Friday Free-for-all! May 3rd 2019

Hey guess what? It’s May already!!

And it’s also almost the first Friday in May and that means it’s definitely time for a new thread.

Friday Free-for-all time!

It’s another one of our usually regular end of the week news round up and open topic discussion threads. So what are you seeing out there? Economic armageddon or boom times galore?

Leave you news links, thoughts and anecdotes in the comment section below and have a glorious weekend!

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Royce McC
Guest
Royce McC

Okay – I have a comment in moderation, likely because it has multiple links. Trying again with only one.

Anyhow, wondering if anyone has a repository of (sourced) quotes from past government officials on real estate affordability. This isn’t about a particular party or level of government. I see a lot of utility in collecting these and deploying them in comparison to these new report findings. This would seem like the time to plainly show how obtuse (or deliberately misleading) our officials and some of our commentators have been.

“I guess some people just have to get up and whine every day.”
– Rich Coleman, May 2016 (https://www.citynews1130.com/2016/05/26/housing-minister-whining-critic/)

Best place on meth
Member
Best place on meth

Don’t forget to include the race baiting media hacks spouting their garbage over the years.

https://vancouversun.com/opinion/columnists/is-racism-part-of-the-housing-issue-of-course-it-is

I wonder what Pete thinks of all the recent news showing that we weren’t actually being racist, we were right.

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

Your non-stop use of racial slurs make you a racist prick by definition.

Never forget it.

YVR
Guest
YVR

You have already stated most people you know and meet are racists. Your definition of a racist is not relevant to anyone.

Best place on meth
Member
Best place on meth

Yawn….

Royce McC
Guest
Royce McC

“By trying to move foreign buyers out of the market, housing prices overall will drop. That’s good for first-time home buyers but not for anybody who is depending on the equity in their home to maybe get a loan or use that to finance some other projects.”
– Christy Clark, May 2015
https://globalnews.ca/news/1995242/petition-urges-christy-clark-to-restrict-foreign-investment-in-vancouver-real-estate/

Equity built out of drug money and bribes. Solid.

Simple Solution
Member
Simple Solution

Hard earned equity…

Royce McC
Guest
Royce McC

“The only way to really solve this problem is to address supply.”
– Christy Clark, May 2017 (https://thetyee.ca/Opinion/2017/05/05/Clark-Not-Honest-About-Housing-Crisis/)

Royce McC
Guest
Royce McC

“Certain areas of Vancouver have benefited from foreign investment in real estate. Particularly when we look at Vancouver being a global gateway city, an international safe haven, a hedge city but saying that is driving up real estate so nobody can afford it is stretching the truth a little bit.”
– Cameron Muir, Jun 2014 (https://www.vancouverobserver.com/news/global-super-rich-buy-sweet-security-vancouver-homes-outrage-over-rising-prices-and-accusations?page=0,1)

YVR
Guest
YVR

B.C. casinos ‘unwittingly served as laundromats’ for proceeds of crime: report

The Dirty Money report, authored by former RCMP Deputy Commissioner Peter German, said more than $100 million has been cleaned in B.C. amid a “collective system failure.”

https://www.cbc.ca/news/canada/british-columbia/bc-money-laundering-report-1.4723958

YVR
Guest
YVR

The NDP has also promised to relieve the burden of rising rents in the province, with a $400 rebate for each renter household.

https://vancouversun.com/news/local-news/affordability-an-issue-for-election

YVR
Guest
YVR

NDP housing critic David Eby says B.C.’s next government must get directly involved in building large projects that would produce an “expansion of affordable housing not just for the very poor, but for the middle class in Metro Vancouver.”

https://vancouversun.com/news/local-news/affordability-an-issue-for-election

Royce McC
Guest
Royce McC
Of the comments you provided, this is the only one with an attributable quote to a politician. It’s fair game as an affordability quote, but it isn’t denying the existence of corruption or foreign money – and it isn’t playing the race card to stifle debate. That feels a bit more relevant given the corruption report. If you want to take shots at the NDP, I think the quotes attributed to Horgan and Selina Robinson at this link are good. But I don’t have direct sources or context on them. https://www.theglobeandmail.com/opinion/youth-pay-the-price-for-british-columbias-real-estate-crisis/article38018591/ “Premier John Horgan speaking in front of real estate developers and taking a cue straight from his predecessor, Christy Clark, talking about protecting “earned equity.” We hear the Housing Minister Selina Robinson answer a question about foreign-buyer numbers: “You know, I haven’t thought about that.” Those seem like good… Read more »
YVR
Guest
YVR

NDP housing critic David Eby said his party would also close a “loophole” that allows offshore speculators to buy and flip condo pre-sale contracts.

https://vancouversun.com/news/local-news/the-province-housing-promises

Canada is for Money Launderers
Guest
Canada is for Money Launderers

my favorite Crusty quote was that if it’s too expensive to live in Vancouver then people can always move to Fort St. John.

second favorite quote was the “hard earned equity” one …

DaMann
Member
DaMann

That should always be a reminder to everyone of the Liberals attitude over the years. Can’t afford to live here? Get the fuck out. Absolutely shockingly bad and corrupt government. Criminal in fact

Royce McC
Guest
Royce McC

I can find quotes saying she said “move to Fort St. John”, but I can’t find the original. I don’t doubt that it exists, but do you have a link?

Ultra Bear
Guest
Ultra Bear

RE : Money laundering report

The thing is that governments tend to overshoot the corrective actions when face with a shock. Now Eby and James are pretty much unleashed to torture realtors so their profession is gonna be way harder and their margins way thinner.

Expect tons of new paperwork when buying a house.

Laibach
Member
Laibach

They should rather go after, although they are federal, government officers responsible for visas, PRs, and immigration in general. First, people come and then money so the question is how all that crap got in for a shitshow to begin? If we had wide restrictions and bans instead of political correctness and official suckup policy, those shenanigans would be on way lower scale if any. Immigration must be selective if you want to avoid getting a corrupted banana hybrid where cultural norms come before legislation.

paulb
Member

New
198
Price Change
112
Sold
100
TI:15352

http://www.clivestevepaul.com

Make Trudeau a Drama Teacher Again
Guest
Make Trudeau a Drama Teacher Again

DBI 9.0

Canada is for Chinese Property Speculators
Guest
Canada is for Chinese Property Speculators

more on this SunCom deal

Vancouver mall next to City Hall sold for more than double assessed value

https://www.burnabynow.com/vancouver-mall-next-to-city-hall-sold-for-more-than-double-assessed-value-1.23817158

Despite vacant stores, City Square shopping centre sold for $225 million in blockbuster deal, likely due to site’s massive redevelopment potential.

more property speculation by this shady company.

DaMann
Member
DaMann

I’v e never been in this mall in my life and I live on the westside. I know there is a Safeway there but that’s it

Stand up for Canada
Guest
Stand up for Canada

There’s nothing worth going to see in City Square. Merchants simply can not afford ridiculous rents. If they are banking on redevelopment, good luck. With all these anti speculative taxes and a shit load of condos coming onto the market in the Cambie corridor in the next 10-20 years they’ll have a tough time selling. Unless you want to kid yourself and pretend to “sell out” a la the first tower at Oakridge.

bullwhip29
Guest
bullwhip29

they are banking on the lift in value after rezoning, no if’s, and’s or but’s about it…

the most troubling aspect of this is that Suncom appears to be operating business as usual. maybe it is just me, but i thought crooks like this were supposed to be in the penalty box (or even tossed from the game). anyway, i doubt they would have made such a bold move if their future plans could never see the light of day. someone close to this probably got a tap on the shoulder already. on the other hand, maybe Suncom was the only buyer out there?

Canada is for Crooks
Guest
Canada is for Crooks

Former mortgage broker convicted of fraud loses appeal, must turn himself in

https://globalnews.ca/news/5260255/former-mortgage-broker-loses-appeal-theft-fraud-alberta/

Antonini was sentenced last year to four and a half years in prison over a multimillion-dollar bogus bridge financing scheme.

more crooks …

Canada is for Money Laundering
Guest
Canada is for Money Laundering

Over $7 billion laundered in B.C. last year: report

https://www.citynews1130.com/2019/05/09/province-report-dirty-money-bc-real-estate/

$7.4 billion was laundered in this province last year, including $5 billion in real estate — resulting in a five per cent increase in home prices.
That $7.4-billion figure is a conservative estimate.
Overall, they found money laundering in Canada totalled $48 billion last year.

Laibach
Member
Laibach

“Locals…”

Laundered money funded $5.3B in B.C. real estate purchases in 2018, report reveals

https://www.cbc.ca/news/canada/british-columbia/province-releasing-2-reports-today-into-money-laundering-in-real-estate-1.5128769

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

Of course BC has never had a problem with organized crime. It’s all those nasty foreigners.

YVR
Guest
YVR

Correct.

Doomcouver
Member
Doomcouver

With the immigrant investor program many foreigners just pay off the government to become “locals”. So the locals vs. foreigners argument is a pointless exercise. What we’d need is numbers on what percentage of home buyers are born citizens vs. everyone else. That’s what would paint the entire picture of our current sad situation.

Dave
Member

And let’s not kid ourselves. A public inquiry won’t accomplish much of anything, other than put money in the pocket of more lawyers. They’re not going to figure anything out that we don’t already know. And we already know what the solution is… crack down on dirty money.

I honestly think we should just hire the FBI to take over the file. They have the expertise that we don’t. The people who got us into this problem aren’t going to be the ones to solve it.

I think some type of whistleblower fund would be smart. Basically the government should cut a cheque to whistleblowers that lead to collection or confiscation of assets. The government would make huge coin doing that. Their biggest problem will be handling the tidal wave of whistles.

Oracle
Guest
Oracle

I agree. Carole James today said it’s a federal issue as Calgary has a bigger problem than Vancouver. WTF??

Seems like they’re not going to do anything. Give the NDP a pat on the back if they actually do something. NOT for reading a report that underestimates the value and something we already knew.

Simple Solution
Member
Simple Solution

Public inquiry will do NOTHING at all. Im sure the FBI can wrap this up in a few months. They most likely already have all the data…

Oracle
Guest
Oracle

CIA

Best place on meth
Member
Best place on meth

CIA doesn’t do domestic investigations.

They mostly deal drugs and try to overthrow democratically elected governments .

Dave
Member

I’d rather see some type of ‘study group’ to keep the lawyers and bloodsuckers out of it. Sort of what German is doing but at a bigger scale and with more contributing authors. I think that would be useful, unlike a bunch of grandstanding muppets in dork court.

Simple Solution
Member
Simple Solution

That said, I would love to see one, even if the only accomplishment is to mess up the political parties.

Dave
Member

On the positive side, all this money laundering keeps services cheap in Vancouver because of all the laundering (the business is the side business). Restaurants, nail salons, hair cuts and hand jobs are all cheap here, relatively speaking.

Best place on meth
Member
Best place on meth

What’s the going rate for a hand job, Dave?

Dave
Member

Coming or going? I think you have it backwards.

YVR
Guest
YVR

Dave charges a lot. Have you seen his watch?

Dave
Member

It’s watches. You gotta have more than one nice watch son. Same with girls. If you don’t have a sugar baby or two, you’re missing out. It’s now an affordable luxury in Vancouver. The supply of sugar babies is like never before right now. Have a look at seeking.com. Sign up, I’ll get you a referral code if you want a discount.

Selective Memory
Guest
Selective Memory

Did German’s latest report leave out expensive watches as a medium of money laundering?

Well, there’s always the SCMP:
https://www.scmp.com/news/world/united-states-canada/article/3002965/airport-gift-service-rich-chinese-unravels-leaving

Best place on meth
Member
Best place on meth

“If you don’t have a sugar baby or two, you’re missing out.”

I’m good, thanks.

I prefer women my own age.

Dave
Member

Age is just a number and measure of sexual deviancy to me.

Best place on meth
Member
Best place on meth

Does he jerk people off with his expensive watch?

I didn’t realize there was a sub market for that kind of service.

Dave
Member
Remember a couple months ago when I said a lot of deals were being made with cash? Sounds a little less crazy today, no? This City is crazy. You have people walking around with a $100k in cash and dropping $10k like it’s spare change. I bet a lot of them are getting robbed too, they just don’t report it. I wonder what percent of our economy is dirty? You gotta think it’s a lot because even the 1% struggle to afford a detached home. That’s also $5Billion in 2018, after it was obvious this government was cracking down on it all. I bet all that dirty money doesn’t lose a blink of sleep because they know what I know… our governments and bureaucrats are inept and it takes many year, or decades, to figure it all out. They’re already… Read more »
Canada is for Graft and Corruption
Guest
Canada is for Graft and Corruption

Undeclared rental income alone is over $1 Billion a year in Canada.

Oracle
Guest
Oracle

80,000 basement suites in surrey alone x $16K per year = $1.28 Billion a year from a single city.

Oracle
Guest
Oracle

A 20% tax rate would collect over $200 million from one city.

Dave
Member

So, maybe $100M in BC; a fraction of the laundering activity. Going after home owners for having a rental suite is like going after waitresses for tips… ya it’s an issue, but there are bigger fish to fry.

Oracle
Guest
Oracle

Add a zero at least.

Best place on meth
Member
Best place on meth

Servers making minimum wage need their tips more than a cheating homeowner needs their rental income.

Roast the fuckers.

Oracle
Guest
Oracle

I wrote to the Carole Shane’s and the housing minister on this. Crickets.

They’re allowing $1 Billion in tax evasion by landlords in Surrey alone.

Make Trudeau a Drama Teacher Again
Guest
Make Trudeau a Drama Teacher Again

That might be true but I heard open houses are PACKED!

Dave
Member

I haven’t gone to one in a little while but I hear that’s still true in the Valley right now. People aren’t even objecting to prices, it’s limits on borrowing that’s preventing sales.

That’s one way I would evaluate a bottom. What can people in the Valley afford to pay? Once you hit that price, I think it’s a bottom because the demand is there. And then work your way back to Vancouver to what prices should be, absent all the shady money.

Make Trudeau a Drama Teacher Again
Guest
Make Trudeau a Drama Teacher Again

Right 40-50% lower than they are currently.

Laibach
Member
Laibach
Simple Solution
Member
Simple Solution

“Altogether, dirty money in the real estate market accounted for an estimated 72 per cent of the $7.4 billion that the experts believe was laundered in B.C. last year”

WORLD CLASS!

Dave
Member
Based on how these sort of things work, I would predict and expect the amount of laundering to be worse than they estimate. It was the same with foreign ownership of housing. The ‘consensus’ was that it was small, maybe 2%. Then it was 5%. Then the CMHC did some simple math and came up with 20-25% of recent sales. But in reality it’s higher because of proxy buyers, corporations, etc… It was the same with the casinos. First it’s not a problem. Then it’s just a small problem and all of a sudden, it’s a big problem. But in reality, it’s still worse because you don’t see it all. I think the marijuana industry in the 90s created a lot of the groundwork for moving money around in this City and it readily adapted to the inflow of dirty… Read more »
Simple Solution
Member
Simple Solution

This number will grow significantly. The onion has many Keep in mind they are talking about ONE YEAR. The previous 5 were most likely larger. They estimate that prices increased 5% due to the laundering activities last year alone. Go back 5 + years and the numbers will start to make your brain hurt.

Is the racist card gone yet? Or are we still playing that?

Best place on meth
Member
Best place on meth

Racist card is dead.

I took it out back and put two bullets into it, then tossed it into an incinerator where the money launderers belong.

It’s not coming back.

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

You’re still a racist shithead, don’t worry. You can’t erase your words.

Best place on meth
Member
Best place on meth

Speaking of needing a couple of bullets and a wood chipper, fuck you and your slurs you god damned worthless piece of hypocritical dog shit.

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

Oh no, the unemployable racist doesn’t like me.

Please excuse me while I go and have a little cry.

Best place on meth
Member
Best place on meth

You cry all the time. You’re a fucking crybaby the likes of which this forum has never seen before and hopefully never will again, it’s tedious and pathetic.

Nobody gives a fuck what you think. hypocrite.

Now go have your cry and don’t come back.

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

You’re almost the perfect blend of unwarranted confidence and sheer stupidity.

Just so hilariously perfect.

And unemployable.

Best place on meth
Member
Best place on meth

Except that I am employed and have been continuously for decades.

Also, it takes a special kind of person to call me stupid, there are very few like you and that’s not a compliment.

How does it feel to be a serial liar, constant hypocrite, race baiter, instigator, trouble maker, shit disturber and generally useless sub-human who’s life has absolutely no value?

Just kidding, nobody cares how you feel or if you live or die.

Have a lovely evening.

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

Sorry, can’t type – still crying.

Best place on meth
Member
Best place on meth

You just typed.

Fuck you’re dumb.

Shoo!

Laibach
Member
Laibach

Right, I said the same yesterday about those Chinese “straw buyers” buying RE shit en masse and fucking shills calling them locals and pulling a race card whenever is possible. Entire BC society got played big time by “locals and foreigners” of the same ethnicity with a little help of the local scumbags and their PC poodles.

Dave
Member

It’s hard to imagine this not being the case at this point. It’s not just the Chinese community though. I think a lot of immigrant communities approached it the same way. Get somebody into the country and then have them buy real estate, or develop it. I see signs this in the East Indian, Persian and Eastern European communities too.

Laibach
Member
Laibach

some good comments as usual lately, people getting awake from hibernation…

Scott Helderweirt
4 hours ago
Anybody that has ever lived in Vancouver knew this has been happening since the mid 90’s, prior to the Chinese takeover of Hong Kong. It would have been looked at, and dealt with years ago, but to do so would have entailed saying out loud that it’s being done entirely by one ethnic group. Saying that was just not politically correct out loud.

KickThemOut
Member
KickThemOut

What would a day be without a spamming from Bullwhip posting a bunch of irrelevant links.

Royce McC
Guest
Royce McC

What’s your point Space? Nearly all the links from bullwhip are germane to discussion of this region’s real estate and/ or its relationship to foreign capital. With all the garbage commentary here, somehow how that is a bad thing?

I find it interesting that you were largely a ghost around these parts and have now returned to more regular posting as the market has shown signs of turning south.

KickThemOut
Member
KickThemOut

Someone is touchy today….hit a nerve there didn’t it? Deep down you know I’m right but just don’t want to admit it.

and who the F is Space? That place between your ears?

Royce McC
Guest
Royce McC

Weirdly misplaced anger at bullwhip and responding to me with insults 2 minutes after I posted.

Somebody’s shook.

bullwhip29
Guest
bullwhip29

my posts/comments obviously hit a nerve. no other reason why you or anyone else would bother to post such a response. btw, the B is lowercase…you should know that by now, genius!

KickThemOut
Member
KickThemOut

Oh right…sorry bullshitter29

realist
Member
realist

from Bloomberg, May 8, 2019, by Natalie Wong:

“CMHC Will Share Equity Losses, Gains in First-Time Buyer Plan”
“Canada government (sic) ‘doesn’t want to profit off this’ – Housing agency aiming for September launch of equity program”.
“(CMHC CEO) Siddall said the program won’t raise prices across the country, adding the maximum impact on average prices would be between 0.02% to 0.04%. “It’s nothing: zero impact,” he said.”

https://www.bloomberg.com/news/articles/2019-05-09/cmhc-will-share-equity-losses-gains-in-first-time-buyer-plan

bullwhip29
Guest
bullwhip29

How much do we owe against our homes? Not even the Bank of Canada knows for sure
https://business.financialpost.com/real-estate/as-helocs-morph-the-bank-of-canada-asks-lenders-for-details

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Otter saga over? Koi to be re-stocked in Chinatown pond
https://bc.ctvnews.ca/otter-saga-over-koi-to-be-re-stocked-in-chinatown-pond-1.4415191

>>> your tax dollars hard at work…

Best place on meth
Member
Best place on meth

Fans are singing”The Koi’s are back in town”

Soon others will be singing back “Welcome back, Otter”.

bullwhip29
Guest
bullwhip29

Huawei CFO Meng Wanzhou gets approval to move to bigger, $13 million mansion
https://nationalpost.com/news/canada/huawei-cfo-meng-wanzhou-gets-approval-to-move-to-bigger-10-million-home

Best place on meth
Member
Best place on meth

That’s how we treat foreign criminals in Canada.

bullwhip29
Guest
bullwhip29

Stolen vehicles slipping through Vancouver ports
https://bc.ctvnews.ca/the-situation-is-critical-stolen-vehicles-slipping-through-vancouver-ports-1.4414551

>>> system is rotten to the core. people used to laugh when i told them passengers from china were simply walking off private jets at YVR with bags of cash completely unchecked. i can’t even begin to imagine the shenanigans that must occur there behind the scenes if the ports are routinely allowing containers of this and that through

Oracle
Guest
Oracle

Costs $50,000 to get an application for employment at the port. Otherwise only family can get in.

And this is a crown corporation.

Canada is for Graft and Corruption
Guest
Canada is for Graft and Corruption

Longshoreman jobs are assigned by the Hells Angels. You gotta know a HA member or be affiliated in some way to get most of the good longshoreman jobs at the port. I went to a longshoreman hiring fair about 15 years ago at Sunbury Hall in North Delta and the HA were guarding the door and would only let in selected people that they knew. The whole Vancouver port system is controlled by the Angels.

Canada is for Criminals
Guest
Canada is for Criminals

“If those luxury cars can make it to Asia they can command a much higher price, leading to higher profits for organized crime, according to Peter German, who is investigating money laundering and organized crime in reports commissioned by the provincial government.”

this criminal activity always circles back to Asia. Why are they such crooks ?

Oracle
Guest
Oracle

Cause you whites are so clueless.

bullwhip29
Guest
bullwhip29

City Square Mall in Vancouver sold to Richmond-based Sun Commercial Real Estate Group for $225 million
https://dailyhive.com/vancouver/city-square-mall-vancouver-sold

>>> I thought Julia Lau and co had disappeared into the woodwork? hmm, learn something new every day…

Canada is for Anybody with Cash
Guest
Canada is for Anybody with Cash

The guy who owns Sun Commercial fled china a decade or so ago and there is a warrant out for his arrest in china for fraud/embezzlement. I can’t recall all the details just off-hand but he is a crook who fled to Canada with stolen money which he then invested into real estate here in Canada.

bullwhip29
Guest
bullwhip29

wasn’t that long ago…
https://nationalpost.com/news/canada/meet-the-mysterious-tycoon-at-the-centre-of-half-a-billion-in-b-c-property-deals

how is this company is still allowed to do business here?

SilentBob
Guest
SilentBob

Surely the story you describe is just an isolated incident.

southseacompany
Member
southseacompany

“6 Things Canada Could (But Won’t) Do To Solve The Housing Crisis”, Huffington Post

https://www.huffingtonpost.ca/2019/05/04/canada-housing-crisis-solutions_a_23721633/

“What cost are we willing to pay for lower house prices?”

realist
Member
realist

What cost are we willing to pay for lower house prices?”
A good question – CMHC CEO Siddall answers: “If we take a C$10,000 interest on a C$100,000 home, then whatever they sell the house for, that percentage gain we share, whatever percentage loss, we share,” as quoted in Bloomberg:
https://www.bloomberg.com/news/articles/2019-05-09/cmhc-will-share-equity-losses-gains-in-first-time-buyer-plan
Bloomberg states: “The government announced in its March federal budget that CMHC will spend up to C$1.25 billion ($928 million) over three years to take equity stakes in homes bought by first-time buyers.

Big Bear
Guest
Big Bear

Good news renters. A ban on rental restrictions is in the cards: https://www.ctvnews.ca/business/b-c-boosts-public-education-enforcement-for-renters-and-landlords-1.4414397

Quote: “The release says phase two of addressing the task force recommendations will include further actions by the end of 2019. Recommendations that require legislative changes or other additional work, such as rental restrictions in strata units, will be part of phase three with actions to come in 2020.”

Get ready for rental bargains!

paulb
Member

New
337
Price Change
114
Sold
97
TI:15312

http://www.clivestevepaul.com

Bag it and tag it
Member
Bag it and tag it

Dave says things are picking up, just like he said a couple months ago….couple months of the worst sales in history.

Dave
Member

Don’t shoot the messenger. I’ve heard that Victoria is on fire again. Multiple bids, over asking, quick sales…

We’ll see if it plays out.

Best place on meth
Member
Best place on meth

I’ve heard that Victoria is on fire again

https://househuntvictoria.ca/page/2/

Wrong.

Best place on meth
Member
Best place on meth

Nothing is picking up.

Sell/list ratio has been the same from the start of February until now, around 35%.

That’s extremely bearish and inventory will only get more bloated as this trend continues.

And who’s “Dave”?

Dave
Member

Just passing on what I see in my day to day life. I’m in this business so see stuff first hand everyday.

As an example, I looked at some real estate Tuesday afternoon and was ready to make an offer Wednesday, but it sold before I could put it together.

I see other people moving ahead and doing deals. Sure, I’m one guy but I saw a lot of real estate activity this past week. Maybe it’s nothing. Or maybe it’s a sign of the bottom.

The only people who laugh at my Open House observations are the ones not going to Open Houses.

Best place on meth
Member
Best place on meth

I never figured you as a knife catcher, but whatever. To each his own.

Dave
Member

Commercial unit. It’s a different market than what we talk about here.

If something makes sense, I’ll buy. I lost on a multiple bid for a house last Summer. I expected the market to drop as you know but I could live with that for the price and product I wanted. In theory that place dropped 5-8% since then. The problem is that a comparable product might not come along until the recovery.

Best place on meth
Member
Best place on meth

You should be thankful some idiot saved you 5-8% on that place by outbidding you.

The losses are going to pile up each and every month.

Why are you even bidding on houses right now, do you have some sort of mental illness like gold fever?

Dave
Member

If I see something that makes sense, why not?

There are good deals out there right now. You guys post them every day. At some point in the future, we’re going to look back and say remember all those good deals. Good deals don’t last long in real estate generally. This downturn has had a good run already. Don’t get me wrong, I think this goes deeper, but my first observation is true too.

Good deals won’t come to you, you’ll have to find them. Get out there and check out them open houses and make note of the crowds.

Canada is for Stoners
Guest
Canada is for Stoners

Isn’t that a Cheech and Chong routine? Where’s Dave? Dave’s not here, man …

Make Trudeau a Drama Teacher Again
Guest
Make Trudeau a Drama Teacher Again

Dave Bull Index just plummeted to 7.0.

Specuskeptic
Member

Nice one day of inventory growth, sales south of 100. Put a string of these kinds of days together and it’s good times. Good. Times.

bullwhip29
Guest
bullwhip29

my apologies if this one is a re-post…

Who’s really behind that Vancouver mountain? A boss at troubled Chinese investment giant CMIG
https://www.scmp.com/news/world/united-states-canada/article/3008193/whos-really-behind-vancouver-mountain-boss-troubled

bullwhip29
Guest
bullwhip29

three helpings of Ian Young today….

Boombust
Guest
Boombust

Ugh. Cannot stand the guy.

Laibach
Member
Laibach

Why, not pro-China or truth hurts?

Boombust
Guest
Boombust

He’s a cretin, that’s why.

Best place on meth
Member
Best place on meth

How so?

bullwhip29
Guest
bullwhip29

Is she their prisoner or their boss? Huawei CFO Meng Wanzhou’s private jailers act like bodyguards, obstructing and photographing journalists
https://www.scmp.com/news/china/article/3009270/she-their-prisoner-or-their-boss-huawei-cfo-meng-wanzhous-private

bullwhip29
Guest
bullwhip29

Chinese cash fuels vast luxury car money-laundering scheme in Canada, involving thousands of fake buyers
https://www.scmp.com/news/china/money-wealth/article/3009330/chinese-cash-fuels-vast-luxury-car-laundering-scheme-canada

Laibach
Member
Laibach

“Under the scam, car dealers in British Columbia employed locally-based “straw buyers” to act as the purchasers of luxury vehicles, who then exported the cars to the true buyers in China.”

The same locally-based “straw buyers” buying RE shit for foreign scumbags to park laundered money or speculate. Here we just call them “LOCALS”.

Canada is for Anybody with Cash
Guest
Canada is for Anybody with Cash
bullwhip29
Guest
bullwhip29

Lawyers for Huawei’s Meng Wanzhou blast ‘unlawful’ arrest and ‘corrosive’ remarks by Donald Trump as they say US extradition case should be thrown out
https://www.scmp.com/news/china/diplomacy/article/3009440/huaweis-meng-wanzhou-back-court-us-pushes-extradite-her-bank

KickThemOut
Member
KickThemOut

Not content with treating Canada like their own backyard and Canadians as minions, locusts are now actively trying to kill us now!
https://www.cbc.ca/news/canada/nova-scotia/americans-diabetes-cross-canada-border-insulin-1.5125988

Yet, I bet lots of bleeding hearts liberals will cheer it on as some kind of moral victory for Canada.