Well, well, well. Will you look at that, it’s Friday already!
And that means it’s open topic thread time again, here are a few recent links to kick off the chat:
–RBC warns against stoking home prices
–BC money laundering an ’emergency’?
–End of the month inventory
–7% correction same as 30 year mortgage
–Soft landing
So what are you seeing out there?
Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!
[…] southseacompany, this little tidbit over at Global News on sales […]
who knows what to believe here? it is possible the chinese are just spinning this to make Canada look bad when in reality he may very well be a spy working for china.
Yields are signalling that the Bank of Canada will take rate hikes right off the table
https://business.financialpost.com/news/economy/bond-traders-are-trimming-bets-on-bank-of-canada-hikes
That’s extremely bullish for housing. Full stop.
Not really. Rates fell during the US bust. If rates are falling because the economy is weakening, that’s pretty bearish for housing.
And if the economy is weakening because housing is slowing…
are you saying that home prices are supported by fundamental factors like the economy?
I’m saying a slowing economy won’t help a weak housing market — even if rates go down.
So how low do rates have to go to offset price drop? You have an economic model to run for this?
This should be interesting reading for many “investors”
He says the proposed amendments will require people accused of criminal behaviour to prove an asset involved in a civil forfeiture proceeding is not an instrument or proceed of crime.
Farnworth says under the proposed amendments the onus will be on defendants to prove items seized in civil forfeiture cases came from legitimate sources.
Guilty until proven innocent by the defendant! Excellent!
China arrests its chief of submarine research because he ‘obtained Canadian nationality’
https://nationalpost.com/news/canada/chinese-submarine-research-chief-arrested-accused-of-illegally-holding-canadian-citizenship
Every day good new just pouring in.
“Bu Jianjie, who reportedly spent time as a visiting scholar at two Ontario universities in the mid-1990s, has also been charged with various corruption-related crimes and expelled from the Communist party.”
Wonder what he did at Ontario universities as a top cadre? What a joke Canada is…
While criminal money laundering charges against the proprietors of Richmond-based Silver International Ltd. were stayed late last year, court documents filed in mid-February reveal a former suspect in that case, Caixuan Qin, is facing a tax evasion investigation and fighting the Canada Revenue Agency to keep her banking records secret
https://www.richmond-news.com/news/b-c-feds-struggle-to-close-money-laundering-loophole-1.23653213
Free homebuyer’s forum offers help navigating the real estate market
6pm-6.45pm: Financial Strategies: Alternative ways to get into the market; reverse mortgages; Bank of Mom and Dad; legal implications when looking at buying solutions.
>>> uh huh …
also on the agenda: How to take a rusty piece of rebar and shove it up your….
Stop sharing your disgusting revolting fantasies here…gosh…
Must be aimed at rich foreigners.
Just some more “cherry picked” stats for Oracle
1500 sq ft 1 level townhouse in Vancouver.. Lucky this will NEVER ever affect the price of townhouses in the valley…
MLS® Sales History (Since Jan 2015)
7363 TOBA PLACE
Date Comments MLS® Number
2019-Feb-19 Sold $684,000 R2335632
2019-Jan-25 Terminated $769,000 R2324589
2019-Jan-23 Listed $699,000 R2335632
Century 21 In Town Realty
2018-Nov-21 Listed for sale R2324589
Century 21 In Town Realty
2018-Nov-21 Terminated $799,000 R2316533
2018-Oct-18 Terminated $824,900 R2301217
2018-Oct-15 Listed for sale R2316533
Century 21 In Town Realty
2018-Aug-29 Listed for sale R2301217
Century 21 In Town Realty
2018-Aug-27 Terminated $849,888 R2287568
2018-Jul-09 Listed for sale R2287568
Century 21 In Town Realty
2018-Apr-25 Sold $858,000 R2258574
2018-Apr-18 Terminated $859,888 R2257617
2018-Apr-16 Listed for sale R2258574
Century 21 In Town Realty
2018-Apr-16 Listed for sale R2257617
Century 21 In Town Real
Why you worried about me? Carry on.
I’m buying soon if this correction reverses.
You can stay on this blog for 10 years like some of us have.
But only for $777k, right?
and only visiting non existent open houses…
https://www.rew.ca/properties/R2343778/11619-87a-avenue-delta-bc
Good grief. And now Royce has joined the flat earthers.
I believe it’s sold. It’s not on realtor anymore.
Nope. Your hyper-posting combined with your typical failure to actually cite “sources” is tired. That’s all. Today you actually (finally) supplied one. Other times, you’ve 100% failed to. You are often a BS artist. It has little to do with the POV you express. We may not actually be as far apart as others on here (elsewhere in this thread, I said I wasn’t convinced that things would tank in 2019).
Oracle: This house is still listed on MLS as of 12:30 Tuesday March 5.
Also, the rew.ca link you cite is also still active.
https://www.realtor.ca/real-estate/20375786/3-bedroom-single-family-house-11619-87a-avenue-delta
He is still at his fictional open house with all the buyers holding bank drafts ready to pounce…
who knows? with evidence of fictional agents supposedly working for fictional clients all while doing fictional business for fictional brokers (and then vanishing into the dark of night), he could be on to something…
Shockingly another lie….Listed 5 days ago. 1st open next weekend.
Still luted on realtor https://www.realtor.ca/real-estate/20375786/3-bedroom-single-family-house-11619-87a-avenue-delta?
Oracle, you frequently provide your opinions and “experiences” without providing actual, you know, proof. So it’s nice to actually see some numbers to prove/disprove (mostly disprove) your findings.
Talking about cutting off your nose to spit in your face. Locust plan to starve themselves to death in battle with Canada.
https://ca.finance.yahoo.com/news/china-blocks-canola-shipments-canadas-072020408.html
You mean “Cut off your nose to spite your face” ?.
Vancouver considers halting re-zoning along UBC SkyTrain extension route
https://www.cbc.ca/news/canada/british-columbia/skytrain-to-ubc-rental-only-zoning-1.5043331
Guess their developer buddies haven’t bought up enough land yet.
For all those waiting for the rules to be relaxed… OSFI squeezing the vice a bit more…
http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/b21_let19.aspx
I think OSFI is riding this collapse all the way down. They’re enacting policy to protect banks, and don’t care if they implode the housing market.
Yes, they are protecting banks from themselves. Without rules and with the backstop of the taxpayer banks will lend to anyone.
Take away the taxpayer backstop and everything changes…
this only provides a convenient cover story for the banks when the SHTF. meanwhile the banks are still bending over backwards for their preferred clients where things are effectively business as usual.
Ok… so preferred customers are getting insured mortgages outside the rules… Im sure that is what your/oracle’s sourses tell you
applications are escalated and overridden all the time if you are a high net worth client.
OSFI are merely reacting to 10 years of monetary policy that has ballooned debt to historic levels.
If the housing market is supposedly this vulnerable to the stress test at this point in time, then how much worse is it going to be down the road if there is more loosening in the form of 30 yr ams etc?
“Hidden behind this thinking is a faulty assumption that house prices will keep increasing. The problem is that this rosy outlook won’t always be true. Excessively high prices can trigger financial crises that have broader consequences.”
apparently this is fit for human consumption now…
Douglas Todd: B.C. launches rare immigration plan for small towns
https://vancouversun.com/opinion/columnists/douglas-todd-b-c-launches-rare-immigration-plan-for-small-towns
– the B.C. government is launching a pilot program to lure entrepreneur immigrants to cities of less than 75,000 people
– 30 city mayors are already on board with the pilot program, which will give preferential treatment to well-off newcomers who commit to setting up a business in and living in a rural community for at least three years
– the pilot program requires would-be immigrants to first visit their chosen community, invest a minimum of $100,000 in a business, have a net worth of at least $300,000 and create at least one job
This sounds fine if it’s actually enforced. The question is who in their right mind would sign up for this deal? You’re basically pissing your money away in a podunk town. It’s just yet another predatory immigration scheme trying to siphon as much cash from dumb foreigners as possible.
i think lots would consider this. you should see all the stuff going on behind the scenes in places like powell river. i would expect considerable activity in squamish/whistler/sunshine coast/vanc isld. min investment and net worth requirements are 1/2 vs conventional EI application not to mention process of obtaining PR card fast tracked by 12-18 months. real estate in many of these targeted areas not subject to FBT, vacancy and speculation taxes as well. so, imho, the NDP could wind up displacing folks that were previously run out of the lower mainland.
Ever heard of Korean supermarkets in US…yeah..that’s how their investment immigrants work…no net jobs created ever.
Chinese hackers have targeted more than two dozen universities in the U.S. and around the globe as part of an elaborate scheme to steal research about maritime technology being developed for military use, according to cybersecurity experts and current and former U.S. officials.
https://news.cgtn.com/news/3d3d514d774d444d33457a6333566d54/index.html
No safe haven abroad
While chasing corrupt officials from high-ranking “tigers” to “flies” at lower levels within the country, China does not shy away from demonstrating its zero-tolerance of corruption to the world.
In the past year, Beijing launched operations such as “Sky Net 2018” to hunt down fugitive officials who have fled overseas, and showed its readiness to cooperate with law enforcement agencies in other countries as well.
For global anti-corruption efforts, “Sky Net 2019” was already launched in January to capture more fugitive suspects and prevent more corrupt officials from fleeing,
Jesus Christ, stop posting fake news admiring that totalitarian neo-nazi communist regime! Fucking crazy…Nothing good comes out SkyNet full stop! fucking commie lover.
Mortgage rules would be even more strict if the lenders actually had to take on all the risk themselves…
given this article was authored by the pres + ceo of cmhc (and former investment banker), one must take these comments with a grain of salt.
“Lower Mainland real estate cooldown continues as sales drop 42% below 10-year average”, Global News
https://globalnews.ca/news/5020704/lower-mainland-real-estate-cooldown/
“Sales and prices continue to trend downward in the Lower Mainland amid an apparent correction in the region’s real estate market.”
This is definitely what the start of a massive real estate crash should look like. Sales plummet, and prices are starting to reverse course across all property types and across the entire region.. Keep your eyes on the spring market, it should fully telegraph the directionality of prices for the next few years at least around here. If the sales weakness and price declines we’ve been seeing are matched by skyrocketing #’s of listings in the spring, watch out because that’s the final element of the great collapse that bears have been droning on about for a decade or longer.
LOL
*meaningful statistics*
Oracle = “LOL”
Also Oracle = “guyz I went to two house for sale saw uninformed people walking around. Maybe interested or maybe tire kickers. No idea if anyone bought it or if 80 people gave it a pass. But anywayz this anecdote PROVES all my predictions foreverz. In a way that real statistics can’t!”
Also Oracle – the crash in west side and west side sales and prices will never filter out to the valley….
The drop in entry level homes in richmond will never filter out to the valley.
Immigration… students… caregiver visas… BLAH BLAH BLAH
Believe what you will.
IMO, I’m sure this correction is almost done.
Plus. I’m not telling you to buy so why do you guys get so emotional? Let me buy and suffer when prices crash 80%.
Trudeau is no longer popular in BC?
https://vancouversun.com/news/local-news/daily-poll-should-prime-minister-trudeau-resign-in-wake-of-snc-lavalin-affair
Is he popular anywhere? I think everyone has figured out he is a fraud. Even the media has turned on the tool. Time for him to step down and be criminally prosecuted for obstruction of justice.
I only voted for him to get marijuana legalized, and fix the broken first past the post voting system we have. Sadly he only delivered on one of his promises, but now he’s fully outlived his usefulness to myself and many others. He’s a faux-feminist and virtue-signalling buffoon that the Liberal party should replace ASAP.
“Vancouver’s February home sales hit lowest since 2009”, Globe & Mail
“February sales for various housing types in the Vancouver area have tumbled to a 10-year low, with the market for detached houses getting hit the hardest.”
Just a reminder:
Meng-meng is currently residing in her lavish $5 million home at 4005 W. 28th Ave while our Canadian guys are being tortured in a chinese prison by the worlds nastiest vermin….the chinese.
That’s 4005 W. 28th Ave.
Just a block south of Chaldecott Park.
Cross street is Crown.
I’d rather handle this through the courts like a civilised society than handle it the way the capricious Chinese system would. Leave the pitchforks and torches at home, please.
I’m not sure you’d be useful in a war.
We are at war.
Back in your cave.
Meng-meng and the motherland appreciate your support.
That’s all he knows how to do…don’t even have the guts to enlist.
We are at war, but a war that won’t be won with physical force. A totalitarian government (China) is waging ideological war with a *predominantly* democratic one (Canada). You won’t win such a war with torches and pitchforks. If we show that our justice system can weather the storm and produce a fair and unbiased ruling based on the merits of the USA’s case against her, that is a big win for Canada. China is already alienating itself from the rest of the world with the arbitrary detention of two Canadians. Imagine what happens if we properly extradite Meng, and the Canadians are executed. It will be a sad outcome. But ultimately Canada will be in the right, and China obviously in the wrong. The international outcry would spark protest and unified government action; trade sanctions or a full-blown trade… Read more »
Which is why BPOM will stay as far away from the military as he possibly can.
At least more useful that a loudmouth coward like you…
Don’t worry she will be in Guantanamo Bay for enhanced interrogation soon.
New
328
Price Change
118
Sold
80
TI:12257
Beginning of the great Boomer Firesale?
I personally know two people who have been waiting until the spring to list. Small sample size to be sure but I wonder how many are in the same boat?
Condos inventory is up 108% from a year ago.
Signs have been popping up all over my neighborhood lately.
1 bedrooms started at $500K a year ago, there are a few new listings with a 3 handle.
It’s a 4.1 New:Sold ratio so definitely on the high side. Not sure where the real panic point would be though. Probably at like 8 or 9 sellers can officially panic that there is a tsunami of listings and still barely any sales. I’m interested to hear some of the marginal seller horror stories in the spring if the directionality of market prices are what I’m anticipating.
the marginal seller stories are already pretty ugly… going to get much worse
Since toubguys don’t be believe PTB could possibly be true. Lol
Open house #1 at 11478-87A ave Delta had about 80 families visit. $949K
Open house 2 was so busy that we couldn’t get in. Basically needed a bank draft. 11372-87A. $799K
But keep citing those links and insulting me. Try to get out in the real world for once.
And to the smug people here,take this lesson for the weekend: go out hunting for a place exactly like the one you are renting. Then get back to me.
Neither of these is the house you were alluding to earlier for $777. Also neither of these were showing as open houses last week.
11619-87A. That one Went off realtor site so don’t know what sold at.
So I must have been dreaming then if they weren’t open houses.
Unbelievable.
No you weren’t dreaming… you were lying….
You mean Oracle was lying and spewing made-up propoganda? That is extremely surprising.
I’ll be sure to post the sales prices for you. Assuming that they sell, of course.
I love how you pooh pooh people who post anecdote as if it were vetted statistics, then post anecdote as vetted statistics.
ya, but your post was about the listing for $777K on 87A avenue. That one didn’t have an open on the weekend.
You continue to be Oracle
Wonder how this will go over….
And boom goes the dynamite.
Dumb simple solution.
Dave, you see the irony on this?
Here I am trying to help Simple and others out. They call me a real estate pumper.
Why the heck would I be visiting open houses if I already owned? To post on a blog. FFS, I’m looking to buy minions and I think this correction may be over within a month. I’m ready to pounce as soon as it is.
I’m not set on a conclusion one way or another. The bear case was compelling to me for the last 3 years and I called myself a bear. Some didn’t even believe it at first. After this February, I no longer call myself a bear. I’m neutral. I’m not calling a bottom at this point. I’m just pointing to data that could lead you to believe we’re bottoming out. The open houses are compelling to me and hard to ignore. I’ve been to a bunch and every single one is CRAZY busy. All that said, fools rally’s are a real thing too. Maybe we have an OK Spring to be followed by an ugly Fall. That’s possible. At this point, I don’t think it’s the time to buy and I don’t think you’re missing out if you wait till the… Read more »
Busy with rich foreigners, eh?
He is their butt boy and boot licker and ass cleaners…that’s why he’s so sure of himself and RE, he gets it directly from the shithole.
WHAT ARE YOU TALKING ABOUT
“I’m not calling a bottom” / “lead you to believe we’re bottoming out”
Is this analysis or Blue Rodeo lyrics?
“Vancouver gets a once a decade correction which usually doesn’t last long”
Demonstrably false, Jordan Belfort.
fun and games in the Richmond of California…
2 Chinese nationals charged in kidnap of car dealer believed dead as officials hunt for body
https://www.foxnews.com/us/2-chinese-nationals-kidnapped-car-dealer-held-him-for-ransom-officials-say
NY Times: Huawei Executive’s Life in Detention Seems Luxurious to Some Canadians
https://www.nytimes.com/2019/03/04/world/canada/huawei-canada-meng-wanzhou.html
