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Dave
Member
This is the basically the worst downturn in sales we’ve ever seen. 2009 had a terrible March. The World stopped at that time. And somehow we found a way to go even lower even though we’ve built something like 250,000 condos since that time (+/-). Inventory on the other hand is not at unprecedented levels. I’m of the view that’s also important. I think the downturn can only go so far without inventory hitting highs. In 2009, I think buyers went ‘on strike’ out of fear. But, that fear switched off quickly and the market bounced once buyers started to come back. I think that scenario could happen again. As I’ve observed here many times, there are lots of people “kicking the tires”. I truly encourage people to go to open houses to see for themselves. They aren’t buying due… Read more »
Simple Solution
Member
Simple Solution

Debt levels were way lower in 2009 so was easy to goose that – today not so much…

Income levels have not increased anywhere near the rate that prices have…

Short of a flood of foreign dollars any bounce will be unsustainable… I doubt very much that the current environment is appealing to foreign money…

Dave
Member
I’m back and fourth on the issue of foreign money. Some days I think CMHC has it right with new condos being bought by 20% foreign money. I see a lot of anecdotes that match this. But, then I also hear people in the know say it’s really around 5% and they’re not lying to me. So I honestly don’t know what it is. It could be 5%, it could be 50%. I honestly don’t think anybody really knows. We’re all blind to what that real number is. Here’s the bull argument… sales have been low for 1 to 2 years and there is pent up demand. While inventory is increasing right now, new projects will slow down. Since the vacancy rate is extremely low and since we have strong immigration, something has to give and the only thing that… Read more »
Simple Solution
Member
Simple Solution
Foreign money has been a huge driver in this… It stocked the FOMO fire from the locals which really was the biggest issue IMO. Max levered locals are now out of the equation. The environment for foreign money has certainly changed. IMO the FBT, Spec Tax are minor compared to the Land Owner Transparency Act. Money trying to hide will not rush here anymore. Money that has been hiding here will re think the safety. It is also obvious that everything the government is doing is designed to be able to increase tax revenue down the road. Not so easy to hide and dodge when the government has all the data points.. Govt has pretty much maxed out what it can suck out of the regular taxpayer – they will start going after more money and will go for the… Read more »
Shut It Down Already (original)
Guest
Shut It Down Already (original)

I believe the 20% number was for Vancouver. Other cities are likely lower. I’d need to double-check that.

Best place on meth
Member
Best place on meth

No, you need to “double down” on that.

Simple Solution
Member
Simple Solution

The Land Owner Transparency Act is a bit of a game changer too… Plenty of money that prefers to be annonymous wont come to park here anymore.

Lots of money that came here to be anonymous wont like the new rules either

Joe Money
Guest
Joe Money

Central bankers turned on the printing presses in a huge way back in 08/09. The world’s money supply has doubled since 08, greatly lowering the value of money and making asset prices appear to rise in comparison.

It’s doubtful that magic act is going to be repeated again – at least not on that historically unprecedented scale.

Dave
Member

I think we can squeeze one more cycle out of this. I agree though that it won’t be repeated to the same extent.

realist
Member
realist

“It’s doubtful that magic act is going to be repeated again – at least not on that historically unprecedented scale.” If not on that scale, perhaps a much larger one. Consider that even in 2019 there are $10 trillion dollars of debt at negative interest rates, and rising. The Fed’s interest rate hikes are on hold, as its balance sheet renormalization is ending. The Fed has the prospect of entering the next recession with insufficient room to cut rates, other than going negative.

stagnate
Guest
stagnate

I think at this time first time buyers are crucial. clearly investors aren’t buying and ham is getting a bit beat up. there’s some compression interest out there as moving up is financially more viable than its been for years. if first time buyers don’t come back soon the bottom will fall out of the bottom and a severe leg down will occur. the next few weeks are key, sales are either going up into triple digits or they’re not.

Simple Solution
Member
Simple Solution

This is crapping out from the top down… FTB returning wont help much….

stagnate
Guest
stagnate

think of it as a tree. if you have rot at the top of the tree you have rot at the top of a tree. rot at the bottom of the tree is more significant to the tree.

Simple Solution
Member
Simple Solution

Sure… if we were somewhere where local incomes actually could afford a “home” I agree with you. I do not consider a 400 sq ft box in the sky a home. That is all a local FTB can afford. That does nothing to move the needle. This is crapping out from the top down.

The FTB has been sold the myth that the micro coffin rebranded as a “studio apartment” actually gets them on the property ladder.

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

Locals can afford homes. They buy 90% of them.

SAD!
Guest
SAD!

China is ‘threat to world’ says dissident writer

https://news.yahoo.com/china-threat-world-says-dissident-writer-063237464.html

Best place on meth
Member
Best place on meth

“”Thirty years ago we thought we might develop towards democracy. Today it is all about making money.

“Every one of the Western countries which criticised China after the (Tiananmen) massacre fight with each other now to do business with the executioners even as they continue to arrest and kill people,” Liao added.”

Yes, I’m embarrassed to be Canadian and doing business with these scumbags.

Dave
Member
I’m actually feeling very bearish today. The new property registry is a big deal. It’s not just the effect of the new rules, it’s the psychological impact on the market. The hits keep coming. And in June, people get hit with all these new taxes. I supported the government in taking air of the property market and restoring sanity. But at this point, I actually think they have gone too far. I think there was a happy middle ground to be had. I think the initial rules the Liberals created fell short of that and I think all these new actions by the NDP have exceeded it. In my view, the market and our economy could handle and deal with a 15% correction with no major knock-on effects. A correction above that is economically destabilizing and we’re now likely to… Read more »
Dave
Member

I think the NDP are world class dumb. The consensus (even in Liberal friendly circles) is that Horgan easily wins a majority right now. Watch what happens to his popularity a year from now. It’s going to plummet like real estate prices.

If you’re a bull, the good news is that the Liberals will win again in two years. All they have to say is the NDP always kill jobs. That’s all it will take to win because it will prove out and people already have that bias about the NDP.

Simple Solution
Member
Simple Solution

After the new rules are in place will be very hard for them to be removed… Cant imagine how the Liberals will justify bringing opacity back to ownership. What will they say? – “we need to make it easier for people to hide money here”

Also, govt loves revenue… will be hard to back off the taxes once they are already installed….

We either get a nasty reset or a long muddle through like Japan…

Dave
Member

My prediction wasn’t a housing one so much as political. The Liberals don’t need to run on housing to win. They don’t need to make that link. They’ll just say the NDP kill jobs. That’s all that matters.

With a political change and some newer friendly rules, the market can come back. But they’ll find a way to make real estate friendly rules.

I think Japan is a bad analogy because our population is growing.

Simple Solution
Member
Simple Solution

True re the population growth here… The possibility of a long muddle through while wages and prices find some sort of realistic reality is possible.

Dave
Member
I think that’s a reasonable expectation. We could have a stagnant economy. It happened in the NDP 90’s… below par economy. The problem we have is the big squeeze in my view. Everybody is getting squeezed. The real estate bubble kicked this can down the road. A lot of businesses out there aren’t feasible with current real estate prices and taxes. For example, you couldn’t buy an auto body shop with the land and make any kind of reasonable return. That business only exists because the owner had it for 40 years and they can suck up higher taxes because they’re established. But a new business wouldn’t be able to make a go of it. This is true of so many businesses out there. When these Boomer owners retire, the doors will just get closed. It’s a mess.
YVR
Guest
YVR

Or the land value drops. Property value = utility value minus taxes. If utility value is low and taxes are high the property value will refect that.

Dave
Member

Ya but some places just suck for doing business because of high costs and taxes. No amount of land value changes make up for it. I think it’s going to be a bit of both for us.

YVR
Guest
YVR

History has shown any party in power that calls an election way early usually loses. There is no way the NDP call an election with 2.5 years left. Not worth the gamble even if polling showed them winning which it doesn’t. The Nanaimo election showed the Liberals captured more of the Green vote which if it happened province wide would mean a Liberal landslide.

Dave
Member

History also shows that minority government parties that have a popular leader, come back with a strong majority. People don’t like minority governments and if you don’t mess it up, they’ll give you a full mandate.

Wilkinson has gone from one gaffe to another. I’d catch him before he figures it out, or before he gets replaced. The Liberals would wear the ICBC issue today. In two years, it’s on the NDP. Stuff like that.

My bias is for the NDP to go, so I don’t want an election now. My best bet is they sit and wait until the end.

YVR
Guest
YVR

Which examples can you give of minority government which called an election over 2 years early won with a majority?

Dave
Member

Federal Conservatives. Harper had minority and turned it to majority in 2.5 years. It took about 6 months for the election to happen after things started to go south, which is where we are now in BC. So, if the NDP tried to muscle the Greens and end this session on a bad note, they’d be in a position to call an election in the Fall session.

Specuskeptic
Member

David Peterson Liberals. Ontario. 1987 (at the end of a two year minority government agreement expired) They could have extended the agreement, Peterson opted to call an election.

patriotz
Member

WAC Bennett’s Socreds won a minority in 1952 and a majority in 1953. That had been BC’s last minority government before 2017.

Probably more people will remember Pierre Trudeau’s Liberals going from a minority in 1972 to a majority in 1974.

Madashell
Guest
Madashell

Wow, Dave thinks it’s bad so it must be catastrophic.

Dave
Member

Brush up your resumes guys. When the primary industry in a one resource town struggles, everybody struggles, and layoffs are sure to come. That’s Vancouver, just on the scale of a City. Real estate is the biggest game in town and business is BAD.

$2 gas this summer and a $0.70 dollar are coming. Higher care insurance. More taxes. People are getting squeezed more and more. Not good.

YVR
Guest
YVR

Even during the great depression most people kept their jobs. And busnesses kept going. Those who were leveraged and speculating got crushed.

Oracle
Guest
Oracle

This.

GDP and recessions don’t apply to the individual.

Either you’re doing well or not. Ratios change.

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

So you just choose to be one the people doing well, right? Hilarious.

Simple Solution
Member
Simple Solution

Dad, thank you once again for your sheer and utter genius. Many people will sleep so well knowing that recessions do not apply to the individual…

Raincity
Member
Raincity

Sorry, Real Estate is NOT the only game in town. There are many companies in the lower mainland, doing massive business in the tech sector. I know of a few. So, you’re wrong.

Simple Solution
Member
Simple Solution

Real Estate is the LARGEST game in town… sure there are plenty of other businesses doing great but nowhere near the realestate level.

Oracle
Guest
Oracle

It’s bad.

People genuinely got scared of this one.

jumbo
Guest
jumbo

Dave, I agree. NDP is making things worse. Really not happy with them.

– Average Joe still can’t afford anything, still too expansive to buy starter condo. Ever increasing cost of living doesn’t help, less and less savings…
– Investors stuck with their properties can’t take a loss –> Decide to rent it out instead.
– Vacancy rate stays low due to ever increasing immigration –> Rent still goes up.
– Long term owners need roof over their heads and got no plans to move anyway. Still paying somewhat crazy amount of property taxes.

Who wins? Only politician. No one else.

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

Average Joe already owns their home and took out a huge HELOC against it for renovations or helping their children to buy yet more real estate.

Who needs a retirement plan when you can have a house?

Oracle
Guest
Oracle

Correct Jumbo.

The reason I started hating on the NDP is that they allowed the low end real estate to skyrocket in the valley AFTER the election.

If they were serious about lower prices, they could have brought the market down in one year.

My concern now is there is a minimal correction on the low end and we have record immigration. Only a matter of time before the bounce happens. Local incomes don’t matter.

Stand up for Canada
Guest
Stand up for Canada

Be fearful when others are greedy and greedy when others are fearful. -Warren Buffett

I ignored my friends and didn’t buy two years ago. My friend thought real estate was going to the moon. They all upgraded to expensive homes which can be had for 20-40% less today.

Meanwhile, kept pouring money into S & P 500 and index funds. (And have been for over 10 years)

Result? I can buy a west side home with cash. And I’m not even 40.

jumbo
Guest
jumbo

Be careful, sky is not always blue. You are just riding the cycle. Don’t get caught up.

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

Surely not possible. No locals can afford houses, remember? Except everybody on this blog. And garth’s blog. And every other blog. And their friends. And their families.

stagnate
Guest
stagnate

the ndp has some good people but they’ve never been strong on understanding economics. if their teachers and nurses start losing big equity the party is over.

Dave
Member
Yup and they can’t help themselves. They’re not as bad as the previous NDP government, but they definitely have a lot in common. The private sector is starting to get worried. Pay raises are going to be on hold pretty soon. You think in that environment, the NDP are going to find money to pay teachers and nurses more? No, the people footing the bills for taxes are tapped out and the NDP just destroyed their assets to top it off. The guy with a family in Maple Ridge is also getting squeezed like never before. His cost of living keeps going up and his pay is about to get frozen. If John Horgan understood economics, he’d have called the election already. Trudeau’s probably going to get caught in the storm. If he didn’t have this controversy, I bet the… Read more »
YVR
Guest
YVR

Teachers and Nurses will still get a raise. That is an easy one. The next government pays the tab anyway.

SAD!
Guest
SAD!

German chemicals giant Bayer victim of year long cyber attack

China.

https://techerati.com/news-hub/bayer-cyber-attack-malware-china/

Canada is for Canadians
Guest
Canada is for Canadians

B.C. public schools required to offer free menstrual products by end of year

https://www.citynews1130.com/2019/04/05/free-menstrual-products-public-schools/

this initiative has “free salt” written all over it …

xyz
Guest
xyz

What next…free haircuts? How about deodorant? Acne lotion anyone? Socks? Lip balm?
More entitlements and ultimately higher taxes dressed up as “investments” and “initiatives”. Politicians handing out other peoples money.

Canada is for Canadians
Guest
Canada is for Canadians

and anytime anything is “free” it will be abused all to hell …

YVR
Guest
YVR

Shouldn’t these disposable single use products be banned anyway like straws and plastic bags? Women seemed to get by for thousands of years without them.

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

Get back in your cave, dipshit.

YVR
Guest
YVR

Don’t worry, the alt left will turn on these products just like they are now turning on Joe Biden for groping women. You progessives are always looking for new things to target and shame.

Best place on meth
Member
Best place on meth

“Get back in your cave, dipshit.”

You are so repetitive and so boring.

Two or three lines over and over and over and over and…..

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

Who cares? I’m not here to entertain you.

Best place on meth
Member
Best place on meth

No, you’re not here for any good reason whatsoever.

Worse than useless.

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

I’m here to remind you each and every day that you’re a toxic racist piece of shit.

See you tomorrow.

Best place on meth
Member
Best place on meth

Oh, so you’re a creepy stalker.

What a surprise.

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

Nice try.

Best place on meth
Member
Best place on meth

“Shouldn’t these disposable single use products be banned anyway like straws and plastic bags? ”

This is a good point, totally lost on the shrieking, hypocritical left as they wage their war against evil straws.

YVR
Guest
YVR

I guess nobody told Horgan increasing gas taxes would increase the price of gas. You would think if your real goal was to stop global warming through increased carbon taxes you would be happy to see prices go high enough to curb demand. Frauds.

https://globalnews.ca/news/5131676/b-c-government-to-consider-gas-price-relief-if-prices-continue-to-climb/

Doomcouver
Member
Doomcouver

That’s not the whole story. Increasing gas taxes increases gas companies ability to gouge consumers. There was a 1 cent increase in taxes, and about a 14 cent increase in prices. The gas companies will use literally any excuse they can to raise prices. Any smokescreen they can put up to avoid a consumer revolt.

Dave
Member

#fakenews

YVR
Guest
YVR

The carbon tax in BC is 9 cents per litre on top of other taxes. The highest in North America. But yes the pipeline Horgan is opposing is also a factor layered on that.

The point is the carbon tax proponents should be happy gas prices are higher. That is the point of a carbon tax. Make energy more expensive in theory people will use less and the planet will be saved. Mean while we ignore the biggest polluter in the world China. Did you skip the lesson on left wing climate economics 101?

franko
Member
franko

Sadly, Dave is either on some new meds or I may have overestimated his insight from some of his past comments. I’m truly baffled that anyone with a lick of common sense cannot see that this market has nowhere to go but down. With unprecedented debt levels, and with HAM totally dead, how can it be remotely possible to repair the damage from years of irrational insanity in a few months. While there will always be a few idiots reliant on the bank of Mom and Dad, the vast majority of FTBs do not have a hope in hell be able to afford even that little 500 sq. ft. box in the sky at today’s prices. Dave obviously wasn’t around to check the traffic at open houses prior to the last big crash in 1981.

Dave
Member

Heh? What part of my bearish post below did you miss?

franko
Member
franko

Dave-“What part of my bearish post did you miss?”

Which one, yesterday’s or today’s?
Your mood-swing is bouncing around like a weather forecast with a whole bunch of irrelevant ifs and buts.

Dave
Member
Ahhhh… I can help you with that. I was playing a character for a while there. It was just sarcasm. Sorry if I oversold it. I can’t remember who triggered me but somebody thought it was funny to criticize my observation of busy open houses. So I played the part of an obnoxious salesperson / realtor to troll the point home. I sucked a lot of you in with that. But you’re not to blame because reality is just so absurd that you can’t tell it from sarcasm nowadays. I have a pretty good track record here. Remember, I said in Spring / Summer 2009 that a correction was coming, but that it wouldn’t go very deep (I said 10-15%) and that we’d have a quick bounce. I got all that right, plus this was probably the first website people… Read more »
Dave
Member

Stagnate deserves props too. He’s always seen things the way I have, which has been mostly right.

Dyugle
Guest
Dyugle

There is a difference in that we seem to be the leader in the current downturn. 2009 we followed the US and got the results of their stimulus as we started to roll over. This time we are already rolling over and the FED seems like it wants a recession. Total assets down 10% yr/yr and yield curve inverted wast week. Are they planning a recession for the presidential election?

Oracle
Guest
Oracle

Two things you guys miss:

1) immigration is at record highs.

2) FVREB stats. So many sold signs everywhere. Especially development land.

YVR
Guest
YVR

You mean sunny periods, with clouds, showers and a possible heat wave if the sun comes out but damp conditions if it rains and snow if it falls below zero is not precise enough for you?

stagnate
Guest
stagnate

similar to 81 real estate is paying a dividend of 1-4%. but in 81 you could walk into rbc and get a gic paying 15%. think about that for a minute. some things stay the same but some things change

southseacompany
Member
southseacompany

“Canada’s major housing markets still at high risk of price drops, says IMF”< Vancouver Courier
https://www.vancourier.com/real-estate/canada-s-major-housing-markets-still-at-high-risk-of-price-drops-says-imf-1.23782201

"Canada’s biggest real estate markets are still at high risk of a sudden home price drop, according to a new global report by the International Monetary Fund, published this week."

"The risk of a major price correction has increased over the past few years to a level not seen since the 2008 financial crisis that caused the U.S. sub-prime housing crash."

"the housing market in Canada headed in the opposite direction, especially in cities such as Hamilton, Toronto and Vancouver, where valuations look overstated, much as [U.S. prices did] in 2008,” said the report"

Stand up for Canada
Guest
Stand up for Canada
DaMann
Member
DaMann

No honour among thieves .

Best place on meth
Member
Best place on meth

They’re pretty much all thieves.

That awful country’s flag should ditch the stars and add a pocket being picked.

Laibach
Member
Laibach

Right, hilarious. What happens when multiple scumbags and lowlifes in an attempt to act as “big players” and smartasses hit the wall. One can only imagine the number of shitshows of such type involving RE, cars and other luxury goods going on between BC and China.

http://epicpix.com/wp-content/uploads/2015/03/ff_2136.jpg

Raincity
Member
Raincity
Laibach
Member
Laibach

Lol, they undergo the same training, either when confronted at the Costco when parking Porsche SUV on the spot for disabled or when they caught spying. No Engrish, no Engrish… go Stahny Pok, go Stahny Pok!!!

English Teacher
Guest
English Teacher

“Pretended not to speak good English”

If you want to speak proper English, then that should be should be “pretended not to speak English well”.

YVR
Guest
YVR

“then that should be should be”

Thanks for the English lesson. Worse grammar than you are critiquing.

Doomcouver
Member
Doomcouver

Hey…. his rich parents stole the money for that car from the Chinese working class fair and square. How dare someone steal it back.

paulb
Member

New
168
Price Change
105
Sold
93
TI:13788

http://www.clivestevepaul.com

Screwed
Guest
Screwed

Is the TI decreasing?

Doomcouver
Member
Doomcouver

It’s possible, depends how many expires there are.

Laibach
Member
Laibach

What a gutless and confused bunch of political amateurs. They don’t dare to say China, to not upset local voters, but use Russia as a cover for shit. Total lunacy…

“Canadian Prime Minister Justin Trudeau later said “very clearly that countries like Russia are behind a lot of the divisive campaigns … that have turned our politics even more divisive and more anger-filled than they have been in the past.”

https://globalnews.ca/news/5132983/canada-likely-to-experience-foreign-meddling-in-october-election-chrystia-freeland-says/

Canada is for Canadians
Guest
Canada is for Canadians

Turd doesn’t want to piss off China like he did with Trump.

patriotz
Member

““Canadians have a right to know exactly how Russia interfered in the election, how extensive the interference was, and who the target was. Canada’s electoral system is integral to our democracy and must be protected from any foreign interference. ”

Guess who said that (hint: not Trudeau). This person didn’t cite China as a source of election interference either. This is the reality: Canada has a large population of Ukrainian origin that hates Putin, so there’s a lot of upside to bashing Russia. On the other hand, it also has a large population of Chinese origin so politicians have to be careful about bashing China. Whether you like it or not.

xyz
Guest
xyz

“Canadian Prime Minister Justin Trudeau later said “very clearly that countries like Russia are behind a lot of the divisive campaigns …

How about a specific example Mr Trudeau???

Oracle
Guest
Oracle

Premier Horgan going on a trade mission to China.

Wants more ‘investment’. Lol

Basically turning his back on the USA.

Best place on meth
Member
Best place on meth

How about we trade china all of their crooked people back to them?

Don’t need anything in return, not even a thank you.

Laibach
Member
Laibach

That would be an ultimate trade deal. Mother of all deals, Canada would suddenly blossom, all over again.

patriotz
Member
Asdfasdf
Guest
Asdfasdf

The only protection is banning immigration from problematic countries that don’t have rule of law or respect international law and systems

Canada is for Canadians
Guest
Canada is for Canadians

He must’ve read my post here from a few days ago I used the same phrase.

Best place on meth
Member
Best place on meth

“But pinning down where the money comes from has become a complex game of “whack-a-mole” thanks to the increasingly complex given the “imaginative” methods the criminals use.

In the “Vancouver model,” he explained, wealthy visitors from China make arrangements with criminals to launder money into B.C., beyond the amount they’re normally allowed by the Chinese government to bring overseas.”

Too bad they can’t use that “imagination” of theirs to actually create something good instead of just stealing and committing fraud and other crimes.

Oracle
Guest
Oracle

If a Pernanent Residence commits a financial crime, that is grounds for deportation.

Let China have names in this nee registry they are making.

Names and massive deportations.

YVR
Guest
YVR
But pinning down where the money comes from has become a complex game of “whack-a-mole” thanks to the increasingly complex given the “imaginative” methods the criminals use. “We’ve seen everything from people moving it in suitcases, duffel bags — and in a very Canadian example, a hockey bag,” he said. Yes really “complex” stuff. About as simple as it gets and they all seem to get a pass. If you enter the US with a suite case full of cash at the airport or even get caught with it in your possession anywhere they seize it and you go to court to get it back after you prove where it came from. Here is Canada even for $100s of thousands of cash not declared at customs you get a $200 fine and the money is handed back at the right… Read more »
YVR
Guest
YVR

Some good comments by readers. It looks like the only people Eby is fooling are on this blog.

Chelsea O’Connor
Anyone who has purchased real estate under a corporate number is pretty much the indication that they are involved in money laundering. Enforce the laws and start confiscation of those empty condos flipped offshore on juwei dotcom

Roger Zettler
Reply to @Chelsea O’Connor: gotta wonder Chelsea why we have the answers but the gov’t doesn’t…sad

John Webb
Skip the excuses Bust the Criminals and Seize their Assets

Lawrence Aibara
Nothing more than red rat grandstanding. Typical of nothing more than ‘look at me saying words that add up to nothing’.

Laibach
Member
Laibach

Right, one more

Myles Grant

“Yep, Mr Eby hit the nail on the head, Canadians competing against criminals to buy homes in their own country. Thanks so much Christy Clark and the BCLiberals.”

YVR
Guest
YVR

Damb Christy Clark. She should give David Eby a call and force him to take action. I mean it has been 2 years since Eby was elected and still she doesn’t call him up and even ask him to keep his election promisses.

Oracle
Guest
Oracle

Laiback and BPOM won’t get it. When the liberals get back in power after 4 years of NDP rule, they will be spouting the same nonsense.

FFS guys, the time for NDP to act is now. In the first half or middle of their mandate.

Don’t you minions see that??

Oracle
Guest
Oracle

And many people I know are giving the NDP just one term. If they don’t do anything, they will simply not vote next election and let this province go to hell.

Oracle
Guest
Oracle

Laibach, we are heading into year 3 of NDP rule.

Think about that. Election about 2 years away and what have they done.

Prices have softened due to Chinese capital controls mostly.

Laibach
Member
Laibach

Oracle, except for Eby it is yet another crappy party but not constituted of unscrupulous criminals as BC liberals. Unfortunately, Eby is powerless and has to tread carefully with the bunch of delusional bozos in government including charismaless and gutless Horgan. I agree that they are probably running out of time by doing not as much as they should, but the amount of damage created by liberals will keep them in power regardless.

Oracle
Guest
Oracle

You’d be mistaken. I know how Indians and Chinese think.

They don’t care if corrupt people occupy government as long as their net worth rises.

I’m sure that liberals will win if an election were to be held. The white people are way off with their thinking if they think the Indians and Chinese here really care about the corruption. They expect it.

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

You “know how they think”? Listen to yourself, clown.

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

False.

Best place on meth
Member
Best place on meth

Another well thought out rebuttal from the resident troll.

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

You think Oracle’s statement requires a thorough rebuttal because it’s not obvious what reducing the majority of buyers purchasing power by almost 20% might do?

Oh right. It’s you.

Best place on meth
Member
Best place on meth

Much better, dumb cunt.

Oracle
Guest
Oracle

I’m genuinely perplexed why Eby still just keeps talking about it !?!?

We are almost into YEAR 3 of his mandate and no charges or anything has been done.

Seems like these guys are also in on the take. They could have stopped this in YEAR 1!.

realist
Member
realist

“If they wanted to stop this they could.” Doubtless true. So, keep on going with that thought…”they” don’t want to stop it, because of___? Canadians are under the smug delusion that their country is free of corruption. The report of the Charbonneau Commission should have cast doubt, but maybe its ongoing problem child, SNC-Lavalin, its tentacles in the PMO and Privy Council exposed by no less than the former AG and Minister of Justice, will finally dispel that delusion.

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

I bet your ignorant racists get all horny when you read about something like this. You people make me sick.

The Jakarta riots of May 1998 targeted many Chinese Indonesians. Suffering from looting and arson many Chinese Indonesians fled from Indonesia.

https://en.wikipedia.org/wiki/May_1998_riots_of_Indonesia

Oracle
Guest
Oracle

What does that have to do with real estate?

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

At least learn how to fake my gravatar, dummy.

Bubble
Guest
Bubble

Economists agree benchmark prices are the most accurate (according to realtors):
https://www.rebgv.org/news-archive/economists-agree-benchmark-prices-are-most-accurate.html

Canada is for Canadians
Guest
Canada is for Canadians

The “benchmark price” is easy to manipulate by changing the variables that make it up. Average or median cannot be so easily manipulated because the numbers that make those up are easy to understand.

StupidityCheck
Guest
StupidityCheck

Never seen any indication that benchmarks are manipulated. OTOH, average and median prices change as the sales mix changes.

Canada is for Canadians
Guest
Canada is for Canadians

The benchmark has changed a number of times over the last few years. The real estate boards readily admit that. The questions is why do they change it? They say it’s to better reflect the realities of the market, but others would say it’s to make the numbers look better.

YVR
Guest
YVR
Horgan announces the next fast ferry projects for BC. The fast ferrys were auctioned off for pennies on the dollar after Glen Clarke tried to help the BC ship building industry. The end result was a billion lost of tax payer dollars and the the industry shutdown. Even BC ferrys stopped building ferrys in BC after that project. Not sure they will even get pennies on the dollar for the next white elephants the NDP build. A wooden hospital or maybe a wooden Patullo Bridge? This time it will be $20 billion we flush down the toilet. B.C. premier says wood to be used in two provincial megaprojects. Premier John Horgan told the Council of Forest Industries convention in Vancouver Friday that he has also directed the use of engineered wood, where possible, for the $20 billion in public infrastructure… Read more »
Selective Memory
Guest
Selective Memory

A few facts to add to freshen up your stale propaganda:
1. Cost of the fast ferries was $460 million, quite a bit short of the billion you claim.
2. Sold for pennies on the dollar by Gordon Campbell for less than salvage value, to score political points. Campbell then awarded contracts to foreign companies for future ferry purchases, so he can take credit for killing the shipbuilding industry.
3. As a point of comparison, Campbell’s private power producer contracts are now estimated to cost BC taxpayers 16 billion dollars above what we would have otherwise paid for that power.
4. Fast ferries created a lot of well-paid manufacturing jobs in BC. Campbell’s PPP’s created a bunch of millionaires out of Liberal party cronies. See a difference?

Dave
Member

Sold for scrap because nobody in the world could find a productive use for them. You can’t build an economy making useless products. Digging ditches and filling them in is better because there are less carbon emissions.

Accounting nerd
Guest
Accounting nerd

$460M in 1999, in today’s dollars is $675M based on CPI change. If you factor in opportunity costs of lost returns on that investment as well (put into things that would have earned return), $1B is not far off.

Dave
Member

I think we made about $10 B off the ferries because we had three subsequent good terms of governance, which produced billions in economic growth. I hope they do another mega project and screw it up so we can get rid of these clowns for another generation.

Selective Memory
Guest
Selective Memory

Hmm. So even putting a 10 billion dollar thumb on the scales, your fantasy numbers still leave us 6 billion in the hole on Campbell’s private power boondoggle.

YVR
Guest
YVR

“Sold for pennies on the dollar by Gordon Campbell for less than salvage value, to score political points.”

The company that bought them lost money. They were never used again. How many ships get built and are considered unusable? Only the NDP could accomplish such a thing. Now just imagine and unusable hospital or bridge.

Bubble
Guest
Bubble

The Toronto Real Estate Board is getting closer to providing its more than 50,000 members with more accurate data that show, for instance, that it takes about 11 more days sell a home in the many sub-markets across the Greater Toronto Area than the currently published statistic suggests, according to TREB director of market analysis Jason Mercer.

https://www.theglobeandmail.com/real-estate/the-market/article-tweaked-days-on-market-data-paint-a-more-accurate-picture-of-toronto/

Polozi Scheme
Guest
Polozi Scheme
A Canadian, originally from China, named Xie Jing Feng, was ordered deported a few weeks ago to India by the Hong Kong Court of Appeal, to face trial for drug trafficking. Xie Jing Feng came to Canada from China in 1998, where he applied for refugee status, which was granted on the grounds that he alleged that he had a fear of persecution for being part of a Christian group in China and needed protection in Canada. He was subsequently granted Canadian citizenship, with his wife Zhu Li-chang. He is included in the Panama Papers as a Canadian and is a convicted money launderer, who moved the proceeds of crime equal to HK$95 million through banks in Vancouver, China, Macau and Singapore. The couple lived in Vancouver, British Columbia, and had a house in Richmond. They appear to have used… Read more »
Doomcouver
Member
Doomcouver

This is great

Best place on meth
Member
Best place on meth

Lied to get into Canada, as per usual.

At least that’s one more rat disposed of.

Canada is for Canadians
Guest
Canada is for Canadians

Two college students are accused of scamming Apple out of $900,000 with fake iPhones

https://www.cnbc.com/2019/04/05/college-students-accused-of-900000-counterfeit-apple-iphone-scam.html

The scam revolved around counterfeit Apple iPhones that were shipped to students Quan Jiang and Yangyang Zhou from “an associate” in China, the government claims.

these “students” are off to a good start in life …

Laibach
Member
Laibach
“Both Jiang and Zhou claim that they were not aware the phones shipped to them, which they submitted for warranty claims, were counterfeit Apple iPhones, according to the government’s filings. Jiang told federal authorities that Apple never notified him that any of the phones were counterfeit After receiving replacement iPhones, Jiang would ship them back to China, where they could be sold. The unnamed “associate” would pay a portion of the profits to Jiang’s mother in China, who would deposit the funds into a bank account that Jiang could access from the US.” One can only imagine what’s going on in Richmond and Vancouver with a major port, RE commodities, car dealerships, car repair shops, insurance malpractice, shoddy businesses across garages and back allies that are always closed, forged papers and IDs and thousands and thousands of other various scum-schemas… Read more »
Canada is for Canadians
Guest
Canada is for Canadians

U.S. deems Canada ‘major money laundering country’ as gangs exploit weak law enforcement

https://globalnews.ca/news/5102137/us-canada-major-money-laundering-country/?utm_source=Article&utm_medium=EditorsPick&utm_campaign=2015

The report says Canada is especially vulnerable to money laundering through casinos, real estate, money services businesses, currency exchanges, wire exchanges, offshore corporations, legal “funnel accounts” and bulk cash and hawala transactions — meaning international exchanges of credit and debt between criminal bankers without money actually crossing borders.

Canada: the banana republic of the western world …

Laibach
Member
Laibach

“The U.S. Department of State has designated Canada a “major money laundering country” where foreign drug-trafficking gangs are exploiting weak law enforcement and soft laws.”

Of course, any strong law enforcement and strong laws against criminals would be deemed “racist”.

Oracle
Guest
Oracle

Hawala is how the Indians do it.

YVR
Guest
YVR

Wow a new milestone for the NDP. Where is Eby? Can’t blame him for not being able to detect those “complex” money laundering methods like hockey bags full of cash through the most secure areas of our country like airports and casinos.

Canada is for Canadians
Guest
Canada is for Canadians

Money laundering report finds no federal Mounties dedicated to B.C. investigations

https://www.citynews1130.com/2019/04/08/money-laundering-report-mounties-investigations/

Attorney General David Eby continues to demand more new funding from Ottawa to tackle the issue.

what a joke Canada has become ….

Dave
Member

Why would you need somebody investigating it when nobody has ever been charged before? Patriotz has a good point that we have the lowest level of corruption in the World.

patriotz
Member

” Patriotz has a good point that we have the lowest level of corruption in the World.”

Are you really the old Dave who had something worthwhile to say, or just another sockpuppet for Oracle’s outright lies?

Dave
Member

Sorry but the truth cuts hard. The studies you think had meaning are clearly based on garbage and it’s very difficult to compare corruption from one country to another. That was obvious to me but not so much for you. I would hope that today’s headline makes you rethink how you see things. How is that not worthwhile? You gotta enjoy a told you so every now and then. And maybe your bullshit detector works a bit better next time.

YVR
Guest
YVR

“Attorney General David Eby continues to demand more new funding”

Meanwhile Eby and the NDP has allocated how much money to new enforcement? Z-E-R-O.

Dave
Member
I feel bad for Eby. Imagine being as smart as he is and being surrounded by 42 other dummies. He’s done more on the housing file than the Minister has. The guy is just spread thin. He can’t do everything. It probably took two years before the bureaucrats figured out nobody was on the file. I wish that was sarcasm but it isn’t. The Federal budget proposed for this has a big training and capacity building component. Can you imagine how incompetent those people are going to be? They have nobody to learn from. This could be a plot from a Seth Rogan movie. We’re literally that stupid. We should just hire the FBI. But that might hurt our corruption stats because they’ll actually solve a few things even if they sent their C team.
Best place on meth
Member
Best place on meth

Their C team would be Comey, and he did a bang up job with the Hillary investigation.

Dave
Member

I know. That’s my point. Sadly.

Hyper-mega-Bull
Member
Hyper-mega-Bull

it’s been well known for a long time that canada is money laundering heaven.

Italian authorities say Canada, especially Ontario, has become a base for the Calabrian Mafia, or ‘Ndrangheta — particularly for money laundering — because Canada is perceived to have a lax approach to dealing with the Mob. – 2012 CBC

One of Canada’s wealthiest businessmen, Montreal cheese magnate Lino Saputo, is denying that his company has ties to a Mafia money-laundering scheme. 2007 Macleans

Mafia Inc. book. 2012
https://books.google.ca/books?id=q7qlDG1KaiAC&pg=PA231&lpg=PA231&dq=italian+mafia+author+says+canada+money+laundering+haven&source=bl&ots=5TVzp7HEyR&sig=ACfU3U1XVkKk5RIJc3_B0jQf9unCVT6SWg&hl=en&sa=X&ved=2ahUKEwjFjrjU8MPhAhXKxlQKHYWLBIUQ6AEwBnoECAkQAQ#v=onepage&q=italian%20mafia%20author%20says%20canada%20money%20laundering%20haven&f=false

Make Trudeau a Drama Teacher again!
Guest
Make Trudeau a Drama Teacher again!
From the Globe Buying or selling?
 Potential home buyers and sellers in Vancouver and Toronto might want to hear what Royal Bank of Canada has to say.
For the record, RBC senior economist Robert Hogue isn’t giving advice to wannabe home owners. But his latest outlook for the Vancouver and Toronto housing markets may be well worth the read.
First, Vancouver, where resales fell in March to their lowest level in more than three decades while prices continued to decline.
“Very weak market conditions got even weaker in Vancouver, where policy measures introduced by all levels of government in the past couple of years continue to keep buyers disinterested – or discouraged,” Mr. Hogue said in his report.
And here’s a key bit: “If the reason why Vancouver buyers are staying on the sidelines is that they’re waiting for more significant price breaks, that… Read more »
paulb
Member

New
395
Price Change
160
Sold
98
TI:13991

http://www.clivestevepaul.com

Best place on meth
Member
Best place on meth

+203

So close today.

Make Trudeau a Drama Teacher again!
Guest
Make Trudeau a Drama Teacher again!

395. Solid.

Lots of open houses to attend Dave.

Dave
Member

I’m full bear when we hit 20,000. Otherwise, Open House traffic could be a sign of a compressed spring ready to bounce. If there was a stat for this, it would be high right now. Just a fact. Ignore at your own peril. The smart money is watching this.

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

That open house traffic will evaporate as soon as it’s widely accepted that prices are declining.

Screwed
Guest
Screwed

Mottgage rates are coming down too.

Doomcouver
Member
Doomcouver

Mortgage rates won’t matter once there’s enough blood in the water.

Simple Solution
Member
Simple Solution

How low do they have to go to offset the loss of equity?

Dave
Member
The market realizes that just fine. This is the first thing people talk to their realtor about. Anybody in the market (buying or selling) is well aware of what is going on. The traffic represents people interested in buying, but they fear continued falling prices, so they’re just kicking the tires. When the market looks to bottom, sales will start to go up and all those tire kickers will come rushing back. The low level of sales is like a coiled spring. Each month we’re pushing it lower. At some point, it bounces the other way. The real question now is inventory. If we can’t break all time highs by the Fall, then I don’t think the bottom will be far off. The other scenario is that inventory goes to all time highs and that will cause the market to… Read more »
DaMann
Member
DaMann

I disagree. I talk to a lot of people that have zero clue the market is crashing. And the people who are well aware all say the same thing. “It’s only the $5 million plus houses that are dropping in price, no one could afford them anyways, my place won’t drop”

Dave
Member

That’s not what I claimed. My claim was that sellers and buyers are aware of market conditions. I agree that the majority of home owners aren’t following the market closely.

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

If sellers were aware of the market conditions they would rapidly drop their prices.

They are not which means they feel the market will bounce soon (as you say)

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

They’re aware of what they’re told. Which may or may not be “market conditions”.

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

And you think their realtor, who makes no money if the buyer walks away, gives an accurate assessment because they have a fiduciary duty to do so?

Oh wait, they’re “self regulated”. I forgot.

Dave
Member

Isn’t that my point?

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

No. Your point is that buyers and sellers are informed. They’re not, because the fact that the data is kept secret and not independently verified almost guarantees it.

Watcher
Guest
Watcher

I went to an open house on Walden Street on the weekend. 40-50 people went through. Lots of interested people. There was already an offer accepted before the open but open went ahead for a backup offer.

House was listed for around 10% below assessed and below what current owners paid in 2016. Looks like current owners got in a bidding war in 2016 and paid way over 2016 asking.

StupidityCheck
Guest
StupidityCheck

LOL. Smart money doesn’t invest at 40+ times rent.
Gamblers? Sure.
Naive FOMO? Ok.
Chinese kleptocrats? Mmm hmm.
Smart money? Nope.

Dyugle
Guest
Dyugle

Are you using a 60:1 ratio at those open houses.
https://www.burnabynow.com/online-real-estate-auctions-try-to-shake-up-sales-with-novel-approach-1.23769174
“But local media reported that although 60 people filled the room, only one was an interested buyer so the auction was cancelled”