One half year into a decline

It’s not just Vancouver, sales are falling across the nation marking the first March decline since the recession.

Prices fell in seven of the 11 markets in the index, led by a 1.5 per cent drop in the capital region of Ottawa-Gatineau. In Victoria, British Columbia’s capital city, prices were down 1.1 per cent, with Vancouver prices down 0.5 per cent.

Canada’s once-hot housing market has softened since the start of last year, as tighter mortgage rules and five interest rate hikes from the Bank of Canada since July 2017 have curbed buyer spending power.

Read the full article here.

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Laibach
Member
Laibach

Certainly, it is related to housing…

Academic who blew the whistle on China’s influence on Australia says Canada is in even worse trouble

https://nationalpost.com/news/world/academic-who-blew-the-whistle-on-chinas-influence-on-australia-says-canada-is-in-even-worse-trouble

Dave
Member

I think Aussie is more exposed because of geography. We’re protected because of our geography next to the USA who will take Chinese influence more seriously than we will. The fact that we are even debating allowing Chinese access to the 5G network is insane and shows the level of influence they already have on our government. The Federal Liberals would be happy to sell out the country and our privacy to the Chinese for a few lucritive Board of Director positions on Chinese firms.

Specuskeptic
Member

“The fact that we are even debating allowing Chinese access to the 5G network”. Bullshit. It’s being debated plenty. Which way things will go is not yet decided.

Specuskeptic
Member

Mis-read to read “we aren’t debating”. Mea culpa.

Dave
Member

No problem. My point is that this should not be a point of debate.

Meng Wanzhou
Guest
Meng Wanzhou

We are already using a ton of Huawei gear in our current telecom infrastructure…

Hyper-mega-Bull
Member
Hyper-mega-Bull
Laibach
Member
Laibach

Eh, lying? No way…

A Chinese woman charged with bluffing her way past security at President Trump’s Mar-a-Lago Club will stay in jail at least one more week after prosecutors said in court Monday that she “lies to everyone” and authorities found a suspicious variety of electronics in her hotel room.

https://www.washingtonpost.com/world/national-security/mar-a-lago-intruder-had-cash-and-additional-electronics-in-her-hotel-room-prosecutors-say/2019/04/08/2edd875a-5a22-11e9-a00e-050dc7b82693_story.html?utm_term=.6b30564dc9d4

Bag it and tag it
Member
Bag it and tag it

Her defence will be “lying is a part of chinese culture”

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

And when it isn’t you’ll admit that you’re a racist piece of shit? Or not?

YVR
Guest
YVR

Have you ever met anyone who is not a racist? It seems “you’re a racist piece of shit” is the way you start a conversation with people.

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

Ok this blog? One or two. But not many.

Out in the real world? Thousands. Most people, in fact.

You’re an insignificant minority.

YVR
Guest
YVR

Wow you have met thousands of people who are not “a racist piece of shit”. That must have been a long time ago. Surely everyone now is one.

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

Isn’t it fun making things up?

Can you even remember when this blog was about real estate and not frequented by the dregs of the internet?

YVR
Guest
YVR

You just made the statement you meet a lot of racist piece of shits in the real world. Sounds like you run into a lot of racists. Most people rarely come across racists. I wonder why your life is so dominated by them and they seem to be everywhere. Any physiatrists here can help SIDA?

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

No, I said the opposite. Learn to read. Good grief.

Best place on meth
Member
Best place on meth

Yes, I remember what it was like before your toxic ass showed up here.

Best place on meth
Member
Best place on meth

These outbursts even happen during job interviews, which is why he’s also an unemployable piece of shit.

Laibach
Member
Laibach

And when it is you’ll admit that you are fucking lying shitbag.

“Sometimes lying is used to gain face or gain an advantage over someone. At other times it is used as a means for offering a wounded party a chance to recoup face, a thoughtful, kind and gentle flipside of the unpleasant face of lying in China which many detractors of contemporary Chinese culture often omit from their critiques. This kinder face of lying in China is much more subtle and commonly overlooked by people of other cultures because they are so tuned into the practice of being incensed at a perceived slight that they can completely fail to realize the benevolence of its intent.”

https://www.echinacities.com/expat-life/Illogical-or-Tactical-Lies-in-Chinese-Culture

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

You clearly don’t even know what “liar” means. Frankly, I’m not that surprised.

Bag it and tag it
Member
Bag it and tag it

As the Eskimos have 25 words to describe types of snow, the Chinese have as many words to describe different types of lying.

Best place on meth
Member
Best place on meth

They are like Forrest Gump describing shrimp.

Best place on meth
Member
Best place on meth

It’s true, worthless race baiter.

Lying is the bedrock of chinese culture, and none of your squealing will change that.

Hyper-mega-Bull
Member
Hyper-mega-Bull

and she would be telling the truth.

franko
Member
franko

Trudeau donates million $ to import fridges from China.
http://business.financialpost.com/diane-francis/justin-trudeau-annus-horribilis-all-the-reasons-why-the-october-election-cant-come-soon-enough

No expert in Latin, but hoping that all that “annus horribilis” stuff is a polite way of calling him a “Horse’s Ass”.

southseacompany
Member
southseacompany

“The housing market is so slow! You’ll never believe this guest’s offer to counter that”, Linda Steel Show, Global News Radio

https://omny.fm/shows/steele-drex/the-housing-market-is-so-slow-youll-never-believe

“We know that the housing market has really slowed in the Lower Mainland but in particular things are looking bad in West Van. So bad that realtors are working in grocery stores and our next guest is offering a $25,000 bonus to any realtor who can sell any of 3 remaining homes in his development.”

“GUEST: Michael Geller, Architect, planner, and developer/President at The Geller Group”

Doomcouver
Guest
Doomcouver

The sad truth for these people is HAM is probably gone forever. I hope most of these Vancouver realtors/developers/construction workers have other marketable skills or there’ll be a big line at the unemployment office real soon.

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

Hopefully we’ll be able to get tradespeople. Things have gotten so crazy a friend of mine got a quote of $120k for a new deck.

The guy said, I know its crazy but if you want it done that’s the price.

Canada is for Canadians
Guest
Canada is for Canadians

Mandatory anti-money laundering education for real estate professionals among industry recommendations

https://www.citynews1130.com/2019/04/15/mandatory-anti-money-laundering-education-for-real-estate-recommendations/

Laibach
Member
Laibach

Just look at them now, how responsible they are…

B.C. real estate industry recommends amending federal money laundering laws to improve enforcement

https://globalnews.ca/news/5168520/bc-real-estate-board-fintrac-laws-enforcement/

Specuskeptic
Member

What does this “anti-money laundering education” look like? Let’s start with the basics. It’s wrong and needs to be stopped.

Folks other than “real estate professionals” also need to brush up…

Bag it and tag it
Member
Bag it and tag it

Also part of their training is representing the best interests of their clients and none of them do….

Specuskeptic
Member
Selective Memory
Guest
Selective Memory

Mandatory anti-money laundering education will basically teach real-estate agents how to be better at money-laundering.

What’s needed is enforcement. Some real-estate agents need to go to jail — that might have an effect.

Best place on meth
Member
Best place on meth

“Some real-estate agents need to go to jail”

Everyone that ever worked at New Locust and it’s filthy subsidiaries, for example.

Bubble
Guest
Bubble

Cheapest land in Point Grey : 4194 W 10TH AVENUE

Date Comments
2019-Mar-28 Sold $1,710,000 R2347603
2019-Mar-11 Listed $1,950,000 R2347603
2018-Apr-23 Terminated $2,790,000 R2254164
2018-Apr-05 Listed for sale R2254164

Doomcouver
Guest
Doomcouver

$1.7 million and you still have to live on a main road. Hope this buyer likes the sound of motorcycles and loud cars when they’re trying to sleep. They paid a premium for it.

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

Still absurdly priced.

Oracle
Guest
Oracle

The market north of the Fraser is very slow.

The market for Detached on the valley is as strong as ever.

Why?

Because only Chinese are coming into Vancouver proper and they can’t easily get their money out.

Meanwhile, the Indians and Phillipines are pouring into the valley and prefer it there.

With regard to open houses, prices have basically gone up about $50,000 for detached in the valley since the winter.

Totally opposite of what’s happened on the west side.

Bag it and tag it
Member
Bag it and tag it

Hey Bagdad Bob, forgot to mention Abby townhouse on fire.

Oracle
Guest
Oracle

Why so emotional? I’m just pointing out facts.

I’m looking to buy a detached in the valley and prices are anything but going down.

Lucky you. You can now probably get a home that used to be $4 million for $3 million now in Vancouver.

Regular people like me are only concerned with livable homes under $1 million.

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

What happened to all the cousins?

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

You are not pointing out facts. You are lying.

Prices in the valley are dropping and listings are going up.

I am not sure what you hope to accomplish by spreading bullshit here.

Oracle
Guest
Oracle

Link?

Inventory Stats?

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

Zolo ffs.

Bag it and tag it
Member
Bag it and tag it

LOL…that’s rich, Oracle demanding a link. Where is your link. I have provided links in the past proving you’re a lier. Nobody believes you ever.

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

Oracle, remember all those listings in North Delta with yuuuuge open house traffic?

You might want to check Zealty.

paulb
Member

New
283
Price Change
139
Sold
74
TI:14470

http://www.clivestevepaul.com

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

A consistant 3-4/1 List vs Sale is very bearish.

Couple this with regular sub 100 sales and its pretty clear where this market is headed.

Some people on here talk about a 15-20% correction being healthy but more than that would be terrible. I don’t believe that these people are considering how much it went up.

When things go parabolic or hockey stick they never soft land. This market will more than likely retrace 50% of the gain and if it does we’ll still be very expensive on almost any stat.

Dave
Member
I trade stocks so I know all about parabolic moves and this isn’t one of them in my opinion. For your position to be true, the downturn would have to be accelerating. I don’t see evidence of that. Price drops were mixed last month. Listings aren’t going through the roof. In my view this is a 15 to 20% correction until it proves itself otherwise. In my view that would be a healthy correction. More than 20%, and we’ll have knock-off economic impacts that affect everybody. From that perspective, I see 20% as an inflection point. If we break 20%, I expect a reinforcing negative cycle (snowball effect). But time and liquidity (lower rates) will eventually put that bottom in. This downturn has been fairly moderated so far. It’s worth noting that historically downturns don’t last long. We have long… Read more »
Simple Solution
Member
Simple Solution

Hard to compare stock price moves to house price moves… Stocks transactions happen in less than a second… Houses not so much….

YVR
Guest
YVR

A stock market move that takes a month will take a year or longer in housing. Stocks give you an instant clearing price. RE takes 3 months before there is enough data to give you a clearing price. Even then with differences in most properties you still have many sellers who think their place is special.

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

You can’t compare this to other downturns becuase we’ve never had a run up this poweful andvthis long. Further, the factors that drove it HAM and money laundering are not coming back. They are not waiting on the sidelines like first time buyers.

I don’t see this as a 3% a month crash but a multi-year grind lower with head fakes. Top to bottom -50% on the high end abd maybe 30-40% on condo’s.

Dave
Member

The crazy thing is that doesn’t sound as crazy as it would have three years ago. If you said real dollars, not nominal, then we won’t be terribly far off. In my view, the correction in nominal dollars won’t continue for much longer. I don’t see the market grinding lower for multiple years. I think we bounce in 6 to 18 months and then have a long flat market.

Laibach
Member
Laibach

“Bounce in 6 to 18 months…”

Bounce by whom, if there are no Chinese?

Dave
Member

Pent up demand and population growth.

Jumbo
Guest
Jumbo

Exactly. Population growth.
Who would come here knowing that they can’t afford? To see yourself and family suffer?
All new comers are somewhat wealthy.

Specuskeptic
Member

Oracle sock puppet alarm is ringing…. The Oracle panic index must be climbing. LOL

Jumbo
Guest
Jumbo

Nahh, it won’t be more than 20%.
As long as population is growing we will not see any significant dip.
Rents, gas, grocery, building materials, raw materials etc. all are up here in Van, much more than ave. 2% inflation rate.

Do you think all these people coming to Van are stupid? Coming here knowing that they can’t afford? I don’t think so.
Almost every new comers must have pretty good net worth to look at place like Van.

Specuskeptic
Member

“Douglas Todd: The first journalist to really capture Vancouver’s housing crisis”
https://vancouversun.com/opinion/columnists/douglas-todd-the-first-journalist-to-really-capture-vancouvers-housing-crisis

“As a result, the city descended into an ugly affordability crisis, which probably could have been avoided. It’s only in the past couple of years that politicians have mounted a serious response to the tremendous power foreign capital has had in shaping B.C.’s housing market. But Sutherland’s article had explained much of it nine, long, painful years earlier.”

The bubble is more than nine years old, but there is still value in the analysis.

Doomcouver
Guest
Doomcouver

You’re right the real bubble in Van RE started around 2002, so like 17 years ago. Prices in the Vancouver area on a detached home went from about 400k to around $1.1 million in 2016. That’s an average of over 7% increase per year in prices.

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

Stocks performed better.

StupidityCheck
Guest
StupidityCheck

The stock market is also very overvalued. The only time the Shiller PE has been higher was during the dot-com bubble.

https://www.multpl.com/shiller-pe

Laibach
Member
Laibach

“I was aware many people disputed the Chinese influx and its effect on real estate, decrying racist motives and citing lack of data. But I could see with my own eyes the houses coming down and the Chinese people moving in to the new mini-mansions.”

Various idiots and cunts at all relevant places were relentlessly supporting locust’s inclusion for the past 20 years by frantically pulling the race card and citing bogus data. It was like well orchestrated but merciless execution of the city and society.

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

His anecdotes are clearly superior to the data, LOL.

His own eyes!

Best place on meth
Member
Best place on meth

The data clearly shows you’re a race baiting piece of shit.

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

I totally get why it’s in your interest to try and discredit me.

SilentBob
Guest
SilentBob

You do a fine job of that all by yourself friend.

Oracle
Guest
Oracle

SIDA works for Beijing. That’s all we need to know. Go home SIDA.

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

Pretend immigrant is angry again. Commission cheques hard to come by these days?

YVR
Guest
YVR

You taking care of the discrediting all on your own

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

By taking a stand against ignorant racists like you?

YVR
Guest
YVR

It is in your imagination. To you everyone is a racist. You already told us that.

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

I did not, read it again and stop embarrassing yourself.

YVR
Guest
YVR

I can’t read a comment by you without you calling someone racist. You are obsessed.

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

You’re damaged. This is the part where you were supposed to apologize for your mistake.

I comment here to call out the racism, so the content of my comments should come as no surprise except, perhaps, to the terminally stupid.

YVR
Guest
YVR

I bet you stand at street corners calling out racism that does not exist. You are deranged. I feel bad for angry people like you. Up your medication you may feel better.

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

I bet you’re a liar and a troll.

It’s really quite simple – if you use racial slurs then you’re a racist. That includes you. It’s not my fault if you find that confusing. Perhaps you should have tried harder at school?

Best place on meth
Member
Best place on meth

Fuck off china man.

Nobody cares what your definition of anything is, you’re a waste of oxygen.

Totally irrelevant.

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

… and that’s why you reply to almost everything I write?

Got it.

Best place on meth
Member
Best place on meth

Ironic that a hypocritical piece of shit like you calls people nasty names in nearly every one of your worthless posts, yet tries to claim some moral high ground by incessantly whining about slurs.

You are nothing more than a troll, a piece of garbage who lives to disrupt and instigate and cause trouble.

Trolls should be banned from all forums everywhere.

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

Unemployable racist fuckwits – like you – do not deserve to be treated with either respect or civility. You’ve made the choice to be fucking scum. This is all you.

YVR
Guest
YVR

“… and that’s why you reply to almost everything I write?”

LOL the guy who is the one who is doing the replying to everyone else.

*shriek* your a racist *shriek*

What a loser. Your parents must be embarrassed.

YVR
Guest
YVR

“Perhaps you should have tried harder at school?”

Coming from the guy who flunked out in his masters degree in gender studies and never found a job. Spends his time endlessly shrieking racist on this blog.

StupidityCheck
Guest
StupidityCheck

Huh? How many people thought back in 2009 that foreign money was driving the market? He was right, and very early.

The irony is, if voices like his wouldn’t have been dismissed, the anti-China sentiment here wouldn’t be as strong today. Compare the VCI comments between now and then, for example.

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

He wasn’t right then and he’s not right today.

Best place on meth
Member
Best place on meth

Everyone’s wrong except for you and 3 other lying halfwits.

Dave
Member

I think this is a question that a public inquiry should address. Was there a deliberate effort to mislead the public?

Canada is for Canadians
Guest
Canada is for Canadians

Standard & Poors reaffirms BC’s ‘AAA’ credit rating. Good job BC NDP for running the province in a fiscally responsible manner !

StupidityCheck
Guest
StupidityCheck

Just like in the US. The right-wing parties are fiscally irresponsible, but everyone just “knows” that those lefties are the big spenders.

Dave
Member

FYI… It was the BC Liberals that took our credit rating from low to high. The NDP are just riding that right now. After the real estate correction, likely recession and higher taxes, we’ll see how that budget is looking. It will take some time for our rating to drop, but it’s inevitable if the NDP remain in power for more than their remaining two years.

Canada is for Canadians
Guest
Canada is for Canadians

No it is not “inevitable”

“B.C. is the only province rated triple-A with all three international credit rating agencies: Moody’s, S&P and Fitch,” said Carole James in the press release from her ministry Friday.

The Triple A hat trick was especially satisfying for members of the fledging minority government. This time last year, the electioneering B.C. Liberals predicted that the NDP platform would lead to a credit down grade.

Simple Solution
Member
Simple Solution

The credit rating agencies that rated all the mortgage bonds….

Dave
Member

I more or less quoted Horgan there. If those things play out, then it’s a given. If you believe housing will continue to get worse, then you have to believe it’s going to hit our credit rating.

StupidityCheck
Guest
StupidityCheck

Sure, the B.C. Liberals improved things the same way the GOP did between 2001-2006, with a massive, unsustainable housing bubble. The coming B.C. recession will be for the same reason as the US in 2007 — the bursting bubble.

As for possible tax increases.. great! (As long as they’re on high-income earners and corporations.). The pro-business, trickledown policies of the last several decades have created high inequality and screwed the middle-class.

Dave
Member
I agree that some of this was artificial, which supports my expectation that our credit rating won’t last. Most business owners are in the Middle Class. They’re getting squeezed from every direction. Income taxes, carbon taxes and municipal taxes. Have a look at the mix of business from five years ago to today and imagine what they next five bring. These are the people who create most jobs. They’re not the ones buying up west side mansions and ripping around in Ferrari’s. How about we go after the rich people paying no taxes because Revenue Canada is incompetent before we target the people you suggest? The inequality of the last ten years was not income inequality, it was asset inequality. Those with assets grew their wealth. Those who were income rich, didn’t. I don’t think that has sunk in yet… Read more »
StupidityCheck
Guest
StupidityCheck

What really “creates jobs” is a healthy middle class with enough money to live a decent lifestyle without needing to borrow. I agree that middle-class business owners aren’t the ones that need a tax hike, I’m talking about the top 5% or 10% of income earners.

The inequality I’m taking about started rising around 1980, mostly in the English speaking countries. See page 16:
https://eml.berkeley.edu/~saez/lecture_saez_chicago14.pdf

Dave
Member

I’m about the top 1% (+/-) and I’m not as rich as you think and I pay a tremendous amount in taxes.

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

You don’t pay enough in the eyes of the have-nots.

YVR
Guest
YVR

I think it is the locust tax evaders who would be in the top 1% but claim poverty level income are the ones people are concerned about. The top 1% who claim their income already pay 17% of income taxes where the locust 1% drain social programs and pay no income taxes.

YVR
Guest
YVR

To be in the top 10% of income earners you only need to make $90,000 per year. The top 10% already pay 53% of all income taxes paid. You think they should pay a larger share? Sounds like you are a full on communist.

patriotz
Member

“It was the BC Liberals that took our credit rating from low to high. ”

In fact the NDP government of the 1990’s started with a DBRS rating of AA and ended with a rating of AA-. You can call the latter “low” if you like, but the rating agencies include it in “superior”.

https://www.cbc.ca/news/canada/british-columbia/reality-check-b-c-s-credit-rating-1.1400605

Bag it and tag it
Member
Bag it and tag it

Yes, the liberals did an amazing job of providing the appearance of a sound economy by siphoning from ICBC.

xhistory
Guest
xhistory

http://www.worldometers.info/world-population/world-population-projections/

Latest global pop projections shows Urban Population growth decreasing.

xhistory
Guest
xhistory

Sorry, that should read ‘increasing’

Canada is for Canadians
Guest
Canada is for Canadians

Alibaba’s Jack Ma say we should all be working 12 hour days 6 days a week. Maybe that’s 12X6 working for him? Thanks Jack but 12X6 I’ll pass on that one .

StupidityCheck
Guest
StupidityCheck

Just like the good old Gilded Age! Why do people keep forgetting history? Sigh.

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

No, he said his company’s employees should. Big difference.

Don’t like it? Don’t work at Alibaba. Problem solved.

YVR
Guest
YVR

The 72 hour weeks are only for those 12 years old and under. Over 12 and you work 100 hours a week at Alibaba.

Best place on meth
Member
Best place on meth

This is why nobody wants to work for a china man.

They treat employees the same way they treat dogs.

bullwhip29
Guest
bullwhip29

BLOOMBERG: College Kids Are Living Like Kings in Vancouver’s Empty Mansions
Globe-trotting landlords can avoid vacancy taxes by renting. It’s the latest twist for a housing market down 8.5% from its peak
https://www.bloomberg.com/news/features/2019-04-16/college-kids-are-living-like-kings-in-vancouver-s-empty-mansions

bullwhip29
Guest
bullwhip29
Canada is for Canadians
Guest
Canada is for Canadians

Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC
Aleksandra Sagan, The Canadian Press, at 12:04 on April 16, 2019

Ottawa’s new mortgage stress tests accounted for at least half of the decline in new mortgages started last year, according to a new report by CIBC that calls for the measure to be revisited amid a falling housing market.

The total value of new mortgages fell by eight per cent or $25 billion in 2018, wrote Benjamin Tal, deputy chief economist at CIBC World Markets Inc. in a report released Tuesday.

He estimates the impact of the new stress test made up $13 billion to $15 billion, or 50 to 60 per cent, of that drop. The other 40 to 50 per cent of the drop comes from increasingly unaffordable home prices and rising interest rates, he said.

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

Nah, it was all foreigners amiright?

YVR
Guest
YVR

Foreigners can’t pass the stress test as well. Especially when they declare no income.

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

Somebody declaring no income would not qualify for any mortgage, B20 or not. Duh.

YVR
Guest
YVR

False. With all the big banks you used to only need 35% down payment and no income verification was required. Private lenders are still doing that.

YVR
Guest
YVR

Canadian banks’ mortgage guidelines favour foreign home buyers

Canadian banks allow foreign clients with no credit history, including students, to qualify for uninsured mortgages without proving the sources of their income – a practice that exempts non-Canadians who have money in the bank from the scrutiny domestic borrowers face when buying a home or an investment property…At BMO, such clients need only 35 per cent down to qualify for mortgages up to $2-million. The criteria from both banks show income verification is also not required for new immigrants who have been in Canada less than five years if they put 35 per cent down.

https://www.theglobeandmail.com/real-estate/vancouver/canadian-banks-mortgage-guidelines-favour-foreign-home-buyers/article31869946/

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

Your position is that sales have fallen off a cliff because although foreign buyers were somehow not showing up in the stats they’re now failing the stress test?

YVR
Guest
YVR

LOL, SIDA owned again.

bullwhip29
Guest
bullwhip29
Bubble
Guest
Bubble

Interference: China’s covert political influence campaign in Australia
https://youtu.be/7T_Lu1S0sII

Conservatives should make this an election issue, if they have any chance beating the Liberal.

patriotz
Member

“Conservatives should make this an election issue, if they have any chance beating the Liberal.”

Chinese Canadians are a key voter demographic for the Conservatives. What ethnic seats in metro Vancouver and Toronto did they hold on to in 2015? The Conservatives will play for the anti-immigrant vote all right, by bashing Muslims and blacks, whom the Chinese don’t like themselves.

Harper makes direct pitch to Chinese Canadian voters

Asdfasdf
Guest
Asdfasdf

Chinese don’t vote. Courting the Chinese vote is a stupid strategy. Courting Chinese money in exchange for influence is unfortunately the smart move.

Joe Money
Guest
Joe Money

The Libs like bashing folks for their religion, too.

https://nationalpost.com/opinion/the-liberals-dont-get-why-religious-canadians-refuse-to-submit-to-their-political-dictates

It seems that the Liberals have no issue with making Christians comply to some standard, but if someone forces Muslims to comply to some standard they are all over them. That is duplicitous.

patriotz
Member

“It seems that the Liberals have no issue with making Christians comply to some standard, but if someone forces Muslims to comply to some standard they are all over them”

You mean Christians have a problem with being asked to support equal rights for women and gay people, but Muslims don’t? Thanks for clearing that up.

YVR
Guest
YVR

Actual the right and Christians support equal rights for everyone, not special rights for certain groups and identity politics.

patriotz
Member

“Actual the right and Christians support equal rights for everyone”

You are entitled to your own view of who “the right” is, but nobody appointed you to decide who is a Christian, and there are plenty of people who call themselves Christians who do not support equal rights for everyone.

https://www.youtube.com/watch?v=TAcb_7fUwLM

YVR
Guest
YVR

Give it up Patriditz. The left wing in Canada is on its last legs. Trudeau will be flushed down the toilet at the end of the year.

southseacompany
Member
southseacompany

Benjamin Tal whining:

“B-20 mortgage stress test needs to be revisited, says CIBC’s Tal”, BNN Bloomberg

https://www.bnnbloomberg.ca/b-20-mortgage-stress-test-needs-to-be-revisited-says-cibc-s-tal-1.1245189

“A prominent economist is urging regulators to revisit mortgage stress tests in Canada, arguing that the new rules implemented early last year are too rigid.”

Bag it and tag it
Member
Bag it and tag it

How dare the implement measures that are actually effective.

southseacompany
Member
southseacompany

“Greater Vancouver Condo Prices Drop The Most Since 2009”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-condos-see-fewest-sales-since-2009-inventory-pops-131-higher/

“The annual declines appear to be getting larger for condo apartments. REBGV’s annual pace of growth decelerated for 18 consecutive months. Only 3 of those months were negative, but prices still made a big drop. This was the largest decline since 2009, and prices are back to December 2017 levels.”

“Active listings of condo apartments reached a multi-year high. REGBV reported 5,076 active listings in March, up 13.68% from the month before.”

southseacompany
Member
southseacompany

“Home sales still down from recent peaks in Langley”, Aldergrove Star

https://www.aldergrovestar.com/news/home-sales-still-down-from-recent-peaks-in-langley/

“In Langley, sales of detached houses were down 27.8 per cent, townhouse sales were down 38.1 per cent, but condo sales held steady, up 1.2 per cent on March of 2018.”

paulb
Member

New
253
Price Change
97
Sold
115
TI:14514

http://www.clivestevepaul.com

Dave
Member

Uh oh…. another triple.

Screwed
Guest
Screwed

Tuesdays numbers are counting for two days

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

Ha ha the Dave Bull Index (DBI) is at an 8.

Laibach
Member
Laibach
Hopefully, this becomes a norm and rats take off en masse. “Lisa Sun paces around the Vancouver mansion she’s been hired to sell by its wealthy Chinese-Canadian owner. The family’s had it with the new taxes and what it sees as increasing hostility to Asian capital. Sun reckons that early last year the home would have easily sold for about C$8.5 million—holes in the wall and all. “I’ve been through only the peak, never the low,” said Sun as she schedules a makeover of the property. Pink tags indicate to the four cleaners what needs to be dumped. The Lamborghini and Rolls-Royce in the garage, relatively unused for three years, also need to be dealt with. The house is listed at C$10.9 million, but after receiving mostly low-ball offers closer to its tax-assessed value of C$6.2 million, she’s planning on… Read more »
Laibach
Member
Laibach
Best place on meth
Member
Best place on meth

“Sun doesn’t think Vancouver’s market is going to come back to its highs, especially at the top end. “Why would they come here and pay all that tax and feel like a criminal?”

Interesting choice of words by this whiny realtor…..criminal.

Did they tell her about their business model back in the motherland?

Best place on meth
Member
Best place on meth

Now we know what kind of desserts you like.

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

After Dave reads this the DBI will be at 2 at least until he sees another busy open house at which time it goes to 9.

Dave our resident bi-polar serious real estate investor

Ultra Bear
Guest
Ultra Bear

RE: Alberta election

We’ll have 2$/l gas for sure this summer so it’ll trigger a recession and people living in the valley will firesale their homes.

Best place on meth
Member
Best place on meth

So the valley will still be on fire?

Ultra Bear
Guest
Ultra Bear

Yes but in the bearish way…

Doomcouver
Guest
Doomcouver

Yeah, going down in flames.

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

I hope Alberta turns off the taps!

I would pay $3 a liter to watch our Keg waiter lightweight twist in the wind after they way he went after the Transmountain.

Dave
Member

Yes, I support this too. Short term pain for long term gain. Horgan is a bad person for abusing our judicial system for political ends.

bullwhip29
Guest
bullwhip29

yup, the rats just ratcheted up the price 0.20 overnight. i also love how they front-ran the election by juicing prices up in the last week too. initially thought this was an overshoot, but now not so sure we see <1.50 anytime in the foreseeable future

bullwhip29
Guest
bullwhip29

actually in some cases a 0.30 jump overnight

Screwed
Guest
Screwed

There are gun shots in Kitsilano area. One person is dead.

bullwhip29
Guest
bullwhip29

and white BMW X5 covered in plastic tarp…

southseacompany
Member
southseacompany

“What Will Cause The Next Recession – Robert Shiller “, CNBC video

https://www.youtube.com/watch?v=rUYk2DA8PH8

“Nobel Prize winning economist Robert Shiller says that the long expansion in the economy, housing and stock markets, combined with continued low interest rates, could mean the U.S. is due for a recession.”

“However, the Yale University economist says, “There could be a change in sentiment toward housing which could bring prices down.”

“Shiller also addresses housing affordability as a global issue. “

Laibach
Member
Laibach

No surprise here, all Chinese cities are at the top…

The most-expensive housing markets in the world

https://dailyhive.com/vancouver/vancouver-4-most-expensive-housing-market-cbre-2019

Oracle
Guest
Oracle

Average rent ‘$1042 usd’ in Vancouver.

LOL. You trust this report?