My, my. Imagine telling the house-horny masses in Vancouver two years ago that this was coming:
- Overall sales tumbling 40%
- The better part of two years’ worth of inventory sitting, waiting for buyers
- New listings overwhelming the market – up 244% in a month.
- Prices in the best hood in town down 14%
- Of 100 detached homes on the market fewer than 7 selling in a month
- The benchmark price falling $150,000, or 9% in a year
- Over 40,000 new housing units ready to flood onto the market within two years
- The fewest monthly transactions in a decade
- And realtors warning, this is but the tip of the berg.
Yes, the latest stats are chilling – unless you’re BC Comrade Premier Horgan. This is precisely what the province’s NDP government has been engineering – a forced crash in a market which was already rolling over. It’s how you make a soft landing hard enough to taste your coccyx.
The Van market’s in freefall. The collapse evident in the last couple of months is picking up speed, and will accelerate from here all the way into a silent spring – perhaps the worst in living memory for rockstar realtors and latte-lubricated condo floggers. All it took was the anti-foreigner tax, the empty-house tax, the speculation tax, the uber property tax plus the mortgage stress test and higher interest rates. Who knew?
As sales crater, buyers retreat further. It’s human nature. Nobody wants to catch a falling knife. Thus, the price of detached houses (once the gold standard) is now fading by 1.4% per month, or $5,000 a week. Even condos have hit the skids, with average prices currently tumbling about 1% monthly. Most impacted, of course, have been the top-end digs, which always have a limited universe of buyers. If you’ve got six mill to spend, this is your lucky day. Or, on the other hand, you might soon have a property worth $5 million.
Of course, income is why the Vancouver market was always destined to correct, and was doing so nicely before the Dippers were elected:
At first the locals (who voted orange) were adamant Chinese dudes were responsible for rising prices and succumbed to FOMO, forcing valuations higher. When that was found statistically bankrupt they changed the focus to dirty money, believing every source that came along talking about hockey bags full of rolled bills being drycleaned at casinos – then laundered into suburban condos.
But this doesn’t pass the smell test. There were 36,000 property sales in 2017 and fewer than 25,000 last year. Of those over 95% were local-to-local, amounting to about $25 billion in activity in 2018. Even if money-laundering hit the $1 billion-per-year level that the Dippers allege (without proof) and if every dollar ended up in real estate (it didn’t), this would account for just 4% of annual transactions. In reality, it might be 1%, or a tenth of that amount.
Nope, the market flipped out up because of cheap money and house lust – greed. It’s crashing because of high taxes and spooked buyers – fear. Sales soared when houses cost the most ever. Now sales tumble as prices decline. Buy high. Sell low. Well, done YVR!
Well, as stated, more to come. The loss of real estate equity between, say, 2017 and 2020 will be historic. Tomorrow we will have a useful comparison with the GTA, where a housing-friendly administration was recently elected. Should prove interesting.
Meanwhile, in related news: mortgage growth at the Big Banks has just shriveled to a dried peanut 17-year low, and is down about 50% in the last 24 months. Yikes. Everybody’s blaming the stress test, of course, and there’s now a furious lobbying effort in Ottawa to have it gutted.
Earlier today the No.2 person in the regulatory office responsible for the test (OSFI) left the door open to changes. “OSFI monitors the environment on a continual basis and when we determine that adjustments to our standards and guidelines are warranted, we make them,” she said.
Not much doubt now.
161 comments ↓
Pink Snow falling in Vancouver.
Reported on these guys a few times in their ongoing saga to be made whole, which has been going on since February 2017.
One of my earliest cases,where I foolishly piped up and stated that the Vancouver market as we had known it, was gone.
This house is maybe a 5 minute walk from my house and I walk by it all the time on my way up Fraser.
At the time of original sale the house was in poor condition, since then no maintenance has been done and the house is disintegrating in place.
The details…
765 e 39th ave ,Vancouver.
Paid 1.24 April 2016
Originally asking 1.38
Now Asking 1.28
Assessment 1.41
Being marketed to a developer.
Developers have pulled their horns in, there is still construction going on in the neighborhood but that stuff had been coming down the pipe for years.
Another case nearby is on the market for 1.19 and they need 1.2, is on a better block and livable and no one will touch it such is the lack of development potential.
Speaking of nearby if you look at the Zolo listing, before they switch it out, the house next door with the lime door was a failed flip as well.
The went a different route, bought a Vancouver Special, renovated it and put it back on several times.
Same results as these current guys so far,no one interested.
It’s opposite a school, so that’s a plus I guess, but haven’t seen much in this condition go much over 1.15 in this hood, and closer to the mountains in certain areas something like this is going in the nines and even eights on the right,or should I say wrong, streets…
M44BC
https://www.zolo.ca/vancouver-real-estate/765-east-39th-avenue
somehow i get to comment before the daily post is up…
second?
sp500 to 2800 then a pause.
not sure what these guys are thinking but there are currently 5 redevelopments just starting up nearby my east van hovel.
the most i’ve seen at once lately.
in all cases it goes from a single residence bung to a duplex plus a laneway house.
a bit late to the party i’d say.
On the way up, I have watched people taking in multiple boarders, work additional jobs, borrow money from friends and family, eat cat food, etc.
I wonder how many are willing to do that in a declining market..
Australia is one step ahead of us:
https://www.youtube.com/watch?v=vRSdiq3sOTc
“The Van market’s in freefall. The collapse evident in the last couple of months is picking up speed, and will accelerate from here all the way into a silent spring – perhaps the worst in living memory for rockstar realtors and latte-lubricated condo floggers.”
Good. I’m tired of listening to this horseshite. i’m tired of the braggarts and blowhards with their heads up their own arse. i’m tired of the whole goddamned delusional, narcissistic shiteshow. bring on an epic collapse, clear the decks.
i have a boomer friend that retired a few years ago, no savings, no plans, all house. i’d listened to him tell me how special his house is for more than a decade, we’d been watching the house market reach insane heights, and agreed. he waits until the spring of 2018 to try to sell his extra special million dollar house, it’s still on the market. his wife has gone completely insane. since he retired it’s cost me 20 bucks every time i see him, like a broke junkie. i don’t see him any more.
Ross Kay on HoweStreet.com Radio:
Two Years Later in Vancouver’s Housing Correction.
Recession signals should not be ignored.
https://www.howestreet.com/2019/02/04/two-years-later-in-vancouvers-housing-correction/
Uppa! UPPA! UPPPPPPPAAA!!
.
Stress test to be gutted.
Govt coming to rescue.
Told ya, RE in Canada will go up and up on 2-year basis.
Sorry Gartho. Your predictions of RE being poor investment are overblown.
Meanwhile in my hood we have multiple projects coming available…from single family homes to apartment type units to townhouse developments and each week in the paper the % of sold ramps up.
Two, maybe three rental projects are either fully occupied or in the closing stages with full occupancy predicted and in my immediate neighbourhood a home with a for sale sign in the yard is sold in 2-3 weeks.
Lastly a high end, custom builder with whom I’m quite familiar is fully booked out for the year. He does two, maybe three projects at a time and these are not kitchen renos but rather full builds.
A comfortable life, free from Metamucil and anti-depressants is available. All you have to do is open your eyes and look around.
Garth
A couple months ago my wife was almost conned into buying an investment condo in TO. I succeeded to talk her out of it. She has a little of money and her goal for the last 5 years is to buy one. This is about the 3rd time I’ve talked her out of it. If the crazy government does something nuts to goose the market I think I’ve used up my 3 strikes.
What are your thoughts on this crazy condo market 2019, 2020.?
Canadian banks could drop by ‘at least’ 50%: Short seller
https://www.investmentwatchblog.com/canadian-banks-could-drop-by-at-least-50-short-seller/
Suncor: +17% dividend increase
Intact: +9% dividend increase
Does it strike anyone else as bizarre that the realtor’s description for Flop’s latest entry (#1) concerns a $1,280,000 house in Vancouver that is “close to No Frills”?
I guess after paying that kind of money all you can afford is No Frills.
This is what we use to do in order to check condo speculation. One of the best condo developments near Yorkville was completed and sold out 3 months before. We chose a mid week night and parked around 10:00 PM. This was a large building, but only a few lights were on, and told us the place was empty, and not rented out. This might not work today, but give it a try on occasion to see what may materialize.
Mr. Turner,
The real estate prices are down in BC – thanks to our wonderful BC Government – the best ever- much better than Chrispy Clark.
I thought you wanted for prices to go down. Now that they are tumbling you’re complaining.
What do you want? Do you want prices to go up or down? If down then our Goverment has met your expectations. Or are you a constant complainer no matter the prices?
A correction beats a crash. You will see. – Garth
Garth….
“It’s how you make a soft landing hard enough to taste your coccyx.”
My English prof stated that windy pompousities draw flies and criticism!!!
You have been warned.
Keep up the great work…
LB
Weird looking dog for today’s blog post, Garth.
OSFI No. 2 also “acknowledged that the escalating cost of home ownership is a problem in Canada but said the answer can’t be more debt, in particular more consumer debt”
Recession is on the horizon…the second half of the year will prove this!…msm will tell us after elections
The stress test really is a great tool. It allows homebuyers to still pay extremely low rates provided they qualify while stimulating the rest of the economy with low rates.
So Garth. Question for you sir – would a removal of the stress test, not a capping, change your long held view of a multi-year melt following any correction that has been realized in the over valued markets in our country?
#10 Ustabe
yeah, a custom built dream house, land (3+ acres on a river, fully forested) purchased in the early 80’s, traditional post and beam (2600 sq. ft.) house built mid-80’s turns into a broke 68 yr. man’s albatross around his neck. lots of work for an old broke guy. a million bucks and it’s yours, but they “won’t give it away”. the sticks on van. isle.
plenty of landloonies to rent from these days too.
the dream of the walking dead lives!
@Mike
“The escalating cost of home-ownership in Canada, and its knock-on effects to the economy and to society, is a problem — and it’s a problem that is proving very challenging to address,” said Carolyn Rogers, assistant superintendent at the Office of the Superintendent of Financial Institutions (OSFI), in a speech Tuesday.
“But the answer to this important problem cannot be more debt,” she said. “Particularly, it cannot be more consumer debt, fueled by lower underwriting standards.”
https://www.thestar.com/business/economy/2019/02/05/mortgage-stress-test-needed-despite-hardships-say-regulator.html
The downward trend in YVR still has a long way to go. Hopefully this will chase out of our market offshore buyers, money launderers, and both foreign and local speculators who completely screwed over the next generation of citizens trying to get a foothold in the city. Local talent hopefully will not have to leave YVR due to the housing issue and can be retained by innovative start-ups who will now gladly set up in the city (since they can attract high-end workers). A de-emphasis of the real estate segment which has so long been the mainstay of the city will be good for both locals, businesses, and the next generation. Not so good for those who bought recently, but they took on a big risk. Give it a few more years and the market will restabilize but at a lower much healthier price point. Bring it on….
Glad I don’t live in Vcr ….but RE where I live is still pretty nuts…if you have a decent semi at around 1mil it’s gone in 2 days
The Purplebricks superbowl ad (fixed rate, no commission real estate agent) was an eye opener for a colleague in Vancouver…who in their right mind will pay a full commission nowadays says he now (after paying a 6 figure commission to sell his previous house)…
it will be interesting if a potential stress test relieve could slow down the market fall at least until the fall elections…
“…At first the locals (who voted orange) were adamant Chinese dudes were responsible for rising prices and succumbed to FOMO, forcing valuations higher. When that was found statistically bankrupt they changed the focus to dirty money, believing every source that came along talking about hockey bags full of rolled bills being drycleaned at casinos – then laundered into suburban condos…”-Garth
_ _ _
Interesting you would post this assertion, yet at the same time reference the ‘tip of the iceberg” Bloomberg article from which I quote:
“…The top end of the market driven largely by foreign buyers, especially Chinese, has been the hardest hit. Prices in posh West Vancouver have plunged 14 percent in a year.
“These homes in West Van were selling for C$12 million, C$13 million two years ago,” says Adil Dinani, a realtor with Royal LePage, a unit of Brookfield Real Estate Services Inc. “Agents are asking me to throw them off for anything — C$8 million, C$8.5 million, whatever it is.”
Dinani, who’s been in the business for 14 years, says there are fewer speculative investors, and foreign buyers have really pulled back. “And what local buyer has C$6 million, C$7 million to put towards a home?” he said..”
Hardly news that the Westside has plopped. Also a fact 95% of Vancouverites don’t buy there. – Garth
“Thus, the price of detached houses (once the gold standard) is now fading by 1.4% per month, or $5,000 a week.” Garth should know that we are ALL extremely wealthy and a measly $715 daily loss is nothing. NOTHING
Not sure how Garth has become so certain of the foreign buyer angle, I saw it happen at the peak with my own little eyes, but I guess I should not believe them.
Did you actually read her full speech?? sounded much more like, the policy makes sense, makes senses in all markets including Calgary, reflects more than just the chances of higher rates (e.g., lower income, higher expenses), and her concluding remarks about things can always be changed were simple and standard speaking points, in no way leaving any door open. I totally disagree with your take.
“#2 bdwy sktrn on 02.05.19 at 4:43 pm
“sp500 to 2800 then a pause.”
===================================
The S&P 500 will end 2019 @ 3100. And no recession in sight.
#13 JSS on 02.05.19 at 5:32 pm
“Suncor: +17% dividend increase”
=====================================
I am loving it….
DELETED
Good! Great! Fantastic! This is what most people 40 and under who didn’t get a house bought for them by the Bank of M&D would call PROGRESS.
House prices in YVR need to come down 50%+. (We’re well underway still with a long way to go). That type of decline will allow people 40 and under with decent household incomes (>$200K), who have been priced out of the market since circa 2005, to actually buy a home that isn’t 90 minutes away from where they work. Until then let the whole thing burn to the ground.
I have less than zero sympathy for someone who bought some house for 3x more than it should actually be worth simply because they had no financial or emotional self-discipline and had to get into the market no matter the cost. Those people deserve to learn this lesson the hard way because they directly contributed to the problem on the way up.
No, your unrenovated 1972 Vancouver special in hastings sunrise is not worth $1.X million. Those people that bought at or near the peak will now be the ones that rightfully pay for it on the way down. Leverage works both ways geniuses.
I don’t know about you but I’m loving the increased coverage in the MSM recently about how the VanRE market is frozen, inventory is growing and prices are dropping. Eventually the penny will drop, and human nature being what it is, everyone will rush for the exits. I’m going to enjoy watching them squirm as the value of their equity drops by thousands each week. Pass the popcorn!
I hope Bandit is well. Lately I’ve not seen him Instagramming much.
…
Genworth (MIC) good earnings tonight and stock price with its fat dividend is almost breaking out.
coc·cyx
Dictionary result for coccyx
/ˈkäksiks/
noun
noun: coccyx; plural noun: coccyxes; plural noun: coccyges
a small triangular bone at the base of the spinal column in humans and some apes, formed of fused vestigial vertebrae.
Origin
late 16th century: via Latin from Greek kokkux ‘cuckoo’ (because the shape of the human bone resembles the cuckoo’s bill).
At first the locals (who voted orange) were adamant Chinese dudes were responsible for rising prices and succumbed to FOMO, forcing valuations higher.
………
hundreds and hundreds and hundreds of MSM news articles full of facts prove foreign money played a big role. Denial is not just a river in Egypt.
The MSN tells you what you want to hear. Not this blog. – Garth
“anti-foreigner tax, the empty-house tax, the speculation tax, the uber property tax plus the mortgage stress test and higher interest rates”
Finally – it’s working (or so they say).
In my neighbourhood, 30 minutes from Victoria, 1000 square foot condos are going for 1/2 million. Easy sale for those with view etc. ‘Dog suites’ in buildings are not selling, nor are overpriced SFHs.
However there is movement for well priced, top of the line properties, the others can forgettaboutit.
So much negativity here. Look on the bright side. A breakthrough in the East Asia peace process has occurred. President Kim of North Korea and President Duterte of the Philippines have bonded over a meal of fried chicken (hee hee!):
https://www.bbc.com/news/world-asia-china-47109749
Dear Children of a Lesser Mind:
OSFI Stress Test estimates of disqualified buyers by Garth & Other sources:
10-12%.
Other Facts:
-88-90% buyer leftovers that pass the test.
-Stress Test results in an estimated 20% drop in purchasing power (why condo’s WERE doing well).
-Canada Mortgages down 50% this past year.
-YVR overall unit sales tumbling 40%.
Even if the stress test is eliminated RE sales will be little affected (e.g., 10-12% of disqualified buyers do not equal a drop of 50% in mortgages Canada wide, 10-12% of disqualified buyers will not cure a drop of 40% unit sales in YVR, etc., etc.).
If anything, Morneau will instruct OSFI to dilute the Stress Test, not eliminate it. The Liberals are arrogant and loathe to admit they made a mistake (recall the Self-Employed Saving Face debacle not long ago, Trudeau: I did not push that woman MP or fondle that other woman reporter, Morneau: I forgot I owned a Villa in France, my bad, etc., etc.).
There it is.
Theme song for RE pumpers thinking OSFI Stress Test removal is the cure to their diminishing single assets value:
https://www.youtube.com/watch?v=tbU3zdAgiX8
————————-
Fun at the expense of others, sorry. Even for me that song way ahead of my time and Buonanotte.
The wonks in Ottawa will kill the stress test if it gets them re-elected. They know their market. If the choice is sleeping in a tent under the Gardner or paying $850k for a 500 sq. ft box in the entertainment hood …we all want to stay dry. Venezuela is in economic collapse and starvation is at their door. Oil from Venezuela has dried up causing their food insecurity. Let’s hope in Canada we don’t end up as poor as Venezuela.
“Earlier today the No.2 person in the regulatory office responsible for the test (OSFI) left the door open to changes. “OSFI monitors the environment on a continual basis and when we determine that adjustments to our standards and guidelines are warranted, we make them,”
-The stress test had mixed results. It plumped the low end of the market to laughable levels (predictable) and it froze the mid and top of the market (but prevented a crash).
Removing it accomplishes a few things. It will allow a resumption of upward price momentum to the point where prices will be at a much greater risk of crashing, not correcting. It will also reinforce how sleazy the real estate/mortgage/insurance industries are to all of us (most of us know this already).
It will be just another stupid move in a long line of other stupid moves.
MF
Much more fun than Vancouver!
“The Last House Designed by Frank Lloyd Wright Hits the Market at $2.98M!
Located in Phoenix, Arizona, the Norman Lykes Residence is one of 14 circular homes by the iconic architect.
Although the property initially listed at $3,250,000, the price has dropped and it’s currently listed with The Agency for $2,985,000.”
http://www.dwell.com
#11 Cto on 02.05.19 at 5:30 pm
Stagnation if the stress tests remain. Price reductions if it goes bye bye and people pile into SFD again.
MF
https://www.dailymail.co.uk/news/article-6667889/Rich-Kids-Venezuela-including-Socialist-leader-Hugo-Chavezs-daughter-flaunt-wealth.html
The Rich Kids of Venezuela – including Socialist revolution leader Hugo Chavez’s daughter – flaunt their wealth with fist-fulls of cash and lavish holidays while the nation starves
By NICK FAGGE IN CARACAS FOR MAILONLINE
PUBLISHED: 21:33 EST, 4 February 2019 | UPDATED: 22:33 EST, 4 February 2019
Flashing a fist-full of dollars, posing with pop-stars or living it up in at world’s most lavish hotels – the rich kids of Venezuela’s socialist elite know nothing of the misery their parents have wreaked on their country.
Socialist revolution leader Hugo Chavez’s oldest daughter Maria Gabriela is rumoured to be Venezuela’s richest woman, with a personal fortune of more than 4 billion dollars, hidden in bank accounts Europe….
Kelowna remix:
145K income to required afford a home and rising.
Meanwhile…
Detached:
-Listings up 12% y/y
-Sales down 44% y/y
-Inventory up 32% y/y
-Inventory up from 6 months supply to 10 months supply in the past month (last seen January, 2008).
Townhouse:
-Listings up 60% y/y
-Sales down 10% y/y
-Inventory up 113% y/y
-Inventory up from 5 months supply to 10 months supply in the past month (last seen June, 2008).
Apartment:
-Listings up 23% y/y
-Sales down 45% y/y
-Inventory up 68% y/y
-Inventory up from 5 months to 8 months supply in the past month (last seen August, 2006).
Buyers, you have lots of un-affordable choice here. So, make that offer and don’t be shy to come in $300,000 below listing price to bring the price inline with what the local income is. Foreclosure is a strong motivator and you never know.
Money laundering drug money and secondary boomer movement from money laundering drug money cash outs on their coast and in Alberta houses has slowed substantially and therefore there is a shortage of buyers currently in the interior.
And the money laundering and drug enforcement is just getting started. Wait until the funding starts pouring in to really crack down.
“Is Vancouver’s “speculation and vacancy tax” as dumb as it seems? 99% of homeowners are exempt. Fail to apply for exemption, get taxed. Co-owners? Both have to file, every year. What’s the cost to taxpayers vs. expected revenues? Seems crazy.”
Support us billionaires and scrap the spec tax and help re-elect the Liberals back in.
This is just cwazy.
#29 AGuyInVancouver
now, now, capital must be open to cross border trade without restrictions. haven’t you heard of neo-liberalism?
are you a marxist communist pinko? a racist? or both?
To the statistically insignificant observers of RE in their “hood” that think all is well from what they “see”:
Come to us with a minimum sample size of 35 observations (e.g., unit sales and prices, e.g., a FLOP post X 35) for the start of what ought to be a Normally Distributed Sample Size (for starters, after that you have to calculate the Standard Deviation at an acceptable Error, say 5%, and Confidence Interval, say 95%, to determine the number of observations needed for statistical significance, there’s a formula for that).
Tech Speak for:
Your “hood” observations of 1/2 million $ condos, UPPA, UPPA, etc., (statistically speaking):
Matter as much to the pulse of the overall RE market and the Economy as urinating in the Pacific Ocean and measuring the water level increase afterwards (Lake Ontario for 416 Land et. al., or Lake Huron, Lake Erie, etc., take your pick).
I know Garth, Buonanotte for real.
Two things I know for sure:
1- Trump is dumb as a post
2- Garth will never admit Chinese money has any effect
on our real estate.
Have a look at Chinese capital outflows.
What are the chances Canadian and Australian real estate is cratering at the same time?
Of course foreign buyers are part of the market. But it is locals who do the lion’s share of the buying and selling, and set prices. You may want to feel victimized, but you are probably the perp. – Garth
Banking watchdog says contentious mortgage stress test is safety buffer banks and borrowers need
https://ottawacitizen.com/news/fp-street/banking-watchdog-defends-contentious-mortgage-stress-test-as-safety-buffer-banks-and-borrowers-need/wcm/c81b0f2d-46c4-42a1-8520-8923f6982a38
The rising cost of homeownership in Canada and its accompanying threat to the economy “is a problem,” according to Rogers.
“But the answer to that problem cannot be more debt,” she added. “And particularly, it cannot be more consumer debt, fuelled by lax underwriting standards.”
She’s right Garth.
From Ronald Reagan:
“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
…the NDP in BC managed the impossible: to kill the real estate market.
When they came to power, I thought that they did their calculations / projections, and that they are confident that the shortfall in the (only) sizeable tax revenue from the property transfer taxes will not affect the economy.
But now, I am actually convinced they had no idea of the consequences, and that it is a very good chance they are actually so inept that they did not think that far (…next step ahead).
I was born in the Socialist Romanie, in East Europe. I was old enough to see and experience first hand what socialism is. And what it is is this: people stop having food to eat, in the late stages. Orphans starve to death in the government institutions, and no one cares.
All these young, chocolate fed microwave generation; you have no idea what socialism is.
AOC, Elizabeth Warren, all the Bew agreed Deal, the 90% tax, the 70% tax, the NDP, etc.: you are all so naive because you are all clueless and oblivious to what real hardships are, or what real honest hard work is.
You want more money? Wake up like I did, at 4:00 am to study for university, and have and hold two jobs while going to school / university, in a totally new country in a new language.
And take a real degree; not fine arts! Something that will put food on your family table. Become a doctor, a nurse, an accountant, a teacher, an engineer, a lawyer, a trade!
Study hard, work hard, be honest and modest, and you will always have a good job and will get by quite decent and comfortable.
All these New Democrats, (in US) and liberals in Canada: they are never generous on their own money.
No first world country in the world takes advantage of its citizens more than Canada….we believe every thing we hear and follow the bouncing ball like no others….like sheep in the wolf den…
#36- Genworth, huh? Not a bad choice – I’ve been watching it for 2 years and up, up, up. My current dilemma is determining the best approach for a no longer used family home in Shaughnessy. Might put it on the market this spring and expect to be skewered by Flop if it needs price reductions… decisions, decisions…
Let sleeping dogs lie.
Lost on Garth vs. AGuyInVancouver about YVR “Foreign Dudes”.
I love it.
Bring it on.
Yes, I lied 2X about Buonanotte.
That’s 3 for me, so Ciao d’Italia (soon to return, after the RE crash).
I’m not sure if following was brought up here before. If yes, my apology.
The Fleecing of Canadian Millenials
https://doodles.mountainmath.ca/blog/2019/01/31/the-fleecing-of-canadian-millenials/
Best,
F.S. – Calgary, Alberta.
“…the Dippers were elected”
I thought the Liberals were actually elected and the Dippers pulled a fast one with the Greenies.
Like a Ron Paul reincarnate, only 30 years younger and whole lot sharper:
https://twitter.com/tulsigabbard
Lets see if she can get some traction…
Not sure why anyone is surprised. If something cannot continue forever, it won’t. What did they think would happen in Vancouver, that prices would eventually rise to 100 times income? And then continue up from there?
Over the long run, income sets all prices.
But we shouldn’t be too surprised. History is replete with one failed bubble after another. That’s how to get rich, buy the Bennie-babies when they are cheap and sell them when the are expensive. Of course it’s hard to do. Nobody wants to buy when they are cheap and nobody wants to sell when they are expensive. Which seems so counter-intuitive, because nobody ever went broke taking a profit. But the FOMO runs strong in this one, says Obi-wan.
What probably come next in Vancouver is a “Minsky moment”, when everyone realizes they cannot sell. Selling will still occur, because there are many people who are still deep in the money and realize that they should take a smaller profit now rather than no profit later. But that is just going to make matters worse for the deeply indebted. Remember, a portion of that Vancouver real estate does not carry a mortgage and was bought decades ago. Those people will be exiting before the foreclosures start. Prices are set on the margin. So if 5% of the population of people who own real estate in Vancouver and is smart enough say “well, I guess I’ll take a 4 fold increase on my money now because it doesn’t look like I’ll get 5 and I don’t want it to go down to 3”, it will set in action a chain reaction once the other 95% is underwater on their loans.
Every debt-fueled bubble in history has ended in disaster, despite a few lucky bastards getting rich. This one will be no different. My prediction: House prices in Vancouver will bottom out about 20% higher than those in Calgary, but Calgary has room to move down too.
Remember folks, you haven’t actually made any money until you sell. That’s why even governments won’t tax a capital gain until you sell. They know you don’t actually have any money until the sale is completed.
The market is not in free fall. You still can’t buy a 2 bedroom condo for under half a million
@#44 islander
“The Last House Designed by Frank Lloyd Wright Hits the Market at $2.98M!”
******
I never was a big fan of Frank Lloyd Wright.
His designs were interesting but apparently most of the buildings(private and commersial) were leaky, drafty, and energy inefficient.
Years ago I was in one of the last private residences that Arthur Erickson designed for Thanksgiving dinner.
The owner went on and on about the bloody house.
Even the furniture was designed by Erickson to match the house. You felt guilty sitting in a fricken dining room chair for christs sake.
The house was treated like some rare art piece and it was leaky, drafty and energy inefficient.
I saw up for sale a few years back and the new owners would have to deal with all the BS involved with “fixing” or ‘reno-ing” a “masterpiece”.
I’ll pass on Mr Wrights ode to art.
@ #53 From Vancouver
You mean Communist Romania?
Communism and Socialism are two different things.
Germany, the Netherlands, Norway, Japan are socialist nations. So is Canada. That’s why it has such a high standard of living.
The hyperbole on this blog against socialism is intellectually embarrassing.
#55 Sail away on 02.05.19 at 7:52 pm
#36- Genworth, huh? Not a bad choice – I’ve been watching it for 2 years and up, up, up. My current dilemma is determining the best approach for a no longer used family home in Shaughnessy. Might put it on the market this spring and expect to be skewered by Flop if it needs price reductions… decisions, decisions…
///////////////////
Put it on for 2.99 and no reductions will be necessary.
The only skewering I will need to do is with my kebabs…
M44BC
I rent in a Vancouver hot spot, Main st. In my building there is a 592 sqf unit selling for $675k. I pay $1,700 in rent for a similar unit. Condos are still holding their value at the moment although deflating little by little. Residents still have their heads in the sand.
It’s not the NDP that created this mess. Past and current federal government’s have been propping up this RE market for far too long.
With my $170k income and $100k down. I could qualify for that place. Prices are and still unreasonable. When I moved in 4 years ago. That place was worth $440k.
Here’s hoping for further declines!
As the correction rumbles on, I think some of the Westside suburbs could do with some rebranding to attract new buyers.
I am ready to lead a delegation to get this done.
Here’s my best pitch for Marpole.
“Marpole, you feel like you’re in East Vancouver, but you’re not…”
M44BC
#9- Mike is a realtor…spin,spin,spin, always pumping RE.
“All it took was the anti-foreigner tax, the empty-house tax, the speculation tax, the uber property tax plus the mortgage stress test and higher interest rates. Who knew?”
I know Dolce threw in a few more variables but whadda about the following.
Local and foreign gangs and individuals laundering money (the Vancouver Model) through real estate most notably high end real estate that got attention and quickly became unaffordable to the average million (liquid). The market is driven by sentiment.
Then there’s the geopolitical trade wars, political games all having an impact on sentiment, foreign buying etc. This also piles on the sentiment. Especially the foreign element as Vancouver no longer looks friendly (for whatever reasons).
The money laundering thingy was a catalyst to a certain degree. Removing it shows cracks in the market and its all about perception.
They can always tweak the empty home and spec taxes to not include Canadians. First step, then to foreign interests who knows. But this market was stupid at its peak and now the dreaded hang over. We will all be affected to some degree. Now is it time to license realtors and not allow the media to pump false crap?
And we are 8 months or so from a wacky election with virtually no good choices! Now I know how Trump got in.
So I am formally nominating Garth for Prime Minister, and his current crew of savy finance gurus to guide our country. We won’t take no for an answer and will provide as much time off as you require. Makes more sense than anything else.
Good pic. Tough felines, smart too, can deal with anything. Because we’re in charge.
We have nine lives for a reason.
I read the OFSI article and came away with the opposite impression. That B20 isn’t going anywhere.
Greenies in Van. Where I live it will be falling to minus 30 this evening with a 15 to 20 km/h wind. I love my oil and gas, nice and warm inside; meanwhile! https://driving.ca/tesla/auto-news/news/tesla-model-3-owners-discover-their-electric-cars-dont-perform-all-that-well-in-a-polar-vortex
MADAM SPEAKKEERRRRR!!!
THE PRESIDENT OF THE UNITED STATES!!!!!!
Crowded –
How about this headline, didn’t make the front page or if it did, it wasn’t there for that long. Not Australia or Hong Kong. Are we closer now?
https://vancouversun.com/category/business/real-estate
“Vancouver home sales fall nearly 40 per cent in January, as prices pull back
Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell “
#62 farts
The Hugo Eppich house?
For those that think real estate will go up year after year if the stress test is gutted…umm with 70% home ownership you need to look at the pool of potential buyers.
The foreign buyers have left Vancouver. However the existing foreigner owners in Vancouver are significant in number and they can all be characterized as investors. You can expect they will begin to panic and run for the exits putting further downward pressure on prices.
#35 DQ on 02.05.19 at 6:40 pm
What you said wasn’t very nice but…
Do you want extra butter on your popcorn?
POTUS is KILLING it!
he gets re-elected in 2020. for sure.
(see the covington video from the lawyers – he was dead right about fake news.)
usa is storming ahead of the rest of the world.
only one market worth buying.
WOAH…. he just started slamming mueller. less presidential , but bold.
#79 – The OSFI only cares about protecting the banks. They don’t give a hoot about home owners.
You can tell things are starting to go a bit pear shaped.
I work in technology for one of the big six banks. Lots of new expense management initiatives underway.
There are always a fair number of these initiatives running, but something is different. Material cuts to projects and operational costs mid year. Indicative of reduced revenue expectations. Reductions in contract staff, more offshoring, and I’ll bet shortly impacts to onshore full time staff.
Fewer mortgage originations than expected are likely part of the cause.
Garth: “But it is locals who do the lion’s share of the buying and selling”
Why exactly do you think that a person who is classified as “local” (i.e. has a passport) can’t possibly have or spend money with a non-local source?
Listen carefully to the two sides of divided America tonight.
The stage is set. Horror lies ahead.
PREPARE.
Anyone else watch the SOTU? I see #78 bdwy sktrn did.
Anyone who did watch it must conclude Trump is a lot smarter than they make him out to be or he has very good speech writers.
He even finessed the abortion debate rather well, only commenting on “late stage” abortions. Considering what a minefield that subject is I don’t know how he could have done better.
It’s time for even Garth to recognize that this man is no idiot, even if you don’t agree with him. But I would add that the only person of any respect that always agrees with you is your dog.
I was half expecting the Democrats to all walk out at the start, but maybe it’s a start that they didn’t. Even Bernie stayed to the end.
But Garth, the graph shows that $248K of income is required to qualify to purchase the average SDH in YVR. 1% of the population earns this.
Where did the money come from for everyone else? Debt? How did they qualify to borrow all that money? How do they make their monthly mortgage payments? Surely the answer cant simply be “house lust”. Something doesnt add up
This is not all that’s wrong with B.C., I fear.
When drought hits crop land, it wilts. When drought hits forests, it burns. British Columbia for example, has 944,735 total sq km’s. Within this area, in 1958, BC’s now third worst year for forest fires, 8560 sq km’s of forest burned, the worst year on record accounting for .9% of the total area of BC until 2017 smashed that record with 12,161 sq. km’s (1.287%). 2018 eclipsed 2017 with 13,513 sq km’s as of Nov 9th (1.43%) sending smoke as far away as Ireland. British Columbia just lost 2.7% of its total forest area in just 2 years to climate change with more to come.
https://www.cbc.ca/news/canada/british-columbia/state-emergency-bc-wildfires-1.4803546
Goop #63:
I do not know how to say this politely, but see how you are teaching me about my own former country? And give a lesson in socialism and communism, as if you experienced both and speak from experience?
We used to have to take socialism classes, in high school. Romania was first officially a Popular regime, until the 70’s, when it officially became a Socialist country. The official name was the Socialist Republic of Romania. And that was all the way to the end, in 1989, when the revolution started in my city of Timisoara. I was there, and saw it with my own eyes, at 14 years of age. I did see people getting shot; one kid from my school died.
We were taught in school that only the asoviet Soviet Union was a Communist country; the rest were only “aspiring” to that role, but more work is needed to reduce crime, increase productivity, etc, until Romania will become a communist country.
My father was a factory manager; (so was my mother, both having an economics degree). So, we were at least not starving. In those times, the factory manager had few social and political surges as well, such as recommending who would qualify to get social housing faster (rather than 20 years on the waiting list, maybe down to 5). Or who would get a propane bottle or would be allowed wood for burning and heating over the winter.
And one employee came to my father and my father went over his head to get social housing for that poor family. The reason? For a while rats were chewing at that family poor parents while the rest were at work, and he did stoically accept that. But they just had a new born, and my father said that if he does not help those poor family get a decent apartment, the rats will eat the baby.
I did see and hear all these.
I am not sure Holland, Nordic countries, Canada, can be classified as Socialist regimes. Technically, I mean. There is no private property in a socialist regime.
Oh, by the way; in 1949 the government started coming with rifles to confiscate all businesses and personal property.
All the 50’ and 60’ they confiscated all the land and farms; if you had your own piece of land, the following day was not yours anymore, and you were not allowed to touch it or work it.
By late 60’s, they confiscated and nationalized every single house or apartment.
Can you imagine, the NDP confiscating your house? Because that is what did happen in Romania, Yugoslavia, Bulgaria, USSR, etc.
All these may start with good intentions; I imagine some of these fools may even have noble intentions and want to do good. But most are just unscrupulous manipulators that have envy and ulterior motives.
You need to have lived there to thrills undersrand what Socialism is.
Toronto real estate sales CRASH
Oops! Sorry about this post Garth. I meant to hit send in 6 months.
Stacey Abrams speach just handed Trump 2020.
Except the markets to surge in the morning.
@#73 Don
“How about this headline, didn’t make the front page or if it did, it wasn’t there for that long.”
*****
Yeah.
Remax….. still….. desperately.
Trying to massage the message .
Unfortunately.
A pig with lipstick…
Is still just a pig….
:)
Ok so I get Van, Victoria and the centre of the universe. But Hamilton…..why???? Isn’t their primary tourist attraction pollution.
sorry – I’m def not racist but if you live in Vancouver you know the score:
https://globalnews.ca/news/4149818/vancouver-cautionary-tale-money-laundering-drugs/
https://globalnews.ca/news/4155822/vancouver-model-david-eby-money-laundering/
If you don’t think that this issue contributed to the FOMO then, well, you are free to disagree…
“The money from drug dealers is laundered in B.C. casinos, then sent to China through underground banks in Vancouver. The cash is then moved through shell companies back in to luxury Vancouver real estate.”
I’ve provided links to the articles above….
When the Government and fraudulent banks like Goldman Sachs, Bear Sterns, and their ilk are bilking the public. They are setting the table for demagogues like Trump to take office.
Trump’s support is largely from Knuckle dragging mouth-breathers from the South and the industrial rust belt. These people secretly want payback more than anything else!
If our government decides to restart RE pumping there will be a change in Government for sure. Even the orange guys could get in!
In BC, Doctors cant afford to buy a house!!!
I detest watching the most obsequious, boot-licking, cowtowing show on earth! The feigned affection of our dear leader! The obligatory clapping by the minions of the party!
It makes me want to gag. I also see it as dangerous to democracy.
Why can’t they make is seem real and do their clapping at the end of the speech?
I never watch any more.
@#74 S Bby
nah, not the Eppich Monstricity.
https://www.grainedit.com/2009/05/28/arthur-erickson-graham-house/
I guess it was more than “a few years ago it sold”.
I was there in the early 1980’s and apparently it was torn down in 2008.
The funny thing was….
The caretaker looking after the place had “rescued” a Rhesus Monkey from a UBC lab and was keeping it in the lower “pod” aka “basement”.
The caretaker was the ONLY one this abused lab monkey would allow anywhere near it.
( no, I’m not making this up).
Well, as the Thanksgiving dinner progressed, and the liquor flowed, more and more people wanted to see a , real, live Rhesus monkey.
One of the drunken idiots decided to give the caged monkey a scratch on its head through the wired cage and the monkey proceeded to chew his finger almost off…. Rhesus monkeys have teeth like a fricken Doberman.
Anyway, another idiot in a moment of drunken brilliance opened the cage door and jabbed at the gnawing monkey with a fireplace poker to get it to stop eating “the finger”.
Rhesus berserker was now FREE!
We were up stairs and heard the banging , thumping and screams of terror as the Rhesus monkey proceeded to trash the “Rec Room” (Wreck room?).
All 4 of the “heroes” who antagonized a lab monkey and then let it loose came running back upstairs with eyes the size of dinner plates and a dangling finger.
Off to the hospital he went.
NOW the issue was, how to get a 70lb, pissed off lab monkey back into its hated prison/cage.
I went down with another volunteer and opened the door. Monkey was sitting at the far end of the room…glowering at us. We attempted to step into the room and ….. Rhesus lab killer RAN ALONG THE WALL horizontally at us at lighting speed!
We scurried like the cowardly rats we were back upstairs after slamming the door.
Much drunken discussion ensued as to how we would get this hell fiend back in its cage.
No one was gonna go back down there.
Finally, inevitably, completely soused, Grandpa spoke up.
“Fer christ sakes its just a stupid animal!”
And with that, he grabbed a cast iron frying pan and went down stairs…..
Yelling, monkey shrieks, drunken bellowing, cursing, crashing….. silence.
Grandpa came upstairs….a tad disheveled, scratches, missing the fry pan….sober.
“Gimme a drink.”
The monkey was back in its cage.
Arthur Erickson’s masterpiece was safe.
And till the day I die, that was my only memorable experience in an Erickson house.
“Tonight, we renew our resolve that America will never be a socialist country.”
— President Trump
The best speech by a sitting President EVER!
GOD BLESS AMERICA!
Recent sale report.
Such was the stealthiness of this correction, with a bunch of people who knew exactly what was going on, questioning what was going on, that these guys bought this place in Richmond one year after the peak and thought that it was going to be an easy payday.
The details…
10040 Severn Dr, Richmond.
Paid 1.39 April 2017
Sold 1.22 January 2019
Originally asking 1.73
Assessment 1.51 down from 1.62
So if we go on the assumption that everything was fair on the way up and reporting this stuff is skewering the owners on the way down, then I’m at least going to take my time and cook the meat properly so no one gets sick, and not touch any of this raw meat served up by the real estate board each month.
These guys got roasted for 250k.
First degree burn.
I’ve seen more Severn…
M44BC
https://www.zolo.ca/richmond-real-estate/10040-severn-drive
Crowded Farts,
You were in a home designed for Thanksgiving dinner? I imagine the meal began with a lovely lintel soup!
So now that the market has corrected (by the stated 15 % from the top) we start another boom cycle?
That was quick. I thought we face slow melt down and then a plateau.
————————————
It does not matter if stress test is removed or not.
It is enough to remove CMHC, this moral hazard and facilitator of debt, without it no bank will lend excessively and 80 % of the mortgages in the last 15 years would have not been underwritten.
Now in the current situation by backing the lenders through CMHC/and private insurers and taking the risk away from them the government intentionally creates competition between banks in lending.
Of course the lenders want the stress test as it will prevent the degree of such insane competition in the ultra-subprime mortgage space.
It is an incredible and reckless incompetence by the federal regulators.
At some point the government incentivized and taxpayers sponsored Ponzi will collapse and that will be when the banks realize that the government can not make good on the backing of their mortgages and stop lending.
The irony is that at the same time we keep proclaiming that we have the most prudent lenders. The most obvious case of a cognitive dissonance ever.
And the sheeple fails to ask question: Why do we need mortgage insurance for the lenders in first place if these loans are prudent and standard?
Similar with our ‘superior’ health care. There was an article lately discussing the potential privatization of some health care services in Ontario (it is imminent) with the ‘assurance’ that the rich won’t be able to bypass the waiting queues and get better care by paying for it.
What waiting queues and what better care if we have already the best health care system around?
The majority of the ignorant zombie-fied populace does not even think about it.
Sure thing, but there is a big problem:
The square ft finished cost of most recent condos (and homes) in Canada is remarkably high. I heard a few realtors recently discussing 1200/sqft as if this is
very normal.
Problem: it is not. If you know anything about materials and labour this is not possible. A 560 sq/ft box cannot be worth 672K.
I have seen craftsmen on the ground in the US (Atlanta) and (god for bid) Mexico (city) make doors (by hand), cabinets and stairs for way less than this value. And the total value of the home is far less
Than you can imagine.
I have seen custom stone work (finished on site) and brick work for way less. I mean, under-lit canterra stone or onyx counters and mirrors with custom frames in a bathroom, along
with state -of-the-art Samsung locks. The doors are solid wood and the locks make the room into a secure cell. They include wifi hardware in the quote. Bent drywall and coatings are not a big deal.
Landscaping and gardening are also part of the contract! And I mean plant selection of trees for god sake!
Face it, we have been played. 500K CDN can get you an incredible house or condo most anywhere else.
Why do we constantly embrace this nonsense in Canada?
Does anyone else not have a similar story?
not-plused (minused?)…Remember, a portion of that Vancouver real estate does not carry a mortgage and was bought decades ago. Those people will be exiting before the foreclosures start.
—————————
you are probably my favourite poster here, solid ideas , logical. i try to learn from you!
but what do you think about this re-wording…
“Remember, a portion of that Vancouver real estate does not carry a mortgage and was bought decades ago. Those people have plenty of cash to begin scooping up properties if the foreclosures start.”
rents are still going up, with a 30% drop in sfh, you can cover the mtge with rent and just sit back and wait for the next inevitable doubling of prices.
No Canadian bank will ever be allowed to fail. But maybe, just maybe, they will all soon take a stock shit-kicking, especially the ones leveraged high in mortgages.
#79 What do I think I know? on 02.05.19 at 9:42 pm
Loosening of the OSFI standards is only just the beginning. If necessary, they will even give money away for the purchase of houses. Increase immigration. Anything to keep this RE gasbag grossly inflated for as long as possible. They will do it until there is a financial crash. It would be political suicide to do otherwise
Except that it won’t be money but coupons with a short expiration date.
I doubt the banks will allow it beyond certain threshold but who knows?
The more this drags on, the higher the equalisation inflation will be.
Will the houses increase 10 time in 25 years? (from 1997 to 2022) in GTA and Vancouver?
To be sustainable the purchasing power of the loonie would have to decrease 10 times.
Condolences to all on fixed income who are indexed in sub 2 % and to all savers ‘rewarded’ with 0.1-1 % interest rates on their deposits.
Stellar inflation of 8-10 % for the decade or 2 on everything that matters.
Okay so let’s say OSFI loosen the rules a bit
* 30-year mortgages
* completely drop + 2% stress test
They’re not completely dumb and would probably keep the “prove your income we’re not going back to the wild west days of 2016” test.
Most people I know in the GTA who bought condos paid between 300k – 500k for an investment condo. The people I know with the 300k investment condos hate being landlords but refuse to give up their units just yet as prices have gone sky-high and they are enjoying the equity in the units and they don’t need to renew their mortgage at the increasing rates for another 2 to 3 years.
The investors who bought the 500k condos under construction will need mortgages in late 2020 or 2021 when rates will probably not drop back to 2%.
Let’s say they paid
* 20% down payment (probably on HELOC)
* need a mortgage of 400k to cover the rest of the balance
* 3.5% rate for 30 years
If my US mortgage calculator (not configured to B20 rules) is correct, that’s a monthly mortgage payment of $1800.
This does not include the maintenance fees which will start at $300 and end up going above $500 in a few years.
Do mortgage brokers and realtors really believe a family with probably their own mortgage ranging from $1000 – $1500 + HELOC with at least 100k down payment, can afford an additional $2100 – $2300 a month – not including property taxes for their primary residence, utilities for both places and other monthly expenses such as rising cost of living from importing food and other items priced in US dollars?
When YVR and GTA start adding 160,000 new condo units to the market over the next 4 years how many of those do you think will be rented at $2500 to cover all of those expenses? Or maybe the law of supply and demand will drive down the monthly rents greedy landlords can charge as both BC and Ontario are now building purpose-built apartments again and the condo owners are going to have to compete for quality tenants.
The bottom will fall out from the Vancouver housing market first and banks will beg OSFI not to let them takes these high-risk people on their books. The only ones who will want them will be MICs and that won’t be for long as syndicated mortgage investors start fleeing after realizing their principal investments are gone when the sub-prime borrowers start filing for bankruptcy or consumer proposals.
OSFI can’t stop what’s coming. The early speculators will dump their properties and be gone before the late speculators blaming the government for their bad decisions realizes there’s no real help coming.
DELETED
#53 From Vancouver on 02.05.19 at 7:49 pm
Sorry my friend but you’ve got it wrong.
The Soviet Block and all of Eastern Europe were not socialist countries even though they tried to brand themselves as such.
They were simply non-benevolent dictatorships.
You coming from there should know better!
Schadenfreude!
https://theprovince.com/news/local-news/five-examples-of-metro-vancouver-homeowners-losing-big-in-a-plunging-market/wcm/2276f922-14c1-4066-ad53-31d9e8b37128
#60 Nonplused
Over the long run, income sets all prices.
——————————————————————–
I’ll give you that. In the long, long, long run.
Unless…unless…
… when external forces screw with the market, prices react accordingly, notwithstanding incomes.
That’s pretty much what happened over the last 10 years.
Loan people free money with payback times set out into infinity, and presto, incomes become almost irrelevant.
Like I’ve said before, the masses don’t care about what the actual price of something is. They just need to know if they can cover a monthly “nut”. That’s it.
When the market is manipulated in such a way as to make the monthly payments “affordable” (i.e., at, or slightly less than a working stiff’s take-home pay), demand for the object in question (i.e., houses) goes up.
Prices rise.
Who wins?
Like you said, the lucky bastards that already own homes originally purchased at a small fraction of the newly set prices caused by market manipulation. These bastards can now sell, and get rich. Lucky rich bastards. Heh heh.
As long as the government and its agencies have motivation to screw with the market, the prices will go up or down despite incomes.
Incomes have been virtually stagnant for the last dozen years (or more). House prices skyrocketed.
Low interest rates. Easy credit. Long amortizations. Low down payments. Government insured mortgages.
There you have it.
When the day comes that these things conditions reverse, and the masses cannot afford their monthly nuts, their houses will come on the market in droves.
Oversupply. Higher interest rates. Higher down payments. Shorter amortizations. Tighter credit. Lower prices.
Time for the lucky rich bastards and their smart money to be put into play again. Until the next round.
Glad to see Hamilton on the map!
This town has been an overlooked lil nugget for 20 years & we’re so glad we ‘found it’.
– original housing stock from 1900’s built at a time when the shipping port & location meant everything
– located next to the escarpment and 100 waterfalls
– still has industrial portlands for jobs and manufacturing (not many cities do)
– booming from relieved Toronto dwellers who’ve bought houses in the $400,000 range and actually have disposable income to eat out, renovate their homes, enjoy life etc.
No place is perfect and nothing stays the same forever (as outlined in this blog re YVR) but jeebus we’re happy we moved out here when we did – tied ourselves in knots with 4 houses in 5 years and now get to watch the dust settle.
DELETED
@#99 Gulf Breeze
“You were in a home designed for Thanksgiving dinner? ”
++++
Yeah yeah, I realized the incorrect grammar as soon as I sent it. Interesting idea. The Turkey Room, the Stuffing room, the Bathroom…..
On a more interesting note.
Brexit rhetoric is heating up up up!
https://www.reuters.com/article/us-britain-eu/eus-tusk-rebuffs-may-says-brexiteers-deserve-a-place-in-hell-idUSKCN1PV184
A snap Referendum held to placate anger voters.
Voters not completely grasping the implications of Brexit.
A Prime Minister with the charisma of a turnip trying to sell a crappy deal.
An impossible timeline to rewrite an international Trade Deal ( two years as opposed to the average eight years?)
What could possibly go wrong.
But the most important question is….
Has Jane24 renewed her British, EU and Canadian Passports if things go terribly wrong in old Blighty…?
Wow,even with the average Victoria couple making $120,000 its still out of reach.Rate cuts coming soon for affordability.No value for living in LM,GTA and Victoria.Debt slave cities for the masses.Good times !
I’m here in Langkawi Malayasia and its hot and cheap for a Canadian with there low dollar.Its heaven for a budget traveler.
#96 crowdedelevatorfartz on 02.05.19 at 11:27 pm
One of the drunken idiots decided to give the caged monkey a scratch on its head through the wired cage and the monkey proceeded to chew his finger almost off….
————————————————————–
Do you want a zombie apocalypse?
DO YOU WANT A ZOMBIE APOCALYPSE?
Because, that’s how you get a zombie apocalypse…
toronto star today… home prices to rise 4% this year…
That is a realtor projection, not a media one. – Garth
#112 crowdedelevatorfartz on 02.06.19 at 8:03 am
Haven’t been paying enough attention, has what happens to non-EU taxation for those sweet Portuguese vacation cottages etc been sorted out?
#63
When you live in a communist country the govt tells they are socialist. In Romania during the soviet years the govt said they were socialists and not communists.
Instead of quoting a book on political science talk to people that lived it..
The socialism you love from the countries you say are socialist are broke. The end if your utopian is here.
Lovely Canada is broke and on life support from decades of handouts. You will soon find out as the economy crashes that the govt you love will turn on you.
Eventually all utopian govts fail when other people’s money runs out.
But again because you clearly know that you quote it is you who will disappointed.
The veterans of socialism know full well what happens when the govts overextend.
They look for enemies
The people
History is your book not some socialist prof in political science.
#101 Geebee on 02.06.19 at 1:29 am
Sure thing, but there is a big problem:
The square ft finished cost of most recent condos (and homes) in Canada is remarkably high. I heard a few realtors recently discussing 1200/sqft as if this is
very normal.
Problem: it is not. If you know anything about materials and labour this is not possible. A 560 sq/ft box cannot be worth 672K.
I have seen craftsmen on the ground in the US (Atlanta) and (god for bid) Mexico (city) make doors (by hand), cabinets and stairs for way less than this value. And the total value of the home is far less
Than you can imagine.
I have seen custom stone work (finished on site) and brick work for way less. I mean, under-lit canterra stone or onyx counters and mirrors with custom frames in a bathroom, along with state -of-the-art Samsung locks. The doors are solid wood and the locks make the room into a secure cell. They include wifi hardware in the quote. Bent drywall and coatings are not a big deal.
Landscaping and gardening are also part of the contract! And I mean plant selection of trees for god sake!
Face it, we have been played. 500K CDN can get you an incredible house or condo most anywhere else.
Why do we constantly embrace this nonsense in Canada?
Does anyone else not have a similar story?
___
Anyone paying 672K for a 560 sf sky box with not a blade of grass to their name is a moron. There is no logical fundamental explanation that can justify the nearly 700 grand price – other than buyers with an advanced case of stupid flaring up.
Just for a (very) rough comparison. In 2002 I tore down the original summer kitchen on our old farm house. I rebuilt it from scratch the same size as it was. I did the labour less the backhoe rental to dig the hole.
It is a normal dry-walled room with a stained pine T+G ceiling, 2 exterior doors, 1 interior door, and three windows.
That’s eight thousand dollars. The room is 400 sf.
A couple years ago I could have bought a beautiful Timber Framed house on 13 acres with a huge pond. It was gorgeous inside, the back deck was movie star quality with fancy in ground pool, impressed concrete surround stretching the entire width of the house, beautiful real stone bbq, two level deck with glass rails, giant hot tub, and even realistic looking fake palm trees. Asking 650K.
#87
Well said
The universities have turned the young into warriors for justice. When the justice was there all along.
I do however differ on Canada’s path to socialism. Private property is under attack through taxation as the govt feeds on more revenue.
Its path is clear. Default or go after private assets.
They are doing the latter through tax.
Then comes the Sunday when all gets nationalized.
We have seen this story before. Thus is why Trump will win again and why we need a staunch anti socialist movement here.
I fear though that monetary policy here is but the first step to harsher times.
Notice how communists and socialists call them “Progressives”
To say what they are would bring to light what their movement really is.
I TOLD Y’All Y’ALL scam’s over. Uniquely Kanadian tout. Short Stoners.
*****
#22 TurnerNation on 02.01.19 at 6:47 pm
Short sell (kaputs) the very-extended Weed stocks here
There are still some homes in Vancouver that are 10x what they should be. In other words, crappy houses in crappy locations selling for $2.4 million that should be going for $240,000 (at most).
This housing bust has a LONG way to go. It could be even worse than what happened in Miami and Vegas a decade ago.
#86 crazyfox
oh what a lie. global warming is such a hoax, there have always been forest fires. i bet those fires were intentionally started by those socialist firefighters.
that’s why we need to expand the free market neoliberal milton friedman utopian vision much, much further. get all of their hands out of my pockets! police, firefighters, military, schools, roads, intelligence agencies, it’s a long list of socialist thieves in my pocket!
…then there are all these russian agents surrounding us, Bernie Sanders, Jill Stein, Tulsi Gabbard, Donald Trump, Jeremy Corbyn…Lindsey Graham Under Investigation, Russia-linked Money Found http://www.dcbluedot.com/lindsey-graham-under-investigation-russia-linked-money-found/
Mitch McConnell reportedly linked to Putin, Russian oligarch Oleg Deripaska and Russian companies
https://www.dailykos.com/stories/2019/1/28/1830431/-Mitch-McConnell-now-tied-to-Putin-Oleg-Deripaska-and-Russian-companies-after-lifting-sanctions
it’s a bi-partisan takeover.
God Bless America! The Monroe doctrine and Manifest Destiny! America First everywhere! one planet, one free market forever!
Did anyone see Trumps old bald body guards in the blue ties last night.
Hybrid Aliens, origin planet Nictonite.
#101 Geebee on 02.06.19 at 1:29 am
Sure thing, but there is a big problem:
The square ft finished cost of most recent condos (and homes) in Canada is remarkably high. I heard a few realtors recently discussing 1200/sqft as if this is
very normal.
Problem: it is not. If you know anything about materials and labour this is not possible. A 560 sq/ft box cannot be worth 672K.
I have seen craftsmen on the ground in the US (Atlanta) and (god for bid) Mexico (city) make doors (by hand), cabinets and stairs for way less than this value. And the total value of the home is far less
Than you can imagine.
I have seen custom stone work (finished on site) and brick work for way less. I mean, under-lit canterra stone or onyx counters and mirrors with custom frames in a bathroom, along
with state -of-the-art Samsung locks. The doors are solid wood and the locks make the room into a secure cell. They include wifi hardware in the quote. Bent drywall and coatings are not a big deal.
Landscaping and gardening are also part of the contract! And I mean plant selection of trees for god sake!
Face it, we have been played. 500K CDN can get you an incredible house or condo most anywhere else.
Why do we constantly embrace this nonsense in Canada?
Does anyone else not have a similar story?
……………………………………………………………….
My sister overpaid for her condo here in the city (YYZ) and lived through rental hell for almost two years. Her equity was diminished by not appreciating as fast as she though it would. The balance of the building had been rented out by investment owners, renting to anything that walked on two legs and moved. This is the problem now you don’t have neighbors who own condos but they all overpaid so they are stuck trying to squeeze out income to pay for their mistakes. She finally sold at no gain and left, the buildings in the city are rapidly becoming rental units and lets face it renters don’t give a dam about anything because they don’t own it.
https://www.cbc.ca/news/canada/toronto/condo-toronto-cigarette-butts-balconies-roof-1.5007221
#89 Smoking Man on 02.05.19 at 10:50 pm
Stacey Abrams speach just handed Trump 2020.
Except the markets to surge in the morning.
………………………………………………………………
“Speach” is spelled speech.
I surmise you meant “Expect” the markets to surge?
See we can read your imprudent crypto words now.
Yes except the markets surged negatively.
Good call Captain Oblivious!
#87 From Vancouver on 02.05.19 at 10:49 pm
Goop #63:
I do not know how to say this politely, but see how you are teaching me about my own former country? And give a lesson in socialism and communism, as if you experienced both and speak from experience? …
_____
Great post by From Vancouver #87.
I’m so sick of all this global warming talk, it’s such a scam. humans were put on this planet to have dominion over it. besides, think of volcanoes, look at this:
“According to the U.S. Geological Survey (USGS), the world’s volcanoes, both on land and undersea, generate about 200 million tons of carbon dioxide (CO2) annually,”
https://www.scientificamerican.com/article/earthtalks-volcanoes-or-humans/
that’s way more than humans generate and how is stealing my money going to fix that?
it’s like those silly anti-smoking talking points. when people had freedom they could smoke wherever they wanted to. i could walk into any bar and everyone was smoking, the air was fresh like an ocean breeze. it did nothing to air quality but the socialist ninnies just hate freedom.
Cruised the local MLS last night. It was entertaining to say the least.
At least 3 big fancy new houses that were for sale most of 2018 before being pulled off the MLS, had new listings on there. Looks like they are getting ready for Spring – all had 50-100K price increases. I guess they are expecting a real boomer of a spring market!
A couple listings have sat and rotted on there for over 200 days without dropping a dollar. Others have been coming and going off the MLS since spring of 2017 at multiple different price points. Obviously folks who don’t need to sell – or specvestors who can’t sell for less.
Don’t the realtors feel they are wasting their time on these fishing expeditions where a sale is so unlikely? Maybe greed keeps them going.
2019 might be a year of change out here in the ice-pack. A year where towels start getting thrown, and the market is finally drained of anglers.
#36 Turner Nation
If Toronto real estate keeps retracting watch Genworth test its lows of $2.50, I would only buy in at that price.
#89 Smoking Man on 02.05.19 at 10:50 pm
Stacey Abrams speach just handed Trump 2020.
Except the markets to surge in the morning.
WRONG again…
markets are down this morning (basically flat, but down)
Race to 900k
I’ve seem it a few times but so far I have resisted reporting on this ugly duckling, but since they took 150k off, and it is now sub 1 mill, we might as well see how low it goes for.
The details…
1113 Mclean Dr,Vancouver
Originally asking 1.13
Now asking 988k
Assessment 1.09
No one goes to bed at night dreaming about buying a place like this, but now they are in a position to make a sale and someone will snap it up at some stage, such is the cost of living here.
They appear to be looking for a guy with a bulldozer, but although no interior shots provided, the exterior of the house doesn’t appear totally rotten for its age.
Could go either way at that price, could be levelled, could end up being owned by a couple of hipsters that try to keep it nice and Mclean…
M44BC
https://www.zolo.ca/vancouver-real-estate/1113-mclean-drive
But what about Regina? I’m a frequent reader and I love the wit of this blog and look forward to more Regina jokes… if you could dedicate a day to Regina it would be appreciated. You see… we have this giant hole in the middle of the city… easy to make fun of: https://leaderpost.com/news/local-news/board-directs-westgate-to-fill-capital-pointe-hole-reversing-initial-decision
Thanks for what you do Garth. Equal parts entertainment and education… maybe you should start teaching as a sessional lecturer at the U of R?
“Days to Turn” new car inventory has been creeping up the past few years, but it spiked in January 2019
YEAR DAYS
2015 63
2016 71
2017 76
2018 78
2019 86
In four years, the number of days to turn a new vehicle in Canada has increased by 37%.. and increased 10% year over year.
Used car “Days to Turn” has been consistent, but jumped from 2018 to 2019 from 65 days to 77 days – an increase of 18%+
I smell a consumer-led recession coming…
HR lady at work wants out of her Langley condo, has been trying to sell for six months, and was just side swiped by two estate sales in the last month. The two units were sold for $150k less than what she is selling her unit for.
Now one of the other units for sale has dropped their asking price by $65k,for her to sell now she has to take at least another $75k reduction in price just to remain competitive. The issue that the sellers in the buildings have now is that the last two comparable sales have now set the price at $150k less than the original list price, $150k in equity gone just like that.
#123 Smoking Man on 02.06.19 at 10:29 am
Did anyone see Trumps old bald body guards in the blue ties last night.
Hybrid Aliens, origin planet Nictonite.
—
How about all those accessories on Buzz Aldrin’s hand?
#87 From Vancouver on 02.05.19 at 10:49 pm
I am not sure Holland, Nordic countries, Canada, can be classified as Socialist regimes. Technically, I mean. There is no private property in a socialist regime.
———————————————————-
Well said #87 From Vancouver. These are not present day socialist countries… nor does pinning Socialist on the name of a country which is actually a totalitarian dictatorship and/or run by a ruling elite who are repressing a population through discredited dogma to enrich themselves make it Socialist either…
“And realtors warning, this is but the tip of the berg.”
Indeed! This is just the beginning of a long overdue correction needed to expunge all the greed and crime against humanity committed by the real estate market since WW2. The real greaterfools will be the ones holding the bag expecting to get rich by the time things bottom out at one to five cents on the dollar. With wages 50 or 60 years out of date noother out come is possible.
#132 Sean Bell on 02.06.19 at 11:47 am
—–
Two things, you have already had your correction so be thankful for that and it will be another generation before you ever see a RE boom like that again. Province is losing people again.
#130 yorkville renter – The Smoker will be going bust if he follows his own advice by gambling. Did you ever watch his periscope presentations? One only had to look at the bottom right hand corner of his slot machine to see it was the one cent bets, or the penny slot gamble.
Just noting the awesome post from #87.
Ask the folks in Venezuela what they think of Socialism…they are currently eating their pets and zoo animals to stay alive.
#130 yorkville renter on 02.06.19 at 11:31 am
#89 Smoking Man on 02.05.19 at 10:50 pm
Stacey Abrams speach just handed Trump 2020.
Except the markets to surge in the morning.
WRONG again…
markets are down this morning (basically flat, but down)
……………………………………………………………….
Whenever this guy says anything you have to do the Costanza Rule!
Ignore Your Instincts And Do The Opposite
Dave Kang on 02.06.19 at 10:15 am
There are still some homes in Vancouver that are 10x what they should be. In other words, crappy houses in crappy locations selling for $2.4 million that should be going for $240,000 (at most).
This housing bust has a LONG way to go. It could be even worse than what happened in Miami and Vegas a decade ago.
——————————————————
There is no way a house in YVR that is selling for 2.4 has a true market value of 240K. Anything that is in the 2.4 range is in a reasonably desirable market, or have subdivide possibility / multiple lot / multiple home potential. You can get a livable home in YVR now for under 1MM so a 2.4MM house will typically have location or development going for it.
You don’t have to love YVR but for most people its an incredible place to live. Homes are never going to sell for what they do in Winnipeg or Regina.
And you may be surprised to see desirable homes in that price range hold their value fairly well. Places like Phx and Vegas crashed so incredibly hard because of SFH overstock. Those places have endless amounts of land and builders were putting up super developments.
This is not happening in Kits or even Burnaby. There aren’t 5K SFH’s being stood up in these places because the city is mostly built out. Even in the B markets like Mission, there is no place to put up projects like the ones that sprung up in places like Queen’s Creek or interior FLA. Mission is going to get crushed, for sure, but for different reasons.
For the record I’m not arguing that everything’s ok, or that YVR is Manhattan, but it sure as hell isn’t the desert wasteland that parts of NV and AZ are. It’s more likely the correction looks like San Fran then Vegas.
San Fran was around 35% peak to trough, 4 years of slow sales followed by 5 years to full recovery. These places are incredibly desirable, you really think homes in Kits could get below 1MM (which is 40-50% down from here, lest anyone think I’m being a RE pumper) and not sell like hot cakes?
Sorry but you fellow’s are not swooping in and buying homes in desirable areas of Vancouver at 1995 prices. Just isn’t happening.
https://ca.finance.yahoo.com/news/loonie-will-dive-bank-canada-will-cut-rates-capital-economics-174336077.html
hum……..”Gerald Cotten, the Canadian behind cryptocurrency exchange Quadriga CX, filed a will 12 days before his death listing substantial assets, according to court documents.”
=======
So Terry what is dark money?
“Tonight, we renew our resolve that America will never be a socialist country.”
— President Trump
===================
poe’s law
like follows like?
“It was fakes calling out convincing-looking fakes as fakes in order to reroute Twitter’s attention to other fakes
https://www.wired.co.uk/article/how-an-army-of-fakes-took-on-rightwing-organisation-turning-point-uk
A Conservative Nonprofit That Seeks to Transform College Campuses Faces Allegations of Racial Bias and Illegal Campaign Activity
Charlie Kirk, the 25-year-old self-declared free speech absolutist and BFF to Trump Jr.
A recent report from researchers at New Knowledge, which was requested by the Senate Intelligence Committee, found Russian agents seeking to influence the 2016 US presidential election via social media routinely shared content created by Turning Point USA.
By Jane Mayer
https://www.newyorker.com/news/news-desk/a-conservative-nonprofit-that-seeks-to-transform-college-campuses-faces-allegations-of-racial-bias-and-illegal-campaign-activity
Turning Point is a 501(c)3 charity. donors can take tax deductions for their contributions and remain anonymous. In exchange for these benefits, however, the Internal Revenue Service strictly prohibits charities such as Turning Point from engaging either directly or indirectly in political elections.
December 21, 2017The four-day event included speakers most Americans would recognize, such as Trump administration figures Donald Trump Jr. and Wilbur Ross — but also prominent conservative media personalities Dennis Prager, Candace Owens, and Tucker Carlson, as well as “Intellectual Dark Web” rock stars Jordan Peterson and Dave Rubin.
#140 Deplorable Dude
when the usa kidnapped hugo chavez in 2002 they really blew it. if they’d just assassinated him then and there this socialist nonsense within the american backyard could have been avoided. what were they thinking? weak. Allende and Mosaddegh got their comeuppance, that’s the way to do it.
Jim: Banking watchdog says contentious mortgage stress test is safety buffer banks and borrowers need
from your link: “The stress test is, quite simply, a safety buffer that ensures a borrower doesn’t stretch their borrowing capacity to its maximum, and leave no room to absorb unforeseen events,” said Carolyn Rogers, assistant superintendent at the Office of the Superintendent of Financial Institutions.
“This is simply prudent. It’s prudent for the bank and it’s prudent for the borrower.”
good for Carolyn Rogers for doing her job
millmech: Human Resources lady at work wants out of her Langley condo, has been trying to sell for six months, and was just side swiped by two estate sales in the last month. The two units were sold for $150k less than what she is selling her unit for.
the last two comparable sales have now set the price at $150k less than the original list price, $150k in equity gone just like that.
sounds like Cape Coral, Florida, 2006
#124 JB on 02.06.19 at 10:39 am
My sister overpaid for her condo here in the city (YYZ) and lived through rental hell for almost two years. Her equity was diminished by not appreciating as fast as she though it would. The balance of the building had been rented out by investment owners, renting to anything that walked on two legs and moved. This is the problem now you don’t have neighbors who own condos but they all overpaid so they are stuck trying to squeeze out income to pay for their mistakes. She finally sold at no gain and left, the buildings in the city are rapidly becoming rental units and lets face it renters don’t give a dam about anything because they don’t own it.
……………………………………………………………….
That was my observation when my ex-girlfriend owned a condo in Etobicoke for a year or so. There were a lot of ignorant idiots living in that building. Writing on the walls in the elevator. Dog poo blowing off one balcony onto others. Or cigarette butts. Dog piss in the elevator. Hallways that smell of pot smoke.
At least at my townhouse, although part of a condo corp, I don’t have to share hallways or elevators with my neighbours, or worry about stuff falling off their balconies onto mine.
#140 Deplorable Dude
now you got me really worked up. what the hell is the school of the americas good for anyway? get you ass in gear cia. send in the military and open that country up like a tin can so i can get the goodies. goddammit i hate socialism, free the people! let exxon-mobil in.
I want my cut venenzlua! you owe me my cut venezlalu!
Sorry for spilling my guts here, but Maury and Dr. Phil have their hands full.
As a single millennial in YVR that was hell bent on purchasing a first home in during the peak (backed up by the Bank of M&D of course), thank you for the wake up call. Instead of contributing to the housing problem, I really needed someone to slap the sense into me before I would have undoubtedly jumped off the deep end into a lifetime of debt.
Gaining some basic financial literacy to be more confident as a renter and simply utilize the savings resources available was better than owning a useless shoe box apartment. Yes, I still have the displeasure of renting an overpriced shoe box as an alternative, but this shoe box doesn’t own my soul. For a while when many of my friends were purchasing homes in this psychotic market to “set down roots”, I indeed felt the pressure to do the same. However, regardless of my well-paying job and low interest rates at the time, I couldn’t crunch the numbers effectively to live comfortably. The anxiety alone from the large monthly payments, abysmal savings, and effectively zero emergency funds would have crushed me.
In an environment with everybody “getting something” in a manner of speaking, I needed to get a clue…. I’m liberated from the trap of FOMO and being stuck in a financially draining home-ownership situation. I can still live in a tiny apartment, remain in an excellent part of town, no strings attached, and yet keep my money. Since maxing out both my TFSA and RRSP contributions as well as creating a diverse financial portfolio that excludes RE, I get to feel like a winner too. I’m totally content with folks getting their homes while I got myself a different financial plan. We all got our trophies as demanded, but mine’s a bit shinier and not co-owned by a bank.
I’ve seen the light and I’m spreading the GT gospel as best as I can. We’re not all lost souls yet!
#53 From Vancouver on 02.05.19 at 7:49 pm
#63 Goop on 02.05.19 at 8:22 pm
#87 From Vancouver on 02.05.19 at 10:49 pm
[ ] not rekt
[x] rekt
[x] really rekt
[x] tyrannosaurus rekt
[x] parks and rekt
[x] star trekt
[x] school of rekt
[x] catcher in the rekt
[x] great rektspectations
[x] rekt it ralph
[x] the shawshank rektemption
[x] forrekt gump
[x] finding rekt
[x] rektal exam
[x] shrekt
[x] rektium for a dream
[x] The Mummy Rekturns
[x] Pride and Prektudice
[x] erektile dysfunction
[x] rektroom
[x] continental brektfast
[x] Brektzit
[x] rektipe for success
[x] Atlas Shrekt
“Even if money-laundering hit the $1 billion-per-year level that the Dippers allege (without proof) and if every dollar ended up in real estate (it didn’t), this would account for just 4% of annual transactions. In reality, it might be 1%, or a tenth of that amount.”
You forget that once money launderers buy one place they use the equity from that property to buy more places and the chain never stops. The locals who were getting ridiculous amounts for their property in Vancouver would cash out and move to cities around BC driving the prices up all around BC. Anything that happens in Vancouver affects all of BC
Do you just sit around and make this up? Zero evidence. – Garth
#130 yorkville renter on 02.06.19 at 11:31 am
#89 Smoking Man on 02.05.19 at 10:50 pm
Stacey Abrams speach just handed Trump 2020.
Except the markets to surge in the morning.
WRONG again…
markets are down this morning (basically flat, but down)
……………………………………………………………..
And there still down, ding,ding,ding was that the bell?
https://www.marketwatch.com/
#144 jess
“Intellectual Dark Web” rock stars Jordan Peterson and Dave Rubin.
—
Hm… “intellectual dark web”… must be built on blockchain.
Or made up by quantum intellect.
Like this? Also from New York.
https://www.youtube.com/watch?v=jS-sxJFn6O0&feature=youtu.be
There is maternity ward in Vancouver full of babies that couldn’t be happier.
Enjoyed that video about Australia. Speculation is a bitch sometimes. Live and learn.
Wow a 40% plunge in sales where elder could you find such a tumble these days. Oh, here:
Mainland China’s top three developers, Country Garden, China Evergrande Group and China Vanke, all fell victim to weak market sentiment. Country Garden reported a year-on-year decline of 52.2 per cent in housing contracts sales..
https://www.google.ca/amp/s/amp.scmp.com/business/companies/article/2185087/country-garden-china-evergrande-and-china-vanke-among-developers
But I am sure there is no correlation with Vancouver.
How could there possibly be? – Garth
A great informational opinion/post as well as a warning for any of them that believe socialism is a better way to go.
Your post is a clear warning to all those warped minds out there that believe in such nonsense; you never have had it as good as now. Let us all hope another war does not happen. Careful what you wish for socialist!
#87 From Vancouver
#157 acdel
My post was a response to #87 From Vancouver that knows what the heck he/she is talking about, just incase anybody cared!
Not sure Garth, could be a problem on my end but I have been noticing in the past weeks that my posts are not exactly as I have written them, nope, it is not the couple of glasses of sore muscle relaxer. Weird really, thanks. No issue for me just thought that I should inform you.
No edits made. Sober up. – Garth
#158 acdel
No edits made. Sober up. – Garth
———————————–
Ha, touche, one thing that I have learned over the years never text or email when one has had too many, thanks. :)
Anyone ever wonder what will happen to humanity when the deplorables and the over schooled are easily replaceable by robots.
Do you think that within the bounds of human nature that there will be mercy by the powerful.
I’m not betting on it. Sustainability is code for eugenics.
I know you dogs think I’m losing my mind, no disagreement there. But the shit you see when deep diving into Market Maker Burboun. Way better than Jack.
Time for a sequel to my book Deplorables.
Calling it 2084
If we are seeing the long overdue correction; it is due to the prices and rents being so inflated that no working man can afford to live in the country.. That is one reason why real estate prices and rents are genocidal.
To the real estate cartels…
YOU CAN’T HAVE IT BOTH WAYS!!!
Housing is upa upa ups for 19! so the government must keep the stress test keep things from getting outcofontrol again. Housing and bank risk (backstopped by my hard earned tax payouts) must be restrained!