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
bullwhip29
1 year ago

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
YVR
1 year ago

“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
Laibach
1 year ago
Doomcouver
Doomcouver
1 year ago

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)
Shut It Down Already (original)
1 year ago
Reply to  Doomcouver

Foreigners made them do it.

Dental Floss
Dental Floss
1 year ago

No they didn’t, you fucking racist.

Dental Floss
Dental Floss
1 year ago
Reply to  Dental Floss

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

Spec
1 year ago

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
Canada is for Canadians
1 year ago
Reply to  Spec

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

Spec
1 year ago

Post 600 must mean a new thread, no?

Best place on meth
Best place on meth
1 year ago
Reply to  Spec

There are no rules on this forum.

Anything goes.

paulb
paulb
1 year ago

New
215
Price Change
103
Sold
95
TI:15628

http://www.clivestevepaul.com

Oracle
Oracle
1 year ago
Reply to  paulb

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
MTADTA
1 year ago
Reply to  Oracle

Your panic is palpable.

Crash
Crash
1 year ago
Reply to  MTADTA

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

Spec
1 year ago
Reply to  Crash

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

Bag it and tag it
Bag it and tag it
1 year ago
Reply to  MTADTA

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.

Best place on meth
Best place on meth
1 year ago

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

EVERYTHING.

Big Bear
Big Bear
1 year ago

He already bought. That’s why

Best place on meth
Best place on meth
1 year ago
Reply to  paulb

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.

Madashell
Madashell
1 year ago

Dead cat bounce.

Best place on meth
Best place on meth
1 year ago
Reply to  Madashell

That usually applies to prices.

Dave
1 year ago

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
MTADTA
1 year ago
Reply to  Dave

DBI = 3.5

Werner Stein
Werner Stein
1 year ago

“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

Best place on meth
Best place on meth
1 year ago
Reply to  Werner Stein

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

The problem is that the politicians make the laws.

Bag it and tag it
Bag it and tag it
1 year ago
Reply to  Werner Stein

Hopefully this Public Inquiry will make such a lawsuit unnecessary

Laibach
Laibach
1 year ago

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
MTADTA
1 year ago
Reply to  Laibach

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 »

Spec
1 year ago
Reply to  MTADTA

“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.

Dave
1 year ago
Reply to  MTADTA

I’m not bullish.

MTADTA
MTADTA
1 year ago
Reply to  Dave

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.

YVR
YVR
1 year ago
Reply to  MTADTA

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.

KickThemOut
KickThemOut
1 year ago

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)
Shit It Down Already(Original)
1 year ago
Reply to  KickThemOut

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

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago

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

Laibach
Laibach
1 year ago

“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
MTADTA
1 year ago
Reply to  Laibach

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
Best place on meth
1 year ago
Reply to  MTADTA

Ottawa is going to ban shark fins.

Laibach
Laibach
1 year ago

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

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago

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
Laibach
1 year ago

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

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago
Reply to  Laibach

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

Best place on meth
Best place on meth
1 year ago
Reply to  Laibach

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)
Shit It Down Already(Original)
1 year ago

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

Shut It Down Already (original)
Shut It Down Already (original)
1 year ago

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
bullwhip29
1 year ago
Doomcouver
Doomcouver
1 year ago
Reply to  bullwhip29

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
bullwhip29
1 year ago

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
bullwhip29
1 year ago
southseacompany
southseacompany
1 year ago

“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.”

MTADTA
MTADTA
1 year ago

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

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago

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.

Laibach
Laibach
1 year ago

“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)
Shut It Down Already (original)
1 year ago

RateHub is showing a 2.64% 5yr fixed today…

Best place on meth
Best place on meth
1 year ago

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
aaaa
1 year ago

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
bullwhip29
1 year ago
Best place on meth
Best place on meth
1 year ago
Reply to  bullwhip29

I just want these mainland cheaters gone from our country.

Crash
Crash
1 year ago
Reply to  MTADTA

Ian Young is a waste of skin.

Best place on meth
Best place on meth
1 year ago
Reply to  Crash

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

Crash
Crash
1 year ago

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

Laibach
Laibach
1 year ago
Reply to  Crash

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

paulb
paulb
1 year ago

New
283
Price Change
150
Sold
78
TI:15600

http://www.clivestevepaul.com

Screwed
Screwed
1 year ago
Reply to  paulb

Back to sanity

Spec
1 year ago
Reply to  Screwed

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

Bubble
Bubble
1 year ago

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)
Shut It Down Already (original)
1 year ago
Reply to  Bubble

What was the official DOM?

Bubble
Bubble
1 year ago

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