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!

Sort by:   newest | oldest | most voted
southseacompany
Member
southseacompany

“The world’s mounting debt crisis must solved before it blows up in our face”, South China Morning Post
https://www.scmp.com/business/banking-finance/article/2184746/worlds-mounting-debt-crisis-must-solved-it-blows-our-face

“The debt and QE “traps” are intimately connected. Waves of quantitative monetary easing in the US, Japan and Europe may have saved the world from systemic financial collapse and economic depression after 2008, but the historically low interest rates they engendered has led to universal over-borrowing.”

“There was no master plan to deal with this problem. Policymakers were too panicked as US and other mega banks lurched on the brink of collapse and the engines of the global economy began to flame out. They flew on a “wing and prayer”, hoping that growth,or even inflation, would somehow take care of things.”

Dave
Member

In the Real Estate Board press release they mentioned heavy traffic at open houses. I mentioned that last week and I have been to a number of open houses and they are crazy busy. Last Summer and Fall, open houses were totally dead.

If you’re a bear, that should keep you up at night. The buyers are there and I think people are trying to time the market.

I think bears need to grapple with the history of real estate corrections in Vancouver, which have been short and swift. Think of the recovery after the financial crisis. Crazy.

A soft landing is a very real scenario to keep an eye on.

Joe Money
Guest
Joe Money

You need to grapple with the history of the ’08/09 bounce back being the result of central bankers pouring trillions of dollars into the world economy.

The reverse is slowly happing now, and we are seeing the result in slowing sales and falling prices in many world markets.

A soft landing was only achieved once – in 94. 2008/09 was not a soft landing, but a temporary pause in the escalation of the world asset bubble

StupidityCheck
Guest
StupidityCheck

I think the 2009 rebound had more to do with Chinese capital flight. Same with the recent slowdown.

As to QE, it just flattened the yield curve a bit. MZM wasn’t affected.
https://fred.stlouisfed.org/series/MZM

And as far as busy open houses are concerned… who cares? Recent sales numbers have been awful and the under-construction pipeline is pretty full. If there isn’t a major correction soon, it’ll only increase the exodus of non-cleptocrats.

Laibach
Member
Laibach

“real estate corrections in Vancouver, which have been short and swift.”

What happened so far and what’s going can’t be called a correction. Except for multimillion $ homes which are anyway out of reach for locals nothing else really went down to be worth mentioning. Unless entire Canadian market (at least major cities) goes down additional 60-75% over the next few years, housing situation, debt, affordability, livability, etc for LOCALS (people who work, live and pay taxes in Canada) won’t change at all.

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

Nonsense. Many properties make financial sense with only a small discount to current prices. Assuming you can do a buy vs rent correctly, of course, or don’t simply expect SFH prices to drop until you can comfortably afford one.

Laibach
Member
Laibach

You are ridiculous as usual. Can you point a property where price with a small discount would make a sense with respect to reasonable buy/rent ratio? In the meantime read this loud (might help you) to somehow understand where price-to-income ratio is.

https://dailyhive.com/vancouver/vancouver-housing-price-to-income-ratio-august-2018

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

I’ve done so many times here. Pay attention.

Burnabonian
Member
Burnabonian
Hmm. Vancouver has never been overpriced by 100% before so there is no precedent here. Also, short and swift? Vancouver RE has fallen continuously for >5 years many times in the past. I think the “heavy foot traffic” in open houses right now should be worried about dead cat bounces and/or the attempted capture of falling cutting implements. Every factor that could possibly have contributed to the bubble has been and is being slashed away dramatically: Unreasonably high borrowing power, loose lending standards, anonymous beneficial ownership, minimal taxation and frictional costs, short-term rental revenue, ease of capital flight from the third world, the works. It is no coincidence that demand fell off with extreme drama at the same time as these changes cut the amount of capital in our markets. Certain Vancouver open houses having foot traffic in them does… Read more »
Laibach
Member
Laibach

“Heavy traffic at open houses” could be possibly caused by sellers checking on competition in an attempt to gauge prices and get some comfort. Who would be buyers these days with all tight reins all around, current locust fatigue and not much of trickle-down effect going on?

Dave
Member
I’m not saying the trend has reversed yet. I’m saying that I can imagine and see the potential for a soft landing. The demand seems to be there to me. Interest rates have stopped going up and prices have corrected moderately. It’s an interesting observation to me that open house traffic seems to be high. It was completely dead last Summer and Fall. January is normally a slow month, but these open houses are crawling with people. I went to one a week ago and people were parking a block away. You’d bump into people walking through the house. They were coming from all directions. You open a closet door and people were falling out of it. Last Summer, I’d go near the end of the open house and be like the second or third person that went. Keep in… Read more »
Laibach
Member
Laibach

“People have jobs and they can get loans.”

But incomes are low and money is tight to support current prices. It doesn’t justify the ability to shop.

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

People have jobs and can get loans at roughly 20% less than before B20.

Simple Solution
Member
Simple Solution

People have jobs and they can’t get loans that are backstopped by the government…. I propose abolishing all lending laws while at the same time abolishing the government backstop provided to regulated lenders.

And by “government” I mean TAXPAYER.

Burnabonian
Member
Burnabonian
I say again: Dead cat bounce. Prices drop a few percent in a lot of places and 30% at the high end, a few local rags publish articles about it, and the uninformed say “BTFD”! (It’s easy to be uninformed in Vancouver, since it is possible to have watched this market for 15 years without having experienced a real correction. This data plus a little confirmation bias is enough to lead anyone to believe that corrections don’t happen here and/or that fundamentals don’t apply. Hardy har har.) What the BTFD crowd don’t realize is that they are not witnessing a momentary hiccup, but the first symptoms of an era-defining catastrophe that will last a generation. They are going to get the “D” alright, but “D” does not stand for “dip”. Reminds me of the Far Side cartoon with two pilots… Read more »
Dave
Member
Both scenarios are possible in my World. The bear case could be correct. Maybe Chinese money had a greater impact on our market than thought. Maybe a downturn gains momentum and creates a negative feedback cycle, taking the broader economy with it. Maybe that triggers a long recession in Canada. The other scenario is that cheap money is here to stay. Chinese money really was only a small part of this market and it was Canadian’s taking on debt. With population growth, we experience increasing pressure on real estate prices. The economy continues to expand with employment staying low. In this scenario, prices got to where they were based upon affordability and the willingness of people to push themselves to the max. If that’s the case, then the recent rise in interest rates and B20 can only shave about 15%… Read more »
Burnabonian
Member
Burnabonian

Fascinating.

So -15% is your number for a “return to fundamentals after the removal of offshore speculation and the removal of easy, low-interest mortgage approval”.

Meaning that 2017 prices were fundamentals and every year before that was underpriced?

My personal number for the same scenario is -50% to -66%.

I don’t call that the Bear case; for me that’s just “take away the froth”.

I believe the Bear case is much worse.

Simple Solution
Member
Simple Solution

Chinese money was almost the entirety of the problem.. that is obvious now that it is gone. As for 15% – that is fantasyland. Westside is down over 25% and this is just starting.

A bear case would be way worse than that.

Open house traffic is probably high because there actually are open houses now. Wasn’t long ago a realtor didn’t even have to bother with an open house.

Anyone around here old enough to remember when Japan was buying everything and was just going to own the whole world?

Best place on meth
Member
Best place on meth

I remember, they bought up the biggest trophy properties and then had to sell them at steep loss when their national Ponzi scheme blew up.

That was 30 years ago and they still haven’t recovered.

Now it’s 1990 for china.

Simple Solution
Member
Simple Solution

but but but, real estate only goes up… they aren’t making any more land… in the long run it just moves higher….

The coming lesson will not be pleasant for a lot of people…

Best place on meth
Member
Best place on meth

“open house traffic is HIGH!”

Are they giving out appies?

I should start going to these things.

DaMann
Member
DaMann
They estimate 40,000 new units coming online in the next 2 years. A lot of these massive projects were marketed directly to the Chinese. A good portion of these were bought up in blocks. By all accounts the big Chinese money is gone. See Australia. Same thing. China money gone. This will have a big effect as developers will have to slash prices to dump stock. As soon as that happens then everything will have to drop in price as for 2008/2009 was a pretty different scenario. You had RE fall 20-25% coupled with interest rates going from 5or 6% to pretty much zero. That put an extra 35% of affordability in peoples pockets. Now we have a drop in prices coupled with rising rates. Totally different. Although having said that I’m almost starting to believe it is different here… Read more »
Dave
Member

That’s a good observation and I actually have seen the data to back it up.

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

Can you describe the form that data took?

Dave
Member

Graphical. Tracking the price point for an MOI of 6 over time. The buyers market started at higher price points and has moved to lower and lower price points.

Burnabonian
Member
Burnabonian
“as for 2008/2009 was a pretty different scenario. You had RE fall 20-25% coupled with interest rates going from 5or 6% to pretty much zero. That put an extra 35% of affordability in peoples pockets. Now we have a drop in prices coupled with rising rates. Totally different.” THIS In 2009 the world was literally reverting to the medieval era. To fix it they threw hockeybags full of money at every person, company, and bureaucrat, screaming “please for the love of christ spend this on anything you can think of.” Which people did, bidding the prices of everything from stocks to housing to pickup trucks to obscene and unsupportable levels. Fast-forward to 2019 and the opposite is true. The world’s economies have the stated goal of making money way, way, way harder to get. Canada is being especially aggressive about… Read more »
Bag it and tag it
Member
Bag it and tag it

Why would there be any rush to buy if you’re predicting a soft landing, which would be flat prices for year(s)? Why would that keep a bear up at night?

KickThemOut
Member
KickThemOut

Another of Trudeau’s friendly refugees? Fucking sick. This is what happens when a country is taken over by liberal fuckers – it produces monsters whose deviant behaviors are being tolerated if not celebrated by our “I’m a feminist” PM.

Toronto serial killer Bruce McArthur posed victims’ corpses with cigars in mouths for photos, prosecutor says
https://www.scmp.com/news/world/united-states-canada/article/2185019/toronto-serial-killer-bruce-mcarthur-posed-victims

whazzzzup
Guest
whazzzzup

What exactly is your point?

Are you saying that because Canada has it’s own scum, crooks, scammers, perverts, fraudsters that we should be OK importing more from abroad? Because I don’t follow that logic. You’d have to explain it to me in way a uncivilized barbarian like myself who doesn’t have the benefit of a 5k year old culture can understand.

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

Nobody is ok with criminals coming into the country and that’s exactly why background checks are performed as part of the immigration process.

Nice strawman, though.

Doomcouver
Guest
Doomcouver

Yeah Trudeau has done enough stupid crap that KTO shouldn’t need to make up stuff.

Laibach
Member
Laibach

Background checks are not forgeable and counterfeitable

Laibach
Member
Laibach

counterfeitable, especially not in China. Nice try though.

Best place on meth
Member
Best place on meth

It’s safe to assume that most immigrants from china commit fraud on their applications.

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

Only if you’re a racist prick, though.

Best place on meth
Member
Best place on meth

Nah, it’s pretty much a given .

They commit fraud the way you scream racist, as naturally as breathing.

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

Stop being a racist prick and I’ll stop calling you out as one. Sorry you find this concept so confusing.

Best place on meth
Member
Best place on meth

Oh by all means, keep shrieking your favorite word and the first one you learned as a toddler, I don’t give a fuck what you call me because you’re irrelevant.

In response, I’ll continue to mock your stupidity and utter lunacy.

Win-win as your people love to say.

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

Why not share your genius with CIC and CBSA? I’m sure they’d appreciate the guidance.

whazzzzup
Guest
whazzzzup

If KickThemOut doesn’t tell us what the point of his post is we have to assume it’s something.

Since you know he doesn’t want to let scum into the country, you must know what his actual point is. Please share it with all of us.

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

Logic and reason clearly isn’t your strong suit.

whazzzzup
Guest
whazzzzup

What point is KickThemOut making?

Please explain it to us lowly knuckle draggers. As a super-brainiac confident masculine male who isn’t below average in any regard it shouldn’t be a problem for you to do so.

Best place on meth
Member
Best place on meth

He asked you to explain what space is babbling about, not spew cryptic bullshit as if you don’t speak the language.

Simple Solution
Member
Simple Solution

Why does anyone bother engaging with him?

southseacompany
Member
southseacompany

“The Hot Topic in Markets Right Now: ‘Quantitative Tightening’”, New York Times
https://www.nytimes.com/2019/01/30/business/fed-quantitative-tightening.html

“It’s not China. It’s not the shutdown’s aftermath. The latest obsession occupying the minds of investors is the Fed’s plan to reduce the stockpile of bonds it bought during and after the Great Recession.”

“Early data indicates that the economy last year grew at its fastest clip since 2005. To the central bank, those rosy economic signs meant it was time to start removing some of the scaffolding it had erected to support the crumbling economy. The Fed started raising interest rates in December 2015. And it has also started to shrink its hoard of bonds. Last year, the Fed’s portfolio declined by more than $350 billion — the sharpest reduction since the crisis.”

StupidityCheck
Guest
StupidityCheck

All the Central Banks did was swap short-term liabilities for long-term. They did this to bring down long rates slightly. Now that they are unwinding, the only effect will be a slight increase in long rates. No new money was created. Nothingburger.

BTW, long rates are virtually unchanged since the unwinding started.

paulb
Member

New
335
Price Change
85
Sold
70
TI:11477

http://www.clivestevepaul.com

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

Like

StupidityCheck
Guest
StupidityCheck

But muh open houses…

Big Bear
Guest
Big Bear

lol

Make Trudeau a Drama Teacher Again!
Guest
Make Trudeau a Drama Teacher Again!
A turn of quoteable jems in here! Call it Exhibit A for the state of Vancouver’s slumping market for detached houses.
In a gauge for rundown properties, a buyer paid $1,980,000 last month for a three-bedroom teardown in the city’s Point Grey neighbourhood, nearly three years after the seller bought it for $2,880,000.
The listing took 14 months to sell, underscoring the sluggish sales activity across the region. Housing sales have tumbled to a 10-year low in Greater Vancouver as a market once fuelled by bidding wars gives way to a period of declining prices.
Last month’s 1,103 sales in the region for various housing types were the lowest for January since 2009, when only 762 properties changed hands in that month during the recession, the Real Estate Board of Greater Vancouver said on Monday.
Sales volume in January dropped 39.3 per cent when… Read more »
Make Trudeau a Drama Teacher Again!
Guest
Make Trudeau a Drama Teacher Again!

Doesn’t Mr. Carlson sound angry?

Phil Moore was surpried to see East Van homes below $1 mil.

I’ll bet considering he forcasted they would go up this year.

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

And my fav….

“Builders need to have confidence that values are going to move up during the course of construction”

Doomcouver
Guest
Doomcouver

Huawei’s Meng Wanzhou: The world’s most wanted woman
https://www.macleans.ca/news/canada/huaweis-meng-wanzhou-the-worlds-most-wanted-woman/

“Inside the high-stakes extradition fight for a top Huawei executive—and why Canada’s relationship with China may never recover”
…………. good?
We shouldn’t be doing business with China to begin with. They’re all about arbitrary detentions, murder and organ harvesting of political prisoners, and flooding of foreign asset markets with dirty money. Canadian politicians just look the other way because they’re whores for Chinese money earned through off-shoring of jobs and intellectual property theft. Economic contraction is a small price to pay for cutting the giant cancerous tumor of the PRC out of Canada.

Best place on meth
Member
Best place on meth

China should have been nuked in the 50’s.

Too late now, even though they deserve it more than ever.

Laibach
Member
Laibach

Cry me a river! What a pile of bullshit…

“Huawei case has some Chinese-Canadians in B.C. concerned about voicing their opinions“

https://www.cbc.ca/news/canada/british-columbia/chinese-canadians-voicing-concerns-huawei-1.5005539

Best place on meth
Member
Best place on meth

“”Chinese culture [is] very good at teaching you to be obedient, law-abiding citizens and they tell you not to make waves, not to stir up the pot,” Li said.”

Which chinese culture is this? It’s certainly not the one from the PRC.

KickThemOut
Member
KickThemOut

There are no real Chinese left in China and hasn’t been for 1000+ years. The only pockets of real Chinese exists in HK and its various diaspora around the world.

Doomcouver
Guest
Doomcouver

I don’t think the long reach of the Chinese government is bullshit. Many Chinese Canadians only make their income in the good graces of the People’s Republic. If they speak out against China I would fully expect their revenue stream to get cut off. Personally I would like to see all the money from China cut off, but that’s just me…

Laibach
Member
Laibach

Those Chinese Canadians should cut the crap and pick the side. Are they Chinese or Canadians? It must be very indulging and beneficial to sit on both chairs when things are hunky dory.

Doomcouver
Guest
Doomcouver

IMO If they don’t want to criticize the Chinese government for fear of reciprocity and they live in Canada they are functionally Chinese. If they’re Canadian citizens then they’re functionally Chinese and traitors to their country.

Best place on meth
Member
Best place on meth

January stats summary:

Detached down 1.7% (Van west -2.7%)

Townhouse down 1.1%

Condos down 0.8%

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

The MLS Frankein stats will show +0.1% across the board with condo’s +0.3%.

Doomcouver
Guest
Doomcouver

Buy the dip!

Burnabonian
Member
Burnabonian

BTFD!!!

Best place on meth
Member
Best place on meth

Layla Yang wishes you all a happy year of the PIG.

https://twitter.com/LaylaYangRealty/status/1092609337401327617

Doomcouver
Guest
Doomcouver

Funny the year of the pig could very likely be the year that real estate speculators finally get metaphorically slaughtered. I love bacon.

Laibach
Member
Laibach

She looks like a custom version of Miss Piggy.

Bag it and tag it
Member
Bag it and tag it

This was the decade of the PIG.

bullwhip29
Guest
bullwhip29

Canada’s main financial regulator is coming under increasing pressure from banks and mortgage industry lobbyists to ease a stress test designed to cut out risky lending
https://business.financialpost.com/real-estate/mortgages/osfi-under-pressure-by-banks-industry-lobbyists-to-ease-mortgage-stress-test-sources

Doomcouver
Guest
Doomcouver

Yeah come on, banks need to be able to lend to people that will become insolvent when rates rise. How else will the banker scum be able to foreclose on your grannie’s house?

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

Granny likely paid off her house a long time ago, as it only cost her $60K. The people eventually getting foreclosed on will be those who thought real estate was a guaranteed path to riches and thought it was a good idea to sacrifice every other aspect of their finances to join the party.

Simple Solution
Member
Simple Solution

Well not EVERY other aspect of finances was sacrificed…. still had to have a few fancy lease cars and vacations every 3 months…

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

You sound a little jealous.

Simple Solution
Member
Simple Solution

not at all actually… was lucky enough to get into a home (not an investment – a home) before Vancouver became world class and prices somehow divorced themselves from any sort of LOCAL reality

Doomcouver
Guest
Doomcouver

Yeah she probably paid it off until she went and got a reverse mortgage because her retirement isn’t earning enough interest. Grannie’s going to be on the street soon.

KickThemOut
Member
KickThemOut

Final solution….NDP is doing everything in their power to force these seniors who have contributed and sacrificed for Canada to the final solution. Absolutely despicable.

Doomcouver
Guest
Doomcouver

Jumping on the “blame the NDP” bandwagon is past getting old. Central bankers are the correct people to blame for low rates, and high cost of living.

Best place on meth
Member
Best place on meth

Yeah, that’s why they let them defer property taxes forever, because they want to kill them.

southseacompany
Member
southseacompany

“Big decline in Vancouver, B.C., home prices could be just tip of iceberg”, Seattle Times

https://www.seattletimes.com/business/real-estate/big-decline-in-vancouver-b-c-home-prices-could-be-just-tip-of-iceberg/

“Vancouver appears to be following a broader trajectory among global cities, including London, Hong Kong and Sydney, that saw massive gains as buyers binged on easy capital during a decade of cheap debt. Now some of that liquidity is drying up. Chinese outbound investment has slumped since a 2016 crackdown on capital outflows, while the U.S. Federal Reserve is shrinking its balance sheet.”

Doomcouver
Guest
Doomcouver

It’s the super-crash I’ve been talking about for the better part of a decade now. Globalization is the blade that cuts both ways. You get increased global economic activity on the way up, and never-before-seen massive synchronized asset crashes on the way down. This credit contraction will be the largest ever and will be felt for decades into the future. You can thank the toxic China / USA trade relationship for most of it.

Oracle
Guest
Oracle

LOL Supercrash?

A rush of buyers will come in if detached and townhomes drop 25% in Surrey.

No 50% crash. LOL

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

Why would they if they anticipate further price drops? Psychology plays a huge role in bubble dynamics.

Doomcouver
Guest
Doomcouver

Who is this mystical pool of buyers you think exists? The vast majority of Canadians already own property. If prices plummet the last thing they’ll want to do is double down and buy more property.

Simple Solution
Member
Simple Solution

Im sure he is referring the billions of people in China and India… all of whom are waiting for the right opportunity to invest in a negative geared depreciating assets….

Doomcouver
Guest
Doomcouver

Exactly, Asian investors are even more fickle than Canadian ones, the multiple flash crashes in the Chinese stock market are illustrative of this. If anything Canadian home speculators will support the market better than the foreign ones.

Bag it and tag it
Member
Bag it and tag it

I don’t assume anything anymore…I expect prices to keep dropping though I no longer count my chickens until they hatch. There has been a history of Gov, fuel on the housing fire, policy whenever price drops start to damage the underlying economy. The liberals are already talking about implementing such policy…and if it’s perceived such policies will increase prices then the speculators jump in and off we go again.

southseacompany
Member
southseacompany

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

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

Oracle
Guest
Oracle

Prices finally starting to budge in Surrey.

Rents for basement suites have gone up $500 since 3 years ago. Maybe that’s why prices are $100,000 behind in falling.

Some decent homes with suites now $1 million in North Delta. Let’s see if prices fall by 20% from here.

Still doesn’t explain million dollar homes in a Abby though.

Canada is for Canadians
Guest
Canada is for Canadians

What’s it like to walk around with your pants down around your ankles ?

Oracle
Guest
Oracle

Want to play that game?

How’s it feel to not have $500,000 as down payment when this correction is done and rents continue to rise?

Simple Solution
Member
Simple Solution

I love this narrative… home prices go down, but rents go up…

Doomcouver
Guest
Doomcouver

The narrative of house prices falling and rents going up isn’t completely impossible. Demand for rentals will rise as fear of falling home prices intensifies. It really depends on what falling prices will do to rental inventories. It’s definitely more plausible than most of Oracle’s fairy tales. He pulled that $500 more on a basement suite number out of his ass though.

Simple Solution
Member
Simple Solution

I agree, nothing is impossible… and for a while may be the case, but the basic laws of economics will eventually take over.

Doomcouver
Guest
Doomcouver

Yes, rents are definitely more constrained by incomes than home prices. The lack of ability to take out a large loan to pay 25 years of rent means that the credit bubble only has secondary effects upon rents. So the rent prices can only go up so high until people just refuse to pay and move away. In a housing collapse there are a number of opposing forces that could raise or lower rents: less income, more or less inventory, aversion to home ownership, etc.. Only time will tell where the rental pricing tug-of-war shakes out.

Canada is for Canadians
Guest
Canada is for Canadians

Do you think only basement dwelling poor renters frequent this blog?
Once again, you are wrong.

bullwhip29
Guest
bullwhip29
Dave
Member

Just the tip… that’s what Xi said.

DaMann
Member
DaMann

LOL. Nicely done!

bullwhip29
Guest
bullwhip29
KickThemOut
Member
KickThemOut

White Monkeys, cultural appropriation of exterminated minorities, black faces, and utter lack of respect for Canadian culture. Yet, our politicians are out in full force to take photos and court these vermins when they should be persecuting them! BPOM for premier!

Best place on meth
Member
Best place on meth

My favorite part of chinese new year is the non-stop headache inducing drumming.

Why must they practically beg us to appropriate their culture when it comes to this annoying celebration?

Laibach
Member
Laibach

At least this year we don’t have top-tier local politicians being main jesters in the shitshow competing who will stronger suck up to Chinese establishment.

bullwhip29
Guest
bullwhip29

yup, but Horgan, Eby and James almost seem like they are going out of their way to not be seen with them and that unfortunately spells the end for them come the next election.

bullwhip29
Guest
bullwhip29

i heard that any and all bids for the naming rights to bc place stadium coming from asia (or affiliated with) will be flat out rejected. that leaves you with bell (but maybe not rogers, telus, shaw) and possibly some sort of financial entity like a bank/credit union. there is maybe an outside chance a real estate developer like concord pacific is allowed to move forward but the optics would be questionable as would allowing a corp like anthem to slap up their logo. there is a possibility a US based tech co like microsoft could step up to the plate, but honestly the move wouldnt bear much fruit for them. in this political and business environment i wouldn’t be the least bit surprised if there are no takers (as there was the last time around)…

patriotz
Member

Andrew Wilkinson in photos 44,46,52,63.

bullwhip29
Guest
bullwhip29

Chinese shoppers told to spend cash elsewhere by frustrated Hongkongers who just want some peace and quiet
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2184891/we-dont-want-your-money-chinese-shoppers-told-spend

Bag it and tag it
Member
Bag it and tag it

Racists.

Best place on meth
Member
Best place on meth

Don’t laugh, according to Captain “you’re racist!”, chinese can be racist towards other chinese.

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

No sane person would think that you’re not a racist. But I can understand why you so desperately need to try and undermine what I say. Pathetic.

Best place on meth
Member
Best place on meth

A. You don’t speak for others

B. Nobody cares what you think

KickThemOut
Member
KickThemOut
KickThemOut
Member
KickThemOut
KickThemOut
Member
KickThemOut

The corrupting effects of locusts is strong and spreading in Canada like a cancer
https://nationalpost.com/news/police-called-after-as-many-as-30-parents-brawl-after-hockey-game

Simple Solution
Member
Simple Solution

Insane hockey parents was a thing long before the locust arrived… Cant blame them… not like there was a sale on corn or some free salt was handed out…

Bag it and tag it
Member
Bag it and tag it

In China, parents brawl when their children aren’t allowed to cheat on university entrance exams

bullwhip29
Guest
bullwhip29

costco clearance events

canada goose warehouse sales

restaurants incl dim sum, seafood buffets, happy hours, dine out festivals etc

airport checkins, taxi and shuttle queues

mall parking lots

local libraries

and of course, real estate presentation centers

bullwhip29
Guest
bullwhip29

cont’d…

city salt and sand dispensaries

unmanned fruit and veggie farms

any vantage point within a stones throw of a tourist attraction

courthouse entrances and foyers

front yards of A-list criminals currently under mansion arrest

any major intersection on any given day at any given time

Laibach
Member
Laibach

Sounds like primates but even they have some behavioral codex.

southseacompany
Member
southseacompany

‘Banking watchdog says contentious mortgage stress test is safety buffer banks and borrowers need. Answer to the rising cost of housing cannot be more debt, says OSFI deputy”,
Ottawa Citizen

https://ottawacitizen.com/news/fp-street/banking-watchdog-defends-contentious-mortgage-stress-test-as-safety-buffer-banks-and-borrowers-need/wcm/c81b0f2d-46c4-42a1-8520-8923f6982a38

“The rising cost of homeownership in Canada and its accompanying threat to the economy “is a problem,” according to Rogers. OSFI monitors the financial environment, she said, and makes adjustments to its guidelines when they are warranted.

“But the answer to that problem cannot be more debt,” she added. “And particularly, it cannot be more consumer debt, fuelled by lax underwriting standards.””

bullwhip29
Guest
bullwhip29

so says the former BC Superintendent of Real Estate who also added that “it is open to changes when warranted”

imho, this is similar to recent changes to the FOMC policy statement whereby the word “patient” was inserted very carefully into the text and comes only a matter of days following various MSM reports that banks and industry groups were starting to turn up the heat on regulators

xyz
Guest
xyz

“But the answer to that problem cannot be more debt,” she added. “And particularly, it cannot be more consumer debt, fuelled by lax underwriting standards.””

Spot on.
Are you listening Mr. Morneau?

patriotz
Member

“Are you listening Mr. Morneau?”

It was Morneau who appointed her in the first place.

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/Pages/bio-cr.aspx

KickThemOut
Member
KickThemOut

Why are we even selling our precious resource to China in the first place?
https://ca.finance.yahoo.com/news/canadian-canola-runs-chinese-delays-180400369.html

Bag it and tag it
Member
Bag it and tag it

Canola oil is one of the most unhealthy foods you can consume (thanks to the process used to extract it)…it should be banned in Canada. Hardly precious.

Best place on meth
Member
Best place on meth

If the chinese want to play these stupid games then we should stop sending over any food, fuel or other resources and sell them to civilized countries run by humans instead.

Canada is for Canadians
Guest
Canada is for Canadians

Iowa student from China reinstated after cheating admissions

https://www.citynews1130.com/2019/02/05/iowa-student-from-china-reinstated-after-cheating-admissions/

“he said his serial cheating was the result of errors in judgment that deserved disciplinary action but not expulsion.”

>>> the chineeze are even cheating in Iowa …

bullwhip29
Guest
bullwhip29

Vancouver’s Bridgemark stock scandal rocks B.C. capital markets
https://www.burnabynow.com/investigation-vancouver-s-bridgemark-stock-scandal-rocks-b-c-capital-markets-1.23624452

>>> a detailed snapshot at how some hardworking folks living the high life in Gr Vanc actually make a living…

Canada is for Canadians
Guest
Canada is for Canadians

Many of the people buying these expensive houses in West van are into shady business practices. I know of several myself. One guy had to split to Mexico because the police were closing in on him. He can’t come back to Canada now.

bullwhip29
Guest
bullwhip29

i had relatives visiting from the east coast last fall. they were utterly baffled by what has happened to the city. as we drove through various neighborhoods including the toniest locations like shaughnessy, pt grey and west vanc we could only comment that much of the real estate was owned anonymously, that many of the homes weren’t actually being used as principal residences and that the general population has no idea who’s coming or going anymore or what any of these folks actually do despite much or most of the city being sold out right from under them.

Laibach
Member
Laibach

What a lovely crowd. Too bad Canada doesn’t practice Sharia Law in some instances. Those fucks are riped for hands cutting as a proof of concept.

bullwhip29
Guest
bullwhip29

if you peel back the layers, the cesspool that Vancouver has become is basically rotten to the core now. it is finally becoming apparent to many that its inclusion onto so many of these “best city” lists was largely due to all the hot money flooding onto our shores and all the sketchy wheeling and dealing, stock scams, real estate fraud, innovative tax solutions, money laundering, immigration schemes among countless other illegal business ventures that only seem to flourish in a lawless place like this. it is also becoming apparent to many that their so called savvy investment and business decisions made over the last couple of decades, particularly of the real estate variety, can be attributed to simply being in the right place at the right time, not financial wherewithal or deep analytical thinking.

Simple Solution
Member
Simple Solution

So are you suggesting my “Hard won equity” is not a reflection of my genius?

Simple Solution
Member
Simple Solution

For all who are waiting on the regulators to loosen up:

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/sp-ds/Pages/CR20190205.aspx

Doesn’t seem like they think max leverage is a good plan…

Doomcouver
Guest
Doomcouver

Why wouldn’t max leverage be a good plan with an asset that always goes up in price? Real estate is the only one-way bet in the universe. I recommend you get on board.