The good side of falling real estate prices

Over at the Globe and Mail commenters are ‘feeling the schadenfreude‘ over falling Vancouver real estate values.

JP Beauchesne:

As a 32-year-old, I am definitely feeling the schadenfreude here. Housing prices are unrealistically high across much of the country, and I would like few things better than to see that market crash so that I can have a shot at buying a decent house myself

Read all the select comments here.

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bullwhip29
bullwhip29
1 year ago

Second man sentenced in record-breaking Vancouver International Airport drug seizure
https://globalnews.ca/news/5331892/second-man-sentenced-yvr-drug-seizure/

bullwhip29
bullwhip29
1 year ago

B.C. realtor suspended after letting buyer move cash into her own bank account, avoiding regulators
https://globalnews.ca/news/5331870/b-c-realtor-misconduct-suspended/

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

Cheating realtor is chinese, shocking.

I mean…normal.

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

The FOX news debate between Trish Regan and the arrogant state controlled media robot from china was a waste of time. What should have been an all out brawl between an American and a chinazi was a softball game.

https://video.foxbusiness.com/v/6042507238001/#sp=show-clips

“Sure china steals, but so does everyone” says the cunt, in what sounds like some sort of Oxford educated accent.

Her face just oozed contempt the entire time, and what kind of “human” blinks at a rate of 2 times per second?

Big Bear
Big Bear
1 year ago

Trish should have given her a jab about the Uighurs at the end.

Laibach
Laibach
1 year ago
Reply to  Big Bear

“Losing Chinese money and laundered money would be catastrophic. Locals in the city don’t buy a lot of luxury goods, or at least not enough to support what’s there. The average Vancouverite struggles financially.”

How cockroaches even smuggled that much shit in Canada? Shame on vermin and their enablers.

paulb
paulb
1 year ago

New
249
Price Change
131
Sold
86
TI:15687

http://www.clivestevepaul.com

Screwed
Screwed
1 year ago
Reply to  paulb

Finally back to normal

xhistory
xhistory
1 year ago
Reply to  Screwed

The last few months, the RE market was goosed by something not quite understood as if yet

Big Bear
Big Bear
1 year ago
Reply to  paulb

Last week was a fluke.

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

You’re analyzing noise.

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

Richmond IT expert sentenced to 9 years in U.S. prison for helping violent criminal organizations https://vancouversun.com/news/crime/richmond-it-expert-sentenced-to-9-years-in-u-s-prison-for-helping-violent-criminal-organizations Richmond’s Vincent Ramos ordered to forfeit $80 million of his illicit earnings, including cash in international banks, real estate, cryptocurrency accounts, and gold coins QUOTE: The U.S. Attorney said in court documents that at the time of Ramos’s March 2018 arrest, he had sold between 7,000 and 10,000 of the specialized devices which he advertised “as impervious to decryption, wiretapping or legal third-party records requests.” Ramos boasted in a message to an employee in February 2018 that he just made a deal with a notorious cartel on a trip to Mexico. “We are f—ing rich man … get the f—ing Range Rover brand new. Cuz I just closed a lot of business. This week man. Sinaloa cartel, that’s what’s up,” said the message, which… Read more »

YVR
YVR
1 year ago

It is nice the US can take care of our Richmond criminals. We know our government has no interest in doing it.

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

“The FBI worked with other agencies across the U.S., both the RCMP and Canada Border Services Agency in Canada, as well as police in Australia.”

YVR
YVR
1 year ago

Proves my point. RCMP and Canada Border Services Agency have information but lay no charges. It is sad when the US prosecutes more of our organized crime type criminals than we do.

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

It certainly does not prove your point.

But nice try – as always.

Laibach
Laibach
1 year ago

‘Marshmallow soft’ B.C. home sales to fall 11 per cent, prices to keep sliding: forecast

https://www.vancourier.com/real-estate/marshmallow-soft-b-c-home-sales-to-fall-11-per-cent-prices-to-keep-sliding-forecast-1.23835993

Doomcouver
Doomcouver
1 year ago
Reply to  Laibach

Sounds delicious. mmm marshmallow……

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

VANCOUVER HOUSING Single Family Detached, Town House and Condo HPI® Benchmark Prices with Total Residential Listings and Sales. http://www.chpc.biz/vancouver-housing.html In April 2019, Vancouver detached house HPI prices continued crumbling beneath the weight of a brick wall of resistance and is sinking below a line in the quicksand. ​The FOMO crowd has exhausted itself. Strata prices remain under pressure since the B.C. “Home Partnership” of Feb 2017-Mar 2018 ended. ​ Strata unit prices were goosed by the previous ‘liberal” provincial government’s free cash (interest free 2nd mortgages) helicopter drop which closed its applications on March 31, 2018. Free money sent a loud and clear signal to the speculative crowd who then pushed the HPI strata prices into new price peaks while dragging the unwitting along with them: “…survey also confirmed that domestic speculation plays a much larger role than most people… Read more »

MTADTA
MTADTA
1 year ago

THIS IS WHAT PERFECT PRICING LOOKS LIKE ON THE WEST SIDE

7061 Cypress St, Kerrisdale, West Side #Vanre

3602 sq ft house, built in 1928, on a 8580 sq ft lot

Very nice looking older home

Purchased in 1984 for $335,000

2019 Assessment value $4.123M

Peak mkt value estimate
Image
11:08 AM · May 29, 2019 · Twitter Web Client
1
Like

Vancouver Real Estate Flip Flops
·
1h
Replying to
@VanREflipflops
2/ $5.3M

Just listed today for $3.45M, 17% BELOW assessed

Although I still think this home could be worth HALF that in a few years, for today’s mkt, that price will move this home fast.

Burt
Burt
1 year ago
Reply to  MTADTA

If that home tracked inflation only from 1984 – it would be $756,810 in 2019.

MTADTA
MTADTA
1 year ago

Just sold in West Vancouver for 41% below 2017 assessed

1046 17TH STREET, West Vancouver

Just sold for $1,700,000

2017 Assessed: $2,860,000
2018 Assessed: $2,467,500

62 x 123 lot

#vanre
Image
9:32 PM · May 28, 2019 · Twitter Web Client

Oracle
Oracle
1 year ago
Reply to  MTADTA

Then why aren’t all homes at 41% below assessed? Lol

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

Oracle, can you post some select sales over assessment?

Simple Solution
Simple Solution
1 year ago

He clears all the fantasy “offshore cash” transactions so has access to all that data.

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

Some are more than 41%.

LOL

xhistory
xhistory
1 year ago

Looks to me JT will win the next electon, despite the current polls.

bullwhip29
bullwhip29
1 year ago

B.C. drivers won’t have to pay for more expensive insurance when they let someone else occasionally drive their vehicle, after the government backed away from a proposed change
https://vancouversun.com/news/politics/government-backs-down-on-occasional-driver-fees

>>> Agent Backtrack strikes again…

Hyper-mega-Bull
Hyper-mega-Bull
1 year ago
Reply to  bullwhip29

Government responding to feedback from the public should be praised not criticized.

YVR
YVR
1 year ago

There is the problem. The government is involved. If it was a private insurer they would price the insurance based on risk not public feedback that may impact the next election.

Hyper-mega-Bull
Hyper-mega-Bull
1 year ago
Reply to  YVR

no political party is willing to end ICBC’s monopoly so you are using an unrealistic measuring stick.

Selective Memory
Selective Memory
1 year ago

Liberals had 16 years to shut down ICBC. But they would rather force the corporation to turn over billion-dollar ‘dividends’ so they could claim they were balancing the budget.

NDP don’t seem to be doing that. They look to be returning ICBC to it’s function as a public insurer that worked very well for 25 years before the kleptocrats got into power.

Oracle
Oracle
1 year ago
Reply to  YVR

Don’t write common sense on this blog. Lol

Of course the NDP is directing icbc.

Simple Solution
Simple Solution
1 year ago
Reply to  YVR

ya, but then how would all the “N” flagged supercars get insured? Or for that matter all the “drivers” with the swapped out “licences”?

private insurance wouldn’t touch them with a 50 foot pole… then something something something RACISM…

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

Other countries have insurance for exotic cars which isn’t run by the government. It’s really no problem.

YVR
YVR
1 year ago

Other countries with private insurance don’t insure people and set rates for political reasons. They set them based on risk and deny those that are high risk. If ICBC did that people like you would squeal racism.

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

I know with complete certainty that you would be bleating if the insurance companies did not price risk consistently with your ignorant prejudices.

You’d know better than them, after all.

Simple Solution
Simple Solution
1 year ago

it isn’t at all. Its just a function of pricing risk. Any idea what an N driver in a 250K supercar pays for insurance in California?

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago
Reply to  bullwhip29

WTF is ICBC doing?

Anyone renewed lately?
The various options being presented need a flow chart..all over the map…seem more like a trap.

bullwhip29
bullwhip29
1 year ago

An RCMP drug enforcement team took down a clandestine laboratory in Richmond city centre on Tuesday afternoon
https://www.richmond-news.com/news/rcmp-swoops-on-drug-lab-in-richmond-city-centre-1.23837686

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago
Reply to  bullwhip29

Looks like that hi rise next to Value Village…

Gee..been a while since they took one down..wonder how many more there are???

bullwhip29
bullwhip29
1 year ago

In just over a month’s time, the seniors discount age at City of Richmond run facilities is about to rise significantly, from 55 to 65
https://www.richmond-news.com/news/seniors-discount-age-rising-in-richmond-1.23837194

bullwhip29
bullwhip29
1 year ago
Reply to  bullwhip29

well, when you have to foot the bill for multi-million dollar lawn bowling clubhouses, the largest hot tub in Canada and subsidized roast lamb dinners, something has to be compromised.

Doomcouver
Doomcouver
1 year ago
Reply to  bullwhip29

They’re living high on the hog on dirty money. Party’s ending though.

Shit It Down Already(Original)
Shit It Down Already(Original)
1 year ago
Reply to  bullwhip29

Translation:

Richmond taxpayers that lived in Richmond for decades and paid taxes for years are getting squeezed out by opportunistic foreign locusts who continue to game the system and suck it dry.

YVR
YVR
1 year ago
Reply to  bullwhip29

The fact that there are even seniors discounts at all is silly. Last time I checked they are the ones with most of the wealth. Like a 20 year old should pay more why exactly?

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

Because their income is higher.

Or do you think seniors should sell their house a brick at a time to pay the standard rate for activities at city facilities?

Doomcouver
Doomcouver
1 year ago

They do that, it’s called a reverse mortgage.

YVR
YVR
1 year ago

Wrong. The average income for a 16 to 24 year old is $16,400 compared to $40,000 for those 65 and older. The paid off house only compounds the difference.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=2.2&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1

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

I’m not talking about 16 year olds, who generally have an income of roughly zero.

I’m not even talking about 20 year olds, which was your original example (deliberately chosen to be at the extreme end to try and force a point which really isn’t there).

Seniors have lower incomes than working age people, hence the discounts. I certainly do not resent them for it. Why do you?

KickThemOut
KickThemOut
1 year ago

1 Day in jail for killing 2 little girls and a mother. Time to stop treating locusts with such kiddie gloves
https://www.vancouverisawesome.com/2019/05/29/driver-sentenced-crash-killed-girls-woman-lougheed-highway-2017/

Oracle
Oracle
1 year ago
Reply to  KickThemOut

Developers run our governments and such. They wouldn’t dare piss off the main money laundering community.

KickThemOut
KickThemOut
1 year ago
southseacompany
southseacompany
1 year ago

“Bank of Canada holds rate, but sees evidence economic slump is ending”, Financial Times

https://business.financialpost.com/news/economy/bank-of-canada-holds-interest-rate-at-1-75-per-cent-3

“Poloz and his deputies on the Governing Council were gradually taking interest rates higher last year when the economy hit a wall. . Policy makers retreated to the sidelines, unsure if the economy was ready for higher interest rates. They remain unsure, as there is no indication in the new policy statement that policy makers are ready to resume their path back to a more normal interest-rate setting.”

“But there is nothing that indicates that an interest-rate cut was on the table over the past couple of weeks as the Governing Council assessed the outlook.”

bullwhip29
bullwhip29
1 year ago

How Canada’s legal system helped an alleged Chinese gangster avoid deportation for decades
https://globalnews.ca/news/5321035/canada-legal-system-helped-chinese-gangster-avoid-deportation/

bullwhip29
bullwhip29
1 year ago

Canada Goose Holdings Inc posted its slowest revenue growth in eight quarters and forecast even slower sales growth for the next three years
https://www.reuters.com/article/us-canada-goose-results/canada-goose-shares-sink-15-as-revenue-growth-slows-idUSKCN1SZ19G

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  bullwhip29

GOOS stock down 25% today. Ouch.

Laibach
Laibach
1 year ago

It matches the decline of luxury RE in Vancouver. What is the fucking reason?

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  Laibach

GOOS stock closed down 31% today. Ouch.

Simple Solution
Simple Solution
1 year ago

Seasonal? lol… just another deflating HAM fuelled balloon…

bullwhip29
bullwhip29
1 year ago

‘Do not be duped’: BMW targets ‘straw buyers’ in race to stop luxury SUV exports
https://www.cbc.ca/news/canada/british-columbia/bmw-export-money-laundering-1.5153224

Canada is for Canadians
Canada is for Canadians
1 year ago
Reply to  bullwhip29

and yet gullible people continue to do business with them…

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

BMW is just trying to protect its international dealer network. There’s no wrongdoing here on the part of the exporters.

YVR
YVR
1 year ago

No wrong doing? Besides the breach of contract they are being sued for they are money laundering. I guess with you breaking contracts and money laundering is all okay and amounts to “no wrongdoing”.

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

Where’s the proof of money laundering? Where’s the contract you sign upon purchase of a vehicle that limits your legal right to ship it overseas?

YVR
YVR
1 year ago

Can you not read? Should we have it put in Mandarin for you?

“Series of B.C. Supreme Court lawsuits target ‘grey market’ highlighted in money laundering report…According to the civil claims, BMW claims it wants to protect its interest in the vehicle, ensure that vehicles are not unlawfully exported and “ensure that its vehicles are not purchased by individuals, entities, organized crime groups or money launderers.”…The problem with the grey export of X5 vehicles is so bad that BMW attaches a “non-export agreement” as part of its contract with buyers. One of the court files includes a signed copy of a consumer fraud notice.”

Best place on meth
Best place on meth
1 year ago

Fuck, you’re such an asshole.

bullwhip29
bullwhip29
1 year ago

Multi-car crash shuts down several blocks of Oak Street in Vancouver
https://www.cbc.ca/news/canada/british-columbia/oak-street-crash-shutdown-1.5153838

Oracle
Oracle
1 year ago

Hong Kong is mentioned in this thread. Let me educate the minions here with some grade 10 level facts.

There are 500,000 Canadians in Hong Kong now. 200,000 kids born in Hong Kong to Canadian citizens.

China has 28 years of a 50 year agreement left with the west until it takes over HK completely.

Chances are most will come back to Vancouver and bid up real estate like never before.

Think about this: 1.5 million immigrants are expected in the lower mainland over the next 28 years. Add to that the 500,000 Hong kongers.

Result: Add 2 million people to the lower mainland mostly all from asia.

Can you say white flight Batman? Hahaha

Big Bear
Big Bear
1 year ago
Reply to  Oracle

And China can’t seize their Canadian passports?

Doomcouver
Doomcouver
1 year ago
Reply to  Big Bear

Exactly. China doesn’t recognize dual citizenship and during periods of domestic instability (such as during a credit collapse) if they have a Chinese passport, they’re not getting out of the country regardless how many other foreign passports they have.

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

If they voluntarily took citizenship of another country then they’ve already forfeited their Chinese citizenship.

SilentBob
SilentBob
1 year ago

And if they’ve moved more than $50k US out of the country in a year they’re criminals by the laws of the CCP. What’s your point?

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

It’s not Canada’s job to enforce the others’ laws.

YVR
YVR
1 year ago

It seems under the current government it is not Canada’s job to enforce its own laws. Lets start with those first.

Oracle
Oracle
1 year ago
Reply to  Doomcouver

You are incorrect. China is playing the long game. They will never seize them. They will want their residents going abroad in huge numbers as to increase China’s influence.

Oracle
Oracle
1 year ago
Reply to  Big Bear

Lol. Seize? Hahaha

They can just leave the country and arrive in canada without a passport.

Their names are in the system.

They will be given replacements.

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

Sorry, that’s not how it works.

Oracle
Oracle
1 year ago

Sure Mr immigration agent. Hahaha

You can show up at the border after a trip to the us and say you’ve lost your passport.

You’re such a moron.

Simple Solution
Simple Solution
1 year ago
Reply to  Oracle

Good luck trying to board an airplane without a passport

Best place on meth
Best place on meth
1 year ago

That’s the part Mr grade 10 level oracle seemed to miss, maybe he’s never traveled out of the country.

Spec
1 year ago

“maybe he’s never traveled out of the country.”

Wasn’t Oracle recently in one of the Hawaiian cities of Japan? I’m foggy on remembering the details…

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

Yes, he was visiting Honolulu on the big island of Honshu.

Big Bear
Big Bear
1 year ago
Reply to  Oracle
Oracle
Oracle
1 year ago
Reply to  Big Bear

Nice try. Nothing about a Canadian passport in there.

Plus Wikipedia is your source? Good grief.

yvr2zrh
1 year ago
Reply to  Oracle

Remember – the children born to Canadians abroad, where neither of their own parents were born actually in Canada – do not have the ability to pass the Canadian citizenship to their children born outside. Given that the majority of the 500,000 were born outside of Canada – if their kids were born in Hong Kong – They are not allowed to be Canadians by birth to a Canadian.

SilentBob
SilentBob
1 year ago
Reply to  yvr2zrh

No, but they can easily sponsor their kids for citizenship. I really hate to agree with Oracle (really really hate), but he’s not wrong on this particular count.

Oracle
Oracle
1 year ago
Reply to  yvr2zrh

If one parent is a Canadian citizen, then children and grandchildren born outside Canada are automatically given citizenship.

Source: extended relatives who have had kids abroad.

Oracle
Oracle
1 year ago
Reply to  Oracle

2 generations is automatic. So the grandkids would have to come back and have their kids on Canada to continue citizenship in the family.

Hyper-mega-Bull
Hyper-mega-Bull
1 year ago
Reply to  Oracle

if HK extradition bill passes HK will no longer be considered autonomous. this means that the special privileges given to HK as an independent state will be in danger of going bye-bye. that would mean no more chinese companies IPOing in HK to get american money.

HK economy would be gutted. all the people got their canadian back-up passport would exercise their insurance policy and come back to vancouver and bring all that tax free money they’ve been earning for decades.

Simple Solution
Simple Solution
1 year ago

HK has taxes… top marginal rate 17%… minimal deductions… No capital gains tax

I would LOVE to have that system here

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

“Let me educate the minions here with some grade 10 level facts”

Oh, so you’re up to grade 10 level today, yesterday you were preaching grade 6 level facts.

Fuck china, the PRC won’t exist 28 years from now so it won’t matter what Hong Kongers are doing.

Hyper-mega-Bull
Hyper-mega-Bull
1 year ago

B.C. woman sparks online backlash after donated breast milk sold

https://www.citynews1130.com/2019/05/27/donated-breast-milk-sale/

Amanda Rasmussen/Amanda Wong/Pinky Wong

Laibach
Laibach
1 year ago
Oracle
Oracle
1 year ago
Reply to  Laibach

It’s a big Gang.

Doomcouver
Doomcouver
1 year ago
Reply to  Laibach

Carney the carny. A world-class clown.

Selective Memory
Selective Memory
1 year ago
Reply to  Laibach

Hmm…parachute in a sharp-looking new leader with no political experience, who’s been living abroad. They’ve done a good job of stuffing the Michael Ignatieff experience down their memory hole.

Simple Solution
Simple Solution
1 year ago

Sounds like a way better leader than any “career politician”