Friday free-for-all! June 14th 2019

What if the hammer of higher interest rates never falls? If prices keep rising so young families cant afford to buy?

What’s going to happen to the Vancouver economy moving forward?

Just a few questions on our mind as we kick off another Friday free-for-all open topic discussion thread for the weekend.

Post your news links, thoughts and anecdotes in the comments below and have a great weekend!

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[…] out by southseacompany: all the major political parties want to help you buy a house and the promises are piling […]

Loco
Loco
1 year ago

And here is Bob’s Conclusion:

“Will this trend continue from now, and through a usually slower Summer market? That’s hard to say for sure, but barring any further disruptive or disconcerting news or policies by governments, it appears that the latent strong confidence and demand for Vancouver Real Estate is cautiously re-emerging – with local & domestic Buyers taking the lead. “

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

Bob is a real estate pumper.

That’s my conclusion.

Oracle
Oracle
1 year ago

I think you’re going to be soo wrong.

you guys are wilfully blind to what’s going on with regards to immigration.

There are 130,000 foreign students in vancouver. And each is a future family unit.

And they won’t want condos. Just saying.

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

So Oracle, with so many foreign students in Vancouver right now, why are rents and prices both crashing?

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

The 2 things that inflated this market over the past fews years were money laundering and airbnb….plus the HELOC financing availability with all the growing equity. Airbnb is now dead and money launderers have been scared off….and with dropping prices HELOC eligibility is withering. What is going to re-inflate the prices? (hint: nothing)
Any uptick in sales activity at the moment, however small it might be, it strictly due to seller capitulation.

Bag it and tag it
Bag it and tag it
1 year ago

I have 2 friends that are selling (one just sold and the other very close)…both are staying in the area as move up buyers….taking advantage of the fact the high end falling faster than the low.

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

Are your friends rich foreigners?

Loco
Loco
1 year ago

Bob Bracken has stats to show that we are now back to a “normal market” in terms of months of inventory: “Another Analysis Metric used by many Realtors to assess market strength is also encouraging. Called “# of Month’s Supply”, this is calculated by dividing the # of Active Listings at the end of a month by the # of Sales during the month, with the product being the theoretical time it would take for all inventory to be sold, if listing activity ceased. Typically a 6 Month “Supply” is considered a “Balanced Market”, less than 6 Month supply favours Sellers, while a greater than 6 month Supply trends toward a “Buyers’ Market”. In the Hot markets of 2016, with its bidding wars, & rapidly escalating prices, Vancouver West & East often had “# of Months’ Supply” of 2.5 to… Read more »

Loco
Loco
1 year ago

Here is Realtor Bob Bracken’s take on the market:

“May Sales were also up for Vancouver West Detached homes (+55%) and Vancouver East Detached homes (+88%) verses April, & other Market Stats are even more encouraging for those areas. While Greater Metro Vancouver MLS shows a 30% increase in MLS Listings compared to May 2018, Vancouver West and Vancouver East Detached shows a 15% decrease in Listings compared to May 2018. And, while Metro Vancouver May Stats show a 14.2% “Monthly Sales to Monthly Listings Ratio” for May across the region, Vancouver West registered a 39% S/L Ratio and Vancouver East a 54% S/L Ratio during the month – almost 3 to 4 times stronger!”

paulb
paulb
1 year ago

New
292
Price Change
132
Sold
123
TI:15845

http://www.clivestevepaul.com

Oracle
Oracle
1 year ago
Reply to  paulb

Inventory totally stalled. Almost July.

Sales consistently over 100+.

What does this mean?

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

It means you’re still a pumper.

Just sell whatever piece of shit you own already.

Oracle
Oracle
1 year ago

Good grief.

BPOM knows more than the market.

I’m going to lay it out for you. You probably have at most 8 months to get in to this market or be forever priced out even in the deep Fraser valley.

Laibach
Laibach
1 year ago
Reply to  Oracle

What happens in 8 months?

Simple Solution
Simple Solution
1 year ago
Reply to  Laibach

in 8 months Oracle’s number of students in Vancouver will have changed several hundred times

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

Since 1986…..ALL politicians, ….at minimum de facto… represent foreign locu$$$ts.

KickThemOut
KickThemOut
1 year ago

HK gov’t, Carrie Lam, and CCP hands are drenched with HK freedom fighters blood as another protester have committed the ultimate act of sacrifice and defiance by taking their own life. Let’s all pray for her and hopefully she will be with our Lord and Savior soon. Meanwhile, we have a bunch of lazy ass loudmouths who can’t anything more than type childish comments with their disgusting hands. I wish you all to learn from this brave HK protester and do what is necessary for what you believe in.

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

F*ck off dickhead ..go back to locust land….ya turd

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

To VCI ADMIN

Why are my posts with links stuck in moderation?

Thanks…

KickThemOut
KickThemOut
1 year ago

Because they are shit

bullwhip29
bullwhip29
1 year ago
Reply to  KickThemOut

seriously…STFU!

A rainbow crosswalk in Richmond’s city centre received almost unanimous support by council on Monday, with only Coun. Chak Au voting against it, saying the item came up out of the blue without consultation
https://www.richmond-news.com/news/updated-richmond-councillor-criticizes-quick-decision-on-rainbow-crosswalk-1.23858342

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

Much more to this story..

I tried to access the City Web site…to see this as an agenda item…..NOTHING
I checked back several times.
It only showed up on line after 3 PM today.(Tuesday)..when it should have been posted Friday afternoon

This matter has not followed protocol of properly posted public announcement ..yet 8 out of 9 Richmond Councillors vote for it.

Something stinks…..

Canada is for Canadians
Canada is for Canadians
1 year ago

they can’t offend the glbtq groups …

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

Like your brains !!!!

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

Like your brains

Laibach
Laibach
1 year ago

Only patience, all will be well next year they say…

TD Bank’s B.C. forecast indicates a decline in home prices will end in 2020

https://www.citynews1130.com/2019/06/18/home-price-declines-bc/

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

they may not be wrong on that. It depends on how much the government wants to goose the market and if interest rates drop again, and what happens with the stress test. But I think we’ve seen the last of the “foreign buyers” for quite some time…

Screwed
Screwed
1 year ago

But but but the honkies are coming!

Spec
1 year ago

” It depends on how much the government wants to goose the market and if interest rates drop again, and what happens with the stress test. ”

I don’t recall those efforts working terribly well to stanch the bloodletting in the US in 2007,8…

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

I do hope you’re right but look where we are now, way beyond where they were back then. And we have full employment with rock bottom interest rates and government hell bent on goosing the market.

eastender
eastender
1 year ago
Reply to  Spec

“I don’t recall those efforts working terribly well to stanch the bloodletting in the US in 2007,8”

Yes, but Canadian government already proved it can save banks with taxpayers’ money: google “canada big 5 bank secret 2008 bailout” or see it here – https://www.policyalternatives.ca/sites/default/files/uploads/publications/National%20Office/2012/04/Big%20Banks%20Big%20Secret.pdf

I don’t see any reason for it not to “save hard-earned homeowners’ equity” with our money. Socialize losses, privatize profits, indeed…

Spec
1 year ago
Reply to  eastender

Agreed, but it saves banks, not home values. I’d be surprised (but not TOO surprised) if a bailout works this time.

patriotz
1 year ago
Reply to  eastender

“Yes, but Canadian government already proved it can save banks with taxpayers’ money”

They didn’t need to save the banks as their exposure to uninsured risky mortgages was very small, unlike their counterparts in the US. They were trying to save the housing market and use consumer borrowing to juice the economy, and it worked very well. Starting in 2009 Canada saw its biggest nationwide runup in housing prices and consumer debt ever.

Bubble
Bubble
1 year ago

The new, to-be-built, condo tower (by Polygon) at UBC is selling like hot cakes, and not sure who is flipping them.

# 1304 5410 SHORTCUT ROAD, UBC UEL
Date Comments MLS Number
2019-May-29 Listed $1,398,800 R2376884
2019-May-29 Sold $1,398,800 R2376884
Polygon Realty Limited
2019-May-12 Sold $1,308,800 R2368589
2019-May-08 Listed for sale R2368589
Polygon Realty Limited
2019-Mar-25 Terminated $1,008,800 R2339887
2019-Feb-04 Listed for sale R2339887
Polygon Realty Limited

Laibach
Laibach
1 year ago
Reply to  Bubble

Ehh, who is flipping them? Notice all those eights everywhere, fucks are at it.

xhistory
xhistory
1 year ago
Reply to  Laibach

Perhaps polygon is pricing with 8’s , to people who have in their English name, the letters H, Q, or Z?

xhistory
xhistory
1 year ago
Reply to  xhistory

POLYGON
5,6,7

Luck, money and structure.

Can’t ask for a better name, numerology-wise, if you wish to build and market RE.

bullwhip29
bullwhip29
1 year ago
Reply to  Bubble

other than some creative bookkeeping going on here, I see no reason to believe units are being assigned “like hot cakes” based on this. also the polygon folks are old pros at this game, so i would take any info, sales data etc involving a project they’re backing with a grain of salt. who pays $1.4M (+ all the other taxes) for a 1 bdrm condo w/ prepaid lease anyway?

southseacompany
southseacompany
1 year ago

“Canada’s major political parties want to help you buy a house — and the promises are piling up”, Financial Post

https://nationalpost.com/news/politics/canadas-major-political-parties-want-to-help-you-buy-a-house-and-the-promises-are-piling-up

“Under the $1.25-billion incentive program, prospective buyers who have the minimum down payment for a home can apply to finance between five and 10 per cent of their mortgage via a shared equity program administered by Canada Mortgage and Housing Corporation (CMHC). The 10-per-cent cap applies to newly constructed homes.”

southseacompany
southseacompany
1 year ago

“In a speech last month, Conservative leader Andrew Scheer promised to review the mortgage stress test, which was introduced in 2018 and then broadened to include uninsured mortgages at the start of 2019.”

“Scheer said he’s committed to removing that measure in particular because it left homeowners at the mercy of their bank and “over a barrel.””

southseacompany
southseacompany
1 year ago

“The NDP has also promised to double the home buyer’s tax credit to $1,500 and lengthen the maximum term of a mortgage to 30 years, up from the current 25 year limit. That would allow buyers to extend the mortgage amount over a longer timespan, lowering payments but incurring more interest.”

Best place on meth
Best place on meth
1 year ago

All 3 major parties are scumbags.

My vote will go to none of them.

Canada is for Canadians
Canada is for Canadians
1 year ago

PPC and Max for me…

patriotz
1 year ago

The NDP has also proposed a 15% Canada-wide foreign buyer’s tax. In theory that’s a good idea, but if it were proposed by a party that actually had a chance of winning there would be a huge pushback from the provincial governments, who either don’t want such a tax or consider it their own turf.

https://www.cbc.ca/news/politics/jagmeet-singh-ndp-platform-analysis-wherry-1.5178309

bullwhip29
bullwhip29
1 year ago

Liberal MP involved in second bare trust deal with client named in ‘transnational money laundering’ probe
https://globalnews.ca/news/5383423/liberal-mp-bare-trust-deal-transnational-money-laundering-probe/

bullwhip29
bullwhip29
1 year ago

Vancouver’s cheapest real estate listing right now is a $50K parking spot
https://bc.ctvnews.ca/vancouver-s-cheapest-real-estate-listing-right-now-is-a-50k-parking-spot-1.4469864

bullwhip29
bullwhip29
1 year ago

Two dogs rescued from a butcher in China have arrived in Vancouver for adoption
https://vancouversun.com/news/local-news/two-dogs-rescued-from-a-butcher-in-china-have-arrived-in-vancouver-for-adoption

Laibach
Laibach
1 year ago
Reply to  bullwhip29

Richmond?

bullwhip29
bullwhip29
1 year ago

Maxim Poon Wong, also known as Nelson Wong, was not criminally charged following an investigation into drug trafficking that overlapped with a money laundering investigation of alleged underground bank Silver International in Richmond but now faces civil forfeiture of cash, property and vehicles in B.C. Supreme Court
https://vancouversun.com/business/local-business/b-c-supreme-court-orders-cash-and-corvette-forfeited-as-proceeds-of-crime

paulb
paulb
1 year ago

New
302
Price Change
172
Sold
156
TI:15786

http://www.clivestevepaul.com

dude
dude
1 year ago

Sorry if someone already posted this.

$56K interest free loan for 25yrs… Get in line!

https://www.cbc.ca/news/business/cmhc-first-time-buyer-program-1.5178055

Oracle
Oracle
1 year ago
Reply to  dude

This will push up the periphery and Tier 2 cities.

You basically save that and interest. $100,000+

This support at the bottom may mean a FOMO at the bottom.

We are a housing and immigration economy.

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

Oh? It’s available to rich foreigners?

Laibach
Laibach
1 year ago

Not necessarily but to usual fraudsters and cheaters certainly it is. Why not to take advantage of it if it is available for free?

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

yet another stupid idea from Turd and his merry gang of misfits …

bullwhip29
bullwhip29
1 year ago

Rainbow might come to Richmond city centre
https://www.richmond-news.com/news/rainbow-might-come-to-richmond-city-centre-1.23858342

>>> this should be an interesting litmus test for the great citizens (and non-citizens) of this island nation. i wonder if the overwhelming opposition to this will stem from the outrageous expense involved? or maybe the safety hazard that may arise due to possible toxicity of the paint, the potential glare, the possibility someone may slip and fall or worse yet, driver mis-calculation and/or distraction resulting in more roadkill?

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

It’s all part of Agenda 21

Laibach
Laibach
1 year ago
Reply to  bullwhip29

… or it might impact neighboring house prices due to a cultural “ambiguity”?

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

This one will be interesting…
Richmond is perceived as relatively conservative…but pro SOGI school board got elected…many Asians ran but didn’t succeed.

Rainbow sidewalk?…is simply another publically -funded piss- stain desired by commie libtards.

Canada is for Canadians
Canada is for Canadians
1 year ago

Love the home you’re with: Property Brothers help clients with ‘forever homes’

https://www.citynews1130.com/2019/06/17/love-the-home-youre-with-property-brothers-help-clients-with-forever-homes/

Unbelievable. Real estate has become such a cult over the last decade.

Laibach
Laibach
1 year ago

MMS chapter in the middle of Canada?

Silence on Tiananmen anniversary could be sign of China’s influence on Canadian community groups

https://nationalpost.com/news/canada/silence-on-tiananmen-anniversary-could-be-sign-of-chinas-influence-on-canadian-community-groups-critics

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

after talking about sinophilia and canada being drawn into the sinosphere for years on this very website i’m glad that these issues are finally getting national attention.

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

These chinese “associations” are all lapdogs of the communist regime, I am quite sure CSIS has them under 24/7 surveillance as they should.

At some point it may be necessary to shut them all down on national security grounds.

This group always gives me a chuckle though:

“Tong and Choo crossed paths again that same month at a lunar new year event sponsored by the Canadian Alliance of Chinese Associations, an umbrella organization of dozens of community groups and whose website lists among its activities meetings with the Chinese government’s Overseas Chinese Affairs Office.”

Yes, they are CACA. That never gets old.

Canada is for Canadians
Canada is for Canadians
1 year ago

18,000 immigration applications cancelled: Quebec government passes bill 9

https://globalnews.ca/news/5396431/quebec-government-passes-bill-immigration-bill-9/

We will see more of this at the federal level as well because the population is getting fed up with the excessive immigration intake by Canada.

SilentBob
SilentBob
1 year ago

Quebec gets special treatment for “reasons.” No other province has the same federally enshrined rights to limit immigration so expect the rest of us to get to make up for the “shortfall.”

Oracle
Oracle
1 year ago
Reply to  SilentBob

Canada will announce that it’ll take the 18,000 applications.

patriotz
1 year ago
Reply to  SilentBob

” No other province has the same federally enshrined rights to limit immigration ”

To be precise, Quebec is able to select its own economic immigrants. All those cancelled applications were for that category. The Federal government continues to select family class and refugees.

In addition, any would be economic immigrant who wants to settle in Quebec, but doesn’t like their selection process, can apply federally and just move there when they arrive in Canada, provided they meed the federal guidelines. That’s pretty much a hypothetical scenario though.

And for the record, Andrew Scheer has said that he is open to giving more immigration powers to Quebec. To be fair, he hasn’t promised anything specific, just as he hasn’t promised anything specific for immigration in general.

https://www.cbc.ca/news/canada/montreal/scheer-quebec-immigration-pipeline-1.4986649

SilentBob
SilentBob
1 year ago
Reply to  patriotz

So we should all vote liberal?

patriotz
1 year ago
Reply to  SilentBob

Vote any way you want. Just don’t think that anything is going to change with regards to Quebec’s immigration powers. No party is proposing to cut them back.

SilentBob
SilentBob
1 year ago
Reply to  patriotz

Which party is most likely to cut funding at the department in which you work?

Bag it and tag it
Bag it and tag it
1 year ago

Speaking of Quebec…that is where the Chinese pre-sale contract money laundering business is currently flourishing…well, in Montreal at least. Buildings selling out in the first day with big lineups. They’re contemplating implementing the FBT also.

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

Montreal has about 1% of sales to foreign buyers, does it not?

Oracle
Oracle
1 year ago

No you won’t. Sheer has stated he won’t lower immigration.

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

Quebec can f#ck off…time that politicians quit wiping its bum and kissing its ass(not necessarily in that order)

2 founding nations was a disaster by design..proof that 2 cultures cannot co-exist if one wants to build a nation.
Time to make these spoiled pricks suffer the same as rest of us..send ALL the foreign locusts there for next 10 years.

Oracle
Oracle
1 year ago

THE protests in Hong Kong are incredible tonite.

2 million of the 7 million residents protesting on the streets.

I’m absolutely convinced 500,000 people from HK will mass migrate to Vancouver sooner or later.

If that happens, detached going to $5 million even on the suburbs. .

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

The fact that their protest is so successful sends a clear message to both the gov of HK and China that they are not to be fucked with now or ever, so zero chance now that there will be a mass exodus out of HK any time.

Oracle
Oracle
1 year ago

So naive.

Just wait.

China will crush any revolt.

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

At some point a massive revolt is going to crush china.

This may be the year.

Crash
Crash
1 year ago
Reply to  Oracle

You are such an idiot.

bullwhip29
bullwhip29
1 year ago
Reply to  Oracle

maybe bowling clubhouses are a leading indicator?

Best place on meth
Best place on meth
1 year ago
Doomcouver
Doomcouver
1 year ago

Leaving Hong Kong capitalistic and “democratic” was a big mistake for the Chinese government and its biting them in the ass. The Soviet Union tried the same thing and we all know how that ended.

Bag it and tag it
Bag it and tag it
1 year ago

Wow, that’s incredible. When the protesters are such a large % of the population base and are that organized and passionate, they will always get their way. Governments present and future will not try to fuck over their people any more. Beijing will also want to avoid that hornets nest going forward since uprisings are contagious.

Best place on meth
Best place on meth
1 year ago

Chinese dissidents are being executed for their organs, former hospital worker says

https://nypost.com/2019/06/01/chinese-dissidents-are-being-executed-for-their-organs-former-hospital-worker-says/

The prisoner was brought in, tied hand and foot, but very much alive. The army doctor in charge sliced him open from chest to belly button and exposed his two kidneys. “Cut the veins and arteries,” he told his shocked intern. George did as he was told. Blood spurted everywhere.

The kidneys were placed in an organ-transplant container.

Then the doctor ordered George to remove the man’s eyeballs. Hearing that, the dying prisoner gave him a look of sheer terror, and George froze. “I can’t do it,” he told the doctor, who then quickly scooped out the man’s eyeballs himself.

Oracle
Oracle
1 year ago

It’s coming here. The rich here will fly there when they need an organ.

Your politicians have fucked Canada for good.