Friday Free-for-all! February 21st, 2020

It’s the end of another work week and the start of another open topic discussion thread!

Here are a few recent links to kick off the chat:

Vancouver 6th worst bubble risk in world
Million dollar homes in central Okanagon
Political mortgage stress tests
Making it easier to get a mortgage
Housing crisis reckoning

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!

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southseacompany
Member
southseacompany

“Dow Jones plunges into correction territory as stock sell-off deepens”, Financial Post

https://business.financialpost.com/investing/stock-sell-off-deepens-bond-yields-at-record-lows-markets-wrap

“Wall Street set for steepest weekly pullback since the global financial crisis more than a decade ago”

southseacompany
Member
southseacompany

“Bank of Canada faces tough call as coronavirus complicates rate decision”, Financial Post

https://business.financialpost.com/news/economy/bank-of-canada-faces-tough-call-as-coronavirus-complicates-rate-decision

“Last time something like this happened the hole left in the economy was deeper than anyone realized”

southseacompany
Member
southseacompany

“B.C. housing market feels winter chill”, Business In Vancouver
https://biv.com/article/2020/02/bc-housing-market-feels-winter-chill

“B.C. Multiple Listing Service (MLS) home sales declined 14% from December to a seasonally adjusted 6,763 units as the blast of winter weather kept buyers on the sidelines.”

“While sales rose 22.7% from same-month 2018, gains largely owed to base-year effects from a weak sales environment in early 2019.”

“January’s dip is expected to be temporary as economic conditions and population growth remain supportive of housing demand, although coronavirus fears and concerns around hikes to strata building insurance could slow housing demand.”

Projection
Guest
Projection

“B.C. Multiple Listing Service (MLS) home sales declined 14% from December to a seasonally adjusted 6,763 units as the blast of winter weather kept buyers on the sidelines.”

This is normal. January sales are lower than December in 8 out of 10 years.

Werner Stein
Guest
Werner Stein

https://www.youtube.com/watch?v=UBQHXjL4lSE

You need to clean some dirty money?
You need a realtor, and a lawyer

southseacompany
Member
southseacompany

Steve Saretsky on BNN Bloomberg today;

“Policy Makers Don’t Know What to Do With Canadian Real Estate”
https://www.youtube.com/watch?v=F9LhSX9AEfU

Dave
Member

Here’s all you need to know… They worry more about it falling than appreciating. As long as that is the case, it’s where you want to be.

Oracle
Guest
Oracle

Exactly. The worst possible thing to do right now (meaning next 6-8 months) is being in cash and renting.

Dave
Member

Cash for the next couple weeks is OK. Good buying opportunity on the DOW coming up. I’m 50% cash already.

But your other cash is best spent on real estate. I’ll probably buy another house in the next few months and hold off on another Rolex for now.

Best place on meth
Member
Best place on meth

Google, Microsoft shift production from China faster due to virus
‘Made in Vietnam’ Pixel phones and Surface laptops expected in 2020

https://asia.nikkei.com/Spotlight/Coronavirus/Google-Microsoft-shift-production-from-China-faster-due-to-virus?utm_campaign=RN%20Subscriber%20newsletter&utm_medium=daily%20newsletter&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=1&pub_date=20200226190000&seq_num=2&si=%25%25user_id%25%25%20%20%20%E2%80%AC

Corona is the worst thing to happen to the chinazis and the best thing to happen to everyone else.

As Bloomberg would say, “kill it!”.

Werner Stein
Guest
Werner Stein

“Well, I will be busy taking care of my family”

Based on the lack of civility, you flaunted with impunity, your family would be better off keeping their distance from you.
The only thing that exceeds your lack of manners if your ignorance.

Best place on meth
Member
Best place on meth

Couldn’t care less about the worthless trolls’s manners or ignorance, all I care about is whether it’s lying or not when it comes to leaving because it lies about everything else.

The house pumping viruses can’t be trusted on anything. See oracle.

Projection
Guest
Projection

You must be talking to yourself. You are a proven liar, lack self-awareness and are ignorant of the market and basic economics.

Best place on meth
Member
Best place on meth

Sales are weak and listings are weak, which leaves the market balanced but weak.

With all the black swans falling out of the sky this market could get very interesting soon.

Dave
Member

Low listings are bullish for real estate, not bearish. Every day brings a triple digits sales day and it’s not even Spring, nor have we had the time change sales bump. An extra hour of light is an extra hour of sales.

Projection
Guest
Projection

Sales to inventory is over 20%

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

“Best place on meth
@Dog:

I knew the cheerleaders would piss their pants if they saw a day over 100.

Continue whizzing.

7 years 4 months ago“

Another decade, same garbage.

Laibach
Member
Laibach

Speaking of fucking decoupling, there is stil some hope left for this sold out country to not to go a full shitter.

“ Canada’s foreign affairs department has warned the Trudeau government about the perils of deepening ties with China, saying the authoritarian state represents a “strategic challenge” to Canadian values and interests.”

https://www.theglobeandmail.com/politics/article-canadian-diplomats-warn-trudeau-government-about-perils-of-deepening/

Best place on meth
Member
Best place on meth

Beautiful, the whole world is waking up to this evil.

The virus is china itself, it needs to be destroyed.

Oracle
Guest
Oracle

The floodgates of immigration are wide open.

Bestplaceonearth
Guest
Bestplaceonearth

Well, I will be busy taking care of my family, so no more spare time to bear-partrol, good bye bears, and good luck. Become winners, don’t be permanent losers.
To the winners, enjoy this best place on earth.
Remember, rent is still on due first day of the month.

Best place on meth
Member
Best place on meth

The one and only time I will upvote this piece of shit.

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

Nobody votes here anymore.

LOL.

Laibach
Member
Laibach

Hope family did not get quarantined back home? Good riddance and good luck to you too.

Best place on meth
Member
Best place on meth

‘Unacceptable’: Realtors’ Instagram posts on China and coronavirus provoke outrage

https://www.cbc.ca/news/canada/british-columbia/kelowna-realtor-meme-outrage-china-coronavirus-1.5474296

“”I was immediately offended because coronavirus, in my opinion, is a very real threat to a lot of people’s health,” said Chung.
“I don’t think racism veiled through jokes is appropriate. I am a person of colour and I would categorize this as a microaggression.”

LOL, person of colour! Microaggression! Racism!

Jesus Christ, that is comedy gold!

Laibach
Member
Laibach

Opportunistic asshole desperately chasing down her 15 minutes of fame and publicity. What a scamming lowlife. Those pictures had nothing to do with racism and other crap.

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

Fuck off, race baiter.

You’ll do anything to try and distract from your pitiful real estate track record.

paulb
Member

New
209
Price Change
40
Sold
119
TI: 10051

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

Paul is now too embarrassed to associate his website with the toxic filth posted here every day.

LOL.

Laibach
Member
Laibach

Then stop posting and fuck off. Problem solved!

Best place on meth
Member
Best place on meth

Typical strategy of the evil leftist scum, they try to smear people for being in the same neighborhood as someone they despise and tie them together even though the two parties have nothing to do with each other.

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

Idiot. He chooses to come here knowing exactly what content is posted.

Nice try, though.

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

I fail to see how that would assist Paul with the poor choice he made to associate his name with people like you.

Laibach
Member
Laibach

You should do better. This is like toddler-prick answering back.

Dave
Member

Add it to the list.

xhistory
Guest
xhistory

Ok, I’ve been asked to negotiate.
I do t know what I want yet, personally , but take care of the people who are important here.
1.. The persons and organizations involved in keeping me safe and protected. A new medal perhaps.
2. A person by the initials KEL, that this person be considered for the space program. Whether this person agrees or if the recruiter sees fit.
3. A person by the initials TMS, that this person is provided with a space that is safe and capable of supporting this persons creative needs.
4. A person by the initials ASM, that this person gets a fly-out vacation. This person recently mentioned my mistake and quoted Ecclesiasticus !2.5
Thank you

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

OMG.

James Thurston Winthrop
Guest
James Thurston Winthrop

“The loser+scammer+private lender+loan shark are out in full force taking cheap shot at the mortgage brokerage! What else is new!”

Mr. W.Stein is a fine gentleman, as his press agent, I strongly object to your dastardly accusations.
Accept this as warning.

If you do not desist from disseminating such libelous, unfounded ,and defamatory fabrications you could face very serious legal consequences.

bestplaceonearth
Guest
bestplaceonearth

It’s must be very slow in the private lending industry. The loser+scammer+private lender+loan shark are out in full force taking cheap shot at the mortgage brokerage! What else is new!

Werener Stein
Guest
Werener Stein

More “shenanigans…”
Here’s how it works on the mortgage side: an unscrupulous broker or underwriter agrees to accept fraudulent income documentation in exchange for a fee. Dubbed a “paperwork deal” or “1% deal” (due to the 1% kickback they get from the transactions), these arrangements allow consumers to buy a home they wouldn’t otherwise be approved for — or sometimes a much more expensive property.

More at :
https://mortgagecalculator.ca/News/Exposing-Rampant-Fraud-in-Mortgage-and-Real-Estate-Industries

southseacompany
Member
southseacompany

“Bank of Canada lays groundwork for digital currency”, Financial Post

https://business.financialpost.com/technology/blockchain/bank-of-canada-lays-groundwork-for-digital-currency

“The Bank of Canada doesn’t see a compelling case for introducing a digital currency at the present time, but is getting ready to move quickly, should the need for one become more evident, Deputy Governor Tim Lane said.”

southseacompany
Member
southseacompany

“Cashing In: How to Make Negative Interest Rates Work” IMF Blog
https://blogs.imf.org/2019/02/05/cashing-in-how-to-make-negative-interest-rates-work/

” Severe recessions have historically required 3–6 percentage points cut in policy rates. If another crisis happens, few countries would have that kind of room for monetary policy to respond.”

“In a cashless world, there would be no lower bound on interest rates. The interest rate cut would transmit to bank deposits, loans, and bonds. Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive. This would jolt lending, boost demand, and stimulate the economy.”

Doomcouver
Member
Doomcouver

It’ll just be more incentive to buy precious metals or other hard assets. Physical fiat currency is bad enough, but if it’s all digital there’s no end to the ridiculous monetary manipulation the central banks will have at their disposal.

bullwhip29
Guest
bullwhip29

Nearly every school in Vancouver’s core has a wait list for kindergarten
https://www.cbc.ca/news/canada/british-columbia/vancouver-schools-wait-list-kindergarten-1.5476161

bullwhip29
Guest
bullwhip29

If you drive an expensive car you’re probably a jerk, scientists say
https://www.cnn.com/2020/02/26/world/expensive-car-drivers-study-scli-scn-intl/index.html

xhistory
Guest
xhistory

https://www.foxnews.com/us/massive-explosive-causes-hydrogen-fire-to-erupt-at-oil-refinery-in-california

“The blaze started around 10:50 p.m., according to the Los Angeles County Fire Department.“

Mercury inferior conjunction, 5:53pm. That’s just the first observation. The rest I’ll compute in the head. Bottom line, Mars undergoing calibration.

xhistory
Guest
xhistory

Scientists wouldnt use that language. The story and study doesn’t go into the esoteric. A third view, astrological, would serve humanity much better. For example, Mars is the driver behind the wheel, dignified or debilitated. Mercury is the thinking and messaging. Where are these planets now, in reference to the Ego Sun and the publishing of the info?

xhistory
Guest
xhistory

Never let a Crisis go to Waste? one headline
or, you might like to write it? It’s a bit wordy:

Under the Context of the corona-virus exported or imported, when the global population doesn’t circulate, tourism becomes tour-miss-em.

http://www.marctomarket.com/2020/02/capital-markets-remain-fragile-after.html

“Italy is suspending tax payments in the affected areas (10 towns in the Lombardy region and one in Veneto). The government is also spearheading the effort to get banks to suspend mortgage payments in the area. Italy’s economy was stagnating, if not worse before the virus hit. The health emergency will likely trigger clauses in treaties that will allow Italy greater fiscal space. A local paper suggested that 2-4 bln euros may be needed”

xhistory
Guest
xhistory

“Financial Secretary Paul Chan told reporters that the property market correction beginning 2H19 is on a small scale with muted transactions. With unaffordable home prices, Hong Kong is in no condition to roll back spicy measures at the moment. He suggested any major revision to home market measures would be ill-timed.

“Apart from considering the market condition, Chan stressed the need to take into account future development of the real estate market and economic landscape. ”

aastocks.com

Paul Chan: Home Prices Still Unaffordable; No Condition to Ease Spicy Measures Yet

xhistory
Guest
xhistory

“Hong Kong is poised for another real estate crisis as falling home prices drive more mortgage borrowers into negative equity

“The price index for used homes in Hong Kong dipped 1.7 per cent to 378.5 in December, according to the Rating and Valuation Department

“As many as 128 mortgage loans valued at HK$764 million (US$98 million) were in negative equity as at the end of December, more than double the number of cases three months earlier”

https://www.scmp.com/business/article/3052221/hong-kong-poised-another-real-estate-crisis-falling-home-prices-drive-more

Laibach
Member
Laibach

The same old, fucks and their shenanigans…

“ Cheung Philip Lau will not be able to work as a realtor for 45 days starting March 11, 2020.”

https://www.straight.com/news/1364616/realtor-snipped-dispute-his-hairstylist-over-30000-cut-vancouver-deal-price

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

Hairstylists trying to get rich quick buying real estate without being in possession of basic information, you mean?

southseacompany
Member
southseacompany

“Despite market washout, the Fed is unlikely to cut rates anytime soon in response to coronavirus”, CNBC

https://www.cnbc.com/2020/02/25/despite-market-washout-the-fed-is-unlikely-to-cut-rates-anytime-soon-in-response-to-coronavirus.html

“Traders, as indicated through futures markets, expect the central bank to cut short-term rates at least once and possibly as many as three times this year. Fed officials, on the other hand, have been unanimous and steadfast in saying they are comfortable with policy where it is now and don’t see a move absent a major change in conditions.”

southseacompany
Member
southseacompany

“B.C. Liberals pressure province to help condo owners hit by skyrocketing strata insurance”, CBC

https://www.cbc.ca/news/canada/british-columbia/bc-liberals-strata-insurance-1.5476181

“”Over the past few months an increasing number of strata corporations in B.C. — particularly those in Metro Vancouver — have seen their insurance costs go through the roof, with skyrocketing increases to premiums, deductibles and monthly fees,” said MLA Todd Stone.”

“”These costs are then downloaded onto residents, many of whom are now paying thousands of dollars more a year in fees… It is imperative that we take action to best mitigate the impacts of this growing crisis before it gets any worse.””

Best place on meth
Member
Best place on meth

No more taxpayer handouts to parasite home owners!

If you can’t afford the costs of ownership then get the fuck out of town!

Doomcouver
Member
Doomcouver

Yeah I’m not sure how it’s fair for taxpayers to prop up idiots’ toxic assets. A condo is intrinsically a bottomless money pit you shovel cash into. Just because recency bias made people think it’s a great investment shouldn’t be my problem.

xhistory
Guest
xhistory

And go where?

Adios and Vaya con dios

“Got my broker skim in my hand, a$s in the sand, cold corona-virus
Yeah, life is it good? I don’t understand….

Chorus

Werner Stein
Guest
Werner Stein

I guess by the pumpers math, we are now at less than 1 month of inventory.

Best place on meth
Member
Best place on meth

MOI is still exactly 5.

Doomcouver
Member
Doomcouver

Boomers swapping houses with each other. The musical chairs continues.