Sales are neither rocketing to the stars nor plummeting to the depths of the seas. They are currently just about where expected compared to a 10 year average.
The benchmark price for detached homes was down 5.8 per cent from a year ago at $1.415 million, while the condo benchmark price was down 3.8 per cent at $651,500.
read the full article here.
[…] BC set for tax record crackdown […]
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It is said that figures don’t lie, but lairs can sure figure.
There is so much decay under the shiny paint ; it’s just a bit of rust holding this all thing together.
Tick Tock, Tick Tock…..
“No conversation around the sales? Very strong, routinely running above 100%”
I don’t think there is much to be said about sales or listings in December.
But prices are probably spiraling downward considerably, but many not yet reflected in the stats because the “cash backs” and private financing.
Bad Credit, No Credit, No Problem.
I monitor the real estate pricing website My Realty Check and month after month shows a sea of red down arrows on asking prices. I see recent asking price reductions of up to 20% on all property types.
Yup, don’t believe the real estate board stats; all smoke and mirrors.
Asking prices are irrelevant.
They are very relevant; they are a barometer of where prices are heading, In this case, down.
and not much is selling over asking… mostly under asking.
And that’s almost always the case, because only a fraction of properties have multiple bids.
Sale prices are the only prices that matter. Don’t fool yourself.
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“Part 1 was putting the machine together,” Mr. Kurland says. “Part 2 is using the machine to go after tax evaders in the Vancouver property market. At the end of the day, we are going to know who owns what, and for every year. We never had that capability before.”
For 2020, he says we should expect to see those policies put to use to flush out buyers that have been failing to declare global income, as well as speculators who’ve been dodging their fair share of capital gains tax. Speculative buying in recent years has driven up prices for local income-earners and shut them out of the market.
Open link for above:
Interesting/good news.
“In first Liberal defeat of new House, opposition votes to form new committee on China relations”
https://ipolitics.ca/2019/12/10/in-first-liberal-defeat-of-new-house-opposition-votes-to-form-new-committee-on-china-relations/
Curtain slowly getting pulled back…..
Owner of notorious illegal North Vancouver hostel ordered to sell
https://globalnews.ca/news/6275990/owner-north-vancouver-hostel-ordered-sell/
“The owner of an illegal hostel operated out of a North Vancouver townhouse has been ordered to sell the property unless she can come up with more than $140,000 in cash.
A B.C. Supreme Court judge made the ruling Monday, finding that Emily Yu must pay her strata $52,000 and another $90,000 to the provincial government, or her assets will be sold for her.”
I still think the property should have been seized outright, but whatever.
Fuck Yu, Emily!
Simpry an aromary…
…..not refrective of other foreign rocusts…you lacists!!!
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Thank you Paul!
No conversation around the sales? Very strong, routinely running above 100%.
Huge improvement in sales. The mid and low end of the market is strong. The high end still pretty soft, but improving…
The Canadian Press, at 09:12 on December 10, 2019 OTTAWA – The federal banking regulator says Canada’s largest banks will be required by April 30 to increase the amount of capital they hold to protect against vulnerabilities. The Office of the Superintendent of Financial Institutions says the domestic stability buffer for the country’s systemically important banks will rise to 2.25 per cent of total risk-weighted assets from 2.0 per cent. It says the increase is necessary because key risks to the banking system remain elevated and in some cases are showing signs of increasing. Those vulnerabilities include high levels of household and institutional indebtedness as well as global trade tensions. The federal regulator reviews and sets the domestic stability buffer in December and June. The new buffer is effective as of April 30, 2020. The domestic systemically important banks are… Read more »
The Watcher Says:
“Don’t bother engaging with that loser “Bestplaceonearth” he is just a troll here.”
Understood, and agreed.
But there is some utility, as in biology, pathogens and parasites, are useful, if observed and studied carefully.
All that can be done from a politely “mortgage helper”. Wow, two designations at the same time, an armchair economist, and now become an armchair biologist! Impressive CV! Lot of valuable skills, but not a lot of other things to show for!
I said this years ago, and the same thing again, years from now, the elites still whine and moan.
That being said, I am gonna busy with Christmas and all, and absent here for a while.
Happy Holidays!
“Metro Vancouver single-family home values plunge”, Vancouver Sun
https://vancouversun.com/news/local-news/metro-vancouver-single-family-home-values-plunge
“Fall in home values will impact some owners’ personal finances, as assessed values are used by banks to determine how much owners can borrow.”
https://globalnews.ca/news/6274502/assessed-value-drop-2020-lower-mainland-homes/
The government agency that assesses the value of B.C. homes says many Lower Mainland owners can expect a lower valuation next year.
BC Assessment previewed 2020 home value assessments Monday, and said Lower Mainland single-family home values could fall by five to 15 per cent next year, depending on location.
I’d say that depending on location detached is selling for up to 20% less than assessed values now that this would be appropriate.
https://thetyee.ca/News/2019/12/09/Brad-West-Taking-On-China/
Why Brad West, Mayor of Port Coquitlam, Is Taking on China
He sees it as a fight to protect the rights of ordinary British Columbians.
Not all heroes wear capes.
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“It happens in every city in the world. What else is new?”
There are over 4100 ciites in the world, and yes there are some not very desirable, but your statement is false.
What else is new?
Don’t bother engaging with that loser “Bestplaceonearth” he is just a troll here.
The elite always right, aren’t they!
https://www.businesswire.com/news/home/20191113005119/en/
“When combined with the activities of unscrupulous investors, agents, and other professionals, it caused the record-setting asset bubble we see in Canada today.”
Tip of the iceberg.
No one has gone to jail yet.
Many will when the time is right.
We will see the Real Estate equivalent of the #MeToo movement and it will be a revelation.
These low lives are very weak, lack character, and sing they will.
Self-preservation is their only concern, so a minor concession from law enforcement is all the inducement required for them to turn in their own brothers and sisters.
True. There is no honour among thieves.
We all have been dishonoured at some point in our lives. Don’t pretend to be an angel all the time.
I wonder what the “high life” is like!
Hmmm, what happened to the 99% movement?
It’s sickening that Vancouver is crawling with so many criminals, both foreign and domestic and it’s not the least bit surprising that most of these criminals are connected to real estate in one way or another.
Greed brings out the worst in some people, and it is those greedy types who are attracted to real estate for the “easy money” they can make without any education or any real effort. It’s a good thing not everybody is greedy like this or we would not have any doctors or scientists or firemen or nurses or anything. We’d all just be real estate floggers.
Heard this like … 15 years ago… doctors, nurses, firemen, teachers would move out of town, and Vancouver would become deserted. Look at the city now, it’s as crowded as ever. There is no apocalyptic. Have no fear!
You think those are doctors and nurses moving here? Neat.
This is just another fear mongering! Remember those posts about people left this town in exodus? Remember some even went to town and counted those dark windows? The good old day, it was so hilarious.
Last time I check, vacancy is still sub 1%.
It happens in every city in the world. What else is new?
After fifteen years, the bubble is still not bust. How many productive one and half decades does one have in his life?
Here is something totally average for this forum and many more
https://www.reuters.com/article/us-musk-lawsuit-landscape-idUSKBN1YB023
The defamation has hit an apex, after swinging low, and building at the fulcrum.
Now are lawyers, and judiciary can move on to more pressing matters.
The children of the world cry out in all matters of hurt and bewildered unfairness, but their rooms are a mess. Only recently do they make the connection: the need for freedom is connected to the responsibility to organize the crayons.
77 trucks partaking in the Victoria Christmas parade tonight. Part of a food drive, we are told. LED lights are a fascinating addition to a light up during the holiday season, the brilliant display, and moving on Rota.
Is this app supported in your community? I heard debt to asset ratios have supported the top ten percent in Fed land (US dollar world), and for the other 90 percent, it’s slid the opposite way. Gonna take more than a miracle to bring equality to the world. Step Up and be counted, hombres!
Lots of bulls here say that people will rent no matter how high it is. How come? If rents reach 5000$/month for a one bedroom, who will be able to pay?
On the contrary, renters should use their “education” and “valuable skills” to get off renting and get on with home ownership. Just ask the poster “Prediction” or “Burt” to see how they have done it.
You didn’t answer the question. Why?
If I had the answer for this, I would be multi millionaire. But I do know, there is no way I will spend $2200 on rent for a bedroom unit.
If you’d asked that 10 years ago about today’s prices why would the answers be any different?
People have to live somewhere…. at some price “somewhere” is not necessarily Vancouver…
The wealth effect, of inflated assets was originally engineered by central bankers. It was effective, but it was intended as a short-term boost. But the high costs and hidden inflation has now become a drag on the economy. We are at the tail end of a prolonged business cycle, even if the bank rate gets chopped by 50% it can’t do much to bring overextended consumers on another spending binge. Some mortgage slaves will be underwater for most of their working lives, waiting forever for the rebound. Sure, their will be minor blips here and there as the real estate cabal is very crafty with smoke and mirrors, but there are no substantive foundations to support the bubble. What a foolish squandering of opportunity by the debt slaves, they could have used this opportunity to get educated, acquired valuable skills,… Read more »
Keep living in fear. It’s a reason to standstill for life.
Fundamentals have left town long ago already.
Education should be a tool to move out of the”mortgage helper” and to move up. How have your education and valuable skills worked out for you this far?
Aren’t you trying to enjoy the weekend, instead of coming up with these classic theory!
I’m curious, why are you always asking people to internalize?
“You should stop….” “You live in your mama’s basement…” “You are feckless…”.
Well said.
If the massive immigration you speak of is mainly composed of criminals it might revive the high end of the housing market, but if it’s made up mostly of nannies, and donut shop employees it will just put more pressure on basement suites( it think people in your trade call them “mortgage helpers”.
Having said that, if inflated house prices is the main driver of your financial plan, you better switch vehicles. This one has been running on fumes for a very long time.
Is that what the books tell you? In reality, there’s one to the other with all the sprinkles in between. You can’t imagine that, or can you!
A principal residence is on the top priority of a financial plan, and should not be treated as a quick equity transaction on the stock market. One should not give out irresponsible financial advise as such when there is no track record or portfolio to prove it.
USA gained 266,000 jobs last month, unemployment rate drops to 3.6%.
Canada loses 71,200 jobs, unemployment rises to 5.9%
The sad thing is that Canada is a far less dynamic economy than the US. Most newly unemployed here will “rot” for months before finding a new job.
This is patently false for YVR. Don’t let your negative biases ruin your chances at success in life. YVR has the strongest job growth, and most importantly strongest wage growth in the country. We are about as modern and diversified economy as one can hope for. Allow yourself to enjoy it.
That’s so true, between money laundering and real estate fraud our economy is as diverse as it gets.
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“The Federal Reserve is prolonging the trade war, keeping the biggest financial bubble in history going – and risking the entire global system”, South China Morning Post
“By fuelling a market rally every time talks stall, the Fed has extended the trade war and made the asset bubble bigger. If a crisis erupts outside the US or China, the bubble may burst – with disastrous consequences for the world”
US is winning the most important war free and good people have waged in the last 30 years and your complaining of something that might maybe possible happen.
Fuck off.
I agree with the trade war, but I don’t agree with risking our economy with asset inflation and throwing away young people’s lives through debt in order to win it. That would be a defeat in victory.