Weekend Free-for-all – Goodbye September 2019!

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!

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[…] Southseacompany shared this link to a list of global cities with the most overvalued real estate: […]

Hyper-mega-Bull
Member
Hyper-mega-Bull

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.

https://thehill.com/policy/international/asia-pacific/463623-china-warns-of-instability-if-us-follows-through-with

Best place on meth
Member
Best place on meth

Happy birthday, PRC!

Hopefully it’s your last you evil scumbags.

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

20K party!

Bestplaceonearth
Guest
Bestplaceonearth

25k party by year end? Bhahaha!

Oracle
Guest
Oracle

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.

bullwhip29
Guest
bullwhip29

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

Bag it and tag it
Member
Bag it and tag it

Who could have seen that coming? Certainly not Turd who jumped out of his sandals to approve that takeover.

bullwhip29
Guest
bullwhip29

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

bullwhip29
Guest
bullwhip29

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

aaa
Guest
aaa

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.

https://www.canada.ca/en/security-intelligence-service/corporate/publications/china-and-the-age-of-strategic-rivalry/chinas-intelligence-law-and-the-countrys-future-intelligence-competitions.html

Yet we still let them in.

bullwhip29
Guest
bullwhip29

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

bullwhip29
Guest
bullwhip29

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

Just thinking
Guest
Just thinking

She should have set up shop in Richmond where she could operate freely with no consequences…

bullwhip29
Guest
bullwhip29

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

Just thinking
Guest
Just thinking

“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.

aaaa
Guest
aaaa
southseacompany
Member
southseacompany

“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.”

southseacompany
Member
southseacompany

“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.”

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

The blew it all on real estate and are now angry at foreigners. Idiots.

Just thinking
Guest
Just thinking

Foreigners drove up the prices and the locals were just trying to keep up.

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

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.

YVR
Guest
YVR

“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.

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

You really do enjoy being utterly clueless, don’t you?

YVR
Guest
YVR

How is your path to riches coming?

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

Great, thanks for asking. Having an education and a career really helps. I wouldn’t expect you to know anything about that, of course.

Bestplaceonearth
Guest
Bestplaceonearth

Finger pointing outward is the name of the game! Keep going!

Just thinking
Guest
Just thinking

Go sell some houses… oh wait, you can’t. hahaha !!!

Bestplaceonearth
Guest
Bestplaceonearth

You are right, for once. I can’t sell houses. It’s PaulP’s and other realtors’ job.

southseacompany
Member
southseacompany

“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.”

bullwhip29
Guest
bullwhip29

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

paulb
Member

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

Oracle
Guest
Oracle

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

Simple Solution
Member
Simple Solution

I thought you said prices havnt fallen? How can the correction be over if prices never fell?

Just thinking
Guest
Just thinking
southseacompany
Member
southseacompany

“Marc Lee: What the parties are promising to make housing more affordable”, Vancouver Sun

https://vancouversun.com/opinion/op-ed/marc-lee-what-the-parties-are-promising-to-make-housing-more-affordable

Short answer: nothing.

Simple Solution
Member
Simple Solution

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.

Bag it and tag it
Member
Bag it and tag it

The Texas model is similar and works very well. You own a million dollar home there and you pay $17,000 in property tax.

Just thinking
Guest
Just thinking

$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.

YVR
Guest
YVR

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.

Simple Solution
Member
Simple Solution

there are limits as well… Property taxes up to 10K and Interstate’s on mortgage up to $750K

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

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.

xhistory
Guest
xhistory

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.

southseacompany
Member
southseacompany
Just thinking
Guest
Just thinking

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.

xhistory
Guest
xhistory

Keep the radio and tv spots coming! Best laffs from these clowns money can buy¿

southseacompany
Member
southseacompany

Meanwhile: “Vancouver pre-sales activity continues its hard deceleration”, MortgageBrokerNews.ca

https://www.mortgagebrokernews.ca/news/vancouver-presales-activity-continues-its-hard-deceleration-305861.aspx

“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.”

Bestplaceonearth
Guest
Bestplaceonearth

Don’t you think these jokes are so 2004-old? Bears like you saying this every year since 2004. what has it get you?

southseacompany
Member
southseacompany

“The global cities most at risk of a property bubble”, The National UAE

https://www.thenational.ae/business/property/the-global-cities-most-at-risk-of-a-property-bubble-1.917256

” 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.”

Just thinking
Guest
Just thinking

https://www.youtube.com/watch?v=IT7DTn9PKLw

Why is the CHINESE Economy ADDICTED to DEBT?

xhistory
Guest
xhistory

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

Shit It Down Already (original)
Guest
Shit It Down Already (original)

So far
……..100% SIDA free !!!

Just thinking
Guest
Just thinking

Give it time …

Shit It Down Already (original)
Guest
Shit It Down Already (original)

Tick tock tick tock…