Summertime and the end of another week! Let’s do another open topic thread on all things economic and housing 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!
Right now it would be the best time for Canada to close Chinese Consulate in Vancouver, expel Consul General Tong Xiaoling and send a clear message to Western allies and the the rest of the world . That would eventually bring Canada back where it belongs as a world democratic leader.
https://www.cnn.com/2020/07/24/asia/us-china-consulate-chengdu-intl-hnk/index.html
All embassies and consulates between china and Five Eyes countries should be shut down.
Furthermore we should expel all chinese nationals from Canada.
Vancouver Mayor Kennedy Stewart was photographed last week sitting at a West End restaurant patio table with seven other people, violating a public health order that allows no more than six people to sit together at a restaurant table.
The photo, taken July 15, shows Stewart sitting with others around what appears to be two tables pushed together on a restaurant patio.
That’s elitist leftists for you, one set of rules for them and another set for the rest. Like Animal Farm.
Well what do you know, rents can go down as well as up, even in the worlds financial capitol and most important city.
“NYC Landlords Are Cutting Rents for Apartments Closer to Offices”
https://www.bloomberg.com/graphics/property-prices/nyc/?sref=V47xycDY
Sales are very weak.
N 207
PC 65
S 72
TI 12980
What the… did now close early. What is with the sales drop… 3 -1 Bears this week… I expect big sales number tmw
Low net new and low sales = tie
2-1-1 bulls
i expect a bulls win today as yesterday’s sale gotta be an anomaly… or is the beginning of something??? HMMM
Lol
Washington Gov. Jay Inslee said Thursday he is tightening restrictions throughout the state in restaurants and bars, for weddings and funerals, and at gyms in a further effort to stem a surge in COVID-19 cases
https://globalnews.ca/news/7211960/washington-state-coronavirus-restrictions/
>>> Dave, what is going on here?
More than 150 prominent US medical experts, scientists, teachers, nurses and others have signed a letter to political leaders urging them to shut down the country and start over to contain the surging coronavirus pandemic
150 registered Democrats.
Of course. You’d have to be totally deranged to be a prominent medical expert who also supports that idiot currently in office.
Person, woman, man, camera, TV.
So you agree they’re all Democrats.
Most likely corrupted and with advanced TDS.
Is that another way of sticking your fingers in your ears and shrieking “fake news”?
Sure sounds like it.
Retard
Princess Cruises cancels sailings until mid-December because of the pandemic
https://www.cnn.com/travel/article/princess-cruises-cancels-sailings-december-pandemic/index.html
>>> who still believes in the nonsensical notion that a V recovery is underway? it is clear that 2020 will be a total and utter write-off for many industries and that we will soon be talking about whether any sort of turn around can realistically occur in 2021
The lost cruise ship season will cost Vancouver’s economy $2 billion.
China offers $1 billion loan to Latin America and the Caribbean for access to its Covid-19 vaccine
Debt trap diplomacy.
https://www.scmp.com/business/article/3094288/billionaire-chairman-indebted-property-firm-goldin-hong-kong-shop-king Billionaire chairman of indebted property firm Goldin, Hong Kong ‘shop king’ among investors disposing of assets on the cheap to pay debt Published: 8:30am, 23 Jul, 2020 Two of Hong Kong’s tycoons have joined the ranks of investors needing to raise funds to meet their debt obligations. Billionaire Pan Sutong, the chairman of the Goldin Financial Holdings, is putting his own property on the market while seeking help from his famous wealthy neighbour to survive a liquidity crunch at the development company that recently walked away from one of the city’s biggest land deals. Pan has taken out a second and third mortgage worth a total of HK$600 million (US$85.6 million) on a home he owns in Hong Kong’s ritzy Deep Water Bay neighbourhood. He signed two loan agreements with the Bank of Communications in April and May, according… Read more »
B.C.’s provincial health officer has announced plans to limit the number of guests allowed in vacation rentals, including houseboats and Airbnb properties
Another record-breaking day of Covid deaths in Florida.
Must be due to the hot weather.
You Can Pool Cash With Other Broke People To Buy Houses Starting At $1 In BC
https://www.narcity.com/money/ca/bc/vancouver/vancouver-real-estate-you-can-now-buy-parts-of-homes-in-bc-starting-at-1
This is the selling of shares in an investment corporation and financial regulators like the BCSC will have something to say about this. And i guess these “investors” have never heard of REITs ?
Yeah these overt scams get shut down as quickly as they get started. Real Estate types forget that other types of investing are actually regulated in order to prevent exactly this type of PT Barnum shit. Unlike the wild west smoke and mirrors show that is the average Used House sale, the things that real estate players want to pull on rubes home buyers come with prison terms in the real world. Remember the Toronto developer who printed a prospectus showing projections for financial appreciation and also probable net profit from short term rentals of the units they were selling? Imagine if you tried to do that shit with a real investment! Even the graphic design intern who made the brochure for you would know you were a moron who was destined to have to explain yourself to a judge.… Read more »
What do developers know that the rest of us don’t?
“Investment in residential construction plummets in Vancouver, Toronto”, Mortgage Broker News.ca
https://www.mortgagebrokernews.ca/news/investment-in-residential-construction-plummets-in-vancouver-toronto-331785.aspx
“Proportionally, Vancouver saw the largest year-over-year decline in residential construction investment, falling by 44% to $852 million in May. “
Nothing that we don’t already know.
Low immigration for at least another 12 months.
Huge amount of completions coming down the pipe.
No reason to be adding inventory now, and low likelihood of securing enough pre-sales to finance a new build.
it’s all about the last point you made. the loosey goosey pre-sale market in its former life is nothing but a distant memory. whatever industry reemerges (post covid, post money laundering, post tax free flipping, post anonymous offshore wechat buyers, post I BUY THREE etc…) will at best just limp along indefinitely.
+100
This has been my favourite comment from any poster in awhile.
53% of Chinese-Canadians say China can’t be trusted
https://www.richmond-news.com/news/53-of-chinese-canadians-say-china-can-t-be-trusted-survey-1.24174957
“….to act fairly in a dispute.”
Note the important distinction between the headline and the article.
lol…as if I actually read the article… 😉
The 47% must be Chinese-Canadians born in Canada and feel they need to defend anything Chinese because they are in a permanent identity crisis. You see people like this a lot online.
Pretty fucking scary that 40% say the communist scumbags CAN be trusted.
What kind of shit have we let into this country and what are they doing to harm Canada?
It is ultimately understandable that many of you cannot recognize if there is a pandemic, with your own eyes, and process that with your own brain.
When for most of you, your God the establishment media owned in entirety by less than six corporations in Canada, really just has to tell you that there is a pandemic. Your God also set the narrative for our un-elected advisors, and ultimately for many of our politicians.
When your God publicizes stories such as these, does your God have your best interests in mind? Do you consider this God your parent?
htps://www.ctvnews.ca/canada/ontario-pastor-fired-after-coming-out-to-congregation-as-transgender-during-sermon-1.5034055
htps://www.cbc.ca/news/canada/toronto/yusra-khogali-twitter-the-star-1.3529105
htps://thepostmillennial.com/blm-toronto-leader-believes-white-people-are-sub-human-calls-them-genetic-defects
Bizarre.
I have been meditating on larger, more spiritual issues over the last 12 hours. I just want to make one comment about that. I am not religious. I never grew up in a religious family. My parents were hippies who hated religion. I am biblically illiterate. I couldn’t even list off the Twelve Commandments. I was never baptized. I have absorbed some Christian knowledge via the internet over the past few years. I am still processing this stuff, but I want to share it: We can see the world as rules by two devils. One is Moloch and the other is Magog. Moloch is all about hedonism and self pleasure. It is manifested in Hollywood, entertainment, and our permissive degrading culture. It can be associated with the Left. The other devil is Magog is all about money and material possessions.… Read more »
time to get out of mom’s basement and get some fresh air, dude. Dave should swing by and take you to the beach. don’t forget to grab your bongos…
Vacant Airbnb destinations in downtown Toronto are up for sale, report says
https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=23rrm6&mobile=false
TORONTO – A new report suggests that there’s a rare window of opportunity to snag a condo in downtown Toronto right now of those that were rented on Airbnb before the COVID-19 outbreak.
it’s a “rare opportunity to snag a downtown Toronto condo” so you’d better get in there quick! Ignore the fact that people are moving out of downtown areas in many cities.
it all boils down to how this is defined. 1000s of units in relation to the population of the world could arguably be defined as “rare”
If the entire world’s population lived in Toronto that could be true.
I don’t want to comment here today but I had to respond about Little Mountain below. Please see those comments below because that is information that I have painstakingly collected and you will never see that in the MSM.
Fuck you for censoring me
Some people might be aware that if you plan / have to sell; it might be a good idea to be current on your taxes.
But, if an omniscient pumper claims otherwise, and is backed by a Kelowna website article, I guess there is no argument.
“Canada’s Growing Debt Problems Amid Runaway Government Spending”, National Review
https://www.nationalreview.com/2020/07/canadas-growing-debt-problems-amid-runaway-government-spending/?utm_source=recirc-desktop&utm_medium=blog-post&utm_campaign=river&utm_content=more-in&utm_term=first
“With the highest unemployment rate in the G7, Canada is running massive deficits with no signs of slowing down, causing Canada’s debt to be downgraded and yields to rise.”
The scamdemic is making a big comeback, or so I hear, so make sure to keep your zinc levels up.
https://www.theepochtimes.com/the-often-overlooked-role-of-zinc-in-the-age-of-viruses_3358948.html
Apparently it also helps guys who have trouble with……..I’ll let Dave explain this part.
Sugar babies > Zinc
Best place on meth:
“Just drive around Vancouver and look at all the empty storefronts with for lease signs. They’re everywhere.”
According to the pumper man that is of no consequence to the real estate business. He reasons that people affected by the pandemic are lower wage earners who are mostly renters, and not homeowners/debtors.
That of course does not seem to be supported by the fact that there are a million people on mortgage deferrals.
The only amazing thing about that stat is that more people didn’t take free money. A shocking percent already paid their property taxes already too even though they don’t have to.
Where do you get your stats for property taxes paid?
I read the article for Kelowna, which said 80% paid already.
https://www.castanet.net/news/Kelowna/305007/Kelowna-has-a-severe-taxation-shortfall
34% of Burnaby property owners did not pay their property taxes on time this year, more than double the 15% who didn’t pay their taxes on time in 2019, according to the city.
That’s amazing to me because they gave you a free deferral and hardly anybody took them up on it. Only 1 in 5 did. I’m paying my taxes later because I can. The money is sitting there is a basically 0% interest account. Why not though?
I guess if you’re paying by preauthorized deposit and can afford to do so then it would be a hassle to stop then restart?
I think it’s because habits are hard to break for most people. They’re used to paying July 4th, so they keep doing it.
The real question is how many people are like me… have the money but pay later because they can. And how many didn’t pay because they can’t pay.
If you said 10-15% are delinquent on any given year, that mean in Kelowna, only 5-10% deferred. No matter how you slice the numbers, that’s bullish.
Also many mortgage providers will process your property taxes for you. It’s not even a conscious decision to pay for some.
Not a tie.
1)The few sales are in large part by the criminals selling to each other trying to make the trail opaquer.
2)The hype machine has gone into high gear, then turbo charged and so far, the FOMO factor seems to be nowhere in sight.
If the pumpers cannot stoke the embers into a raging flame within a couple of weeks, then the bursting may happen sooner than I anticipated.