Next price uptick in 2021?

Central 1 credit union is forecasting further big drops in sales and a “marshmallow soft” market for the next few years.

The province’s median home resale price across the year is expected to decline 4.1 per cent in 2019, then a further 1.2 per cent in 2020. This will be followed by the most meagre of recoveries in 2021 with a 1 per cent rise, which doesn’t even bring the median back to 2019 prices.

The biggest short- to medium-term price declines are expected, unsurprisingly, in Metro Vancouver, said Yu – but this could be what puts the market back on track in the longer term.

“In Metro Vancouver, on a benchmark basis, prices are down around eight per cent and we’re expecting that to fall further, giving us a total peak-to-trough decline of about 12 to 15 per cent. So that will erase a lot of the gains we saw from 2016 onwards. But this should pull some people back into the market.

Read the full article here.

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bullwhip29
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bullwhip29

How a Vancouver cabbie, a fentanyl dealer and money laundering made it into one court case
https://www.richmond-news.com/how-a-vancouver-cabbie-a-fentanyl-dealer-and-money-laundering-made-it-into-one-court-case-1.23848187

YVR
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YVR

“Huawei receives another blow: No Facebook, Instagram, or WhatsApp apps on Android devices”

Poor Patriditz’s phone is becoming useless.

https://bgr.com/2019/06/07/usa-vs-huawei-no-facebook-instagram-and-whatsapp-apps-on-android/

Laibach
Member
Laibach
Doomcouver
Member
Doomcouver

More British Columbians declaring bankruptcy
https://vancouversun.com/news/local-news/more-british-columbians-declaring-bankruptcy

‘A “perfect storm” of factors, including the high cost of housing, rising interest rates and increasing economic instability, may have contributed to a six per cent rise in insolvency claims.’

Odd that they didn’t mention plummeting real estate prices as a factor. I think it’s the primary one.

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

Foreigners made them do it.

Dental Floss
Guest
Dental Floss

No they didn’t, you fucking racist.

Dental Floss
Guest
Dental Floss

Yikes, just realized you’re the village idiot. My bad! Carry on!

Specuskeptic
Member

Canadian Regulators Ask Banks To Put Aside 30% More Rainy Day Capital

https://betterdwelling.com/canadian-regulators-ask-banks-to-put-aside-30-more-rainy-day-capital/

“What’s The Rush?

The rush to increase is due to a few key vulnerabilities – household debt, and residential real estate being two cited. The debt-to-income ratio of households is elevated, and doesn’t seem to be budging. A little more ambiguous, OSFI said residential real estate market “uncertainties” remain. That’s most likely code for Canadian real estate prices are unsustainable. Even large suburban markets have increased at similar rates to Toronto and Vancouver. All previous measures rolled out to deflate high debt levels are failing to make a material impact.”

Nothing to see here LOL.

Canada is for Canadians
Guest
Canada is for Canadians

The problem was caused by Interest rates held too low for too long. Now we’re painted into a corner.

Specuskeptic
Member

Post 600 must mean a new thread, no?

Best place on meth
Member
Best place on meth

There are no rules on this forum.

Anything goes.

paulb
Member

New
215
Price Change
103
Sold
95
TI:15628

http://www.clivestevepaul.com

Best place on meth
Member
Best place on meth

I wonder what caused a brief spike in sales for about a week and a half in late May?

Oh well, that’s over with.

Dave
Member

Check mortgage rates. I think sales will continue to be higher than April. That’s fine though because it’s in conjunction with falling prices.

MTADTA
Guest
MTADTA

DBI = 3.5

Madashell
Guest
Madashell

Dead cat bounce.

Best place on meth
Member
Best place on meth

That usually applies to prices.

Oracle
Guest
Oracle

Inventory barely moved.

On another note, NDP getting ready for a long break so no new policy or anything coming. When do they resume session? October??

Meanwhile, mortgage rates heading towards record territories and loopholes galore everywhere.

MTADTA
Guest
MTADTA

Your panic is palpable.

Bag it and tag it
Member
Bag it and tag it

He keeps saying he wants lower prices but tries every BS trick he can think of to convince us that prices aren’t really falling and that they’re going to be going up soon. Completely polar opposite reaction a person would have if they actually did want prices to drop.

Big Bear
Guest
Big Bear

He already bought. That’s why

Best place on meth
Member
Best place on meth

Everything oracle says about real estate or the NDP is false.

EVERYTHING.

Crash
Guest
Crash

Ha ha! That;s for sure; that dreck-spewin’ Oracle will be runnin’ for the hills soon enough.

Specuskeptic
Member

He promised he’d leave, but here he is. An additional blessing to reasonably-priced RE will be their absence. One can dream

Werner Stein
Guest
Werner Stein

“I just want these mainland cheaters gone from our country.”
What should we do with our homegrown crooks in Victoria who aided and abated the criminals?

My suggestion :
Start a Fund me page and sue the previous administration in Victoria.
Those in charge were either incompetent or corrupt.
Inquiring minds

Bag it and tag it
Member
Bag it and tag it

Hopefully this Public Inquiry will make such a lawsuit unnecessary

Best place on meth
Member
Best place on meth

I’d like to see the death penalty for corrupt politicians.

The problem is that the politicians make the laws.

Laibach
Member
Laibach

Some interesting charts to look at…

New Study Of Old Real Estate Bubbles (1582-1810) Finds Two Surprising Similarities With Modern Bubbles

https://realestatedecoded.com/new-study-of-old-real-estate-bubbles-1582-1810-finds-two-surprising-similarities-with-modern-bubbles/

MTADTA
Guest
MTADTA
For those who didn’t read that fantastic link here is a key point: Here’s the fascinating part: Studies of modern real estate bubbles found similar results — price gains the last two or three years help determine the price gains this year. Despite all the differences between the real estate markets in Amsterdam 200-300 years ago and in the United States 20 years ago, studies of both have found a big determinant of price increases was the price increases the previous two or three years. I wonder if this is a basic human trait — it takes a year or two or three for people to believe past house price increases (or decreases) are real. Their view of the future is just a reflection of the recent past. So I wonder does this also work in reverse? After 2 of… Read more »
YVR
Guest
YVR

Recency bias. Works in all markets. With RE everything moves a little slower than other markets.

People with vested interests will take the longest to catch on.

Dave
Member

I’m not bullish.

MTADTA
Guest
MTADTA

Really? I thought a few weeks ago you said action the open houses was fierce and there were lots of pent up buying demand. Further you said, that sales were picking up.

I may have commingled many posts but that’s the message I got.

It really would be easier if you simply posted the Dave Bull Index as I have been asking.

Specuskeptic
Member

“Will they finally throw in the towel after 24 months?”

Probably not as they are incentivised to believe otherwise….or at least, to market otherwise.

KickThemOut
Member
KickThemOut

Maybe there is hope for some of you here, actually getting off the couch and do something productive
https://globalnews.ca/news/5360283/vancouver-punching-spree/

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Where’s the pre-sale line-up?
Did SIDA butt-in …..again ?

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Who’s behind the Chinese takeover of a U.S. pork producer?

https://www.youtube.com/watch?v=b_atdCfE0OE

=========================

Good expose’ to show that the ultimate Chinese Investor is the Communist Party directing foreign locust minions

Simple Solution
Member
Simple Solution
Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Good move…

Time the foreign locusts have to play by the same rules as everyone else.
……no more “I -don’t- speak -Engrish” bullsh*te

Laibach
Member
Laibach

“In spite of a 2013 agreement that ended a stalemate over the issue and allowed U.S. regulators to request audit working papers in China, there have been difficulties in actually gaining access.”

Regardless of whatever they do, there always must be some obscurity and secrecy. I doubt it is always some fraud or cheats but it always appears like that and in most cases proves to be.

Vancouverites know that a “first hand” from one of local political “iconoclasts”.

“The Chinese are very private about their money. This law goes against our culture.” said Jenny Kwan.

https://vancouversun.com/news/staff-blogs/thousands-of-metro-vancouver-mansion-owners-avoiding-taxes

MTADTA
Guest
MTADTA

Remember Sino Forest? Just one the hundreds of frauds.

Jenny if they are so private about money why do they order shark fin soup at $80 a bowl, drive purple super cars and wear $1000 ski jackets in May?

Best place on meth
Member
Best place on meth

Ottawa is going to ban shark fins.

Laibach
Member
Laibach

Ottawa better bans those who eat shark fins. That would be good for sharks and the rest of us.

Laibach
Member
Laibach

Most liked comment there. ‘Nuff said.

Amy Belot

“one thing canadians have learned about trudeau

he REALLY is as stupid as everyone suspected”

Trudeau looks to meet with Chinese president at G20

https://www.cbc.ca/news/politics/trudeau-engaging-china-1.5164649

Best place on meth
Member
Best place on meth

I know how this is going to go.

Turd chases dogface around the summit, dogface shoos Turd away. Repeat, repeat, repeat.

Turd comes back to Canada, his second favorite country in the world hanging his head in shame.

4 months later he’s back to teaching drama.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Fidel Castro’s love child may have tough time getting re-elected ?

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

SIDA…….you are boxed in
Live (or otherwise) with it.

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

What are you dribbling about today? It’s really hard to tell whether you even have a point let alone determine what it might be.

bullwhip29
Guest
bullwhip29
Doomcouver
Member
Doomcouver

If you’ve ever wanted to see what a once-in-a-lifetime recession looks like, you’re going to get your chance in the next few years.

bullwhip29
Guest
bullwhip29

Tracy Morgan’s Bugatti scraped by Honda minutes after he takes delivery
https://driving.ca/bugatti/auto-news/news/tracy-morgans-bugatti-scraped-by-honda-minutes-after-he-takes-delivery

“The woman in the Honda CR-V was reportedly playing on her phone and tried to make a right turn from the left lane…”

bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

“Expert who predicted Vancouver housing price drop now expects condos to flood market”, News 1130

https://www.citynews1130.com/2019/06/05/expert-who-predicted-vancouver-housing-price-drop-now-expects-condos-to-flood-market/

“Get ready to see a lot more condominiums for sale across Metro Vancouver. That’s the latest from the real estate analyst who correctly predicted two years ago that local housing prices would fall.”

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Just because the prices are falling does correlate that they will sell.

IMHO, buyers are nervous and they have cannabalized future buyers, hence a low pool of buyers for years.

MTADTA
Guest
MTADTA

Wow this guy is amazing. Who would have imagined it?

Laibach
Member
Laibach

“There’s going to be a flood of inventory that comes up that no one’s really anticipating, which is all those investors that bought five and six properties are just going to walk away, simply walk away from their 15 per cent deposit, 20 per cent deposit. There’s going to be an absolute ton of inventory available.”

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

RateHub is showing a 2.64% 5yr fixed today…

Best place on meth
Member
Best place on meth

Beijing warns US farmers may lose China market for good, but plays down tariffs impact at home

https://www.scmp.com/economy/china-economy/article/3012779/beijing-warns-us-farmers-may-lose-china-market-good-plays

Hooray! More threats from the worst people in the history of people!

Go starve yourselves, assholes.

aaaa
Guest
aaaa

good to see China is doing Trump’s job for him by decoupling it’s self from the US.

the further along the process is the easier it becomes to put sanctions on them, blockade them, or just completely and totally destroy them.

bullwhip29
Guest
bullwhip29
Best place on meth
Member
Best place on meth

I just want these mainland cheaters gone from our country.

MTADTA
Guest
MTADTA
Crash
Guest
Crash

Ian Young is a waste of skin.

Laibach
Member
Laibach

Either you didn’t understand article or are total retard. Regardless, yet another good one by Ian Young.

Best place on meth
Member
Best place on meth

As a waste of skin yourself, what makes you say that about Ian Young?

Crash
Guest
Crash

That know-it-all Aussie twerp has only lived in Vancouver since 2010.

paulb
Member

New
283
Price Change
150
Sold
78
TI:15600

http://www.clivestevepaul.com

Screwed
Guest
Screwed

Back to sanity

Specuskeptic
Member

Nice bump in TI…. Let’s put a streak together 🙂

Bubble
Guest
Bubble

Listing started $11,500,000, sold $5,450,000
BC Assessment 2018: $7,757,400

5537 CHANCELLOR BOULEVARD, Vancouver UBC
Date Comments
2019-May-25 Sold $5,450,000
2019-May-07 Listed $5,988,000
2019-May-07 Terminated $6,988,000
2019-Jan-23 Terminated $7,500,000
2018-Sep-13 Listed for sale R2306122
2018-Sep-13 Terminated $7,988,000
2018-Jul-01 Expired $9,000,000
2017-Dec-27 Terminated $11,500,000

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

What was the official DOM?

Bubble
Guest
Bubble

18 days?
2019-May-07 Listed $5,988,000 R2367327
2019-May-25 Sold