opinion, politics, predictions, prices

A plan to not help affordability

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174 Comments

southseacompany points out this article about Finance minister Bill Morneaus plan to ‘help‘ homebuyers.

“One of the things Finance Minister Bill Morneau did in the budget on Tuesday was to take steps to fix Canada’s home ownership problem. But who told him Canada has a homeownership problem?” 

“Homeownership rates in Canada are among the highest in the developed world. Even among young people, homeownership rates are high compared to our peers with more than 40 per cent of households led by people under 35 owning homes. And yes, even in Toronto and Vancouver, homeownership rates are high relative to those cities’ global peers.”

Read the full article here.

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geo

Parents “selling” to children to avoid creating a burden if dying owners.
Otherwise, young people with money from overseas; parents sending money to for-ever-students with study permit.
Nice communiti care for the locals, for families…
You do not see how dark are th new buildings?
Nobody’s living there, they’re not for rent – no need for money launderers… , just to own for bad days here , thanks to the poor minded politicians and sly brokers avid to benefit from the manipulation of the market.
Good money, still… is it?

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Oracle

https://www.scmp.com/news/world/united-states-canada/article/3002965/airport-gift-service-rich-chinese-unravels-leaving

Union Pay card.

Apparently HAM buying million dollar watches with them. Looks like there is no $50,000 limit of moving money out of China. How else can you buy a $550,000 watch.

I think the working locals have been lied to yet again by local media and vested interests.

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Simple Solution

Awesome to see a local scumbag get nailed by CRA for this scam…

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Dave

Sell a house for part cash and get a watch tax free. Win-win

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Big Bear

Legal?: https://www.airbnb.ca/rooms/31838600

Quote: “I also provide 24 hour transportation to any destination you desire and am available for picking up and dropping off to Vancouver international airport.”

Triad-run operation?

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Laibach

How about “massage” and gynecology services?

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bullwhip29

The RCMP is investigating dash cam video showing a Bentley going the wrong way on the Coquihalla Highway this week
https://bc.ctvnews.ca/video-shows-bentley-going-the-wrong-way-on-coquihalla-highway-1.4348402

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Shut It Down Already (original)

“Raymond Campbell, the general manager of Coquitlam’s DriveCo Motors, said the Bentley was stolen from his Langley home early Thursday, scuttling his plans for a drive to work with the top down on a sunny Thursday morning.”

Bullwhip continues to embarrass himself with his implied dumbfuck assumptions.

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Canada is for Canadians

He posted a link to a CTV news article.
What “implied dumbfuck assumption” was he making?
It seems you are the one making the assumptions here …

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YVR

Projection. Typical SIDA. He has had a bad week.

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Shut It Down Already (original)

Bullwhip posts shit like this for one reason only. It doesn’t surprise me that you’re too dumb to see it, or otherwise think everybody else is too dumb to buy your bullshit.

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Best place on meth

Flashback to 1 year ago, almost to the day:

B.C.’s attorney general looks to rally the feds in his fight against money laundering

https://globalnews.ca/news/4096792/david-eby-ottawa-money-laundering/

B.C. Attorney General David Eby is heading to Ottawa to speak before a parliamentary committee that’s reviewing the nation’s anti-money laundering controls next week.

Speaking on The Jon McComb Show, Eby said he’ll talk about federal laws and how agencies like Revenue Canada play a role in illegal activity.

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Doomcouver

Mission Accomplished

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Best place on meth

And from 4 months ago:

“In September, Eby announced that his office was expanding its money-laundering review to include property and luxury car sales. A mandatory landownership registry is also in the works. Eby has pleaded with federal politicians to provide more legal and investigative resources, without much success. “They’ve been ignoring the tax issues. They’ve been ignoring the international criminal issues,” he says.”

https://www.scmp.com/magazines/post-magazine/long-reads/article/2172269/what-next-vancouver-city-awash-too-much-chinese

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paulb

For the week:

New
1147
Price Change
456
Sold
467
TI:13227

Sorry gang, was skiing with the family all week at BigWhite. Was awesome. Nothing but sunshine. Back to daily’s next week.

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Oracle

Thanks Paul!

Your input is greatly appreciated by those of us without access to MLX.

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Best place on meth

Don’t ever apologize, Paul.

Thanks for all you do, happy to hear you had a great time with the fam.

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franko

Welcome back!

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bullwhip29

Richmond luxury car detailer ordered to pay back $240,000
https://www.richmond-news.com/news/richmond-luxury-car-detailer-ordered-to-pay-back-240-000-1.23768152

>>> business as usual in Ricnmond…

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JT sucks

Hey bullwhip, would it be a great hardship for you to change your avatar?
I’m getting tired of wiping the puke off my keyboard every time I look at it.

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Best place on meth

What, a mock hanging of Turd makes you feel sick?

It gives me a fucking woody.

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JT sucks

Never looked close enough to notice the noose.
Will need to reconsider now.

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Simple Solution

Just noticed the noose…. Keep the avatar please

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Shut It Down Already (original)

And you call others “traitor”.

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Best place on meth

Fuck off, traitor.

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Shut It Down Already (original)

I bet one day you’re going to regret littering the internet with your bullshit opinions.

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Canada is for Canadians

“The employee added that customers often paid Li in cash, which didn’t make it into the company’s account.”

and tax fraud ….

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Simple Solution

Of course… Being contributing members of society and paying taxes is against everything most of these people stand for

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bullwhip29

Help clean up Richmond’s Garry Point Park this Saturday
https://www.richmond-news.com/community/help-clean-up-richmond-s-garry-point-park-this-saturday-1.23768232

>>> what a complete and utter $hithole this city has turned into…

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Shut It Down Already (original)

Are you going to go and help or just bitch about it?

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Best place on meth

I wonder how many new locusts will turn up to volunteer.

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Doomcouver

Littering is part of mainland Chinese culture. Stop being sinophobic and go throw some garbage on the ground at Garry Point.

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bullwhip29

Fu Li Yu and Jing Yang, a couple from Belcarra and a corporation are taking the City of Richmond to court over farmland building permits they say were unjustly cancelled prior to new, more restrictive, home size regulations being adopted by city council in December
https://www.richmond-news.com/belcarra-couple-and-corporation-sue-city-of-richmond-over-farmland-mega-mansion-row-1.23768167

>>> the timeline these weasels are describing makes no sense…

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Best place on meth

“a couple from Belcarra”

Hilarious, these litigious locusts are from “Belcarra”.

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Doomcouver

Really hope they’re forced to rip down part of this monstrosity. It was going to end up being an illegal hotel anyways.

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franko

The mystery of why Gerry Butts resigned is becoming pretty clear now that he has brought Canada to the brink of a serious recession.
https://business.financialpost.com/opinion/gwyn-morgan-talk-about-collusioun-how-foreign-backed-anti-oil-activists-infiltrated-canadas-government
He has successfully managed to kill our resource industry and to scare any potential investment out of Canada.

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franko

My other guess is that Canada is ALREADY in RECESSION, and today’s inversion of the yield curve is just a formality.
It may take a while for that to sink in to the great unwashed, but it will be the final nail in the coffin for out housing market when it does.
The first to sniff this out will be HAM, and it would be ridiculous to assume that Canada will get off as easy as it did through the 07-08 recession. This time around it will lead the charge with Vancouver at the forefront.

The good news is that Trudeau will be toast!

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Simple Solution

07-08 recession was avoided by expanding credit…. not sure how much more credit can be stuffed down the consumer throat…

This is going to be fugly

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franko

Extending credit didn’t help the US to avoid the housing crash or the recession in 07-08 who printed more money than anyone else. In fact, the housing crash contributed to the recession. Canada having escaped the housing crash of 07 only means it has farther to fall this time around.

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Simple Solution

This time its different for sure. In 07-08 household debt was under 80% of GDP… Today it is over 100%.

We are about to find out what happens when on economy built on selling homes slows down

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Doomcouver

What will likely happen is an extremely deep recession while the unbalanced GDP composition normalizes. The amplitude of the recession and how much cheaper houses will be is the only mystery at this point. I can’t see us escaping 2019 without entering recession.

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Canada is for Canadians

Nature abhors a vacuum …

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Joe Money

My guess is that the world is in a liquidity trap, caused by the massive tidal wave of money banks released into the economy after 08, and no one knows how to get out of it.

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Canada is for Canadians

Canada sees largest influx of immigrants since 1950s: Statistics Canada

https://www.citynews1130.com/2019/03/21/canada-immigration-influx/

“Statistics Canada says the number of people immigrating to this country between Oct. 1 last year and Jan. 1, hit more than 70,000.”

here’s some stats Oracle will believe in …

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Canada is for Canadians

and …
Last year marked the largest influx of immigrants Canada has since the first World War, according to Statistics Canada.

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Doomcouver

No mention that 2018 emigration (aka. people fleeing Canada) is highest in at least 18 years at 69,550 people leaving (all that I can find data for). Let me know if anyone can find emigration data before 2000 I’d be very interested to look at it.

When we hit our next overdue recession emigration will spike and immigration interest will dry up. Negative migration numbers are well within the realm of possibility.

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Oracle

LOL.

Canada has no exit tracking system. Thus emigration numbers are estimates from vested interests.

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Shut It Down Already (original)

Oracle is confused again.

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Spec

“Confused” and “lying” are not synonymous even though the end result is folks being mis or ill informed. Consider that nit picked.

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Oracle

If Specku, SIDa, and simpleton had an Iq above mean, maybe then I’d listen to them. These guys are like annoying houseflies to me.

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Simple Solution

Oracle just applies his nuclear powered random bullshit generator to anything that doesn’t fit his narrative…

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Simple Solution

It is truly awesome how much of a moron you are…

There is NO WAY to track emigration? Of course not! The government can’t just count up the number of people who file taxes and fill out the section that says:

“If you became or ceased to be a resident of Canada for income tax purposes in 2018, enter the date of:”

No way they can do that right?

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bullwhip29

The country added 71,131 immigrants in the final three months of 2018, for a full year increase of 321,065, according to the latest estimates released Thursday by Statistics Canada in Ottawa.

The annual increase is the largest since 1913
https://nationalpost.com/news/canada/canada-sees-300000-new-immigrants-the-largest-influx-in-a-century

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Oracle

Looks like PaulB has left the people here high and dry. Just as the numbers are skyrocketing.

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Simple Solution

High and Dry? He probably got tired of all the random Bullshit on the site and cant be bothered to come back.

What numbers are skyrocketing? Listings? Sales? Price changes? Traffic at open houses? Mexicans changing their names and getting new passports to re enter canada after being kicked out?

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Burnabonian

In a post-Christchurch world, who can blame him.

Also, for the same reason, Burnabonian out.

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Oracle

Looks like it will be left to the visible minority immigrants to vouch for lower immigration levels as the white folk are afraid of being called racists. Lol

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franko

My guess would be that he took his flock on a well deserved spring break.

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Best place on meth

Correct.

Hopefully he enjoys the full two weeks somewhere far away from this city.

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Oracle

Canada bond yield have broken the 1.5% level. They were at 2.5% a little less than a year ago.

That’s a 40% drop.

Mortgage rates are headed to record lows. Couple that with no new policy coming from the NDP. And trudeau’s low end incentives. And record immigration.

People here, you need to get more vocal about housing rather than attacking me.

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Simple Solution

So when you add that all up what do you get? FOMO? So nothing really new here….

How do you factor in the record household debt? Or the slowing global economy?

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Oracle

I just posted numerical facts and policy changes. Interpret them how you want.

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Simple Solution

But Dad, we are looking for your guidance and wisdom.

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Doomcouver

No, you post numerical lies and non-existent policy changes. I interpret everything you say as complete fabricated propaganda.

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Oracle

Ok. So bond yields are hitting record highs!!!! Happy?

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Simple Solution

So if interest rates go to 1% and home values go down 10% how long before I am priced out forever?

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Best place on meth

“People here, you need to get more vocal about housing rather than attacking me.”

Why can’t we do both?

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southseacompany

“Budget’s real estate top-up could push up the price of cheaper homes: Don Pittis”, CBC

https://www.cbc.ca/news/business/budget-housing-millennial-1.5064021

“Here in Canada, where house prices never crashed, the Bank of Canada was forced to follow the Federal Reserve in cutting rates. While it offered businesses cheap investment cash, it sent Canadian home prices into the stratosphere, making them an investment target, including for foreign buyers who only compounded the problem. And it left many Canadians mired in debt.”

“a simple market analysis would suggest the injection of more than a billion dollars in new spending into a narrow area of the market will lead to a small, relative increase in demand and push prices higher than they would have been otherwise.”

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southseacompany

“A star investor in ‘The Big Short’ is betting against Canadian banks’, Business Insider

https://www.businessinsider.com/the-star-investor-in-the-big-short-is-betting-against-canadian-banks-2019-3

“Steve Eisman, the hedge-fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the Canadian housing market.”

“”I’m calling for a simple normalization of credit that hasn’t happened in 20 years,” Eisman said in an interview with the Financial Times. “

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Make Trudeau a Drama teacher again!

Wonder if this will have any affect on the market here. Fixed mortgage rates are diving. Here’s where to get the best deals
ROBERT MCLISTER
THE GLOBE AND MAIL
March 21 at 3:31 PM PT
This housing market has nine lives, and I’m not sure which one it’s on.
Its latest saviour comes from fixed mortgage rates, which are falling like rocks. They’re following Canadian bond yields, which just hit a one-and-a-half-year low.
The net effect: Payment burdens are easing for hundreds of thousands of borrowers. And even the mortgage stress test should get easier to pass once big banks decide to cut their five-year posted rates.
This latest rate dip is largely thanks to the U.S. Federal Reserve. On Wednesday, it told the world that U.S. interest rate increases are virtually off the table this year. Fed officials now project just one measly hike through 2021.… Read more »

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Selective Memory

Depressingly familiar. The banks will give cheaper rates to buyers with smaller down-payments. What better indicator of the market-perverting effect of CMHC insurance.

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bullwhip29

Housing Is a Magnet for Money Launderers in Toronto
https://www.bloombergquint.com/onweb/housing-is-a-magnet-for-money-launderers-in-toronto-study-says#gs.2ll84s

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bullwhip29

A 19-year-old man, who was driving a BMW X5, had his licence suspended and car impounded after police say they clocked him going 254 km/h on a highway west of Toronto
https://globalnews.ca/news/5083900/driver-speed-limit-mississauga/

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bullwhip29

EOK decals allow electric vehicles unfettered access to HOV lanes in B.C., but some have been faked or stolen
https://www.cbc.ca/news/canada/british-columbia/life-in-the-hov-lane-are-some-drivers-using-a-little-decal-to-game-the-system-1.5061259

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YVR

I doubt the cops even look for the decal. They look at the vehicle and number of drivers not the rear bumper. The decal was a dumb idea. Motorcycles don’t need a special decal to drive in the HOV lane.

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Guest

What happened to numbers?

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Shut It Down Already (original)

Paul got tired of all the bullshit.

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Best place on meth

Too bad you never do.

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Shut It Down Already (original)

Yes, that’s exactly the kind of bullshit I was referring to. Well done.

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Dave

Can’t keep up with all the weekend sales.

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Bag it and tag it

you mean listings…

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xyz

Federal budget’s mortgage help is of limited assistance in markets like Metro Vancouver The feeling in the industry, said Ron Antalek, Desautels’s realtor in Maple Ridge, is that the stress tests have overshot their objective. “I think the policies have over-corrected (the market),” said Antalek of Re/Max Lifestyles Realty. Antalek added that it would have been better if the new incentive had exceptions on the upper limit for the Metro and Toronto markets raising the top price to $580,000. —————————— “I’m happier than I could have been (with the federal budget),” said Davidoff, director of the centre for urban economics and real estate at UBC’s Sauder School of Business. The measure, which helps decrease the size of mortgages buyers are taking on, while leaving the stress test intact, helps reduce the default risk on loans, Davidoff said. https://vancouversun.com/news/local-news/federal-budgets-mortgage-help-is-of-limited-assistance-in-markets-like-metro-vancouver Two takes… Read more »

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bullwhip29

Fraser Valley power-substation-turned-luxury-mansion hits the auction block
https://globalnews.ca/news/5080714/powerhouse-mansion-auction/

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patriotz

Oh boy, another “auction”. I remember driving by the place years ago. It’s up against the hill at the southern end of the former Sumas Lake. Note that the railway is still active.

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Bag it and tag it

perfect front yard to raise a family

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bullwhip29

all the money in the world and not a clue what to do with it…

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Doomcouver

OMG I had some morbid curiosity, and this place is directly in front of an active rail line, the SRY Rail Link. Here’s an example of the trains you’d get to see out your window all the time if you paid these morons $3 million:
https://www.youtube.com/watch?v=yOdHeSjjjEY

Just more evidence that housing market greed has made people completely lose their minds. I wouldn’t live in that place for free, the train noise would make you go crazy… almost as crazy as an Abbotsford housing market speculator.

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YVR

Assessed value is $2.2 million with about 1.3M for land and $0.9M for the building.

Arguably one of the worst locations in Abbotsford with a building most people would have torn down down rather than sink in $100s of thousands to make it into a weird house. They would be lucky to get $1 million.

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bullwhip29

B.C. drivers paying up to 60% more for vehicle insurance than Albertans, says new report
https://www.cbc.ca/news/canada/british-columbia/b-c-drivers-paying-up-to-60-more-for-vehicle-insurance-than-albertans-says-new-report-1.5065808

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Simple Solution

Time to just stick a fork in ICBC and let private insurance do the job. What will happen then is that my 8 year old honda will be way cheaper to insure and the super car driven by an N driver with a license swapped out from some overseas authority will be uninsurable….

Perfectly fine solution for all involved

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Simple Solution

Privatizing ICBC is a business model even the government couldn’t screw up… Just allow private insurance companies to sell insurance. Government can charge $150 annually for the plates and stickers. That will cover the cost of operating the Motor Vehicle Branch.

Result will be uninsurable idiots would not have subsidized insurance.

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bullwhip29

except for the part that ICBC would be broken up, carved into little pieces and the best parts given away for pennies on the dollar to an newly created entity headed up by former ICBC mgmt. sorry, those supercar N drivers won’t be going anywhere and will effectively become legacy policyholders for as long as they want. of course, the kicker will be the big “one time” charge to be borne out by the actual taxpayers of BC for decades to come.

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Shut It Down Already (original)

ICBC has zero value.

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Simple Solution

only value is buying votes by providing insurance for those who would not be insurable.

I am actually SHOCKED the government doesn’t have a life insurance business that exclusively caters to low cost life insurance for terminally ill patients in palliative care….

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Oracle

Problem is the icbc stakeholders pay off the bureaucrats and politicians under the table.

Why on earth is an Autoplan licence now $1 million+????

And bodyshops get $135/hr for labour??? They pay their employees areiund $20-25. WTF?

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Shut It Down Already (original)

Autoplan licenses are $1m because you’re allowed to pay cash and it’s the perfect way of laundering money. Every house that sells below list is just another Autoplan office being opened.

Trust me, they’ll be 6-8 per block before long.

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Oracle

LOL. Commie tries to be funny.

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Best place on meth

He’s slightly funnier than testicular cancer, just by a hair.

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geo

Real Estate the global heaven of laundering money, …

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Simple Solution

Ya, right…. except you miss the main point…. ICBC has Z E R O value. so it wouldn’t be broken up… just folded.

Remember this is all fantasy so just go with me on this. We all know the government has no ability to do anything that makes sense…

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Bag it and tag it

Same as Nova Scotia. Provinces with low insurance fraud rates and low numbers of foreign immigrants.

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Shut It Down Already (original)

Please provide your breakdown of insurance fraud by province.

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bullwhip29

Hong Kong Motorist Blames Computer For Crashing Tesla
http://ananova.news/tesla-driver-blames-computer-for-crashing-model-3/

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bullwhip29

in related news…

Driver dead after Tesla crashes into pole on Lougheed Highway
https://bc.ctvnews.ca/driver-dead-after-tesla-crashes-into-pole-on-lougheed-highway-1.4340542

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bullwhip29

Driver in hit-and-run likely knew they’d struck 2 pedestrians
https://bc.ctvnews.ca/driver-in-hit-and-run-likely-knew-they-d-struck-2-pedestrians-police-1.4346104

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