The leap

Photo by Andy Seliverstoff

People with wasted lives who follow social media and (ugh) blogs were scandalized a few days ago when a Toronto rowhouse which deserves to be burned hit the market for $750,000. Yes, it’s in an area favoured by trendoids and hipsters, guys with beards and buns and women wearing tats but, sheesh, three-quarters of a mill for a place with a kitchen like this?

If the house sells, according to the Tweets and posts, it will ‘prove’ the local market has resiliency and duration, that a piffle like rising mortgage rates or a stress test cannot stop it. This place is an utter, complete, unqualified, horrific, likely diseased, dump. Makes you wonder if the people on either side of space a local real estate site called a “howling shithole”, know what’s but a few inches away.

Anyway, let’s all celebrate the grandly-named Allister John Sinclair, the listing agent from Re/Max, who put pen to paper and came up with a glowing description. I think a Pulitzer is in order, or certainly a Governor-General’s award for fiction:

Builders Delight Perched In The Highly Desired Neighbourhood Of Trinity Bellwoods! Attention Renovators & Builders! 9 Foot Ceilings. This 2 Storey Home Just Needs Tlc, Renovations And Remodeling To Become Your Dream Home! Just Steps To Queen Street, Trinity Bellwoods Park, Ttc, Subway, Shops And So Much More. Prime Location! Don’t Miss This Opportunity! **** EXTRAS **** Property Being Sold As Is Where Is, Street Permit Parking Available, Roof Is In Good Condition. Upgraded Furnace – Recently Serviced With New Heat Exchanger And Motor. Hot WaterTank (Rental – 2016)

As of Friday afternoon it was still on the market – not yet picked off by some smarty moister with a B of Mom loan and an e-bike. Maybe there’s hope after all. BTW, here is the listing for 15 Rebecca. Please be responsible, and don goggles and other protective gear before you click on the link.

Well, there’ll be serious discussion over the next two weeks about the direction of the market as a whole. Despite sliding detached prices in Vancouver the natives seem convinced things are just ducky, unless Comrade Horgan, the new NDP premier, comes down with a vicious new anti-speculation law in his February budget. He’s rejected an outright ban on non-locals owning property, which is entirely correct and reasonable, but he’s only in power thanks to the Greens, whose leader is a flaming xenophobe. So, we’ll see. The combination of the existing anti-Chinese tax, the empty houses tax and a new spec tax – plus higher mortgage rates and B20 – should be enough to finish off YVR.

Toronto’s a more interesting case, since what happens here will impact about 8 million people in the GTA and its commutershed. The big news will come about February 5th, when the realtor-gathered sales numbers for January are released. If they suck, you can pretty much write off the next two or three months as market sentiment runs negative. Already homeowners believe conditions are worsening thanks to interest rates while buyers are stressed over the stress test. It’s a perfect storm as banks pull in their horns and credit is seriously restricted.

But if the January numbers are close to those of last year (5,188 transactions, of which 2,261 were detached) and if the HS at 15 Rebecca finds a buyer, the bubble will continue to inflate – certainly leading to a more catastrophic outcome down the road.

And where are we now?

As reported the other day on this blog by a veteran broker, a mere 77 detached houses found buyers in 416 in the first couple of weeks in January. Bad. Now Zoocasa has some new numbers. Also bad. So far condo sales are down 21% year/year and 20% lower for detacheds. This has created a buyer’s market, as the ratio of sales to listings plunges below the 40% mark – in stark contrast to early last year when it oscillated between 90% and 100%.

The ratio now is somewhat shocking: 24% for detached houses and 26% for condos. It means as new listings flood in for spring, buyers will probably have a large and growing pool to choose from.

But these aren’t ‘official’ numbers. The weather was appalling after Christmas. News about the mortgage changes are rate hikes was everywhere. And two weeks do not a market make – that’s too big a leap to take. But there’s no denying the cost of money has shot higher than anyone expected a year ago. The new borrowing rules are, by historic measure, extreme. Tens of thousands of potential buyers will not be approved. As many more will qualify to borrow less. If listings swell as they do every March and April, peak house will truly be over.

Meanwhile, some deluded kid will buy the horror on Rebecca. Pray for her.

208 comments ↓

#1 For those about to flop... on 01.19.18 at 6:05 pm

I think that before I resume normal programming that I should thank each and every one of you for your support.

My wife came home from work last night and when I told her the bad news she was ready to jump on a plane.

After a couple of hours of discussion we decided at first just to send an email acknowledging the letter and the seriousness of the situation and try to gain some more insight and then possibly pick up the phone and give them a call.

I don’t want to cause any more stress than he is already going through.

I haven’t spoken to either of my parents for 15 years and so we will have to take baby steps and see where it leads.

We all have our own lives and problems and we choose to spend a little time each day with our blog family as well.

In that regard,perhaps both my families are equally dysfunctional.

The people who come here and pretend to be someone they’re not are only kidding themselves.

I would rather be authentic and a valued source to exchange information with as we walk day after day ,issue after issue, through life together.

Blog lives matter…

M43BC
M64WI

#2 For those about to flop... on 01.19.18 at 6:05 pm

Pink Snow falling in Vancouver.

I have reported on these guys once,they were already staring a sizeable loss in the face and they just dropped the price again.

Two wheels were off the cart and another 40k drop on asking seemingly indicates that they know their fate.

Should hire tow truck driver Jamie Davis as their realtor because this thing just became a recovery mission…

M43BC

2765 w 8th ave ,Vancouver.

Paid 2.58 million.

Were Asking 2.49

Now asking 2.45

https://www.zolo.ca/vancouver-real-estate/2765-w-8th-avenue

#3 kommykim on 01.19.18 at 6:07 pm

Wow. That Toronto rowhouse looks like a S***hole!

#4 Periscope on 01.19.18 at 6:08 pm

No matter how much everyone might wish it to be so, Vancouver will never lay down and play Toronto. Every class of detached homes in YVR is up and in some cases by a lot. Just look at Burnaby. There is only one large and small Canadian city worth living in are the are both on the south coast.

#5 CHERRY BLOSSOM on 01.19.18 at 6:08 pm

DELETED

#6 Jungle on 01.19.18 at 6:09 pm

It’s already a buyers market is some pockets with risk of more price correction.

A couple areas now trending 10-12 months of inventory. (detach)

Even Toronto at almost 6 months inventory for detach.

#7 JSS on 01.19.18 at 6:10 pm

How does a home reach such a state?

#8 Screwed Canadian Millenial on 01.19.18 at 6:10 pm

Where in the world did you people get the false idea that it’s millennials buying up $1 million properties that are driving this bubble? The vast majority of millennials either still live at home, or rent.

Make no mistake about it. It is housing SPECULATORS, both FOREIGN and DOMESTIC, driving this bubble.

Especially upper middle income individuals who can borrow and speculate on multiple properties.

Who does that sound like? You guessed it… boomers.

House flippers triggered the US housing market crash, not poor subprime borrowers
https://qz.com/1064061/house-flippers-triggered-the-us-housing-market-crash-not-poor-subprime-borrowers-a-new-study-shows/

“Mounting evidence suggests that the notion that the 2007 crash happened because people with shoddy credit borrowed to buy houses they couldn’t afford is just plain wrong. The latest comes in a new NBER working paper arguing that it was wealthy or middle-class house-flipping speculators who blew up the bubble to cataclysmic proportions, and then wrecked local housing markets when they defaulted en masse.”

#9 Sergiy on 01.19.18 at 6:11 pm

Why the ‘Housing Crisis’ Is Really About Globalization
Free-flowing capital breaks the link between prices and local incomes — and most of us are shut out.

https://thetyee.ca/Opinion/2018/01/18/Housing-Crisis-Really-About-Globalization/

Garth, your comments are highly appreciated

#10 Wrk.dover on 01.19.18 at 6:11 pm

Flop. see about skypeing the man. He lives in Tasmania?

————————–

What is the assessment on the row house, anyone?

#11 Screwed Canadian Millenial on 01.19.18 at 6:12 pm

Looks like Trump might get that shutdown he so desperately wanted.

Trump: Our country needs a good “shutdown” in September to fix mess!
https://twitter.com/realDonaldTrump/status/859393829505552385

#12 Stan Brooks on 01.19.18 at 6:12 pm

only in cuckoo’s land.

Maybe T2, Wild Bill and Poloz should live there?

It seems a little overpriced for their intellectual capabilities, but hey, there is always 0 down, 100 years inter-generational mortgage available.

#13 i.see.debt.people on 01.19.18 at 6:14 pm

I just threw up my dinner. The listing pictures are disgusting.

#14 Cloudy on 01.19.18 at 6:16 pm

While there are a multitude of reasons to dislike Weaver, he is most definitely not a flaming xenophobe by any stretch of the imagination.

“We need to be bold. We need to start progressively, moving to a complete ban on foreign ownership. The time has come.” – Andrew Weaver, speaking for himself. – Garth

#15 Tip of the Iceberg on 01.19.18 at 6:17 pm

19 days and counting into the post B20 rule implementation. As these changes have been heralded as a market changer wiping out 20% of domestic buyers, I trust January sales will immediately show their impact right? Oh boy, I think there will be a lot of disappointed bears when they look at the January sales and prices.

For those that just ran with the Stats Can report that said foreign ownership is negligible and only 5%, you must all be eating crow right now. After a week, that report has been destroyed – 1 in 4 new condos in major Metro Vancouver communities were bought be foreign buyers. Even the head stats guy at Stats Can said the numbers were the ‘tip of the iceberg’ because it did not account for proxy buyers, numbered companies and condo pre-sales.

Those that deny the influence of foreign capital are so discredited that even the development industry is acknowledging the role of foreign capital following massive exposes and one credible report after the other.

http://vancouversun.com/news/local-news/dan-fumano-digging-deeper-following-the-money-on-foreign-property-ownership

One month of data will prove very little about the impact of B20, obviously. After six months and a pattern should emerge. As for foreign buyers, be warned I will not allow this blog to become a cesspool of the anti-Chinese sentiment now slopping around YVR. – Garth

#16 Old gringo on 01.19.18 at 6:19 pm

The only thing to do with a house like that is a napalm strike.
And hope the pigs that lived in that sty are in when it hits!
OMG

#17 For those about to flop... on 01.19.18 at 6:21 pm

Recent Sale Report/ Realtor Assistance Needed.

The case at Leovista avenue is one of the more peculiar ones that I have come across.

It was sold at one stage and the deal must have fell through as a couple of months later it was back on but what makes the history strange for this one is according to the assessment two sales were logged on the same day.

I thought that this was a glitch that would be sorted out in time but it never was.

One sale was recorded at 2.62 and another at 2.4and so what this house was really purchased for is questionable.

As I wrote at the time of first reporting this case ,either number you select sees the owner who just sold in possible trouble.

The last ask that I saw was 2.49.

It will all come out in the end or maybe we will get lucky and a guest author will fill us in…

M43BC

Sold On January 6th 2018

976 Leovista Ave,North Vancouver. Paid 2.62/2.4 March 2016 ass 2.1 2016

Jul 24:$2,688,000
Oct 12: $2,498,000
Change: – 190000.00 -7%

https://www.zolo.ca/north-vancouver-real-estate/976-leovista-avenue

https://www.bcassessment.ca/Property/Info/QTAwMDAyODQ5UA==

#18 Keith in Rio on 01.19.18 at 6:23 pm

I love it when a realtor starts a listing description like this……….ahem, cough……..”Sold for 2.3M in 2013, this one of a kind penthouse offers tremendous value. Over 4000 sq ft, sprawling 2 levels, plus 4 titled parking stalls !”

Kinda inspires confidence in RE now that it is now listed for $1.69M…..doesn’t it ? I remember when these were $175K back in the early 80’s when the building went up and was empty.

https://www.realtor.ca/Residential/Single-Family/18995613/500J-500-EAU-CLAIRE-AV-SW-Eau-Claire-Calgary-Alberta-T2P3R8-Eau-Claire

#19 MK on 01.19.18 at 6:23 pm

15 Rebecca St
Original PRICE was :$679,000 when listed on MLS 11/22/2017.
They have increased it instead of dropping .

#20 Guy in Calgary on 01.19.18 at 6:37 pm

Typical buzzwords come to mind with listings like that… “character,” “Fixer upper,” Handy Man’s dream home!”

Time will tell if these rules have a large effect. A correction and a crash are two very different things. Housing may go down but who cares because if the DOW hits 30k and keeps going, we are all rich anyway.

#21 T on 01.19.18 at 6:37 pm

#8 Screwed Canadian Millenial on 01.19.18 at 6:10 pm
Where in the world did you people get the false idea that it’s millennials buying up $1 million properties that are driving this bubble? The vast majority of millennials either still live at home, or rent.

Make no mistake about it. It is housing SPECULATORS, both FOREIGN and DOMESTIC, driving this bubble.

Especially upper middle income individuals who can borrow and speculate on multiple properties.

Who does that sound like? You guessed it… boomers.

————

Hey clueless, do you have any reliable data to back these claims up?

Fact is everyone has been driving prices up from all generations and all walks of life. Yes, contrary to your beliefs, here are many millenials with properties valued at $1M or above. Don’t judge the world by the company you keep.

#22 TheDood on 01.19.18 at 6:37 pm

#4 Periscope on 01.19.18 at 6:08 pm
No matter how much everyone might wish it to be so, Vancouver will never lay down and play Toronto. Every class of detached homes in YVR is up and in some cases by a lot. Just look at Burnaby. There is only one large and small Canadian city worth living in are the are both on the south coast.
______________________________________

LOL! Spoken like a true YVRer!
“Prices will never go down”

Just like interest rates will never go up! Right?

The underlying economics don’t support your position. The YVR and Lower Mainland crash will be as spectacular as GTA’s.

#23 Screwed Canadian Millenial on 01.19.18 at 6:39 pm

“We need to be bold. We need to start progressively, moving to a complete ban on foreign ownership. The time has come.” – Andrew Weaver, speaking for himself. – Garth

—————

That’s not xenophobic Garth. That’s just common sense. In case you haven’t noticed, BC house prices are completely detached from local wages.

If there are little to no foreign buyers, as you claim, then this tax will have little effect and there is nothing to worry about.

Other countries have done this. It’s not xenophobic or racist.

New Zealand Bans Foreign Home Buyers After Price Surge
https://www.bloomberg.com/news/articles/2017-10-31/new-zealand-to-slap-home-buying-ban-on-foreigners-to-ease-market

Labour PM Jacinda Ardern is doing an amazing job in New Zealand. Based Winston Peters of NZ First as well.

Don’t get mad at me but you shouldn’t just hurl words like racist and xenophobic at people you disagree with. It devalues the terms and gives a pass to people who are actually racist and xenophobic.

Racist was not a term I used. Weaver, and you, appear to be xenophobes. Sad to see. – Garth

#24 Lonnie Doctor on 01.19.18 at 6:39 pm

I didn’t realize e-bikes were trendy. I have two. Not the funny looking scooter kind, but bikes with an e-assist added on. The first one I bought about 7 years ago to commute to work with. It is 16km each way and the e-assist helps on the way home to stop me from talking myself out of it. Built the second one this summer – a recumbent trike so I can ride in the winter without wiping out. My kids totally mocked me until they tried it. My wife still mocks me regardless. A blast and still a good workout. I know not a financial post, but if you don’t have a healthy lifestyle and do some crazy things that people shake their heads at, then what’s the point of having money.

#25 Paul on 01.19.18 at 6:39 pm

To really now value I have one question is the hot water tank owned or a rental. Lol

#26 Eco Capitalist on 01.19.18 at 6:41 pm

Granted, all the drywall has to go. Likely the electrical and the plumbing too. That extension should be nuked. You’d be left with a cute 2 bedroom, 1 kitchen, 1 bathroom. I saw hardwood in most of those pictures that could probably be saved. For $75,000 I’d say go for it. What’s that? I lost a zero? Oh. Oh dear. Well, now it’s just an excellent example of a problem that all large cities eventually face: the land is worth more than what occupies it. Consider that, as a row house, it was built as an affordable form of housing. The only hope is that a developer snaps it up, along with its neighbours and starts building to the sky.

#27 I’m stupid on 01.19.18 at 6:42 pm

It’s going to be interesting to see how many listings will actually flood the market. B20 puts a new spin on things, if a seller can’t pass the test they may not list and upgrade. We’ve only been looking at restricting of the buyer pool caused by the stress test but no one is talking about the restricting of the seller pool.

#28 Penny Henny on 01.19.18 at 6:43 pm

#206 Ace Goodheart on 01.19.18 at 1:55 pm
RE: #191 n1tro on 01.19.18 at 11:28 am

Bitcoin and the other cryptos are useless, Nitro. I’m sorry but that is just the way it is.
///////////////////

Ace you are a piece of work. You wax on and on about how smart and savvy you are about real estate and when someone talks abouts the possibility of making huge returns on criptos you now are the deemed expert.
Ha, ha, ha.
Please tell us more about jet fuel.
Another of you areas of expertise.

#29 Xenophile fools on 01.19.18 at 6:44 pm

There is wisdom in being xenophobic (ie. afraid of strangers). If the indigenous people on the east coasts of North America had been more wisely xenophobic they may not have ended up completely destroyed by the European/UK settlers.

When people listen to fools, history is guaranteed to repeat.

The citizens of Vancouver/BC should fight for their land.

Drama queen. – Garth

#30 -=jwk=- on 01.19.18 at 6:45 pm

the rowhouse is likely sold as you read this. buyer will put 100k (no permits needed…) into it and relist in 3-4 months at 999k. And they will get it. Easy money. This is priced correctly….

#31 Paul on 01.19.18 at 6:45 pm

Missed that it is a rental, definitely over priced!

#32 InvestorsFriend on 01.19.18 at 6:47 pm

If Taxes Are Theft Then We are all receivers of stolen property?

#205 Newcomer on 01.19.18 at 1:55 pm made an excellent response as follows:

#205 Newcomer on 01.19.18 at 1:55 pm
#186 Smoking Man on 01.19.18 at 10:24 am

But taxation is theft. Pure and simple.
—-

You are a smart man so it surprises me to see you make a statement like that. Very few things are pure and simple.

You are a big fan of driving on the roads that your neighbors paid for, and you are reaping the benefits of having defeated the Nazis with the army that other people parents paid for. Does that make you a receiver of stolen goods?

#186 Smoking Man on 01.19.18 at 10:24 am

But taxation is theft. Pure and simple.
—-

You are a smart man so it surprises me to see you make a statement like that. Very few things are pure and simple.

You are a big fan of driving on the roads that your neighbors paid for, and you are reaping the benefits of having defeated the Nazis with the army that other people parents paid for. Does that make you a receiver of stolen goods?

************************************
I love that response. It is completely immature and juvenile to suggest that all income taxes are theft.

Government is absolutely essential to a a free and sage society and it costs money. As I believe Garth has said, if people don’t like taxes, they would REALLY hate a world with no taxes. (Well, for the brief time they were alive)

#33 Ummmm on 01.19.18 at 6:47 pm

Was that a grow op?

#34 Screwed Canadian Millenial on 01.19.18 at 6:48 pm

Donald Trump absolutely destroys Donald Trump on government shutdown.
https://www.youtube.com/watch?v=_wRUPq7ZiwE

#35 I don't get it on 01.19.18 at 6:50 pm

Why is any mention of a group of people doing something racist, sexist or otherwise these days?

There’s nothing derogatory about identifying that Chinese and other foreign investors are amping up our market. It’s the same in London, Dubai, Cape Town, Rio, Cancun, Sydney, San Fran, New York and many other cities around the world. The money could be from China, England, Germany, Canada, the USA or any other. For some reason when China is mentioned, it turns racial.

As much as I dislike us selling out our real estate, it is what it is until we pull a Jacinda. NZ’s policy makes total sense – invest to build, but don’t buy/sell out existing inventory.

#36 Penny Henny on 01.19.18 at 6:56 pm

As of Friday afternoon it was still on the market-Garth

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

But Garth, it has two bedrooms!

#37 The real Kip on 01.19.18 at 6:57 pm

My cousin was stabbed to death in front of the church at Trinity Bellwoods Park. Being catholic I went there to light a candle for him at that church but the doors were locked right up at 4:00 in the afternoon. Great neighbourhood!

#38 Screwed Canadian Millenial on 01.19.18 at 6:57 pm

Racist was not a term I used. Weaver, and you, appear to be xenophobes. Sad to see. – Garth

————–

Here’s what actual racism, xenophobia and quite frankly human trafficking looks like.

Inspectors found foreign workers sleeping in a Burger King basement: Alberta Health Services
https://www.thestar.com/news/canada/2018/01/17/inspectors-found-foreign-workers-sleeping-in-a-burger-king-basement-alberta-health-services.html

Crap like this is going on all over the country Garth. All in the name of cheap labour, human exploitation, higher profits, margins and bigger returns. This has become sadistically Canadian. It is a national shame and embarrassment. I don’t believe humans should be exploited like this. No matter their race, color, gender, etc. I’ve been against this program from the start Mr. Turner. How about you?

Nice pivot. So Trumpian. You guys share a lot. – Garth

#39 Sebastien on 01.19.18 at 6:58 pm

What if Horgan’s actions are completely milktoast? 25% price gain incoming…

#40 Government Shill on 01.19.18 at 6:58 pm

People still have mortgage approvals from the end of 2017. I believe the last of those will be done at the end of April. Then it’ll be just stress tested ones. Then a month later everyone will be on the +0.25 train as well.

#41 Justin on 01.19.18 at 6:59 pm

I know how Trump would describe that place and living in Toronto in general.

#42 A on 01.19.18 at 7:00 pm

That house conjures up images of the worst toilet in Scotland…

#43 oncebittwiceshy on 01.19.18 at 7:01 pm

I’m stupid on 01.19.18 at 6:42 pm
“It’s going to be interesting to see how many listings will actually flood the market. B20 puts a new spin on things, if a seller can’t pass the test they may not list and upgrade. We’ve only been looking at restricting of the buyer pool caused by the stress test but no one is talking about the restricting of the seller pool.”
<<<<<<<<<<<<<<<<<<<<<<<<<<

Hey "Stupid", the only way a seller can't pass the test is if they are refinancing, which actually is probably a fairly decent percentage of homeowners renewing this year. The extend and pretend group is about to hit the wall.

If THEY can't pass the test then they are screwed …. house gets listed. The bank will get their money and the number of listings will rise accordingly.

#44 Dundas dude on 01.19.18 at 7:06 pm

Relax.

According to the bank of Canada report – page 10/69, “The quality of high-ratio mortgage lending has improved across major markets”
http://www.bankofcanada.ca/wp-content/uploads/2017/06/fsr-june2017.pdf

In 2016, 16% of new mortgages had a loan to income ratio of 4.5 or higher. But in 2017 this improved dramatically to only 10%. This indicates a big improvement

Not really. More borrowers went non-high ratio to avoid the stress test, using loans from the B of Mom. This is exactly why all borrowers will now have to pass, to end the abuse and fraud. – Garth

#45 Flatlander on 01.19.18 at 7:08 pm

@ #34 SCM

Funny you bring up Trump considering his stance on foreigners. The two of you sound much alike. I wouldn’t be surprised if you suggested Vancouver build a wall to keep those “foreigners” out. Maybe the two of you can strike a deal on a bulk wall discount before NAFTA disappears…

@ #1 For those about to flop…
“Blog lives matter”
You never fail to brighten my day. Hoping things work out for your family my man.

#46 Linda on 01.19.18 at 7:08 pm

Well, I took a look at #15 Rebecca. Yikes. I’m not sure any prospective buyers should enter the door w/o wearing a Hazmat suit. I actually feel sorry for the realtor who presumably DID go in w/o protection. Anyway, the price is absurd given the visuals. It looks like mould/mildew throughout & unless the units on either side have been kept up to standard even stripping to the studs might not be enough. Anyone paying more than $250,000 for this (& even at that price, it isn’t a deal) is certifiable. I’d want to have a report confirming that the adjoining units were mould free before making an offer, because otherwise any remediation wouldn’t stick. I’m impressed by the stamina of the previous owner, though his demise could likely be attributed to living in those conditions.

#47 I like cookies on 01.19.18 at 7:08 pm

Here’s a gorgeous picture for you to use next week (feel free to not publish this comment — no need for people to see the picture early!) — https://www.reddit.com/r/aww/comments/7rjtm0/this_guy_is_so_far_behind_on_his_rent_and_he/

#48 OttawaMike on 01.19.18 at 7:10 pm

Bring an offer and a priest.

#49 Steve on 01.19.18 at 7:12 pm

>>> There is only one large and small Canadian city worth living in are the are both on the south coast.

————–

Funny, of three coasts Canada boasts, none i south.

#50 why the fuss? on 01.19.18 at 7:12 pm

DELETED

#51 bdwy sktrn on 01.19.18 at 7:14 pm

I will not allow this blog to become a cesspool of the anti-Chinese sentiment now slopping around YVR. – Garth
———————-
even the chinese here in east van are anti-chinese!

offshore cash, largely china, but also many other countries IS the primary difference between yvr and calgary prices.

super awesome if you happened discover the 604 and buy in pre 2000.

the many chinese i know in van are about the best kind of neighbours one could have. honest, dedicated, steady, they raise great kids. we also very much like our filipina, vietnamese, japanese, thai etc neighbours too, but they don’t have the budget that successful chinese business people have because of scale, or course.

fun fact – china now has twice as much (and increasinig) high speed rail as the rest of the world combined.

van is ‘close’, safe and has better dim sum. china’s successful people(the global economic leader for the next 100 yrs) will continue to love, visit and invest in, vancouver.

love the blog.

#52 OttawaMike on 01.19.18 at 7:16 pm

A realtor with lazer focused vision is required to help you see that listing is a big steaming pile of poo.

https://twitter.com/Reweth/status/954419817917763584?s=09

#53 Democracy Is Mob Rule on 01.19.18 at 7:16 pm

#20 Guy in Calgary on 01.19.18 at 6:37 pm

if the DOW hits 30k and keeps going, we are all rich anyway.
_____________________________________________

DOW AT 260,000 BY 2032

the secular bull lasting from 2009 to 2032 is going to be jaw-dropping in nominal terms.

The long term outperformance in real terms of equities versus commodities reflects technological evolution – the human value-add in making amazing things from raw materials and fossil fuels.

https://solarcycles.net/2012/03/20/dow-at-260000-by-2032/

#54 Ian on 01.19.18 at 7:17 pm

#releasethememo

Time to permanently discredit the worst foreign policy president of all time!

‘Do absolutely nothing’ John Kerry and ‘Sorry, busy with my presidential campaign planning’ Hillary Clinton were absolutely the two worst Secretaries of State the US has ever seen.

Obama the liar about NSA going all George Orwell on his entire populace gets his corrupt mindless crony Eric Holder to go after Snowden, instead of the NSA.

The chickens are coming home to roost!!

#55 conan on 01.19.18 at 7:19 pm

#7 JSS on 01.19.18 at 6:10 pm

“How does a house end up like that?”

Every fix, has been done on the cheap, for decades.

Every plumbing quote to remove, or move the stack,or the hot water pipes, or radiators, was heart attack inducing. Killed the property owner on the spot.

The quote to fix the electricals, same thing. The wall repair quote will knock you off your feet.

It also has mold. Don’t try to renovate it. Its a tear down.

Do you have to keep the frame? Depends on the neighborhood.

#56 Bob Dog on 01.19.18 at 7:20 pm

With such staggering losses materializing in the near future, are the banksters and speculators going to be able to just walk. Is there any possibility of creating debtor prisons before the hammer drops.

I dont think I could every pay taxes again if it turns out nobody is punished for these acts of financial terrorism on a national scale.

#57 After Communism on 01.19.18 at 7:21 pm

The rest of the world population are all Canadians-in-waiting and erasing the distinction between them and Canadians born here, is a communist atheist tactic. The world-wide elimination of the Holy Spirit is the deeper understood strategy, if it could be so. The Holy Spirit is the source of division, so goes the argument.

#58 crossbordershopper on 01.19.18 at 7:26 pm

all this daily talk about real estate. We should discuss markets, isnt that what we are missing. I think Netflix should beat. bought some options, yes risky, small part of the portfolio,but i think that is what we should be discussing instead of this daily detailed real estate discussion and interest rates.
we should talk about the market, making money picking good stocks, no one needs an advisor driving fancy cars to buy some bank stocks and charging a point or two a year to do it. That is the scam. People should learn to do things themselves, everything, cooking, fixing their car, etc
my buddy from milton called, i ran through his monthly cash flow, zero, its zero, between the cell phone, the rent, the hydro, the gas, insurance, security, his truck payment truck insurance food gas he ends up at zero.
i said you own nothing, it all goes to crap, including his body, month by month, he ends up with nothing in the end, he said he cant stop the wheel.
this is what we should be talking about, he will never have the down strock to buy anything, ever, he doesnt care where real estate values go,or interest rates for that matter.
this is what we should be discussing the Canadian Scam , and fight the goverment and the big banks and the big companies,
go to america, you will end up with a better life. I truely feel for my good friend, and the millions of canadians like him.

#59 Dunno 'bout that on 01.19.18 at 7:28 pm

“Despite sliding detached prices in Vancouver…” – GT

Dunno ’bout that. Zolo is showing the avg detached price is UP about $300K since Dec 1 in Vancouver. Median is up almost $200K.

#60 Eric on 01.19.18 at 7:28 pm

Isn’t that what a condemned house looks like?

#61 acdel on 01.19.18 at 7:29 pm

Interesting article!

http://www.huffingtonpost.ca/2018/01/19/u-s-tax-changes-could-be-worse-for-canada-than-nafta-pullout-biz-groups_a_23338275/?utm_hp_ref=ca-homepage

#62 tccontrarian on 01.19.18 at 7:29 pm

Re 15 Rebecca –

Nothing a match can’t ‘fix’…

Now I have to have a bath and get doused in alcohol. I should’ve heeded Garth’s warning!

BTW, I wouldn’t pay more than $75k for this heap! Anyone paying anything close to asking is a … Greatest Fool!

TCC

#63 Ace Goodheart on 01.19.18 at 7:33 pm

RE: 15 Rebecca: I have bought similar houses. However not for 750K (last one I got for 279,000 cash, same deal, as is, rats and roaches included).

You would be surprised how easy it is to strip and gut them. I bet there is some nice old hardwood under that crap strip flooring just waiting for someone with a floor sander (I still have one in my shed).

Bathroom is a bit of a bonus because it is so big. Also the kitchen is very large. When you buy a dump like that you are looking for a good structure, good room sizes and a workable exterior. Yes you are going to have to re do the plumbing and wiring. But you don’t want to have to fix a bad foundation or structural problems and it is nice if it is water proof (which this one appears to be).

I would say 60K to 80K gut and reno job not including the kitchen and bathroom (prob around 40K for the kitchen if you do it nice, 15K for the bathroom all in).

So if you are paying 750, then your total is 865,000 + taxes. Not really a deal, but also not terrible for that ‘hood.

And it’s an adventure!

If you have a guy who can build a completely new house inside a rotted shell for 80k, send me his email. – Garth

#64 crowdedelevatorfartz on 01.19.18 at 7:34 pm

That listing reminded me of this scene in “Desperado”

https://www.google.ca/url?url=https://www.youtube.com/watch%3Fv%3D7AQ7Lv6ekR8&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjN-qzSpeXYAhVS0WMKHQaUD98QtwIIFTAA&usg=AOvVaw2voK47DjsdgoqIbxiT78Yt

#65 Periscope on 01.19.18 at 7:36 pm

#36 Steve You must be from out East, ya know central Canada….Toronto….or is central Canada in Manitoba?

#66 Looney Baloney on 01.19.18 at 7:38 pm

Wow what a bargain! Here is the link if any of you hip millennial blog dogs want to snap this puppy up:

https://www.remax.ca/on/toronto-real-estate/na-15-rebecca-st-treb_c3991263-lst/

#67 For those about to flop... on 01.19.18 at 7:41 pm

#10 Wrk.dover on 01.19.18 at 6:11 pm
Flop. see about skypeing the man. He lives in Tasmania?

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

My parents lived in Tasmania all their lives until recently.

They sold their house and bought a condo in Queensland to try and have a more enjoyable retirement.

As this is a real estate blog I will chuck some numbers out there.

The first house the bought in the early 70s was our family home that I grew up in.Estimated cost maybe 20/25k

When they said they wanted to move I was in my late teens ,in the early nineties and I purchased that house of the for around 55k.I didn’t want to move and all my friends lived in the area.

They bought a bigger ,nicer house with a view for 105k .

They lived there until last year, until the moved to the mainland.

So between basically between their early twenties and their early 60s they spent the princely sum of roughly 130k on real estate.

Through them 40 years they no doubt spent many more multiples of that renovating and maintaining the two properties not to mention all the bills that go with it.

I have no idea how much they spent on the condo as no recent contact and overall it’s none of my business.

What happens now is anyone’s guess.

At least my mum won’t be burdened with a big house and a big garden on a severe slope to maintain as well as they obviously downsized their possessions as well and sent a trunk of my stuff that had been sitting in their garage for the best part of twenty years.

I have always lived my life without the safety net of being able to ask my parents to bail me out and that is one of the reasons why I stay away from purchasing Vancouver real estate.

I bought my first house when I was 19 because it made sense.

Since then I have lived in London,Monaco,Edinburgh and Vancouver and it has never made the same amount of sense to me and I no longer see paying rent as dead money.

My wife walks four blocks to work ,while her colleagues struggle to get to work on time from places like Maple Ridge and Surrey because they wanted to own a house.

There’s no right or wrong ,but if you are going to live in places like Vancouver you need to learn how to compromise…

M43BC

#68 Bezengy on 01.19.18 at 7:43 pm

$750k eh? How are the neighbors?, which is something everyone should consider before signing on the dotted line. Personally, I find a lot of city folk are packed in like a can of sardines. Here in Goldtown I have 20 acres which is a little small, but I’m surrounded by crown land so it’s bearable. I suggest a full farm of 160 acres if you have neighbors, so you never have to check if someone is watching when you gotta pee.

#69 Sebee on 01.19.18 at 7:43 pm

In another reality there was probably a fire at 15 Rebecca.

No dump should be subjected to the bin from this reno.

#70 earthboundmisfit on 01.19.18 at 7:46 pm

Register on-line for your $25.00 Loblaw’s gift card. Donate it to a food bank, women’s/men’s shelter.

Honestly, all these knotted knickers about a few pennies on a loaf,and nary a peep about the rapacious gouging at the gas pumps.

#71 Ace Goodheart on 01.19.18 at 7:49 pm

RE: “If you have a guy who can build a completely new house inside a rotted shell for 80k, send me his email. – Garth”

The shell doesn’t look rotted. The hardest part about Rebecca would be removing that old lathe and plaster (it fills up dumpsters really quick, is heavy and dusty and you have to separate the wood from the plaster or they won’t take it).

What I usually do is pay a crew to come for a day and rip it all out, with two bins outside waiting to receive it. Then you just wire her up, plumb her and insulate. You would want fire walls on either side.

You are correct, if you are not doing the work yourself with hired help paid cash daily, you could never fix that house for 80K. It would be closer to 150K or more not including the kitchen and bathroom. If you owned that house and you wanted to pay someone to renovate it, you would not be able to find someone to do it for 80K. You couldn’t build a single storey addition to the back of it for 80K.

However if you are handy and you don’t mind finding your own day labour and being your own subcontractor for electrician and plumbing work, and you can do your own drywall, trim and doors, you could do it for 80K.

I did forget about the windows. That is probably another 20K right there, maybe 30K depending on how many there are.

Oh well. It’s a million dollar + house for the average millenial who has never swung a hammer in her life. A learning experience?

#72 Screwed Canadian Millenial on 01.19.18 at 7:49 pm

Nice pivot. So Trumpian. You guys share a lot. – Garth

——–

Well I did used to watch Stormy Daniels softcore stuff on satellite in my parents basement way back in the day. Around the time Trump was paying her to have sex with him, 6 months after Melania gave birth to Barron. If that’s what you mean…

#73 Fake News Again on 01.19.18 at 7:51 pm

With the way the word “xenophobe” is tossed around on this blog we might as well change our name to the CSSR and in the middle of the red maple leaf on the flag add in a hammer and sickle.

If another NDP government is elected, it might just work. – Garth

#74 Rates vs Capital on 01.19.18 at 7:52 pm

While many posters have shared credible and irrefutable data on the influence of foreign capital ad nauseam and every day there is a new investigative expose on the influence of foreign capital in Metro Vancouver, you continue to walk the fine line between denial and minimization of its effect.

It is nice to see that you have finally and conveniently used data provided by readers on the impact of foreign capital – that in communities like Richmond and Burnaby the percentage now is 10% (prior to the BC foreign buyers tax it was over 20%) and that 10% is on the ‘margin.’

As you have pointed out many times, it took only 8% of marginal buyers to cause a 32% decline in US prices. So everyone fails to see why 10% of a market in a quarter million person city would somehow have no impact.

In Vancouver, the media, the real estate industry, the development industry, the banking industry, and officials at the local and provincial level, all down played the impact of foreign capital in the dramatic rise in housing prices.

First, it was apparently ‘racist’ to discuss foreign buyers – I did not know ‘foreign’ is now a race – you better tell the Americans, Chinese, and British buyers they are all a race now; then foreign capital purchases were restricted to the higher end of the market which apparently has no impact – its not like once a house sells for a high price that the next neighour selling says, ‘that was too much, I will lower my price for local buyers’; then foreign capital purchases were apparently restricted to certain neighbourhoods which then morphed into certain cities – provincial data, not the real estate franken numbers, showed 20% or more of purchases in cities like Richmond and Burnaby were from foreign capital.

It took over half a decade for some of those stakeholders and the public to gently talk about the impact of foreign capital and to acknowledge, begrudgingly, its impact on housing affordability. Now, the media is finally exposing the sheer scope of foreign capital in places like Vancouver.

The city of Vancouver has finally acknowledged the huge impact of foreign capital after years of denying its impact and falsely labelling those that said otherwise as ‘racist.’

http://vancouversun.com/news/local-news/not-enough-focus-on-the-demand-side-supply-alone-wont-fix-vancouver-housing-crisis-says-chief-planner

http://vancouversun.com/news/local-news/dan-fumano-global-money-hit-vancouver-real-estate-like-a-ton-of-bricks-robertson-says

Day after day a new layer of foreign capital penetrating the West Coast gets exposed:

• Greater Vancouver is a money laundering capital with its own model with impacts on housing

http://vancouversun.com/news/local-news/more-to-come-on-money-l aundering-allegations-b-c-attorney-general-says

• Of Vancouver’s 100 most expensive homes, 50% have opaque ownership where buyers use shell companies, trusts, nominee buyers

http://www.transparencycanada.ca/wp-content/uploads/2017/05/TIC- BeneficialOwnershipReport-Interactive.pdf

• There is no correlation between local incomes and house prices, where 33-50% of homeowners in the richest communities report poverty level incomes

http://vancouversun.com/news/local-news/radical-disconnect-as-average-metro-vancouver-earner-reaps-72000-a-year-and-pays-1-4-million-for-a-home

• There are 25,000 empty homes in Vancouver and over 60,000 in the Greater Vancouver – that is a lot of local speculators with average salaries sitting with non-revenue generating homes, because they can right?

No one is denying that domestic speculation has an impact, along with lax lending practices, low interest rates, federal CMHC subsidization, migration and immigration pressures, land constraints, and so forth. And no one is saying that Regina or St. Albert is being bought up by ‘rich Americans’ – just some major urban centers.

But you, and the developers, are the only ones that continue to deny that foreign capital has a significant impact in Vancouver and to a lesser extent Toronto long after data has changed even the most ardent deniers.

And watch, even the developers know the jig is up on denying the influence of foreign capital in BC because there are too many exposes of them pre-selling units overseas. And they will not push against any changes to the foreign buyers tax in the upcoming BC budget because the narrative is broken – if indeed there are any. But no one believes that the government will make any changes in the face of irrefutable evidence.

So ban all non-locals and see what happens. – Garth

#75 Nonplused on 01.19.18 at 7:56 pm

I thought you had to disclose when a property was used as a grow-op? Maybe it’s on the sales agreement. I looked at one once and the info was not presented until I viewed the house. It was in the middle of a relatively new family community!

It’s been a while since we talked about the “Trump train-wreck”. I’ve always felt that if politics is going to be absurd, it should be entertaining but this is getting to Monty Python type levels. Who is this “Stormy Daniels” and why did she wait until now, a year into the presidency, to come forward? For something that allegedly happened in 2006? If she wanted to tell her story, why not during the primaries? Can we trust somebody who will “do anybody” for money not to “say anything” for money? Are there witnesses to collaborate her story? Or is the “deep state” so worried by the new FICA memo that they will try literally anything at this point? How many more women are going to come forward? Will Trump be the first ever president to divorce while in office? Well I guess it wouldn’t be surprising based on how many times he’s been married so far. Are we going to have a “bachelor president” with no first lady and a string of hotties floating in and out of the White House sort of like they do in France?

In my opinion this is getting to be “too entertaining”.

Just for kicks I googled “Stormy Daniels” and I can’t see why Trump would have gone for her while married to Melania. Implants, gross tats, bleached hair, everything a billionaire who doesn’t want to get sued would be looking for.

But stranger things have happened. Hopefully it gets sorted out but if it’s true this will be the news on CNN for the next 2 years. Yeesh. No wonder I hate getting out of bed.

Ok, third topic for today, the false alarm missile warning in Hawaii. This is being talked about in the media as “oops, more government incompetency”, but I have a more worrying question: “Why are they testing missile warning systems in Hawaii?” “Why do they even have one?” “Why doesn’t it just work off the same systems as the storm warning systems that are so common now in the US?” (I got a flood warning on my phone one time when I was in Houston so they are system wide, it was a Canadian registered phone. And boy did it rain you aren’t used to that when you come from Calgary.) “Why are they testing these systems when North Korea is being all friendly with South Korea and kissing up so they can go to the Olympics next month?” My answer has to be that the US government sees the possibility of an inbound missile as being greater than zero. Why would Kim the rocket man attack now when he is winning on every front except the sanctions? He has the POTUS in a Twitter war, he’s going to the Olympics, Trump has said he is open to discussions under the right circumstances, and his rockets kind of sort of work. In a sort of unfortunate way EVERYONE is talking about him. He’s almost as good as Trump at self promotion. So if he’s not going to attack first, is a “surgical strike” in the works? Will it occur during the Olympics sort of how the attack on South Ossetia was?

I don’t think even John Cleese could have wrote this script.

#76 Screwed USSR Soviet Union Comrade Millenial on 01.19.18 at 7:58 pm

What the cat?! that overpriced townhouse looks like it’s perfect for the taking of another Saw or Hostel movie. That place isn’t even worth $750,000 because it’s not even a detached home. Renos alone will cost at least another $200,000 if you’re lucky enough to find a low cost tradesman willing to do a complete makeover.

#77 FOUR FINGERS WATSON on 01.19.18 at 7:59 pm

FYI Kelowna real estate stats.

2017 goes down in history as the second best year ever in the Okanagan Mainline Real Estate Board. Total sales were 6,575, 10.17% lower than 2016 holding first place at 7,319 sales.

The new federal mortgage tightening rules spur buyers to jump into the market prior to Jan 1st, 2018 which may explain why October, November, and December were at all time highs for level of sales comparative to previous October, November, and Decembers.

Average Price for all segments has shot up over last year. Residential $679,942 (+13.78%); Condo $332,344 (+13.88%), Townhouse $458,656 (+12.42%), Lots $276,212 (+11.88%).

Overall supply remains tight with 3-4 months for most product. Hopefully some relief from new construction will assist with the inventory challenges.

#78 Ronaldo on 01.19.18 at 8:00 pm

#8 SCM

”Especially upper middle income individuals who can borrow and speculate on multiple properties.

Who does that sound like? You guessed it… boomers.”
—————————————————————–
You’ve got it all wrong sweety pie, it’s the GenXers (your parents) who are responsible for the speculating. We Boomers got that out of our system years ago. We have more money than we need as it is and we are out travelling the world and having a great time. Get out and make something of yourself and quit your whining. Your making your generation look bad. Most millennials I know are very hard working and enthusiastic individuals.

#79 Trumpocalypse2018 on 01.19.18 at 8:05 pm

A US government shutdown will absolutely trigger an earlier nuclear conflict.

http://www.cnn.com/2018/01/19/politics/government-shutdown-trump-congress-latest/index.html

3 hours 55 minutes til shutdown.

All hell could be breaking loose by Monday.

PREPARE.

#80 Ace Goodheart on 01.19.18 at 8:05 pm

RE: #51 Conan:

“It also has mold. Don’t try to renovate it. Its a tear down.

Do you have to keep the frame? Depends on the neighborhood.”

That house on Rebecca only has two walls that are not common walls, being the front and the back ones. The side walls are also the neighbouring houses’ side walls. You could not tear that down. You would be removing your neighbours’ walls on both sides.

If you did succeed in tearing it down, you could never build anything in the hole. The variances you would need would never be granted.

It’s not a tear down. The only thing you could tear down is the front and back wall.

#81 Smoking Man on 01.19.18 at 8:07 pm

The leap.

Just watch USA equity markets go orbital once the FISA memo is out

MAGA

#82 I’m stupid on 01.19.18 at 8:09 pm

#43 onebittwiceshy

If you sell your home that was mortgaged prior to B20 you’re going to trigger a stress test when you buy another home because that becomes a new mortgage. Maybe I wasn’t clear or maybe you talk without knowing what you’re talking about. Hence my original comment, B20 will reduce supply. The question is by how much.

#83 conan on 01.19.18 at 8:10 pm

#71 Ace Goodheart on 01.19.18 at 7:49 pm

You need to check the house for Asbestos. I don’t think anyone is cool with you hiring day labor for cash, and then basically killing them.

Honestly, would you hire day labor, for cash, not knowing for sure, if there was asbestos, or not?

You remind me of that guy, trying to build his temple with the imported labor.

#84 Rooster on 01.19.18 at 8:11 pm

I always wondered what the phrase “crack house” meant.

I think Al, (he is less formal on his website alsinclair.com), is simply using 15 Rebecca as a loss-leader.
His serious listing, “Beaches Secret Find” at 8 Dixon is described as “steps from the beach”. A Goomap shows it is about 1000 steps or 2.5 km from the beach. Maybe that’s how they keep it secret?

Gorgeously appointed in Revivalist Home Sense decor, the purple dressing room is obviously intended to appeal to the ladies of the evening. Do they make enough in Toronto to carry the $1.1 M price tag? Or do they have to sell houses on the side?

#85 down_boy on 01.19.18 at 8:12 pm

How does the ad go…”What’s in your wall?”
I have a pond and a creek in my backyard, but I still have fewer water features than that kitchen. $750k huh. Thank Zeus, I went rural.
Renovation tip—Wear a mask.

#86 Tony on 01.19.18 at 8:15 pm

If the trend of killing the U.S. dollar persists to stave off a stock market crash and another feeble attempt to create inflation and fake the facade of a late stage recovery that never happened then interest rates will keep on rising in America. It will affect Canadian interest rates.

#87 Chaddywack on 01.19.18 at 8:17 pm

I’m not persuaded that Andrew Weaver is a xenophobe because he supports banning non-citizen and non-PR buyers Garth. Many countries in the world have laws that benefit their own citizens over non citizens…..

It’s akin to saying that Canada is xenophobic to limit the number of immigrants admitted each year or how long people can visit the country. PEI bans waterfront properties from non-island residents and some provinces restrict purchases of farmland.

Your responses are pretty sharp tonight Garth. You ok bro?

What is disturbing about Trump – building walls – is being aped here. As I said, this is sad. – Garth

#88 Ace Goodheart on 01.19.18 at 8:23 pm

Tesla’s Kryptonite:

http://www.nissan.ca/en/future-and-concept-vehicles/2018-leaf-reservation/#!

#89 Cloudy on 01.19.18 at 8:23 pm

“We need to be bold. We need to start progressively, moving to a complete ban on foreign ownership. The time has come.” – Andrew Weaver, speaking for himself. – Garth

Garth, I hold you in very high regard, but I respectfully disagree that supporting a foreign ownership ban equates to xenophobia. I don’t believe he opposes immigration or foreigners becoming permanent residents. If you want to argue the merits of an open international housing market, it should be argued as such. A friend’s father is the “owner” of a house in Mexico through a local because they have a foreign ownership ban; I don’t consider their policy xenophobic, but protecting the quality of life of locals.

#90 Andrew Woburn on 01.19.18 at 8:26 pm

Hedge fund manager Mark Dow is a former Department of Treasury economist so in light of the close ties between the Federal Reserve and Treasury, his opinions on the market effects of central bank monetary policy carry extra weight. – Scott Barlow, Globe and Mail.

Mr Dow says –

– The Federal Reserve only provides liquidity. The amount of liquidity it puts in the reserve system has no direct impact on the issuance of credit by banks or shadow banks. Only banks and shadow banks can create credit.

– The other, more mechanical, implication is that financial sector lending is neither nourished nor constrained by base money growth. The truth is the Fed’s monetary policy can influence only the price at which lending transacts. The main determinant of credit growth, therefore, really just boils down to risk appetite: whether banks and shadow banks want to lend and whether others want to borrow. Do they feel secure in their wealth and their jobs? Do they see others around them making money? Do they see other banks gaining market share?

THERE IS ZERO CORRELATION BETWEEN THE FED PRINTING AND THE MONEY SUPPLY. DEAL WITH IT.

https://behavioralmacro.com/there-is-zero-correlation-between-the-fed-printing-and-the-money-supply-deal-with-it/

#91 Screwed Canadian Millenial on 01.19.18 at 8:28 pm

#81 Smoking Man on 01.19.18 at 8:07 pm
The leap.

Just watch USA equity markets go orbital once the FISA memo is out

MAGA

———

Lol you fell for yet another Pizzagate, Uranium One, Jade Helm 15, etc.

You people are so easy to dupe. Every few months you fall for another nothingburger conspiracy theory. Same old GOP playbook taking advantage of useful idiots. Rinse and repeat. You’d think you might have woken up by now…

The Russian bots are working overdrive on this one.

Must mean Mueller is about to drop another bombshell. Who’s the next Trump crony to get locked up? Actually locked up. Not the imaginary Hillary/Obama lockup that Trumpers fantasize about.

#92 Herestoyou on 01.19.18 at 8:32 pm

I really don’t know if people are just expressing themselves poorly or what but they seem to be criticized for trying to explain a particular trend that has been happening in BC. Foreigners (many of them Asian) have been buying a lot of real estate in the mid and southern Vancouver Island areas. They are entitled to do so and it would make absolutely no difference to me except for one fact and that is it’s one of the many factors that has driven up demand and prices. It’s not who they are or where they come from – it’s the end result that has been the problem.

#93 Andrew Woburn on 01.19.18 at 8:32 pm

Do you know where your Bitcoins are tonight?

“Hackers Have Walked Off With About 14% of Big Digital Currencies – Bloomberg”

https://www.bloomberg.com/news/articles/2018-01-18/hackers-have-walked-off-with-about-14-of-big-digital-currencies

#94 islander on 01.19.18 at 8:33 pm

Speaking of ‘foreigners’…….
Toronto/ Trump /money laundering/ Alex Shnaider/ Boris Birshtein/ Russian mafia

https://www.theglobeandmail.com/news/world/us-politics/trump-properties-us-congressional-testimony/article37663448/

“A U.S. congressional committee investigating President Donald Trump’s links to Russia has heard testimony alleging the Trump Organization may have engaged in money laundering via properties bearing Mr. Trump’s name, including the former Trump International Hotel and Tower in downtown Toronto.”
…… “new focus on Mr. Trump’s partner in the Toronto project, Russian-Canadian billionaire Alex Shnaider. …….. Mr. Shnaider’s father-in-law, Toronto resident Boris Birshtein, “is a very important figure in the history of the KGB-Mafia alliance.”
In the early 2000s, Mr. Trump was being routinely rejected for bank loans in the United States – a serious problem for any real-estate developer. He was rescued….. by “alternate financing” in the form of cash from rich Russians who signed agreements to purchase condo units in Trump-branded buildings in Toronto and elsewhere.”
“The guys connected to the Toronto project are Russian Mafia, too. And, in fact, there’s Toronto-based Russian Mafia guys who are involved in the Panama project”…..

#95 Screwed Canadian Millenial on 01.19.18 at 8:42 pm

Hey Smokey, you should take a trip to South Carolina.

Stormy Daniels To Visit South Carolina Strip Club on Saturday as Part of ‘Making America Horny Again’ Tour
https://www.mediaite.com/weird/stormy-daniels-to-visit-south-carolina-strip-club-on-saturday-as-part-of-making-america-horny-again-tour/

Just a reminder that something like 80% of Christian evangelicals voted for and support Trump.

#96 Doug t on 01.19.18 at 8:43 pm

Pray for “them” cause ya gotta cover your bases dude

RATM

#97 OttawaMike on 01.19.18 at 8:49 pm

Ace Goodheart
I would say 60K to 80K gut and reno job not including the kitchen and bathroom (prob around 40K for the kitchen if you do it nice, 15K for the bathroom all in).

——————————————–

You finally “Jumped the Shark” buddy.

Conservative estimates:
Drywall is minimum $1 square ft.
Rewiring is – $5-$10k
Plumbing redo about the same.
Windows and doors – $15-20k
Insulation and building envelope-$4k
Eves, soffits, facia – $4k
Interior Painting- $3-4k
Flooring $3/ft for refinish
This place will be like the Arc of the Covenant once you start opening things all sorts of nasty surprises will fly out at you. Allow another 10-20% for those.

That’s if you act as your own general contractor. Add 20% on if you hire somebody to oversee it all. Good luck finding reliable trades that will show and not rob you blind in the process.

#98 oncebittwiceshy on 01.19.18 at 8:52 pm

I’m stupid: “Maybe I wasn’t clear or maybe you talk without knowing what you’re talking about.”
<<<<<<<<<<<<<<<<<<<<<

Lol, sorry Stupid, I realized, after the fact, that you were possibly talking about the seller's next purchase.

In saying that, I still believe that there will be a bigger chance of more supply than less, created by homeowners inability to refinance their "luxury" lifestyles over the last 5 years.

#99 I’m stupid on 01.19.18 at 9:08 pm

#98 onebittwiceshy

I figured I wasn’t clear, I agree more supply. I was trying to get people thinking about the seller side. It’s been only buyer sided perspective in regards to B20. It’s going to be interesting to see how it plays out. Usually govt policy has unintended consequences.

#100 Stormy Weather on 01.19.18 at 9:09 pm

Meanwhile, back in Canada wind turbines are cracking like Rob Ford’s peace pipe.

http://www.cbc.ca/beta/news/canada/windsor/wind-turbine-collapse-chatham-kent-1.4494806

I guess wind and cold are not a good combo. I thought the materials Engineers got smarter after the Titanic and the Challenger. At least we don’t have to worry about too much heat:
https://en.m.wikipedia.org/wiki/Great_Molasses_Flood

#101 Where's The Money Guido? on 01.19.18 at 9:09 pm

Do Not invest in BINARY OPTIONS!
It has been exposed as a complete scam, there is a show on it Saturday on CTV’s W5-Episode: Going for Broke at 7 pm PST. Description: Binary options presented as an investment have left behind a trail of victims. They never traded any of your money, just stole it.
This scam was on every Saturday from 5 to 7 pm PST on CKNW in Vancouver for years, I almost got suckered in.
How can a radio station not do due diligence BEFORE placing this scam on their airwaves.
Oh yeah, I forgot it was in bed with the former BC Liberal criminal conspiracy, imo.
Wondering if it is still running this scam. Stay tuned. If it is they should be sued into insolvency!

#102 TheSecretCode on 01.19.18 at 9:17 pm

Check out this one (link at bottom):

In a place called Kelowna – realtor recommends “Viewing NOT recommended, health and safety hazard”

Just hit the market.

$688,000,

year built 1946 – square footage – 800…basically standard lot value plus demolition.

So basically, over 700k for that flat lot to build on in Kelowna. 1.1M all in to get the new house up..list er for 1.8M for a 700k profit in 9 months (who knows where interest rates will be then) and hopefully some fool shows up to buy it.

Nothing stopping the Kelowna RE bulls yet. Full speed ahead! 100% speculation.

https://www.realtor.ca/Residential/Single-Family/19005889/364-Christleton-Avenue-Kelowna-British-Columbia-V1Y5H7-Kelowna-South

#103 Screwed Canadian Millenial on 01.19.18 at 9:17 pm

#TrumpShutdown trending #1 on Twitter.

Great tweet from Jason Kander.

The President said he was going to run America like his businesses. Apparently we have reached the part where he would usually just declare bankruptcy and run away. https://twitter.com/JasonKander/status/954419909081157633

Trump’s mood has been described as stormy.

#104 Yorkville Renter on 01.19.18 at 9:18 pm

Rebecca is worth $400k MAX and that’s being generous… after land transfer tax, fees and renos you’re up around $600-$650k.

The lot is 14ft wide and under 60ft deep – under 800sq ft.

When it was originally built it was poor stock… stil is.

#105 For those about to flop... on 01.19.18 at 9:25 pm

Pink Snow falling in Richmond.

These stubborn foxes have been trying to offload this flip since December 2016 after picking it up in April 2016.

They just took 100k off and are down to 1.88 after stumping up 1.85.

It appears that the exterior of this house was coated with super glue by the previous owners upon signing of the contracts.

These guys are stuck with it…

M43BC

3140 Springfield Drive, Richmond paid 1.85 April 2016

Dec 21:$2,280,000
Feb 20: $1,990,000
Change: – 290000.00 -13%%.

https://www.zolo.ca/richmond-real-estate/3140-springfield-drive

https://www.zolo.ca/index.php?sarea=3140%20Springfield%20Drive,%20Richmond&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDA1WFIxSA==

#106 mark on 01.19.18 at 9:33 pm

I’m guessing the real joke is that used to be a storage locker for a local tradesman.

#107 Chico on 01.19.18 at 9:33 pm

My last winter on the prairies, my room mate had two malamutes, and brother and a sister. He ran a kitchen in a big restaurant and was barely ever home. I took the dogs out 5 days a week and those were some high points of my life. It’s blistering cold, dark and I don’t really want to go outside, but I do it for the dogs. I get out there and the dogs go wild, and they race around through the snow and ice, and I’m am thrilled with the whole experience. There is nothing like a water dog in the water, a snow dog in the snow. Fabulous!

#108 Periscope on 01.19.18 at 9:36 pm

By definition xenophobia is the intense or irrational dislike or fear of people from other countries.

In the case of wealthy Chinese if your afraid they are helping drive up prices its hardly irrational, as the evidence is clear unless your in a Toronto office tower. As for intense dislike or fear of the Chinese, this is Canada our level of intensity is a big sigh, and for the love of god look around, Chinese have been part of the west coast matrix for generations. So most people including Andrew Weaver are not xenophobic. The word is just being used by people to shut down debate. I have long though many of these same people are part of the open boarders crew. So the next time someone hurls this at you bring them back to the definition. By definition xenophobia intense or irrational dislike or fear of people from other countries. This fits very few people out here.

The word obviously means fear of foreigners. Fits perfectly. – Garth

#109 Chico on 01.19.18 at 9:44 pm

#24 Lonnie Doctor on 01.19.18 at 6:39 pm

I didn’t realize e-bikes were trendy. I have two. Not the funny looking scooter kind, but bikes with an e-assist added on. The first one I bought about 7 years ago to commute to work with. It is 16km each way and the e-assist helps on the way home to stop me from talking myself out of it. Built the second one this summer – a recumbent trike so I can ride in the winter without wiping out. My kids totally mocked me until they tried it. My wife still mocks me regardless. A blast and still a good workout. I know not a financial post, but if you don’t have a healthy lifestyle and do some crazy things that people shake their heads at, then what’s the point of having money.

——————————

Thanks for the post. Any tips for someone who has done a little research but not a lot?

#110 I’m stupid on 01.19.18 at 9:56 pm

#101 where’s the money guido

A new twist to an old scam. In the past it was called numbers, you must have seen them in those mob movies. Playing the numbers was basically a wager that paid if you gus

#111 InvestorsFriend on 01.19.18 at 9:57 pm

Credit and Money Supply / Creation

Andrew Woburn at 90 said:

The main determinant of credit growth, therefore, really just boils down to risk appetite: whether banks and shadow banks want to lend and whether others want to borrow. Do they feel secure in their wealth and their jobs? Do they see others around them making money? Do they see other banks gaining market share?

THERE IS ZERO CORRELATION BETWEEN THE FED PRINTING AND THE MONEY SUPPLY. DEAL WITH IT.

****************************************
Indeed, that sounds correct.

Banks together with willing borrowers create credit and money all day long.

And it’s a very good thing. Banks give loans in response to demand for same and only when they assess the loans can be paid back.

There is nothing nefarious about it and Money-Supply-Creation Alarmists have been left in the dust if they let their alarm stop them from investing in the equity markets.

They took elements of truth and misinterpreted it.

Banks have been creating credit for a 1000 years. And yes, gasp, credit is money and money is credit.

All hail the banks as an essential service in any halfway modern economy.

#112 I’m stupid on 01.19.18 at 9:58 pm

101 where’s the money guido

A new twist to an old scam. In the past it was called numbers, you must have seen them in those mob movies. Playing the numbers was basically a wager that paid if you guessed the closing price of I think, the New York Stock exchange.

#113 WileE Toronto on 01.19.18 at 10:04 pm

HI Garth,

If you have a guy who can build a completely new house inside a rotted shell for 80k, send me his email. – Garth

#63 Ace Goodheart

I can do what Ace is proposing, but not legally for you.

I will try to explain, (not a realtor)

I can fix that whole house , new windows, framing , insulation, drywall, electrical , plumbing with permits. Plus 40k for the kitchen , plus 15k for bathroom easily.

As an owner I could. I wouldn’t buy that house because I am “row housing” averse.

I do almost all the work with my brother (paid or co- owner), with the obvious exceptions of electrical , plumbing and HVac , all require licenses.

I would have special ability to work on my own house legally, but to work on someone else’s house you could not. Insurance , workers comp, contracts, and time requirements, work schedules , would affect my ability to spend the same on someone else’s house. It would probably be double.

This is why “weekend warriors, DIY wannabees, HGTV watchers” should never buy this house.

PS Flop , sorry to hear about you and the family.

My situation was very similar but we were in the same city. He has since passed away, we only communicated through other family members and I always expressed my lack of animosity and hoped he was doing well. Our last conversation was a good one, but it never affected me after he was gone, I still pray for his soul. Do what your heart tells you , ask advice from people closest to you, and good luck to you and your parents, you all need it.

M47ON

#114 Smoking Man on 01.19.18 at 10:15 pm

#91 Screwed Canadian Millenial on 01.19.18 at 8:28 pm
#81 Smoking Man on 01.19.18 at 8:07 pm
The leap.

Just watch USA equity markets go orbital once the FISA memo is out

MAGA

———

Lol you fell for yet another Pizzagate, Uranium One, Jade Helm 15, etc.

You people are so easy to dupe. Every few months you fall for another nothingburger conspiracy theory. Same old GOP playbook taking advantage of useful idiots. Rinse and repeat. You’d think you might have woken up by now…

The Russian bots are working overdrive on this one.

Must mean Mueller is about to drop another bombshell. Who’s the next Trump crony to get locked up? Actually locked up. Not the imaginary Hillary/Obama lockup that Trumpers fantasize about.
……..

Your an idiot. This is Yugge. Mueller is pooping his paints right now. So is Obummer and Killary. I know whats in the memo. Last year when you were getting brain washed by your communist teachers I was active in the Trump campaign out of Boston. I know people. And shit is about to hit the fan.

Don’t be surprised if you see a bunch of high level FBI and DOJ resignations tomorrow.

https://youtu.be/Pnx0z981LGo

#115 For those about to flop... on 01.19.18 at 10:24 pm

This listing reminded me of this old song I used to hear on the radio.

I dare anyone to listen to this song and look at that crummy house and not laugh.

Laughter is the best medicine…

M43BC

https://m.youtube.com/watch?v=KYXQ0PynQvQ

#116 TRT on 01.19.18 at 10:25 pm

What does an inverted yield curve in the US mean to us Garth?

Looks like recession on the horizon. With record debt in the USA, it could get ugly. Market crash?

#117 Ace Goodheart on 01.19.18 at 10:27 pm

RE: #83 conan on 01.19.18 at 8:10 pm
#71 Ace Goodheart on 01.19.18 at 7:49 pm

“You need to check the house for Asbestos. I don’t think anyone is cool with you hiring day labor for cash, and then basically killing them.

Honestly, would you hire day labor, for cash, not knowing for sure, if there was asbestos, or not?

You remind me of that guy, trying to build his temple with the imported labor.”

There’s no asbestos in that house. No urea formaldehyde either. Probably no insulation at all.

Asbestos wasn’t used in houses built in the late 1800s (like that one). UF wasn’t used until the 1940s (way after Rebecca was built).

That house has horsehair plaster. Dusty, heavy stuff held in place with wood and nails. Take a hammer to any wall, that is what you will find. Likely you’ll also find some old open wiring (“knob and tube”) and early turn of the century plumbing.

Just use dust masks. I have torn down more of those old plaster walls than I can remember. As long as you have a good mask you’re fine

#118 Victor on 01.19.18 at 10:36 pm

Been posting on here for more then a few years. Feel now just before the DOW goes down 40% I’ll use my playa name

That is to say it is going to be entertaining soon

Corporate profits are on a roll, US full employment, global growth. No crash. – Garth

#119 Smoking Man on 01.19.18 at 10:45 pm

#95 Screwed Canadian Millenial on 01.19.18 at 8:42 pm
Hey Smokey, you should take a trip to South Carolina.

Stormy Daniels To Visit South Carolina Strip Club on Saturday as Part of ‘Making America Horny Again’ Tour
https://www.mediaite.com/weird/stormy-daniels-to-visit-south-carolina-strip-club-on-saturday-as-part-of-making-america-horny-again-tour/

Just a reminder that something like 80% of Christian evangelicals voted for and support Trump
…..

I get it. You want a job at CNN or the CBC. Two national fake news outlets.

You would fit right in.

#120 Maxwell C. on 01.19.18 at 10:51 pm

I’d like you to post numbers regarding Vancouver, not just Toronto. We don’t all live in the big smoke.

#121 Smoking Man on 01.19.18 at 10:53 pm

32 InvestorsFriend on 01.19.18 at 6:47 pm
If Taxes Are Theft Then We are all receivers of stolen property?

#205 Newcomer on 01.19.18 at 1:55 pm made an excellent response as follows:

#205 Newcomer on 01.19.18 at 1:55 pm
#186 Smoking Man on 01.19.18 at 10:24 am

But taxation is theft. Pure and simple.
—-

You are a smart man so it surprises me to see you make a statement like that. Very few things are pure and simple.

You are a big fan of driving on the roads that your neighbors paid for, and you are reaping the benefits of having defeated the Nazis with the army that other people parents paid for. Does that make you a receiver of stolen goods?

#186 Smoking Man on 01.19.18 at 10:24 am

But taxation is theft. Pure and simple.
—-

You are a smart man so it surprises me to see you make a statement like that. Very few things are pure and simple.

You are a big fan of driving on the roads that your neighbors paid for, and you are reaping the benefits of having defeated the Nazis with the army that other people parents paid for. Does that make you a receiver of stolen goods?

************************************
I love that response. It is completely immature and juvenile to suggest that all income taxes are theft.

Government is absolutely essential to a a free and sage society and it costs money. As I believe Garth has said, if people don’t like taxes, they would REALLY hate a world with no taxes. (Well, for the brief time they were alive)
………

Like all business I start and things that interest me.

I aim for the stars land on the moon.

I will ‘re state. Taxation is Theift. Pure and simple.

#122 Bill Ferguson on 01.19.18 at 10:54 pm

Garth,

You are absolutely right about “anti-Chinese sentiment slopping around Vancouver”.

In fact, is is absolutely unreal how the “foreign buyers” meme has taken hold here.

I got so fed up with it all that I began a FB site called “Metro Vancouver Housing Collapse” to TRY to educate people about what is really going on out there.

We currently have 272 members since Nov . 11, 2017

#123 Victor on 01.19.18 at 11:02 pm

Seems crazy to say it’s not a good idead to get in as much debt as you possibly can.

Maxed RRSP and TFSA. 0.2% of Canadians.

It’s ok they have a house that is worth something

#124 Ronaldo on 01.19.18 at 11:03 pm

Renovation nightmare:

https://toronto.ctvnews.ca/more/local-news/renovation-nightmare-little-italy-house-collapses-1.1780554

#125 DON on 01.19.18 at 11:14 pm

#23 Screwed Canadian Millenial on 01.19.18 at 6:39 pm

“We need to be bold. We need to start progressively, moving to a complete ban on foreign ownership. The time has come.” – Andrew Weaver, speaking for himself. – Garth

—————

That’s not xenophobic Garth. That’s just common sense. In case you haven’t noticed, BC house prices are completely detached from local wages.

If there are little to no foreign buyers, as you claim, then this tax will have little effect and there is nothing to worry about.

Other countries have done this. It’s not xenophobic or racist.

New Zealand Bans Foreign Home Buyers After Price Surge
https://www.bloomberg.com/news/articles/2017-10-31/new-zealand-to-slap-home-buying-ban-on-foreigners-to-ease-market

Labour PM Jacinda Ardern is doing an amazing job in New Zealand. Based Winston Peters of NZ First as well.

Don’t get mad at me but you shouldn’t just hurl words like racist and xenophobic at people you disagree with. It devalues the terms and gives a pass to people who are actually racist and xenophobic.

Racist was not a term I used. Weaver, and you, appear to be xenophobes. Sad to see. – Garth
***********************

SCM

Other countries have ban foreign ownership. Key word is country not a Provincial Government. The appropriate response is to have Trudeau make the call – housing is a problem Canada wide.

Try lobbying Trudeau..he just might go for it – after his dismal China trip.

#126 DON on 01.19.18 at 11:19 pm

#33 Ummmm on 01.19.18 at 6:47 pm

Was that a grow op?

******************
Weed won’t growth in that filth! Too much mold and likely bugs.

Gotta wonder where the butcher block and the freezer went…police must have them.

#127 Periscope on 01.19.18 at 11:21 pm

The word obviously means fear of foreigners. Fits perfectly. – Garth

The Websters definition -a higher power- is an irrational fear of foreigners. What you define as irrational many of us, and in fact most of us, define as perfectly rational. In fact it is society as a whole defines what is rational, and what is not and the winds are clearly changing. What I see here in BC is completely rational. In the age of Trump the definition of rational is finally making sense again, and at long last we can debate openly where we are going and what we want. You may not agree with where we are, and in fact where we are going in Canada, and indeed the Western World. That is fine. But populism is rising accross the western world, and there are a lot of us common folk that are catching the wave. I have seen this before as I helped Preston Manning in another time and the parallels are clear. Calling the other side unsubstantiated names should be below you.

I took the time to understand what the word xenophobia really means. I have no worries that I am not one, and that most folks I know are not. Our views are very much rooted in our desire to maintain and preserve the Canada we have known and pass it to our children in the same or better shape than we got it in. Perfectly patriotic and rational.

Code words: “…preserve the Canada we have known..” Full speed backwards. – Garth

#128 DON on 01.19.18 at 11:27 pm

#39 Sebastien on 01.19.18 at 6:58 pm

What if Horgan’s actions are completely milktoast? 25% price gain incoming…
***************

hmmmm…Why isn’t that happening right now (25% price gain) I thought things were booming in BC Real estate????? Are you admitting that things are not booming. Can’t have it both ways, real logic is coming back to the forefront.

#129 TurnerNation on 01.19.18 at 11:31 pm

TORONTO has reached the point of no return – toward an abyss of social and economic strife like others we’ve seen before.

1. The war of poverty and housing crises have ensured the poor getting poorer (e.g. all food hiked 10-20% in price after the forced min. wage hike, with more coming). Confined mainly in economically ghettoized zones we see nightly violence (shooting, stabbings) writ, largely in the local press. The police must come into these zones swinging. (There is room for only one gang – theirs.) They enforce this using the universal language: the beat goes on. Fast becoming NO-GO zones to the rest of us. Not the city I grew up in.

– The left has taken over local politics, spending time railing against T-rump and for bike lanes (in -20c!). It’s all UN boondoggle projects to nowhere (proposed one-station stop Scarborough subway line) and divisive topics du jour.

2 . Meanwhile we’ve tapped out on transportation. Our main subway line (Line 1) is maxed out during hours of rush. And tons of new condos (Density density density they say) being built astride here.

So this is impossible: “Extend Yonge subway to Richmond Hill, York Region business leaders urge yorkregion.com”

The line is at capacity to the south. Now, the less attractively named “Number 2” line did grew northward…depositing it winding track into an empty soup of farmers fields and bland malls, and favoured political ridings. Of course this project was a blank cheque to the Party Faithful enterprises, at billions overbudget. Also see ongoing Union Station renos – shoddy and more blank cheques and time handed over.

#130 DON on 01.19.18 at 11:41 pm

Instead of banning foreigners, let’s tax speculation.

or one better…we ban realtors or

just regulate the snot out of them. (root cause)

#131 Tony on 01.19.18 at 11:54 pm

Re: #8 Screwed Canadian Millenial on 01.19.18 at 6:10 pm

All the sub prime borrowers lost their home/homes first then the housing crash ensued then the speculators lost their homes.

#132 Ponnaps on 01.19.18 at 11:55 pm

Townhomes have sold upwards of 800K in that hood way back in 2013-14.. sounds like a reasonably priced fixer upper for todays prices

#133 DON on 01.19.18 at 11:55 pm

#78 Ronaldo on 01.19.18 at 8:00 pm

#8 SCM

”Especially upper middle income individuals who can borrow and speculate on multiple properties.

Who does that sound like? You guessed it… boomers.”
—————————————————————–
You’ve got it all wrong sweety pie, it’s the GenXers (your parents) who are responsible for the speculating. We Boomers got that out of our system years ago. We have more money than we need as it is and we are out travelling the world and having a great time. Get out and make something of yourself and quit your whining. Your making your generation look bad. Most millennials I know are very hard working and enthusiastic individuals.
***********

PUMP THE BRAKES…there Ronaldo. There is an equal chance the SCM’s parents are boomers (depending on SCM’s age – sounds like boomer parents to me).

Don’t be blaming Gen X. lol

#134 Periscope on 01.20.18 at 12:16 am

Code words: “…preserve the Canada we have known..” Full speed backwards. – Garth

Yup I want the Canada back that my great uncle died for when he was shot down and killed while helping liberating Europe and is buried in Holland, or the Canada my great grandfather fought for at Vimy ridge. I want the Canada where I could play outside and walked to school by myself. I want the Canada where hard work and a quarter section was the only promise to a better life. I want the Canada where the neighbours knew each other and helped in times of crisis. I want the Canada where guns were sold in hardware stores and mass shootings were unknown. I want the Canada where I didn’t have to say I supported abortion on demand to get government money. I want the Canada where weed was a problem and not a solution. I want a Canada where I was free to make up my own mind about Climate change without insults being hurled at me. I want a Canada where my kids are taught how to read and write and not filled with mush. I want a Canada where most Mom and Dads live in the same house and work it out. Yup I want to go back, where we are sucks.

#135 Smoking Man on 01.20.18 at 12:21 am

The NY Times. Washington Post blaming democrats for shit show in Washington.

Translation. Distancing themselves , they know what’s in the memo.

Demoncrats are done. Whyeen next then T2.
Great time to be alive.

#136 Newcomer on 01.20.18 at 12:30 am

I’ve got to agree with everyone else. Weaver is no xenophobe and there is nothing inherently xenophobic about purchase restrictions. If you are arguing in favor of an end to borders, nation states and sovereignty, then I could see the freedom to purchase property anywhere in the world as a sensible part of that. But as it stands, a foreigner cannot work without a visa, they can’t vote or run for office, they cannot even come into the country without permission. Limiting their ability to buy property doesn’t see out of keeping with the general practices in place. It’s far less xenophobic than making people go through immigration clearance at the border.

I agree with you, Garth, that foreign buyers don’t have much impact on local prices (though the idea of foreign buyers certainly does) but I can’t agree that wanting to restrict them from buying is somehow xenophobic. And to say that Andrew Weaver is a xenophobe is just plain silly.

#137 Smoking Man on 01.20.18 at 12:36 am

Chuck Schumer Aministy first. Or no pay checks for you.

What a stupid idiot.. hHe’s just pissed off the entire military of the United deplorables of America.

I give it 5 days before CNN capitulates and starts to come aboard the Trump Train.

Google Trends trending countries without extraction treaty with the USA. Most searches from DC.

Bahaha

One year in and the swamp is draining it self.

#138 Raptorstruth on 01.20.18 at 12:57 am

Check this one out Garth: https://www.realtor.ca/Residential/Single-Family/18972590/148-FIFTH-ST-Toronto-Ontario-M8V2Z7-New-Toronto

Was listed in 2016 for $760k, never sold.
Renovated in 2017, listed in the fall market for $940k, re-listed in first week of Jan for $730k, and yesterday the price dropped to $699k

They shouldn’t have missed the spring market last year ;)

#139 Smoking Man on 01.20.18 at 1:07 am

Just for you SCM

https://youtu.be/YYOKMUTTDdA

Wack jobs with great writing skills.

#140 Rates Vs Capital on 01.20.18 at 1:15 am

So ban all non-locals and see what happens. – Garth

——-

Well, according to years and years of posts on this blog, ostensibly nothing in the real estate market should happen right?

If only 5% of buyers are foreign as has been mythically touted by realtors and developers for a decade in Metro Vancouver, then they have no tangible impact on prices. Ergo, zero effect from a ban on foreign purchases.

And if the foreign buyer meme has been used to foster FOMO and push prices up by locals, then a ban destroys that narrative of ‘buy now or be priced out by a foreign buyer’. Price appreciation spurned by that meme disintegrates and prices ostensibly align back with local incomes. Is that a bad thing?

And what of the potential message such a ban sends to the world or the impact on the economy?

Well, many provinces already restrict foreign ownership of agricultural land. Many countries restrict foreign ownership to varying degrees – Hong Kong, China, Australia, New Zealand, Singapore, Mexico, Thailand – the list goes on. Many recognize that protecting and fostering strong communities through sufficient affordable housing means not allowing market distorting forces in. Even China recognizes the impact of market distorted prices in housing on its very national security.

There has been neither an international outcry on these country’s measures nor any detrimental impact on trade, immigration and investment.

Its hard to say, ‘you don’t want me to buy a house – fine – I will not buy your $6 billion LNG reserves’ with a straight face. Every country will still want to invest in BC and there will be no shortage of people queing up to become residents if a ban is put into place.

Besides, if only 5% of buyers are foreign and have no impact on house prices, then that miniscule number certainly has no impact on our international desirability as a place to live or invest in or trade with.

One cannot suck and blow on the impact of foreign capital in Metro Vancouver communities…

#141 Smoking Man on 01.20.18 at 1:33 am

How many of you basterds can kill a 26 ounces of Jack on the day your son opens up a rehab center that you financed .

Fentinol Kills children and tom petty, .M Jackson.. Booze Bozze makes real writers real. I’m so proud of my former oxy addict son.

He’s making a difference. Saving lives. Desperate trying to save mine. Idiot is all I’m thinking , he has no clue I’m from Nictonite.

I’m not shitting here. The deal was if any blog dog kids or loved ones have a problem. It’s free.
Promo code
SM

[email protected]

#142 mousey on 01.20.18 at 1:42 am

I think the hot water tank looks pretty good, but it’s rented, so potentially not a fixture that will run with the land. Any ideas about what that brown stuff is on the stove and the walls? Any hazmat specialists out there willing to venture a guess?

#143 millmech on 01.20.18 at 1:46 am

Smart money would not be buying GTA housing, better off buying US based grocery stores. If duty free goes up from $20 to $800 think of the traffic to buy cheaper groceries, booze, smokes etc.

#144 Bobby on 01.20.18 at 2:07 am

Poor Mr Weaver is struggling to stay relevant here in B.C. He has drawn so many lines in the sand, it looks like he is standing at the 50 yard line. His biggest fear is that if an election is called the Greems will get decimated, he has to keep the NDP in power.
Unfortunately, there is little politicians can do to change the housing dynamics. Vancouver is both safe and cheap compared to many parts of the world, so many will continue to buy regardless of what tax is piled on. Local incomes just cannot keep up.

#145 MaxBerniersShorts on 01.20.18 at 2:57 am

130 Don
Since the Foreign Buyers Tax didn’t stop Foreign Buyers, why do you think a Speculators Tax will stop speculators? Like the FBT or realtor fines it will just be absorbed as a cost of doing business, to be passed along to the next buyer. It seems Vancouver attracts an endless supply of greater fools.

#146 backwardsevolution on 01.20.18 at 3:04 am

#91 Screwed Canadian Millenial: “The Russian bots are working overdrive on this one. Must mean Mueller is about to drop another bombshell. Who’s the next Trump crony to get locked up? Actually locked up. Not the imaginary Hillary/Obama lockup that Trumpers fantasize about.”

Yeah, like Mueller has been dropping bombshell after bombshell! LOL I hear crickets.

Comey, Clinton, Rosenstein, Wray, Strzok, Page, Lynch are all going down. Maybe even Obama.

And that’s just on the phony FISA warrants and spying. Watergate pales in comparison to what’s about to drop. Russiagate has backfired on the traitors.

Just wait until they get to the Clinton Foundation, the millions missing from the Clinton Foundation, Uranium One, Hillary Clinton deleting 30,000 emails AFTER they had been subpoenaed, the destruction of hard drives, storing classified information on her own personal server (had she stored emails on a government server, which is the law, these emails would have been subject to Freedom of Information requests, and we wouldn’t want that!) You can’t hide money and bribe talk on a government server; someone could catch you.

None of these guys hid their tracks because they never suspected for one minute that Trump was going to win. Had Hillary won, none of this would have ever seen the light of day.

They’re all going down.

#147 Myra Andrews on 01.20.18 at 3:06 am

How much will credit unions mitigate the effects of B20 since the new stress test rules applies only to banks? From what I have heard credit unions are big in BC.

Can you get a 30 or 35 year amortization instead of a 25 year so you can qualify to borrow more?

#148 backwardsevolution on 01.20.18 at 3:32 am

#131 Tony: “All the subprime borrowers lost their home/homes first then the housing crash ensued then the speculators lost their homes.”

Yep, that’s where the term “liar’s loans” came in (the purchasers lied or the mortgage brokers lied about their income). Everybody who could mark an X were getting teaser loans where they just paid the interest. Like that was going to work! Defaults started to trickle in, and then pretty soon there was a tsunami of subprime defaults. The speculators, who could mark two X’s, started to bail.

These speculators were taking HELOCs out on their original home, and then putting the minimum down on two, three or four other houses. Kind of like printing your own money.

The banks had bundled up these subprime mortgages and then sold them off to unsuspecting investors (all rated AAA by the bought-off ratings agencies). What type of ratings agencies get paid by the very people they’re supposed to be rating? How stupid is that?

Of course, this was all engineered and manufactured, the whole affair. The Federal Reserve and the government were steering it all the way.

#149 our pal Val on 01.20.18 at 4:15 am

Rebecca, should be featured on cp24 hot property…nah….maybe….nah…go Al go…who knows how many slaves he alone has bound…way to go big AL…..sweet dreams!

#150 Mike in Toronto on 01.20.18 at 5:44 am

If I could get that crapshack for $750k, I would grab it.

That’s a hot area, I expect it will sell for $900k +

I’ve seen FAR worse houses in very similar areas go for $750k. I mean, tarpaper houses with rotting foundations and mold issues, where tearing it down would do everyone a favour.

It would still be a deal compared to an equivalent condo.

#151 maxx on 01.20.18 at 6:34 am

This bacterial bolt-hole is where anyone stupid enough to buy it deserves to live. A lean-to is more salubrious.

Typical Canucklehead special waiting for a “bidding war”.

#152 Grateful Boomer on 01.20.18 at 6:51 am

Flop,

Take the baby steps….I promise, you will never regret it

Parents lives matter

Sincerely

M62ONT

#153 Ian on 01.20.18 at 7:21 am

OMG that kitchen is a disaster! ‘This home just needs TLC’ I am literally crying that’s so funny.

The only TLC needed for it is some low-octane petrol and my friend’s cigarette lighter who recently quit.

Trinity Bellwoods!!! Where hipsties drink in the park and then wonder why they get tickets!!

#154 Ian on 01.20.18 at 7:29 am

I’m waiting for the stories in 2018 of Canadians burning their homes to get the insurance money.

This happened in Etobicoke Centre when I was growing up. I’m almost 100% it was in the 89-96 bear market.

I’m going to create a ‘burning homes index’ in Excel at work next week.

#155 maxx on 01.20.18 at 7:36 am

#20 Guy in Calgary on 01.19.18 at 6:37 pm

…..”Housing may go down but who cares because if the DOW hits 30k and keeps going, we are all rich anyway.”

Certainly those of us without a 1-asset strategy. They’ll be watching Dow and interest rate opportunity pass them by like a nice shiny parade they can’t join – unless they borrow……….

It’s about time cash took its rightful place again.

#156 Loonie Doctor on 01.20.18 at 7:42 am

#109 Chico

Some quick e-bike tips. Depends on budget and intent. You can get pre-made ebikes. Most of the cheaper ones have lead acid batteries that are not good. You want Lithium. The battery is about 1/2 the cost of the bike. Still if you have a small budget and are going to be a very casual user, there are some decent ones.

The best way to go if you have the budget is a kit put onto a regular bike. The best plug and play one is from Bionx and is made in Canada. It is very slick and feels like riding a regular bike except if a headwind or big hill you can turn up the assist. It is also silent and your bike still looks like a bike. http://www.ebikes.ca also sells kits -they are more customizable but make it a bigger project. Their site is also the best for educational info. Whatever you use, you don’t need to buy an expensive bike to put the kit on. The motor makes weight and a billion gears less of an issue.

Hope that helps.
-LD

#157 Ian on 01.20.18 at 7:47 am

Woke up to find the US government has shut down.

Ideally, it can stay that way. Maybe they can finally dig into their 1/2 tril deficit a bit.

Given the original design of the US was to have the federal government do very little, it’s a tad strange 850,000 people are furloughed.

I would start with the Department of Education and Housing & Urban Development. Why do those exist at the federal level? Big government politicians.

#158 LivinLarge on 01.20.18 at 8:03 am

“If duty free goes up from $20 to $800 think of the traffic to buy cheaper groceries, booze, smokes etc.”…well, maybe but groceries have always been brought back duty and tax free and US. smokes???? Does anyone here smoke those?? Booze, yea that would be interesting,

#159 Ian on 01.20.18 at 8:10 am

Garth…why do you keep saying the US is at full employment when you know the U6 unemployment figure is 8.1%?

You know I love you but that is utterly disingenuous.

#160 Wrk.dover on 01.20.18 at 8:39 am

Water heater in living space spells no basement below. If you think the main floor looks bad, crawl around below decks.

The 4K estimate for the two 15′ soffit and facia are as nose bleeding as the 40k kitchen talk on this blog.

There was a house flipper show from Texas with a greasy guy, something Montelongo that would hire his young Mexican friend to scrub and paint Rebecca for a grand including materials in a week. Not sure where the kid would park his 78 Ford F150 while he worked on this one though. That’s the scary part to me. Plus, when you step out side for a breath of fresh air, where is the fresh part supposed to be in that megalopolis?

#161 Ace Goodheart on 01.20.18 at 8:48 am

RE: #141 Smoking Man on 01.20.18 at 1:33 am

“How many of you basterds can kill a 26 ounces of Jack on the day your son opens up a rehab center that you financed .”

Back on the sauce again? That didn’t last long.

#162 akashic record on 01.20.18 at 8:49 am

#29 Xenophile fools on 01.19.18 at 6:44 pm

There is wisdom in being xenophobic (ie. afraid of strangers). If the indigenous people on the east coasts of North America had been more wisely xenophobic they may not have ended up completely destroyed by the European/UK settlers.

—-

Natives knew about people with different skin colour, they knew they will come before they showed up on the land. This was revealed to them, this sacred knowledge is built into their entire belief system as a foundation, in the astonishing symbolism and insights, wisdom in the teachings of The Four Directions/Four Winds, medicine wheel, the use of colours, in ceremonies.

#163 crowdedelevatorfartz on 01.20.18 at 8:52 am

@#138 Raptor

Wow! That owner/specc’r is gonna take a hit.
That being said.
Reno’d well. Not a bad looking interior.

#164 crowdedelevatorfartz on 01.20.18 at 8:56 am

@ Smoking Man

Whats going on Smokey?
For weeks barely a post and now….. you’re posting like a chipmunk on benzedrine.

#165 Oft deleted much maligned stock.picker on 01.20.18 at 9:10 am

https://www.cnbc.com/2018/01/19/us-stocks-will-likely-run-higher-for-another-11-years.html

The balanced guys are going to hate this.

For most people investing is not a race to secure the greatest returns while shouldering more risk. For them it is the preservation of capital while gaining a reasonable profit amid reduced volatility. Hence a balanced portfolio is far superior to your reckless cowboyism. – Garth

#166 Contrite Linguist on 01.20.18 at 9:16 am

Some old-stock phobias being articulated here by the patriots. If our logophobia (words) can be suppressed for a tick, maybe we can sort out the conundrum.

Are the patriots (any “matriots”?) really xenophobics (foreigners), or are they merely sinophobics (Chinese).
I submit it is the former, as a nationwide housing crisis cannot be the fault of people that are both chionophobic (snow) & cryophobic (ice).

The pogonophobics (beards) think Garth’s logophobia is hiding the “truth”. The same “truths” used against strangers ever since the Phoenicians overcame their thalassophobia (sea). New laws for age-old gripes are irrational, all patriots can henceforth simply refuse to sell to strangers. How many of our patriots are afflicted with chrematophobia (money)? No fear in honesty. I have a bad case of phobophobia and a bit of cryptophobia .

#167 akashic record on 01.20.18 at 9:23 am

#9 Sergiy

The ‘Housing Crisis’ Is Really About Globalization Free-flowing capital breaks the link between prices and local incomes.

Exactly.

In other parts of the world, when incomes of “the Westerns” were higher, people called it “the Western buyers”.

No xenophobia or racism attached.

Treating it as such is to designed to shut down the economic discussion of globalism with identity politics.

Textbook leftist political tactic and practice.

Like putting DACA into budget negotiations and forcing to shut down the government over it.

Protectionism, nationalism and other forms of tribalism are the foundation of the unfortunate politics represented by folks like Trump or Le Pen. It’s a short trip to prejudice, then intolerance and finally racism. The Muslim travel ban, the Mexican wall and DACA are stops along this road, as is banning non-residents from investing in Canada. Be careful. – Garth

#168 Ace Goodheart on 01.20.18 at 9:26 am

Time to buy the dip on CNR again. Probably will be up to 120 or so by the summer shipping season.

Has Buffet lost his marbles, or does he know something the rest of us don’t? Why is he buying gas stations/truck stops?

NSANY suddenly looks cheap. Might pick up some on Monday.

#169 Canaduh on 01.20.18 at 9:51 am

Correct, ban or restrict non-residents from buying up houses in overcrowded and insanely overpriced Canadian cities, next stop Nazi Germany.

Got it.

Extremism diminishes you. – Garth

#170 LivinLarge on 01.20.18 at 10:00 am

“Protectionism, nationalism and other forms of tribalism are the foundation of the unfortunate politics represented by folks like Trump or Le Pen. It’s a short trip to prejudice, then intolerance and finally racism. The Muslim travel ban, the Mexican wall and DACA are stops along this road, as is banning non-residents from investing in Canada. Be careful. – Garth”….some days you warm the cockles of my heart Fearless Leader.

See folks, someone really can be a compassionate, forward thinking Canadian without being Liberal, NDP or Green.

#171 Ronaldo on 01.20.18 at 10:29 am

#133 Don

PUMP THE BRAKES…there Ronaldo. There is an equal chance the SCM’s parents are boomers (depending on SCM’s age – sounds like boomer parents to me).

Don’t be blaming Gen X. lol
—————————————————————–
Don, I was hoping for a response from SCM but he didn’t take the bait. I too believe his parents are Boomers, the later kind, you know, the Helicopter types. lol

#172 Ronaldo on 01.20.18 at 10:38 am

#134 Periscope

That is the Canada I remember as well. Well said.

Being able to buy weapons in the local hardware store? That Canada you guys are welcome to. – Garth

#173 Smoking Man on 01.20.18 at 10:41 am

#164 crowdedelevatorfartz on 01.20.18 at 8:56 am
@ Smoking Man

Whats going on Smokey?
For weeks barely a post and now….. you’re posting like a chipmunk on benzedrine.
……
Friday night relapse. Quiting not so easy.
I should spend month in our new rehab centre.
When the weather gets better.

#174 Doug in London on 01.20.18 at 11:06 am

The place looks like a real dump, no doubt about that. It makes you wonder, why didn’t they sell it 2 years ago when the market was going crazy with bidding wars?

#175 Oft deleted much maligned stock.picker on 01.20.18 at 11:16 am

DELETED

#176 akashic record on 01.20.18 at 11:44 am

#167 akashic record on 01.20.18 at 9:23 am

#9 Sergiy

The ‘Housing Crisis’ Is Really About Globalization Free-flowing capital breaks the link between prices and local incomes.

Exactly.

In other parts of the world, when incomes of “the Westerns” were higher, people called it “the Western buyers”.

No xenophobia or racism attached.

Treating it as such is to designed to shut down the economic discussion of globalism with identity politics.

Textbook leftist political tactic and practice.

Like putting DACA into budget negotiations and forcing to shut down the government over it.

Protectionism, nationalism and other forms of tribalism are the foundation of the unfortunate politics represented by folks like Trump or Le Pen. It’s a short trip to prejudice, then intolerance and finally racism. The Muslim travel ban, the Mexican wall and DACA are stops along this road, as is banning non-residents from investing in Canada. Be careful. – Garth

What you have to be careful is sticking long list of labels that results in stigmatizing and turning people against each other, instead of open discussion of the underlying economics or politics.

Instead of reviewing the merits, pros and cons, intended and unintended consequences of “globalism” after a several decades of practice, supporters of it want to codify it as an orthodoxy and use identity politics to block any open debate of it.

Obviously you have not been blocked. But you’re on the wrong path. – Garth

#177 chapter 9 on 01.20.18 at 11:46 am

The Wall

According to DHS status indicators, over 207,000 criminals were booked into local Texas jails between June 1, 2011 and November 30, 2016. During their “careers” these criminals were charged with more than 553,752 criminal offences. Those arrests include, 1,118, homicide charges, 65,965 assault charges, 16,186 burglary charges, 65,506 drug charges, 674 kidnapping charges, 39,354 theft charges, 43,309, obstructing police charges, 3,646 robbery charges, 5,827 sexual assault charges, 8,283 weapons charges. Of the total number of criminals arrested in that timeframe, over 138,000 were identified by DHS status as being in the US “Illegally” at the time of their last arrest.

These criminal charges have resulted in over 248,000 “convictions” including 462 homicide convictions: 24,680 assault convictions, 7,859 burglary convictions, 32,457 drug convictions, 226 kidnapping convictions, 17,833 theft convictions, 2,644 sexual assault, convictions and 3,456 weapon convictions. Of these convictions, over 165,000 were identified by DHS as being in the US ‘Illegally” at the time of their last arrest.
And this is only one state.

You copied that from an anti-Islam, anti-gay, US hard-core right-wing web site (hardnoxandfriends.com) and pasted it here. It was your last submission to this site. Take your trash elsewhere. – Garth

#178 espressobob on 01.20.18 at 11:46 am

Passed by 15 Rebecca an hour ago, was in the area anyways. The outside picture listed doesn’t do this place justice. Lets just say you have to see it to believe it. Even a raccoon would think twice about living there.

I thought the city of Toronto condemned structures like this one?

#179 oncebittwiceshy on 01.20.18 at 11:54 am

Tony on 01.19.18 at 11:54 pm
Re: #8 Screwed Canadian Millenial on 01.19.18 at 6:10 pm

All the sub prime borrowers lost their home/homes first then the housing crash ensued then the speculators lost their homes.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Well, this should get really interesting, Tony as CMHC is probably the biggest subprime lender of all.

A subprime mortgage is a type of loan granted to individuals with poor credit scores (640 or less, and often below 600)

Read more: What is a subprime mortgage? https://www.investopedia.com/ask/answers/07/subprime-mortgage.asp#ixzz54kE7acXa

https://loanscanada.ca/mortgage/minimum-credit-score-required-mortgage-approval-2018/

"Under the new mortgage rules, borrowers must have a minimum credit score of 600 at the time of approval, in order to qualify for a mortgage under $1,000,000. If you’re borrowing for your down payment, some lenders might even raise the minimum score to 650. Unfortunately, if your score is below those levels, your chances of qualifying with a conventional lender at all can be slim."

#180 George on 01.20.18 at 12:17 pm

If they cut the price by $5,000 I would buy it. However I would place as conditional to leave the curtains!!

#181 BTC is dead on 01.20.18 at 12:18 pm

back to 13K

see ya all at 15K

#182 IHCTD9 on 01.20.18 at 12:37 pm

#42 A on 01.19.18 at 7:00 pm
That house conjures up images of the worst toilet in Scotland
———

Lol! Good one!

#183 DON on 01.20.18 at 12:41 pm

#145 MaxBerniersShorts on 01.20.18 at 2:57 am

130 Don
Since the Foreign Buyers Tax didn’t stop Foreign Buyers, why do you think a Speculators Tax will stop speculators? Like the FBT or realtor fines it will just be absorbed as a cost of doing business, to be passed along to the next buyer. It seems Vancouver attracts an endless supply of greater fools.
********************

Well…the Foreign buyer tax only dealt with foreign buyers. Money laundering is a problem and so are realtors you use the theme of buy now before the foreigner buyers take it all.

A speculation tax with target all speculators local and foreign. The former finance minister in BC who suppressed the money laundering report is said to own 9 properties. How many other locals and foreigners did the same. Foreigners are blamed for local people binging on debt. I know a lot more locals who have two or three properties than I do foreigners. In the 80″s it was the scare of the Japanese buying up Vancouver.

A better question is why do you think a speculation tax will not work, especially in light of the following:

1) over indebted home owners
2) historically low rates (which are rising world wide)
3) the market is no longer booming it is on the downside
4) Money laundering has become apparent and will be targeted
5) B 20 stress test

Variables change and so do outcomes. There are many more reasons.

#184 Penny Henny on 01.20.18 at 12:44 pm

#163 crowdedelevatorfartz on 01.20.18 at 8:52 am
@#138 Raptor

Wow! That owner/specc’r is gonna take a hit.
That being said.
Reno’d well. Not a bad looking interior.?????????

Reno’d well?????

Kitchen cupboards on top of windows?
2X4’s holding up stair railing??
No stairs to basement??

Reno’d well??
Read the listing.
Renovation required!!

#185 Russ on 01.20.18 at 12:49 pm

Ronaldo on 01.20.18 at 10:38 am

#134 Periscope

That is the Canada I remember as well. Well said.

Being able to buy weapons in the local hardware store? That Canada you guys are welcome to. – Garth
==========================

Careful there Garth.

You’ve criticized commenters many times for expressing an opposing position and backing it up with a cherry-pick excerpt taken out of context.

You forgot to include the “no mass shootings” part.

When was the last mass shooting in Canada? Talk about cherry-picking. – Garth

#186 crowdedelevatorfartz on 01.20.18 at 12:53 pm

peeny heeny

Reno’d well.Read the Listing, blah blah blah.

+++++++++
I was wonder what anal toady would jump on that comment.
You win.
If im not even remotely interested in buying why would I waste my time “reading the listing”
Pictures looked ok.
Doesnt matter.
The owner/specc’er is going to take a bath….which is what this “Greaterfool” blog is all about……

#187 DON on 01.20.18 at 12:53 pm

#171 Ronaldo on 01.20.18 at 10:29 am

#133 Don

PUMP THE BRAKES…there Ronaldo. There is an equal chance the SCM’s parents are boomers (depending on SCM’s age – sounds like boomer parents to me).

Don’t be blaming Gen X. lol
—————————————————————–
Don, I was hoping for a response from SCM but he didn’t take the bait. I too believe his parents are Boomers, the later kind, you know, the Helicopter types. lol
****************

wink wink…

Have a good day Ronaldo. Better luck fishing next time. lol

#188 For those about to flop... on 01.20.18 at 12:53 pm

#183 Penny Henny on 01.20.18 at 12:44 pm
#163 crowdedelevatorfartz on 01.20.18 at 8:52 am
@#138 Raptor

Wow! That owner/specc’r is gonna take a hit.
That being said.
Reno’d well. Not a bad looking interior.?????????

Reno’d well?????

Kitchen cupboards on top of windows?
2X4’s holding up stair railing??
No stairs to basement??

Reno’d well??
Read the listing.
Renovation required!!

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

Hey Penn,leave Crowdie alone.

He lives in an elevator.

Anything with a window is an upgrade…

M43BC

#189 Mark on 01.20.18 at 1:14 pm

“The former finance minister in BC who suppressed the money laundering report is said to own 9 properties. How many other locals and foreigners did the same. Foreigners are blamed for local people binging on debt. “

I’m kind of mystified. You make all these claims of money laundering being a problem in one breath, but then go on to offer up plenty of evidence of extreme local leverage by legitimate local actors (ie: the Minister) as being the causal factor behind high housing prices.

Which is it? Money laundering (for which evidence of such existence is scant), or extreme and out of control speculation amongst local participants?

I personally believe the money laundering and “foreign participation” theories are completely and utterly concocted by RE sell side participants who want to justify what effectively is a completely crazy speculative bubble in housing entirely driven by local participants. Whether its the Minister with his 9 properties. Or the so-called “landlord families” who are now leveraged into 20-50 properties a piece.

Remember Khalid, the assignment-flipping Realtor featured in the Globe and Mail? A prime example of such, poor guy couldn’t even sleep at night him and people like him were so heavily loaded up on leveraged property. With the price stagnation and negative cashflow seen in Vancouver in the post-2013 era, people like him have every incentive in the world to publicly manipulate opinion towards RE so they can at least attempt to unload without getting destroyed.

#190 jess on 01.20.18 at 1:23 pm

ugh gross.
how about this from hamilton 68 tracking the bots and russian influence

whose tweeting the “memo”
https://dashboard.securingdemocracy.org/

#191 jess on 01.20.18 at 1:24 pm

Makes you wonder if the people on either side of space a local real estate site called a “howling shithole”, know what’s but a few inches away.

i think the word cotton said was used was “shit house”

#192 Ronaldo on 01.20.18 at 1:31 pm

Being able to buy weapons in the local hardware store? That Canada you guys are welcome to. – Garth
—————————————————————-
So how effective was the Long Gun Registry in getting criminals to register their weapons? Total waste of taxpayers money. I personally do not own any weapons, never have, nor do I ever intend to.

http://nationalpost.com/opinion/gary-mauser-why-the-long-gun-registry-doesnt-work-and-never-did

Pivot. Meaningless. – Garth

#193 IHCTD9 on 01.20.18 at 1:37 pm

When I was a kid, I checked out an abandoned house with a buddy. It was better looking inside than this steaming pile of effluent. Despite the animals living inside. The interior condition of this place may be a good example of why you don’t want to “retire” on CPP/OAS/GIS alone.

It is fixable though, the pics seem to show a pretty good sag in the main floor, but other than that it looks reasonably straight. One wall is super thick for some reason…

If I bought this heap, I’d start with an exorcism, followed by a complete gut, dry ice blast, and 100% bleach spray. Then I’d stuff everything into the walls that should have been there in the first place, and work my way back in all new. I mean everything.

Wonder what the adjoining units are going for?

Funny thing is, if the owner had just spent a few days cleaning the place up, it wouldn’t have been plastered all over the www described as a HS.

#194 jess on 01.20.18 at 1:47 pm

the red web

https://www.theguardian.com/books/2015/sep/02/the-red-web-review-andrei-soldatov-irina-borogan-review-russias-attack-internet-freedoms

#195 crowdedelevatorfartz on 01.20.18 at 2:22 pm

@#188 Flop

Anything with a window is an upgrade…”
++++
Including this…..

https://www.google.ca/imgres?imgurl=https%3A%2F%2Fi.pinimg.com%2F736x%2F54%2F0b%2F9d%2F540b9d3d4bafdb16890108d026224bb7.jpg&imgrefurl=https%3A%2F%2Fwww.pinterest.co.uk%2Fmasteroche%2Fouthouses-and-latrines%2F&docid=FVH7TsfmClsioM&tbnid=yV_qgTWwxkbRKM%3A&vet=10ahUKEwiQlcnPoefYAhVF1mMKHbPLBeIQMwjuAShYMFg..i&w=500&h=629&bih=672&biw=1344&q=Outhouses%20with%20windows&ved=0ahUKEwiQlcnPoefYAhVF1mMKHbPLBeIQMwjuAShYMFg&iact=mrc&uact=8

#196 IHCTD9 on 01.20.18 at 2:33 pm

#133 DON on 01.19.18 at 11:55 pm
PUMP THE BRAKES…there Ronaldo. There is an equal chance the SCM’s parents are boomers (depending on SCM’s age – sounds like boomer parents to me).

Don’t be blaming Gen X. lol
———

SCM has already identified herself as late 20’s, so her parents are Boomers 100%.

IMHO, if she wants to hate on a generation that had it easy, early Gen X’ers should be her target. We had it all, cheap education, good jobs, good pay, affordable housing, some DB pensions, and a pre-Liberal destruction economy.

We didn’t work near as hard as the boomers had to. My parents were born right as the war closed in Europe, so I guess they could be boomers too, mid 70’s today. They had to work their @sses off, and are now retired on CPP/OAS/GIS with no real savings.

#197 RE Investor on 01.20.18 at 3:03 pm

Invest in RE at the peak or stock market at peak?
Take your pick.
Both pay dividends.
Both can never go to zero.
Both trend up in the long term.
Both still pay dividends in down years.
Both could appreciate in value over the long term. What’s your time horizon?
Both cost to maintain.
Both have write-offs to minimize tax paid to CRA.
Both have value.

I have success in both over 20 years, but the combined RE price appreciation and rental income have exceeded the stock markets.
Take your pick, but don’t waffle too long. Where do you think RE and Stock Markets will be in 20 years?

#198 YVR Renter on 01.20.18 at 3:09 pm

Hey $750 for that dump ain’t bad—by Vancouver standards it’s a bargain. The crack shack tear down next to us sold for $2.66 million. It was owned by a regular old Canadian family (of pigs) for 30 years, never spent a penny to fix a thing or remove garbage. Tarp on the original 1918 roof. The lovely Chinese man who bought it did a reno to clean it up, took about a month & at least 5 dumpsters to clear it & the junk in the back yard and at least it helped the rat problem. He said he was completely disgusted and incredulous that Canadians would live like that. It still is far from fancy or worth $2.66 mill. But He’s got 6, clean multi-national student renters in there and they’re awesome neighbours. Even saw them weeding to plant a garden- hadn’t ever seen the likes of that there before.
We lived through the crazy 80’s and saw the overbuild of condo market just die overnight. There was not a single crane overhead in TO for a decade. My friend who was in development on the finance side called me in tears when she saw the first crane come back. We lived in Kelowna for the 90’s and property values fell after we bought inn’93 and never came back. We left for jobs in 2002. We watched friends and family think Norte and World com could never be stopped, get greedy & lose a bundle (see Bitcoin 2018). Around 1979 I was 18 and thought I was so so smart and asked my dad why he didn’t pay off his mortgage. He said cause my interest rate is only 6%!!!! Interest was creeping to 18% then. I made money to travel on short term GIC’s. Bought our first home for $76200 in 1985 with 12% 25 year mortgage & it doubled by 1987. Moved up the couldn’t give our hose away in 1993 to move west. Had to take $10,000 off to close the deal as did many friends then. We’ve seen it all. History repeats and it will again. RE will go down albeit Vancouver less as it’s so appealing.
We moved here for promotions at the peak of the RE insanity April 2016, and to be close to our daughter. We are Boomer top 1% business professionals at peak of our earnings and we could never afford to buy that teardown next door let alone make it fit for humans. It’s heartbreaking and so disillusioning. Can we just find a way for us all to live here together in YVR, make it affordable for those poor souls who live, work and pay taxes here to afford a decent home somehow? And allow investors to also bring in capital that shores our country up and gives us all a better standard of living? What is the solution? We’ll take our skills and move back to Ontario in a couple years. I’m afraid Vancouver is going to sadly suffer a real talent loss “ brain drain” due to uaffordability. It’s only so long the up and coming generation will put up with that, and professionals and companies are getting frightened away. If we’d have understood we never would have come. So much for attracting heavy economic contributors such as annAnazon or Google as the city hopes.

#199 YVR Renter on 01.20.18 at 3:16 pm

PS Floppy, I’m a boomer and had very similar family situation along with the ailing parents. Do what you can to reconcile. At least if YOU try, you know you did, even if the parents won’t. You’ll have peace in your heart
And BTW that double sale in one day — could it be money laundering? Just asking. Have you seen some of the Sun articles on the crazy convulsions people have gone through to launder?

#200 Newcomer on 01.20.18 at 4:05 pm

#141 Smoking Man on 01.20.18 at 1:33 am
How many of you basterds can kill a 26 ounces of Jack on the day your son opens up a rehab center that you financed .
——–

Probably more common than you think. Addiction is largely hereditary. If that’s the hand you drew, one way of looking at it is that you won the genetic lottery. You get to have two lives. One before, and one after. Amazingly, the one after is better. It’s hard though, like most things worth doing. It takes balls and grit to make it through the first year.

I’ll tell you something: nothing else that you spend time thinking and writing about has the potential to impact your life the way getting and staying sober would. You can change everything, if you’ve got the gumption.

(Guess how I know. Seventeen years and counting.)

#201 Raincouver on 01.20.18 at 4:36 pm

If the NDP fails to do anything about housing in Vancouver, Greens will be the new govt!
People are fed up!

#202 LivinLarge on 01.20.18 at 5:13 pm

Newcomer, that 3 minutes of typing that you’re never getting back.

#203 Boombust on 01.20.18 at 6:37 pm

#201 Raincouver

You must be relting on all the Postmedia (Global, Van Sun/Province, CKNW) junk for your|News”.

That Metro Vancouver bubble has beem correcting for awhile now.

Sales are off (daily REBGV Stats) SFD prices are declining, and dollar transaction volumes (SFD again, which always set the market trends) are also way off. Inventories are also on the rise.

The only “strength” is the condo market; expect that segment to go kaput sooner rather than later.

So, wake up.

#204 morrey on 01.20.18 at 11:56 pm

I don’t get it on 01.19.18 at 6:50 pm
well said.

#205 Jeremy on 01.21.18 at 1:41 pm

Well…I just bought a detached and beautiful move-in-ready home on the Danforth subway line in Toronto for $850,000. Given the explosion in equity from my condo, I’m putting $400,000 down and I’ve got a home for life. Eat my dust

#206 LivinLarge on 01.21.18 at 2:02 pm

“Why is any mention of a group of people doing something racist, sexist or otherwise these days?”…because it isn’t that bloody simple.

“Asian” is a race, “female (or male)” is a sex or gender, so if someone makes a distinction of either those two, for example, then their statements utilizing those distinctions are inherently racial or sexually predicated and in Canada we have decided that certain characteristics of humans are protected characteristics.

Noone gets their tail feathers ruffled when there is no distinction made between Germans, Americans, Canadians or even Austrians etc. None of those distinctions are based on protected grounds.

So? There are just some things that are protected and some things that aren’t and if you differentiate by sex/gender then you are being sexist and if you differntiate base on a racial criteria then you are being racist.

#207 LivinLarge on 01.21.18 at 2:22 pm

“Well…I just bought a detached and beautiful move-in-ready home on the Danforth subway line in Toronto for $850,000. Given the explosion in equity from my condo, I’m putting $400,000 down and I’ve got a home for life. Eat my dust”…so, If I have this straight Jeremy, you had a home with $400K equity and now you have a different home with $400K equity plus a $450K debt…knock yourself out.

You totally ignored Fearless Leader’s advice NOT to buy anything that’s going to be worth less tomorrow than it is today. Let’s hope those magic beans grow up into a beanstock that ends with a pot of gold.

#208 Mehdi on 01.23.18 at 10:47 am

OMG… You pay me, I don’t even set foot in this house.
I’d like to pay to know who will finally “buy” this house.
Arent people ashamed????