Friday Free-for-all! February 1st, 2019

So you’ve made it to the end of another work week and you’re wondering what’s up with the Vancouver real estate market?

Well it’s your lucky day, because it’s time for another Friday free-for-all, our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

Mortgage stress test for private lenders?
How to launder money in real estate?
What happens in LA
Losing $60 million on Canada Goose
Mortgage growth drops to multi-year low

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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bullwhip29
Guest
bullwhip29
Best place on meth
Member
Best place on meth

Americans don’t take shit from these vermin the way Canadians do.

We’re chumps, pushovers, losers.

No leadership here either.

bullwhip29
Guest
bullwhip29

China most friendly and welcoming according to Michael Geller
https://www.vancourier.com/opinion/trip-to-southern-china-offers-lessons-for-vancouver-1.23615690

“I was invited here by a Canadian client to tour housing developments and resort-oriented communities, and not to sell condos…”

Best place on meth
Member
Best place on meth

“Nowhere did I see any graffiti or homeless people camped out with their sleeping bags like I often see at Burrard and Georgia and in the Downtown Eastside.”

Geller is still a moron.

Canada is for Canadians
Guest
Canada is for Canadians

Many Canadians think Trudeau should take a tougher approach to diplomatic dispute with China: poll

https://www.citynews1130.com/2019/02/01/canadians-trudeau-china-poll/

Best place on meth
Member
Best place on meth

“About 55 per cent of those polled say Canada was right to arrest Huawei CFO Meng Wanzhou, whose detention is at the centre of escalating diplomatic tensions.”

The other 45% don’t deserve to live in this country.

Canada is for Canadians
Guest
Canada is for Canadians

Rent-controlled housing for teachers proposed in North Vancouver

https://www.citynews1130.com/2019/02/01/rent-controlled-housing-north-vancouver-teachers/

Hyper-mega-Bull
Member
Hyper-mega-Bull

ghettos for the servant class.

Simple Solution
Member
Simple Solution

will they be built underground? with the super floors kept empty for shanghai sales?

Hyper-mega-Bull
Member
Hyper-mega-Bull

that’s inhumane. surely there is room on the reserve under lions gate bridge next to the waste water plant. or perhaps some new reservation system can be setup for these poor souls.

Laibach
Member
Laibach

“shanghai sales”, good one.

Simple Solution
Member
Simple Solution

perhaps some dorms! they can hire the people who design the Foxconn dorms.

What a F’ing joke our city has become

Make Trudeau a Drama Teacher Again!
Guest
Make Trudeau a Drama Teacher Again!

Can the writing on the wall be any clearer?

Toronto New Home Sales Plunge as Buyers Reach Price Limit https://www.bloomberg.com/news/articles/2019-02-01/toronto-new-home-sales-plunge-as-buyers-balk-at-spiraling-prices

Simple Solution
Member
Simple Solution

Yes… bottom is in… hurry and buy now before govt relaxes mortgage rules and everything skyrockets again!!!

Or maybe just wait a while… and spend some time studying Japan… where they not going to buy the whole world at one time?

Strata Hacker
Guest
Strata Hacker

How long have you been studying Japan you miserable human failure? And what wrong conclusion have you learned?

bullwhip29
Guest
bullwhip29

Granddad reunited with the Chinese boy whose parents sold him in a park and split the money
https://www.scmp.com/news/china/society/article/2184718/granddad-reunited-chinese-boy-whose-parents-sold-him-park-and

whazzzzup
Guest
whazzzzup
Is parents basically abandoning children acceptable? A teacher I know in Richmond has a boy in her class who is being raised by his elderly Grandmother. He never sees his mom who basically abandoned him after finding a new man. She also lives in Richmond. She has money and an education and should know better. And then there was news in the 80s of HK parents basically just leaving their kids in the house they bought in Richmond/Vancouver while the parents made money in HK and giving them an allowance to take care of everything. The local Chinese gangs took advantage of this by extorting the poor kids. And then there is this guy: https://www.youtube.com/watch?v=TwZwSIrMLmk Remember him? I seem to remember his parents are in China and he is being looked after by that well intentioned fossil who can’t speak… Read more »
Best place on meth
Member
Best place on meth

“Is parents basically abandoning children acceptable?”

I don’t know, that would be a good question for all the black fathers in the USA.

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

We get it. You’re a dumb racist fuck.

Best place on meth
Member
Best place on meth

What a shame that you can’t make a counterpoint to save your life and the only skill you ever learned your entire miserable life is to shout “racist” every time you hear something that offends and triggers you, which is pretty much everything.

https://www.politifact.com/truth-o-meter/statements/2013/jul/29/don-lemon/cnns-don-lemon-says-more-72-percent-african-americ/

Even your batshit crazy hero on CNN knows better than you.

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

Wedlock? Are you still living in the fucking dark ages?

Oh wait.

Best place on meth
Member
Best place on meth

I knew you would make excuses for a culture that abandons the children they bring into the world, that’s how you fucking roll. You’re always making excuses for bad behavior while screaming “racist!!” incessantly.

Fuck, you’re a toxic little sjw.

http://www.pewsocialtrends.org/2016/06/27/1-demographic-trends-and-economic-well-being/st_2016-06-27_race-inequality-ch1-09/

Guess who that single parent is? Not daddy.

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

From your own fucking link:

“We should note that this data doesn’t suggest that 67 percent of African-American children have no contact with their father (or a father figure), but rather that their father does not live in the same household with them.”

Your other fucking link says 54%.

You say: “All the black fathers in the USA”.

“All”.

Seriously, go fuck yourself.

Best place on meth
Member
Best place on meth

Did I say “all” of them abandoned their children? Nope.

Looks like you’re frustrated and angry once again about your lack of English skills letting you down and making you look stupid.

All these years posting here and you have yet to contribute anything useful to the blog.

Not one single thing.

I think you should be the one to fuck off, you’re as useless as they come.

KickThemOut
Member
KickThemOut
StupidityCheck
Guest
StupidityCheck

Not sure “Tyler Durden” is very good at economic predictions. He claimed US housing was going to crash in 2015.
https://www.zerohedge.com/news/2015-10-14/us-housing-rolling-over-wells-fargo-confirms-mortgage-applications-plunge

P.S. You guys get paid for all the zeroclue.com links?

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

Ask Google to search for the phrase “death cross” on just that site. It’s quite ridiculous.

Best place on meth
Member
Best place on meth

If you don’t like the source, ignore it and go back to fucking CNN and that asshole Don Lemon.

StupidityCheck
Guest
StupidityCheck

My endorsements of CNN… zero. Thanks for trying, troll.

Best place on meth
Member
Best place on meth

No need to call me a troll, is there?

StupidityCheck
Guest
StupidityCheck

You’re right! Totally unnecessary to point out the obvious.

Canada is for Canadians
Guest
Canada is for Canadians

https://www.businessinsider.com/author/tyler-durden

Tyler Durden. Tyler Durden is a reference to the lead character in Fight Club. It’s the pseudonym for Zero Hedge’s key author(s) used to hide their identities.

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

https://rationalwiki.org/wiki/Zero_Hedge

“The site posts nearly indecipherable analyses of multiple seemingly unrelated subjects to point towards a consistent theme of economic collapse any day now. Tyler seems to repeat The Economic Collapse Blog’s idea of posting blog articles many times a day and encouraging people to post it as far and wide as humanly possible. Tyler moves away from the format of long lists to write insanely dense volumes filled with (often contradicting) jargon that makes one wonder if the writers even know what the words actually mean. The site first appeared in early 2009, meaning that (given Tyler’s habit of taking a shit on each and every positive data point), anyone listening to him from the beginning missed the entire 2009-2017 rally in the equities market.”

Yup.

bullwhip29
Guest
bullwhip29
Noone
Guest
Noone

Current immigration rate bound to continue for decades…

https://www.conferenceboard.ca/(X(1)S(n0s5ix20llzy50qeyaj40c4d))/press/newsrelease/2018/05/15/imagining-canada-s-economy-without-immigration?AspxAutoDetectCookieSupport=1

Screwed
Guest
Screwed

Page not found

Noone
Guest
Noone

If link pastes again incorrectly, try copying and pasting below to your url.

https://www.conferenceboard.ca/(X(1)S(n0s5ix20llzy50qeyaj40c4d))/press/newsrelease/2018/05/15/imagining-canada-s-economy-without-immigration?AspxAutoDetectCookieSupport=1

Noone
Guest
Noone

HighlightsBy 2034, immigration will account for 100 per cent of population growth as the number of deaths in Canada is expected to exceed births.Canada’s potential economic growth would slow from 1.9 per cent to an average of 1.3 per cent annually without immigration.In a no-immigration world, 26.9 per cent of the population would be 65 and over by 2040

Oracle
Guest
Oracle

Immigrants don’t come here to pay taxes.

You will find out that he hard way.

Those 26% of retirees won’t have any social programs left.

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

Oracle, you’re so full of shit.

Oracle
Guest
Oracle

Just go back to China.

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

Another failed fishing expedition.

Oracle
Guest
Oracle

Just go eat dogs like your neighbours back in china.

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

Just fuck off.

Oracle
Guest
Oracle

After you finish with the dogs, sell some Fentanyl, do some money laundering, honour the CPC, and vouch for them detaining white Canadians. Did I miss something?. .

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

Yes, you missed the fucking off part.

Noone
Guest
Noone

Like you?

Shit It Down Already (original)
Guest
Shit It Down Already (original)

Fluctuations !!!!

indeed
Guest
indeed

2026 Flynn Pl in NV just sold for almost 20% under assessed value. sold 1.1 ass 1.317

paulb
Member

New
238
Price Change
56
Sold
70
TI:11272

http://www.clivestevepaul.com

Specuskeptic
Member

Wow. Stayed above 11K even with the expiries. Down only 200 units. A steady climb in inventory and MOI seems to be under way. Remind me what that does to prices…?

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

MOI is 30 for Vancouver condo, according to Zolo. Thirty.

Screwed
Guest
Screwed

Sellers market?

Simple Solution
Member
Simple Solution

I recall someone saying more inventory increases sales! Cant remember who but im sure it was somewhere here…

Dave
Member

Watch and learn.

YVR
Guest
YVR

More inventory is a result of lack of sales. More inventory gives potential buyers more choice which takes pressure off buying coupled with declining prices which also gives buyers incentive to wait or at least only give low ball offers. In other words higher inventory does the opposite of low inventory. Basic supply and demand dynamics.

Dave
Member

If I’m right, sales in February will be higher than January. If you’re right, sales in February will be lower than January.

We’ll see who is right in four weeks.

Simple Solution
Member
Simple Solution

well more inventory in January did not result in more sales…..

and you may infect be right… there may be more sales, maybe price will also help generate more sales

Dave
Member

Actually it did result in more sales. January sales were higher than December. February will be higher than both. It will be true in March and April too.

Simple Solution
Member
Simple Solution

And your conclusion is that is a function of increasing inventory? Do you consider prices at all?

Dave
Member

Yes, it’s caused by higher inventory. Sales are a factor as well, but it’s secondary to inventory.

Simple Solution
Member
Simple Solution

Prices are secondary to inventory? Just trying to understand…

Dave
Member

I meant to say prices are secondary, not sales.

You don’t need to look at this year for evidence, look at any year. Sales follow inventory. Sales increase when inventory goes up and vice versa.

YVR
Guest
YVR

No, if you were right sales in Jan 2019 would have been higher than Jan 2018. And Feb 2019 will be higher sales than Feb 2018. So far you have been wrong.

Best place on meth
Member
Best place on meth

” sales in February will be higher than January.”

Sales are ALWAYS higher in Feb than Jan, it has nothing to do with level of inventory.

I hope you weren’t trying to pass that off as a prediction, because it’s natural law, like gravity.

Best place on meth
Member
Best place on meth

February begins the way January ended, with sales in the shitter.

kabloona
Member
kabloona

“New home sales in GTA sank to lowest level since 2000, reports find”

https://www.cbc.ca/news/business/new-home-sales-down-gta-toronto-1.5002862

“New home sales sank to their lowest level in almost two decades in Toronto last year driven by a drop in new condominium sales, a pair of reports say.

The Altus Group Ltd. says 25,161 new homes were sold in the Greater Toronto Area in 2018, the lowest number since it started tracking sales in 2000.

New condominium sales fell 38 per cent to 21,330 while new single-family home sales plunged 50 per cent to 3,841…”

Shit It Down Already (original)
Guest
Shit It Down Already (original)

Translation….

SFH, ….a relatively static inventory..have had their day of reckoning…nothing wrong with a purge of inflation of pimped values every decade or so.

NON SFH inventory???
…..aka strata……have bred like rabbits….on par with Canadian Tire $$$$…too many suckers were actively or passively funnelled into this option……….this RE category/ bubble will be the ultimate economic IMPLOSION.

Big Bear
Guest
Big Bear

How can this host be “exempt”?: https://www.airbnb.ca/rooms/32014727

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

UBC?

Big Bear
Guest
Big Bear

It’s near the Fraser/Kingsway corner.

Best place on meth
Member
Best place on meth

He’s not from around here.

Doesn’t really understand English very well either.

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

And I’m sure you mock people with accents, too. Because that’s evidently the sort of person you are.

Best place on meth
Member
Best place on meth

Melbourne house prices fall at fastest quarterly pace on record as Sydney enters ‘new territory’
Experts have been left stunned after Aussie house prices plunged at “the fastest rate of decline ever seen”. And there’s more pain to come.

https://www.news.com.au/finance/economy/australian-economy/melbourne-house-prices-fall-at-fastest-quarterly-pace-on-record-as-sydney-enters-new-territory/news-story/e79281df6b5274a79793ad81941a7edb

YVR
Guest
YVR

“Experts have been left stunned after Aussie house prices plunged‘

I love it when news articles cite “experts”. In other words shills. If they were true experts they would have seen the inevitable.

Shit It Down Already (original)
Guest
Shit It Down Already (original)

Re Aussie RE

Check out the OPAL hi rise project…what an F’n disaster…..cracks and noise resulted in Xmas evacuation.
Engineers are adding permanent bulky vertical supports that totally screw up the room layouts…

As is typical with tail end of building booms…quality suffers…coming soon to a RE bust near you.!!!!!

Watcher
Guest
Watcher

It’s not so dramatic when you look at the numbers:

“CoreLogic figures released on Friday show national dwelling values declined another 1 per cent in January, bringing the cumulative decline to 6.1 per cent since the overall market peaked in October 2017.”

Best place on meth
Member
Best place on meth

Fifth Estate is doing a story on Sunny Wang and the biggest immigration scam in Canadian history.

SilentBob
Guest
SilentBob

Tip of the iceberg.

Bubble
Guest
Bubble

In Sydney, mortgage stress causes increase of demostic violence:
https://www.youtube.com/watch?v=kbLiFxUwtrE

realist
Member
realist

The trends in Vancouver RE are by no means unique to it:

Chinese Accelerate Their Exodus From US Real Estate
https://www.zerohedge.com/news/2019-02-01/chinese-accelerate-their-exodus-us-real-estate

Data is cited for commercial and residential RE in the US from Real Capital Analytics, whose website states that they track property transactions across all markets in 172 countries, and includes several newspaper articles and reports featuring their data on foreign ownership of US RE. Perhaps our policy wonks and politicians who have so much difficulty with this sort of information should phone them up.

realist
Member
realist

link to Real Capital Analytics website:

https://www.rcanalytics.com/

Best place on meth
Member
Best place on meth

832 W 19TH AVE, assessed 3.313, listed 3.088, sold 2.800, 15% below 2018 assessment.

5348 BRUCE ST, 1.448. 1.480, 1.280, -12%

5387 DUNDEE ST, 1.282, 1.299, 1.080, -16%

96 45TH AVE E, 1.848, 1.699, 1.665, -10%

2873 42ND AVE E, 1.413, 1.275, 1.230, -13%

5626 KNIGHT ST, 1.300, 1.338, 1.050. -19%

2796 47TH AVE E, 1.401, 1.438, 1.128, -20%

5882 TYNE ST, 1.666, 1.295, 1.275, -24% OOOF!!

Make Trudeau a Drama Teacher Again!
Guest
Make Trudeau a Drama Teacher Again!

Love it! Thanks for posting.

These aren’t the high end places people talk about selling off. These are the working man’s SFH’s.

Pain.

Best place on meth
Member
Best place on meth

These are modest, working class homes in a third tier city that’s not even close to world class at ridiculously stupid Beverly Hills prices.

Assessment prices are from just 1/2 a year ago so to see selling prices down 10-24% in such a short time shows we’re on the right track and this is indeed a crash underway, not a correction.

Laibach
Member
Laibach

“These are modest, working class homes in a third tier city”

… so they still need to go abou 60-70% down to make any sense for the locals without access to foreign money.

Dave
Member

These are homes for the 1%. Doctors, surgeons, dentists, money launderers and drug dealers.

Simple Solution
Member
Simple Solution

“Working man’s SFH’s” hilarious…..

Bubble
Guest
Bubble

450,000 households in Australis are with negative equity (60 minutes, Australia).
https://vimeo.com/315073090/7018adc9e5

The difference between Canada and Australia? They have data, and we don’t. Everyone is in the dark.

bullwhip29
Guest
bullwhip29

the data is available here, just not published or discussed openly

Simple Solution
Member
Simple Solution

should be not much of a problem as Im sure most of those “households” had properly budgeted for their “homes”. You know, pay what you can afford with a bit of a cushion built in. Over time they will be fine. You need a home after all….

Unless of course they went all in hoping for rising market forever

then they may be in trouble…

bullwhip29
Guest
bullwhip29
SilentBob
Guest
SilentBob

Particularly hilarious are the parts where the Italians responsible for the mess have fled the country, the Chinese property owner has fled the country, and that the assessed value is nowhere near the cost required to recover the costs of remediation, let alone back taxes. I see the Ghost of Christmas Future.

bullwhip29
Guest
bullwhip29

co was not licenced. such an operation should never been given the go-ahead. this is 100% the responsibility of the owner but he disappeared into the “Ethan” sun. on another level, this is no different than having some dip$hit haphazardly digging a deep hole in backyard and accidently rupturing a water or gas line without getting proper permits and green light to move forward with operation from all relevant parties beforehand. i can imagine after all is said and done another HAM buyer will somehow manage to scoop this property up for pennies on the dollar and life will go on like nothing ever happened…

StupidityCheck
Guest
StupidityCheck

Don’t forget the unpaid $1.7M mortgage!

Laibach
Member
Laibach

“We’re not sure where he is,”

Liu remains the owner of the property, now assessed at almost $2.7 million in provincial records. Court records show that he was also being sued by CIBC for defaulting on the mortgage of more than $1.7 million and other companies for non-payment.

He is probably around, waiting for things to get forgotten. Likely changed his name, grow some hair and wears sunglasses. Roaches like him are often comedious.

bullwhip29
Guest
bullwhip29

Pedestrian critically injured after being struck by Volkswagen Beetle in Richmond
https://www.richmond-news.com/news/pedestrian-critically-injured-after-being-struck-by-volkswagen-beetle-in-richmond-1.23622164

>>> walking on sidewalk considered an extreme sport in Richmond. folks, there is no need to put yourselves in danger…

Simple Solution
Member
Simple Solution

Struck while “not on the roadway”….

Would be cool to see the drivers license history and where the training was obtained…

Doomcouver
Guest
Doomcouver

Considering ICBC forced the Richmond RCMP to allow fraudulently obtained Chinese drivers licenses on our roads, it would be unsurprising if they don’t have a local license.

Simple Solution
Member
Simple Solution

They could have exchanged the “foreign license” for a local one… would be racist if that wasn’t allowed.

That said, I am not suggesting THIS particular driver did that…

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

“The car was being driven by an 18-year-old Kamloops woman who struck a lamp post in the area, then hit a 22-year-old Richmond man.”

bullwhip29
Guest
bullwhip29

this detail was omitted from the original draft, which would have remained as such if driver wound up being an asian from the lower mainland.

whazzzzup
Guest
whazzzzup

Huawei Sting Offers Rare Glimpse of the U.S. Targeting a Chinese Giant

Diamond glass could make your phone’s screen nearly unbreakable—and its inventor says the FBI enlisted him after Huawei tried to steal his secrets.

https://www.bloomberg.com/news/features/2019-02-04/huawei-sting-offers-rare-glimpse-of-u-s-targeting-chinese-giant

southseacompany
Member
southseacompany

“Vancouver home sales fall nearly 40% in slowest January in 10 years”, Financial Post

https://business.financialpost.com/real-estate/vancouver-home-sales-fall-nearly-40-per-cent-in-january-as-prices-pull-back

“Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.”

“The board says home prices across all property types have fallen over the region in the past seven months, pressured by the federal government’s mortgage stress test that tightened homebuying rules last year. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market,” said the board’s president, Phil Moore, in a statement.”

Ultra Bear
Guest
Ultra Bear

Can bulls please comment on this please?

Simple Solution
Member
Simple Solution

buying opportunity!

Buy now or be priced out forever!

BTFD

Doomcouver
Guest
Doomcouver

BPOE!
Not making anymore land!
Tsunami of wealthy HAM coming!
Market taking a breather!
Always a good time to buy!
Oracle told me so!

Hyper-mega-Bull
Member
Hyper-mega-Bull

it’s been years since anyone here has recommended buying a house.

the bulls i know are in the last years of paying off their current homes and hoping to buy the next bottom if timing works out.

the bears i know are wetting their panties over the current correction, will miss the bottom, and continue to bitch and complain.

southseacompany
Member
southseacompany
“Suddenly, There Are TONNES Of Homes For Sale In Vancouver, And Prices Are Coming Down”, Huffington Post https://www.huffingtonpost.ca/2019/02/04/vancouver-housing-prices-down_a_23661096/ “From December to January, the number of homes for sale jumped a massive 244 per cent. While it’s normal for the number of houses for sale to jump after the holidays, this is an unusually large increase. Last year, the increase was around 100 per cent.” “What’s more, the city is headed for a deluge of new housing units set to hit the market over the next couple years, giving buyers even more options. Some 40,000 new housing units are expected to hit the market over the next two years.” “Prices are coming down for all property types, with the benchmark detached home price coming down 9.1 per cent in the past year to $1.45 million, down around $150,000 from a year… Read more »