Vancouver condo prices go negative

Sales down, inventory up and prices are down for condos in the greater Vancouver area :

The price of a condo in Greater Vancouver is coming down. REBGV reported a benchmark price of $658,600 in January, down 0.8% from the month before. This represents a 1.7% decline compared to the same month last year. In the City proper, condo apartments in Vancouver East fell to $530,500, down 3.9% from last year. In Vancouver West prices fell to $783,400, down 3.6% from last year. Prices are falling, but they still have a long way to go for typical incomes.

Read the full article here.

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KickThemOut
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KickThemOut

FIRST!!!!!!! BOO YAAA!

Hyper-mega-Bull
Member
Hyper-mega-Bull

China’s CRISPR twins might have had their brains inadvertently enhanced
New research suggests that a controversial gene-editing experiment to make children resistant to HIV may also have enhanced their ability to learn and form memories.

https://www.technologyreview.com/s/612997/the-crispr-twins-had-their-brains-altered/

Laibach
Member
Laibach

“Identical twins are useful for this kind of genetics research because they, of course, have identical genes. Any differences between them, therefore, must be the result of environmental factors. This makes sets of twins perfect for isolating genetic factors by comparing and contrasting their bodies and behavior.

Mengele assembled hundreds of pairs of twins and sometimes spent hours measuring various parts of their bodies and taking careful notes. He often injected one twin with mysterious substances and monitored the illness that ensued. He applied painful clamps to children’s limbs to induce gangrene, injected dye into their eyes – which were then shipped back to a pathology lab in Germany – and gave them spinal taps.”

https://allthatsinteresting.com/josef-mengele-nazi-experiments

Simple Solution
Member
Simple Solution

This is awesome. Maybe since it already exists he can take credit for asking for it.

What a MORON. cant even get his talking pints right…

https://globalnews.ca/news/4981158/ndp-leader-jagmeet-singh-proposes-new-housing-measures/?utm_source=%40globalbc&utm_medium=Twitter

Canada is for Canadians
Guest
Canada is for Canadians

Is this clown the best that the NDP can do for a leader? Where are the Tommy Douglas types now days ?

Canada is for Canadians
Guest
Canada is for Canadians

Huawei to continue to work with consumers even if banned in Canada: chairman

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=huaweii&mobile=false

>>> I sure hope this company is banned from Canada. They are just a spy front for the CCP.
MengMeng also needs to be extradited the the USA to face justice. Lock her up.

Laibach
Member
Laibach

It is a traditional business model where they don’t give a shit on bans or restrictions.

It appears that a City of Richmond fine and warning hasn’t stopped a “hotel” in west Richmond from opening its doors for business, illegally.

https://www.richmond-news.com/news/richmond-illegal-hotel-more-active-after-being-fined-ordered-to-close-by-the-city-1.23640341

Simple Solution
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Simple Solution

and there will be many consumers who will work with them…. pathetic

Madashell
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Madashell

Huawei is a CCP company. Meng wanzhou has special privilege that no ordinary citizen has such as having multiple children, multiple passports, transfer 10’s of millions out of china to buy houses in Vancouver. Ban Huawei.

Laibach
Member
Laibach

“having multiple children…”

Good point and indicator to those Dragon investigators hitting the streets in the hunt for scumbags.

https://www.abc.net.au/news/2019-02-18/chinas-attempts-to-reclaim-money-from-inside-australia/10806228

Selective Memory
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Selective Memory

Meanwhile, the UK, Germany and New Zealand are backing away from a Huawei ban, suggesting that much of the hysteria was whipped up to stoke the US-China trade war.

Big Bear
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Big Bear

Melissa De Genova is now an open apologist for illegal Airbnbs: https://twitter.com/MelissaDeGenova/status/1098613671838703621

bullwhip29
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bullwhip29

what a twit…

Best place on meth
Member
Best place on meth

A progressive millennial feminist.

That’s as useless as they come.

bullwhip29
Guest
bullwhip29
Simple Solution
Member
Simple Solution

Please let me know when Royal Lepage says its a good time to sell….

southseacompany
Member
southseacompany

“A newly released report by Royal LePage forecasts a 7.1-per-cent drop in the median price of a luxury home in the region in 2019. That’s a difference of about $410,000.”

Strange to be saying it’s a great time to buy, and at the same time predicting further significant drops.

Simple Solution
Member
Simple Solution

Its always the BEST time to buy… preferably through Royal Lepage, so they can make their commission!

bullwhip29
Guest
bullwhip29

A propaganda app that puts China’s powerful President Xi Jinping in anyone’s pockets has become a hit in the country — with a helpful nudge from Communist Party officials
https://www.richmond-news.com/news/asia-pacific-news/xi-cult-app-is-china-s-red-hot-hit-1.23640528

Simple Solution
Member
Simple Solution

https://t.co/moNwzGMpwj

“On the impact of higher interest rates on highly indebted households, Poloz said it is “one reason” why the central bank has been “gradual” in its approach to raising rates.”

Translation: households have fucked themselves and now I am stuck

He also highlighted that recent housing activity is “a little weaker than we expected,” and recent declines in home sales suggests “there may have been more froth in certain housing markets than previously thought.”

Translation: We had no idea what we were doing and now realize we ignored everything that was staring us in the face.

Burnabonian
Member
Burnabonian

LOL.

The closest they can come to juicing real estate with a new round of QE will be slowing down their QT.

That’s like asking your girlfriend if you can put it in her butt, and her counter-offer is that she is willing to sodomize you with a strap-on BUT she’ll spit on it first.

Waaaaiiit a minute.

bullwhip29
Guest
bullwhip29

Hundreds of landlords are still flouting the law almost a year after Vancouver introduced rules around short-term rentals
https://www.cbc.ca/news/canada/british-columbia/how-have-vancouver-s-airbnb-rules-impacted-the-housing-market-1.5026028

Simple Solution
Member
Simple Solution

No consequences… why would they follow any pesky “laws”

southseacompany
Member
southseacompany

In case you missed it – another politician jumps on the “more debt is the solution” solution;

NDP Leader Jagmeet Singh proposes new housing measures, Global
https://globalnews.ca/news/4981158/ndp-leader-jagmeet-singh-proposes-new-housing-measures/

“He (Singh) 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.”

Laibach
Member
Laibach

Sucker, probably just pulled it out from his ass thinking won’t hurt but might bring some vote.

Simple Solution
Member
Simple Solution

Crank it up to 5%. Also get rid of the ridiculous “community gardens” / tax scam

“Given the number of property owners that chose to pay the tax instead of renting their property, it is possible that the current tax rate is not enough of an incentive to rent,” the report notes.

https://www.straight.com/news/1204311/city-vancouver-considers-increase-empty-homes-tax

paulb
Member

New
161
Price Change
69
Sold
87
TI:12074

http://www.clivestevepaul.com

Oracle
Guest
Oracle

Yup. Inventory flat.

Will suck if we have a 11K party.

Here we were counting our chickens before the eggs hatch. We predicted 13K by March 1st. Looks like not even close.

If this keeps up next month and Trudeau cancels the stress test and brings 30 yr mortgages, then all bets off to how high prices will go.

Couple that with 2.79% mortgages.

FOMO 2.0 may be just 1 month away.

Oracle
Guest
Oracle

I urge people here to get ready to buy on a moments notice if this turns out to be true.

Best place on meth
Member
Best place on meth

I urge you to stop pumping real estate and fuck off.

Simple Solution
Member
Simple Solution

hurry and be ready to catch the falling knife!

Best place on meth
Member
Best place on meth

You’re becoming extremely annoying again, pumper.

Please fuck off.

Oracle
Guest
Oracle

Why?

We both predicted 13K by Feb 28 and it ain’t happening. Inventory has stalled at a crucial time.

Why bring fairy emotions into this? I’m a pumper now?? I visited open houses the last 2 weekends and they were very busy in the valley.

Maybe time to get your head out of your as and face reality.

Simple Solution
Member
Simple Solution

You a bit worried about your max levered negative geared “investment”? Worried that there are no more greater fools ready to come bail you out?

Oracle
Guest
Oracle

Dumb idiots going to miss the upswing again. This is not about emotions. This about numbers. If inventory goes at the rate of February for the next few months, prices will rise. Simple truth even if you don’t like it.

Simple Solution
Member
Simple Solution

yup… especially in the valley which is on fire….

Best place on meth
Member
Best place on meth

Athens property boom: Greeks left out as prices rise

https://www.bbc.com/news/world-europe-47237923

“The boom appears to be driven by a controversial “golden visa” scheme, in which non-EU citizens receive residency and free movement in the EU’s Schengen zone, in exchange for investing in property.
The biggest market was Chinese buyers, followed by Russians and Turks, with hundreds arriving at Athens airport every week to be driven around by real estate agents.”

Best place on meth
Member
Best place on meth
Confronting misinformation about B.C.’s speculation and vacancy tax Far from a tax grab, the new tax is simply making sure that our tax system is not being gamed, writes Josh Gordon https://vancouversun.com/opinion/op-ed/comment-confronting-misinformation-about-b-c-s-speculation-and-vacancy-tax “First, many have depicted this as simply an empty homes tax. The tax does address vacancy, as its name suggests, however its main impact relates to satellite families and foreign owners. This point has often been missed in the media and disregarded by critics. Satellite families are households where most of the breadwinner’s income is earned abroad, but the family lives here. In practice, this has meant that these families have typically dodged their income tax responsibilities in B.C. Consider the government statistics on those who have arrived in Metro Vancouver through the investor immigration programs. On average, investor immigrants paid $1,400 annually in income taxes in the… Read more »
YVR
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YVR

“its main impact relates to satellite families and foreign owners”

Lets see how many satellite families actually have to pay the tax. My bet is this turns out to be more like the casino money laundering crack down. A whole lot of talking points with little action. If I recall in their budget this tax would bring in $500 million total per year. That is equivalent to taxing 12,500 $2 million homes. There are 100s of thousands of satellite families and foreign owners so according the the budget 95% or more won’t pay the tax.

Best place on meth
Member
Best place on meth

The Tweet that Reminded How Rich People Amass Homes
Michael Geller’s grousing about speculation tax paperwork was mocked. Really, he did us a favour.

https://thetyee.ca/Analysis/2019/02/21/Tweet-Reminder-Rich-People-Homes-Geller/?utm_source=twitter&utm_medium=social&utm_content=022119-1&utm_campaign=editorial-0219

Poor Michael Geller, the latest victim of a Twitter moment.

After CKNW host Lynda Steele tweeted that filling out the B.C. speculation tax form took her 4.5 minutes, Geller took umbrage. (The phrase “took umbrage,” while admittedly pompous, seems right in this situation.)

Sure, easy for you, said Geller. But the form is a lot of work when you have to look up the names and registration dates of the corporations you’ve created to buy homes, he tweeted.

Canada is for Canadians
Guest
Canada is for Canadians

It takes me so long to count my money …

Laibach
Member
Laibach

All kinds of shit have we cultivated here…

Translator charged with helping hundreds cheat on driving test

https://bc.ctvnews.ca/mobile/translator-charged-with-helping-hundreds-cheat-on-driving-test-1.4305948#_gus&_gucid=&_gup=Facebook&_gsc=GzEYIXi

Best place on meth
Member
Best place on meth
southseacompany
Member
southseacompany

“Canadians using their homes as ATMs in a swooning housing market put financial system at risk: DBRS”, Financial Post

https://business.financialpost.com/personal-finance/debt/canadians-keep-using-their-homes-as-atms-even-as-market-swoons

“Canadians are ramping up borrowing against their homes even as the real estate market slumps, exposing the country’s financial system to vulnerabilities, rating company DBRS said.”

“Home equity lines of credit, or Helocs, reached a record $243 billion as of Oct. 31, or 11.3 per cent of total household credit, the highest share since mid-2015, analysts including Robert Colangelo said in a report Thursday. Borrowing to fund everything from home renovations to car purchases has grown faster than residential mortgages since 2017, and undrawn commitments at the large Canadian banks stood at $120 billion.”

Simple Solution
Member
Simple Solution

Its not a problem… real estate only ever goes up and you can always just refinance the debt…

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

Blame foreigners.

Canada is for Canadians
Guest
Canada is for Canadians

If the US is in a bubble then what the hell are we experiencing ?

southseacompany
Member
southseacompany

“When this man talks about housing markets, people listen — and now he’s deeply concerned”, Financial Post

https://business.financialpost.com/real-estate/u-s-housing-boom-has-the-expert-everybody-listens-to-worried-about-the-next-bust

“Robert J. Shiller, a Nobel Laureate and professor of economics at Yale University, appears deeply concerned about the U.S. housing market. In a recent op-ed, Professor Shiller warned that the U.S. was experiencing one of the greatest housing booms in its history.”

“What concerns Professor Shiller is that the boom cannot go forever. But when the boom will end is anybody’s guess. Also, how the boom will end is again far from certain. Will there be a gradual decline or a catastrophic collapse of housing prices? Only time will tell.”

Hyper-mega-Bull
Member
Hyper-mega-Bull
When this man talks about housing markets, people listen – and he isn’t saying anything at all. “boom cannot go forever. But when the boom will end is anybody’s guess.” boom can end tomorrow or a hundred years from now. what a fantastic prediction! “how the boom will end is again far from certain. Will there be a gradual decline or a catastrophic collapse of housing prices? Only time will tell.” again, another amazing prediction. ‘Not Investing In Vancouver Real Estate, LOL’ – Robert Shiller 2012 Why Do Cities Become Unaffordable? – Robert Shiller 2017 – barriers to housing construction – political barriers – In some cases, a city may be on its way to becoming a “great city,” and market forces should be allowed to drive out lower-income people who can’t participate fully in this greatness to make way… Read more »
StupidityCheck
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StupidityCheck
Oracle
Guest
Oracle

Another one of my “told you so”

The Better dwelling blog and Steve satesky have accomplished what they set out to do when they were made media go to’s

They have successfully forced government to revert policy with their doom and gloom stories. And yet certain idiots here thought they were on their side. Played again after GT pkayed you guys.

Stress tests gone. 30 yr mortgages. Next month.

Simple Solution
Member
Simple Solution

Ah yes. The answer to too much debt is MORE debt!

Wow, thank god we have oracle to inform us.. To infinity and beyond!

They should get rid of the stress test. And also make 500 year mortgages… BUT they should also get rid of the taxpayer backstop the banks enjoy.

I dont give a fuck about how others run their finances – as long as I am not responsible for them when they blow up

Oracle
Guest
Oracle

Hey, don’t shoot the messenger.

Whenever I point out a bullish case, I get crucified like in some ‘pumper’.

I’m just stating what’s happening from my point of view.

Simple Solution
Member
Simple Solution

You are hilarious. I actually enjoy your “analysis”

Get ready to buy ASAP!!!!!

Big Bear
Guest
Big Bear

You haven’t moved to Regina yet?

Laibach
Member
Laibach

Something useful and environmental friendly…

China bars millions from travel for ‘social credit’ offences

https://www.ctvnews.ca/mobile/world/china-bars-millions-from-travel-for-social-credit-offences-1.4308023

bullwhip29
Guest
bullwhip29
Laibach
Member
Laibach

Dominic Cardy for PM!

Doomcouver
Member
Doomcouver

China bars millions from travel for ‘social credit’ offences:
https://www.ctvnews.ca/world/china-bars-millions-from-travel-for-social-credit-offences-1.4308023

Sadly I feel Xi Jinping is doing much more for priced-out Vancouverites than any level of Canadian government.

Simple Solution
Member
Simple Solution

There are many ‘priced in” vancouverites that are not happy

Oracle
Guest
Oracle

That’s the only reason prices are down.

The NDP policy and B20 stuff is all optics and no substance. Note that it’s the west side HAM mansions that have fallen the most in price. Eastern Fraser Valley still going strong.

Simple Solution
Member
Simple Solution

HA HA HA HA HA….

The travel ban is the ONLY reason prices down. You should take a break from all those crowded open houses you go to and head out to YVR arrivals area and let us all know how that travel ban is working out….

Valley is immune to this!!!!! All price drops will be contained to west side only and never move east…

Like I said, I LOOOOOOOVE your ‘analysis’

Canada is for Canadians
Guest
Canada is for Canadians

OTTAWA — Eight days after Chinese authorities imprisoned Michael Kovrig and Michael Spavor, a senior Canadian foreign ministry official urged Canadian students to apply for a program to study in China.

https://www.citynews1130.com/2019/02/22/canadian-students-urged-to-study-in-china-despite-kovrig-spavor-arrests/

Canada: willing to send students into harm’s way for a few dollars …

Laibach
Member
Laibach

One should be an idiot to invest time and money to get useless credentials and degrees. What a lunacy…

Oracle
Guest
Oracle

Hey their pharmacy degree just got approved here.

Equal footing. Bet you can buy one there and practice here.