Scary

On Friday, as expected, the real estate cartel screwed up its courage and released the latest market report. No matter how the pro-property press spins things, this sucked. Here are the highlights:

  • Actual sales across Canada fell by almost 23% from last March, even though they edged up a bit from February (to be expected).
  • Sales in the first 90 days of this year were the worst since the opening three months of 2014, and are running 7% below the 10-year average.
  • The number of buyers shrank in 80% of all markets.
  • The average actual sale price fell by 10.4% (but the realtor Frankenumber® increased 4.6% – a graphic example of how real estate boards try to mask current trends).
  • CREA also officially confirmed what this pathetic blog has told you. Bone-headed government moves have backfired, forcing demand into condos and leaving detacheds languishing. As a result, real estate is scarcely more affordable despite the big drop in sales and the erosion in average prices.

“Recent changes to mortgage regulations are fueling demand for lower priced homes while shrinking the pool of qualified buyers for higher-priced homes,” says Gregory Klump, CREA’s Chief Economist. “Given their limited supply, the shift of demand into lower price segments is causing those sale prices to climb. As a result, ‘affordably priced’ homes are becoming less affordable while mortgage financing for higher priced homes remains out of reach of many aspiring move-up homebuyers.”

See, kids, current politicians are kneejerk, ideological and clueless, completely unaware of the consequences of their actions. And in BC it’s about to get even worse. Next time you vote for the dude who is ‘none of the above’ be careful. The rhetoric about bringing house prices down so middle-class families can afford dirt – then using a phalanx of new taxes to makes real estate more distorted and expensive – is gibberish. Now newbie buyers face soaring condo prices and higher rents while detached houses remain out of reach and mortgage credit has shrunk. For all that, you can thank people like John Horgan, Kathleen Wynn and the cute guy in Ottawa.

The realtors just confirmed that, too. The biggest price gains in Canada came with condo apartments – a whopping 17.8% surge from last year, ripping away at affordability for the demographic most likely to buy. In contrast, the market price of two-storey family homes fell by 2% and CREA says, “declines for single family home prices may persist over the first half of 2018.”

You betcha. This is typified by the 20-30% price plops in the northern GTA hoods that this blog bleated on about last week. What used to cost $1.9 million is now yours for $1.4 million. That’s sweet news for somebody who held off buying a year ago and can now ‘save’ half a million. But it does diddly to make real estate more affordable for average families.

Meanwhile Vancouver, as was eloquently described here recently, is pooched.

The realtor data shows while sales nationally struggled a bit higher from Feb to March, they tanked almost 9% m/m in YVR. That’s a big deal. It comes as the city’s nutso empty-houses tax came into effect, and after Comrade Premier Horgan’s new 20% anti-foreigner tax, the anti-Alberta speculation tax plus the luxury tax and now an anti-landlord task force. As you know, this is concurrent with the B20 stress test borrowers face plus creeping mortgage rates (they crept again Friday). It’s the perfect market-spanking storm, driving many buyers away, disqualifying others, diverting demand into the only cheap housing left, and shutting down the remainder of the marketplace.

It’s hard to see how Vancouver doesn’t suffer badly from this. In its real estate-driven economy, house prices couldn’t fall by 40% without peeling away jobs along with investor confidence. In such a scenario, there’s no way buyers would flood in to snap up family homes that have declined from the current average of $1.6 million to just $1 million. Human nature and macroeconomics tell us otherwise. And they confirm that the guys running the place are making it up as they go along. Yikes.

Finally, expect unsettling news in the days ahead. The president of the United States inches closer to blowing himself up and Friday night’s missile attack could start a war to divert attention from exactly that. That would increase economic activity (wars are great for investors) and likely force the Fed to accelerate the pace of its interest rate hikes. It’s a sad day when we have to mix politics and pee. But there you go. Democracy’s scary.

163 comments ↓

#1 crdt on 04.13.18 at 6:08 pm

The real estate part is as expected and so is the extreme political bias down south. Half the people are for the other against, either way half the people get annoyed because of it.

#2 The Wet One on 04.13.18 at 6:09 pm

So the good times are rolling!

Awesome.

Now, if only SFD prices come down for the next year or so in Edmonton, I’ll be set to buy and get a deal.

I’m loving it!

#3 Linda on 04.13.18 at 6:17 pm

The housing prices in Vancouver are unlikely to ever be considered affordable by average income buyers. Just looking at the average reported family income vs. SD housing prices that are ‘only’ one million dollars is enough to confirm that buying a SD house isn’t going to be realistic for most.

As for the current POTUS – duct tape for the lips & can’t someone ensure he can’t access any social media? With all the hacking power out there, surely someone has the computer savvy to stop the Trump tweets from seeing the light of day. Or at least route them through his media staff prior to release.

#4 Vancouver Brit on 04.13.18 at 6:19 pm

I don’t see how Vancouver is pooched. I see a market that is slowing, sure, as sales of SFH’s are bogged down by enormous prices. But it isn’t falling, all that’s happening is money has moved away from SFH’s to condos.

Soon the condo market will be unaffordable and status quo will be reached where supply and demand are equal. Right now, supply is still miles away from demand, so prices in the overall market are still increasing. SFH’s have reached their peak, but I see no major crash coming as demand is high enough to prop it up and there’s nowhere to build anymore. Condos still have a way to go before they reach their peak and once they do the entire market will be at its new norm.

This whole “Vancouver is pooched” thing is getting really tiresome (like, 5 years ago).

It’s not about prices, but affordability and the political response to that. Not going to be as happy a place to live. – Garth

#5 Vision on 04.13.18 at 6:22 pm

I cannot see why asking the borrowers to qualify for a 2% higher interest rate is such a big deal. If they cannot meet the test, then they cannot afford the mortgage. What is wrong with this? The Banks did not do this, so the government had to step in. The Banks were just so eager to give people loans. ($$$ for them)
Once upon a time, the rule of thumb was if you could not carry a mortgage on one salary, you could not afford the house. The rationale was if one person lost their job, the other could carry it.
So really, what is 2% stress test in the big picture.
I think the reason why condos are booming is that people are realizing they shoud buy what they can afford.
But, unfortunately, they still don’t think beyond the monthly payments.
They will learn and then there will be surge to the detached homes as they leave in droves.
But this may not happen until those detached become affordable.
As well, boomers, when they cannot do the stairs, will sell their homes and buy a condo. I visit seniors as part of my job and see some of the tiny spaces they are living in. ( Others have huge square footage condos, to die for, as they are so luxurious. They can afford it because they cashed in their homes and sold to greater fools.)
So the 2% rule is a good thing. Keeps the fools in check.

#6 Bibi on 04.13.18 at 6:23 pm

“The president of the United States inches closer to blowing himself up and might start a war to divert attention. That would increase economic activity (wars are great for investors)”
—————————-
How about a nuclear war? That good too?

#7 Stan Brooks on 04.13.18 at 6:23 pm

#3 Linda on 04.13.18 at 6:17 pm
The housing prices in Vancouver are unlikely to ever be considered affordable by average income buyers.

————————–

That is a very interesting statement:

That an average buyer will never be able to afford an average house.

1. Then who will be able to buy that average house, non-average (bellow, above) buyer?

Do you understand the stupidity of that statement?

Besides ‘ever’ is a very long timeline considering current changes including automation.

In 10 years 70 % of the jobs in Vancouver will be gone, so there will be absolutely no incentive to move in to live there.

#8 BobC on 04.13.18 at 6:24 pm

Is the B20 temporary?

#9 jess on 04.13.18 at 6:25 pm

broidy cohn et all basket of deplorables!

#10 dimson on 04.13.18 at 6:25 pm

I don’t understood what you don’t like about the frankenumber. I agree that it creates a smoother picture (and that it was disingenuous to use average prices on way up and switch measures now) but it seems a more logical measure than average prices which is flawed because of the variety of property types.

#11 Stan Brooks on 04.13.18 at 6:28 pm

B20 is very interesting attempt to curb housing idiocy.

It seems government is propping ultra-subprime mortgages with CMHC/mortgage insurance, all 900 billions of it while introducing restricting rules at the same time/B20.

Removing CMHC from the picture and transferring the insured mortgages back to the banks will be sufficient .

With CMHC and B20 existing at the same time it seems government both sucks and blows which is idiocy in most places but not in Canada it is rather the norm here,

#12 mark on 04.13.18 at 6:31 pm

This is when the really insufferable stuff starts – the real estate lobby will start relentlessly talking about how “the worst is over” “we’ve seen the bottom” “green shoots”.

A pox on the house of any reporter who serves this stuff up without first asking for some numbers.

#13 Financial Orchid on 04.13.18 at 6:34 pm

Even with price plop, detached home is still unreachable for the average couple of skilled workers. This brings up the next struggle between the decision to

upsize to more space + further from work
or
less space space + closer to work.

Commute is a huge factor in housing for everyone. Even with working from home opts, it’s still a struggle between benefits and trade offs of commuting every day or living farther but working from home.

#14 Bob Dog on 04.13.18 at 6:34 pm

Situation nominal. Leaving the country is still the best strategy moving forward.

#15 Willy on 04.13.18 at 6:35 pm

Herds of amateur condo speculators who made early plays into the shoe-box-in-the-sky market 5-10 years ago should be dumping their “investments” posthaste. Even some seniors may have the a chance to make historic gains as what is left of this distended market sends them a final “Hail Mary Pass”.

Adieu to condo fees, expensive repairs and postage-stamp parkettes saturated in dog piss!

After claiming their once in a lifetime gains they should sacrifice something to the B20 God, Brad Lamb and Central Bankers in thanks for the bounty they have received. They will have become the unintended beneficiaries of a messy and volatile market decline.

Looks like we will end up with a “condo crash within an SFD crash” over the next 18 months! Two declining markets “warring in the bosom of a single state”.

This is what happens when governments, financial institutions and realtors distort markets with bubble-denial marketing, irresponsible lending practices, and above all, artificially low-interest rates, held far too low for far too long.

#16 Ferry Burger on 04.13.18 at 6:40 pm

Rutting has started in Nanaimo. The listings are flying onto the markets. Overbids are the norm – 5 to 10% of asking. Demand remains strong from those vacating the GVRD with their lottery winnings and those that think this is their last chance. 20% YoY for April for sure.

#17 Smoking Man on 04.13.18 at 6:40 pm

No worries about ww3

Trump is not an idiot.

#18 Lost...but not leased on 04.13.18 at 6:45 pm

Re: Today’s mystic blog photo

5 out of 7 of Canadian NHL teams are desperate for a Goalie

#19 Whatcha Minnie on 04.13.18 at 6:47 pm

The calcium I bought did wonders on my pastures. I haven’t ever seen anything like it. My neighbors keep asking me what in the world did I do to my pastures and fields, it completely killed all my weeds. This is the best hay I have every had.

#20 Bibi on 04.13.18 at 6:50 pm

#17 Smoking Man on 04.13.18 at 6:40 pm
No worries about ww3

Trump is not an idiot.
————————-
Trump, are you serious? He doesn’t have a clue what’s gonna happen. He is almost like you, Joking Man.

#21 Tax Fox on 04.13.18 at 6:51 pm

#4 Vancouver Brit is a hoot. That’s what they said in Miami, Barcelona, Dublin, Tokyo and elsewhere before it all came crashing down.

They need to do the math to see who can carry a $1.6M mortgage or even save a $400K down payment on a regular salary.

Homes have to change hands at some point and unless someone can afford it, you ain’t got a buyer.

As Garth has said, those HELOCs and mortgages are coming home to roost just as the tax fox comes out to play. Prices should never have been allowed to get where they are. It’s hilarious that we owners convince ourselves how deserving and entitled we are to those price points.

#22 My_Own_Choice on 04.13.18 at 6:52 pm

Woke up this morning, found my next door neighbor had put up a “House for sale” sign!
Everybody is trying to liquidate their home before the market taking a further dive!

#23 bubu on 04.13.18 at 6:55 pm

B20 is temporary so no worries.. buy now on the dip and get rewarded in no more than 2 years when JT till be gone….

#24 Reality is stark on 04.13.18 at 6:57 pm

This housing market has been predictable all the way through. From 2008 to 2013 Canada had the oil boom to save it. Oil boom was artificial due to war in Iraq and trouble in the Ukraine. The money supply was goosed by driving interest rates to zero subsequently to boost economic activity and artificially inflate the housing sector. The government quants don’t need the late great Kurt Richebacher to tell them that this trick adds nothing to the wealth of the country.
There is one more step to complete the swindling of the average stupid Canadian. Currently the province gives a portion of gas tax revenue to municipalities. That is about to end. Since municipalities need land transfer tax revenue (which is quickly depleting) and gas tax revenue (ending) they will be forced to get the money elsewhere.
Steep property tax increases will make up the difference. The government knows that people will gladly hand over $10,000 per year in property tax when their house goes from $500,000 to $1,000,000. All the government needs to do now is steal the money.
Globalization has transferred wealth in the world from the west to the east. Those losses are permanent. The government can’t get all the tax money they need from average wages that are falling. They suck the balance of the money from the artificial housing sector they created. The folks that are so proud of their housing gains become the perfect suckers.
This whole scenario allows for the real raping of the average Canadian. It used to be that public sector workers made 70% of the private sector wage which made sense since private sector workers have much more risk. Now with benefits public sector workers make 115% of the private wage. As distribution jobs disappear due to automation this ratio will likely worsen.
You have effectively been fleeced.

#25 GoldnSilver on 04.13.18 at 6:57 pm

#4 Vancouver Brit on 04.13.18 at 6:19 pm

” SFH’s have reached their peak, but I see no major crash coming as demand is high enough to prop it up and there’s nowhere to build anymore. ”

Nowhere to build anymore? Well you may want to do a little historical research from not too long ago about RE in Japan. That is the same thing they were saying in ’89. “There not making anymore land” There was and is nowhere to build anymore in Tokyo and most of tiny Island Japan. The housing market and Real Estate crashed in 1989-90 due to capital flows, overvaluations and demographics. So how did that all workout for Japan. They have not recovered to this day some 28 years later.

#26 Smartalox on 04.13.18 at 6:59 pm

In the aftermath of the US Real Estate crash in 2008 and 2009, the data showed that the greatest contribution to the loss in value of detached houses was from upper-middle class speculators who abandoned their investment properties when credit seized up.

It’s why the legendary levels of demand for detached homes leading up to the crash dried up so completely when the recession hit – much more so than in other previous recessions.

Of course, those at the lowest end of the detached housing markets, those who faced the loss of the only homes they owned – their principal residences – and who were made homeless by the crash and its consequences, were the true victims, and got most of the press.

But for the most part, failed upper middle class speculators who only lost their money, kept their principal residences, which in most cases were already paid off, and suffered in relative silence.

It will be interesting to see how the consequences of Canada’s housing crash will play out: a lot of the people who would potentially demand a detached home have tied themselves instead, to condos, which we’ve already seen are a wealth trap destined to fall further under water, faster than detached housing.

At the same time, speculation in detached housing, driven by HELOC Lending is particularly vulnerable to rising interest rates driving prices of spec properties down, at the same time that HELOC costs shoot up with rising interest rates, and falling home values drive demands for HELOCs to be repaid – or at least paid down to reflect 65% of the lower market value. It’s going to be a hell of a negative feedback loop: reduced demand causes detached prices to fall, which drives down values overall, which forces hardship on HELOC holders, which results in even more houses on the market, driving down prices, gutting HELOCs, etc.

And because the normal market demand from buyers has already been absorbed by condo purchases, there won’t be any demand for detached homes for quite some time. Condo owners who are likely locked in for at least the next five years, will have to sit on the sidelines while their units are wort even less than they paid for them – and condo speculators liquidate their holdings.

I expect that when the demand for detached homes dries up, it will be quicker and deeper and drag on for longer than most other housing corrections have in the past, before detached prices begin to recover.

In this way, It may yet be different, this time.

#27 Keith on 04.13.18 at 7:02 pm

Horgan might as well have a tilt at trying to make some housing affordable. By the way, he’s not trying to make ownership affordable – that ship sailed long before he came into office. He’s getting revenue to finance non market rental housing, the last hope people earning a regular living. He isn’t making the situation worse, because frankly that’s impossible. Ownership was unaffordable for almost everyone already.

#28 Warren Buffett on 04.13.18 at 7:05 pm

“BE FEARFUL WHEN OTHERS ARE GREEDY”

Be GREEDY when others are FEARFUL”

Thats how I got rich!!$$

#29 Ex-Cowtown on 04.13.18 at 7:07 pm

#3 Linda on 04.13.18 at 6:17 pm

As for the current POTUS – duct tape for the lips & can’t someone ensure he can’t access any social media? With all the hacking power out there, surely someone has the computer savvy to stop the Trump tweets from seeing the light of day. Or at least route them through his media staff prior to release.

+++++++++++++++++++++++++++++++++++

Actually, Trumps tweeting strategy is very well thought out and quite deliberate. He knows that he can never, ever, in a million, billion, zillion years get a straight shake from the MSM so deliberately baits them into howling and baying and they drown each other out.

Anyone want to bet that if Trump wasn’t POTUS, Twitter, Facebook etc would have already banned him for life as a way to silence opposition?

The larger threat to society is what #3 Linda advocates: Censorship. Every dictator has tried it and look how well it’s worked out for them.

Trump has never tried to silence anyone; he mocks them, makes fun of them but not once has he ever demanded that they be silenced. Compare that to David Suzuki, the bastion of tolerance who wants people who question his Global Warming jihad thrown in jail. Seruiously, which one is more tolerant; POTUS who lets people speak their own mind, or Suzuki who wants them jailed for speaking their own mind?

Even a mathematically challenged putz like me can run those numbers.

#30 Honey Dripper on 04.13.18 at 7:08 pm

Trump IS an idiot but that’s really unfair to idiots everywhere.

Don’t know why anyone would buy a POS condo in the six? It’s the lesser of all housing evil is why.

#31 Zapstrap on 04.13.18 at 7:08 pm

Wonder out here in LaLa land if Van will ever allow owners with lane houses to sell off the lane house. Would be lot’s of extra taxes collected somehow and the land owner would be happy for the windfall. Probably the new lane house owner too. Gotta be better than a box in the sky.

#32 Danny on 04.13.18 at 7:09 pm

Interesting but I think the…..longest period of the lowest interest rate……..had the greatest impact on the housing market prices.

I believe you mentioned this……so many times before….that I consider it the greatest reason.
You convinced me about that…..so many times.

Many people took savings out of banks and put them in real estate. I know quite a few. So now many Canadians own second homes. The speculators population increased.
Question now will be when will they sell?

So who do we blame? ……Low interest that stuck around.

#33 Mountain Dew on 04.13.18 at 7:09 pm

The real estate market in the Lower Mainland remains frisky. Just contacted a realtor about a three-bedroom half-duplex in Kitsilano that was listed for $1,849,000. The agent said four offers came in and the accepted offer was $125,000 over ask. It just doesn’t let up.

#34 Victor V on 04.13.18 at 7:10 pm

RCMP probing syndicated mortgage fraud search GTA offices, including Fortress, sources say

http://business.financialpost.com/news/fp-street/rcmp-search-fortress-office-in-mortgage-fraud-probe-sources-say

#35 Unhinged Trader on 04.13.18 at 7:13 pm

>Democracy’s scary.

Indeed, especially when Trump was literally recruited by a majority starved of proper leadership, to reign in the Neo-Con establishment, the draft-dodging warhawks like Bolton, and put a stop to foreign interventions on false pretenses.

If he pulls the trigger, he’s dead to his last remaining loyal constituents.

Throw him to the wolves, I say.

#36 crowdedelevatorfartz on 04.13.18 at 7:14 pm

Excellent Friday the 13th pic Garth.
Just about spilled my 1st drink when I opened the blog.

#37 WHAT? on 04.13.18 at 7:18 pm

#17 pole smoking man

So because trump may not have the intention of starting ww3 he is not an idiot? I know of plenty idiots who wouldn’t start a WW…

#38 Guy in Calgary on 04.13.18 at 7:23 pm

I love BC but I am genuinely nervous to take my car there now with AB plates. They are starting to get a little looney. I will be sure to park near cameras.

#39 Oakville on 04.13.18 at 7:23 pm

I do think that the new mortgage”stress tests” are a good idea. It’s important to make sure that people can afford to buy homes. The Ontario government could reduce the foreign buyer tax on single family homes to stimulate demand.

#40 Camille on 04.13.18 at 7:24 pm

Hello. First of all end of cycle is with condo sales up, then everything will shut down. Will be very quick. Secondly per Nobel winner Hayek explains well that government cannot know what to do, even with good intentions, probably not. Something about markets being complicated. HA HA. Thirdly, I pray for no war in Syria, no bombs. Market very secondary. Government is such a problem. Japan leads the way, look at their treasury market, stock market, real estate…

#41 jess on 04.13.18 at 7:25 pm

trump is an puppet idiot

Trump’s personal lawyer will serve as key RNC finance executive
Sonam Sheth
Apr. 3, 2017, 2:03 PM
4,219

Counter-terrorism expert Malcolm Nance’s book, “The Plot to Hack America,” was released a year and a half ago and has proven to be highly accurate in predicting the unfolding situation involving Russia’s plan to influence the 2016 election.

Nance spoke at the University of Louisville Kentucky Author Forum on April 5, 2018. He was interviewed by Ned Price of National Security Action.

For months, the FBI have been investigating Russian interference in the American presidential elections. ZEMBLA is investigating another explosive dossier concerning Trump’s involvement with the Russians: Trump’s business and personal ties to oligarchs from the former Soviet Union. Powerful billionaires suspected of money laundering and fraud, and of having contacts in Moscow and with the mafia. What do these relationships say about Trump and why does he deny them? How compromising are these dubious business relationships for the 45th president of the United States? And are there connections with the Netherlands? ZEMBLA meets with one of Trump’s controversial cronies and speaks with a former CIA agent, fraud investigators, attorneys, and an American senator among others.
https://www.youtube.com/watch?v=1bEdMuKq30I

http://wfpl.org/listen-counter-terrorism-expert-malcolm-nance-on-whats-next-for-russia-probe/

#42 Nemesis on 04.13.18 at 7:27 pm

“Trump is not an idiot.” – HommeDuTabac

“He’s a f***ing Morin.” – Rex Tillerson

#43 renter in Surrey on 04.13.18 at 7:31 pm

#7 Stan Brooks

That an average buyer will never be able to afford an average house.

1. Then who will be able to buy that average house, non-average (bellow, above) buyer?

—————————————————————————————————–

Average buyers (let’s say average family of four) will live in 1-br 400 sq.f. condos.
Let’s say average family is making $85K per year.
1-br condo in Langley is around $350K -> about 4 annual incomes, so it is affordable.

Houses in BC are for rich people only now from Vancouver to Kelowna.
It’s time to accept reality.

I drive in my neighborhood, 1.2mil+ big houses are everywhere, nice newer BMWs parked in front.
Apparently there are plenty of wealthy people around.

#44 All this... on 04.13.18 at 7:32 pm

Real estate cooling and we are still at near record low interest rates?

Hopefully interest rates never rise.

#45 Where's The Money Guido? on 04.13.18 at 7:32 pm

So people buy pre-sale units, the developer screws them over, then the judge rules in favor of the mortgage holders and the buyers have to pony up $100’s of thousands more if they don’t want to lose the money they put into the pre-sale.
The littgle guy gets it again……
http://vancouversun.com/news/local-news/house-of-cards-while-developer-faces-police-investigation-condo-buyers-left-in-cold
THE GAME IS RIGGED!!!!
Why do the mortgage holders not get dinged at all? How is that fair.
I don’t believe this is on the up and up.
Why would anyone would buy a pre-sale in BC now knowing this travesty…
Oh yeah, the developer is wanted and has done this before….Again, why do the mortgage holders get off scott free, they should bear some of the blame since they lent money to this guy with the history he has…..
LIke I said….RIGGED!!!!

#46 bdwy sktn on 04.13.18 at 7:38 pm

Still waiting for any significant price drops around here. Extreme low supply condition persists. Extreme.
The newest listing in area has gone back to the lowball listing method last seen in late 2016 . Lakewood dr 14xx asking 999k. Ha. 1.4 to 1.5 sale coming.

#47 the Jaguar on 04.13.18 at 7:50 pm

Hard to know what the photo of the motorcycle on the ramp represents. If a mere repair was required seems obvious that the super talented Dorothy could just have donned her mechanics overalls to bring it back to life. Suspect the vibration that bike is capable of might play havoc with a leg with too much titanium, pins, and other delicate stuff. Looks like the new owner might be picking up a new toy.

#48 Cto on 04.13.18 at 7:50 pm

Idiotic government’s, bank policies and Realtors. Seems the real idiot is our central banker who can’t muster up the courage to normalize rate. All other policies are really rendered ineffective because interest rates are near zero and having near zero for a very long time. Seems the market is so terribly distorted now because of the distorted thinking of central bankers. It seems that debt is a new way two Financial freedom.

#49 A. Brockman on 04.13.18 at 7:52 pm

I’m voting for Doug Ford this election. He praises to cut the foreign buyers tax and lower taxes for Ontario corporations to 5%. He should also cut welfare rates by 90% and tear down all TCHC buildings to free up land in Toronto for immigration demands.
Toronto is growing city and welfare bums and disabled recipients should just leave Toronto.

#50 Morrey on 04.13.18 at 7:59 pm

re post #17 :
No worries about ww3

Trump is not an idiot.

actually you both are.

PS stop smoking weed

#51 Trumpocalypse2018 on 04.13.18 at 8:02 pm

“The president of the United States inches closer to blowing himself up and might start a war to divert attention. ”

Exactly as I have been saying for a while now.

Friday the 13th was never so ominous.

80% chance of missile strikes by Monday. Trump would love to change the media narrative for next week.

The wild card is, how will others react? It is pathetic naivete to think of Trump only in isolation.

Connect the dots.

PREPARE.

#52 Mark on 04.13.18 at 8:03 pm

“#4 Vancouver Brit on 04.13.18 at 6:19 pm
” SFH’s have reached their peak, but I see no major crash coming as demand is high enough to prop it up and there’s nowhere to build anymore. ””

If that were truly the case, rents would be skyrocketing. Yet rents are fairly stable. A quick flight over the Vancouver area, or even some time spent on Google Maps can easily and quickly disabuse you of the notion of any meaningful ‘land shortages’ in either the GVR or GTA.

The Vancouver and Toronto bubbles, as well as the Canada-wide systemic bubble, are all the result of conditions in the credit marketplace and speculator enthusiasm towards the asset classes of residential RE and residential RE-backed mortgages. Nothing more, nothing less. As the fire gets lit beneath other asset classes due to macro conditions, money will flee those asset classes lickety-split. Vancouver and Toronto, yes, are likely to be a beneficiaries of such event, but not their residential RE.

#53 Adrian on 04.13.18 at 8:04 pm

Some people blame the government, others blame the central banks. But there is a catch-22 at the heart of free-market ideology: bank lending creates the money that finances the investments that create the growth that requires a larger money supply (i.e. to facilitate the additional transactions).

In order to prevent the rest of the economy from being blown up, or at least heavily distorted by the speculative frenzy generated through commercial bank money creation, commercial bank lending must be regulated.

Otherwise it’s too easy for any bank or credit union to print more money in the chase for higher profits simply by increasing its lending activity, which then inflates bubbles in the sectors where they lend heavily (e.g. real estate).

Too bad economists don’t realize this, or the regulators could actually make informed decisions…

#54 Ronaldo on 04.13.18 at 8:10 pm

#5 Vision

As well, boomers, when they cannot do the stairs, will sell their homes and buy a condo.
—————————————————————-
I doubt that very much. Single level detached townhomes with attached garages in a gated community will be what they will be looking for starting in about 5 years time. No way they will be moving into a box in the sky.

#55 Long-Time Lurker on 04.13.18 at 8:16 pm

The smartest article I’ve read on the Syrian chemical attack thus far:

http://www.bbc.com/news/world-middle-east-43738713

Syria: What can Western military intervention achieve?
By Prof Michael Clarke
Senior research fellow, Rusi

12 April 2018

On its own, military force is meaningless. It has to be part of a political strategy and in this case the strategy is about bigger issues than Syria itself and only offers a long-shot hope for the Syrian population.

The first objective is to push back against the increasing “normalisation” of chemical weapons being used in wars of any kind.

Many Western politicians feel that – with all the moral grey areas of this situation – they cannot sell the pass on this issue yet again. It has become a test case for the international rule of law, which is under severe pressure on many fronts.

#178 dan on 04.13.18 at 6:05 pm
Well, I have to correct some citizens of US asshole, here. USA on they own defeated only Grenada. They were there against a company of Cubans and lost number of aircrafts there. USA is going down fast, this is chaos phase right now and chaos (western democracies) cannot win against dictatorship (China). And Hitler would win against western pussies if he wasn’t stupid enough to attack USSSR. Now take it to the bank.

>Communist brainwashing at it’s finest. Don’t question the programming, dan. Remember they’ll torture you.

Sorry, Garth, I couldn’t hold my tongue. You can delete this if you like.

#56 -=jwk=- on 04.13.18 at 8:16 pm

ee, kids, current politicians are kneejerk, ideological and clueless, completely unaware of the consequences of their actions.

Right, when the past politicians were screwing with the markets and offering 0 down 40 yr mortgages that was genius.


Trump has never tried to silence anyone; he mocks them, makes fun of them but not once has he ever demanded that they be silenced.

Anyone and everyone who has spoken out in any way against any of his policies has been fired. That’s oppression of the worst kind.

#57 Newcomer on 04.13.18 at 8:33 pm

#4 Vancouver Brit on 04.13.18 at 6:19 pm
…there’s nowhere to build anymore.
———

If you are a Brit, you must have been to cities in England. Compare them, if you will, to the sparsely populated town known as Vancouver, with the empty lots and unused industrial land in the middle of the city, the in-use horse paths within the CoV and the vast tracts of near-virgin land continuing eastward to places so desolate that they called them things like “Hope” just to keep their spirits up.

#58 Lost...but not leased on 04.13.18 at 8:37 pm

#45 Where’s the Money Guido ?

That developer noted in the article and the Murrayville project in Langley?

..this is NOT their (Mark C.)first RE scam rodeo

In early 2000’s same party built (2) hi rise towers in Richmond BC.The whole project went south..and in a hot market at the time…with a trustee (B*WRA)being brought in .

B*WRA is now dealing with Murrayville project.
Coincidence?…or what’s REALLY going on behind the scenes?..simply a time- tested legal template being followed that covers their butts???

FFS…if you are still stupid enough…err…”determined -to- buy -any- RE”…do a simple search ..GOOGLE or otherwise…on the main players involved..moreso when all indications are that the RE market is going SOUTH..and the big players need to cover THEIR @sses…= to hell with the customers.

#59 Ex-Cowtown on 04.13.18 at 8:39 pm

Anyone and everyone who has spoken out in any way against any of his policies has been fired. That’s oppression of the worst kind.

++++++++++++++++++++++++++++++++++++

Firing someone who works for you, but disagrees with your policies is oppression, but advocating jail for someone who disagrees with you is OK…. Yeah….. Let me think about that a minute.

In Trumps case, the vast majority of people he fired were leakers, Clintonistas and Obama loyalists who should have, or may yet face jail time for their illegal activities.

Tillerson was an odd duck. Trump never told him to shut up or threatened him with jail though. Not sure why he was in there to start with, but Bolton puts the fear of God into Putin and little Rocket Man.

When you go into the playoffs you need to shake up the bench.

#60 Old gringo on 04.13.18 at 8:41 pm

I enjoy your witty comments Smoking Man, however your take on “big Donny T” is way off course.
That dog don’t hunt amigo.

#61 Reynolds531 on 04.13.18 at 8:46 pm

#56

Or sued, or threatened, or paid off!

#62 jim on 04.13.18 at 8:48 pm

#4

“Condos still have a way to go before they reach their peak and once they do the entire market will be at its new norm.”

Well, given that condos are not affordable, do you really think that there is some sort of nice equilibrium that will be reached?

The problem with neo-classical economics is that it elides a ton of detail in order to construct tractable analytical models. The nice supply/demand curves you see in economics textbooks are appealing, but they are idealizations.

In this case, if the average family cannot afford a dwelling without devoting a disproportionate amount of their capital (or borrowing that capital from parents), you are going to have problems.

Higher prices mean lower employment opportunities due to increased transaction costs and increased wage demands, for one.

Another is that the positive feedback loop created by parents HELOCing their homes to provide down payments for children eventually will stop at some point.

It will be interesting to see what happens, but I doubt it will be the nice stable plateau that you envision. In fact, anyone who cares about wealth distribution should hope that it doesn’t plateau.

(Worth reading Richard Florida’s latest book, btw).

#63 Prophet of Doom! on 04.13.18 at 8:51 pm

I don’t think this next war will be good for markets.

Trump has 2 choices with this Syria thing: Tell the Russians exactly where and when the missiles will land well in advance so as not to endanger any Russians, in which case they won’t hit anything significant that can be moved and it will be just for show, or secondly he can risk starting a war with Russia that it is hard to see how could be de-escalated.

Of course the other thing he could do is admit there is no evidence for Assad to gas civilians and no motive either. But there is fat chance of that. The whole thing seems like an intentional false flag. Why in the heck would Assad resort to gas attacks when he knows it will bring American cruise missiles likely to Damascus this time and probably right on his own head when he’s already basically won the war? It doesn’t make any sense. So if someone stage the attack, it must be someone who would benefit from an American attack. Who would that be? Well, the terrorist most likely but it could be certain American interests themselves. They’ve been quite eager to oust Assad for a long time.

In any case if they are marching to war based on the flimsiest of pretexts the war was already decided upon, all they needed was an excuse.

Also notice how the gas attack happened just days after Trump announced his intention to pull out of Syria? The fact that there are US troops in Syria in the first place raises a lot of questions but why in the heck would Assad start lobbing gas canisters around just as the Americans are leaving? It makes absolutely no sense. If Assad did order the attack, he is an absolute moron. My money is on something else being up.

The third reason that Assad wouldn’t use gas is because the Russians would not approve. He’d risk losing his most powerful ally.

So, let’s go with option 2 and assume the US is not afraid to risk war with Russia. Maybe they want war with Russia to finally put them in their place. Russia has already made clear that if Russian personnel or equipment comes under fire in any attack from outside Syria, they are going to attack the platforms that launched the missiles and dropped the bombs. What happens if they down a couple American or French fighter planes and sink a ship? The reaction in the west will be unrestrained. There is no way congress would do anything but demand retaliatory measures, so the US would no doubt start shooting at Russian assets in the air and on the high seas. At this point we are in a full blow conventional war with Russia. A war we probably cannot win. Sure, the Americans would quickly sink the whole Russian navy, but they would suffer significant losses in doing so. But at that point it becomes a stalemate because as Napoleon and Hitler proved, you do not invade Russia. Even if the US sent every active serviceman they had in, all 1,000,000 of them, they won’t get anywhere.

And if all of this leads the Russian leadership to conclude they are at risk of a nuclear first strike, well, that won’t be very good for the markets at all. If there are any left.

I think this is why there haven’t been any strikes so far. The generals probably said, “hey, Mr. Trump, about those tweets…” If any attack occurs they are going to give the Russians lots of time to get out of the way. And the Russians already are. They put almost their whole Mediterranean fleet to sea, which is rare (and expensive).

So let’s hope cooler heads prevail because a war with Russia is not a war the US could “win” in any sense of the term. They won’t be able to invade like Afghanistan and Iraq, and look how those turned out. They won’t be able to bomb the country back to the stone age like they did with Libya. They will probably suffer heavy losses and leave China the world’s sole superpower. It will probably be a lot smarter to just leave Syria alone. Even if that means they don’t get their pipeline.

#64 Trumpocalypse2018 on 04.13.18 at 8:54 pm

BREAKING NEWS!!!

BREAKING NEWS!!!

BREAKING NEWS!!!

Trump to address the world TONIGHT about Syria!!!

This IS IT PEOPLE !!!!

He has his rationale, his excuse to ramp up to WAR!!

https://www.cnn.com/

Go fill your gas tanks NOW!!!!!

Pack food !!!!!

PREPARE.

PREPARE.

PREPARE.

PREPARE.

#65 akashic record on 04.13.18 at 8:57 pm

#52 -=jwk=-

Trump has never tried to silence anyone; he mocks them, makes fun of them but not once has he ever demanded that they be silenced.

Anyone and everyone who has spoken out in any way against any of his policies has been fired. That’s oppression of the worst kind.

—-

Funniest comment of the day, considering the host of this blog, who was fired by a Canadian PM.

Not for lying under oath, not for leaking classified information, not for taking part of removing the PM from the office, not for taking part of introducing and mixing pee into politics, paid by the opposition party as an election tool or “insurance policy”.

Not even to shake his hand to find out how big or small it is, that he can use in the future to sell books. Not even for Dorothy and Bandit marching in a protest on Parliament Hill on the MP’s inauguration day.

But for this pathetic blog.

And Harper wasn’t even a nervous wreck as the most publicly attacked political leader probably in the entire history, he wasn’t investigated for stealing the election with the help of a foreign power by a special council from the beginning, based on the pee mixing politics “evidence”.

I can’t remember Garth, you tell us, has any Canadian politician or any of your most devoted blog fan claimed that you firing was “oppression of the worst kind”?

#66 Smoking Man on 04.13.18 at 8:59 pm

Apr 23 keep your kids out of school.

Global protest against the demented sex ed curriculums that are being taught to post-pubescent kids. Really disturbing

The lunatic fringe has been slowly and surely sabotaging
our normal way of life. They crossed the red line.

Push the globalist freaks back to the fringes where they belong.

#67 DaveDorf on 04.13.18 at 9:01 pm

This has nothing to do with government intervention. This has everything to do with a financially illiterate population so obsessed about buying housing they have no clue what constitutes affordability or value.

#68 Trumpocalypse2018 on 04.13.18 at 9:04 pm

MISSILES HAVE BEEN LAUNCHED!!!

THE GREAT DISTRACTION HAS BEGUN.

PREPARE.

#69 Smoking Man on 04.13.18 at 9:04 pm

Syria . google white helmets and draw your oun conclusions.

And that’s all I’m saying on this topic.

#70 The Totally Unbiased, Highly Intelligent, Rational Observer on 04.13.18 at 9:11 pm

“The president of the United States inches closer to blowing himself up and might start a war to divert attention.”–GT

Oh, Garth, why do you write such silly things? Give your head a shake…and your face a slap, and your butt a kick.

The Great American President Donald J. Trump is definitely not inching closer to “blowing himself up.” Blowing oneself up is what radicalized Muslim extremist terrorists do, and The Donald is determined to protect Americans from those crazy types. Furthermore, The Donald loves attention, and thrives on it, and would never, ever, divert any attention away from himself. This is simple logic.

Clearly, Garth, you obviously do not know anything about politics. If you knew anything at all about how the game is played, you would have simply pointed out that the bad people–the scoundrels, the villains, the traitors, the enemies of all good, those possessed by unclean spirits (i.e., the political party known as the Demonrats)–are continually scheming and plotting to stab the Great American President Donald J. Trump in the back and pull the rug out from under his feet to try to obstruct his generous and selfless and noble and good attempts to Make America Great Again.

The Donald will always Think Big, Think Like a Champion, and Never Give Up. He already personally saved America from the Paris Climate Accord FRAUD by single-handedly fighting off literally dozens of corrupt dunghole countries that wanted a piece of Uncle Sam’s wallet. Meanwhile, in Canada, small-minded career politicians think only about greedily hitting everything and everyone with so-called “carbon taxes”–also known as greedy scam taxes on the scientifically illiterate.

#71 NEVER GIVE UP on 04.13.18 at 9:14 pm

Instead of feminizing our children in the image of our dear leader Mr. Dressup. Why don’t we do an anti Nimby social re-education campaign just like the cigarette campaign.

It is getting so no one can even open a crematorium according to a local funeral director.

We really need to get used to living with other people.
It seems no one wants to share the view from their back yard.

I have lived in very large Asian cities and was very happy there. I would like to go back if I could.
Vancouver is really a “No Fun City”.

No matter how much lipstick they try to put on this pig they can’t make it a fun city.

Real estate prices have killed all the small businesses from downtown that the big box stores haven’t.

My solution for real estate prices would be for legislation forcing redevelopment of any single family neighborhood that the developers can buy.

Also the city permit departments should be forced into a minimum service level of 3 months per permit.

I would like to hear from others as to whether they think this would solve the shortage?

#72 tccontrarian on 04.13.18 at 9:17 pm

#6 Bibi on 04.13.18 at 6:23 pm

“The president of the United States inches closer to blowing himself up and might start a war to divert attention. That would increase economic activity (wars are great for investors)”
—————————-
How about a nuclear war? That good too?
*********************************************

Sure, but only for the ones heavily invested in uranium stocks!

TCC

#73 Ronaldo on 04.13.18 at 9:22 pm

#3 Linda on 04.13.18 at 6:17 pm
The housing prices in Vancouver are unlikely to ever be considered affordable by average income buyers.
——————————————————————
Well, I recall back in 1969 at the ripe old age of 23 and buying my first home in N. Vancr that prices for an average detached home as far out as Coquitlam, Richmond and even North Vancr were not affordable for an average income as mine was and so had to buy what was affordable which was a townhouse condo in N. Vancr. which was 2.5 times my annual income. Only one income was taken into consideration back then.

In order to afford a SFD I would have had to move out to Port Coquitlam which I ended up doing in 1973. Vancouver was just too expensive and I was making a better than average wage even then.

By end of 1973 the average priced house sold on MLS for $38,561 well up from the $31,465 in 1972. A mortgage at the time was 9% for a 1 year term.

We were in a period of rapidly increasing prices. By the final quarter of 1973 the average price of a house in Vancouver was $46,487. Even less affordable for the average income buyer.

The bank of Canada prime rate was raised to 8.75%. Prices of houses continued to rise even though there was a shortage of mortgage money and higher interest rates.

There was a slowing down in the housing market but no drop in prices or decline in residential sales in the city. It was expected that prices would continue to rise although not as rapidly as the previous 3 to 4 months.

The Vancouver Sun reported in August of 74 that there was to be no autumn relief in sight for frustrated home buyers who faced the highest prices and mortgage rates in history. Kinda opposite of what we have right now rate wise. The average price of houses in July of 74 was slightly higher than the June price of $54,254 which reflected slowing sales. Price was up $7767 from the average of $46487 in the final quarter of 73. Mortgage rates were now 11.75 to 12%.

Interest rates were expected to remain high for the next 18 months.

Realtors were chanting that everyone wants to move to BC and not to expect rates to ever go below 10% again.

Resale market in lower brackets was very good and vendors asking big prices. Sound familiar?

There was a black market in rentals (I’ll pay you $500 if I can get the suite you vacate).

In the medium and lower range, buyers had to go out to Surrey, Haney and Abbotsford and away from Metro area to get prices they could afford.

By September it all came to an end like someone turned off the switch. Prices corrected by 20% immediately with the worsed hit being West Vancouver which had the highest rise in prices.

A comment in the Vancouver Sun in November of 74 stated, “A home is so costly today that many homeowners feel it should be passed on to their descendants”.

The home reno business was flourishing and contractors were finding it hard to keep up. Happening now in Nanaimo anyway.

By end of December 74 the odds of a nuclear war were set at 50/50. Mmmm, wonder what it is today?

Anyway, hope the blog dogs found these tidbits of history interesting and just wanted to point out that history does tend to repeat itself and I can see some similarities today to what was happening back then.

#74 Dr. Talc on 04.13.18 at 9:28 pm

people,
b20 has Nothing to do with cooling any market
morneau had already done that at his press conjob in oct 2016, but no one noticed until april 2017, when they actually read the tax forms,
jeremy rudin’s job is to enrich banks
and con you
by emptying your pockets,
didn’t take long did it?
of course ‘ enrich banks ‘ is not in jeremy’s vocabulary,
he prefers to ensure the stability of our lenders
ha ha
no more rate shopping for us,
thanks jeremy

#75 jess on 04.13.18 at 9:31 pm

2m ago Syrian air defences confronting allied jets – state TV
12m ago Theresa May issues statement
16m ago Explosions heard in Damascus
26m ago Strikes have been ordered against the Assad regime, says Trump
33m ago Trump announcement expected

2m ago 02:28
Syrian air defences confronting allied jets – state TV

Syrian state TV says anti-aircraft weapons are being used against jets conducting air strikes. A district in Damascus, Barzeh, which houses a scientific laboratory, has been hit, according to one Reuters witness.

#76 Newcomer on 04.13.18 at 9:34 pm

#38 Guy in Calgary on 04.13.18 at 7:23 pm
I love BC but I am genuinely nervous to take my car there now with AB plates. They are starting to get a little looney. I will be sure to park near cameras.
—–

Oh, man, grow a pair.

#77 akashic record on 04.13.18 at 9:35 pm

“Today, the nations of Britain, France, and the United States of America, have marshaled their righteous power against barbarism and brutality.”

Finally Trump gets presidential, for the joy of globalists.

Let’s create more refugees, because that’s what the world needs.

#78 Ronaldo on 04.13.18 at 9:35 pm

#16 Ferry Burger on 04.13.18 at 6:40 pm

Rutting has started in Nanaimo. The listings are flying onto the markets. Overbids are the norm – 5 to 10% of asking. Demand remains strong from those vacating the GVRD with their lottery winnings and those that think this is their last chance. 20% YoY for April for sure.

I believe we have already reached that. A friends house recently sold within a week for 40% over assessed value in an area near the hospital. Sold to a couple from up island. Houses in prime areas sell within a few days. We are a long ways away from Vancouver prices yet. I see the markets continuing higher here for a bit.

#79 For those about to flop... on 04.13.18 at 9:41 pm

Ronnie ,good post,but this is a war blog…

M43BC

#80 millmech on 04.13.18 at 9:43 pm

#43
Check this one out, 3101 39 Avenue,, Vernon, British Columbia, V1T 3C6
MLS® # 10155170 ,not even trying hard to find ones like these, do not understand people paying an extra million for what?
Lots more like this out there!

#81 Unhinged Trader on 04.13.18 at 9:45 pm

Pleasure posting with you folks.

BTW, does anyone know how thick of a lead sheet will stop gamma radiation within a 2 km radius of a ground blast? I need to throw up some cladding.

#82 Gravy Train on 04.13.18 at 9:47 pm

#59 Ex-Cowtown on 04.13.18 at 8:39 pm
“Tillerson was an odd duck…. Not sure why he was in there to start with, but Bolton puts the fear of God into Putin and little Rocket Man. When you go into the playoffs you need to shake up the bench.”

Please tell me that you don’t have the right to vote—that you’re in prison or a mental institution! :)

#83 war started on 04.13.18 at 9:49 pm

I told here that John Bolton would start the war. And here it is https://www.yahoo.com/news/trump-plans-talk-allies-syria-strike-decision-045056593–politics.html

Hopefully this doesn’t escalate.

#84 Bottoms_Up on 04.13.18 at 9:54 pm

Obama was afraid to stand up when the red line was crossed. Trump is not. Good on him.

#85 For those about to flop... on 04.13.18 at 9:54 pm

#46 bdwy sktn on 04.13.18 at 7:38 pm
Still waiting for any significant price drops around here. Extreme low supply condition persists. Extreme.
The newest listing in area has gone back to the lowball listing method last seen in late 2016 . Lakewood dr 14xx asking 999k. Ha. 1.4 to 1.5 sale coming.

/////////////////////

Hey Broadway,it’s only assessed at 1.31.

You really think it will go that much over assessment?

The ones in my hood are selling that much below assessment.

Did you get my message to you on the previous thread?

Is that why you pulled your bike pump out of retirement…

M43BC

#86 MF on 04.13.18 at 9:56 pm

RE Trump:

It really depends on if the chemical weapons were really used or not.

I don’t care about some BS conspiracy theory crap, but if we have concrete evidence that chemical weapons were used in 2018 then a response is required.

Even Hitler didn’t use chemical weapons on the battlefield in WW2.

The hope is nothing escalates into anything serious. No one has any appetite for war, but we cannot discount the fact that the other side (Russia, Iran) have been trying to instigate a military response from Trump from day one.

Sticky situation. The world needs as strong a US as possible. The rest of the world is incompetent, corrupt, violent and tribal.

Only time will tell.

MF

#87 jess on 04.13.18 at 9:58 pm

Investigators for Special Counsel Robert Mueller have evidence Cohen entered the Czech Republic through Germany in late summer 2016,

McClatchy reported, citing two unnamed sources. The news agency said it was unclear whether Mueller’s investigators have evidence that Cohen met with a prominent Russian as the dossier claimed.

#88 Lost...but not leased on 04.13.18 at 10:00 pm

WW3 ?

Bwhahaahaha!!!!

The oligarchs and their political pupetts won’t dare ….they have run out of options.(….otherwise we have proof THEY need to be locked up).

No more “Dr Strangelove”… How- I loved -the -bomb… blah blah blah analogies.

A non- insignificant % of the given population in each country is fully aware of the FACT most wars were initiated via the “False Flag” methodology. ……aka the parties deemed enemies were sufficiently provoked to initiate an attack.

That said….there would be enough critical mass of informed and aware citizens(TRUE students of history) in each currently sovereign nation to create a resistance to classic term “ALL WARS ARE BANKERS WARS..as well as references to U.S. General Smedley Butler ‘s classic book ” WAR IS A RACKET “……once he deduced the USA military was simply a policy -enforcing puppett for the oligarchs/multinational corporations.

WW3?

Not going to happen…

Most likely is internal revolt by citizens who refuse to participate nor send loved ones to be cannon fodder/meat in the grinder/Banksters B*tches.

#89 Bottoms_Up on 04.13.18 at 10:03 pm

The Totally Unbiased, Highly Intelligent, Rational Observer on 04.13.18 at 9:11 pm
————————–
News flash: global warming and climate change are real, and it is fact that humans are a major cause.

https://www.washingtonpost.com/news/energy-environment/wp/2018/02/07/scott-pruitt-asks-if-global-warming-necessarily-is-a-bad-thing/

The USA will continue to see more category 5 hurricanes. Bigger droughts and forest fires. Loss of land. Miami will continue to pump rising sea water out and Florida beaches will continue to truck in beaches washed away with the higher tides. Until they no longer can’t. etc.

#90 CalgaryCarGuy on 04.13.18 at 10:04 pm

Re #38 from Guy in Calgary
I love BC but I am genuinely nervous to take my car there now with AB plates. They are starting to get a little looney. I will be sure to park near cameras.

——————————————————————

This is definitely a very current topic of discussion in Alberta. I have a 25 year well established customer base to converse with. Many Albertans I deal with are expressing two things about their reaction to this pipeline debacle. One is that they intend to boycott B.C. this year and, two, they do not want to risk themselves or their property running Alberta plated vehicles there this year. B.C. is in for a real crappy year no matter how you slice it.

#91 akashic record on 04.13.18 at 10:12 pm

Watch the Western political establishment falling in love with Trump now, that he finally joined the club.

Muller wraps up quickly, issuing good bill of health.

David Frum pops the champagne at the Bush compound.

Angela Merkel opens her heart and gets ready for the Nobel Peace Prize.

Life of untold number of diverse nobodies gets ruined.

Some are making a fortune.

#92 Trump on 04.13.18 at 10:14 pm

Britain and France also launched missiles against the guy who gasses his own people. But don’t bother including those details. Garf has to keep up appearances with the lefties he hangs out with.

#93 Reynolds531 on 04.13.18 at 10:23 pm

Much prefer and far better prepared for the zombie apocalypse then nuclear winter.

Gotta admit, if the man can’t run a casino he makes me nervous living less than ten km from a military manufacturer. Ie target

#94 Vanreal on 04.13.18 at 10:40 pm

http://dailyhive.com/vancouver/vancouver-home-prices-report-april-2018

#95 Anti-American canadian Millenial on 04.13.18 at 10:41 pm

America is sending “democracy” to Syria!
https://www.theglobeandmail.com/world/us-politics/article-trump-announces-plans-to-strike-syria/

#96 westcoastguy on 04.13.18 at 10:41 pm

For those of us who haven’t had the eye opening know it all experience of living in both Toronto and Vancouver can someone help translate the following Toronto equivalent areas, if any, for reference sake so I can figure out the market there?

Vancouver = Toronto
Surrey/Langley = ?
West/North Vancouver = ?
Richmond = ?
Burnaby = ?
Abbotsford = ?

Be nice!
If anyone wants to add cities be my guest.

#97 VanMan on 04.13.18 at 10:44 pm

Vancouver is pooched? Where have I heard that before? I recall this topic in 2009, then again in 2010, it surfaced in 2011 and repeated in 2012, 13, 14, 15 ,16, 17 and alas hear we are… prices continue to accelerate. Yes, sales are down, but that’s only because sellers are also waiting to feel out the new regs and taxes. There will be no large price drop here. If anything prices flatten and tow the line for a few years. There will not be any bargain shopping in YVR.

Being pooched in this context does not refer only to pricing. – Garth

#98 westcoastguy on 04.13.18 at 10:45 pm

Are land assemblies a thing in Toronto too nowadays?

Six houses on my street here in Coquitlam just sold on average $2,750,000 each which is nuts and probably keeps the sales average price up.

I can’t imagine how much lower the average price would be without these land assemblies? Anybody know?

#99 akashic record on 04.13.18 at 10:47 pm

“That would increase economic activity (wars are great for investors) and likely force the Fed to accelerate the pace of its interest rate hikes. ”

That applies to your diversified portfolio, of course.

To the economy, actually. Wars are costly and stimulative. – Garth

#100 Ronaldo on 04.13.18 at 10:49 pm

#19 Whatcha Minnie on 04.13.18 at 6:47 pm

The calcium I bought did wonders on my pastures. I haven’t ever seen anything like it. My neighbors keep asking me what in the world did I do to my pastures and fields, it completely killed all my weeds. This is the best hay I have every had.
—————————————————————
Since we’re now on the topic of hay. Back in the early 90’s a fellow I worked with was a cattle rancher up north and I suggested that he put a certain product into his watering system and apply it on his alfalfa field after planting. So he did. He ended up with the highest protein count in the province and the stuff grew to around 5 feet tall. That was one happy farmer. As with yourself, his neighbor who had a field next to his had nowhere near the count or growth he had and could not figure out what he had done. It remains a secret to this day.

#101 Ronaldo on 04.13.18 at 11:01 pm

#43 renter in Surrey

I drive in my neighborhood, 1.2mil+ big houses are everywhere, nice newer BMWs parked in front.
Apparently there are plenty of wealthy people around.
—————————————————————–
Fake it til you make it we used to say.

#102 MF on 04.13.18 at 11:02 pm

#93 Anti-American canadian Millenial on 04.13.18 at 10:41 pm

-Another misguided anti-american *insert name here*.

Hey, is it still called “democracy” when everyone begs the US army for aide/help in times of disease or natural disaster?

MF

#103 Trumpocalypse2018 on 04.13.18 at 11:03 pm

Although it is tempting to stay up late watching tv news tonight, I urge everyone to go to bed now and get some rest.

You will need it.

There is a very high chance that by Monday or shortly after you may be part of a midnight evacuation from major centres all over the continent.

Rest now.

Wake up, then

PREPARE.

#104 TnT on 04.13.18 at 11:05 pm

#86 MF on 04.13.18 at 9:56 pm

Even Hitler didn’t use chemical weapons on the battlefield in WW2.

Hmmm.. that’s because he was too busy using them on his own people in the gas chambers.

Can’t position Hitler on any moral high ground.

Lest We Forget….

#105 akashic record on 04.13.18 at 11:08 pm

“That would increase economic activity (wars are great for investors) and likely force the Fed to accelerate the pace of its interest rate hikes. ”

That applies to your diversified portfolio, of course.

To the economy, actually. Wars are costly and stimulative. – Garth

A diversified portfolio is the economy.
No need to be shy about it.

#106 Ronaldo on 04.13.18 at 11:11 pm

#59 Ex-Cowtown

Tillerson was an odd duck. Trump never told him to shut up or threatened him with jail though. Not sure why he was in there to start with, but Bolton puts the fear of God into Putin and little Rocket Man.

When you go into the playoffs you need to shake up the bench.
—————————————————————–
I wonder if Bolton has any idea how short term his job is likely to be. Probably not as short as the Mooch tho.

#107 conan on 04.13.18 at 11:13 pm

Not many in the West know who the US is supporting in Syria.

Hint: Hard line Muslims with zero tolerance for any other religions. The Syrians do not want to be ruled by these people, and that’s why they support Assad.

Russia has promised to respond.

This is a mess

#108 Linda on 04.13.18 at 11:33 pm

#7 – the average income in Vancouver in 2017 as per the mighty Google was $72,662. That is not a sufficient income to permit the purchase of housing priced at a million dollars or more. Recognition of that fact is not stupidity. Refusal to recognize that reality is delusional.

#109 For those about to flop... on 04.13.18 at 11:36 pm

We don’t need more pipelines.

We don’t need lower gas prices.

We don’t need affordable housing.

We don’t need lower taxation.

We don’t need a diverse economy.

We don’t need improved infrastructure.

What Vancouver needs is more sakura…

M43BC

#110 Yuus bin Haad on 04.13.18 at 11:37 pm

Well, maybe we didn’t do such a good job with the housing market, but we’re going to have no trouble taming Mother Nature.

#111 Dmitry on 04.13.18 at 11:45 pm

#69 Smoking Man on 04.13.18 at 9:04 pm
Syria . google white helmets and draw your oun conclusions.
And that’s all I’m saying on this topic.

———————-

Do you mean google white helmets fakes or white helmets hoax?

#112 Smoking Man on 04.13.18 at 11:55 pm

#82 Gravy Train on 04.13.18 at 9:47 pm
#59 Ex-Cowtown on 04.13.18 at 8:39 pm
“Tillerson was an odd duck…. Not sure why he was in there to start with, but Bolton puts the fear of God into Putin and little Rocket Man. When you go into the playoffs you need to shake up the bench.”

Please tell me that you don’t have the right to vote—that you’re in prison or a mental institution! :)
…..

Bolton no shit. The architect of 911.
Trump jumped the shark when he hired him. My guess it was deal. Do it or the deep state is going to take you down.

Notice Muller is winding it down. Trump sold out.
Better than Hillary I guess.

#113 april on 04.14.18 at 12:00 am

#6 – How about the West needs war because socialism is collapsing…by Martin Armstrong. Apparently “Trump isn’t the cause but a manifestation of the nations……..”

#114 For those about to flop... on 04.14.18 at 12:10 am

Recent Sale Report.

This condo out at U.B.C just sold.

Someone just got their student loans paid off…

M43BC

205 5989 Iona Drive,Vancouver

Asking 1.28

Assessment 1.31

Just sold for 1.50

https://www.zolo.ca/vancouver-real-estate/5989-iona-drive/205

#115 My Wife Loves Garth on 04.14.18 at 12:10 am

Fortress syndicated mortgage head offices got raided today by the RCMP under suspicion of mortgage fraud.

http://business.financialpost.com/news/fp-street/rcmp-search-fortress-office-in-mortgage-fraud-probe-sources-say/amp

#116 Prophet of Doom! on 04.14.18 at 12:10 am

Oh crap it looks like we were all wrong:

https://www.zerohedge.com/news/2018-04-13/watch-live-president-trump-expected-announce-military-strikes-syria-tonight

At this point it doesn’t matter whether Assad used chemical weapons or not, the war is on. The only question that remains is what will Russia do?

And I don’t agree that wars are economic stimulus. Blowing things up never is. Sure the guys that make the bombs make lots of money but everyone else gets handed the bill. And the stimulus only works if you win. If things start blowing up in America or Europe or the Strait of Hormuz for that matter it won’t be very stimulating at all.

#117 Top_down on 04.14.18 at 12:14 am

#89 Bottoms_Up

Dwain the tub your drowning in propaganda.

“Red line” “Global warming”

turn the t.v. off… step away from the keyboard and go for a walk with your dog.

#118 petersoillers on 04.14.18 at 12:19 am

No worries. The US economy has been based on military weapons since WW1. They need to use the weapons stock so that the Military Industrial Complex can sell more. Just pray Kinder Morgan does not convince Trump to launch a few at BC and take over the place

#119 Lost...but not leased on 04.14.18 at 12:22 am

Recently watched an interesting YOUTUBE video re: an American author and US role in imperialism(USA was never really a republic separate from Britain …always was Britain’s proxy global thug even after 1776)

Started with a discussion of Hawaii…and how it became a US state.(BTW, much of USA own imperialism started with Spanish American War….target was Spains territories and colonies..especially CUBA and the USS Maine false flag)

American missionaries..(religion is often the first wave to conquering foreign lands) landed in Hawaii…and their children saw business opportunity..especially sugar trade. Long story short…they convinced the US Marines to send in approx. 200 troops to surround a complex and claim Hawaii as a US territory..without consultation with Hawaiin monarchy.

Middle East…the same author duly noted how US deposed democratically- elected leader of Iran in 1950’s, and in their place put in the Shah….who himself was deposed in late 1970’s. THE POINT was that if the USA had not imposed the Shah, and left the existing Irani leader….democracy may have flourished in Middle East and we would not have the so-called “extremist/fundamentalist” threats we have now.

OR conversely, the USA, of all nations, has little if any fear of attack, via geography and logistics, YET has stuck its nose in literally ever global conflict in last century?

Simpy stated…upon reflection, what has the USA ever done that has REALLY benefitted 99.9 % of the world’s population except fearmongering, creating boogeymen and the resultant culling of the human herd ?

#120 knock knock, whose there? your honest realtor. on 04.14.18 at 12:38 am

house prices in gta are going up.. sold signs are popping up

RUSSIA TO ARM YEMEN

#121 Lost...but not leased on 04.14.18 at 12:40 am

Detroit’s downfall????

Started in WW2….

Much of manufacturing base was converted to war machine…also many factory workers went off to war.

The labour void was filled by Blacks from the South, who arrived in such numbers so as to overwhelm the usual rate of integration.

Without getting into right or wrong etc…this caused a lot of tension in Detroit….and social engineers took note of what unfolded as a real life/real time experiment.

Many Non Blacks began to move out of Detroit,(once THE most prosperous City in the USA) whose population had peaked in late 1950’s. In addition, oligarchs found that the union wages and benefits in auto industry were beyond their tolerance and thus their exodus from Detroit City …not to mention USA allowing more foreign makes into USA market.

The “Burbs” aka suburbs were, by design, a means to dilute power of ethnic voting blocks common at the time(GOOGLE “Slaughter of Cities” by Dr. E. Michael Jones) by giving urban dwellers a relief valve.

Now…it appears the “burbs” have served their purpose…and under attack by the urban/city/hi- density crowd.

Lesson: NOTHING just “happens” by coincidence…peel back a few layers(and hold your nose?!?)

#122 jane24 on 04.14.18 at 1:18 am

The key is to break the link between buying (hoarding) multiple homes and expectations of clean profit. A speculation tax worked last time and will again. if you sell an extra property within 12 months of buying it or assign the purchase agreement then 50% tax. Within 3 years then 40% tax and 5 years or more then 30% tax. Those extra homes will come onto the market pronto.

#123 Smoking Man on 04.14.18 at 1:23 am

Moment of truth.

https://youtu.be/x7bIbVlIqEc

#124 Karma on 04.14.18 at 2:45 am

#22 My_Own_Choice on 04.13.18 at 6:52 pm
“Woke up this morning, found my next door neighbor had put up a “House for sale” sign!
Everybody is trying to liquidate their home before the market taking a further dive!”

How many people on this blog do you think knows which city you live in? Aside from yourself, likely zero. More context is needed to make your statement mean anything to anyone. For all we know, you could live in Spuzzum, BC.

#125 Karma on 04.14.18 at 2:50 am

#31 Zapstrap on 04.13.18 at 7:08 pm
“Wonder out here in LaLa land if Van will ever allow owners with lane houses to sell off the lane house. Would be lot’s of extra taxes collected somehow and the land owner would be happy for the windfall. Probably the new lane house owner too. Gotta be better than a box in the sky.”

That would require severing of the land parcel, which is not a cheap thing to do. I doubt it would be allowed, particularly if they want to encourage land assemblies for building larger multi-family buildings.

#126 backwardsevolution on 04.14.18 at 2:58 am

Sales are already starting to slow down in the condo market in Vancouver. B20 pre-approvals are ending this month.

The market needed some bagholders, didn’t they? These young people who are getting sucked in ARE the bagholders for the speculators dumping their condos.

#127 BigAl (original) on 04.14.18 at 4:12 am

#94 westcoastguy on 04.13.18 at 10:41 pm

For those of us who haven’t had the eye opening know it all experience of living in both Toronto and Vancouver can someone help translate the following Toronto equivalent areas, if any, for reference sake so I can figure out the market there?

Vancouver = Toronto
Surrey/Langley = ?
West/North Vancouver = ?
Richmond = ?
Burnaby = ?
Abbotsford = ?

=============================

Vancouver = Toronto
Surrey/Langley = Scarborough
West/North Vancouver = Oakville and North York/Aurora/King City
Richmond = Richmond Hill/Markham
Burnaby = Mississauga
Abbotsford = Milton

#128 Myra Andrews on 04.14.18 at 4:21 am

Greater Vancouver Stats from realtor Paul Boenisch

April 13 New 152 Sold 137 TI:9727
April 12 New 199 Sold 112 TI:9748
April 11 New 248 Sold 101 TI:9709
April 10 no posting from Paul
April 9 New 382 Sold 117 TI: 9450

April 6 no posting from Paul
April 5 New 268 Sold 164 TI: 9264
April 4 New 324 Sold 154 TI: 9204
April 3 New 538 Sold 131 TI: 9104

Mar 26-29 New 793 Sold 455 TI: 9032
Mar 19-23 New 1041 Sold 617 TI: 8916
Mar 12-16 New 1147 Sold 682 TI: 8743
Mar 5-9 New 1101 Sold 542 TI: 8510

#129 Gravy Train on 04.14.18 at 6:21 am

Wars are … stimulative. – Garth

I’d add a caveat that, for this to be true, wars must be of a particular kind: nonnuclear.

“If we have [nuclear weapons], why can’t we use them?” — Donald Trump

#130 Hamsterwheelie on 04.14.18 at 7:20 am

We sold 2 houses, now we have 2 left, built ourself a lovely ‘condo’ within a historic home downtown, 5 rental units all in – planning to hunker down for 10 years or until we get an offer we can’t refuse.
Saw the suggestion of Guanacaste by one blog dog, looking at other winter destinations like NZ & Brazil. We love Canada but as our bones get brittle our tolerance for winter disappears. Lets hope for stability & peace, we all want a good life, Syrians included.

#131 Concerned Reader on 04.14.18 at 9:03 am

Would you please write a post breaking down exactly how the Frankenumber is manipulated? You reference it often and I’m wondering if you believe it is manipulated the same way each time TREB/CREA releases info, or if its distortions differ from time to time. What other “official” statistics should we be weary of? Thanks.

It’s not manipulated, just purposefully designed to reflect long-term moving averages. Therefore it does not reflect current changes and trends which provide vital information to people struggling with a decision to buy or sell. The HPI number should never be held out as guidance to market conditions and, if done so, is a fraud. – Garth

#132 dharma bum on 04.14.18 at 9:12 am

See, kids, current politicians are kneejerk, ideological and clueless, completely unaware of the consequences of their actions. – Garth
——————————————————————–
“The more restrictions and prohibitions there are, the poorer the people will be.”
– Lao Tzu
[Tao Te Ching chapter 57]

#133 Trumpocalypse2018 on 04.14.18 at 9:41 am

ALERT

For those of you in Ontario and Quebec, millions may lose power in the ice storm by the overnight period. This may occur at the same time as possible nuclear escalation by Trump and Putin.

Keep portable radios nearby. Charge all batteries. Fuel your tanks. Put food in the vehicle.

Complete this by 12 noon today. Consider leaving major centres asap.

PREPARE.

#134 MF on 04.14.18 at 10:06 am

#117 Lost…but not leased on 04.14.18 at 12:22 am

“Simpy stated…upon reflection, what has the USA ever done that has REALLY benefitted 99.9 % of the world’s population except fearmongering, creating boogeymen and the resultant culling of the human herd ?”

-Why is there no mention of the scientific, medical, and technological advancement that comes out of the US in your posts?

Also, why is there no mention of the billions of dollars of aide the US gives to other countries in your posts?

Like all other anti-americans, your views contain an underlying level of jealousy, resentment, and paranoia.

Fact is, we have seen in the past that without any US military involvement the joke that is “humanity” cannot help but resort to its usual corruption, violence, and genocide.

Thank g*d for the US and its military.

MF

#135 Ex-Cowtown on 04.14.18 at 10:09 am

#82 Gravy Train on 04.13.18 at 9:47 pm
#59 Ex-Cowtown on 04.13.18 at 8:39 pm
“Tillerson was an odd duck…. Not sure why he was in there to start with, but Bolton puts the fear of God into Putin and little Rocket Man. When you go into the playoffs you need to shake up the bench.”

Please tell me that you don’t have the right to vote—that you’re in prison or a mental institution! :)
++++++++++++++++++++++++++++++++++

At this point in time, I do have the right to vote. But being a conservative male spitting in the face of the progressive and leftist agenda, that may not always be so. That’s why I vote.

#136 MF on 04.14.18 at 10:18 am

#105 conan on 04.13.18 at 11:13 pm

Ah no.

The Syrians don’t want to be ruled by any of them. They wanted their own country and government (remember the Arab spring)?

What happened was the vacuum was filled by militants from abroad supported by regional superpowers like Iran and its foreign friends in Russia. Then the other regional superpowers (like Saudi Arabia) realized the void was being filled by their adversaries and stepped in to prevent them from gaining full control.

Why does no one mention Russia’s meddling on here among all the anti american crap?

And why is there support for a despotic leader who is gassing his own people (No conspiracy theory BS)?

Unbelievable.

MF

#137 TnT on 04.14.18 at 10:24 am

#117 Lost…but not leased on 04.14.18 at 12:22 am

Simpy stated…upon reflection, what has the USA ever done that has REALLY benefitted 99.9 % of the world’s population except fearmongering, creating boogeymen and the resultant culling of the human herd ?

First: One must have self-reflection and understand that every human on earth is capable of immense goodness or extreme evil.

Second: A Country is defined by the homogenous collection of its citizens and therefore are a reflection of its Good or Evil.

Third: The World is defined by its Countries that is defined by its citizens.

At a macro level, America the Country is Good.

Starting with Creating instead of Taking Wealth. Creating Wealth is the ingenious American mindset that came as a result of freeing themselves from their oppressors, the British Wealth Takers.

The Good Americans died by the 100’s of thousands ensuring all men are created equal during their Civil War. Good American Men poured their blood on the fields for the Good.

Almost every South American flag is Red, White and Blue with Stars & Stripes because of the Good Americans – Monroe Doctrine

Promoting Capitalism on a global scale. There is no doubt that a Capitalist, Wealth creating Global Economy has eased more suffering in the World than any other economic model all backed and enforced by the Good Americans.

Humans are not perfect therefore Countries cannot be perfect but someone has to be the leader.

America the Good is the best humans ever had and the Goodness trend lines will always be improving as long as they rein the power.

You cannot pick any other country in the world to take the lead. No other country would be able to keep it from an Evil country or continue the Goodness trend lines.

#138 Smoking Man on 04.14.18 at 10:54 am

MF I’m all for Israel, good people, but shit man. My empty bottle loyalty is for the truth.

White Helmets is all I’m saying.

#139 Doug in London on 04.14.18 at 11:08 am

It’s hard to see how Vancouver doesn’t suffer badly from this. In its real estate-driven economy, house prices couldn’t fall by 40% without peeling away jobs along with investor confidence.
————————————————————-
If such a slowdown affects the entire province, they may finally say yes to building that Kinder Morgan pipeline and the jobs it will bring. Better hurry, before that May 31 deadline.

#140 Glenn Kenmore on 04.14.18 at 11:08 am

I live and rent in Vancouver. I have a good paying job, but do not feel secure in that job. I think there is a 20% chance that I lose my job within the next year. As a result, there is no way in hell that I would consider buying a home in Vancouver, regardless of price. One of my friends, who does not make as much money as me, feels 100% secure in his job. As a result, he and his wife are putting a bid in on a house this week. 14 times his annual salary. The point is, as soon as more people in Vancouver feel like me, in other words, Unsure about their job stability, the bids will dry up. We just need a small economic downturn out West, And then we will see prices collapse.

#141 crowdedelevatorfartz on 04.14.18 at 11:37 am

@Trumpocalypse2018
“There is a very high chance that by Monday or shortly after you may be part of a midnight evacuation from major centres all over the continent.”
+++++
Go forth intrepid doomsayer.
Please, lead on into the frozen hinterland and wait patiently for the rest of us….we’re coming…..just be patient….I promise.

#142 crowdedelevatorfartz on 04.14.18 at 11:47 am

@#90 Calgary Car Guy
“B.C. is in for a real crappy year no matter how you slice it….”
+++++
Well, judging from the amount of Alberta plates I see all over the Lower mainland at construction sites…..
I’d say our economy is still booming.
There are two cars in the parking lot at the apartment building where I reside that have had their Alberta plates for almost a year( something to do with the exorbitant BC govt car insurance rates I suspect).
No vandalism.
No one here cares.
It’s ridiculous political posturing by two premiers that are low in the polls and need an “issue” to boost their ratings…
Unfortunately it seems the idiot voters in bothe provinces have “bought in” to the arguement.
The pipeline is a Federal decision and as much as Turdeau wishes it wasnt….he’ll wear the manure before this is all over.
The irony is truly epic.
A Trudeau fighting for Albertans……

#143 jess on 04.14.18 at 11:59 am

affordable housing crisis ? 100 bucks to renew a lease etc ….no maintenance (blackstone group)

Professor Desmond. Can you talk about this first national data set of court-ordered evictions in America? You have gone through, seven researchers, more than 80 million records. Talk about how many people are being evicted. What are the causes? What are the solutions?…
MATTHEW DESMOND: Right. So we’re in the middle of a housing crisis. Incomes have flatlined. Housing costs have soared. And most people that need housing assistance don’t get it. So the majority of poor working families today are spending at least 50 percent of their income on housing costs. One in four are spending over 70 percent of their income just on rent and utilities. So we’ve pushed millions of families to the brink of eviction.

So, what does that do to a family? Well, it causes loss. Families lose not only their homes, but children often lose their schools. You often lose your things, which are piled on the sidewalk or taken by movers. And eviction comes with an official mark or a blemish, and that can prevent you from moving into safe housing in a good neighborhood. It can also prevent you from moving into public housing. So, after families are evicted and they go through a spell of homelessness, they often relocate into worse housing, into worse neighborhoods. Eviction can actually cause you to lose your job. And for those viewers out there who have been evicted, you know exactly why this is. It’s such a hard, consuming event. You can make mistakes at work, lose your footing there.

And then there’s health effects, like depression. We have a study that shows that moms who get evicted experience high rates of depression two years later. So, you add that all up, and I think we have to conclude that eviction isn’t just a condition of poverty, it’s a cause of poverty, too.

AMY GOODMAN: So talk about the numbers, Matthew Desmond. I mean, it is hard to understand. Four every minute?

MATTHEW DESMOND: Four evictions are filed every minute in America. So the number of evictions filed in 2016 is equivalent to the number of foreclosure starts in 2009 at the height of the crisis. So it’s as if renters are facing foreclosure-level crisis evictions every single year. And this is not just a problem that’s in New York or San Francisco or Boston—cities we often talk about as being hotbeds of the affordable housing crisis. If you go to Wilmington, Delaware, one in 13 renter families are evicted every year. If you go to Tucson, Arizona, or Tulsa, Oklahoma, Albuquerque, New Mexico, you see very high eviction rates. And so, it means that the affordable housing crisis is much more deep and spread out than we originally thought it was.

MATTHEW DESMOND: So, we know, in 2016, which is the most recent data we have, because it’s comprehensive, there were about 2.3 million people that received an eviction judgment. That’s a giant number. And let’s just try to put that in perspective. That’s twice the number of people that get arrested for drugs every year in America, for example. We heard a lot about the opioid crisis last year, and for good reason. There were 63,000 overdose deaths last year. There were about 2.3 million people evicted from their homes. So, for every overdose, tragic overdose, there’s 36 people that receive an eviction judgment. This is a problem of colossal importance and scope, and it’s affecting not only big cities and expensive cities on the coast, but it’s affecting midsize cities and small towns all across America.

https://www.democracynow.org/2018/4/13/nearly_4_people_are_evicted_every

#144 45north on 04.14.18 at 12:27 pm

The realtor data shows while sales nationally struggled a bit higher from Feb to March, they tanked almost 9% month-to-month in YVR.

month-to-month! that’s harder and faster than the 2006 US Housing Bust!

Danielle Park: GTA Home Prices Declining Faster than the 2006 US Housing Bust

https://www.howestreet.com/2018/04/13/gta-home-prices-declining-faster-than-the-2006-us-housing-bust/

the two biggest markets in the country are in free fall. This is a hard crash.

#145 Gravy Train on 04.14.18 at 12:31 pm

All the words currently trending on Merriam-Webster’s Web site—lowlife, kakistocracy, slimeball, salacious, oligarch, depose, excoriate, etc.—relate to Donald Trump! Go figure! :)
https://www.merriam-webster.com/news-trend-watch/see-all

#146 TurnerNation on 04.14.18 at 12:32 pm

#47 the Jaguar I see two bikes on the truck.

(The one with tassels on its handgrips must be a “chics”
bike – can’t see Gartho riding that one.)

Signed, A Cager.

#147 ex-Van on 04.14.18 at 12:37 pm

“while sales nationally struggled a bit higher from Feb to March, they tanked almost 9% m/m in YVR”

This is impossible and this number is a lie because, as we all know, the real reason for price appreciation is the unlimited numbers of millionaire Chinese with an insatiable appetite for Vancouver real estate. Sales volumes will can never drop because the Chinese will absorb all available inventory. We know it is true because everyone in Vancouver believes it.

#148 Lost...but not leased on 04.14.18 at 12:38 pm

Re USA….

My “99.9% “figure was a bit of hyperbole….admittedly and will retract it. I don’t dislike the USA.

What is unfortunate is people don’t understand what the USA actually “is” in the context of history and by design.

In essence, its design was as an adjunct to the British Imperialism..the “World Cop”

People, when questioned where the center of Global Communism is will submit Moscow? Beijing?

No.its New York City…

A true student of history will agree in a heartbeat

#149 jess on 04.14.18 at 12:46 pm

In 83 Million Eviction Records, a Sweeping
and Intimate New Look at Housing in America

By EMILY BADGER and QUOCTRUNG BUI APRIL 7, 2018

https://www.nytimes.com/interactive/2018/04/07/upshot/millions-of-eviction-records-a-sweeping-new-look-at-housing-in-america.html?smid=tw-share

#150 Lorne on 04.14.18 at 1:32 pm

#140 Crowdedelevatorfartz

It’s ridiculous political posturing by two premiers that are low in the polls and need an “issue” to boost their ratings…
….
You might want to actually do some research instead of spouting off falsehoods….Horgan is the most popular premier in the country (though obviously that FACT has not caught your attention)

http://angusreid.org/premier-approval-march2018/

#151 AGuyInVancouver on 04.14.18 at 1:49 pm

#52 Mark on 04.13.18 at 8:03 pm

If that were truly the case, rents would be skyrocketing. Yet rents are fairly stable. A quick flight over the Vancouver area, or even some time spent on Google Maps can easily and quickly disabuse you of the notion of any meaningful ‘land shortages’ in either the GVR or GTA.

The Vancouver and Toronto bubbles, as well as the Canada-wide systemic bubble, are all the result of conditions in the credit marketplace and speculator enthusiasm towards the asset classes of residential RE and residential RE-backed mortgages. Nothing more, nothing less. As the fire gets lit beneath other asset classes due to macro conditions, money will flee those asset classes lickety-split. Vancouver and Toronto, yes, are likely to be a beneficiaries of such event, but not their residential RE.
_ _ _
More falsehoods from Mark. Rents in Vancouver and Toronto have skyrocketed.
“Average Toronto condo rents up 11% over last year: report”
https://globalnews.ca/news/4138510/condo-rents-toronto-report/

Her landlord jacked up rent 64%. When she refused to pay, they tried to evict her
https://globalnews.ca/news/4138345/west-end-renoviction-overturned/

#152 Niagara Region on 04.14.18 at 2:07 pm

RAMPANT EVICTIONS

In the the U.S. in 2016, 2.3 million people received an eviction judgement. Rampant evictions are one of the consequences of high real estate values, especially when combined with low wages.

For more information, here is a brief news segment:
https://www.democracynow.org/2018/4/13/nearly_4_people_are_evicted_every

#153 DON on 04.14.18 at 2:19 pm

Warning: Reading Comprehension required.

Martyn Brown: What’s really criminal in Canada’s Kinder Morgan pipeline debacle

by Martyn Brown on April 14th, 2018 at 1:32 AM

https://www.straight.com/news/1058116/martyn-brown-whats-really-criminal-canadas-kinder-morgan-pipeline-debacle

“This Sunday, Trudeau will be ganging up in Ottawa with Alberta premier Rachel Notley to read the riot act to B.C. premier John Horgan.”

Martyn Brown was former B.C. premier Gordon Campbell’s long-serving chief of staff, the top strategic adviser to three provincial party leaders, and a former deputy minister of tourism, trade, and investment. He also served as the B.C. Liberals’ public campaign director in 2001, 2005, and 2009, and in addition to his other extensive campaign experience, he was the principal author of four election platforms.

“What is Horgan’s “crime” that is supposedly frustrating Kinder Morgan’s project and has now brought that company to the brink of walking away on its risky investment?

In a word, it is that Horgan is using the law to try to protect British Columbia’s environment, coastal communities, and Aboriginal rights. That and nothing more.

His government has joined with all those First Nations and environmental organizations that have legally challenged the abysmal National Energy Board review process in court.

It joined the City of Burnaby in trying to uphold that municipality’s right to enforce its bylaws. An unsuccessful endeavour on first attempt, but one that may yet be appealed to the Supreme Court of Canada.

The Horgan government is also intent on seeking direction from the courts through a reference on the constitutional limits of the province’s shared jurisdiction over environmental protection. Specifically, in respect of oil spills and the transportation of heavy oil products through its territory.”

Lots more in the link…Give you an holistic look at the problem.

Remember kinder morgan’s responsibility for bitumen spills ends at the freighter dock. Not responsible for freighter oil spills soo…could care less. Refine it in Alberta…and why no energy east ‘national interest’ push.

The fed and alberta should fund the oil spill response on one of the most turbulent seas in the world, even in the calm summer months. Here’s the kicker some of most expensive real estate in BC is located near the ocean. Beach front is expensive. Nobody wants to see oil on our beaches. Why can’t we make this pipeline as safe as can be? AND why aren’t we refining this bitumen/sludge closer to the oil fields? Does kinder morgan even have current contracts to increase sales to Asia? IN light of recent international events will Asia buy American oil? Russia has almost completed another pipeline to China.

Can we at least think things through and stop the school yard bully antics. FFS!

#154 DON on 04.14.18 at 2:43 pm

#136 Smoking Man on 04.14.18 at 10:54 am

MF I’m all for Israel, good people, but shit man. My empty bottle loyalty is for the truth.

White Helmets is all I’m saying.
_______

Agreed. All empires abuse their powers at some point and live off past good deeds or ‘perceived good deeds’ to make it look just.

History is our road map if we don’t recognize and change it.

Oh yah>>>all you advocating for lower interests rates. If that were to occur again, what do you think the economic climate will be at that time? Just curious.

#155 DON on 04.14.18 at 2:55 pm

one more post

http://www.seanews.com.tr/tanker-disabled-in-georgia-strait/174784/

Georgia straight equals BC Salish Sea.

#156 LP on 04.14.18 at 3:26 pm

#135 TnT on 04.14.18 at 10:24 am

Sorry TnT, history books tell us that a total (both sides added together) of 50,000 Americans died in the US Civil War. Still a big number but hardly the hundreds of thousands you said.

#157 Stan Brooks on 04.14.18 at 3:34 pm

The insanity in brain frozen land continues.

https://ca.finance.yahoo.com/news/now-100-000-income-buy-154900775.html

Too bad Milos Forman died so somebody else has to make the remake of ‘One flew over cuckoo’s nest’, Canadian version.

The story is pretty much established, bunch of idiots buying ‘affordable’ glass condos in a city with no economy and in parallel with the mortgage pay over 1 k in monthly fees and property taxes to start with.

#158 moister miller on 04.14.18 at 3:47 pm

Ok, so here is the income you need to pass the stress test. Glad I didn’t buy.

https://www.msn.com/en-ca/money/topstories/here’s-the-income-you-need-to-pass-the-mortgage-stress-test-across-canada/ar-AAvRQwH?li=AAggFp5&ocid=mailsignout

#159 Gravy Train on 04.14.18 at 4:08 pm

It’s a sad day when we have to mix politics and pee. But there you go. Democracy’s scary.

What worries me—no, what frightens me—is that, according to recent surveys, young people place less value on democracy as a political system than their elders do, and are more willing to experiment with authoritarian alternatives.
https://qz.com/848031/harvard-research-suggests-that-an-entire-global-generation-has-lost-faith-in-democracy/

#160 45north on 04.14.18 at 5:03 pm

Keith: Horgan might as well have a tilt at trying to make some housing affordable. By the way, he’s not trying to make ownership affordable – that ship sailed long before he came into office. He’s getting revenue to finance non market rental housing, the last hope people earning a regular living. He isn’t making the situation worse, because frankly that’s impossible. Ownership was unaffordable for almost everyone already.

“Horgan might as well try to do something” this sentence reveals an attitude which completely fails to recognize the urgency of the moment. Debt is at record levels. Housing is going down. In Beautiful British Columbia. I draw an allegory with Dunkirk – the famous World War II battle. The British army in France was cut off and was facing annihilation. Through a miraculous and heroic effort, the British army and other allied forces were rescued. It’s one thing to have a defeated army and it’s another to have no army.

https://en.wikipedia.org/wiki/Battle_of_Dunkirk

Comrade Horgan seems determined to drive out the people who have supported BC for years.

Jane Boon commenting on the speculation tax: Does a second homeowner like Bryant Stooks, who’s based in Arizona but who loves Vancouver Island use BC’s social services? Absolutely not. Instead, Stooks has invested in the BC economy for years while taking little out.

http://vancouversun.com/opinion/op-ed/josh-gordon-speculation-tax-is-essential-for-housing-affordability

I don’t know Stooks but I can suppose that he has made a long standing contribution to Vancouver Island. I am thinking of the one percenters who made a long standing contribution in cottage country in Ontario. In that context, the BC speculation tax is a betrayal. There is no “might as well”. It counts and it counts against the long term interests of British Columbia.

#161 westcoastguy on 04.14.18 at 8:43 pm

Thanks Big Al.

I had a feeling about these areas but good to confirm and have relatively accurate reference points.

Vancouver = Toronto
Surrey/Langley = Scarborough
West/North Vancouver = Oakville and North York/Aurora/King City
Richmond = Richmond Hill/Markham
Burnaby = Mississauga
Abbotsford = Milton

#162 Darren yvr on 04.15.18 at 10:36 am

The real reason our housing prices are so high here on the coast, is we know with global warming the oceans will rise and flood out everything here to Chilliwack. So if we can price you all out of the market, it saves pain later. Go away.

#163 Felix on 04.15.18 at 7:34 pm

Hmm. Two days ago it was “Gross”

Today it is “Scary”

Stop the ANTI-FELINE RACISM NOW!!!!!!

(Enjoy the scratch marks on your leather furniture tomorrow. More to come….)