Well that’s the end of another month, let’s wrap it up with an open topic thread and news round up. Here are a few recent links to kick off the chat:
–52 years to save up for a down payment
–Avalanche of Apt Buildings hitting metro
–Don’t pay till you die
–The 9 lives of the Canadian housing market
–Politicians want you to buy
–
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a great day!
[…] Southseacompany shared this link to a list of global cities with the most overvalued real estate: […]
China warns of instability if US follows through with delisting threat
China on Monday warned of global market instability if the U.S. follows through with reported threats of delisting Chinese companies from U.S. stock exchanges, according to Reuters.
The news outlet reported Monday that Chinese Foreign Ministry spokesman Geng Shuang said the “decoupling” would harm both companies and people in both nations, as well as “create turmoil in financial markets, and endanger global trade and economic growth.”
“This does not accord with the interests of the international community,” he added.
The warning comes after three sources in the Trump administration briefed on the matter told Reuters last week that the U.S. is considering the move.
Happy birthday, PRC!
Hopefully it’s your last you evil scumbags.
New
259
Price Change
70
Sold
139
TI:13886
http://www.clivestevepaul.com
http://www.instagram.com/clivestevepaul
20K party!
25k party by year end? Bhahaha!
Don’t gloat. Cancer can hot one of your family members or something like that.
having said that, i think if Trdueau wins, we go much higher from here. especially rents and then prices follow.
Island Health takes control of seniors care home owned by subsidiary of Anbang Insurance after more than 40 complaints
https://www.cbc.ca/news/canada/british-columbia/island-health-control-comox-valley-senior-village-1.5304756
Who could have seen that coming? Certainly not Turd who jumped out of his sandals to approve that takeover.
Deserted Saskatoon luxury home demolition on hold after owner, Liu Yu, comes forward, mounts court challenge
https://saskatoon.ctvnews.ca/deserted-saskatoon-luxury-home-demolition-on-hold-after-owner-comes-forward-mounts-court-challenge-1.4618627
How a Chicago college student ended up in the middle of an FBI investigation into Chinese spying
https://www.chicagotribune.com/investigations/ct-chinese-espionage-chicago-20190926-xh74yrhorzakjpsnojyx4aapfm-story.html
China’s National Intelligence Law, enacted in 2017, requires every Chinese individual and entity to spy if demanded:
The law’s text offers little new insight into Chinese intelligence operations. The law provides official sanction for the intelligence services to do things long observed in their activities: coopting officials in other government agencies; compelling cooperation from PRC citizens; commandeering transportation and lodging for operational support; seeking exemptions from customs inspections; and establishing ad hoc operational facilities. The law also states that national intelligence institutions must return the facilities or equipment in their original state or compensate the owner for damage.
Yet we still let them in.
ABC News: Alleged Chinese spy caught delivering information on US government
https://abcnews.go.com/Politics/alleged-chinese-spy-caught-delivering-information-us-government/story?id=65966140
Chinese National Pleads Guilty to Running ‘Birth Tourism’ Scheme that Helped Aliens Give Birth in U.S. to Secure Birthright Citizenship
https://www.justice.gov/usao-cdca/pr/chinese-national-pleads-guilty-running-birth-tourism-scheme-helped-aliens-give-birth-us
She should have set up shop in Richmond where she could operate freely with no consequences…
A Chinese Family Collectively Married and Divorced 23 Times to Scam the Government
https://www.vice.com/en_in/article/d3axwq/chinese-family-collectively-married-divorced-23-times-scam-government
“Upon interrogation, one suspect said they didn’t think there was anything illegal with what they were doing. “In doing this, we were just trying to get more compensation,” said an older Pan family member.”
they see nothing wrong with gaming the system just like when they are here in Canada. Everything is exploitable in their minds.
Hiking group abandon’s injured woman
https://www.facebook.com/NorthShoreRescue/posts/10157257060056351
“UBS: Global Real Estate “Correction Phase” Emerging, Toronto Climbs Bubble List”, Better Dwelling
https://betterdwelling.com/ubs-global-real-estate-correction-phase-emerging-toronto-climbs-bubble-list/
“One of the world’s largest banks is seeing the beginning of a global real estate correction. UBS, a Swiss multinational mega-bank, published the 2019 Global Bubble Real Estate Index. Analysts from the bank are seeing more favorable financing conditions around the world. Despite the cheap money, the bank is also seeing the beginning of a price correction in global cities.”
“UBS analysts are seeing a collapse in interest rates around the world, but it’s not leading to higher prices. In fact, they’re seeing a negative trend in home prices, despite more favorable financing. They believe this is due to the interest rate “bottleneck” being cleared over the past few years.”
“Over 50% of Canadians live paycheque to paycheque, carry credit card debt”, Vancouver Is Awesome.
https://www.vancouverisawesome.com/2019/09/30/affordability-index-paycheque-canadians/
“The study also found that 39% of Canadians have no retirement savings, including 32% of boomers and seniors. Almost four-in-ten Gen Xers have no retirement savings, and they continue to be the most indebted generation.”
The blew it all on real estate and are now angry at foreigners. Idiots.
Foreigners drove up the prices and the locals were just trying to keep up.
Trying to keep up with <10% of buyers?
Right.
They were tripping over each other to buy because they thought it was the easiest path to riches. Pure greed. Nobody forced them to buy.
“They were tripping over each other to buy because they thought it was the easiest path to riches. Pure greed. Nobody forced them to buy.”
Just like you buying that overpriced dumpy townhouse.
You really do enjoy being utterly clueless, don’t you?
How is your path to riches coming?
Great, thanks for asking. Having an education and a career really helps. I wouldn’t expect you to know anything about that, of course.
Finger pointing outward is the name of the game! Keep going!
Go sell some houses… oh wait, you can’t. hahaha !!!
You are right, for once. I can’t sell houses. It’s PaulP’s and other realtors’ job.
“Toronto is now the world’s second most overvalued property market: UBS”, Financial Post
https://business.financialpost.com/real-estate/toronto-is-now-the-worlds-second-most-overvalued-property-market
“Vancouver was sixth in the Swiss bank’s 2019 index. In Vancouver. The 2016 regulatory changes helped depress prices by 7 per cent compared with a year ago, but “sky-high valuations and overstretched affordability make the market vulnerable to even minor demand shifts,” UBS said. “Due to increasing regional housing supply, a turnaround is unlikely for now, especially as real prices are still 75 per cent higher than a decade ago,” according to the report’s analysis of Vancouver. “However, downside risks are mitigated by still attractive financing conditions, as the Bank of Canada has lowered the qualifying mortgage rate for the first time since 2016.”
CNBC: Lending to house flippers hits a 13-year high as prices and competition heat up
https://www.cnbc.com/2019/09/27/lending-to-house-flippers-hits-13-year-high.html
New
231
Price Change
108
Sold
137
TI:14338
For the month sales are way up YOY, approximately 2355 for this month vs 1595 in Sept 2018. Be interesting to see if they’re above the 10-year average though…
http://www.clivestevepaul.com
http://www.instagram.com/clivestevepaul
The correction is over.
A record year for immigration. 540,000 new immigrants came in. WOWOWO
that’s probably added 100,000 to Vancouver alone.
if Trudeau gets in, we will go to 700,000 per year in a short time
I thought you said prices havnt fallen? How can the correction be over if prices never fell?
There’s some amazing numbers here …
“Marc Lee: What the parties are promising to make housing more affordable”, Vancouver Sun
Short answer: nothing.
Very easy way to make housing affordable…. no need to outlaw foreign ownership either… just copy the model used in Switzerland….
All homeowners in Switzerland must pay an income tax on their home. This tax is called the Rental Value Tax and is calculated by determining how much rent the home would theoretically yield if rented out. At the same time, you can deduct mortgage interest payments and other costs for the upkeep of the property.
The Texas model is similar and works very well. You own a million dollar home there and you pay $17,000 in property tax.
$17,000 ppty tax makes sense on a million dollar asset. But they can write off their mortgage interest though so that offsets it a bit.
To write off your interest you need a mortgage and income. Texas has no state income tax just federal income tax. In Texas working people with montages benefit the most. Here workers are punished and people who don’t work, claim no income benefit the most with low property taxes and free social programs. Texas rewards workers and we reward free loaders.
there are limits as well… Property taxes up to 10K and Interstate’s on mortgage up to $750K
Actually, Trump’s Tax Cuts And Jobs Act ensures that 90% of homeowners with mortgages don’t get to make the deduction. So workers in Texas (or elsewhere) don’t really benefit.
Pay an income tax!? Bwaahaha
Homeowners get reverse mortgages and property tax deferred. Oh, and televisions! Can’t forget the necessity of their brainwashing!!
Housing is a mess.
Geneva and Zurich are on the list as overvalued.
Was listening to NEWS1130 and ad comes on for some “luxury condos” in White Rock… “the media has now announced that the RE slowdown is over and it is a good time to buy” and “with all respect, we think you should get out and buy now because there will be no more luxury condos built in White Rock after these ones are sold” LOL I could just hear their desperate plea.
Keep the radio and tv spots coming! Best laffs from these clowns money can buy¿
Meanwhile: “Vancouver pre-sales activity continues its hard deceleration”, MortgageBrokerNews.ca
“The decline in residential pre-sales in Vancouver was much larger than anticipated, according to a new analysis of MLA Canada figures. Compared to the same month last year, both multi-unit and single-detached home starts declined by over 17% in the CMA,” CMHC stated.”
Don’t you think these jokes are so 2004-old? Bears like you saying this every year since 2004. what has it get you?
“The global cities most at risk of a property bubble”, The National UAE
” Swiss bank UBS’s Global Real Estate Bubble Index 2019 found a significant overvaluation in half of the 24 housing markets analysed by the research. The bubble risk appears greatest in seven global cities, with Munich the most vulnerable, followed by Toronto, Hong Kong, Amsterdam, Frankfurt, Vancouver and Paris. Major imbalances are also found in locations such as London, San Francisco, Tokyo and Stockholm, while valuations are considered stretched in Los Angeles, Sydney and Geneva.”
https://www.youtube.com/watch?v=IT7DTn9PKLw
Why is the CHINESE Economy ADDICTED to DEBT?
It is the availability of debt and choices where to place it on the wheel. A huge vortex spinning on a gas planet accumulating a denser mass, until POP, out it comes
Adios,and Vaya con Dios
So far
……..100% SIDA free !!!
Give it time …
Tick tock tick tock…