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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Canada is for Canadians
Guest
Canada is for Canadians

People with dash-cam footage of bad drivers could be rewarded by ICBC: Farnworth

https://www.citynews1130.com/2019/05/28/icbc-dash-cam-reward/

Not an original idea… this is already being done in China according to youtuber “Serpentza”

Best place on meth
Member
Best place on meth

“The push is being made by a Burnaby man who would like to see people rewarded when giving dash-cam footage to ICBC of poor or dangerous driving behaviour. One of the ideas suggested is for such drivers to receive a break on their ICBC premiums the following year.”

Fuck the insurance discount, promise me the offending cunt will be deported back to china and I’ll get dashcams plastered all over my car, inside and out. Even on the roof in case one of these useless fuckers hits a median and goes sailing right over me.

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

WTF?

Is this a joke…????
Irrefutable video evidence will show “guess who”________

Is NDP THAT STOOOPPIIDD/Desperate ????

paulb
Member

New
292
Price Change
128
Sold
136
TI:15631

http://www.clivestevepaul.com

Big Bear
Guest
Big Bear

The fact that sellers are already pulling out their listings and waiting for 2020 is very telling. The TI will probably not go up by much but the shadow inventory will probably explode this fall.

Oracle
Guest
Oracle

Lol

There is no pressure to sell. No skyrocketing interest rates or job losses.

Let’s try to think above a grade 6 level.

Big Bear
Guest
Big Bear

Actually there is pressure to sell: The “school” tax and the spec tax.

Doomcouver
Member
Doomcouver

Don’t forget the pressure of FOMO’ism in a down market for sellers. Sellers know what their neighbors sold their houses for back in 2017 and they’re becoming increasingly alarmed by accelerating price erosion of their own homes. They’re only going to sit on their holdings for so long until the mass-panic selling begins. Fire sales are already happening at the high end of the market and it’s rapidly infecting the lower rungs of the property ladder. Don’t underestimate a self-feeding death spiral of asset deflation for an asset as emotional as real estate. Once it starts (and it seemingly has), interest rates don’t matter, and mass job losses are just one factor that feeds the ever-hungry deflation monster.

Oracle
Guest
Oracle

Do you need a grade 8 education?

1). Loopholes you can drive the titanic through for the Spec tax.

2) school tax only affects properties well over a million.

Pressure? Lol. It’s people like you that prevent government from taking a bolder action on housing.

Best place on meth
Member
Best place on meth

Now it’s a grade 8 education?

I’m beginning to doubt you have any education.

Simple Solution
Member
Simple Solution

Can you explain these Titanic size loopholes?

Oracle
Guest
Oracle

I can rent 12 of those homes in a year. And at minimal cost to you uncle.

Big Bear
Guest
Big Bear

Please explain to me the loopholes.

Oracle
Guest
Oracle

You guys are always so behind on seeing the loopholes. A simple tenancy agreement with your nephew suffices.

Or simply rent out the garage.

Or a small suite.

The Spec tax does nothing to those hoarding.

Oracle
Guest
Oracle

*well over 3 million” it should read.

Best place on meth
Member
Best place on meth

How will we be able to communicate with you if we’re thinking 3 grades above you?

bullwhip29
Guest
bullwhip29

An over-sized hornet found buzzing around a waterfront office in Vancouver earlier this month has been identified as a non-native Asian insect known to feed on honeybees
https://www.cbc.ca/news/canada/british-columbia/hornet-japan-invasive-bee-eater-1.5153013

Dave
Member

I buzz three, husba buzz three.

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

How many condos did it purchase ?

SilentBob
Guest
SilentBob

It bought three and everyone else in the hive also bought three.

Canada is for Canadians
Guest
Canada is for Canadians

that was a classic, wasn’t it ?
It’s right up there with “stahlee pak”

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

She surely made an absolute fortune while you losers were still failing to do a buy vs let. LOL.

Best place on meth
Member
Best place on meth

Despite your social justice bullshit, this is really what you’re all about, isn’t it you hypocritical fraud?

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

Touche’ !!!

SIDA’s reply?

10….9…8..7..6…..5…..

Hyper-mega-Bull
Member
Hyper-mega-Bull

An under-the-radar way to measure economic growth in China is painting a bleak picture
https://www.cnbc.com/2019/05/28/falling-diesel-fuel-demand-in-china-paints-bleak-picture.html

looking forward to the 500,000 canadian citizens coming home and further displacing locals.

Laibach
Member
Laibach

Coming over to do what and where? To be landlords or run black markets and the shadow economy?

Hyper-mega-Bull
Member
Hyper-mega-Bull

Canadian-citizens in Hong Kong. It’s actually 300,000

https://www.asiapacific.ca/media/news-releases/28323

Oracle
Guest
Oracle

It’s 500,000 now.

Gov doesn’t count the offspring born there the last 20 years.

Simple Solution
Member
Simple Solution

Since the government doesn’t count how are you sure its not 50M? Or even more? What if they each have 10 kids? Or 20 Kids? and they all move here? wow wow wow

yvr2zrh
Member

See my comment above – – the children born abroad where their parents were also born abroad – cannot provide citizenship to their children by birth.

Specuskeptic
Member

Oracle never lets facts stop a good, house-pumping line of reasoning….

Big Bear
Guest
Big Bear

And you think Beijing will just let them leave without seizing all their assets back home?

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

If they’re Canadian citizens they’ve got as much right to live here as you do.

Deal with it.

Best place on meth
Member
Best place on meth

They obtained their permanent resident cards fraudulently through forged documents and outright lies, and in many cases their ensuing citizenship as well as we saw in the Sunny Wang case.

They are fucking cheats on every level.

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

500,000 cases of fraud?

Give your head a shake.

Best place on meth
Member
Best place on meth

Most of them were frauds.

It’s a nation of shameless cheaters and scammers, that is their culture.

We all know that now, even you.

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

“Most of then”?

You have zero evidence to back up your ignorant opinions. Zero.

Never forget that.

Best place on meth
Member
Best place on meth

“Zero” evidence?

You’re a worthless cunt.

Never forget that.

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

Canadian citizens?

When did we get to vote on allowing in foreign locusts in to overwhelm and colonize us, poisoning us with money-laundering, ..drugs..birth tourism, illegal hotels etc. etc.

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

You’re not being “colonized”, “overwhelmed”, “poisoned” or anything of the sort you toxic piece of shit.

And they’re still citizens. So deal with it.

Best place on meth
Member
Best place on meth

Back to your usual slurs, you toxic piece of shit.

And these chinese scumbags are doing all of the above while cheating their way to “citizenship” which they should be stripped of.

Get rid of them.

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

It rather sounds like you’re not dealing with it very well to me.

Doomcouver
Member
Doomcouver

The Chinese government would never let that happen. If things really go sideways economically in China only very senior party officials would likely be able to leave the country.

Big Bear
Guest
Big Bear

Amen. There are no civil rights in China. They can snatch you out of the airplane before it takes off if they want to.

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

B.C. asks universities, colleges to review policies over money laundering concerns

https://bc.ctvnews.ca/b-c-asks-universities-colleges-to-review-policies-over-money-laundering-concerns-1.4441045

QUOTE:
………….. “The concerns were raised in the money laundering report prepared by former deputy RCMP commissioner Peter German, who found post-secondary institutions were potentially being targeted.

Attorney General David Eby said the scope of the problem isn’t clear because FINTRAC – the Financial Transactions and Reports Analysis Centre – doesn’t track cash payments at universities and colleges.” ……………..

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

More reasons that this inquiry will go NOWHERE.
They’ve done nothing re: obvious … and don’t even try to think forward and anticipate other potential laundering avenues.

bullwhip29
Guest
bullwhip29

New clubhouse slated for Richmond lawnbowlers
https://www.richmond-news.com/news/new-clubhouse-slated-for-richmond-lawnbowlers-1.23836906

>>> well, that was easy…

bullwhip29
Guest
bullwhip29

Police seek suspect in alleged upskirting incident
https://www.ctvnews.ca/canada/police-seek-suspect-in-alleged-upskirting-incident-north-of-toronto-1.4440615

The suspect is described as Asian, believed to be 25 to 35 years old, short with black hair

Oracle
Guest
Oracle

The story will be buried.

Like that Karate Mainlander Drop Kicking the Old Librarian.

No deportation or anything.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)
Richmond resident nominated for B.C. Multiculturalism and Anti-Racism Awards Racial harmony is something people need to make an effort to maintain: Edward Liu https://www.richmond-news.com/news/richmond-resident-nominated-for-b-c-multiculturalism-and-anti-racism-awards-1.23659419 QUOTE: “My talk was about the goodness of multiculturalism and the importance of racial harmony in Canada. There are some problems and issues, but hatred is not the solution,” said Liu. As a columnist for the major Chinese newspaper, Liu has conveyed his ideas to a larger audience through the power of words on a daily basis. One of Liu’s most popular articles was written last September, after the police announced that the murder suspect of 13-year-old Shen Xiaoyu was a Syrian refugee. “That created a lot of emotion in the community,” said Liu. “As far as I know, that article became an important source for people, at least in the Chinese community, to help people… Read more »
bullwhip29
Guest
bullwhip29
Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

I think the foreign locusts mistook this for a FRESHCO opening.

bullwhip29
Guest
bullwhip29

i hear bowling for dollars is far more lucrative…

bullwhip29
Guest
bullwhip29

Police have charged Jing Sun, Siwen Sun, Dan Chen, Yue Qin, Xie Min Wu, Jie Ni Lai, Yi Long and Xiaoting Du in connection with a year-long investigation that led to the seizure of thousands of allegedly counterfeit items from a mall north of Toronto
https://www.ctvnews.ca/canada/eight-people-charged-in-counterfeit-goods-investigation-at-pacific-mall-1.4440470

the U.S. Office of the Trade Representative called Pacific Mall one of the world’s most “notorious” sources of pirated or counterfeit goods

Asdfasdf
Guest
Asdfasdf
Best place on meth
Member
Best place on meth

“”The influence of Western media is disproportionate, and you can’t avoid their overwhelming disinformation about China,” said Chen, now China Daily’s Brussels bureau chief. “That’s why China wants its news organizations well-represented so China’s story is told by Chinese journalists, not by Western journalists.”

There’s no such thing as a chinese news organization, they’re ALL 100% communist propaganda.

This debate will be pointless to watch, the dumb chinese cunt will only have government approved talking points to spew.

Dave
Member

LOL… that’s not going to go well for State TV. Their anchor has probably never had a debate in her life. Reading the party line isn’t a debate you dummy.

bullwhip29
Guest
bullwhip29

yup, trish will knock her on her flat ass in less than 60 sec. following this, the language card, the race card and the trump card will be played.

Dave
Member

Those Fox News hosts aren’t just pretty faces, they’re sharp. If the debate is through translators, it will be very hard to pin down the Chinese host. She’ll just hide behind language and repeat pre-approved statements from the government. If I’m the Fox News host, I would make it really awkward for her by pushing her to think on her feet.

Simple Solution
Member
Simple Solution

Will China be sending someone from the ministry of information?

https://www.youtube.com/watch?v=HJcdVjkqiW8

Canada is for Canadians
Guest
Canada is for Canadians

Protection of rental properties key part of Burnaby’s new housing policy

https://vancouversun.com/news/local-news/protection-of-rental-properties-key-part-of-burnabys-new-housing-policy

BURNABY — A Metro Vancouver city council has unanimously approved a new approach to rental housing that could make it a leader in protecting and enhancing rental stock.

what a change from when Derek Corrigan was the Burnaby mayor who didn’t care at all about renters.

Canada is for Canadians
Guest
Canada is for Canadians

“Burnaby says the approach capitalizes on the B.C. government’s enactment last May of legislation allowing local governments to list rental housing as a specific land use in multi-family residential areas.”

Canada is for Canadians
Guest
Canada is for Canadians

Economist forecasts stability to return to Metro Vancouver’s detached housing market

https://vancouversun.com/business/real-estate/central-1-economist-forecasts-stability-to-return-to-metro-vancouver-detached-housing-market

He blames “government policies”…

Doomcouver
Member
Doomcouver

Yet another hack RE pumper article. All signs point to stability not arriving for another few years at the earliest. It could easily be as long as a decade before we hit bottom.

Oracle
Guest
Oracle

Lol.

Another 500,000 people here in a decade.

Sure troll.

Doomcouver
Member
Doomcouver

You can’t just slap historical immigration trends on future predictions, especially when our local economy is overly dependant on a currently wobbly/crashing economic driver aka. real estate. A net migration out of BC is entirely possible during a nasty downturn in RE prices. Don’t underestimate the impact of the next recession on immigration trends.

Simple Solution
Member
Simple Solution

In Oracle land you can… just extrapolate the numbers forever. that is how everything works….

Laibach
Member
Laibach

“We expect to see some stabilization by the end of this year, we are going to see those prices stabilize,” Bryan Yu said of detached homes in Metro that have plunged in value since 2016.

You don’t need anything but his last name to figure out shill and pumper with agenda. Vermin at all places…

southseacompany
Member
southseacompany

“Housing sales will decline for 2 years in B.C.: Central 1 Credit Union” Global BC

https://globalnews.ca/news/5324502/housing-sales-decline-two-years-bc-central-1-credit-union/

“Central 1 deputy chief economist Bryan Yu says prospective buyers are on the “sidelines,” with some not qualifying for financing under new mortgage-lending restrictions and others just waiting for a more stable market.”

“As for sellers, Yu says with the British Columbia economy otherwise strong, many are reluctant to lower their asking price, yet.”

Doomcouver
Member
Doomcouver

Possible but unlikely. Try like 7 years maybe?

Oracle
Guest
Oracle

Fuck off troll.

Specuskeptic
Member

Doomcoover does no trolling that I’ve noticed. Their points are made in earnest as far as I can tell. You’ve been absolutely hounding Doom for some time now. It’s bizarre. Why do you feel so threatened by their posts? Why so angry?

I can guess….

Doomcouver
Member
Doomcouver

I think logic is Oracle’s kryptonite.

southseacompany
Member
southseacompany

“China showing signs similar to Japanese housing bubble that led to its ‘lost decades’, expert warns”, South China Morning Post

https://www.scmp.com/economy/china-economy/article/3011960/china-showing-signs-similar-japanese-housing-bubble-led-its

“China’s housing market showing signs of bubble similar to that seen in Japan in 1980s, says Asian Development Bank Institute dean and CEO Naoyuki Yoshino”

“China’s loose policy following 2008 global financial crisis laid foundations for current housing bubble, with US-China trade war adding to concerns”

bullwhip29
Guest
bullwhip29

the housing problem in china is several orders of magnitude larger. quite frankly this should keep many awake at night. not only are they caught up in the global everything bubble, they took things many steps further and basically built the equivalent of several small phony countries (not cities) to juice their economic numbers in an attempt to pull the wool over the rest of the world’s eyes.

southseacompany
Member
southseacompany

“Liberal MPs want Finance Minister Morneau to revisit mortgage stress test’, The Hill Times

https://www.hilltimes.com/2019/05/27/liberal-mps-want-finance-minister-morneau-to-revisit-the-mortgage-stress-test/201532

“Liberal MPs from Greater Vancouver and the Greater Toronto Area are calling on Finance Minister Bill Morneau to either remove or alter the mortgage stress test, saying it’s negatively affecting middle class jobs and restricting their constituents’ ability to buy a house in all major urban centres.”

Laibach
Member
Laibach

This is 100% result of letting Chinese to come, invest, launder and park their money in Canadian real-estate without control or restriction. If such idiotic and sick intercourse didn’t happen we would never have a housing problem or at least it wouldn’t be nowhere close where is it at right now. Interestingly we still have a lots of idiots that seriously think this is result of local “buying power” combined with the low interest rate.

Canadian Housing Is The Least Affordable In The World… For Local Incomes

https://betterdwelling.com/canadian-housing-is-the-least-affordable-in-the-world-for-local-incomes/

Doomcouver
Member
Doomcouver

No that’s an oversimplification of the issue. Home prices across almost all cities in Canada have been rising at nearly double the rate of inflation for about 2 decades now. The Chinese have only been buying in the major metros like Toronto and Vancouver. That doesn’t explain the rapid price gains in other cities. Only cheap credit and local FOMO’ism explains it.

Oracle
Guest
Oracle

Ahhhh. Another troll exposed. Edmonton prices would be the same as Vancouver’s dumbass.

But they’re wayyyyy higher cause of Chinese money.

Doomcouver
Member
Doomcouver

Exactly my point. It’s not Chinese money in isolation that made Vancouver expensive, it’s a bunch of things.

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

Oracle, don’t forget you’re meant to be playing the “everybody wants to live here” game.

Doomcouver
Member
Doomcouver

Best Place On Earth™

Laibach
Member
Laibach

Why it didn’t happen elsewhere in the world to such extent? People are more or less the same everywhere.

paulb
Member

New
339
Price Change
177
Sold
148
TI:15597

http://www.clivestevepaul.com

Big Bear
Guest
Big Bear

We are seeing an increase in the shadow inventory. That’s bearish for this time of the year.

Screwed
Guest
Screwed

15k by the end of May?

Best place on meth
Member
Best place on meth

Oracle?

Oracle
Guest
Oracle

It’s not me.

‘Screwed’ is a troll but you minions keep responding to him thinking he’s confused or something.

He’s playing with you guys.

Laibach
Member
Laibach

Being full of shit meets traditional “values”.

“I don’t worry, because my daughter is also very optimistic. She is self-studying … she is going to become a ‘doctor in prison’ and come out of prison to complete a doctoral degree,” Ren said, with a smile on his face.

“Every time I call, her mother or her husband answers the phone and says that she is very busy (studying).”

https://www.thestar.com/news/canada/2019/05/27/meng-wanzhous-dad-says-his-daughter-will-study-hard-and-get-a-phd-in-prison.html

Canada is for Canadians
Guest
Canada is for Canadians

so they realize she will be doing time… a long time… good.

bullwhip29
Guest
bullwhip29
Shit It Down Already(Original)
Guest
Shit It Down Already(Original)
Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Vancouver Real Estate Flip Flops

@VanREflipflops
Follow Follow @VanREflipflops
More
FOR ANYONE WHO THINKS EAST #VANRE COULD NEVER CRASH BY 50%

2466 41st Ave E, Killarney Area, East #Vancouver

1455 sq ft home, built in 1912, on a 2692 sq ft lot

Purchased in 1980 for $107,000

Purchased in 1981 for $123,000

Purchased in 1986 for $63,500

That’s a 49% DROP, and

Oracle
Guest
Oracle

Those were pre immigration days. Now the floodgates are open. Rents still rising and with the explosive population growth, FOMO 2.0 only a matter of time.

Laibach
Member
Laibach

The reluctance of slashing prices rather than coming up with these retarded nonsenses is stunning. Who do they target with this lunacy, it is very insulting to challenge customer’s basic sanity.

One Vancouver developer is offering a glass of wine a day for a year to get people to buy

https://business.financialpost.com/real-estate/glass-of-wine-a-day-latest-condo-incentive-in-slumping-vancouver

YVR
Guest
YVR

Even worse is that the media covers this stuff. It would be like printing a story that Save On Foods is offering 5 cents off a $500 grocery purchase. Who cares.

Dave
Member

More like free plastic bags.

atomic frog
Guest
atomic frog

Metro Vancouver unemployment rate up in 2019 (compare to 2018)

https://betterdwelling.com/unemployment-is-rising-canadas-most-expensive-real-estate-markets/

Bag it and tag it
Member
Bag it and tag it

In cities like Van, when people lose their job they move away.

awere
Guest
awere

More freeloaders landing from the mothership?

Doomcouver
Member
Doomcouver

This is what the start of a deflationary spiral looks like.

Oracle
Guest
Oracle

If you knew how numbers worked, you would understand that thevrate of population growth is higher than rate of job formation. This leads to a higher unemployment rate.

In other words, no depression. Lol

atomic frog
Guest
atomic frog

No one say anything about depression. If you actually know how to READ the article, it just correlates the month of price decline to the corresponding increase in unemployment rate during those months

Specuskeptic
Member

The dufus doesn’t seem to understand that, without jobs, there will be no carrot to draw in the immigrants. Such transparent pumping….

Doomcouver
Member
Doomcouver

Oracle has recency bias because he’s never lived through a major recession so he assumes they don’t exist. The next recession will be bigger than the 80s, and will drive both Canadians and foreigners out of the country in droves.

Specuskeptic
Member

Beyond recency bias, there’s also monetarily motivated reasoning… Also very blinding to reality.

bullwhip29
Guest
bullwhip29

stagflationary imho

Doomcouver
Member
Doomcouver

I can’t see stagflation happening. Canadians are already too broke to afford current prices. For stagflation to happen we’d need massive unemployment AND rising prices. The debt dynamics are too toxic to support much more price inflation, deflation seems much more likely. Though anything is possible I guess.

bullwhip29
Guest
bullwhip29

prices for food, utilities and other essential goods are surging along with taxes, fees, insurance etc

as the economy grinds lower the currency will go along for the ride and the problems just compound.

clear as day to me this is what will happen

bullwhip29
Guest
bullwhip29

Hundreds of rivers around the world from the Thames to the Tigris are awash with dangerously high levels of antibiotics, the largest global study on the subject has found
https://www.scmp.com/news/world/article/3011905/worlds-rivers-awash-dangerous-antibiotics-massive-global-study-warns

Lower-income countries generally had higher antibiotic concentrations in rivers, with locations in Africa and Asia performing the worst