It’s the end of another week and a lucky Friday the 13th, lets do an open topic discussion thread for the weekend!
here are a few recent links to kick off the chat:
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
werner Stein, what a piece of shit you are…
Projection:
“Make it 20. Or even better, 40. A just price for a house is around $100k.”
The chance of price going to 100k is lower than you becoming a human being, but mid 500’s is quite realistic given that the current price is supported by mere illusions. If the bond market crashes, and mortgage rates rise even a meager 200 bps, then we might be looking at low 400’S.
Armed with new data, B.C. set for crackdown on tax evasion in Vancouver property market
Celestial bodies lining up, ducks looking to get somewhat in a row……
Looking forward to when things get teed up.
All the data has been collected at closing, except the buyer’s DNA. The NDP didn’t bother to compile this data. Instead, it set up a new level of beaucraratic uselessness just to buy the doom-and-gloom votes, and to show it has done something. What a waste of tax payments. Can’t wait to head to the poll next year.
The NDP will win again because they are doing a good job. Unlike like the BC liberals who sold us out to the Chinese and their real estate backers.
Yep, good job with the shrinking surplus.
this place 4777 Shepard Street in Burnaby sold few months ago now for rent at a ridiculous price trying to cover their mortgage. Good luck with that.
https://vancouver.craigslist.org/bnc/apa/d/burnaby-metrotown-4-bedrooms-2/7041661892.html
Did the new owner pay too much for this 64 years old house?
4777 SHEPHERD STREET
2019-Nov-04 Sold $1,675,200 R2415994
2019-Oct-28 Listed $1,299,000 R2415994
Sutton Group-West Coast Realty
I think they drastically overpaid. I can’t understand why someone would pay assessed value when everything else in the area is going for well under assessment. There is a sucker born every minute.
I even underestimated immigration.
Just last year, 573,000 NEW foreign students cane to Canada. Incredible! The ones who were declassified as foreign students got open ended work permits.
Incredible open borders.
Rents going higher.
Source: todd Douglas article
Why are you still in the Lower Mainland then?
I thought James/Kennedy/Swanson have made it more affordable in this city. No?
sold for $1.1 M on Sep 13 and 24% under assessed
https://www.bcassessment.ca//Property/Info/QTAwMDAzV0Y0Mg==
This is one of the cheapest recent detached sales in Burnaby on a regular sized lot and 2 yrs ago this would have sold for at least $500K more.
This one sold over assessed on Oct 7: https://www.bcassessment.ca//Property/Info/QTAwMDAwMlZHUA==
The market is not crashing. Sales are above the 10 year average.
Looks like the fools overpaid and “sales” mean nothing; sold prices are what matter and sold prices are way down, but you know that.
Yeah, keep putting your head in the sand, it has worked so well over the past 15 years.
If prices keep dropping like they are I’ll have to buy another house. 25% off is a good deal.
Boxing Day sales are here!
25% off all marked prices!
It’s a good opportunity to buy! Please do share your experience.
You are delusional.
It looks like we are getting our 15 years back…
Make it 20. Or even better, 40. A just price for a house is around $100k.
now you are just being silly.
Low end has hit the floor and rents rising.
Forever about the idiots on this blog who are dooming themselves and their kids. They are only looking at westside mansions. Lol
Yes yes yes, it’s crashing…the end is nigh…apocalypse is here…You know all this…you are best at timing the market…
Then begs the question: are you getting ready to strike with all the cash stuffed in your pillow? Or…you just continue to cherry-pick whatever it is. Nothing to really brag about, it’s not like your own purchase anyway! Do tell when you have your own deal.
No apocalypse just some good deals are a comin’
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Merry Christmas and Happy Holidays people!
paulb, thank you for your faithful postings of the numbers – they are appreciated. Merry Christmas & Happy New Year 2020 to you!
Population explosion set to drive rents and prices higher.
We are up to 560,000 people per year.
Lower mainland growing by 2000 people a week.
I thought people left this town in drove.
Merry Christmas to all!
Then move to Calgary. We’re doomed, right?
Not we. Just Renters who fail to see the population explosion.
“Canadian inflation accelerates to 2.2%, core highest in a decade”, BNN
https://www.bnnbloomberg.ca/canada-s-inflation-rate-rises-to-2-2-in-november-1.1364372
“Canadian underlying inflation hit the highest in a decade in November, reinforcing a decision by policy makers this month to refrain from cutting interest rates despite concerns around slowing growth.”
to southseacompany and all others who contribute to this blog by their topical and informative posts: thank you! Happy New Year 2020!
Merry Christmas and a happy New Year to you too…. and to all.
“‘Less bad’ doesn’t mean good: What Vancouver’s housing market could hold in 2020”, CBC
https://www.cbc.ca/news/canada/british-columbia/vancouver-housing-market-2019-2020-1.5407180
“A funny thing happened in Vancouver’s housing market in 2019: for the first time in many years, not much happened.”
“”Condo prices have slowed down. The fear of missing out madness at open houses has gone away. So there’s been a pause in the market,” said Tom Davidoff, an associate professor at UBC’s Sauder School of Business.”
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WTF?
With record immigration, I can see fomo 2.0 start within a month.
“A U.S. Housing Market Bubble 10 Years in the Making May Pop in 2020 “, CCN
https://www.ccn.com/a-u-s-housing-market-bubble-10-years-in-the-making-may-pop-in-2020/
“The US housing market has trouble brewing beneath the surface as the issues that stem from inflated house prices are becoming more clear.”
Canada Revenue Agency issued $149.9 million in assessments as a result of 1,113 real estate audits in B.C. from March to September
https://www.nsnews.com/opinion/editorial-to-save-our-heritage-we-need-modern-tools-1.24039144.com
Not sure how I feel about saving a West Van house built in 1962, but it is said to have artistic and architectural merit.
I talked to a woman earlier today about how she is making houses using a 3D Printer. Goes up in a day. Just bring in the machine, delivery to the homeless, who are shelterless -in -place. Exchange the tent.
“…nothing ever changes. Trust me.”
I do trust you as you set a good example of nothing ever changes. Is it always a standstill in the economy producing only wheat and barley?
And yes, every is fine, and always will be fine.
“15 years of failed predictions of doom. Never forget.”
Keeping your gaze firmly on that rear-view mirror. Everything will be just fine. Stay on track, nothing ever changes. Trust me.
“Stay on track, nothing ever changes.”
Nobody said that. Things are not just black and white. Reality is a lot more complex than you think.
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“Using technical analysis on the real estate market. What a joke…”
Dane Eitel, the founder and lead analyst of Eitel Insights, says the market will get worse next year.
Sure this guy could be wrong, but he does have credentials, whereas Projection and Bestplaceonearth-…………
15 years of failed predictions of doom. Never forget.
15 years of unsustainable home price appreciation, Never forget.
Sure, but the market can stay irrational longer than you can stay solvent, young or sane. 🙂 They already have for 15 years.
….yawn…too much talks and no substance. ..yawn…
Can the skilful elite find something new?
“Despite recent sales spike, analyst predicts Greater Vancouver market will see more owners losing homes”, News 1130
“Don’t believe the hype. That’s a real estate tracker’s warning about claims home sales in Greater Vancouver are climbing up again. Dane Eitel, the founder and lead analyst of Eitel Insights, says the market will get worse next year.”
““We could see a very real day of reckoning here come 2020 to the detached market and that’s where we’re actually going to see some need-based selling, which we haven’t seen for many, many years, to the ’90s.””
Using technical analysis on the real estate market. What a joke…
Projection using no analysis on the real estate market. What a joke…
anybody who thinks your home is yours needs to read this:
https://globalnews.ca/news/6319754/santa-village-shut-down-bc/
when other people can tell someone what we can and cannot do with our property we don’t really own our own homes in Canada.
The parties in Victoria and van city hall have taken away the homeowners’ rights by all the envy taxes. I hope the court cases against them will succeed.
I heard of a guy who got a fined by the city because his grass was too long.
It’s a lot more warm and fuzzy than someone running a hostel out of their townhouse in North Van isn’t it? But legally it’s the same issue.
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” mindless chatter that the market has already bottomed after only an initial hiccup is truly laughable.”
So true. I would think that if the debt slaves were told about the how the Alchemists thought they could turn lead into gold, they would laugh.
Yet they think they can turn particle board, vinyl sidings and debt into gold.
“Yet they think they can turn particle board, vinyl sidings and debt into gold.”
No, no, and yes, one can always turn mortgage debt into homeowner ship by paying it off gradually. And homeowner ship can worth its weigh in gold. But, I do not expect a textbook tells you this.
One thing I know , you can not turn a doom-and-gloom person into an achiever.
It must really be a slow day for you in the real estate office huh? You need to hustle more if you want to sell some houses in this market.
It’s a slow day for sure. The realtors are busy though. You probably cannot tell, but the daily sale to daily list says something about it.
Rent cheques don’t usually arrives until first of the month; so I am just hanging around here poking the bears.
Are you twin to Whiner Stain? Because both are similarly-ignorant to the reality.
Mocking people just makes you look small minded.
Does insulting the homeowners/buyers/realtors make bears high class?
You routinely call those calling out an affordability crisis as losers who missed the boat (or variants of this). I don’t think you would dispute this. Your position is that there is nothing wrong with the current real estate climate around here and that there will not be a meaningful correction any time soon. Again, I don’t think you would dispute this. I won’t try to justify anyone on the other side of this topic calling you names or spouting off-topic garbage at you. But in this scenario – the one where you’re “winning” and the others are “losing” – how are you NOT the equivalent of some punk taunting people living on the street? To be clear: if we live here, we are ALL losers if many different levels of housing don’t become more attainable for local incomes. Even… Read more »
He has called renters losers hundreds of times and is a chronic real estate pumper, now he is a massive hypocrite taking about insults.
Trolls like this don’t deserve to interact with humans.
And remind the blog who is the most racist here again?
-Affordable crisis? You listened to the politicians too much. When has this town been affordable?
Corrections come and go as part of natural market. There is nothing any can do about it.
Garbage in, garbage out. I don’t see any one takes offensive to the foul languages, and racism around here. there are comments and counter-comments. I don’t sugarcoat the issue, and I don’t pretend to be an angel.
Attainable affordability? Again, it’s a flip flop from the politicians. They jam all the taxes on top of taxes to the buyers, builders, investors, the home owners , and they have the courtesy to advocate for affordability?
Bottom line is you seem like the kind of guy who would taunt the indigent (you come here for “entertainment”). What kind of person revels in punching down?
You don’t have to pretend to be an angel.
I’m certainly no angel, but I’d be pretty comfortable with my conduct here if I had to account for it in real life. You?
Keep punching down and deflecting though.
I speak the fact here as same in real life. The truth is always hurt.
Sure you do.
WTF is a homeowner ship? Is it in anyway similar to a junk?
lt’s the ship that’s been slowly sinking the last couple of years.
Bhahaha, if it’s a slowly sinking ship, you are living at the bottom of it. How has it been thus far?
You would know all about living at the bottom…
I was living at the bottom where I first started out. I determined that it was not a place for me for the rest of my life. So, up is the only way to go, and here I am. How about you the entitled elite?
Projection and bestplaceonearth have to be the same person.
What are the odds of two trollers with the same nonsense message posting on some obscure blog ?
A person who disagrees with you and shows you that you are wrong is not a troll.
If someone posts the same repetitive and insulting message while contributing nothing of substance you absolutely fit the definition of a troll. It is a sad way to get your jollies…
What exactly is insulting to you that I posted? So far, I only posted facts and correct observations.
You are posting your own opinions here just like everyone else. You just do it in an obnoxious manner.
What exactly is obnoxious about posting the truth? How are your insults and insinuations not obnoxious.
I think you are hurt, because I am hitting a soft spot by pointing out what most people know, but doomers want to suppress. It’s hard to admit that you have been wrong for a long time, despite it being the best way to moving on.
“some obscure blog”
It’s entertaining, and making the day go by faster. You can only do so much work with those rental cheques.
The debt slaves seem to think that they are home free, after all they reason, the bubble has been building up for 15 years and it has not burst.
Fifteen years is a minuscule time unit in economic history. Several hundred years of history would be a more reliable time frame from which to establish a pattern. The long-term data going back several hundred years confirms that home prices have always tracked inflation and wages.
There have been booms and busts along the way; however, prices return to mean reversion-Always.
True that in the last twenty years we have undergone a monetary policy experiment as none before, and distortions are expected, but don’t be fooled that the asset price distortions created by monetary policy are a permanent fixture.
How many fifteen years do you have in your life? You have a degree in armchair biology – are you able to calculate?
“The debt slaves seem to think that they are home free, after all they reason, the bubble has been building up for 15 years and it has not burst…”
>>> the market already topped out between 2-4 yrs ago “depending on what kind of property one bought”…as Projection puts it. This seems to coincide very nicely with measures introduced to restrict HAM from freely pouring into this market totally unabated for at least a couple of decades if not much longer. Given that, mindless chatter that the market has already bottomed after only an initial hiccup is truly laughable.
Wow, you are so smart. You can hindsight the market, Question is, why are you still living in the luxury garden level “mortgage helper”?
“topped out” is not the same as “crashed”, nor does it have to lead to a crash. Remember 2008?
You still don’t get it. 15 years is a lot in a person’s life. 15 years of being wrong is absolutely terrible. This is not about establishing patterns and discussing what “should be” ad infinitum. This is about acknowledging reality as it is. And the reality is that the doomers have been wrong for 15 years and lead many people on a wrong path. It doesn’t matter why. So the government and the banks screwed everybody over. Understand it and adjust your theories.
My theory is that unlike you, most people’s lives don’t revolve around real estate.
I don’t know about you, but most people need to live somewhere and want a stable environment for their kids.
Everybody lives somewhere, but just how much is someone willing to pay… as far as children are concerned I’d think a stable and loving family environment is more important than whether someone rents or owns. The kids don’t care about that. If you have children and they are concerned about that then you are teaching them the wrong values.
It’s sad and funny at the same time how clueless you are.
“My theory is that unlike you, most people’s lives don’t revolve around real estate.”
I assume you are a loner and have no party to attend, or even family gathering! When the RE topic comes up, you hide under the table and steal the cheese.
Once again your assumption is wrong. And you know what they say about assumptions.
Yep, everyone else is wrong, except you, right?
100,000 years is nothing on a geological time scale, 1,000,000 years is nothing on a cosmic time scale.
How does this at all relate to you and I? We have 85+/- years to make a best go of it. You waste 20 of those years thinking about asset bubbles and if fundamentals make sense or not, and you waste a 1/4 of your life stuck in indecision.
Maybe prices will return, maybe the bears will be vindicated, but who cares if none of us are around to see it? Just because you know the game is rigged, doesn’t mean you shouldn’t hop in for a round or two of fun. That’s all any of us can do.