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.
Vancouvers empty home tax is bringing in some decent coin – almost $40 million in 2018.
If you believe in a vibrant vancouver and want to do your part to support it, you can own a home here and keep it empty – that extra tax income goes to support affordable housing and rent protections.
If you really want to go the extra mile, don’t report your empty home: Audits raises $22.1 million in taxes and fines from empty home owners.
Read more here.
It’s a new milestone! Its. Ot just Canadians that cant get enough of that debt, global debt levels have reached their highest peacetime levels:
We are likely to see central banks continue market interventions that have enabled governments to take on more debt since the crisis, perhaps even financing spending directly with so-called “helicopter money”.
We’re actually not a million miles away from this. By their aggressive actions over the last decade, central banks have effectively trapped themselves into continually intervening in government bond markets. They’re arguably beyond the point of no return.
Full article here.
Southseacompany shared this link to a list of global cities with the most overvalued real estate:
Swiss bank UBS’s Global Real Estate Bubble Index 2019 found a significant overvaluation in half of the 24 housing markets analysed by the research. The bubble risk appears greatest in seven global cities, with Munich the most vulnerable, followed by Toronto, Hong Kong, Amsterdam, Frankfurt, Vancouver and Paris. Major imbalances are also found in locations such as London, San Francisco, Tokyo and Stockholm, while valuations are considered stretched in Los Angeles, Sydney and Geneva.
Read the full article here.
An anecdote from southseacompany:
Post from one of my LinkedIn connections;
“Lead indicators … Vancouver’s Development Permit Board reviews major project applications. Their agenda looks rather empty. ”
July 22, 2019 – Cancelled
August6, 2019 – Cancelled
September 3, 2019 – Cancelled
September 16, 2019 – Cancelled
“When I served on the DPB (1999 -2002) we commonly had 3 to 4 items on the agenda EVERY two weeks.”