Via southseacompany, this little tidbit over at Global News on sales stats:
According to the Real Estate Board of Greater Vancouver, residential home sales in February were down 32.8 per cent compared to February 2018 and more than 42 per cent below the region’s 10-year-average.
Sales were also down 34.5 per cent from January 2019.
Read the full article here.
‘One more Christian, one less Chinese.’ official vows to rid faith of Western influences
A senior Chinese official who oversees state-sanctioned Christian churches has pledged to rid the Protestant faith in China of any Western “imprint,” calling for further “sinicization” of religion.
Love this headline:
“Classes and free food: China defends mass internment in Xinjiang”
A bit off topic, but really??
Headline: Vancouver philanthropist, several actors charged in alleged college admission cheating scheme (Vancouver sun)
Oh..my do I see a Turd in one of these pics r/t article? Where does this vermin come from?
Is there no fricking respect for anything anymore? No honour, no respect, no decency, complete decay.
Schmucks.
I hate cheats, they minimize my and others hard work and studies. It is a form of theft.
Philanthropist? HAHAHAHAHAHAHAHA… they guy is a penny stock pump and dumper. Finally got what was coming to him.
Breaking news.
Mortgage rates have cracked the 2% barrier.
1.98% five yr fixed by Meridian CU. And no stress tests via them.
I’d say wowowow but fuck!
1.98% 5 yr fixed?
Even when the 5 yr BOC was 0.60% the lowest the 5 yr. fixed ever really got to was 2.50%.
The 5 yr. BOC is 1.64% today.
Before I say this is yet another lie I will give you the opportunity to provide some proof.
Just Google it. You’ll find it yourself. That rate is for a two year fixed mortgage.
Twitter and you will find it.
OK Einstein, it doesn’t exist I feel it makes you happy. And it also doesn’t exists because of your ‘numbers’. Lol
So you were lying as usual.
A 2 yr fixed and a 5 yr fixed are quite different.
Ok Einstein. We are in an inverted yield curve environment and you think 2 and 5 yr rates can’t be similar? Lol.
These low rates coupled with 30 year amortization sales in a few weeks is going to light a fire under 1 bedroom condos.
Not that I like it but it will.
Just admit your error, and move on. You said five year, but it’s two. Your defiance only goes to show that deception was your intent all along.
Good time to get pre-approval. Lock that rate in already! Don’t be greedy, it’s not going to 1%.
nah, its going to zero or less… anything to keep the price of realestate inflated!
Probably not. The banks will set a floor as the yields go through the floor. Our bond yields have literally crashed in the last 6 months.
Buy now, refinance in two years at 0%. Win twice.
“1.98% five yr fixed”
Do you enjoy lying your ass off and wasting everyone’s time?
5938 Elm Street, Vancouver
34 x 125 lot in Kerrisdale
Just sold for $1,810,000
23% below 2018 assessed of $2,353,200
32% below 2017 assessed of $2,680,200
https://mobile.twitter.com/mortimer_1/status/1105233022901608448
Plus $500k in cash.
@ Oracle
Then go buy the neighbouring property for half off. See what response you get.
Um, coincidentally the neighbour property just got delisted.
Boom goes the dynamite.
These are the actual mechanics of a collapse, in excruciatingly granular detail.
Guess what happens to the people whose properties were just devalued by this panic sale? Their equity position has also dropped by a large fraction of a million dollars.
This in turn affects their ability to buy additional properties or hold onto the ones they already have.
Lather, rinse, repeat. Welcome to the suck.
They took the cash deal too. Smart.
LITERALLY THE PLACE NEXT DOOR IS CURRENTLY LISTED FOR 3.4.
I literally can’t even.
Would you pay 3.4 million to be the neighbour of a house that just sold for 1.8?
No, no you wouldn’t.
The same bullshit forces that can temporarily push prices up to crazy, unsupportable heights (panicked speculator FOMO) can also drive them down.
I stand corrected. $1.6M cash.
So what?
Shady deal or no shady deal, every property within a reasonable blast radius just got devalued by a single transaction.
That’s how it happens folks.
Wasn’t a shady deal… was a dumpy house on a nice street that sold for lot value.
Ya, lot value… lot of cash.
This is an awesome meme you guys have for invalidating all the data we have in favour of your own little fantasies. Well done.
That’s white man thinking. Asian thinking doesn’t go that way. If on earth property sells way below assessment, they know what going on.
Ever check the income to house price ratio in Richmond? The Asians know exactly what’s going on. It’s the white folks who always seem confused.
No confusion with me. I know a cash deal when I see it. And I don’t need Stats Can to tell me which neighbourhoods are high income.
Burnabonian, you have to be totally naive not to think cash wasn’t involved.
Try to put in an offer then. The owner and realtor will laugh at you.
Awesome to see! But condos in my area are still not budging. Low end still hanging on for dear life
patience……
Not budging in terms of listing price? Or are you checking actual sale prices?
There is definitely a dynamic of sellers trying to list for assessment, but the fact that sales are approaching zero proves that that’s not actually what the market has priced them at.
Remember that the prices on your MLS app are meaningless.
People will ask whatever they want to ask, but the value of the asset is determined by what people are PAYING.
That’s my issue with these posts. All several million and hen a few hundred thousand off….
Who cares about these.
Show me a townhome that went from $1 million t $700K. Then I’ll believe it.
No, you won’t. You’ll call it an outlier and move the goalposts.
Prominent UBC donor David Sidoo charged in alleged U.S. college admissions scheme
https://globalnews.ca/news/5048129/david-sidoo-charged-us-college-admissions-scheme/
He paid a guy 100K to get his kids into US college…. for each kid. They had someone write the exams for the kids – also says they wrote high school exam. That would be interesting to see how that happened considering St George’s classes are very small….
what makes you think everything at St George’s and the whole list of other so called prestigious institutions is on the the up and up? imho, a place like that is probably swarming with nouveau riche families looking to do anything and everything to get ahead. we’ve all heard of families using phony addresses to get their kids into the Pt Greys and PW’s of the world, but honestly, that is small time stuff. with 100’s of thousands and likely many millions being dangled in front of admissions personnel one can’t honestly think that some wouldn’t be tempted
well , I was suggesting they are NOT on the up and up.
Vancouver has been infected with a disease
This case is closed.
The reason rents skyrocketed in the valley is because 40,000 Indian Foreign students have come in to live in the valley since 2015.
And more are coming.
And that’s the reason prices seem stuck there.
Then move to Winnipeg.
I don’t need to. I have money from hard work but don’t want to plow it all into real estate.
What I’m hoping is renters without the assets to buy wake up and realize what’s causing prices and rents to spike.
If they wake up, then prices will come down and I can buy with cash without a mortgage.
You must have bought at the peak?
Oracle has spent the last 4 years attending a constant succession of open houses because he’s a potential buyer and definitely not because he’s a realtor.
An Oxford researcher says there are seven moral rules that unite humanity
Help your family
Help your group
Return favors
Be brave
Defer to superiors
Divide resources fairly
Respect others’ property
https://qz.com/1562585/the-seven-moral-rules-that-supposedly-unite-humanity/
Astrologically, asteroid Unitas indicates
1.pulling together,
2.bonding,
3.uniting,
4.straightening out,
5.being a team player(or not),
6.getting with the program(or not),
7.getting hurt while engaged in some activity,
8,9,10.daring, aggression, stoicism,
and last but not least
11, self-sacrifice.
Props to CMHC for having the courage to do this. The data shows that almost 20% of condos in the 2016-2017 era were being bought up by foreign money and prior to that it was running around 12%. That of course does not include ‘proxy’ buyers, which is a whole other can of worms, and likely significant in number. Remember… you heard it here first. I estimated the number to be around 25%, possibly higher, a couple years ago. But, that wasn’t really a secret, so it was an easy prediction, albeit anecdotal. Some have tried to make the case of overbuilding in the last week here. This is where those condos went! Vancouver condos are viewed as a way to park money, not unlike gold. The holding cost is relatively low. Valuations has less meaning when you just want… Read more »
And I’m not trying to brag. I got this wrong for years because I believed the numbers for a long time, until I changed my mind a couple years ago. I simply couldn’t ignore all the anecdotes I saw. I knew the numbers were far higher than the 3% we were told.
Somebody should start a class action lawsuit against the Province and BC Liberals. They scammed so many people out of tens and hundreds of thousands of dollars. Christy Clark should be in jail, but she’ll get a Senate seat instead.
Everyone I knew said it’s obvious it was foreign money.
And it’s still coming in. Now the local immigrant who has citizenship is bringing it in.
So foreign buyers nowadays is irrelevant. Foreign money is the real devil now.
But but but Garth Turner said it was not.
It’s true. A good friend of mine is in that exact position. He came here under a student visa and bought a condo while supporting a family. His parents also bought a condo to live in a couple weeks of the year. He’s got his PR now but no job and is about to buy a teardown and build a new house, which will be a couple million. There won’t be a mortgage on that property… Yet somehow millions flow into our real estate. I haven’t asked what the ‘deal’ is, but obviously there is one. Another good friend of mine (from an immigrant community), that’s also in real estate, jokes that nobody buying a house has a real job. It’s people with a connection to foreign money and their jobs are importing that money and playing around in real… Read more »
Foreign money has started to flow in from India now.
The students coming here are from wealthy families mostly… sound familiar?
And much easier getting money out of india.
Note the mustangs and other cars driven by them. Couple that with $30,000 tuition and $40,000 cars and $30,000 living expenses and you’ve got $100,000 a year in expenses paid with cash.
The minions here won’t like me for pointing this out tho.
Your anecdotes are clearly superior to the data.
Funny how some people look at things.
Why would one focus on the 20% , when obviously, the 80% of locals paying the price is four times the amount, therefore a much larger ‘flood’
In fact, the real flood is the flood of conjured money created by central banks and unleashed unto the world creating asset inflation.
Foreign or local, makes no difference, both are merely the conduit for this giant flood of conjured money.
I agree that the flood of money into Vancouver is a result of global liquidity created after the Great Recession. If you want to put the whole bubble under that category, I wouldn’t disagree with you. But, at the same time, our leaders enabled that flow of money from overseas and tried to downplay it. So, I think separating foreign from local money makes sense, especially in the context that the end uses are different. Local money buys condos for their intended purpose, which is shelter, while foreign money buys to shelter assets, not people. The latter has a greater impact on society.
I have no data, but I know locals who bought condos as investments. Most were boomers who bought in the last 10-15 years. So, I wouldn’t automatically assume all locals buy only for shelter.
But, even buying for shelter has its’ effects. I’ve seen data in the past that shows about roughly two-thirds of purchases have been by people who already own a home, selling it and buying a new home; either upsizing or retirees downsizing. Cheap money allows them to borrow more, and leveraging their equity, put upward pressure on prices. Especially, if they bought long time ago. So, even buying for shelter doesn’t exempt one from influencing prices. In fact, if two-thirds figure is correct, this activity would have the greatest impact.
This is true as well. A lot of boomers bought a condo downtown for weekend trips, to buy something for their kids and/or investment. Absolutely. The Great Recession divided those with assets and those without. If you had assets, you made out like a bandit. If you didn’t, you lost out. An economist would say, at least you had a job. I would say Poloz was a dummy for cutting interest rates when oil took a dive thinking that it would bring back oil jobs. Am I wrong to think history is going to repeat itself? If we get another recession from the current fiscal tightening, the banks will do the exact same thing once again (print money). The problem of course is that additional debt will have less of a stimulus. Each of the last four recessions had a… Read more »
You are an asshole.
Then people must be priced out of Prince George then too. Lol
The mess will take a generation to sort out. We basically screwed an entire generation…..
It will never go back to what it was but this will all not be the new normal….
20% of condos bot 2016-2017…. I wonder how many will actually complete….
I think the B20 rules will prevent some people from being able to complete. But I don’t think it’s going to be a big number for 2016 purchases because they had a good run from then to the peak in June 2018. It will take a lot to put those people into negative equity. Worst case, they can sell their assignments for slightly under market value. For sure that can place downward pressure on the market, but it won’t be a flood of non-completions. I did the math yesterday and I think it’s the condos sold in late 2017 and 2018 that are at risk of going into negative equity, but we won’t start seeing those until early 2020 and prices will have to fall about 10% to get them underwater. If we track at the current rate, we’ll hit… Read more »
Shill hack ball licker.
“I did the math and it turns out everything’s fine.”
You fucking realtor mortgage broker piece of shit.
WHAT MATH? You don’t know where this is going any more than anyone else.
Your opinions are worth as much as your reading comprehension.
Dude relax. Admit you were wrong and plan accordingly.
Immigration and foreign money aren’t going away anytime soon.
Note the Peak in June 2018 for condos. NDP could have stopped this in May 2017 if they wanted to.
Ain’t that a fact in hindsight. It’s not like David Eby didn’t know what was up. He could have acted sooner. For whatever reason, they choose not to.
I was right and am perfectly positioned.
My anger is on behalf of the uninformed who “New Dave” is trying to mislead.
Who should they listen to? The guy with a Rolex and a Sugar Baby? Or the guy with a Casio and a right hand? I bet you don’t even lease a nice car.
Dude, there’s already a flood of non-completions: https://vancouver.craigslist.org/search/hhh?query=assignment&availabilityMode=0&sale_date=all+dates
What’s your baseline? What if we had the same number more or less for the last few years? I wish I took my own advice from a couple years ago and tracked the number.
41 listed on MLS for Vancouver House.. that’s 10% of the building i think
That seems high and that’s interesting because presumably that building had a lot of foreign money sales. It doesn’t square with the Oakridge sales. Hint hint…
https://www.zealty.ca/search.html I think that link will go directly to the results…
If not put 1480 in the search field.
Its a pretty cool website in any case.
Warnings issued after Britain freezes Chinese students’ bank accounts on money laundering fears
https://www.scmp.com/news/china/society/article/2189065/warnings-issued-after-britain-freezes-chinese-students-bank
How China’s WeChat became a grim heart of illegal animal trading
https://www.wired.co.uk/article/illegal-animal-sales-trade-laos-wechat
Tourism from China has become a key sector of Thailand’s economy. But China’s dominance also means Thai authorities have cracked down on any negative publicity which might aggravate Beijing
https://codastory.com/authoritarian-tech/tourism-from-china-provokes-an-internet-crackdown-in-thailand/
Lake Oswego tip leads to China, feds seize $2.4M
https://www.koin.com/news/crime/lake-oswego-tip-leads-to-china-feds-seize-24m/1840742202
Richmond company caught importing protected species again
https://www.richmond-news.com/news/richmond-company-caught-importing-protected-species-again-1.23660362
A total of 121 UBC students signed up to become sugar babies last year, bringing the school’s total of participating students up to 359
https://vancouversun.com/life/relationships/university-of-b-c-ranked-7th-for-sugar-baby-arrangements-in-2018
And this is Canada.
Now lower than the third world.
i am also wondering if the US college admission scheme that is in the news is just the tip of the iceberg. this almost certainly is happening all over the world. who knows what is happening in our universities
much the same Im sure… the whole system is broken
That’s just one website. Who doesn’t like a bit of a sugar in their coffee?
Guys, if you’re under 30, here’s my advice… Get rich, don’t get married, get sugar babies. If you want kids, then clone yourself when it’s available.
A lawyer for a man accused in the slaying of West Vancouver millionaire Gang Yuan conceded Monday that his client shot and killed the victim but claimed he was provoked and therefore did not have the intent for murder
https://vancouversun.com/news/local-news/man-shot-west-van-millionaire-gang-yuan-but-was-provoked-defence
‘Leisure 2.0’ drives wave of large-scale shopping mall redevelopment
https://vancouversun.com/news/local-news/leisure-2-0-drives-wave-of-large-scale-shopping-mall-redevelopment
A Chinese art museum has postponed its exhibition of works by Nova Scotia folk artist Maud Lewis, but there are few details as to why
https://globalnews.ca/news/5046890/maud-lewis-exhibit-china/
A Tesla Model S owner crashed his vehicle into a river near a Supercharger station in China and he claims that the vehicle accelerated on its own
https://electrek.co/2019/03/10/tesla-crash-river-claim-unintended-accelerated/
darwin
He already has kids stupid. So Darwin or not won’t make a difference. He’s passed on his genes already.
Video shows alleged cheating during written B.C. driver’s tests
https://bc.ctvnews.ca/video-shows-alleged-cheating-during-written-b-c-driver-s-tests-1.4331893
Despite some good decisions in the process Canadians always somehow manage to bring garbage in and shoot themselves in the foot. Why, corruption or stupidity?
“Why were three Huawei employees denied immigrant status in Canada for belonging to an espionage organization?
The decisions — each made by the same officer in Canada’s Hong Kong consulate in the space of a few days — were eventually reversed and all three are now living in Canada.”
So three more spies are now living in Canada.
What difference does 3 more make when there are already hundreds of thousands of these vermin among us?
I’m sure the man-child was coerced into making a phone call, by Chinese Authorities…just like the phone call he made in the SNC L. case
Old Vancouver bylaw restricts co-habitating, former councillor says
VANCOUVER (NEWS 1130) – As empty mansions begin to pop up on Vancouver’s rental market, a former city councillor says you may want to rethink your plans to rent one out with a bunch of friends.
So there is a law in Vancouver that is enforced?
New
277
Price Change
104
Sold
65
TI:12721
BOOM!
4-1 List/Sell
Those open houses will be packed!
Thank you Paul. I look forward to my trip to Vancouver and will be there on the next stats day April 2. Right now, if this pace of sales continues, not only will March come in almost 50% below the long-term average for the month, but it will come in more than 20% below the lowest data point in recent years. Overall, with all the chatter accross the country (especially in Ontario) about needing to give people more money to buy, what is faily silent is that if the prices were to fall sufficiently, the market would start to be more active and buyers/sellers would find their clearing price and we would be back to normal. These sales volumes show that we are not even close to finding the clearing point. In Vancouver, that could even be 30-40% below where… Read more »
TORONTO – After a nearly 30% decline in value, realtors across Toronto are concerned that if the market continues to falter someday in the near future everyone could afford a house.
“I don’t want to alarm anybody, but this is happening as we speak,” said Parkdale realtor Carol Mert. “If we can’t pull out of this tailspin three, even four million people could suddenly find themselves with a roof over their heads.”
Official Languages Minister Melanie Joly said in a statement that the government wants a modernized Official Languages Act to help minority-language communities “meet the new challenges they face” and ensure the law “can continue to meet the needs of Canadians.”
https://nationalpost.com/pmn/news-pmn/canada-news-pmn/feds-launch-review-of-official-languages-law-50-years-after-its-introduction
I suggest free English language lessons….
Chinese-speaking tourist guide training program in high demand in Richmond
https://www.richmond-news.com/business/chinese-speaking-tourist-guide-training-program-in-high-demand-in-richmond-1.23658509