This is the end! The end of another work week!
That means its time for another friday free-for-all open topic discussion thread.
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments section below and have a fantastic weekend!
[…] prices–BC money laundering an ’emergency’?–End of the month inventory–7% correction same as 30 year mortgage–Soft […]
Hong Kong tycoon, two equity firms bid on Anbang Insurance’s Vancouver office complex, sources say
https://www.theglobeandmail.com/business/streetwise/article-hong-kong-tycoon-two-equity-firms-bid-on-anbang-insurances-vancouver/
Hong Kong tycoon Li Ka-shing’s company and two private equity firms have made preliminary bids for Anbang Insurance Group’s office complex in Vancouver, according to people familiar with the matter. Mr. Li’s CK Asset Holdings Ltd., U.S. private equity firm Blackstone Group and Canadian real estate firm KingSett Capital have expressed interest in four office towers called Bentall Centre, said the sources, who were granted anonymity by The Globe and Mail because they were not authorized to speak publicly. The Chinese insurer Anbang was forced to put Bentall Centre up for sale after Beijing took control of it amid problems with debt and allegations of corruption. The Chinese government is hoping not to lose money on the office complex after Anbang spent more than $1.06-billion in 2016 − the most expensive commercial real estate deal in Vancouver’s history. It is… Read more »
PG 2: CK Asset and Blackstone have been looking for large properties in Canada. Last year, Mr. Li’s company made a bid for a large block of land near Toronto’s international airport, though it lost out to the Public Sector Pension Investment Board. Mr. Li and his family have had extensive business interests in Canada, including a controlling stake in Husky Energy Inc. of Calgary. Blackstone spent more than $3-billion on a Canadian trust that has industrial properties and partnered with a Toronto real estate fund to invest in Canadian apartments. Anbang’s broker, commercial realtor CBRE Group Inc., is running the sale for Anbang. A CBRE spokesman declined comment. In January, CBRE had contacted more than 10 domestic and foreign investors about the sale. That list included most of the big Canadian pension funds, as well as one of Bentall… Read more »
[…] FICOM is the agency that regulates mortgage brokers and they are issuing a warning: […]
Video of kids singing ‘Huawei is beautiful’ goes viral in China as tech giant faces global pressure
https://www.cnbc.com/2019/02/28/video-of-kids-singing-huawei-is-beautiful-goes-viral-in-china.html
Well, looks like Turd is gone. Judy flushed him today.
Immigration is going to plummet to minus 600K people next year, all 10 year visas will be cancelled, chinese students will be banned, meng-meng will be deported causing a mass real estate selloff by nervous motherlanders, and Quebec will secede which will end the QIIP.
Wow, just wow.
I prey you are right.
Imitation is the best flattery.
You don’t like my posts because if they turn out to be true, it goes against everything your views are betting on.
Try to hedge a little in your views. We all, including me, could use that.
Now do Trump’s interference with the Russia investigation. Funny how some of us can see corruption — regardless of the political leanings of the accused — and some can’t.
Regulator fires warning shots at B.C. mortgage brokers amid turbulent market
https://www.vancourier.com/regulator-fires-warning-shots-at-b-c-mortgage-brokers-amid-turbulent-market-1.23648347
Anyone found coloring outside the lines during the Great Canadian Real Estate Bubble are going to get lynched when the next recession hits. The angry public will be looking for someone to blame other than the moronic over-indebted Canadian consumers.
They can always blame foreigners again?
Washington Post: British Columbia’s money laundering is an emergency. The public deserves an inquiry
https://www.washingtonpost.com/opinions/2019/02/27/british-columbias-money-laundering-is-an-emergency-public-deserves-an-inquiry/
An idea promoted in an article circulated on a Chinese language website called Wenba claims that parents can save on their children’s tuition fee by becoming a student themselves
https://www.richmond-news.com/news/parent-student-loophole-not-realistic-richmond-immigration-agent-1.23648275
New
196
Price Change
66
Sold
60
TI:12281
Inventory really stuck. What we have have like +300 in last 3 weeks?
Look up the term “Shadow Inventory”
You’re right the fear hasn’t permeated the system enough to pull paper-millionaires (aka. shadow owners) from the sidelines. They’re expecting the market to continue it’s upwards trajectory any day now. Once the market has been demonstrated to be truly dead, they’ll panic-list their house, inventory will skyrocket, and prices will plummet. A truly dead spring from a sales standpoint will likely be the tipping point. A lovely consequence of the total commodification of real estate.
Who cares, when do we ever have 1400 sales and MOI of 9 in February?
Once, during the financial crisis.
Senate investigators are warning that China has opened government-run centers at more than 100 American college campuses, pouring over $158 million into Confucius Institutes that spread Chinese influence while going largely unmonitored by the U.S. government.
New Westminster schools to provide free tampons and pads
https://www.cbc.ca/news/canada/british-columbia/new-westminster-bc-schools-free-tampons-pads-1.5035122
>>> in this MeToo day and age when the young, progressive, politically correct female influencers rule the world, we end up with situations like this where intentions might be correct, but execution flops and those darned “unintended opportunities” sprout up like weeds
i am told there are 12 schools in this district, so cost to hang a dispenser on a wall is somehow a mind boggling $833 per school. even more laughable is their estimate of $583/yr (= $48/mo or $2.25/day) per school to keep these stocked. now if the masses mobilize and call for these to be put in every school across the lower mainland, particularly in areas where some students might have the propensity to hoard anything and everything that is free, one can quickly see the problem that will emerge…
What’s wrong with you?
He is ravaged by a toxic and dangerous mix of Yellow Fever Syndrome, MILF obsession, Lolita Complex, and Stalker Mentality
The dispensers can be removed when they are no longer required. I think what New West is trying to do is keep the absentism down. Remember we talk about temp housing, yknow, portables. And CBs talk about QT in a similar matter.
Ewww…..why do you always have to be so creepy when it comes to your views on women.
Get yourself neutered for fucks sakes and stop posting this garbage.
Nothing wrong, the FREE SALT experience will be a long lasting one. And Costco free sampling lineups, food aid and so on…
https://www.chinasmack.com/chinese-in-canada-drives-bmw-to-claim-grocery-gift-cards-reactions
There’s probably a peak number in senior girls high schoolers this year. Remember the y2k mini baby boom?
Singtao News: New business opportunities for contractors helping “satellite” families dodge the Speculation Tax
http://www.singtao.ca/vancouver/3048590/2019-02-27/post-%E8%B6%95%E7%B7%8A%E5%87%BA%E7%A7%9F%E5%85%8D%E4%BA%A4%E7%A8%85-%E8%A3%9D%E4%BF%AE%E6%A5%AD%E7%8F%BE%E6%96%B0%E5%95%86%E6%A9%9F/?variant=zh-hk
Very interesting. I’ll email that article to my NDP MLA.
As usual, locust is always ahead of the game. That’s what they are good for and do well.
I’ve always maintained that if you want to come up with news laws and regulations to slow down the fraud committed by locusts, you have to ask the locusts themselves what they would do.
In this case you can’t actually think like a locust, it’s just not possible with a human brain.
Singtao News: Declaring “named owners” causing BC Speculation tax headaches
http://www.singtao.ca/vancouver/3048593/2019-02-27/post-%E6%8C%89%E5%80%8B%E4%BA%BA%E7%82%BA%E5%96%AE%E4%BD%8D%E7%94%B3%E5%A0%B1-%E3%80%8C%E6%8E%9B%E5%90%8D%E6%A5%AD%E4%B8%BB%E3%80%8D%E5%82%B7%E8%85%A6%E7%AD%8B/?variant=zh-hk
HSBC probe helped lead to U.S. charges against Huawei CFO
https://www.reuters.com/article/us-huawei-hsbc-exclusive/exclusive-hsbc-probe-helped-lead-to-us-charges-against-huawei-cfo-idUSKCN1QF1IA
Labor proposes crackdown on ‘dirty money’ laundered through Australian real estate
https://www.abc.net.au/news/2019-02-25/money-laundering-laws-chris-bowen-dirty-money/10846552
Four Chinese arrested over Australian chemicals seizure enough to make 1 ton, US$500 million of methamphetamine
https://www.scmp.com/news/asia/australasia/article/2187862/four-chinese-arrested-over-australian-chemicals-seizure-enough
Jody Wilson-Raybould set to publicly address SNC-Lavalin scandal
https://www.ctvnews.ca/politics/jody-wilson-raybould-set-to-publicly-address-snc-lavalin-scandal-1.4314776
>>> imho the whole SNC scandal stinks to high heaven. i suppose the PMs handlers recommended waiving client confidentiality upon getting some sort of agreement Wilson-Raybould would play ball purely for optics reasons. it is also interesting that the testimony, which is likely to well scripted but short on details, is today of all days with millions of people tuned into what Michael Cohen has to say and/or busy eating their lunches.
You are Oracle aren’t you?
Cohen testimony is on now… will be done well before she speaks.
People in BC will be busy eating lunch at 3:45 EST time… the rest of the country will be done by then….
the bulk of Cdn eyeballs are out east. BC simply makes up part of the “rest of country”. in richmond, folks are just getting out of bed at 345 EST
the Libs are betting that Cohen story will dominate airwaves later today. clearly the situation is being orchestrated, managed at another level now. they can only hope this fades away in due course and give them runway to talk about the budget and some of the swag they might be handing out
Yes Oracle, you are correct as always
right back at ya space889/KTO/SIDA(original and extra crispy)…
That’s right, the Liberals orchestrated Cohen’s testimony. They’re big players in the deep state.
Now I understand where SIDA is coming from: https://youtu.be/6tfJpCCcOEw
“The chinese are known as the jews of Asia, as they are very entrepreneurial”.
Really? It’s not because of their creative skills and sense of humour?
It doesn’t matter how we see them. It’s how they see themselves. If the want to say they are the Jews of Asia, it would explain a lot, esp WW2
“I understand where SIDA is coming from”
He comes from the child sweat shops and rice paddies.
Kelowna cracking down on short-term rentals
https://globalnews.ca/news/5002562/kelowna-crackdown-short-term-rentals/
“The City of Kelowna has revealed new rules for short-term rentals that could affect hundreds of hosts throughout the city.”
>>> “Hosts”. Is that what they are called now ? I call them property speculators and tax cheats.
New
212
Price Change
84
Sold
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TI:12228
Homes could get more expensive in the future due to the wood scarcity? Perhaps Oracle is right…
U.S. plush toilet paper use wiping out Canada’s forests, flushing away the future
Triple digit sales. And these are ones that happened a few weeks ago during the bad weather.
Oooohhh, triple digit sales.
In 2013, which was a terrible year for sales there were already 8 triple digit sales by Feb 26.
Today was the second such day of the year, pumper.
as prices fall sales increase…. weird phenomena
How does that make me a ‘pumper?’
I’m just pointing out numerical facts.
Fake news, wood literally grows on trees. When they run out of old forests they’ll just start planting and harvesting new ones.
Canadian regulator failed to make checks on risky mortgage brokers
https://www.cbc.ca/news/business/canadian-regulator-failed-to-check-risky-mortgage-brokers-1.5034762
Sign the Petition!
“Mr. Morneau, don’t drive up home prices by loosening lending standards.”
Visitors from China help set a new tourism record in B.C.
https://www.citynews1130.com/2019/02/26/bc-tourism-record/
“More than 750,000 tourists from China visited Canada last year.”
>>> see how lucky we are ?
That would be alright as long as all their tourist visa is up to 3 weeks at most. Anything beyond doesn’t make sense and is not either environmentally or socioculturally friendly for the local population.
If each tourist brought $10,000 into the country, that would be $7.5 Billion.
….a simple 7% house price correction for first time buyers makes homes as affordable as an increase to a 30 year amortization does at current prices.
https://mobile.twitter.com/rosskay/status/1100436735559954432
It also means less total debt for that buyer.
Lower home prices also generally means more equity and more market resistance to negative equity in a downturn. At current valuations an alarming amount of Canadians are already in negative equity, and the correction hasn’t even really gotten started.
Anybody who bought a year ago has lost value, but those units aren’t yet built. It might get interesting when those 2018 presales head to completion. Tick tock. If it starts to go downhill, it could snowball. The more that prices fall, the more people get into negative equity, which means more supply, which means even lower prices which means more underwater people…
Lower prices also mean more first time buyers can get in without having to enslave themselves to a lifetime of mortgage serfdom…
“more underwater people…”
Means more people who won’t be participating in the real estate market for the next decade or two.
They deserve a long time out for being so dumb.
Has anyone ever told you what a creepy motherfucker you are?
I mean, today.
It looks like SIDA has been stalking you for close to 10 years. Complete loser.
That’s right, the only way to see something old on the internet is to observe it the first time it’s published and then memorize the link – just in case. I chose in this instance to get it as a tattoo so that I wouldn’t forget.
You either memorized the link or spent endless time searching for the 10 year old blog post. Obsessed either way.
Or how about neither of those?
You really are delightfully dumb.
Okay we will stick with your tattoo of BPOM blog posts explanation. Even more obsessed than I thought possible. Complete creep.
FOMO turns fear of being priced out to “priced IN”