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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Laibach
Member
Laibach

Is Vancouver beats Seattle’s economy or we have all students in the World studying here?

Seattle rental home listings offering $2,000 gift cards and months of free rent

https://dailyhive.com/vancouver/seattle-rental-housing-february-2019

bullwhip29
Guest
bullwhip29

greater vanc is basically one giant ESL campus now. expect a surge in applications as the curtains rapidly close on the Trudeau govt

Simple Solution
Member
Simple Solution

Time to kill ICBC. The taxpayer does NOT need to be in the subsidized insurance business. There is no reason why I should have to subsidize the insurance for some bumper car playing idiot with a 100K car.

https://vancouversun.com/news/politics/icbc-financial-losses-worsen-to-1-18-billion-this-year

The government has proven beyond all reasonable doubt that they cannot make money in the insurance business EVEN with a monopoly. Time to just kill ICBC. Let private insurance companies handle the risk and price the risk as they see fit. The government can charge an annual fee for license plates. Not even the government could mange to lose money in that model…

SilentBob
Guest
SilentBob

“Not even the government could mange to lose money in that model…”
Thank you for making me chuckle.

bullwhip29
Guest
bullwhip29

all these entities were designed to lose money from the get-go just like all the various construction and beautification projects always seem to cost just a little more than originally anticipated.

Simple Solution
Member
Simple Solution

Designed to fool the sheep into thinking the govt is doing something for them…. but all it is is taxpayers subsidizing non taxpayers.

Dave
Member

The lawyers have been sucking the blood out of ICBC like a bunch of leeches. The law firms that do that kind of work have been making record profits in the last 5 years. Anecdotally, I am told that ICBC staff are inexperienced (due to turnover of more senior staff) and are easy for the lawyers to work-over.

This wouldn’t happen in the private sector. A company that cared about the bottom line would see the problem immediately and deal with it. Eby may very well do a bunch of things to improve this particular situation, but it’s just a bandage. Other problems will surface as time goes on… rise wash repeat… and our insurance remains high for those reasons.

So yes, time to privatize it. What’s the rationale for keeping it at this point?

Simple Solution
Member
Simple Solution

The ONLY rationale to keep it is to make sure otherwise uninsurable morons can get insurance. How much do you think private insurance would cost for a “N” driver in a 150K supercar?
Perhaps the government should start giving life insurance policies to people in palliative care… I hear life insurance companies refuse them life insurance..

Laibach
Member
Laibach

“How much do you think private insurance would cost for a “N” driver in a 150K supercar?”

Who knows but any realistic (high) amount would be flagged as racially motivated.

Oracle
Guest
Oracle

Can’t get hired by them unless you have connections. Have you seen the minimum pay rate?

Simple Solution
Member
Simple Solution

Save on Foods? yes, my kid works there part time. All you need is a pulse to work there. They can barely stay staffed

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

Of course. Which employees can afford to live anywhere close to it when they’re on that sort of salary? And who would want to spend all that time commuting when they can’t afford to live within a reasonable distance of their work?

Oracle
Guest
Oracle

Rationale is the Autoplan licences are a cash cow and worth $1.3 million on the black market.

Oracle
Guest
Oracle

Plus the owner of Save On Foods wouldn’t want the new car sales business to go down. Hey, who lobbied to get both pst and gst on sale of used cars?

Watcher
Guest
Watcher

The BC liberals deliberately broke ICBC because they hate public sector service providors.

They also deliberately broke the public education system causing he explosion of private school enrolment in BC.

Oracle
Guest
Oracle

New immigrants and foreign students to BC will be given 15 years of experience credit starting April 1st.

Buy your licence in china and claim 15 yrs. hahaha. Locals subsidizing HAM.

Oracle
Guest
Oracle

NDP is entering the third year of power. They’re playing games too.

bullwhip29
Guest
bullwhip29

with the most recent being the delay of the spec tax mailout until after the by-election was over. i suspect the timing of spending scandal report should be looked at too. you all watch, now that by-election is done and over with we will hear very little on the matter now and likely no one will be prosecuted.

bullwhip29
Guest
bullwhip29

don’t even need to do this anyone. these co’s have satellite offices operating out of nondescript Richmond warehouses now where all your paperwork, documents and other matters are taken care of for a fee not to mention all the fake storefronts in place to facilitate all sorts of other sketchy dealings. sunny wang just the tip of the iceberg…

southseacompany
Member
southseacompany

“Metro Vancouver housing sector still ‘highly vulnerable to risks’ even in slowdown” Vancouver Courier
https://www.vancourier.com/real-estate/metro-vancouver-housing-sector-still-highly-vulnerable-to-risks-even-in-slowdown-1.23626673

“Despite the market slowdown, Metro Vancouver’s housing market is still showing a “high degree of vulnerability” to key risk factors, according to the latest quarterly report released February 7 by Canada Mortgage and Housing Corporation (CMHC).”

“The federal housing agency’s report examined the metropolitan area’s market activity in the fourth quarter of 2018, and maintained the same ratings from the previous quarter. In particular, it found continued high evidence of overvaluation of real estate, even though prices in 2018’s fourth quarter had slipped from earlier in the year.”

bullwhip29
Guest
bullwhip29

If China orders international students home, some Canadian schools face money trouble: agency
https://globalnews.ca/news/4937419/canadian-universities-china-students-moodys/

>>> if this were to happen, millions of Canadians would face money trouble or at the very least be delaying their retirements indefinitely…

Nard
Guest
Nard

But childhood poverty would dramatically improve overnight.

Watcher
Guest
Watcher

Agreed.

Laibach
Member
Laibach

Good luck with that, they would never compromise costly and strategically deployed network of sleeper agents.

Oracle
Guest
Oracle

This is what I’m hoping for.

Trudeau needs to go.

Meng needs to be extradited and jailed.

Ties need to be cut between us and China.

They can take their students home. They’ve done enough damage here.

bullwhip29
Guest
bullwhip29

Australia and US seize largest ever meth shipment
Authorities in Canada also conducted searches in Burnaby, British Columbia
https://www.cnn.com/2019/02/07/australia/australia-us-meth-intl/index.html

Best place on meth
Member
Best place on meth

Poor Justin,

As if meng-meng wasn’t enough to keep him up at night, this SNC Lavalin debacle will be the end of him.

He and McCallum should start looking for an apartment in Peking.

Bag it and tag it
Member
Bag it and tag it
Laibach
Member
Laibach

“Lose the delusion that China is going to be like Canada or adopt our values anytime soon. It is not,” he told The Current’s Anna Maria Tremonti.

It is rather getting the other way around, Canada becoming China with all the shit moved over.

paulb
Member

New
150
Price Change
70
Sold
71
TI:11740

http://www.clivestevepaul.com

Best place on meth
Member
Best place on meth

A week into February and this is the highest sales number of the year.

71…..incredible.

Madashell
Guest
Madashell

Where is the CNY rush!

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

It was always in your head.

Best place on meth
Member
Best place on meth

At least he has something in his head.

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

Says the fool who’s proud of the fact that they have zero education…

Best place on meth
Member
Best place on meth

Where did I say that?

Nevermind, you never back up your lies, commie chinese never do.

Bubble
Guest
Bubble

Someone posted his letter to Finance Minister on FaceBook: Dear Sir: I read in the Globe & Mail that you are considering reinstating 30 year mortgages. This is troubling to me, as I am one of the largely silent majority that has applauded your government’s effort to curb runaway speculation and house prices in our country. These initiatives are working. I believe, however, that your government also believes (or is under industry pressure to believe) that the rationalization of our housing markets will have negative implications for parts of the Canadian economy; implications that perhaps you believe may reflect badly on your government–thus the consideration of 30 year mortgages. But I, and I believe the majority of voters, urge you to stay the course. There may be short term pain in some sectors as housing markets normalize, but over the… Read more »

Doomcouver
Member
Doomcouver

Canada’s housing market still ‘vulnerable’ even as Toronto valuations cool, says CMHC:
https://business.financialpost.com/real-estate/canadas-housing-market-vulnerable-even-as-overvaluation-eases-in-toronto-cmhc

You mean a 15% correction doesn’t cancel out a 500% increase in house prices? Say it isn’t so! Bunch of soft-landing naysayers these guys……

bullwhip29
Guest
bullwhip29

Onni Group’s $50K donation linked to L.A. councilman investigated by FBI
https://vancouversun.com/news/local-news/onni-groups-50k-donation-linked-to-l-a-councilman-investigated-by-fbi

bullwhip29
Guest
bullwhip29
Laibach
Member
Laibach

Toxic combination, the world’s worst drivers with questionable ethic driving most expensive cars.

Best place on meth
Member
Best place on meth

Add in BC’s most corrupt government of all time under Gordo/Krysteee and we have a fucking disaster that all of us have to pay for now.

Doomcouver
Member
Doomcouver

These maps show how much Metro Vancouver home prices have dropped (INFOGRAPHICS):
https://www.vancouverisawesome.com/2019/02/06/maps-how-much-home-prices-dropped-metro-vancouver/

The big takeaway is take a look at the communities highest on the list of YoY losses on detached. Richmond, Burnaby, White Rock, etc. This is proof that the mania was never constrained to just Vancouver, and the bubble is almost just as big in all Vancouver suburbs.

Oracle
Guest
Oracle

So North Surrey hasn’t started the correction?

Simple Solution
Member
Simple Solution
Royce McC
Guest
Royce McC

Feels like the bad smell coming off this story might increase the likelihood of BS vote buying efforts by the current government, including ill-conceived housing policies (increasing allowable amortization lengths, etc.).

bullwhip29
Guest
bullwhip29

Richmond hires more language teachers
With the highest number of immigrants in all of B.C., the Richmond school district is trying a holistic approach to language learning
https://www.richmond-news.com/news/richmond-hires-more-language-teachers-1.23626531

Hyper-mega-Bull
Member
Hyper-mega-Bull

good thing their parents pay their taxes other wise they’d be a drain on our society!

Simple Solution
Member
Simple Solution

this is awesome. we live in a full on banana republic

http://www.bcauditor.com/pubs/2019/rate-regulated-accounting-bc-hydro

SilentBob
Guest
SilentBob

People should read the report, although I’m gaining a new appreciation for keeping one’s head stuck in the sand. Dumpster fires abound.

“While rate-regulated accounting is common in some sectors and
industries, including utilities, the large amount in BC Hydro’s regulatory
account balances is not. BC Hydro has accumulated approximately $5.5
billion in deferred costs. While BC Hydro is recovering some of these
deferred costs through current rates, other costs continue to be deferred. “

StupidityCheck
Guest
StupidityCheck

What Chinese kleptocrats are to Vancouver, Russians are to New York. Greedy westerners and crooked former communists are fucking things up for everyone else.

Russian-Style Kleptocracy Is Infiltrating America
https://www.theatlantic.com/amp/article/580471/

Hyper-mega-Bull
Member
Hyper-mega-Bull

the problem of transnational global elites is a global problem and goes beyond rich chinese.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

all the chatter about “tweeking” the stress test is really pickup steam…

bullwhip29
Guest
bullwhip29
patriotz
Member

“Why Ottawa must rethink the stress test on mortgage switches”

Why? Because the guy who wrote the article is making a lot less money than a year or two ago.

bullwhip29
Guest
bullwhip29

Greater Vancouver’s real estate board calls on Ottawa to ‘tweak’ mortgage stress test
https://globalnews.ca/news/4932305/vancouver-real-estate-board-ottawa-tweak-mortgage-stress-test/

bullwhip29
Guest
bullwhip29

Banking regulator defends mortgage stress test, open to change when warranted
https://obj.ca/article/banking-regulator-defends-mortgage-stress-test-open-change-when-warranted

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
patriotz
Member

“claiming they’re stunting the city’s already sluggish housing market.”

In other words, because he wants to stop prices from going down. Calgary is still ridiculously expensive for a prairie city.

Simple Solution
Member
Simple Solution

Has any one of these F’n clowns ever considered that LOCAL wages have something to do with “affordability”. Why is the solution always MOAR DEBT?

bullwhip29
Guest
bullwhip29
patriotz
Member

Ditto.

Simple Solution
Member
Simple Solution

the only answer to everything is MOOOOOORE DEBT

bullwhip29
Guest
bullwhip29
Bubble
Guest
Bubble

From the government spectax web site:
“The speculation and vacancy tax is designed to prevent housing speculation, turn empty homes into good housing for British Columbians, and raise revenue that will go to supporting affordable housing. Exemptions are available, ensuring that over 99% of British Columbians are exempt.”

How do they know 99% exempt if 5% households are foreign?

Doomcouver
Member
Doomcouver

That’s because you’re confusing metro vancouver data with the entire province of BC. Foreign ownership is probably under 1% if you count all the communities targeted by the spec tax.

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

Say it ain’t so!

patriotz
Member

“How do they know 99% exempt if 5% households are foreign?”

It says 99% of British Columbians are exempt, not 99% of all owners.

bullwhip29
Guest
bullwhip29

they should really think about removing the statement regarding how this scheme is designed to turn empty homes into good housing. i seriously doubt the vast majority of prospective tenants will be looking for mansions and other luxury accommodations to live in nor will they be able to afford market rental rates anyway

patriotz
Member

“i seriously doubt the vast majority of prospective tenants will be looking for mansions and other luxury accommodation”

If the owners want to rent out the properties, they will have to meet the rents for less luxurious properties to get tenants. Then the owners of those properties will have to meet the rents of less luxurious properties to get tenants. And so on all the way down.

It doesn’t really matter where in the hierarchy you add the extra rental units. The added supply affects all rents.

Simple Solution
Member
Simple Solution

Its a very basic rule… shit flows downhill…

Westside detached crash is now moving east… will move to valley eventually…

The condo market will get it last but it will also get it the worst…

patriotz
Member

I should also add that I don’t think that most “empty” properties are luxury housing in the first place. I think most are condos or more modest houses rented short term.

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

And they phrased it that way because they’re utter weasels.

Strata Hacker
Guest
Strata Hacker

Finally a topic little SIDA has expertise in: weasels.

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

Yes, I’m surrounded by them, aren’t I?

YVR
Guest
YVR

I am sure you are. But why bring your family into this?

bullwhip29
Guest
bullwhip29

Body, drug lab found in Richmond home
https://www.richmond-news.com/news/body-drug-lab-found-in-richmond-home-1.23625145

Cpl. Dennis Hwang said foul play is not suspected in the death, and added there was no immediate danger to the public or to nearby schools…

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Yen Shi Albert Tio convicted of possessing 13 kilograms of cocaine at Richmond drug lab
https://vancouversun.com/news/local-news/man-convicted-of-possessing-13-kilograms-of-cocaine-at-richmond-drug-lab

Best place on meth
Member
Best place on meth

Michael Campbell, brother of drunk driving former premiere is spouting off on the radio that those people wishing for lower housing prices are nasty people.

He’s basically calling anyone who wants to someday buy their own home to live in lowlifes and scumbags.

He’s the perfect example of boomers and their entitlement complex, believing that he deserves all that equity that magically fell into his lap through no effort on his part and which is now rapidly disappearing before his eyes.

What a filthy pig he is.

Doomcouver
Member
Doomcouver

Entitled douchebag just like the other boomer assholes that thinks their equity was earned through “hard work”. The only think hard about the work they did to get that equity is hard sitting on their ass. The mania is over, and all the whinging of paper-rich/cash-poor boomers won’t bring it back.

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

You could have bought your own home a decade ago. You chose not to. It’s hardly fair to blame others for your poor decision.

Best place on meth
Member
Best place on meth

I didn’t blame anyone for anything, what I did was refer to Michael Campbell as a greedy, entitled boomer who despises the younger generations and shits on them because he got his home when everyone could afford one and fuck everyone else according to him.

I have told you many times to refrain from posting as you do not understand the English language and only confuse people with your wild tangents and weird comments.

Shoo! Go away!

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

You blame everybody for the fact that you’re a failure but yourself.

Best place on meth
Member
Best place on meth

Provide an example, if your broken English will allow you to.

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

Your fishing expeditions are about as productive as Oracle’s. You’re so pathetic.

Best place on meth
Member
Best place on meth

I asked you to provide an example of your lies and as always you refuse.

Please leave the blog, your presence here is toxic.

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

You’re always welcome to admit that you made a poor decision and have nobody to blame but yourself.

Best place on meth
Member
Best place on meth

“You blame everybody for the fact that you’re a failure but yourself”

Those are your words and you refuse to back them up.

You are dogshit.

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

Indeed those are my words, thank you for reminding me of the events of a couple of hours ago. I fear I’d have forgotten otherwise.

Almost everything you say here is consistent with pointing your dumbass racist finger of blame. You think that can be nicely wrapped up in a single quote just because you bleat about it enough?

You should have bought a decade ago. You chose not to. You’re unable to admit to your mistake. That’s really all there is to it.