Slowdown to affect Real Estate Sales

We’re living in interesting time. Interest rates are super-low and going lower which should drive down the cost of a mortgage, but at the same time we have a very unusual economic slowdown across the board.

Some people even thing this could have an effect on the Vancouver real estate market:

” Interest-rate drops usually fuel housing sales, but this time they will be more than offset by the “unprecedented paralysis of economic and social activity” during the COVID-19 pandemic, causing B.C. homes sales to drop this spring, the B.C. Real Estate Association predicted March 17.”

“All four scenarios predicted home sales in the province would drop in the spring and early summer. The market would then likely rebound in the second half of the year “contingent on the outbreak resolving.” However, only one of the scenarios found that home sales in the province would recover to a point of activity higher than if there had been no pandemic, with the other three forecasting a more muted recovery”

read the full article here.

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Best place on meth
Best place on meth
3 months ago

The economic and political consequences of the coronavirus pandemic: John Robson and Max Bernier

https://www.youtube.com/watch?v=MdBpMB2GKWo

30 minutes of refreshingly sane discussion in an increasingly insane world.

Pour yourself a drink and enjoy.

Best place on meth
Best place on meth
3 months ago

Total and new infections globally in the last 24 hours:

597,262
+65,025 (+12.2%, yesterday +12.8%, 2 days ago +11.6%)

Total and new deaths globally in the last 24 hours:

27,365
+3276 (+13.6%, yesterday +13.1%, 2 days ago +12.6)

Global death rate from RESOLVED cases 17.0%, yesterday 16.2%, 2 days ago 15.7%

Italian death rate from RESOLVED cases 45.5%, yesterday 44.1% 2 days ago 44.5%

Projection
Projection
3 months ago

Inventory collapsing. “Those who are hoping for high inventories this spring will be disappointed.”

I expected flat inventory or very slow growth. This goes way beyond that.

Werner Stein
Werner Stein
3 months ago

It is on “Fuego”.
White hot.
115% sell to list ratio

Best place on meth
Best place on meth
3 months ago
Reply to  Werner Stein

None of the numbers matter anymore, listings and sales are both headed towards zero.

The spring market has been cancelled.

paulb
paulb
3 months ago

New
67
Price Change
27
Sold
77
TI:10468

http://www.clivestevepaul.com

Oracle
Oracle
3 months ago
Reply to  paulb

Paul, all small businesses have won the Trudeau lottery.

Take out that $40,000 business loan. Zero percent rate. Very easy to qualify. Just need payroll of 50,000 in 2019.

Pay it back in 1 year and you get to keep $10,000!!!!!

Wowowowoe.

Everyone scrambling to get a piece of the hundreds of billions being filed out.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Oracle

Especially those who hate big government.

Best place on meth
Best place on meth
3 months ago

Already 27 sales today, should break 30 no problem.

Projection
Projection
3 months ago

That’s the spirit!

Oracle
Oracle
3 months ago

Trudeau spending like a mad man!!

Who will pay for it next year?

Big Bear
Big Bear
3 months ago
Reply to  Oracle

The 1990s were worst than now.

China Must Pay
China Must Pay
3 months ago
Reply to  Big Bear

The early 1980s were tough. Try 20% interest rates on for size …

Slava
Slava
3 months ago
Reply to  China Must Pay

Hey I’ll take 20% interest, for prices less than current Edmonton homes, any day. Would have it paid off in a few short years..

China Must Pay
China Must Pay
3 months ago
Reply to  Slava

In the early 80s credit was tight and expensive so it was difficult to buy anything, which was the point of the high interest rates.

Werner Stein
Werner Stein
3 months ago

Best place on meth:
“Tar sands oil is now worth 87 cents a barrel”

People from Kelowna say there will never be a Real Estate Crash there because so many oil rich Albertans want a second home there.

Best place on meth
Best place on meth
3 months ago

80% of coronavirus test kits ‘gifted’ to Czechs by China faulty
China charged Czech government millions of crowns for defective coronavirus test kits

https://www.taiwannews.com.tw/en/news/3903937

Big Bear
Big Bear
3 months ago

Act of War

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Big Bear

Idiot.

Slava
Slava
3 months ago

Yes you are.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

That’s literally your only argument. Grow the fuck up and try and use any downtime you may currently have to educate yourself.

Slava
Slava
3 months ago

You should have “literally” checked the mirror before you posted this.

Laibach
Laibach
3 months ago
Reply to  Big Bear

No, just another product “made in china”.

bullwhip29
bullwhip29
3 months ago

not quite business as usual in Hubei despite claims by govt that all is hunky dory…
https://twitter.com/TruthAbtChina

>>> perhaps scenes like this will cause Trump to walk his comments back and instead lock the country down. honestly, once the public figures out the powers that be are minutes away from pulling off the scam of the century they will hit the streets in protest too. of course now, very conveniently, you can and will be arrested, tagged as COVID-19 positive and tossed into a quarantine detention center if you’re standing within a few feet from someone else. kudos to the govt mafia crooks for taking things to a whole new level in terms of the magnitude of the crime not to mention the impressive surgical precision used to execute the crime itself

Hyper-mega-Bull
Hyper-mega-Bull
3 months ago
Reply to  bullwhip29

thanks for sharing the link. very interesting. but i don’t see the link between the protest and lifting the lockdown or the ‘scam of the century’ (whatever that is).

bullwhip29
bullwhip29
3 months ago

US citizens will protest Hong Kong style once they find out they’ve been hoodwinked again to the tune of $10T+ by their gov’t. this takes never letting a good crisis go to waste to a whole new level. while average joe’s have been dialed into the coronavirus situation 24/7, they have failed to witness what has really been going on behind the scenes. Trump will have no choice but to backtrack on his “open up the country by Easter” comments and instead step up efforts to lock down the whole country for the foreseeable future (because of the surging number of people testing positive, of course…)

Oracle
Oracle
3 months ago
Reply to  bullwhip29

The silent complainers always low.

Yell the loudest and threaten and you get what you ask for.

Best place on meth
Best place on meth
3 months ago
Hyper-mega-Bull
Hyper-mega-Bull
3 months ago

did taxpayers end up buying the kindermorgan pipeline for $4.5 billion?

Best place on meth
Best place on meth
3 months ago

Yes, we did.

Looks like the expansion will no longer be needed.

Slava
Slava
3 months ago

“Pipeline. What’s that?”, said Alberta in the 2000’s boom years.

China Must Pay
China Must Pay
3 months ago
Reply to  Slava

Pipeline = white elephant

Slava
Slava
3 months ago
Reply to  China Must Pay

And it’s so transparent, just takes a smidge of critical thinking. I guess it’s too much to ask.

Zombie
Zombie
3 months ago

Taxpayers bought it for Alberta because Albertans and their politicians were crying, shouting and screaming and threatening to separate. Dumbest province in Canada.

Zombie
Zombie
3 months ago
Reply to  Zombie

Maybe they should stop paying high school drop outs $140,000 per year to work on oil rigs.

YVR
YVR
3 months ago

Real Estate Prices on their way down prior to the crash.

On average down $141,000 USD since Jan 2018. Nice investment. Cash flow negative, triple insurance costs, property taxes increasing double inflation, lower in USD terms and a capital loss. And you get to pay a realtor $50K just to get out if you can find a buyer. Nice. Should be fun to watch over the coming months.

Residential – All Types
Jan 2018 Greater Vancouver $1,069,000 (USD $$865,890)
Jan 2019 Greater Vancouver $1,021,000 (USD $775,910)
Feb 2020 Greater Vancouver $1,020,600 USD $$724,646)

https://www.rebgv.org/market-watch/MLS-HPI-home-price-comparison.hpi.all.all.2020-2-1.html

Projection
Projection
3 months ago
Reply to  YVR

Why should the average buyer care about USD prices? Just another idiotic made up “argument”.

A realtor wouldn’t cost you 50k on an average priced property either. Just shows how clueless you are.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Projection

It would probably be a over $50K, as you’re paying the buyers agent as well as your own.

Projection
Projection
3 months ago

No, I am paying my agent only. Buyer’s agent is part of the buyer’s closing cost.

When I am selling for the HPI price of $1,020,600, then my cost, including fees and taxes, will be between roughly $13k to about $35k depending on the realtor. There is no reason to include the buyer’s portion of the commissions in this calculation.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Projection

You’ve never sold a place before, have you?

Projection
Projection
3 months ago

I did, that is how I know how this works.

Projection
Projection
3 months ago

Actually, you’re right. I remembered it wrong. The cost would be between $25k to $69k, depending on realtor.

Projection
Projection
3 months ago
Reply to  Projection

Actually again, I have thrown the numbers into a commission calculator I had from the sale I helped my parents with a few years ago. They had a regular non-discount realtor and the fees they paid were equivalent to $33k for a median HPI priced property. So, my original numbers were correct, but the seller paid it all.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Projection

50K wasn’t an unreasonable number for YVR to throw out there.

Projection
Projection
3 months ago

The standard is $33k and discount rate is 13k

Slava
Slava
3 months ago
Reply to  Projection

Cat fight.

Slava
Slava
3 months ago
Reply to  Projection

And it just stated here two minutes ago that it’s not a liar. Sigh.

Projection
Projection
3 months ago

One more from March 2005 by VHB:

“I claim that the Vancouver housing market is overpriced. Ok, so if I’m so smart, then when do I think prices will return to a level justified by fundamentals? My answer? Umm, sometime. I don’t know when. I don’t want to say when.”

At least he was honest. But what value is a prediction like that without at least an approximate time line?

Oracle
Oracle
3 months ago
Reply to  Projection

They refused to believe the immigration numbers/foreign money effect.

And now paying the price.

Projection
Projection
3 months ago
Reply to  Oracle

VHB did buy eventually. I bet most people who followed that blog in 2005 have bought since then, after realizing they can’t wait forever.

Projection
Projection
3 months ago

Another one from March 2005 by VHB:

” I’ll admit myself to some shades of bitterness that I didn’t buy a couple of years ago and have build a few hundred K of housing equity to spend on things. But such is life.”

Lucky for him, he saw the light a few years later and bought. Unfortunately, some of his readers are waiting to this day.

Projection
Projection
3 months ago

in March 2005, VHB wrote this:

“Currently, one can get a 5 year mortgage for about 5%. We have seen in the chart in my earlier post that rates have not been this low since the 1950s. Will the low rates persist?

I doubt it.”

5% was an unusually low mortgage rate, not seen since the 1950s. Rates could only go up and crash was guaranteed.

15 years later, the 5-year rate is 2.49% and bears celebrate if it move 0.2% up.

Projection
Projection
3 months ago

“The federal wage subsidy for small and medium-sized businesses hit by the new coronavirus pandemic is jumping up to 75 per cent, the prime minister announced on Friday.” https://globalnews.ca/news/6741037/coronavirus-wage-subsidy-canada/

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago

Nobody posted Zolo stats recently, so I’ll have to fill in for the role:

Vancouver average price change:

Month +4.3%
Quarter +9.2%
Year +12.8%

You’re welcome.

Hyper-mega-Bull
Hyper-mega-Bull
3 months ago

I wonder why Doctors are prescribing and hoarding TrumpPills for themselves and their families?

https://www.cbc.ca/news/health/sanctions-canadian-doctors-experimental-drugs-1.5511244

China Must Pay
China Must Pay
3 months ago

According to the MSM hydroxychloroquine and azithromycin do not work so these well educated doctors must either be dumb or uninformed … I mean, the media is always unbiased and only reports well researched facts.

Hyper-mega-Bull
Hyper-mega-Bull
3 months ago
Reply to  China Must Pay

i trust bcit school of journalism grads to give me medical advice

Werner Stein
Werner Stein
3 months ago

it seems from the comments on the link to the van sun article southseacompany posted, most people view the RE cabal with disdain.

I guess it is because of their willful association with the criminals and corrupt politicians.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Werner Stein

You mean most people who choose to comment. It’s called a bias. Don’t worry about it.

Slava
Slava
3 months ago

Buts it’s majority you and your sock puppets posting here. It’s called a bias (and psychosis). Don’t worry about it:)

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

Who else is going to tell the uneducated neo-Nazi scumbags to go fuck themselves every day?

Slava
Slava
3 months ago

How can a bonified neo nazi like yourself posting here 24/7, call others a neo nazi? Get help, or on
second thought don’t. You maybe serve some as a bad entertainment function:)

Projection
Projection
3 months ago
Reply to  Slava

It’s bona fide, not not bonified, you dummy.

Projection
Projection
3 months ago
Reply to  Projection

not bonified

Slava
Slava
3 months ago
Reply to  Projection

You’re still not winning.

Projection
Projection
3 months ago
Reply to  Slava

There is nothing to “win” here, you dummy.

China Must Pay
China Must Pay
3 months ago
Reply to  Projection

If you call others “losers” that implies there are “winners”. Goof.

Projection
Projection
3 months ago
Reply to  China Must Pay

Except I don’t.

Slava
Slava
3 months ago
Reply to  Projection

Bad lying, is still lying.

Projection
Projection
3 months ago
Reply to  Slava

So stop lying.

Slava
Slava
3 months ago
Reply to  Projection

Uhh, the comment was addressed to your person, a self evident chronically bad liar.
But I can understand, you’re special. (Special Olympics Material)

Projection
Projection
3 months ago
Reply to  Slava

Unlike you, I have provided real data for this website, always transparently and added more info when being asked politely. Not once have I lied. If you think I did, it’s probably because you are projecting your own personal failings on me.

Slava
Slava
3 months ago
Reply to  Projection

You need to tell yourself that, each time you think of posting here.

Slava
Slava
3 months ago
Reply to  Projection

Oh, spelling nazi as well. Now you won the argument. Give yourself a hug:)

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

Do you ever get tired of being a fucking loser and feel the urge to better yourself?

Thought not. Go gaslight somewhere else, toxic scum.

Slava
Slava
3 months ago

Uncanny! What you just said precisely describes what you are and what you should do, neo nazi.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

And you wonder why you’re unemployable…

Slava
Slava
3 months ago

Your nazi fantasy. If it helps you sleep better at night?

Slava
Slava
3 months ago

Mortgage rates up…..LOL

Projection
Projection
3 months ago
Reply to  Slava

Ratehub at 2.49%. Lower than 2 days ago. LOL

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Projection

And likely lower than anybody would have had 5 years ago if they’re renewing today.

Slava
Slava
3 months ago

My Gold is much higher than five years ago too, and just went went up $200 CAD in the last week.

Projection
Projection
3 months ago
Reply to  Slava

Another non sequitur.

Slava
Slava
3 months ago
Reply to  Projection

Another Nope.
Keep stacking Bitchez.

southseacompany
southseacompany
3 months ago

“Mortgage rates to go upward until the market reaches a ‘new normal'”, Mortgage Broker News

https://www.mortgagebrokernews.ca/news/mortgage-rates-to-go-upward-until-the-market-reaches-a-new-normal-328009.aspx

“Canadian mortgage rates will likely climb higher until the market achieves relative stability amid the global COVID-19 outbreak, according to James Laird of Ratehub.ca.’

““With Canadians losing their jobs, lenders are building a bit higher of a risk premium into their mortgage rate,” Laird told the Financial Post.”

Slava
Slava
3 months ago

“A firefighter has never been criticized for using too much water,” Poloz said.

Joe Money
Joe Money
3 months ago
Reply to  Slava

If this goes on too long then governments could end up being criticized for using too much water on the Coronavirus fire.

Slava
Slava
3 months ago
Reply to  Joe Money

Printing money is like water, when you print it out of thin air.

China Must Pay
China Must Pay
3 months ago
Reply to  Slava

except you can run out of water …

Slava
Slava
3 months ago
Reply to  China Must Pay

So true!

Joe Money
Joe Money
3 months ago
Reply to  Slava

Or the fire burns so hot the water turns to steam no matter how much is poured on.

Joe Money
Joe Money
3 months ago
Reply to  Slava

You can’t print people’s patience out of thin air.

southseacompany
southseacompany
3 months ago

“Bank of Canada makes another emergency cut to interest rate”, CBC

https://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.5512098

“The Bank of Canada has made a second unscheduled cut to its benchmark interest rate, lowering it to 0.25 per cent amid the COVID-19 crisis.”

KopyrightKlepto
KopyrightKlepto
3 months ago

Nice. My monthly interest payment is down to under $1200. What can you rent for that?

Werner Stein
Werner Stein
3 months ago

http://parkdaleorganize.ca/
People have had enough.

“Parkdale Organize is a membership-based group of working class people who organize to build neighbourhood power in Parkdale. Where landlords, bosses, or the state exploit or abuse us, we organize to defend, inform, educate and empower our neighbours to collectively improve our conditions. We want to build working class organizations independent of politicians and social service providers.”

Projection
Projection
3 months ago
Reply to  Werner Stein

Communist propaganda. Funny how low you can go.

Slava
Slava
3 months ago
Reply to  Projection

Plenty of Communist Propaganda in China for you. Go sniff it out;)

China Must Pay
China Must Pay
3 months ago
Reply to  Slava

Projection grasping at straws now… and flailing around like a dying fish… and must respond to every post from Werner like a triggered dog… anything to deflect from the storm.

Slava
Slava
3 months ago
Reply to  China Must Pay

Not to mention mental illness.

Projection
Projection
3 months ago
Reply to  Slava

That is a non sequitur.

Slava
Slava
3 months ago
Reply to  Projection

Uhh….no.

YVR
YVR
3 months ago

Poll: Trump More Trustworthy Than Media on Coronavirus

Americans trust President Donald J. Trump more than they do the national media to provide accurate information about the coronavirus pandemic, according to a new poll from CBS News. The same poll found that a majority of Americans—54 percent—were optimistic about the Trump administration’s ability to deal with the China-caused pandemic. A similar majority—53 percent—said President Trump was doing a good job of handling the coronavirus outbreak. The poll findings are in line with other recent surveys that have confounded the national media. As it turns out, the American people view Trump’s handling of the pandemic far more positively than the media would prefer.

https://freebeacon.com/media/poll-trump-media-trust/

xyz
xyz
3 months ago
Reply to  YVR

A collection of MSM talking heads and leftist idols that are wishing for a recession and more corona-virus deaths so Trump can be voted out of office.

https://www.infowars.com/dems-msm-confess-to-wanting-coronavirus-to-destroy-us-economy-trump/

The video montage says it all…..

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  xyz

Infowars? LOL.

Your reading habits say it all.

Slava
Slava
3 months ago

If only he read CNN, right?

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

Oh, CNN got banned from social media sites for being far-right shitheads? I must have missed that.

Slava
Slava
3 months ago

“Social” Media..Seriously? LOL

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

You don’t even have any clue what point it is you’re trying to me.

But it’s a good job that nobody cares what unemployable neo-Nazis think. They should be barred from receiving EI.

Slava
Slava
3 months ago

Ok boomer.

Best place on meth
Best place on meth
3 months ago
Reply to  Slava

Social media isn’t biased at all.

Nope, always by the book when deciding who ban and who not to ban.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago

True. Trump has breached Twitter’s rules many times and as yet no action has been taken.

The last Conservative
The last Conservative
3 months ago

Who gives a fuck if it’s infowars?

The video speaks for itself.

The point is leftist assholes would delight in a severe recession or depression if it meant defeating Trump. Says it all. Deranged batshit crazy lunatics.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago

Reasonable human beings don’t read infowars. Ever.

Slava
Slava
3 months ago

Says you.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  Slava

Nobody needed to ask which side you’re on.

Slava
Slava
3 months ago

No sides. Only objective truth. There is your problem.

The last Conservative
The last Conservative
3 months ago

That’s your opinion which doesn’t say much.

People who want truth never watch the MSM they seek out alternative media outlets. To each his own.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago

It’s my opinion and every major media outlet and every major social media site. Your “truth” is toxic garbage and you’d be wise never to talk about your sick minority beliefs in public.

The last Conservative
The last Conservative
3 months ago

Go fuck your self. You are the one who delights believing in bullshit not me.

How’d that Russian collusion horseshit work out for you and your MSM charlatans?

Where is the ice age they promised in the 70’s.

Where is all the acid rain that was going to destroy us?

The fake news media has lost so many viewers over years because they are full of shit. I don’t watch info wars but they are immensely more popular than joke media outlets like CNN.lol.

But you keep be you.

And that is why you are now and forever are full of shit.

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago

Are you suggesting it’s not a far-right website?

The last Conservative
The last Conservative
3 months ago

Lol. God your dumb. Stop demonizing lefty.

It’s a conspiracy website not a political one. Jones has been a critic of both democratic and republican neocon administrations in the past.

I have no problem with anyone watching infowars or coast to coast am or any alternative website.

To each his own. That’s conservatism. We don’t give a damn what you believe so long as you don’t try and force us to believe what you consider truth.

A jury heard arguments from both sides, then decides.

Leftists want their “truth” to be the only one in the arena of public ideas and thought.

Must be because you lefties have a massive inferiority complex. That’s what you want to censor anything that goes against your obviously fragile beliefs.

Best place on meth
Best place on meth
3 months ago
Reply to  xyz

Look at all those media assholes rooting against America.

Well, the treasonous fucks got the recession they hoped for and more but they’ll still get 4 more years of Trump.

Projection
Projection
3 months ago

You were hoping for a recession too.

Bag it and tag it
Bag it and tag it
3 months ago
Reply to  YVR

Let’s see how they feel a month from now

Shut It Down Already (original)
Shut It Down Already (original)
3 months ago
Reply to  YVR

Fortunately CBS is “fake news” and part of the “lame stream media”, so you can safely ignore all of their polls.