invest here, to study here, and to exploit us. We should be taking advantage of this and us it for our own gain but because of idiots like Trudeau who are too busy brown-nosing up to China we never get anywhere.
“BC and Canada are totally in the driver’s seat as far as China is concerned”
First of all don’t confuse what some individual Chinese may want, e.g. to move here, with what the Chinese government wants, which is often the opposite. Second Canada doesn’t have anything that the Chinese government wants which they can’t get from some other country which needs their business more, e.g. Russia or Australia.
I’m not saying that Canada can’t get tougher on China on various issues, but don’t hold the impression that they need us, because they don’t.
Unfortunately our moronic politicians have created an economy based on real estate and not much else. Hell, we can’t even produce our own wood products and create jobs with it. We just sell raw logs to China and god knows where else. I would be happy if we never did another dollar of business with those cretins but what would BC do? They have forgotten how to create a proper economy. They rely on handouts from a nasty communist country and their ilk.
Textbook Dutch disease. It’s interesting getting a front-row seat on something I’d only heard about in economics literature. The hollowing out of our economy is definitely being hidden by hot real estate prices though. Once the tide goes out on RE activity it will be extremely obvious how weak our resource-dependent economy has become. The government should be removing tax incentives for resource exporters and add more tax incentives for value-add industries within Canada like refining and manufacturing.
I sure hope people aren’t believing Doomcouvr. He is a troll playing you guys.
The 450,000 foreign students set off rents and then FOMO for low end properties happened. And still is.
Reality check – Canada is one of the smallest countries in the G20, and influence over China (as well as the other heavyweights) is always going to be minimal.
Fuck that, what matter is China’s influence, mostly in the negative way, on Canada and especially BC, is huge and devastating.
“what matter is China’s influence”
Again don’t mix up China’s government with Chinese individuals. Did the PRC protest the foreign buyer’s tax? Is the PRC asking us to be lax on tax enforcement against Chinese immigrants? On the contrary, it wants to partner with us to go after them (not that I think we should give them carte blanche). And so on.
PRC influence is not the problem, rather the problem is local sellouts who see Chinese as a source of easy money.
Correct, instead of China’s state influence should have said Chinese people influence.
450,000 foreign students in Canada last year.
That’s why rents went ballistic.
things are so FUBAR that there isn’t space for many local students in any/all schools ranging from public or private K12, universities, colleges etc…and worse yet, some of the offspring of those lazy mom’s (but not dad’s as they aren’t even here) might not even get any sushi for lunch if they are a few seconds late for arrival of the totally “unsketchy” parade of illegal food delivery operators
Many condo owners to see double digit gains in latest BC Assessment
https://www.citynews1130.com/2019/01/02/condo-owners-gains-bc-assessment/
VANCOUVER (NEWS 1130) – Condo owners around the Lower Mainland will, in many cases, see double digit gains on their assessments this year.
>>> we just can’t kill this beast ….
I’m confused. I thought assessed values were as of July 1st 2018? What are these new assessment numbers coming out?
BC Assessment values are based on July 1st valuations, but aren’t published until the end of the year. So, the news you’re hearing is 6 months out of date.
I get that but then why over the last few months have a kept reading “sold 25% below 2018 assessment” People kept using 2018 assessed values. If they are only releasing them now how the hell did people know what the 2018 assessed values were?
Those are multimillion dollar properties.
Valley is still on fire and prices and rents rising for anything under $850k
They are trying to confuse you.
The NDP hasn’t helped he housing situation at all. People need to start critically thinking for themselves. They are so easily misled.
Assessments are up in the valley. Nobody but me posted that this past year.
Those were 2017 assessments.
10 years posting here and you’re still confused about such basics?
I’m confused why you’re still here.
New year new listing, asking for $4,980,000, not knowing the assessed value just dropped $700,000.
https://www.bcassessment.ca/Property/Info/QTAwMDAwMFI4OA==
2287 37th Avenue West, Vancouver
The seller may need a good realtor?
https://www.zolo.ca/vancouver-real-estate/2287-west-37th-avenue?utm_source=zolo&utm_medium=email&utm_campaign=new-listing
The owner paid $5,480,000 on 04/17/17.
Losing $500,000+ in just over a year and a half. Remember homeowners, you’re poorer than you think!
Home owners don’t sell in a year. Failed speculator but of course you wouldn’t get the difference hence why you are always confused.
Anyone who buys real estate because they’re expecting the capital appreciation to outpace inflation is a speculator. Thus most homeowners are potentially “failed speculators”.
What’s the situation in the valley for sub million properties?
Troll
The situation in the valley for sub million properties?
All are falling in price.
Any further questions?
There is no way these are ever going down… only other areas will go down because of the billions of immigrants coming to the valley…..
Two Surrey, B.C. schools have been forced to impose new rules to deal with the growing number of students who are having their lunch delivered
https://globalnews.ca/news/4808030/school-food-delivery-skip-the-dishes-ubereats/
>>> heaven forbid these spoiled little $hits will have to cross the street to pickup their sushi lunch boxes now….
LOL
This makes me remember that scene from the movie “Fast Times at Ridgemont High” where Jeff Spicoli (played by Sean Penn) gets his pizza delivered to Mr. Hand’s class.
Generation Coddled.
What movies made fun of as absurd 35 years ago, has now become the norm.
No. Just rich Chinese kids with lazy mothers.
Nah, Brampton and Edmonton don’t have a big Chinese pop. It’s all over. Gen Z = coddled.
https://www.mississauga.com/community-story/9105712-students-skipping-bag-lunches-and-cafeterias/
Same thing in the US – from California to Washington State. Gen Z ordering in lunch.
https://thetakeout.com/students-order-ubereats-delivery-school-lunch-1829627660
Unaffordable homes and crushing student debt. “Coddled.”
Right, two distinct kinds of shit that we eagerly collect here in BC.
‘We’ll see how frightened America is’: Admiral warns U.S. that China’s navy could sink two aircraft carriers and kill 10,000 sailors if it stands in way of Beijing’s goals in South China Sea“
China really is a dog-breath country. Steals technology from the west. Threatens the west. Takes western hostages. Spies on western countries. They just don’t know how to play nicely and they need to be taught a lesson.
> Takes western hostages.
They take their own people hostage, too… They’ll even take an innocent person hostage in China to get back at a family member who’s out of the country.
“We’ll see how frightened America is”
LOL
Terrifying……
😀
Zzzzzzzzzzzzz…….
Unlicensed ride-hailing app Udi Kuaiche, based in Richmond, appears to move passengers on New Year’s Eve
https://bc.ctvnews.ca/underground-ride-hailing-app-appears-to-move-passengers-on-new-year-s-eve-1.4237164
Chinese breaking the laws again for their own profits at other’s expense.
Did you also attribute all those illegal weed dispensaries to ethnicity?
I thought not.
Meanwhile, Down Under….. “Sydney Housing Slump to Deepen as Prices Drop Most Since 1980s”
https://ca.finance.yahoo.com/news/sydney-housing-slump-deepen-prices-230349317.html
(Bloomberg) — The downturn in Sydney’s property market is set to deepen this year as tighter lending standards and the worst slump in values since the late 1980s cause nervous buyers to sit on the sidelines.
Average Sydney home values have fallen 11.1 percent since their 2017 peak, according to CoreLogic Inc. data released Wednesday — surpassing the 9.6 percent top-to-bottom decline when Australia was on the cusp of entering its last recession.
BC Assessment of 2018 showed Van West dropped 15% in one year, realtor’s “minor correction”.
https://www.bcassessment.ca
If the trend continues and what happens when Dunbar’s $3 million house drops to $2 million but still no buyers?
>If the trend continues and what happens when Dunbar’s $3 million house drops to $2 million but still no buyers?
it’s your fictional scenario so why don’t you tell us what happens?
> what happens when Dunbar’s $3 million house drops to $2 million
When this happens, they’ll stop complaining about the school tax!
“When this happens, they’ll stop complaining about the school tax!”
They’ll stop paying it. The complaining will continue.
Chinese line up for Canada Goose jackets despite anti-Canadian sentiment
https://globalnews.ca/news/4803647/canada-goose-store-china-success/
“A long line of shoppers swaddled in thick winter coats were queuing outside the two-storey store on Monday afternoon, with waiting times for a quick peek at Canada Goose’s 9,000 yuan ($1,300) parkas requiring an hour or more.”
>>> so they already have “thick winter coats” but just like the lemmings that they are, want what everybody else wants.
Also it’s not made in China by a greedy criminal society so they don’t have to work about the jackets infecting them with ebola or causing cancer because they stuffed them with medical waste instead of goose down.
Double-check the capital letters in your name, dipshit.
Why?