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[…] –Never had so much construction–2020 property assessment takes another tumble–Who’s cheering the drop in prices?–$1 million mansion with a pool–Sunshine Coast for a loonie and a toonie–Detached sales dip lower than ’08/’09 […]

This blog is now locked down from commenting? Why?

aaa

Chinese Criminals with drones infecting pig farms to manipulate pork commodity prices

https://www.scmp.com/news/china/society/article/3042991/china-flight-systems-jammed-pig-farms-african-swine-fever

bestplaceonearth

Finally the human side of you showed up: “I am human, with all the frailties” vs. skillful/intelligent/didactic/educated/superior etc… ” I can aspire to higher goals that don’t harm my fellow man, but rather enhance society, so that the next generation can inherit reason for optimism.” I applaud you for your higher goals. However, spreading misinformation (i.e misinterpreting of data or bias forecast) might unintentional financially harm of someone seeking for information. “… have hit a barricade erected by the criminals, and aided by the crooked politicians. And so, corruption, homelessness, drug addiction, violence….” These have happened since the beginning of humanity. But, if you want to be a knight to fight, kudos to you. Why don’t you run for office in the next election and make real change; I might vote for you! The NDP might have to call it… Read more »

Werner Stein

“Conversely, a single realtor stands to gain very little from the sales of properties which they are not representing.”

That explains why a troll belonging and representing the real estate cabal would be hyping up the whole industry rather than a specific listing.

Shut It Down Already (original)

Only in your tiny brain.

bestplaceonearth

Your anonymous comment must be extremely powerful to “hyping up the whole industry”. So hilarious! Bhahaha!

Shut It Down Already (original)

Imagine being a realtor with 10 listings, spending your days trying to lift the entire market via posts to a dead blog with readership in the low double digits as opposed to working your contacts and promoting those properties directly (which is, you know, totally allowed and not in violation of SEC regulations or whatever).

Makes total sense. LOL.

bestplaceonearth

Are you for certain you are not Bob Rennie in disguise!

asfsdf

Patient in Japan confirmed as having new virus from China

https://apnews.com/3845a158612c6cc556c8cb7b91f5d078

bullwhip29

A local business organization whose Chinese name mimics the Richmond Chamber of Commerce hosted an event where they co-signed a “letter of intent” with a Vietnamese agricultural business group.
https://www.richmond-news.com/news/richmond-business-group-s-name-causes-brand-confusion-chamber-1.24054863

Werner Stein

Not surprised at your accusation of hypocrisy aimed at me. Your reference point is yourself, so you see everyone else hiding behind a public persona mask. The truth is, that while I am human, with all the frailties that come with that, I know that once I have met my survival needs, I can aspire to higher goals that don’t harm my fellow man, but rather enhance society, so that the next generation can inherit reason for optimism. Yes, you will retort with a reminder that I am naïve and don’t understand the real world. You are wrong. We as a society had taken an enlightened path, but in the recent past, particularly in our province, have hit a barricade erected by the criminals, and aided by the crooked politicians. And so, corruption, homelessness, drug addiction, violence, is ignored by… Read more »

Laibach

As much as I admire your civilized and peaceful way of talking to a blog’s favorite retard and other clowns, I still think that your Don Quixote’s efforts to heal the rotten mind are remaining futile. Regardless, good on you for a noble mission.

Best place on meth

I like how he refuses to reply to these undeserving fuckwit trolls in person, shunning the reply button and starting a new conversation each and every time just to piss them off.

It’s almost as if he’s trolling the trolls.

I just don’t have the stomach to reply to the fuckwits at all anymore.

paulb

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http://www.instagram.com/clivestevepaul

Laibach

Instead of getting some basic facts and education on the impact of immigration our “eco-conscious” government keeps piling the toxic crap like there is no tomorrow.

Chinese born migrants have the biggest carbon footprints

https://www.macrobusiness.com.au/2020/01/chinese-born-migrants-have-biggest-carbon-footprints/

Werner Stein

On the surface it appears that the internet provides a shroud of anonymity, yet at the same time it allows us to peer into the naked ugliness and lack of character of some who seem to think that as long as it profits them all is fine.

What remains to be uncovered is whether the crass attitude springs from ignorance, or malice driven avarice.

bestplaceonearth

Well, it goes the same for you, does it not! You hide behind the monitor and spewed all the misinformation around here and expect people to follow. It has been going on for too long that someone has to counter your spreading of misinformation.
And you think you are full of characters? Bhahahahhaha!

Werner Stein

“What make you think you are in a mission to be didactic with people!”
I see that the need is so great here

Bestplaceonearth

Then learn how to wipe your nose clean first.

Werner Stein

I am beginning to think it is futile to be didactic with you.

Bestplaceonearth

What make you think you are in a mission to be didactic with people!

Werner Stein

All theories and bluster aside, I find your support and blatant boosterism of residential real estate speculation reprehensible and repugnant.

If you were you peddling a get rich quick Ponzi scheme to lawyers who got rich bilking ICBC, it would still be morally wrong, but to a different degree.

Housing is a fundamental human need. Single parents, children, low income and elderly people are disproportionately suffering. Your giddy cavalier attitude says very much about your own poverty of character.

Shame on you.

Shut It Down Already (original)

Hush, clueless troll.

Bestplaceonearth

Why don’t you take the issue to your landlord ? Calling the anonymous people shame doesn’t get you very far.
You bears call a crash, people under water, lost equity, fools, c suckers, unsophisticated ordinary, etc…and now suddenly the angelish side came out. Don’t be an angel in a mask.

Projection

This is a new low from you, WS.

Burnabonian

I have said it before. If they were doing this on the stock market, they would risk prison. Guys on stock market forums occasionally think that the internet makes them anonymous and give advice, conspire to post a consensus, claim to have insider knowledge, post analysis, etc., while failing to disclose their position in the same investment or their professional status as a broker or advisor or whatever. And those forum ninjas get subpoenaed, or they get sued personally, or cops come to their houses. Yet somehow the housing market “professionals” seem to get a complete pass when it comes to ethics, standards, and legal obligations. I can be your sell-side Realtor ™ without needing to disclose to you that I was having secret back-channel negotiations with the opposing Realtor ™, and/or that I own the house across the street,… Read more »

Bestplaceonearth

And now shifting the blame game to the real estate professional…
You claim you are sophisticated and extraordinary, you know everything and foresee the crash. Why didn’t you sell your apartment on the top of the market, and buy those places that you and your spouse watched on her app at the lower than assessment?
You are a speculator, aren’t you!

Burnabonian

We kept the apartment because wife wanted to.

Losing equity is cheaper than divorce.

I don’t blame Realtors ™. I am just pointing out that if any of you are one, you are behaving unethically but there will probably not be any repercussions.

As you were.

Projection

You were commenting here since at least 2012, when you were still renting. You were expecting a crash all those years and yet you bought a condo. Hmmm.

Burnabonian

I was renting then. Now I own an apartment.

Didn’t buy it though. There’s a riddle for you.

There are lots of ways to end up stuck with real estate. Would sell if I could, but can’t.

So like you, I’m riding the market down and losing money every year.

Bestplaceonearth

You did buy it. Is it from your spouse before you moved in together? Is it a freebie ?

bestplaceonearth

*did not*

Projection

Good for you. So you probably inherited it. You are not losing any money.

bestplaceonearth

How could he claim to have lost something that was not his at the first place?

bestplaceonearth

“So like you, I’m riding the market down and losing money every year.”

I am not like you. You yourself is a pure speculator of riding the market going down, and a market timer. Finally someone is admitting it.

Bestplaceonearth

This blog discusses real estate, some posters encourage / defense the idea of principal residence and home ownership, and disprove misinformation. What so unethical about it? What happened to freedom of expression? you want repercussions to those that have opposite view to you?

Burnabonian

Convincing people to buy into an asset class without disclosing that you stand to benefit financially is unethical and in most places illegal.

In other markets, you are required to disclose your holdings and whether or not you are an industry professional.

This helps participants to judge whether your advice and predictions may be self-serving.

For example, if I own a junior mining stock and I go on TV and tell everyone that that stock is the next big thing, and about to strike gold, and definitely underpriced, and will never go down, but I don’t tell them that I stand to benefit if people buy the stock and the price goes up, I will be interviewed by regulators and possibly law enforcement.

Bestplaceonearth

Any person has interest in real estate is realtor?
Is there a particular product that anyone discussed here?
Is there any person stand to gain any benefit here?
This is a dead bear blog, why would anyone benefit any thing from it!
You made a mountain from a mole hill. You see things that are not there.
Until you get smarter to tell the difference between an investment product and a principal residence, and act on it, you are stuck here!

Shut It Down Already (original)

You’re nonsensically comparing individual equities with the entire real estate market. You’ll find many people providing broad commentary about the S&P without detailing their entire holdings. Conversely, a single realtor stands to gain very little from the sales of properties which they are not representing.

DaMann

great post!

Projection

Hello oldtimer!

Shut It Down Already (original)

Accusingly people, directly or indirectly, of being realtors has been the go-to argument over the years on this board. It’s pretty sad.

And all because people are pointing out the fucking obvious – namely that listening to the small number of very vocal douchebags on this blog has been devastating financially for all those who were foolish enough to fall for their bullshit predictions.

Werner Stein

“Is this your unique way of admitting there’s nothing contradictory about what I said?
Thanks, I guess. Troll.”

Does not compute. If I were a Troll, an intelligent person would be fooled into going along with the tug.
Therefore, I am not a troll, or you are not intelligent.

Shut It Down Already (original)

Nothing contradictory, then? Got it.

Bestplaceonearth

Exhibit B + Exhibit C + theory + statement A + statement b = professional renter for life.

Even snowy day has its own beauty on this best place on earth.

Werner Stein

This is from one of your team mates Oracle

“NDP all but confirmed they won’t do anything significant on housing”

Shut It Down Already (original)

Is this your unique way of admitting there’s nothing contradictory about what I said?

Thanks, I guess. Troll.

Werner Stein

You might want to analyze your statements for faulty logic and contradiction.

Statement: A
“But don’t forget that all levels of government have stated that they’ll act to protect equity, so don’t be too surprised if they keep their word and start peeling back the constraints which were added over the past few years to stimulate the market.”

Statement: B
“Who knows, the actions of the federal government depend on markets other than Vancouver.”

A +B = ERROR

Shut It Down Already (original)

The only errors are in your head. There’s nothing contradictory about the following statements:

1. The government has said they will act to protect equity.
2. Governments are generally reactive in matters of real estate.
3. Nobody really knows what actions the various levels of government might take in the future.
4. There’s an entire universe outside the Lower Mainland.

Now learn to use the reply button.

Werner Stein

“Pay attention, I answered it already. The answer is “yes, but reactively”.”

The government put in controls to reign in runaway prices.

The market cooled down, but according to you bulls it is back on the original course.

Supposedly it had the support of the people, will the government react again?

Shut It Down Already (original)

Who knows, the actions of the federal government depend on markets other than Vancouver.

Bestplaceonearth

The dependent dreamers think that government will be here to save their days with policies to reign the run-away prices. They did not know that in reality, people pull a second jobs, work 12 hours a day and live frugally to get a head; these are not secrets but they do not know that. And, Point Grey is the the locale for their entry level home!

Werner Stein

“Government controls are clearly reactive, not proactive. Duh.”
The question you don’t want to answer is :

Can the government control the market or can they not?

Shut It Down Already (original)

Pay attention, I answered it already. The answer is “yes, but reactively”.

And for fuck’s sake learn to use the reply button.

Projection

WS is too immature and too narcissistic to use the commenting system correctly. 🙂

Werner Stein

“But don’t forget that all levels of government have stated that they’ll act to protect equity, so don’t be too surprised if they keep their word”

What politician in their right mind would openly declare war on the real estate cabal, when all they have to do is wait for a “black swan event” to take care of things beyond their control.

But if you trust the government’s iron clad guarantee, go for it. Seems to me that in spite of their efforts, the market is poised for another leg up, according to you bulls. Based on your claim of recovery, the government’s efforts cannot effectively control the market.

Faulty Logic.

Can the government control the market or can they not?

Shut It Down Already (original)

Government controls are clearly reactive, not proactive. Duh.

southseacompany

“Canada Has Never Had This Much Housing Under Construction At The Same Time”, Better Dwelling
https://betterdwelling.com/canada-has-never-had-this-much-housing-under-construction-at-the-same-time/

“B.C. Has Over 47% More Houses Under Construction Than Any Other Period”

“British Columbia also represented a decent chunk of units currently being built. The province represented 65,941 housing units under construction, up 2.39% from the previous quarter. Compared to a year before, this is an 8% increase. Currently, the number of units under construction is over 47% higher than any other previous peak.”

Bestplaceonearth

Yeah, lot of inventory…then why is it not getting any cheaper?

Burnabonian

It’s getting massively cheaper. Spouse and I have three target municipalities and a ceiling asking price. Plug those filters into the MLS app and for years there were ZERO properties for sale under our max price. Waited awhile and now there are MANY for sale at required price levels. We make ordinary middle-class incomes, have ordinary savings levels, and no contributions requested or accepted from family. We are median in every way, with a gross family income under 200k. Up to around 2018 we were not able to buy anything in our target areas. In 2019, the map started magically populating itself with properties in our price range. Sellers of houses we were watching were dropping their ask. New sellers were popping up asking under the 2018 assessment. Fast forward to 2020 and some of them have disappeared, unsold. Even… Read more »

Bestplaceonearth

No wonder you are stressing out. Your wife chasing your tail every single day. $200k family income, and has not been able to do zip. Ah, it’s the thinking too much about nothing that get you nowhere. Good luck with that Point Grey home. Really!

“Waited awhile and now there are MANY for sale at required price levels.”

“In 2019, the map started magically populating itself with properties in our price range. Sellers of houses we were watching were dropping their ask. New sellers were popping up asking under the 2018 assessment.”

“Fast forward to 2020 and some of them have disappeared, unsold.”

So what does it mean? Your market timing does not work out very well for you, does it.

Burnabonian

100% of your guesses are 100% wrong. Wife and me both want to buy one house only and leave it when they have affixed our toe tags. So no rush at all, since she can see houses getting cheaper every month and every year, herself, on her MLS app. We are making no attempt to time any market since we both know that that would be futile at best and disastrous at worst. We will buy when our personal circumstances demand it. (Current place is small and family keeps growing. But we are saving a fortune every month in carrying costs and also in the six-figure annual depreciation that literally every one of our friends started experiencing between 2015 and 2019.) Stress level = 0.0. Love where we live, are excited to upgrade when the time comes, and are enjoying… Read more »

Bestplaceonearth

With your speculation of a crashing and timing market, stay at your rental. You can never move out of the current place.
You don’t have to feel so bad for “the ordinary and unsophisticated people” who become home owners; they are doing just fine. Ask your landlord!
The common characteristics of the renters are that they think they are sophisticated and extraordinary, they have ability to understand the market, a pillow full of cash, high paying jobs etc… With all that, why are they stuck in the predicament they are in now!

Burnabonian

I said family income “under 200k”. It’s above 150 if that helps narrow it down. Very, very ordinary lower middle class income.

I didn’t say I rent. The apartment we own has been declining in value for two years in a row, like most other properties.

Not that much, though, unlike the SFH we are targeting buying. So our purchasing power is increasing, particularly because our monthlies are so low due to not having overextended ourselves in this bonkers bubble market.

So again, you are batting zero with guessing what a bear is. I am solvent with increasing savings, a home owner, and not worried in the slightest. Still thinking that it’s a bubble market and still thinking that it’s several years into a crash.

Projection

“I said family income “under 200k”. It’s above 150 if that helps narrow it down. Very, very ordinary lower middle class income”

Average family income in Vancouver is around 80k or maybe a little less.
“Above 150k” is not lower middle class, nor median.

Shut It Down Already (original)

Ah, the classic “if you dare to disagree you must be a realtor”. Sad.

By the way, $200K family income is nowhere near “median”.

Bestplaceonearth

If my family income was $200k, plus a pillow stuffed with cash, I would have a few four- flexes.

Burnabonian

Never said I make 200k; I said UNDER. Never said “pillow stuffed with cash”; I said ordinary savings level. One thing I have learned from reading property listings is that a lot of realtors couldn’t pass a grade 4 reading comprehension test. And one thing we know from comparing the number of registered realtors to the number of monthly sales is that the majority of realtors don’t get a single sale in a given month. The majority are making little to no money at all and likely (by extension) have a *tonne* of free time and quite a bit of gnawing financial stress. Apply that all to the 3 or 4 trolls who ruin this conversation and you have a perfect match. Can’t read very well, clearly too tense to think straight, have a deep personal commitment to the dogma… Read more »

southseacompany

It is:

“Metro Vancouver home values take another tumble in 2020 property assessment”
https://dailyhive.com/vancouver/bc-property-assessment-metro-vancouver-2020

Egg Hunt

https://www.express.co.uk/news/royal/1226736/prince-harry-latest-meghan-markle-canada-governor-general-megxit

Prince Harry for Canada’s governor general

He and Meghan can start a message “Gong Hei Fat Choy” at Richmond city hall for lunar new year this month.
Then join Trudeau’s next trip to India with ethnic outfits.

Best place on meth

Lazy MSM retards have recently taken to the bad habit of appending endless stories with some form of “exit”, in addition to 45 years of everything “gate” that has not slowed down one bit since the Nixon administration.

All of the toxic corporate media outlets are fucking worthless.

paulb

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Oracle

NDP all but confirmed they won’t do anything significant on housing. CKNW and Selina Robson

Can’t wait to vote these assholes out.

Burnabonian

NDP doesn’t have to do sh t.

Macros are the lethal injection, and Trump is the governor refusing to grant a pardon at 1 minute to midnight.

If the NDP had a role, it was to sterilize the needle.

Basically the most pointless participant. But still able to say that they technically played a part.

bestplaceonearth

+1

Oracle

NDP was an interesting experiment. People say they pulled the same thing 20 years ago.

Guess some things never change.

Back to Bc Libs we go….

Bestplaceonearth

They destroyed BC prior 2002, and about to do it again. Just have to see the next Feb budget. The only role they have is to tax on tax on tax.

Spec

Back to BC Libs.. Yes…..

https://globalnews.ca/news/6403415/organized-crime-bc-casinos-rcmp-report/

Longer read with video clips. Lots of detail.

Some gems from the article:
“Children were kidnapped and murders took place in the pursuit of money and the provincial government knew it.”

““The loan shark threatened that if she did not come up with the money, her place of business and her house would be burned down, and she would be killed.””

Can’t fucking wait for those gems to sit at the wheel again…

Best place on meth

BC Libcred supporters….talk about deplorables. Openly supporting criminals who should be serving life sentences.

Fuck you oracle you piece of shit. Get off the board like you promised you lying cunt.

Werner Stein

Bear Vancouverite :
“Will a reversion to mean occur? Who knows.”

No one can know for sure, but possible.
What we do know is that the price growth graph looks like a hockey stick (Red Flag)
We also know that the: political interference/corruption, criminal activity, money laundering, may not be entirely eradicated, but it has been exposed. Sam Cooper, Kathy Tomlinson and others have written extensively on this. Speculation is subdued. Interest rates might not rise too fast and to soon, but there is not much tail wind left as money printing has diminishing returns.
Wages, population growth, are not spectacular. Once expectations and psychology changes, there is nothing left to support the existing prices, but the fundamentals, which would take us back to reversion to mean.

Shut It Down Already (original)

You could probably find a post from 10 years ago saying the exact same thing. What many here sadly don’t get is that prices until relatively recently were actually ridiculously cheap. This makes any “reversion to mean” (which like most technical analysis is totally nonsensical) quite unlikely because the mean price conveys no useful information about value. Counter arguments usually involve pretending that Vancouver is “a backwater with no real economy”, which is also demonstrably false. The only thing I can agree with you about is that psychology might turn a corner. Once the expectation for price increase evaporates there’s no reason to rush and every reason to wait for a better deal. But don’t forget that all levels of government have stated that they’ll act to protect equity, so don’t be too surprised if they keep their word and… Read more »

Projection

“You could probably find a post from 10 years ago saying the exact same thing.”

It’s amazing isn’t it. You can select any random year on this blog and read a few of the discussions and it will always be the same thing, the same arguments and the same smug predictions of doom.

Burnabonian

Yeah they used to say that about people predicting climate change too.

Burnabonian

“What many here sadly don’t get is that prices until relatively recently were actually ridiculously cheap.” Prices are at >100 years’ income in many neighbourhoods. Normal is 3-5, inflated is 7, Manhattan is 9. Lower mainland hovering around 20. Or maybe less this year, since approximately 87 billion dollars in fake paper RE wealth accidentally evaporated into the ether from whence it originally sprang forth. One thing about Canadians is that we suffer in silence. Lower mainlanders lost $87B from their cumulative balance sheets this year and basically haven’t said a thing about it. When American’s bubble started its’ inevitable reversion, Americans left the keys on the kitchen table and walked away. Canadians have it in our psychology to apologize for existing. What better way than to spend your working life as a debt slave, struggling to bring your net… Read more »

Shut It Down Already (original)

More than 100 years income?

Utter nonsense, unless you believe that an individual on an average income should be able to easily afford an 8 bedroom mansion on over an acre two blocks from the beach. Which nobody does except you, apparently.

The fact is when those here were first bleating about a real estate bubble you could still buy the average SFH for under $500K. That was cheap – not some mean to be reverted to – and will surely never be seen again. Even I f those prices return you’ll have magically lost your lust for real estate anyway.

(And people can’t just walk from mortgages in most of Canada. Have you learned nothing in all of your time here? How sad.)

Burnabonian

https://www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/TableMatchingCriteria?GeographyType=MetropolitanMajorArea&GeographyId=2410&CategoryLevel1=Population%2C%20Households%20and%20Housing%20Stock&CategoryLevel2=Household%20Income&ColumnField=HouseholdIncomeRange&RowField=Neighbourhood&SearchTags%5B0%5D.Key=Households&SearchTags%5B0%5D.Value=Number&SearchTags%5B1%5D.Key=Statistics&SearchTags%5B1%5D.Value=AverageAndMedian

Sorry to burst your bubble.

Take any one of those median family incomes and multiply it by 5. That’s what median house price in that neighbourhood should be.

Could be as high as 7x, or it could be as low as 3x, depending on a lot of factors.

Point Grey median family income is $84,000 and median house sale price this month was $3,477,000. That is a multiple of 41x income.

I will say it again: The multiple in MANHATTAN is 9.

Shut It Down Already (original)

You truly don’t get it, do you?

The metric you’re citing for a Point Grey only makes sense if you expect those on median incomes to live in mansions on huge lots.

It’s a nonsensical ratio when applied in the wrong context, even if it were 100x (which it isn’t).

Burnabonian

Apply it to any market you like.

Find me one where a median home costs 3-5x median income.

If you think that houses can somehow divorce themselves from fundamentals permanently, I’ve got a beanie baby collection to sell you.

Shut It Down Already (original)

Straw man – I never said they could.

I’m saying that :

a) houses were cheap 15 years ago and those prices are firmly in the rear view mirror; not about to make a dramatic reappearance because “reversion”.

b) calculating how many years of income is required so that a barista can buy in Point Grey is a futile and meaningless exercise.

c) mortgages in B.C. are full recourse.

and finally:

d) we’ve heard all this shit before from people who were every bit as confident as you but also equally wrong. They should have bought a long time ago, but didn’t because they couldn’t do a fair buy vs rent for reasons already stated.

Burnabonian

We’ve heard all this sh t before about “you were wrong about it eventually crashing”. This is completely unproveable except by God or owners of a time machine. You can’t prove that it won’t crash; only that it did not crash between 2005 and peak pricing in the 2016-2017 era. (Obama was president; remember back then? That’s when house prices started declining.) Anyone who bought SFH after 2014 or 15 currently has sh t running down his leg looking at comparable sales in his neighbourhood. I don’t care where he is. Full recourse mortgages create a snowball effect: Hard to have a real estate hard on when your friends, family and colleages have started to tell first and second-hand stories about wages being garnished and bankruptcy proceedings. That’s the stage we are at now. Bankruptcies in Canada are rising rapidly,… Read more »

Bestplaceonearth

“Anyone who bought SFH after 2014 or 15 currently has sh t running down his leg”
It’s their principle residence, they don’t care.

“…about wages being garnished and bankruptcy proceedings. That’s the stage we are at now.” Hmmm, the BC mortgage in arrears was 0.14% in Aug. You must know something the bankers do not.

You see things that are not there. You over-analyze every thing, and make a mountain out of mole hill.

Shut It Down Already (original)

Median household income in Manhattan is about US$70K, and 9x that wouldn’t buy you anything that could house a family.

The median Manhattan sales price is about US$1m. I’ve no idea where your 9x multiplier came from.

In fact the Manhattan ratio seems to be quite similar to Vancouver, where the median sales price according to Zolo is about $850K.

(This is the bit where you start calling Vancouver a backwater compared to Manhattan, in case that part wasn’t clear to you earlier.)

Bestplaceonearth

I missed this one: Point Grey property as the entry level for the elites! bhahahaha! What an entitled bunch!
Say, how about Surrey two bedroom $400,000 condo with family income $78,000 – a multiple of 5. But no, the elites only deserve to live in Point Grey.

Bestplaceonearth

He is entitled to it. The beach sand needs to be fine too, no coarse rocks mixed in allowed. All that for 3x income.

bestplaceonearth

Make up your mind. What is it that you are trying to say: “87 billion dollars in fake paper RE wealth accidentally evaporated” vs “Lower mainlanders lost $87B from their cumulative balance sheets “. None of it is real as some owners have not realized loss nor gain. What accounting principle do you employ that can write down the value just because the media said so.

“When American’s bubble” – Try to apply for a mortgage in Vancouver and see how diligent the Canadian banks are. You should go through the real experience before making a comparison.

“What better way than to spend your working life as a debt slave” I am just guessing, some renters celebrate when receiving a rent increase notice or a renoviction then !!!

Burnabonian

Mark to market accounting. (The accounting principle where you don’t get to make believe that you didn’t lose just because you haven’t technically sold yet.)

That’s how the big boys keep track. You know, the ones who actually have actual wealth.

Some schmuck with a T4 and a slogan about “not making more land” who signed a mortgage application is not a sophisticated investor.

And he proves it by pretending that he didn’t lose wealth when his asset’s value fell.

Projection

Heh, you are clueless and smug at the same time. You have no idea how the “big boys” keep track.

Bestplaceonearth

Too much jealousy, I sense! Land is upward $700 a sf downtown, and the landless wanna use mark to market accounting. I hate to do it but, bhahaha!

Bestplaceonearth

The homeowners are not investors. Until you understand this concept, your monthly rent cheques are always welcome!