Beaten

People are so predictable. A new survey asked the confused citizens of YVR if real estate is in crisis mode and who’s responsible.

No surprises. As reported yesterday, 60% said housing is a mess. And 84% blamed foreign guys.

The pollsters shook their heads. “As the housing situation reaches crisis proportions, there is no shortage of scapegoats to blame, despite studies that show foreign buyers and money laundering are minor factors in the equation,” said Steve Mossop.

Almost everybody outside Vancouver knows what’s going on. Sales in that city crashed last month (as we’ve been telling you for the past few weeks). Detached deals tumbled 33%, with a lowly 637 properties changing hands. Condos are tumbling too. Sales off 26%.

The big news is the chasm between June and July. Wow. Almost a 15% drop in the course of a single month. Meanwhile the number of homes listed for sale has mushroomed 32% year/year. The final death-spiral number you should watch is the sales-to-active listing ratio. Just 27% of available condos sold, while the stat has now dropped below 10% for detached homes. So nine in ten did not sell. And it foretells lower prices. Values have dropped only 1.5% in a year, but half of that came in the last few weeks.

From the outside, it’s easy to see why. Prices are still extreme and affordability is a joke. It takes more than the average family earns just to carry the average home – and that’s assuming they had a 25% downpayment. The moisters are completely shut out – even from condos, which now average over $700,000. Markets that have been destroyed by speculation, over-borrowing and sheer house lust will always wobble and fall.

The external factors are also too much to overcome. The stress test more than doubled the effective qualifying rate for a home loan. Recall that a few days ago we reported over 100,000 buyers have been locked out by the new 2% hurdle. And then the Bank of Canada has raised its rate four times in the past year (with more to come), making mortgages harder to service. Never forget the negative correlation between house prices and the cost of money.

On top of this, taxes. BC’s awash in them. Our leftiest province is populated with politicians who want to enslave, control, pillage and redistribute wealth. In that zeal, real estate equity is bound to be destroyed. The speculation tax (which has nothing to do with speculation) has driven away and alienated Albertans. The Foreign buyer tax, at 20%, is an extreme reaction to a minor problem. In Vancouver the empty houses tax is simply a levy on wealth, as is the uber property tax premium being forced on people with expensive homes.

As a result of the above, detached digs worth $1.8 million to $3 million sit idle and are losing value daily. But they’re still out of reach. Condos average more than seven hundred grand, and have increased in price 14% in the past year. At this level they, too, are beyond the grasp of younger buyers who must pass the stress test. Political policies birthed by leaders who have no idea what they’re doing – and have chosen to blame mythical foreigners for all the bad stuff in the world – have made the situation far worse.

So, yeah, most people think it’s a crisis. They should. It is. But they parrot the false anti-foreigner statements. They cluck, complain and carp while tolerating public policy which makes everyone’s life worse. BCers are now so invested in the Dippers’ propaganda – that ‘strong government action’ (more taxes) is required to fix the real estate morass – that they won’t back down. Comrade Premier Horgan continues to ride a wave of popularity, confirming that if you tell people what they want to hear, again and again, they’ll fawn. Look at Trump.

There’s no doubt Vancouver real estate will roll over. It’s started. It was inevitable. But that won’t be accompanied by a wave of buyers rushing in to scoop what they could not previously afford. Falling markets scare people. Many bought high. Many will sell low. Most will stay paralyzed. And 84% will feed their prejudice, no matter what happens.

A shame. BC used to rock.

154 comments ↓

#1 frythedevil on 08.02.18 at 5:04 pm

living in kits, you can start to see the extent of b20 test, and the myriad of other taxes. Houses that use to sell in weeks now languish for over a month or are pulled off the market to be relisted. Prices are still sticky, as the herd still hasn’t realized that the ship has sailed and in order to capitalize on the real estate gains they should reduce their prices. This will be an interesting year. 2019 should be promising as it looks like the latter portion of the year may be an opportunity to buy a house.

#2 Vancourerite on 08.02.18 at 5:08 pm

Im in favour of the spec tax the NDP are going to be bringing in, especiially on satellite familles that declare no income in Canada, but enjoy are social services.

#3 Karl on 08.02.18 at 5:17 pm

Garth, I’d like to know what your position/advice is on move-up buying when real estate is dropping. Is it just a wash because your home and the new home are both dropping?

#4 Marco on 08.02.18 at 5:21 pm

China is overpopulated and Canada is empty, so conclusion should be simple

#5 TRUMP on 08.02.18 at 5:30 pm

House ownership……

The Great CANADIAN scam.

#6 cuckold guy on 08.02.18 at 5:30 pm

Now, that’s not exactly true.
Bc still rocks, especially on the golf islands where my wife and I meet someone special Everytime we visit.

Thank God for better weather we have now.

#7 Linda on 08.02.18 at 5:41 pm

I’m confused. Are BCer’s now blaming foreign buyers for dropping house prices and/or lack of sales? Or are they still stuck on the ‘if you can buy here you are a rich money laundering foreigner or Canadian from another part of Canada, ditto’ meme? Or is it both? Man, they must have good weed there if they can claim both scenarios as being simultaneously valid.

#8 Lady in waiting on 08.02.18 at 5:42 pm

Garth, can you tell us how this compares to Victoria??

#9 TheDood on 08.02.18 at 5:43 pm

#122 Pineal Tone on 08.02.18 at 2:06 pm

I suspect the cycle has just turned. The housing cycle will rise in the future (it is starting to come down now) and the stock market will underperform.

Might be actually be a good time to monitor the housing market and buy what one can afford since housing asset will become more affordable going forward while that balance ETF might underperformed.

_____________________

Absolutely ridiculous advice!

#10 Kelowna on 08.02.18 at 5:43 pm

As a long term BC resident Garth, I couldn’t agree more with your comments. The current NDP government is absolutely focused on adding or raising every possible tax on real estate that they can think of and amazingly to me, many BC residents actually believe that somehow this will help?? Meanwhile, there is a shortage of rental units and condos and single family homes languish on the market but the only consistent response from our government is more interference in the market – read more taxes!
Weather is better in BC but many days we find ourselves wishing we had stayed in Alberta!

#11 FOUR FINGERS WATSON on 08.02.18 at 5:45 pm

A shame. BC used to rock.
…………………………..

We still rock. And we will rock more and better once The Horg is done kicking foreign ass and we get control our housing market again. Take it to the bank..

#12 Dolce Vita on 08.02.18 at 5:49 pm

If YVR RE unit sales have crashed that rapidly, in a matter of months, imagine what will happen to prices by the end of the year. Most surprising is the psychology of that poll. Now that is a turnaround.

All the 2 elements of a price crash are in place. 4th Qtr will be when that starts in earnest.

As for 416 we’ll have to wait for that S. of the border external economic shock to open his mouth about auto tariffs.

I believe he will impose auto tariffs. Recall his 2016 campaign promise:

Put tariffs on Mexico and Canada to prevent cars from being assembled there.

They thought back in 2016 that was a campaign promise designed to be broken.

Love or hate Trump, the guy delivers on his promises.

Meanwhile, our PM is playing surfer dude out on the W. Coast.

#13 TheSpangler on 08.02.18 at 5:50 pm

C’mon drop baby drop!!

#14 Finance? No. on 08.02.18 at 5:51 pm

Wow. First Comment the first time. Good post Darth.

#15 isuckless on 08.02.18 at 5:53 pm

Dit Da

#16 MarvinMcGrath on 08.02.18 at 5:54 pm

What happens to small town prices throughout all the big city price collapses? Do the wealthy sell and move to cheaper (greener) pastures forcing those prices up too? Vancouver island has been booming with prices on the rise, can we expect this to mimic YVR trends? Some discussion on the rural towns would be greatly appreciated!

#17 Smartalox on 08.02.18 at 5:55 pm

REBGV Stats day!

I really thought that they would not release the monthly stats for July 2018 until 3pm tomorrow – ‘taking out the trash’ so to speak, just as the province ducks out of the office early for a long weekend.

Of course, this is BC, and we are talking about the Realtors’ board, so maybe the long weekend starts Thursday at noon?

Anyway, apart from an obvious error (Calling the July numbers ‘June’ stats) on the web page, the stats can be found here: https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-July-2018.pdf%20

The first thing that stands out is the last page of the package. The residential average sale price for detached is looking mighty range-bound, and isn’t setting any records. It’s been like this for a while, which should make it clear that real estate DOESN’T go up forever. At least, not anymore.

Delving into the stats a bit, we see year-over-year declines in median selling prices in Van West (-27%) Wet Van (-11%) and North Van (-11%); Detached homes in Delta (-10%), Burnaby (-5%), Richmond (-5%), and East Van (-3%) are losing money as well. Elsewhere things are hit and miss, some growth in median sale process, but on very small volumes.

Sales of detached homes, in July 2018 are down compared to July 2017 all over with PoCo (-50%) leading the charge, with all others DOWN between 48% (Coquitlam) and 22% (Van West and West Van, which managed to drop below previous all-time lows).

As Garth mentioned, sales to listings in the greater Vancouver Area are at abysmal levels, but it’s interesting to note that Listings are dropping in a lot of areas, too: Burnaby, Maple Ridge Richmond listings are down 10% (year to date, compared to 2017) I guess because sellers think that they can wait out the storm.

Good luck with that, we’ll see you back here in September, where I expect that things will start accelerating.

#18 BC Renter on 08.02.18 at 5:55 pm

>A shame. BC used to rock.

LOL BC still rocks garth. You’re just envious, you dirty east coaster.

#19 Leo Trollstoy on 08.02.18 at 5:55 pm

The moisters are completely shut out – even from condos, which now average over $700,000.

Condo price boom!

#20 Donn on 08.02.18 at 5:57 pm

Garth, I wish this posting could appear as an op-ed in a Vancouver newspaper. Might open some eyes.

#21 Shawn Allen on 08.02.18 at 6:04 pm

How the Money Goes Around

Mark said:

“Additionally, higher rates obviously cause a rotation out of Canadian RE and that money has to go somewhere. Eventually into investments like the TSX indices.”

***********************************
There is truth to that. Someone selling a house gets money and it has to go someplace and could be used to bid up stocks.

But meanwhile, where did the buyer get the money to buy? Well debt, which as Blacksheep would know, creates money. But also the down payment. That is significant and where did it come from?

In the net and on average it may be that the profits on a house sale end up mostly as deposits in a bank funding the increased loans to home buyers. And yes, bank loans are funded by largely deposits despite the money creation process.

As the money goes around it all gets a bit complicated. I would not count on the selling of homes (which is happening LESS these days) to push up stock prices. Higher profits might though.

#22 AGuyInVancouver on 08.02.18 at 6:04 pm

The pollsters shook their heads. “As the housing situation reaches crisis proportions, there is no shortage of scapegoats to blame, despite studies that show foreign buyers and money laundering are minor factors in the equation,” said Steve Mossop.
– – –
And what studies would those be? CMHC has admitted they don’t have accurate data. The latest BC figures on pre-sales showed 20% foreign buyers in some municipalities, hardly insignificant. Are people dumb enough to think you need 50% to move the market? BMO’s Doug Porter said just 5% would do it. You can take that to the bank.

#23 Ex-Cowtown on 08.02.18 at 6:05 pm

#11 FOUR FINGERS WATSON on 08.02.18 at 5:45 pm
A shame. BC used to rock.
…………………………..

We still rock. And we will rock more and better once The Horg is done kicking foreign ass and we get control our housing market again. Take it to the bank..

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

Vancouver… five more years of NDP+Green insanity and it will be the Venezuela of Canada.

Nothing to cheer about.

#24 Doug t on 08.02.18 at 6:11 pm

LOL and Ontario use to rock – now sucks buckets – my relatives scattered around southern Ontario grieve for what has become of their beloved province – all things considered I’ll stay in B.C.

RATM

#25 Island Car Dude on 08.02.18 at 6:13 pm

#16 MarvinMcGrath on 08.02.18 at 5:54 pm
What happens to small town prices throughout all the big city price collapses? Do the wealthy sell and move to cheaper (greener) pastures forcing those prices up too? Vancouver island has been booming with prices on the rise, can we expect this to mimic YVR trends? Some discussion on the rural towns would be greatly appreciated!

++++
Comox Valley prices are dropping. Lots of houses are starting to show price reduced. $30 – $50K not uncommon, up to $100K in some higher dollar properties. Low dollar houses still selling as the millenials didn’t get the tweet that it’s all over. Lots more listings too. Stink bids showing up. The flush and flood from Van and Vic is over. Now the brain hurt part starts.

#26 Bdwy sktn on 08.02.18 at 6:16 pm

Just got back from a few days in the big smoke. bigger than I remember . Clean and orderly too .makes Vancouver look damn small

Everyone seems to follow rules much more. Driving the 427 ,Gardiner, lakeshore several times I saw zero of the racecar drivers you see here constantly. People wait at crosswalks. Even a pass thru junkyville looked like Disneyland compared to our downtown Eastside. 5m houses are stunning architectural wonders instead of an old crap house on a big lot. Still would not live there for a million bucks though unless the city could be moved to the west coast.
Apparently was staying down the street from drug Ford,s place . He will keep 416 moving uppa. You can bet the house on it.

…….

#27 Guy in Calgary on 08.02.18 at 6:26 pm

#11 FOUR FINGERS WATSON on 08.02.18 at 5:45 pm
A shame. BC used to rock.
…………………………..

We still rock. And we will rock more and better once The Horg is done kicking foreign ass and we get control our housing market again. Take it to the bank..
—————————————————————–

I think there is a soldiers of odin march you can attend.

#28 raisemyrent on 08.02.18 at 6:40 pm

#7 Linda on 08.02.18 at 5:41 pm

I’m confused. Are BCer’s now blaming foreign buyers for dropping house prices and/or lack of sales? Or are they still stuck on the ‘if you can buy here you are a rich money laundering foreigner or Canadian from another part of Canada, ditto’ meme? Or is it both? Man, they must have good weed there if they can claim both scenarios as being simultaneously valid.

What I hear on the streets and that (I actually work in the condo industry) is that the NDP killed the market by establishing taxes, and the “chinese money is gone”. It’s all about perception…

p.s. everyone wondering about Victoria and the other towns (yes, towns), they’re screwed. perception will kill them too, just as it brought them up.

p.p.s. BC still rocks. stupid people are abound everywhere. I wouldn’t live anywhere else, stop the hating. you only hate because you know we rock. like calling a hotty dumb.

#29 Nemesis on 08.02.18 at 6:44 pm

…”foreign buyers and money laundering are minor factors in the equation.” – Steve Mossop, InsightsWest

#ThursdayMischief,or… #PantsOnFireMuch?… #MyWhatBigClientsYouHave,Steve… #Here’sOne:

https://www.polyhomes.com/

[Note to GT: “Our leftiest province is populated with politicians who want to enslave, control, pillage and redistribute wealth.” – Yes, too right – but fortunately, they no longer govern. ;) ]

#30 Vancouver home sales sink to worst July since 2000 on 08.02.18 at 6:44 pm

Seeing big price cuts outside of the BC Metro. Almost everything is cutting on listing price.

And seeing a pop in inventory this late in the Summer has been a surprise.

#31 BC Housing Writedown - This is it. on 08.02.18 at 6:47 pm

Seems to me that price drops are hitting everywhere in every market in BC right now.

Nobody is talking about what could happen. Everyone is now talking about what is happening.

There is a difference between “interest might rise” and “interest have risen.”

#32 FOUR FINGERS WATSON on 08.02.18 at 6:53 pm

23 Ex-Cowtown on 08.02.18 at 6:05 pm
#11 FOUR FINGERS WATSON on 08.02.18 at 5:45 pm
A shame. BC used to rock.
…………………………..

We still rock. And we will rock more and better once The Horg is done kicking foreign ass and we get control our housing market again. Take it to the bank..

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

Vancouver… five more years of NDP+Green insanity and it will be the Venezuela of Canada.

Nothing to cheer about.
………………………………………………..

Trudeau: the budget will balance itself….Turner: the housing market will balance itself…….yah sure it will……..
Once Hulk Horgan is done kicking foreign ass and taking names maybe your kids and grandkids could afford a home in the city they were born in.

#33 The low down on the slow down on 08.02.18 at 6:54 pm

Fewer buyers, more choice, push Vancouver home sales to lowest level since 2000

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=VGB21116&mobile=false

#34 BC Long Gone on 08.02.18 at 6:56 pm

RE: Weather is better in BC but many days we find ourselves wishing we had stayed in Alberta!

Maybe in Vancouver.

Raining ash this week in the Okanagan while hitting 40c is just another typical smokanagan summer with kids growing up with Asthma from it.

Look up what is going on in Cali – same thing in the Interior. Air Conditioning runs 24/7, otherwise RIP.

Last year the sun was blocked out by smoke for 1.5 months. Worse that Shanghai air quality. You can compare the entire world air quality live here: http://aqicn.org/map/

Most people I know who moved in from Alberta to BC have left to go back now, because it is a rip off to live here. Who is their right mind would come to BC at present with the cost of housing?

Anyways, The Island and areas of Vancouver is the top place to live if you can get over the earthquake risk. Unfortunately, nobody can afford these areas anymore. Up Island Comoxish maybe for affordability.

#35 Adam on 08.02.18 at 6:57 pm

BC (“Better Canada”) is in a crisis. We subsidize foreign owners of real estate by charging almost nothing in property tax. If you earn $200,000 per year you contribute $50-$75k per year in taxes yet you cannot buy a house in Vancouver. If you send your family to live in a $2 million home you bought while earning your money overseas you can take advantage of everything Canada has to offer while contributing next to nothing apart from a few thousand in property taxes:

https://www.bloomberg.com/news/articles/2018-08-02/vancouver-s-homes-may-be-costly-to-buy-but-they-re-cheap-to-own

It is time for Canada to ban foreign ownership of real estate. Needs to be targeted and sensible like NZ, Australia, Switzerland, etc. Canada relies on immigration but needs people who are moving here permanently and working here contributing. Not people parking and laundering money.

Canadians are fed up. If the Conservatives adopted a platform banning foreign purchases of real estate, they might actually stand a chance of winning the next election.

And real estate would not go down as a result as a result. What a load of codswallop you people have been fed, and believe. – Garth

#36 Boombust on 08.02.18 at 7:02 pm

Bang on, Garth.

YVR residents have had it pounded into their heads by most of the Postmedia News affiliates (Vancouver Sun, Global TV, The Province, CKNW) that “foreign buyers” AND “money-launderers” are to blame for sky-rocketing home prices in Greater Vancouver that no other possible explanations are remotely conceivable to them.

So, a shoddy pile of work, courtesy of the local MSM. Really quite disgusting, actually.

#37 NDP need to keep going on 08.02.18 at 7:02 pm

Horgan and Eby are doing a great job.

From lessons past, they can’t afford to take their foot off of the gas pedal now.

They need to smash this housing market into pieces and create a reset. It went wayyyyyy past anything imaginable due to the corrupt Liberals.

The initial pain will be very painful. However, this will be good for the long term health and future generations as new growth will rise from the ashes.

If this was allowed to continue, the fall out would have been much more painful and we could have very well turned into Venezuela. We still might.

The pain has arrived.

#38 cuckold guy on 08.02.18 at 7:06 pm

Money has wings.
If sentiment change, it flows out to other places with greener pastures.
Be an albatross my friends.

Now, on another topic, any studly gentelman out in the gvr area to pop by for a friendly cup of green tea over the long weekend.

#39 Money Laundering Insignificant? on 08.02.18 at 7:10 pm

How is 800+ billion dollars of dirty money coming into BC insignificant?

The money laundering investigation finished with Casinos now turned to Real Estate with active investigations smashing the market, freezing properties is going on right now outside of the spotlight, meanwhile the dirty launderers who won’t stop at anything in taking advantage of the Canadian system will go until their money is siezed.

Then all of the sudden these criminals react. This just happened. And is going to increase as rapid changes are being implemented that most of the public doesn’t even know about…yet.

Now the reports come out that the market is turning?

Coincidence? Hell no.

Cleaning up the dirty money is more of a risk to BC housing than 10% interest rates effective in one day.

It just so happens this is all happening at a time when the market is rolling over making this the mother of all storms.

“$800 billion.” Funny. – Garth

#40 islander on 08.02.18 at 7:10 pm

http://www.vancouversun.com/news/property-taxes.html

https://business.financialpost.com/real-estate/vancouvers-homes-may-be-costly-to-buy-but-theyre-cheap-to-own

According to Zoocasa:
“Got a million dollars to plow into real estate? Vancouver’s a great place to park it, thanks to a property-tax rate that’s the lowest in both Canada and the U.S.
The owner of a $1 million home in the Pacific Coast city will pay just $2,468 a year in property tax, compared with $6,355 in Toronto or more than $10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.”

Not sure if Zoocasa’s numbers are spot on, but Vancouver’s monthly condo fees ( per square foot) are half of those in Toronto.

#41 Heather Hallam on 08.02.18 at 7:16 pm

#16 – Good question. I’d like to know the answer to that, too. Particularly the Okanagan.

#42 John Smith on 08.02.18 at 7:18 pm

Accommodative monetary policy following the Global Financial Crisis drove an unprecedented flood of institutional and individual investor capital into real estate, with cross-border flows concentrating in cosmopolitan megacities. This has dramatically divorced megacity property-appreciation rates from economic fundamentals — primarily the spending power of residents. Moreover, it has made local housing markets far more intertwined with global economic conditions. According to the IMF, 30% of property price movements today can be attributed to global — not local — factors, up from just 10% two decades ago.

#43 dakkie on 08.02.18 at 7:18 pm

Poloz on Canada’s economic recovery this time it’s real

http://www.investmentwatchblog.com/poloz-on-canadas-economic-recovery-this-time-its-real/

#44 BC went turned in 2004 on 08.02.18 at 7:21 pm

Funny how BC turned south soon after the corrupt Liberals took over. However, in 2004, things were still good. Or at least appeared good.

You could walk down to Steveston Village and buy yourself an okay condo for 250k. At that time is was consider way far away from Vancouver and stores. But it was coming along.

But the agenda to cook BC was on. And most people didn’t notice it until about 2008. The financial crisis hit a bit of a pause. Allowing me to get in and make my first million dollars in Real Estate. The agenda continued. I didn’t know it then but 2010 was the last of the Lower Mainland. No new entrants would survive from that point forward.

Everything within the agenda finally broke out in 2014 and all hell broke loose, finishing off BC by 2016. Absolute melt up. A toxic brew where anything went. Laws didn’t exist.

Just one massive orgy of Greed. Half have made off like bandits. The other half are looking around wondering how this happened.

Greed and corruption destroyed BC. I made money and no longer like this province. You cannot go anywhere without seeing the struggle by most people everywhere.

Without a community you have no sense of home.

#45 Debtslavecreator on 08.02.18 at 7:24 pm

People in BC and much of the western world are brainwashed and don’t realize most of our problems stem from government intervention and central bank intervention in mispricing credit and the fact our debt based money system is designed to siphon off wealth for the kleptocracy
CMHC / securitization of mortgages/ artificially lowering rates and keeping them too low for too long / massive deficit spending / powerful RE and Finance(banks) lobby that essentially buys off politicians and regulators for preferential regulation and govt actions that allow these parasitic actors to extract large economic rents
The kleptocracy , including the massive public sector union lobby, loots society methodically
The massive debt counterfeiting operation that our economy has become creates fake wealth but the masses enable the scam by choosing to borrow the artificially priced debt and allow nominal prices to surge way beyond the Growth in after tax wages
The rate of growth in house prices, home insurance premiums, property taxes , home Reno’s , etc is artificially inflated due to the massive flood of debt pushing the borrowed loonies into assets
Although the average joe thinks they’re getting richer as nominal price/ asset values are rising they’re actually being taxed and robbed as over time they are paying real contractual obligations on imaginary asset values
As the monetary and fiscal fraud reaches the late stages and just before the inevitable collapse you see exactly what we’re seeing now
Sadly too many idiots look to left wing governments to interfere even more which causes the system too deteriorate even more over time. Eventually a right leaning govt comes in but most of these people, despite having the basic right idea, end up cutting govt spending and in some cases combing this with tax hikes to keep the bond vigilantes at bay
This further contracts the economy and tax revenue
One year from now most RE markets will further accelerate down as the fake prosperity enabled by the greatest debt bubble in history continues to contract
18-24 months from now tens of thousands of mostly younger homeDEBTRENTERS will lose everything and many will end up homeless
Within 5-7 years you’ll likely see an extreme left wing/ndp govt after a possible PC federal govt from 2020-2024
One last socialist / Marxist hurrah before the “re-set” thevsystem before 2030
Most of the so called wealth gained since 2009 will before it’s all over through debt default /contraction of debt / money supply, and currency debasement

#46 Mattl on 08.02.18 at 7:25 pm

#32 – the ship has sailed for anyone hoping to buy cheap homes in YVR. Van has not been affordable for 15-20 years. Garth has been calling for a correction for close to a decade and it only went uppa. The collapse that would have to occur for median income families to buy in would be catastrophic. And the winners would be big money.

You think that when the US market went pop the middle class benefited and were buying homes in Scottsdale? The middle class got killed and big money scooped up tracts of rental homes. My biggest financial regret is not raising money and going all in on AZ real eatate in 2010. Homes that sell for 250k now at 75 cent dollar were 100k at par. 50 homes in AZ would have been a sweet little play.

#47 Danny on 08.02.18 at 7:27 pm

One 30 floor condominium 8 years old…..at Kipling Avenue and Dundas (Etobicoke )…..usually there are 5 to 7 units for sale ….NOW…..20 are for sale…..that’s a surge in just a couple of days.
One bedroom units…..asking $500,000.
Maddening.

Great blog today.

Looking forward to one on GTA stats and your comments on all the same points covered today. Including the political comments.

But…..I am sure it is too early to comment though on King Ford yet and what his secretive policies on real estate will be.

Probably….it takes awhile to train a parrot on what to say about his new kingdom.

And then also the King needs to wait to see if his attempt to have conservative thinking Toronto City Councillors and Mayor ( real estate financial backers ) take over his old Castle…which his brother previously imploded from the Mayors office.

#48 Ask the mayor of Kelowna on 08.02.18 at 7:29 pm

Hulk Horgan delivered him his signature move: the leg drop last time he was in town.

Horgan’s words: “the rental rate in Kelowna is ridiculous.”

You damn rights it is.

Time to drain the Swamp.

And you know when it will be fixed? When all of those dirty corrupt Liberals are voted out once and for all. There is still a big Liberal base in Kelowna. They welcome people like Christy, like how West Kelowna gave her a seat when she lost her own riding in Vancouver while premier.

It will happen eventually as the younger generations are waking up to the fact of how they have been screwed over.

#49 Rual Towns in BC on 08.02.18 at 7:33 pm

Did you miss the memo?

600k in Nelson. 600k in Revelstoke.

Price pops in the rural already happened dude.

Thank you Vancouver.

#50 Watch out GTA on 08.02.18 at 7:36 pm

Laundered money is coming in hot.

Doug is cool.

BC now denies it.

#51 Home taxes in BC are dirt cheap on 08.02.18 at 7:38 pm

Home taxes way below anywhere else here in BC.

Wait until they actually catch up.

The owner of a $1 million home in the Pacific Coast city will pay just $2,468 a year in property tax, compared with $6,355 in Toronto or more than $10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.

#52 Stone on 08.02.18 at 7:45 pm

#20 Donn on 08.02.18 at 5:57 pm
Garth, I wish this posting could appear as an op-ed in a Vancouver newspaper. Might open some eyes.

————

Just because they open their eyes, doesn’t mean that they see.

#53 Fish on 08.02.18 at 7:45 pm

http://creastats.crea.ca/orea/

#54 renter in Surrey on 08.02.18 at 7:45 pm

…84% blamed foreign guys.

—————————————————————————————————————————

No, it’s $70K per year per household locals buying all those $3 mil+ houses in Vancouver.

Metro Vancouver is the luxury car capital of North America because all these locals buying $200K+ cars too, right?

https://globalnews.ca/news/2447804/metro-vancouver-the-luxury-car-capital-of-north-america/

25% foreign buyers tax is a joke.
I say make it 500%, apply it to direct and indirect buyers (through beneficiaries and corporations).

Garth was right in his predictions regarding RE for last 10 years as a doctor would be right making prognoses for a patient with a flu, however doctor missed that patient had stage 4 cancer beside the flu.

So here we are, it’s not treatable at this point.
If I could I’d be out of LM in a blink of an eye.
It ain’t going to be affordable here ever.
This patient can’t be resuscitated.

#55 Sam on 08.02.18 at 7:47 pm

So massive crisis in Toronto and Vancouver but prices won’t go down for any type of home in those cities you said. So why call out it’s a crisis if prices are sustainable? Maybe it’s a crisis in Milton and Barrie?

#56 Ian on 08.02.18 at 8:00 pm

Al ‘sold you down the river’ Sinclair speaking on CP24 now ‘Hot Property’ show. He’s got an expensive suit on thanks to the 21 year bull market.

Too bad no one has noticed that CP24 takes ad money from realtors and other industry shysters and gives the public an ‘honest opinion’.

He’s helping so many callers!!!! Great show

#57 westcoastguy on 08.02.18 at 8:01 pm

I would say that this also applies to recent buyers!

=======
Political policies birthed by leaders who have no idea what they’re doing …

#58 The Real Mark on 08.02.18 at 8:03 pm

So the “landlord families”, the drivers of the GVR/GTA market over the past few years in the post-2013 stagnation period, basically have run out of ammo. No longer can their subprime lenders roll their loans, and equity against their existing properties is falling like a rock. Cash-flow hasn’t been meaningfully positive for years now, and even basic repairs can’t be indefinitely deferred.

This could get quite interesting, especially as these families were heavily reliant on appreciation to make ends meet.

I guess the myth of foreign buyers will finally be put to rest. Although we might see some deep value buying by “Chinese” at the bottom, as Chinese tend to be notorious for deep value investing.

#59 Hawk on 08.02.18 at 8:15 pm

Have chosen to blame mythical foreigners

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

Naturally….When in doubt…..blame the GAIJIN!!! LOL

#60 Newcomer on 08.02.18 at 8:21 pm

BC totally rocks, but will rock even more when the NDP have performed their mandate of destroying the housing sector of the economy so that people can refocus on yoga and trail running. If you’ve ever seen the movie, The Cooler, you’ll understand the job of the NDP.

Now, if you’ll excuse me, I’ve got to go run on a trail.

#61 Jerry on 08.02.18 at 8:27 pm

Garth how can you keep claiming the speculation tax has nothing to do with speculation. What else do you call it when locals and out of province residents are buying second,third,and fourth homes in BC in the belief that prices only go up. You can pretend all you want that this is hurting mainly poor Albertans who only want a summer cottage but that’s not what’s happening. You have mainly large numbers of speculative purchases of multiple homes by locals and out of province buyers purchasing properties here in the belief that they will become millionaires. The tax does not apply to 95% of the land in BC so if you want a vacation home you have plenty of space to choose from. The only thing the NDP have even done so far in housing taxes is adding 5% to the foreign buyers tax and ridding this province of money launderers. It’s tough for some residents here to deal with a government that no longer is a slave to the wealthiest. Morality and ethics in a govt here is a tough concept to grasp for many after the previous 16 years

#62 Ricker on 08.02.18 at 8:31 pm

Where are the “first’ creeps today?? Good post about the VCR delusionals who have hypnotized each other!

#63 Stan Brooks on 08.02.18 at 8:31 pm

#44 Debtslavecreator on 08.02.18 at 7:24 pm

Agree 100 %.

The impact from the crash of the idiotic policies is already clear, even for the blind to see, but they refuse to do so:
– debt and consumption based artificial economy that is not competitive in an ultra-competitive world.
– loss of skills and jobs due to outsourcing and off shoring
– absolute loss of savings and money purchasing power through massive inflation that the idiots refuse to acknowledge.
– destruction of pensions through understated inflation
– destruction of mobility through enslavement with debt
– economic depression for at least 3 decades that will destroy the next 2 generations who will see no quality jobs (if jobs at all) in an environment where they have no assets but liabilities.

Soon the sheeple will be reminded, once the smoke screen is removed, that houses are just a necessity and huge liabilities and will face the inevitable economic and financial death through taxes.

It is amazing how gullible the sheeple here is, with complete lack of critical thinking and absolutely amazing complacency combined with skillful brainwashing by the perpetrators and facilitators/governments.
This would have not been possible in a truly free society, something that we are not at least for 2 decades.

Best strategy of course is to save whatever you can by removing it from this place and out of reach of greedy thieves and just watch from a side.

Capital outflow is already quickly accelerating.

It will be spectacular and smelly once it hits the fan.

#64 genbizx on 08.02.18 at 8:37 pm

Still trust data gathering in this country, Garth?
I don’t…the cheating and corruption is nauseating. Too late now and of course if we had started raising rates in 2013 we’d be coming out of a downturn now in much better shape and without ridiculous prices.

#65 Chico on 08.02.18 at 8:38 pm

#4 Marco on 08.02.18 at 5:21 pm

China is overpopulated and Canada is empty, so conclusion should be simple

————————————————————-

Empty? What are you talking about? Here is small town Nova Scotia we’ve got 5.3 people per square kilometer. People are tripping all over each other.

#66 S.Bby on 08.02.18 at 8:45 pm

#38
This isn’t the personals section.

#67 Where's The Money Greedo? on 08.02.18 at 8:47 pm

Re: #50 Home taxes in BC are dirt cheap on 08.02.18 at 7:38 pm
Home taxes way below anywhere else here in BC.

Wait until they actually catch up.

The owner of a $1 million home in the Pacific Coast city will pay just $2,468 a year in property tax, compared with $6,355 in Toronto or more than $10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.
++++++++++++++++++++++++++++++++++
May be that cost in Vancouver but out in the suburbs the property taxes are double that for $1 million dollar houses.

#68 akashic record on 08.02.18 at 8:54 pm

In an ideal world only billionaires would live in their own houses, the rest would rent and put all their money in to index funds, creating hundreds of trillion dollar companies and thousands of billionaires.

In fact, common people probably should not own any tangible asset at all, over $1000 value, for their own financial safety and protection.

Greed would no longer be a right, only wealth over a billion dollar would qualify for the privilege of financial risk taking.

Common people would be subject to pay financial safety tax if their balanced ETF investment returns more than the historically proven safe 6%. They would also qualify for government safe investment subsidy in those exceptional cases when their safe portfolio yields less than 6% profit.

Most people would live off their portfolio after reaching age 45, which would provide full employment and guaranteed jobs for the youth, right after finishing school and becoming new renters of the balanced economy, balanced society that is based on government regulated conscious investment.

#69 Chico on 08.02.18 at 8:56 pm

#48 Rual Towns in BC on 08.02.18 at 7:33 pm

Did you miss the memo?

600k in Nelson. 600k in Revelstoke.

Price pops in the rural already happened dude.

Thank you Vancouver.

———————————————————–

When we left Langley for Nova Scotia in early 2016, a friend asked my why we didn’t just move to another part of the province. Although the prices weren’t as stupid as they currently are in smaller cities of BC, they still seemed far too high. $600 for Revelstoke?!?!

#70 Shawn Allen on 08.02.18 at 8:58 pm

Why such low property tax in Vancouver?

#50 Home taxes in BC are dirt cheap on 08.02.18 at 7:38 pm said:

Home taxes way below anywhere else here in BC.

Wait until they actually catch up.

The owner of a $1 million home in the Pacific Coast city will pay just $2,468 a year in property tax, compared with $6,355 in Toronto or more than $10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.

************************************
That is very interesting. Many people think property taxes rise as average home prices rise, which is false in I think all of Canada. Property taxes rise only as the City revenue requirement per typical house rises.

So are million dollar homes taxed low in Vancouver because there are so many $5 million homes that cover the costs to run the City?

Or where is Vancouver getting its revenue if home owners are getting such a good deal?

And how does the property tax on an “average” value single family home in Vancouver compare to the average home in Calgary. If the two are similar then perhaps all ifs fair.

#71 alsak on 08.02.18 at 9:01 pm

nothing is selling here in Mississauga, except some odd condos

#72 NOSTRADAMUS on 08.02.18 at 9:09 pm

Garth, is there the slightest possibility that you have lost control of the narrative with your ongoing negative comments regarding President Trump? It would appear you are on a one man mission to help your readers imagine a dark future with Donald at the wheel. It is indeed, a rare article you write that doesn’t slam Donald. Reading the comment section , it appears your readership is taking your comments literally. With a sense of balance, I will shortly be commenting on Donald’s achievements . You can trust me in the land of gypsies, tramps and thieves.

#73 akashic record on 08.02.18 at 9:16 pm

There was a time long, long ago, when people used to have a house, a car, a wife or husband and kids. Maybe a dog or cat.

One can only imagine all the troubles that those primitive and misguided financial structures created.

#74 Zapstrap on 08.02.18 at 9:16 pm

Out here on the west coast … the house behind me was originally listed at 1.9ish about a year ago and sat unloved. Slowly the price has been dropped to 1.7ish and now I see a sold sign on it. Don’t know what it sold for but bet the new owner will be kicking his own a$$ shortly. If only he knew what I know about the house …

#75 Nemesis on 08.02.18 at 10:02 pm

“The Foreign buyer tax, at 20%, is an extreme reaction to a minor problem.” – EasilyStartledGT

#Mossop’sClientPolygon… #Didn’tMakeAFortune… #CateringToNicheMarkets…

https://www.polyhomes.com/cn/home/

A builder’s web site in English and Mandarin selling into the country’s largest market of ethnic Asian citizens. So what? – Garth

#76 YVR renter with eyes wide open on 08.02.18 at 10:03 pm

Contrarian view from boots on the ground in B.C.

I would like to offer some info on what I have seen since selling our family home in 2011 and stumbling on this blog in 2012.

My family has rented and been forced to move 3 times in 6 years. Two out of three landlords have been from what Garth calls “non-existent foreign speculator landlords”.

First landlord Canadian.

Second landlord, Iranian with a factory in Iran. Saw him but 3 months over 3 years. Never claimed any rent or his income from factory in Iran as reportable in Canada. finally after owning his home in West Vancouver, decided to move back to Canada to retire. Applied for OAS, punted us from the basement suite and is hoping to move in there if he can rent the upstairs for almost $7000 a month. He says if he does not rent it he will sell the place. He was a speculator through and through. When I googled that rental the previously landlord was wanted for tax Evasion in Hong Kong. The Hong Kong government is still looking for him as evidenced by the repeat mail received I returned to sender, while I was living there. Next door neighbor, also from Hong Kong said the earlier owner had purchased a property near UBC.

Latest landlord is from Mainland China. Purchased home with both foreign capital and is in sales in real estate industry. Illegal basement suite which was not disclosed to me until move in date, and they made me sign an addendum to the rental agreement on move in date acknowledging the city of west Vancouver could punt my family once again with little notice.

my family is living proof of what foreign capital has done to this city. I work in the hospital. We can’t staff it cause no one can afford to live here, and can’t even commute from affordable suburbs because the cost and time to commute is not equitable. So the hospitals end up having to pay essential staff overtime just to sustain basic levels of care.

The B.C. Government is simply trying to turn this capitalistic real estate mess around to eventually decrease the astronomical costs associated with the mess created that benefitted one certain sector and with gains that were unsubstantiated, propped with foreign capital and unsustainable.

Think thoroughly, investigate thoroughly before you criticize so liberally.

Maybe you should learn to rent better. By the way, those words are not mine. – Garth

#77 Asterix1 on 08.02.18 at 10:05 pm

DELETED

#78 FATLADY on 08.02.18 at 10:12 pm

Garth – Nobody’s cutting down the immigrants.

It’s these clueless flock of hockey playin beer drinkin Canadians that keep falling for the bait!!!

And yes the majority of Canadians will work for immigrants one day for one simple reason – they value education first, you value hackey sack first.

#79 toronto1 on 08.02.18 at 10:26 pm

Van city is getting hit hard- only a fool would buy now- with sales volume decline this hard and fast- prices will follow.

seeing the same in the GTA- stuff just sits and sits until someone takes the hit and sells for a lower price and then nothing moves for a while unless its for that lower price.

the big story here is the amount of $ being lost- a lot of RE agents will be starving, Lowes and Home depot as well as furniture stores etc.. will feel that pain as well.

Garth is right- the ride down will also show irrational exuberance on the pricing side as panic takes hold- it really is starting to look like the 1990’s over again here in Ontario from a charting perspective. one difference is that this time around interest rates will be rising.

#80 Land Mass on 08.02.18 at 10:29 pm

It’s remarkable that a country as empty as Canada, with such an enormous land-mass, has these crazy high land prices.

#81 akashic record on 08.02.18 at 10:49 pm

I rent all things and all people into my life, as I need them.

The government rents me to the tax farm, as all the others, to qualify for more loans to sprinkle money to a bottomless pit.

G_d rents my soul to the body who you think I am.

It’s all one big deal. I sing nothing but gratitude.

https://www.youtube.com/watch?v=wOo3Iy8mkzo

#82 YVR renter with eyes wide ope on 08.02.18 at 11:04 pm

In response to Garth’s comment of my post at 76.

Maybe you should learn to rent better. By the way, those words are not mine. – Garth

Garth,

Those rentals were the good ones! We vetted approximately 15 options prior to renting each time. Those WERE the best choices from the other speculator rentals that were available!

Everything else out there are apartment buildings (too small, noisy, and costly for a family) or lost to the over 300 Air BnB postings within commutable distance to my full time job, and walkable distance to the children’s school.

#83 InterestedInFinance on 08.02.18 at 11:10 pm

If all foreign money is coming in form of cash (rather than debt/mortgage) is all poured into real estate, would not it get multiplied by ten due to fractional banking system in Canada and thus increase the supply of money in housing market(the driving force behind prices) much more than its relatively low portion of total sales might make one think?

#84 DON on 08.02.18 at 11:40 pm

Everything contributed to housing prices on the way up and everything will pile on the way down.

If you have tons of skin in the game you have to hope it ain’t so. Who wants to face the end of road – expectations will be adjusted.

In Vancouver in 2001 after the BC Liberals came into a senseless disguised senseless, corrupt, members only dictatorship (too much or not enough ?) – the inner crowd – those in the know started buying properties.

There has been a pop in listings in Victoria in the last two weeks.

#85 AB on 08.02.18 at 11:43 pm

We visited both Toronto and Vancouver recently. Just my personal observation , but the people in Toronto were really friendly, and the city is vibrant, clean and beautiful. There is a lot of natural beauty ,including the lake and the Bluffs. Vancouver is angry, no one smiles and there was a protest ” du jour” in full malcontent mode. Yes , the setting for Vancouver is beautiful, but that is irrelevant when the atmosphere of a place is one of seething anger, entitlement and BC bud confusion.

#86 crowdedelevatorfartz on 08.03.18 at 12:10 am

@#38 cuckold guy
“Now, on another topic, any studly gentelman out in the gvr area to pop by for a friendly cup of green tea over the long weekend.”
+++++

Nah thy’re all busy putting up banners…..Pride parade this weekend….as if you didnt know……

#87 NoName on 08.03.18 at 12:17 am

@IHCTD9

You will some interesting read and around house project here.

https://syonyk.blogspot.com/?m=1

#88 Trudeau Socks Smell on 08.03.18 at 12:17 am

DELETED

#89 viorelli on 08.03.18 at 12:19 am

I grew up in Richmond, went to Steveston high, worked in Steveston Village as a teenager (bus boy), had an old Mustang. How the times have changed, I see no teenagers driving mustangs anymore, everyone is overdosing, the businesses cannot find workers, rents are through the roof, prices for everything is through the roof. Lots of angry, rushed people everywhere. Community and home gardens are being ripped off. My Italian neighbor cought someone early in the morning ripping all his figs from the back yard. The thief is in a hospital, these Italians are still good with their baseball bats. Obviously something is going to give, the collapse in RE prices is inevitable, it is only a question when.

#90 crowdedelevatorfartz on 08.03.18 at 12:19 am

@#65 Chico
“…… Here is small town Nova Scotia we’ve got 5.3 people per square kilometer. People are tripping all over each other.”
+++++

Alas.
Alcohol has its down sides.
Blame the Nova Scotia Liquor Commission

#91 crowdedelevatorfartz on 08.03.18 at 12:28 am

@#54 Renter in Surrey
“25% foreign buyers tax is a joke.
I say make it 500%, apply it to direct and indirect buyers (through beneficiaries and corporations).”

+++++

I’ve noticed that the NDP has also passed a new regulation that all foreign owned company’s buying property have to divulge WHERE the money came from for the house purchase.
Gonna be interesting seeing how unemployed housewives and university students can explain $6 million dollar mortgages.
The banks out here are up to their noses in the shitpile and dont dare open their mouths for fear of eating what they helped create and everyone else looked the other way until the NDP has looked the other way.

Let the housing ponzi cards fall where they may.
I sold 5 years ago and am still renting and plan on renting for a while…….
Couldnt care less.

#92 Smoking Man on 08.03.18 at 1:34 am

Nothing happens by accedent.

MSM showcasing the insanity of the left all the time, insures communism is toast in the West in spite of the damage teachers did to the kids. Libralism is finished.

The fake war, trump vs the insane. Got to hand it to bulderburg and Davos crowed. . Nice job. A double cross of epic creativity.

In other news Toronto star call ford a bully . only bullies I saw were the reporters stocking Rob ford at his house. Hypocrisy has no limutes.

The world is one big sales pitch..

#93 Smoking Man on 08.03.18 at 1:45 am

When the big boys give your crazy voice light that hits all networks. There is an agenda behind it. Do really think guys like Zuckaberg and Jack from twitter want communism. I don’t think so. You’re all being played. The more you lefties scream the more you lose. Got to hand it to the machine. Trump played his roll perfect. Even T2.

The result will be individualism over communism.. Good Job.

#94 Howard on 08.03.18 at 3:52 am

It looks increasingly clear that the BC NDP are going to win a supermajority in the next election.

I loathe Horgan’s tactics on the pipeline but other than that it’s nice to see a government putting Canadians’ interests before foreigners’.

Here’s hoping the NDP goes full New Zealand and bans foreign ownership of land.

#95 dharma bum on 08.03.18 at 6:20 am

“A shame. BC used to rock.” – Garth
——————————————————————–

BC is like the Oregon of Canada. A very weird place.

http://offbeatoregon.com/index-2017.html

#96 Remembrancer on 08.03.18 at 8:00 am

#83 InterestedInFinance on 08.02.18 at 11:10 pm

If all foreign money is coming in form of cash (rather than debt/mortgage) is all poured into real estate, would not it get multiplied by ten due to fractional banking system in Canada and thus increase the supply of money in housing market(the driving force behind prices) much more than its relatively low portion of total sales might make one think?

—————————————————————-
Someone with an actual background in economics may chime in here, but I’ll take a stab at it…

Short answer is that 10x, or whatever, really only applies if the hypothetical foreign money doesn’t arrive in a suitcase, increments of $9,999.99 from visiting “relatives” or casino chip “winnings” etc. and is recycled / given to [email protected] to reinsert into the economy rather then instantly into a dirt and particle board “asset” that sits.

Some amount moves around as a result of RE fees being spent for new gold suit jackets, a new roof, paying the kid down the block cash to mow the lawn to make it looked lived in etc but nothing near the full amount…

Or… there really isn’t that much foreign cash in play…

Like I said, don’t know enough to know what I’m making up myself…

#97 Tater on 08.03.18 at 8:05 am

#3 Karl on 08.02.18 at 5:17 pm
Garth, I’d like to know what your position/advice is on move-up buying when real estate is dropping. Is it just a wash because your home and the new home are both dropping?
—————————————————————–

Assuming an equal percentage drop, you’d rather hold the less expensive house.

#98 crowdedelevatorfartz on 08.03.18 at 8:37 am

Hmmm, I see and couple of kids had their “supercars” seized by the Mounties last night. A Lambo and a McLaren( the McLaren had a “N” decal ( New Driver) on it.
Street racing. A 19 year old and a 21 year old
Cars seized for a month or two, small fine, big deal.
It happens so often out here now …..even the “News” media dont care anymore.

Perhaps if the cars were crushed and the kids made to recycle all the plastic, metal, oil etc….. on tv ……. might send a message.

#99 crowdedelevatorfartz on 08.03.18 at 8:41 am

@#95 Dharma Bum
“BC is like the Oregon of Canada. A very weird place.”

+++++

As the author Studs Terkle once opined when someone asked him (during the Charles Manson trial) why there were so many crazy people in California…

“On the eighth day, God tipped the North American continent on it’s side….and all the fruits and nuts rolled West.”

#100 MonsterBox on 08.03.18 at 8:41 am

#38 cuckold guy on 08.02.18 at 7:06 pm
Money has wings.
If sentiment change, it flows out to other places with greener pastures.
Be an albatross my friends.

——————————-

Money does have wings… ask Venezuela.

Since the socialists took over, most of the wealth has left. I guess that it was easy to see. Why would you keep your money (yes your money) where the gov’t feels that it’s theirs and you have no right to it?

Leave and go somewhere where the survival rate is higher.

——————————–

PS – ‘cuchold guy’ – I already have. For the last 6 years I’ve slowly converted BC properties(4) to liquid assets. I’m sending these to where they’ll be appreciated, definitely out of the country.

#101 IHCTD9 on 08.03.18 at 8:52 am

#24 Doug t on 08.02.18 at 6:11 pm
LOL and Ontario use to rock – now sucks buckets – my relatives scattered around southern Ontario grieve for what has become of their beloved province – all things considered I’ll stay in B.C.

RATM
_____________________

It has been a loooooooooong time since Ontario has rocked.

#102 bullwinkle on 08.03.18 at 9:02 am

https://www.cnbc.com/2018/08/02/seattle-housing-market-is-under-pressure-as-chinese-buying-dries-up.html

Yep nothing to see here.

Come on Garth. Do you think
prices got this crazy because of crazy millennial moisters?
They were told by old timers like me to wait, prices will come down. We didn’t have a normal real estate cycle due to external forces. It happened in Australia just like it happened here. Same influences, same outcome.

#103 Ubul on 08.03.18 at 9:45 am

#80 Land Mass on 08.02.18 at 10:29 pm

It’s remarkable that a country as empty as Canada, with such an enormous land-mass, has these crazy high land prices.

It’s G7 prices at the small G7 patches of the enormous land-mass.

#104 R Vanzo on 08.03.18 at 9:50 am

As an immigrant, I see no problem in banning foreigners without a PR from owing homes in Canada. It may not change much but it would definitely put this concerns to rest. Especially because getting a PR is so easy, anyone interested would just need to get permanente residency through the express entry. And also, most of those countries that would be banned from owing real estate here already prohibit foreigners from owing homes there. So it would only be reciprocal.

#105 James on 08.03.18 at 10:09 am

#92 Smoking Man on 08.03.18 at 1:34 am
Nothing happens by accedent.
MSM showcasing the insanity of the left all the time, insures communism is toast in the West in spite of the damage teachers did to the kids. Libralism is finished.
The fake war, trump vs the insane. Got to hand it to bulderburg and Davos crowed. . Nice job. A double cross of epic creativity.
In other news Toronto star call ford a bully . only bullies I saw were the reporters stocking Rob ford at his house. Hypocrisy has no limutes.
The world is one big sales pitch..
…………………………………………………………………
#93 Smoking Man on 08.03.18 at 1:45 am

When the big boys give your crazy voice light that hits all networks. There is an agenda behind it. Do really think guys like Zuckaberg and Jack from twitter want communism. I don’t think so. You’re all being played. The more you lefties scream the more you lose. Got to hand it to the machine. Trump played his roll perfect. Even T2.
The result will be individualism over communism.. Good Job.
__________________________________________
WTF are you off your meds old man? You ramble on about teachers all the time. When you were young did you get dropped on your head, or kicked by a horse? Perhaps senility has set in old man at least that mellows out your drunken stupors.

#106 Ron on 08.03.18 at 10:22 am

#104 R Vanzo on 08.03.18 at 9:50 am
As an immigrant, I see no problem in banning foreigners without a PR from owing homes in Canada. It may not change much but it would definitely put this concerns to rest.

——————-

I think it’s a fine idea. There’s nothing to lose, might do some good, and if Garth is right, then at least we’ve removed a needless distraction from the conversation.

Walls around an economy hurt everyone and lead to retaliation. Canadians hold billions in US housing. Silly idea. – Garth

#107 Ron on 08.03.18 at 10:25 am

Here’s another idea: 100% inheritance tax.

Let’s have a real meritocracy, without some standing on their parent’s shoulders.

We might save countless sibling relationships as well.

#108 FOUR FINGERS WATSON on 08.03.18 at 10:30 am

#92 Smoking Man on 08.03.18 at 1:34 am
Nothing happens by accedent.

MSM showcasing the insanity of the left all the time, insures communism is toast in the West in spite of the damage teachers did to the kids. Libralism is finished.
………………………………

Smoky. Dude. Take these two dolls and show us what they did to you…………

#109 Johnny Cash on 08.03.18 at 10:30 am

Things are getting desperate. My mortgage broker keeps calling me asking me to be a lender of last resort for people who cannot qualify traditionally. Some of these folks he says are Asians who don’t declare income but have money, others just can’t qualify with the banks. He guarantees return of 8-14 percent, secured by the real estate. But I’m like, lending out a million plus, secured by a wobbly real estate market? I can get 8-14% just investing in VFV. Sure, not guaranteed, but way LESS risk.

#110 FOUR FINGERS WATSON on 08.03.18 at 10:59 am

There are quite a few countries that do not allow foreign land ownership. The idea is to prevent locals from being priced out of their own home market. It is not such an outrageous idea.

Of course it is. Wall do not work. – Garth

#111 The Real Mark on 08.03.18 at 11:08 am

When will I be able to move out of my mom’s basement?

#112 Leo Trollstoy on 08.03.18 at 11:15 am

Condo prices booming despite home prices peaking in 2017

Madness never ends

#113 Tony on 08.03.18 at 11:15 am

Another nail in the coffin come this September 17th for the people who think they know better and can cheat the system. The end of Vancouver real estate. It’s as simple as if Seattle real estate falls in price Vancouver must fall in price and Vancouver presently is much more overvalued than Seattle.

#114 FOUR FINGERS WATSON on 08.03.18 at 11:15 am

PEI has had foreign ownership restrictions for many years. I never hear any bitching about that.

https://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

#115 Tony on 08.03.18 at 11:21 am

Re: #109 Johnny Cash on 08.03.18 at 10:30 am

Good luck with VFV when Trump’s gone so is your money just like I told The Real Mark. The market was less overvalued back in 1929. The idea is to buy things when they’re cheap not the highest in the last 145 years.

#116 IHCTD9 on 08.03.18 at 11:50 am

#73 akashic record on 08.02.18 at 9:16 pm

There was a time long, long ago, when people used to have a house, a car, a wife or husband and kids. Maybe a dog or cat.
_______________________________________

They still do – just not in certain (big) cities that have lost their way.

Ms. IH and I have paid for house, truck, car, toys etc… and we’re making payments on the cat and kids. Good portfolio too.

When you read the tales of woe in the MSM regarding how tough life is these days – if you look at what they’re saying; they’re always talking about big city Urban dwellers. Usually younger ones.

#117 IHCTD9 on 08.03.18 at 11:58 am

#98 crowdedelevatorfartz on 08.03.18 at 8:37 am
Hmmm, I see and couple of kids had their “supercars” seized by the Mounties last night. A Lambo and a McLaren( the McLaren had a “N” decal ( New Driver) on it.
Street racing. A 19 year old and a 21 year old
Cars seized for a month or two, small fine, big deal.
It happens so often out here now …..even the “News” media dont care anymore.

Perhaps if the cars were crushed and the kids made to recycle all the plastic, metal, oil etc….. on tv ……. might send a message.
_____________________________________

I can think of several low cost easy solutions for this problem that would end the trouble immediately.

Unfortunately, I can’t state any of them out loud.

#118 Shawn Allen on 08.03.18 at 12:01 pm

Inheritance Tax?

#107 Ron on 08.03.18 at 10:25 am
Here’s another idea: 100% inheritance tax.

Let’s have a real meritocracy, without some standing on their parent’s shoulders.

We might save countless sibling relationships as well.

*****************************************
Well, I am not sure about 100% but in general I support your idea.

The little people DO face hefty taxes on remaining funds in RRSPs and the estate of the little people must pay capital gains taxes (albeit at 50% of the regular tax rate) on deemed disposition of investment assets.

But the real issue is the BIG people. The big mega wealthy families are paying little or nothing in inheritance taxes as far as I can tell.

Big article last summer about the huge business of the Richardson family being passed on to next generation. Not a word about any concern over income taxes.

Paul Demarais passed away a couple years ago. Not a word of any concern at all on taxes due as the wealth passed on.

One of the Bronfman brats was in the news about offshore income tax avoidance.

Have you heard any concern from the Irving family over tax bills as the wealth passes to the next generation? Neither have I. Old K.C. Irving was an early adopter of tax avoidance absconding for Bermuda as I recall.

Through use of Trusts and tax planning the mega wealthy pass on mega wealth with approximately zero income tax payable.

No one seems to notice or care.

As the share of wealth going to capital grows and that going to labour shrinks the problem will grow.

#119 Damifino on 08.03.18 at 12:06 pm

#85 AB

Yes , the setting for Vancouver is beautiful, but that is irrelevant when the atmosphere of a place is one of seething anger, entitlement and BC bud confusion.
——————————-

You might consider Victoria where, by law, aggressive panhandlers are now spaced a full thirty feet apart.

#120 GoldnSilver on 08.03.18 at 12:13 pm

No comment, just connect the dots.

https://www.cnbc.com/2018/08/02/seattle-housing-market-is-under-pressure-as-chinese-buying-dries-up.html

#121 prairie person on 08.03.18 at 12:50 pm

Hi all, my upstairs tenants have given notice so if anyone is looking for a spacious 3 bedroom apartment on 2 floors in a renovated 100 year old house in historic St. Clair neighbourhood in Hamilton let me know! Includes air-conditioning and parking. $1800/month. Hydro not included.

Saw this ad on Facebook. Seems reasonable. Is this a drop in the areas prices or just standard?

#122 LL on 08.03.18 at 1:07 pm

Vancouver..Vancouver..Vancouver…again!
I am so boring to hear about Vancouver/Toronto RE!

This RE crazy market is all over the world anyway!

Planet earth is a small village!

#123 LL on 08.03.18 at 1:11 pm

#120 – Of course Asian people have an impact on RE.

#124 Vanreal on 08.03.18 at 1:22 pm

The NDP is ruining BC. Let’s see how happy people are when all the jobs disappear. It won’t matter how cheap housing is because most people will be unemployed. The NDP must be voted out!!

#125 Max the Tax on 08.03.18 at 1:30 pm

Speculation tax and foreign buyer tax proven to work in euro-lands (eg. Swiss) and is prudent CA prov. gov. policy to reign in the unaffordability of lower mainland homes where foreign students drive sparkly purple and pink lambos (seen it with my own eyes). The number 1 problem that Canada has is the obscene chasm between stratospheric wealth of very few gleaned off of the backs of the average hard working but indebted citizen:

https://www.policyalternatives.ca/publications/reports/born-win

#126 Bobby on 08.03.18 at 1:32 pm

For #94 Howard,

What a chuckle, the NDP and a super majority. You made my day.
The NDP are quickly showing their true colours and reminding us all why they were turfed out so unceremoniously the last time they were in power.
Sadly they have no understanding of finances or economics and quite frankly couldn’t run a hot dog stand.
My guess is they will be gone. Thankfully.

#127 FOUR FINGERS WATSON on 08.03.18 at 1:35 pm

#110 FOUR FINGERS WATSON on 08.03.18 at 10:59 am
There are quite a few countries that do not allow foreign land ownership. The idea is to prevent locals from being priced out of their own home market. It is not such an outrageous idea.

Of course it is. Wall do not work. – Garth
………………………………..

Seems to work in the Asian countries I have visited. I never hear the locals complaining about foreign ownership. Even Switzerland has laws against foreign ownership. Why don’t you put the boots to PEI and their restrictive laws and extra taxes on foreign ownership ?

https://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

Foreign and non-resident buyers are welcome on PEI. They just have to own smaller acreages. Have you ever been there? – Garth

#128 Wrk.dover on 08.03.18 at 1:41 pm

#98 crowdedelevatorfartz on 08.03.18 at 8:37 am
Hmmm, I see and couple of kids had their “supercars” seized by the Mounties last night

————————————-

A week or two ago, the HFX paper said a Ferrari and Challenger were seized in NS, I assumed because a Ferrari was involved, it was one of Garth’s Toadies visiting Lunenburg from the big smoke.

The Ferrari was doing 140 in an 80. In English that is 85 in a 50. Do any old timers here remember doing that on an almost daily basis years and years ago? Including especially Mr. Bulldoze?

#129 jess on 08.03.18 at 1:49 pm

predatory loans ?

special purpose national bank charter and operate across state lines. The OCC announcement promptly followed a report from the U.S. Treasury which recommended that the OCC make the charter available.

“Providing a path for fintech companies to become national banks can make the federal banking system stronger by promoting economic growth and opportunity, modernization and innovation, and competition,” Comptroller Otting said. “It also provides consumers greater choice, can promote financial inclusion, and creates a more level playing field for financial services competition.”

trumps executive order to investigation and treasury response
https://home.treasury.gov/sites/default/files/2018-08/A-Financial-System-that-Creates-Economic-Opportunities—Nonbank-Financials-Fintech-and-Innovation.pdf

http://wallstreetonparade.com/

https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-74.html

==STATEMENT BY DFS SUPERINTENDENT MARIA T. VULLO ON TREASURY’S ENDORSEMENT OF REGULATORY SANDBOXES FOR FINTECH COMPANIES AND THE OCC’S DECISION TO ACCEPT FINTECH CHARTER APPLICATIONS

“The New York State Department of Financial Services fiercely opposes the Department of Treasury’s endorsement of regulatory ‘sandboxes’ for financial technology companies. The idea that innovation will flourish only by allowing companies to evade laws that protect consumers, and which also safeguard markets and mitigate risk for the financial services industry, is preposterous. Toddlers play in sandboxes. Adults play by the rules. Companies that truly want to create change and thrive over the long-term appreciate the importance of developing their ideas and protecting their customers within a strong state regulatory framework.

DFS also strongly opposes today’s decision by the Office of the Comptroller of the Currency to begin accepting applications for national bank charters from nondepository financial technology (fintech) companies. DFS believes that this endeavor, which is also wrongly supported by the Treasury Department, is clearly not authorized under the National Bank Act. As DFS has noted since the OCC’s proposal, a national fintech charter will impose an entirely unjustified federal regulatory scheme on an already fully functional and deeply rooted state regulatory landscape.”
https://www.dfs.ny

CSBS Responds to Treasury, OCC Fintech Announcements
Jul 31, 2018
Socialshare

Statement by John W. Ryan
President and Chief Executive Officer, Conference of State Bank Supervisors

Two developments occurred today: a report issued by the Treasury Department on financial innovation and a decision by the Office of the Comptroller of the Currency (OCC) to move forward with creating a new national bank charter for select, uninsured fintechs.

John Ryan, the President and CEO of the Conference of State Bank Supervisors correctly called the plan a “regulatory train wreck in the making.” Ryan pointed out that the ruling exceeded the OCC’s authority and would harm consumers and put taxpayers at risk of more bailouts.

#130 Lorne on 08.03.18 at 2:08 pm

#124 Vanreal
The NDP is ruining BC. Let’s see how happy people are when all the jobs disappear. It won’t matter how cheap housing is because most people will be unemployed. The NDP must be voted out!!
……..
What is really happening is that many jobs cannot be filled because young people cannot afford to live in Vancouver anymore!

#131 Loren on 08.03.18 at 2:12 pm

#126 Bobby
For #94 Howard,

What a chuckle, the NDP and a super majority. You made my day.
The NDP are quickly showing their true colours and reminding us all why they were turfed out so unceremoniously the last time they were in power.
Sadly they have no understanding of finances or economics and quite frankly couldn’t run a hot dog stand.
My guess is they will be gone. Thankfully.
……..

Ah, the ever popular refrain of the right…the NDP do not understand finances or economics! Of course, the Lieberals are the only ones who do understand $…most importantly, how to put it in their own pockets and the pockets of the developers.
Your guess is almost assuredly, incorrect!

#132 jess on 08.03.18 at 2:13 pm

June 18, 2018
Last month, average real pay actually shrank.

From May 2017 to May 2018, real average hourly earnings were unchanged, on a seasonally adjusted basis. Combined with a 0.3-percent increase in the average workweek, real average weekly earnings increased by 0.3 percent over the year.

12-month percent change in real average hourly and weekly earnings, private sector workers, May 2008 to May 2018, seasonally adjusted

https://www.bls.gov/opub/ted/2018/real-average-hourly-earnings-unchanged-from-may-2017-to-may-2018.h

…”More ominously, residential investment—another big engine of US growth—fell by 1.1 percentage points, extending a slump in housing spending that began in Q2 2016.”

https://qz.com/1342009/the-us-economy-grew-by-4-1-in-the-second-quarter-but-dont-celebrate-too-much/amp/

#133 jess on 08.03.18 at 2:36 pm

#100 MonsterBox on 08.03.18 at 8:41 am

money laundering

https://www.miamiherald.com/latest-news/article215663355.html

#134 The Real Mark on 08.03.18 at 2:41 pm

“#111 The Real Mark on 08.03.18 at 11:08 am ”

Enough personation. Just stop it.

#135 LP on 08.03.18 at 2:45 pm

#119 Damifino on 08.03.18 at 12:06 pm

You might consider Victoria where, by law, aggressive panhandlers are now spaced a full thirty feet apart.
******************************************

Can non-aggressive beggars be closer?

#136 MaxBerniersShorts on 08.03.18 at 2:49 pm

126 Bobby
Right, like the BC Fiberals were geniuses at finance. They balanced the books by raiding ICBC and BC Hydro and by turning a blind eye to money laundering. Now the NDP has to clean up Christy’s massive manure pile. Angry school marm Andrew Wilkinson will never be Premier.

#137 Tulips on 08.03.18 at 3:21 pm

“#134 The Real Mark on 08.03.18 at 2:41 pm”

Enough personation. Just stop it.
******************************************
What are you talking about? There hasn’t been any personation since 2013.

#138 FOUR FINGERS WATSON on 08.03.18 at 3:23 pm

Foreign and non-resident buyers are welcome on PEI. They just have to own smaller acreages. Have you ever been there? – Garth
…………………………

So there are restrictions on foreign and non resident buyers. Is that not correct ?

#139 FOUR FINGERS WATSON on 08.03.18 at 3:36 pm

And this :
Tracking out-of-province buyers might be a problem elsewhere in Canada but P.E.I. keeps a handle on the situation through a tax structure that effectively doubles property taxes for non-residents, creating an incentive for people to prove they are living on the island and meet the minimum stay of 183 days.

https://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

#140 Stone on 08.03.18 at 4:00 pm

#107 Ron on 08.03.18 at 10:25 am
Here’s another idea: 100% inheritance tax.

Let’s have a real meritocracy, without some standing on their parent’s shoulders.

We might save countless sibling relationships as well.

———

You decide to spend everything you have on the spot and have instant if temporary gratification. I decide to save and invest instead. You enjoy it today, I enjoy it at a later date. So far, things are equal.

After you spend everything and don’t have a pot to piss in because of lack of foresight, don’t think you have any business deciding what to do with my money just because you’re jealous that I still have and you don’t.

If you want to make things equal throughout, lets have the gouvernment seize 100% of every paycheque, lets each get food stamps, live in gouvernment housing and have zero choices in life. How does thst make things better? Maybe it’s better if you let me do the thinking and you do…something that doesn’t in any way gets in my way.

#141 KLNR on 08.03.18 at 4:05 pm

@#116 IHCTD9 on 08.03.18 at 11:50 am
#73 akashic record on 08.02.18 at 9:16 pm

There was a time long, long ago, when people used to have a house, a car, a wife or husband and kids. Maybe a dog or cat.
_______________________________________

They still do – just not in certain (big) cities that have lost their way.

Ms. IH and I have paid for house, truck, car, toys etc… and we’re making payments on the cat and kids. Good portfolio too.

When you read the tales of woe in the MSM regarding how tough life is these days – if you look at what they’re saying; they’re always talking about big city Urban dwellers. Usually younger ones.
________________________
MSM and this comments section generalize may too much.
other than not having a cat this is me and most folks I know in my Toronto hood.
Life in Toronto is good. maybe the more dire situations reside in the outskirts of the GTA, who knows/cares.

#142 Ronaldo on 08.03.18 at 4:15 pm

#130 Lorne on 08.03.18 at 2:08 pm

#124 Vanreal
The NDP is ruining BC. Let’s see how happy people are when all the jobs disappear. It won’t matter how cheap housing is because most people will be unemployed. The NDP must be voted out!!
……..
What is really happening is that many jobs cannot be filled because young people cannot afford to live in Vancouver anymore!
————————————————————–
And this is why a 40% correction is in order.

#143 crowdedelevatorfartz on 08.03.18 at 4:19 pm

@#127 Four Fingers Watson
“Why don’t you put the boots to PEI and their restrictive laws and extra taxes on foreign ownership ?”
++++

If I may add to this discussion since I once owned a cottage on PEI.

PEI was the first province in Canada to bring in “foreign ownership” laws in the early 1970’s due to concerns about wealthy US people snapping up prime acreage for pennies on the dollar.
Anything smaller than 5 acres is easy to purchase but you have to pay double property tax for the privledge.
Hence my 1.5 acre property with a cottage was $850 per year x 2 =$1700/year prpty tax for a place I used 1 month a year..
IF you want to purchase acreage over 5 acres you must submit an application to the PEI Legislature. The non resident app “fee” is 1% of the property sales price. $100 k = $1000 $500k = $5000, etc. and its non-refundable if you lose your application ( rare) you don’t get it back.
Many new foreign owners can step around that by forming a company in PEI that becomes a legal entity(person) in the eyes of the law.
I drove past many a farm property that had been recently sold last Fall that had numbered company names and Chinese characters next to the number.
I spoke with several realtors and lawyers about it and they said it was the busiest Summer and Fall they had ever seen.
No haggling, no financing, ………
Cash, full price or higher.

Make a Law and lawyers and their clients will find a way around it………

#144 crowdedelevatorfartz on 08.03.18 at 4:27 pm

@#128 Wrk.dover

I was wrong about the kids in BC that had their “supercars” seized.
Both kids are 22 and both are from Burnaby.
Both cars are impounded for 7 days ( wow! a whole 7 days)
Both will receive a $380 fine( wow! A whole $380 for someone rich enough to own a Lamborgini or a McLaren)
Peanuts for the uber rich.

One of the drivers has had 4 speeding tickets in 2 years.

Another driver was stopped after driving his Ferrari on the Lions Gate bridge at 147kmh in a 60 zone.
Can seized for 30 days and a $750 fine.

Time to base the fines on the persons last taxable income or 10% of the value of the car? Which ever is more?
I believe Norway has something to that effect and a billionaire( IKEA family) received a $900,000 Euro fine for excessive speeding based on his previous years income…..ouch.

#145 Damifino on 08.03.18 at 4:32 pm

#135 LP

Can non-aggressive beggars be closer?
—————————–

The non-aggressive ones add a certain festive character to the city. By law, they are allowed to work in teams.

#146 marcus on 08.03.18 at 4:32 pm

So long as Canada is the test ground for the globalists she will suffer immeasurably. Sadly Canadians are far too dumbed down to see they live in a Globalist Ghetto. Nationalism is the answer and diversity is NOT your strength. Tough medicine on its way but the patient may be too far gone.

#147 crowdedelevatorfartz on 08.03.18 at 4:46 pm

@#135 LP
“Can non-aggressive beggars be closer?”
++++

Only if they have their Realtor’s License……

#148 crowdedelevatorfartz on 08.03.18 at 4:49 pm

@#134 The Real Mark?

How do we know YOU’RE the “real” Mark?

#149 The Real Mark on 08.03.18 at 5:19 pm

#148 crowdedelevatorfartz on 08.03.18 at 4:49 pm
@#134 The Real Mark?

How do we know YOU’RE the “real” Mark?

We are all The Real Mark.

#150 CHERRY BLOSSOM on 08.03.18 at 5:50 pm

Garth, ….. foreign buying starting in 1984. Our stupid government began their statistics a couple of years ago. So the stats are WRONG and the PEOPLE ARE CORRECT. It was and is foreign buying…..

#151 LP on 08.03.18 at 6:28 pm

#139 FOUR FINGERS WATSON on 08.03.18 at 3:36 pm
And this :
Tracking out-of-province buyers might be a problem elsewhere in Canada but P.E.I. keeps a handle on the situation through a tax structure that effectively doubles property taxes for non-residents, creating an incentive for people to prove they are living on the island and meet the minimum stay of 183 days.

************************************

How did that work out for Mike Duffy?

#152 Linda on 08.03.18 at 7:49 pm

‘Islander’ – for the love of Pete, don’t crow about the low property taxes. Because if those who raise taxes are reminded about how low they are, you can bet those formerly low taxes are going to be raised as soon as they can vote on the increase.

#153 Where's The Money Greedo? on 08.04.18 at 1:44 am

RIP John Carten, who passed July 31, 2018 (https://ca.linkedin.com/in/john-carten-a14a6358)

A Canadian hero in my mind. Along with Karen Gibbs.
I will not say anything else as Garth deleted my conspiracy theory links yesterday. Please google them.
http://bcsecuritiescommissionasham.blogspot.com/2016/06/the-bc-securities-commission-water-war.html

I spoke about this property originally for sale a couple months ago for $800k: now $729,900
MLS® Number: R2258275
21948 ACADIA STREET, Maple Ridge, British Columbia V2X3B6

So about 10% over a couple months for this POS. I think it was originally going for $899k in the spring.
I can see another $100k drop before any takers…..If that.
The bubble is deflating!!!!
Who’s going to be the lucky suckers to pick this up and have the RCMP seize it for proceeds of crime, if it is part of the money laundry that is BC.

Re: #136 MaxBerniersShorts on 08.03.18 at 2:49 pm
126 Bobby
Right, like the BC Fiberals were geniuses at finance. They balanced the books by raiding ICBC and BC Hydro and by turning a blind eye to money laundering. Now the NDP has to clean up Christy’s massive manure pile. Angry school marm Andrew Wilkinson will never be Premier.
+++++++++++++++++++++
Must we not forget the theft of public coffers. Geoff Plant, Gordon Campbell’s Attorney General and Heenan Blaikie buddy, became a Director of one of those ludicrous IPPs (Renaissance Power), signed to 60 year contracts at 3-4X the going power rate.
https://www.pressreader.com/canada/the-province/20090607/281603826436613
What a sweet deal these socio/psychopaths have secured for themselves. Just thieving scum.
I hate them so much !!!!!!

#154 Stone on 08.04.18 at 8:19 am

There are more than 50,000 realtors in the GTA. It looks like 80% of them made nothing last month.

———-

I had to think about that for a moment. How is that any different from any previous month?