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!
FIRST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Looks like Xi will be coming to US to beg and grovel before Trump for a trade deal:
https://www.zerohedge.com/news/2019-02-22/trump-xi-talks-meet-mar-lago-next-month
Let him eat cake.
No limit to the irresponsibility of China, refusing to take back their garbage
https://www.zerohedge.com/news/2019-02-21/us-cities-face-moment-reckoning-china-halts-trash-imports
“… which arose from Beijing’s desire “not to be the world’s landfill”
oh man… what an opening for some really good jokes …
They produced all this garbage, they should take it back.
Although, it would be much more efficient if all products made in china were transported directly from the factories to the landfills.
B.C. real estate audits reveal widespread tax evasion
https://www.richmond-news.com/b-c-real-estate-audits-reveal-widespread-tax-evasion-1.23643194
“After reporting a record number of B.C. real estate audit assessments in 2018 – amounting to $140.7 million – the Canada Revenue Agency is expected to receive a treasure trove of data from the B.C. government tying home ownership to income declarations…
Complex audits are bound to follow the submission of speculation tax declaration forms, policy and tax experts suggest.”
This is what opposition to the spec tax is really about. The RE industry doesn’t care about 1% of property owners paying an extra tax, what they care about is elimination of fraud and tax evasion from the RE market.
It’s not a speculation tax. If it were it would target those who speculate.
You’re right, it’s a LOCUST tax.
It should be tripled.
It’s a real shame that Patriotz won’t condemn your uneducated dumbfuck racism.
Get over the racist crap. Nothing has changed over he last few decades.
Want proof? There will be wars in the future started by differences and they will be flamed by physical differences. It’s in our nature.
If China could, they would destroy Canada and take over this land. Let’s not kid ourselves.
1930’s redux.
1930’s?
Is there any chance you could demonstrate your genius just once by predicting something which will be proven out within a reasonable timeframe? You seem to rely on the fact that nobody will remember your nonsense when the time comes. It became tedious a long long time ago.
The province is estimating it will collect $642 million over the next four years from the newly implemented BC speculation and vacancy tax, aimed at satellite families and those who leave their secondary urban homes empty for most of the year.
$160M per year total revenue? They obviously do not plan on taxing the satellite families. $160M is equivalent to taxing 4000 $2M homes at $40,000 each per year. That wouldn’t cover HAM in Point Gray.
New
122
Price Change
51
Sold
72
TI:12113
4 day CNY bump over?
We’ll see next week if we’re back to sub 80 sales numbers.
Let’s all ignore the weather and fixate on the mythical waves of foreign buyers, shall we?
Here are the one off events that affected the market in February.
Snow affected listings
CNY affected sales.
A simple lesson for an even simpler person. I hope you will remember what you learned today.
You think the weather doesn’t impact sales?
Yes, but there is roughly a 2 week delay in reporting sales, so we haven’t yet seen what effect the snow has had on the market.
Listing on the other hand are real time, so we’ve already seen how the weather of the past 2 weeks have affected those.
You’ve been posting here 10 fucking years yet I still have to explain the most basic shit to you.
Are you ever going to learn something from hanging around this blog like the worst stench known to man, or are you satisfied to just be the resident prick who only exists to be annoying?
You really do need everything spelling out to you, don’t you?
If sales indeed dip in the coming days will that still be evidence of your CNY bump or is a dip expected due to the recent snow?
It depends how much sales dip.
Will they average 70’s like before or even lower?
Apology accepted.
No day passes without fucks being involved in some shenanigans…
“The funds mostly came from two bank accounts controlled by Bossteam co-founders Yan Zhu (a.k.a. Rachel Zhu) and Guan Qiang Zhang. The BCSC froze the accounts during its investigation.“
https://www.burnabynow.com/news/millions-recouped-from-devastating-burnaby-ponzi-scheme-1.23642609
“The BCSC has not been able to identify any other assets belonging to Zhu and Zhang. Zhu, who was living in Burnaby as of 2017, and Zhang, who was deported to China in 2012, are permanently banned from various activities in the capital markets”
“Deported to china”.
Such a beautiful phrase, one of my all time favorites.
At an open house in fleetwood area of Surrey. Townhome on sale for $710,000.
Asked realtor why detached in Surrey aren’t falling as much as Vancouver. He stated that the townhomes have caught up in price to detached over the past 2 years.
You needed $500K to move up before and now you only need $300K.
Makes perfect sense. Thanks NDP you a holes. Instead of making townhome prices come down 25% at election time, they’ve pumped them up by 50%.
But keep jumping minions.
And btw, that’s it’s for housing policy for the foreseeable future. Rents up and low end up. Let’s jump FFS.
Just leave for Winnipeg .
Makes sense. Most of the people here are deceitful trolls.
You voted for the NDP. You got what you wanted and you complain.
The most deceitful poster here is you.
It usually appears that way to the brainwashed sheep.
At least you’ve given up pretending to be a house horny immigrant.
WOW WOW WOW JUST WOW
A REALTOR said so?
Hurry and buy or be priced out of the valley forever!!
Stop wasting space.
Is that your intelligent response to the ALR Legislation?
Is that what you posted about? I didn’t bother to read it, same with all your other posts.
“Only Mr. Trump can save China, it is often said at private gatherings, only half-jokingly.”
And only Xi can save Vancouver, only half-jokingly.
What a time to be alive!
Condo #1 has an estimated value of $625,000, rents for $3,100. Price/rent about 200.
Condo #2 has a $500,000 estimated street price, rents for $1,366. Price/rent over 300.
Meanwhile they are carrying a non-deductible $486,000 home mortgage. They are hugely exposed to interest rate increases as well as RE price drops. People like this turn up in the FP and G&M advice columns fairly regularly – BC is full of them.
Sure, because the brainwashed masses think that real estate is a can’t fail investment but they don’t even understand how to run the numbers.
Condo #1 would be a screaming deal in Vancouver.
I don’t know whether you mean objectively or what Vancouver people would think, but note this:
“but the first condo has costs of mortgage interest, condo fees, property tax and utilities that turn the income to a loss…. Its mortgage is $490,000”
With a mortgage balance under 80% of market value, they are running a loss on regular cash expenses (note just mortgage interest, not the whole payment). That’s before maintenance, assessments, depreciation (a non cash expense), rent default/vacancy, or possible higher interest rates.
Either their mortgage rate or strata fees must be unusually high. Or they’ve got an aggressive payment schedule.
Original purchase was much lower… they obviously levered up at some point. A second or a HELCO…
Yes. Condo 1 is a screaming deal. With that rental income if they are under water, then there is more to their story we dont know. I am thinking it was a typo. Maybe they meant to say rental income of $2,100/mo.
I wonder if the rent generated is AirBnb…
Also, original cost 368 and current mortgage 490… 2nd or HELCO not as chea as a first…
Rates have crashed. Check the bond yields. But you already know.
So how low do rates have to go to cover the negative gearing and any drop in value?
Trudeau opening up temporary immigration even more. WOWowow.
This new stream will allow caregivers to import their spouses with a work permit and ask will give their kids an automatic study permit. Before only the caregiver was around.
FYI, there are probably 100,000 caregivers in Canada. Many in lower mainland. Now, hundreds of thousands of spouses and kids will come. And you will pay the education bills. You can’t make this stuff up.
These caregivers work hard and pay their taxes. They are not the problem.
You don’t get it do you? The existing caregivers here can now call their spouses and kids here asap.
Rents will rise and your taxes go to pay for their education. The spouse might just prevent you from getting any pay increases.
But continue genius.
Why would rents rise?
Will the caregivers, their spouses and their children all rent separate apartments?
As for “my taxes” paying for their education, it’s already been pointed out that they will be paying their share of taxes, same as I do.
Naive response.
Most current caregivers live in house with one bedroom in house allocated for her. With this change, the family will have to rent an external place but be reunited with caregiver.
Source: the thousands here in lower mainland who live in house. (Usually the caregiver is a relative who is a beachhead to get another branch of the extended family immigration status). We have some in the extended family as well. Now these relative caregivers will have to rent another place due to space.
I’m really getting tired explaining this common sense stuff to you guys.
“Most current caregivers live in house with one bedroom in house allocated for her.”
Her?
Yes… these caregivers who make HUGE money will just drive up rents… Especially when you factor in they are bringing in all their extended family who are HUGE earners too. Rents going to the moon!!!
I love love love your economic analysis….
Should read – Morneau faces pressure from RE industry to stimulate the market.
“Morneau faces pressure to help first-time homebuyers in March 19 budget” Globe & Mail
“Federal Finance Minister Bill Morneau is facing growing pressure from Canada’s real estate industry to use his March budget to help first-time homebuyers as house sales continue to slump in many major markets.”
“While there is no broad industry consensus about what changes are needed, the main proposals on the table include modifying new mortgage stress-test qualifying rules, expanding the 25-year amortization period for insured mortgages, increasing the amount first-time buyers can take from their registered retirement savings plan for down payments, and raising the first-time homebuyer tax credit.”
“expanding the 25-year amortization ”
So Morneau is going to morph into Flaherty now.
Does anyone still doubt that the Lib and Con parties are both shit?
Count the NDP in , too. Jagmeet is also supporting 30 mortgages.
https://globalnews.ca/news/4981158/ndp-leader-jagmeet-singh-proposes-new-housing-measures/
“He also would like to re-introduce 30-year terms to CMHC-insured mortgages for people who qualify for mortgages but need extra room in their budget.”
And Scheer;
https://www.cbc.ca/news/politics/scheer-town-hall-north-york-1.4985499
“Scheer said the Conservatives would improve housing affordability by increasing the supply of homes by making it easier for new units to come onto the market, while making it easier to qualify for mortgages. “
Clearly the only solution to too much debt is more debt… Everyone knows that..
This can only end well…
First time home buyers raiding their RRSP for a down payment…I’ve got a better idea….how about moving away from more debt and letting inflated home prices fall.
As much as I hate the PC party, I will vote for them in oct as the Liberals are just evil and have to go.
China Expandable container house —10 minutes one house!
https://www.youtube.com/watch?v=mya2cMDACKg
It’s a cool idea, but I have a feeling it would be really leaky at the edges. Finding a way to seal it up would be the hardest part.
Chinese can build (modiify) anything. The bigger issue is currently the status of housing itself. Thebanks and government consider it Currency . Housing in prefab, like the video, Represents the speeding up of the currency printing press. You must abstract tHIS idea to see the future potential.
This blog silent on the ALR changes. Hahaha.
Anyone want to post a link t the legislation and tell me what they’ve banned? Exemptions you can fly a Boeing 747 through.
Waiting….
are you off your meds again ?
Just answer the question. Are you happy with what the ndp did on the ALR mansion files?
Aren’t you busy going to all those open houses in the valley to count the traffic?
Definitely too busy to find his own link despite it being his favourite topic.
What proportion of sales are on the ALR, Oracle?
Yup. This blog is totally ignoring that issue. It’s not in any way ignoring you and the relentless stream of crap that comes from you.
You should keep posting. If you can average a contribution of over 20% of comments on the next five articles posted here, it would be really impressive.
seriously?….all this hoopla over a $5000 donation to BC Children’s hospital?
“The Enhancement Initiative aims to raise $14 million to help create a state-of-the-art facility…”
Great job ASPAC now they’re 0.00035% of the way there! Honestly from a company with as much money as ASPAC anything less than high 5 figures is insulting and obviously they gave the minimum amount to get some cheap publicity. They sell hundreds of ridiculously overpriced condos to morons, and can only scrape up $5 grand. Pathetic…
How much was your donation?
this photo op probably cost taxpayers more than $5000 to orchestrate
More bullshit from bullwhip
Being a whiny little shit sure comes easy to you, eh?
Airbnbs thriving in Richmond
https://www.richmond-news.com/opinion/letters/letter-airbnbs-thriving-in-richmond-1.23642598
The fines need to be increased. I remember reading one McMansion short term rental was renting like 7 rooms and so far they’ve only fined them like $2000. $2000 is just a tiny cost of doing business when they’re probably raking in like $10,000+ a month.
FP: First-of-its-kind registry in B.C. targets under-the-radar condo flippers
https://business.financialpost.com/pmn/business-pmn/first-of-its-kind-registry-in-b-c-targets-under-the-radar-condo-flippers
Wait, whoracle is about to tell how this is totally meaningless and the NDP have done nothing and failed yet again.
Yes, the 747 can fly right through this… the caregiver immigrants are still buying all these condos… buy now or be priced out forever….
Saved Oracle a post…
Scramble crosswalks coming back to Vancouver in pilot project
https://bc.ctvnews.ca/scramble-crosswalks-coming-back-to-vancouver-in-pilot-project-1.4308880
>>> imagine that, the dumbf&#ks running the city think we’re Tokyo now and don’t realize this latest and greatest waste of money to further highlight that this hicktown is world class will only morph into another absurd location for even more dumbf&#ks to take selfies…
@ bullwhip29
You must not be a pedestrian…try waiting through two lights to get to the opposite corner in Vancouver rain…all the while trying to avoid the guy making a right turn who always seems to be in a hurry….we finally are catching up to the rest of the world. Tokyo has had these for a while and for good reason…lots of safety advantages.
drivers will still run the lights and shoehorn their way into pedestrian traffic when making turns even after such measures are taken. i maintain that a change like this will confuse drivers even more and we all know many of them are confused/distracted/noncompliant enough as it is
Holy crap… this is ORACLE level of stupidity
Three people were rushed to hospital following what firefighters called a “serious crash” at the foot of Vancouver’s Burrard Street Bridge
https://bc.ctvnews.ca/3-injured-in-serious-crash-near-burrard-street-bridge-1.4312614
Changing the subject was your best move.
Bullwhip is the guy making that right turn.
have you ever walked anywhere in your life? This makes walking orders of magnitude better.
I should have made myself more clear. my primary concern is all the dumbf&#k drivers as evidenced by the daily chaos at No 1 and Moncton or even many of the newly created roundabouts installed all over the lower mainland or for that matter 4-way stops which still continue to baffle way too many. perhaps i am wrong and the problem is more of a respect/responsibility issue vs lack of skill? anyway, until people get with the program in terms of basic driving skills, we are in no position to even consider such measures.
4 way stops are a pretty stupid concept, especially in places where there are many pedestrians. Equally stupid are intersections where you need to wait for a pedestrian to stop traffic for you.
Conversely I’ve never observed a problem at the scramble in Steveston. From the drivers’ perspectice it’s just any other “no turn on red” intersection.
drivers in richmond haven’t yet grasped “stopping on red”
Is there anything you won’t lie about to avoid admitting your error?
Are you oracle?
First-of-its-kind registry in B.C. targets under-the-radar condo flippers
“The register is one part of the New Democrat government’s 30-Point Housing Plan to address housing affordability.”
Beautiful
New
266
Price Change
108
Sold
78
TI:12203
Early spring.
The groundhog says 6 more years of crappy sales.
Blame the Stress Test….high inflated prices after years of loose lending and artificially low rates certainly can’t be a factor.
And we have “Norwegians” too…
Calgary duo fined millions in one of the ‘worst frauds perpetrated in Alberta’
https://www.cbc.ca/news/canada/calgary/alberta-securities-commission-fraud-1.5032729
Albertan’s are amateurs when it comes to fraud.
The only reason this is the biggest fraud in their history is because the chinese haven’t set up shop there yet.
Exactly, I just felt being a bit compassionate for a moment but you are right, they are unbeatable when it comes to frauds and deception. .
Jag is in the house!
People’s party hits double digits, conservatives may be in big trouble this fall.
That’s ok, they’re fake conservatives anyway.
He was only voted in for 2 reasons 1. He’s Indian, and 2. He’s the most famous candidate. The vast majority of people who voted for him have no idea what his politics are like. You know, his politics, literally the only thing that you SHOULD care about when voting for someone.
He won because it’s an NDP riding, and he’s the party leader. The Liberals’ pratfalls and the Conservative/PPC split helped too. There are actually few Sikhs in Burnaby South and if anything his ethnicity and religion cost him votes.
“his ethnicity and religion cost him votes”
As it will nation wide this fall.
Genius move by the NDP, dropping this useless leader into a “can’t lose” riding so that they can get massacred in the federal election.
Jenny Kwan was there last night, wildly celebrating as if she’d just won a free trip to Disneyland.
Surrey particle board houses to the moon. 1000% gains by 2025, get in now or be buried in the basement suite you are renting forever.
You’ll eat your words. Remember this.
You will eat my kachi.
This is obviously a fake account. There’s no one dumber than Oracle.