- Mozi
- Apr 4, 2004
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Forms change so fast
Time is moving past
Memory is smoke
Gonna get wider when I die
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Nap Ghost
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Give me equity or give me death?
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Jul 14, 2016 17:49
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- Adbot
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ADBOT LOVES YOU
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May 9, 2024 23:29
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- Postess with the Mostest
- Apr 4, 2007
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Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes
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Yeah, let's build on the green belt, what a great idea.
Fill in the ocean, Boston style. Take those mountains that always block the sun too early, move them between Vancouver and Victoria and BAM Vancouver Island, barely need to change the signs.
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Jul 14, 2016 18:53
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- Brannock
- Feb 9, 2006
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by exmarx
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Fallen Rib
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http://www.huffingtonpost.ca/garth-turner/get-out-vancouver-real-estate_b_10993510.html
get out
Get out
Get Out.
Get Out.
GET OUT.
quote:Sales across Delusia fell by almost 8 per cent from May to June. And beyond that, look at these toppling numbers for the various regions tracked by the local real estate board: Burnaby -30 per cent, New West -8 per cent, Poco -33 per cent, Richmond -28 per cent, Squamish -52 per cent, Van East -26 per cent, Van West -35 per cent, Van North -1.2 per cent, Whistler -41 per cent. Does that look healthy to you? quote:Your city is an accident waiting to happen. Get out.
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Jul 14, 2016 23:07
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- HookShot
- Dec 26, 2005
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-41 percent holy gently caress
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Jul 15, 2016 00:02
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- I would blow Dane Cook
- Dec 26, 2008
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Can't post for 18 hours!
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RIP wolf of Whistler
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Jul 15, 2016 00:04
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- I would blow Dane Cook
- Dec 26, 2008
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Can't post for 18 hours!
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Sales so low the Wolf of Whistler is now an actual Wolf.
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Jul 15, 2016 00:12
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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The bubble pop won't be real until they start finding Chinese dudes mysteriously stuffed into luggage heading to China, and the suicide rate spikes.
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Jul 15, 2016 00:30
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- HookShot
- Dec 26, 2005
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He must be struggling, I haven't seen any of his stupid ads in weeks.
edit: he also hasn't made a Facebook post in a month, in the busiest time of year for real estate, when up until mid-June he posted every day or 2. CAN WE DARE TO HOPE???
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Jul 15, 2016 01:47
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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quote:
Home prices surge
Canadian home prices surged in June, driven again by the Vancouver and Toronto markets.
So much so that Bank of Montreal’s chief economist may have said it best: “Your home made more than you did last year.”
Douglas Porter was referring to the latest report from the Canadian Real Estate Association, which said national sales dipped 0.9 per cent in June from May, but climbed 5.2 per cent from a year earlier.
The MLS home price index, deemed the best measure, surged 13.6 per cent from a year earlier to $564,700. That number doesn’t actually mean all that much given the huge differences in prices across local markets.
The average sale price rose 11.2 per cent in the same period. But if you strip out the Toronto and Vancouver areas, that dips to 8.4 per cent, still not a bad showing.
Actually, on a month-to-month basis, sales slipped in those two cities. Not prices, though.
“While home sales activity and price growth are running strong in B.C. and Ontario, they remain subdued in other markets where home buyers are cautious and uncertain about the outlook for their local economy,” said CREA president Cliff Iverson.
Another measure of the market is inventory, or the number of months it takes to sell out.
By the end of last month, CREA said, that stood at 4.6 months, the same as in May and the lowest in about six years.
“Instead of unleashing a string of superlatives about how extraordinarily strong Vancouver and Toronto home prices remain, consider this single statistic from the Canadian June home sales results today: The average price for a resale home in Canada rose to $503,301 last month,” said BMO’s Mr. Porter.
“That is up 11.2 per cent from year-ago levels, or up $50,610 from June 2015,” he added.
“In contrast, average weekly earnings among all industries, including overtime, over the past year were $953.16. That translates into annual pay of $49,565. In otherj words, for the typical Canadian, your home made more than you did last year. And that pile of bricks (or lumber, or plaster, or glass) just sat there, while you had to grind it out every weekday and maybe more.”
The Vancouver and Toronto markets are a huge issue in Canada, where governments are trying to deal with it and the Bank of Canada is clearly troubled.
Economists don’t see a meltdown in the works but they do worry that lower-for-longer interest rates will fan the flames.
“With supply in the two hot markets extremely tight, rock-bottom interest rates likely to stay on hold for an extended period, and other policy makers only now beginning to test the water, prices may push even higher through the rest of this year,” said Mr. Porter.
“Looking further out, the recent sharp acceleration in prices raises the risk of an ultimate hard landing.”
Brexit, too, may add fuel to the fire given the impact on interest rates, among other things.
“Canada real estate has become somewhat of a safe haven, and money flowing out of the U.K. may find its way into Canadian real estate markets,” said Toronto-Dominion Bank economist Diana Petramala, though she added that Vancouver appears to have peaked.
Quit your job and buy more houses! We're all getting rich!
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Jul 15, 2016 15:52
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- Professor Shark
- May 22, 2012
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Musical Chairs+Hot Potato, Financial Edition!
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Jul 15, 2016 16:05
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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I think it's interesting that for all the blame put on Toronto and Vancouver's markets, and on the foreign money inflating the market, housing values grew 8.4% (mostly) without those factors.
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Jul 15, 2016 16:09
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- Femtosecond
- Aug 2, 2003
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Well it'll be interesting to see how this pans out.
quote:
Canada Revenue Agency launches Vancouver housing probe
The Canada Revenue Agency has launched an investigation into the red-hot housing market in Metro Vancouver, where rampant speculation, unscrupulous dealings and foreign investment are being blamed for driving up the cost of homes and helping to create an affordability crisis.
A sensitive government briefing document leaked to The Globe and Mail and some other media outlets states that 50 income-tax auditors, 20 GST auditors and 15 workload-development officers are now investigating real estate tax issues in the Pacific region.
The document states that the agency is conducting audits in an attempt to detect flipping, to identify builders who don’t comply with filing regulations or who under-report GST, and to measure compliance with non-resident filing requirements. It also indicates that the CRA is collaborating with FinTRAC on “lifestyle audits.”
FinTRAC, the Financial Transactions and Reports Analysis Centre, is an independent federal agency that works within the scope of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The CRA appears to be focusing on some of the areas highlighted in a continuing series of reports by The Globe into Metro Vancouver’s soaring real estate market, where prices have climbed more than 30 per cent in the past year alone – raising concerns about the impact of foreign investment on housing affordability.
“I have repeatedly raised concerns that the rules governing our real estate market are out of date. With unregulated, speculative global capital flowing into Metro Vancouver, we are seeing housing prices completely disconnected from local incomes,” Mayor Gregor Robertson said in an e-mail.
“First and foremost, housing needs to be for homes, not a commodity to make money with,” he said. “Given the amount of money flowing into Metro Vancouver real estate, we need a much more robust system of oversight and I support enhanced resources for the CRA for more tracking, auditing and enforcement within their jurisdiction.”
The Globe’s investigation uncovered cases in which foreign-born owners declared low incomes, despite moving millions of dollars through relatives into Canada, as well as concerns that investors could use residency rules to avoid paying capital-gains taxes. The investigation also revealed concerns from within FinTRAC that poor reporting by real estate agents made the industry vulnerable to money laundering.
The leaked document, delivered as a webinar by the CRA on June 2, is labelled “Protected B,” a government security classification that means “unauthorized disclosure could reasonably be expected to cause … serious injury to an individual, organization or government.”
The CRA document also identifies as a topic of interest “individuals living in high-value areas in British Columbia who are reporting minimal income not supporting their lifestyle; individuals purchasing high-end homes with minimal income being reported [and] individuals who are not reporting all of their worldwide income.”
The document states that the “CRA compliance work will increase visibility and lead to more tax compliance, but will not address the major concerns about affordability of real estate.”
In an e-mail, CRA spokesman David Walters said the government routinely investigates when “new risks of tax non-compliance emerge,” such as the real estate market in Vancouver.
He said the auditors “are focused on detecting and addressing a number of different risk areas related to real estate transactions … [but] the source of funds for the real estate purchases are not the focus of tax non-compliance.”
B.C. Finance Minister Michael de Jong said in an e-mail he is pleased by the CRA’s action. “We support these efforts and share information to the extent possible under the information-sharing agreements we currently have in place with the federal government,” he said.
The provincial government recently announced plans for an emergency summer session of the House to pass legislation that would allow Vancouver to impose a tax on homes left empty by speculative buyers.
David Eby, the NDP’s housing critic, said it is about time the federal government got involved in the issue, but he was critical of the scope of the CRA’s investigation.
“My first reaction is, where the hell have they been? I am blown away that first of all they have been almost entirely absent from this issue, and secondly that they think 50 auditors is sufficient to deal with this problem,” he said.
At a recent news conference, Mr. Eby said a task force of auditors, Crown counsel, police and tax and corporate law experts should be appointed to “crack down” on real estate speculators.
Andrew Weaver, B.C.’s Green Party Leader, said the CRA investigation may not be enough, but it is a step in the right direction. “It’s good to see someone taking action,” said Mr. Weaver, who has attacked the provincial government for failing to act regarding foreign speculation in B.C. real estate.
Kin Lo, associate professor of accounting at the University of British Columbia’s Sauder School of Business, said the CRA could have considerable impact with 70 auditors on the job.
“It looks quite comprehensive,” he said of the agency’s plan. “They can actually go through a lot of files with that amount of people.”
But Joshua Gottlieb, of UBC’s Vancouver School of Economics, said it’s unclear how cost-effective the audits might be.
“Looking into whether or not someone is a tax resident in Canada is just really complicated,” he said. “Good for them for putting more effort into it and doing audits, but if it is inherently complicated, why not go the simple route and tax the property?”
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Jul 15, 2016 16:20
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- EvilJoven
- Mar 18, 2005
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NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?
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Fun Shoe
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When you're spending most of your time watching Flip This Toronto House and Lifestyles of the Chinese Vancouver Housewife on HGTV every evening and you can get a mortgage for under 2.5% variable it's easy to fool yourself into thinking that you too should have a 4000 square foot house with three bathrooms and a three car attached garage even though you're a full time daycare employee in Orillia.
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Jul 15, 2016 16:20
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- EvilJoven
- Mar 18, 2005
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NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?
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Fun Shoe
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Basically I still think over leveraged dickholes in Toronto and dirty money from Asia is what's fueling this fire but a population that doesn't go 'are you loving kidding me' when bungalows in Vancouver sell for 7 figures is what's fanning the flames.
EDIT: and that article and others that have been cited in the past few weeks are making it seem like people are finally starting to say 'are you loving kidding me'
EvilJoven fucked around with this message at 16:28 on Jul 15, 2016
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Jul 15, 2016 16:25
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- Femtosecond
- Aug 2, 2003
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https://twitter.com/vancouvermrkt/status/753998018827792384
Christ people the idiom "they're not making any more land" is not about the imaginary airspace "land" created by condo development.
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Jul 15, 2016 20:39
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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Mods please change my name to SJW Housing Bubble Conspiracy tia
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Jul 15, 2016 20:55
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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Anecdata: I heard about someone buying a condo downtown where the vendor got a +10% offer a week after the contract was signed. (This spring.)
It feels like it is pretty panicky at the moment.
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Jul 15, 2016 21:20
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- Mantle
- May 15, 2004
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People were always saying "are you loving kidding me." It's never been locals buying for $4+ million regardless of what the government/SJWs say.
Source?
Why isn't it locals cashing in and trading up?
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Jul 15, 2016 21:58
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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Source?
Why isn't it locals cashing in and trading up?
Trading up into what?
This isn't like selling your 180K condo and moving into a 235K house.
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Jul 15, 2016 22:31
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- ductonius
- Apr 9, 2007
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I heard there's a cream for that...
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Because Vancouver/Toronto is the Best City in the WorldTM
But they are the best cities in the world.*
*to hide the proceeds of corruption in
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Jul 15, 2016 23:20
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- Meat Recital
- Mar 26, 2009
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by zen death robot
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Also, the city is constantly opening up new land to developments, and ignores that we do in fact have the technology to make more land.
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Jul 16, 2016 01:45
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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Also, the city is constantly opening up new land to developments, and ignores that we do in fact have the technology to make more land.
Mods, ban this economic terrorist. He is trying to destroy BCs economy.
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Jul 16, 2016 04:41
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- namaste friends
- Sep 18, 2004
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by Smythe
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Just in case this is deleted. http://i.imgur.com/GDuSgjK
https://twitter.com/Stockwell_Day/status/751881747000729600
https://twitter.com/penultsquire/status/754160898739085312
canada's most successful university drop out who is a career politician. macropru ROBS the ELDERLY wake up SHEEPLE
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Jul 16, 2016 06:15
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://www.theglobeandmail.com/news...b+Article+Links
quote:
The year is 2040 and Vancouver’s houses are worth $80-million
The year is 2040. The schadenfreude-driven doom-and-gloom naysayers who predicted disaster with the bursting of the real estate bubble in the mid 20-teens turned out to be wrong.
From 2016 onward, the double-digit increases in house prices continued at an average annual rate of 17 per cent. A single-family home in Vancouver purchased in that year is now worth somewhere in the neighbourhood of $80-million. Vancouver is now a resort city populated only by the world’s wealthiest.
The good news is the city has never been more multicultural, with money launderers from all parts of the globe living here for at least one week of the calendar year in order to avoid paying the city’s empty-home tax. The rotating cast of sheiks and warlords gives the city a special flair.
A few people who grew up in the city still live here, borrowing against their home equity to survive. Most are elderly and guided by the wrong-headed notion that, because they were born here, raised their children here and essentially built the city, they somehow deserve to live here.
The west end and most of Yaletown and False Creek North have been annexed by Airbnb, which now pays the city directly for services, such as water and garbage removal. Which is good, since even the wealthiest homeowners are deferring their taxes, leaving the city’s coffers to run dry. No one seems to remember how things got this way. Some trace it back to 2018, when rather than simply cold-calling homeowners to offer up international buyers, real estate agents began arriving on doorsteps at dinner time with suitcases full of cash.
Also, they would let you keep their cars after you signed. This enticed many to finally sell out and move to Calgary, where homes could still be had for a relative song since the oil and gas industry never recovered. Effigies of Elon Musk were burned in the street almost daily. Which is ironic, given that many people who live in Calgary now commute to Vancouver via Hyperloop.
Those who still do live near the Lower Mainland (which now encompasses all of Vancouver Island south of Nanaimo, the Gulf Islands and the Sunshine Coast as far north as Lund) must endure hours-long commutes in autonomous cars for which they pay by the minute. The 10-lane Todd Stone Bridge over the Fraser River is jammed beyond capacity. Many have criticized the province’s lack of foresight when it decided to make the bridge just 10 lanes. Meantime, repairs to the Pattullo Bridge continue, since a plan to replace the bridge was indefinitely postponed.
The transit system, while still operational, is barely so. Rapid transit has become increasingly unreliable since maintenance was deferred between 2020 and 2031 because of budget shortfalls. No new rapid transit has been built since the opening of the Evergreen Line more than two decades ago.
The transit referendums of 2022, 2030 and 2035 all failed to secure stable long-term funding for TransLink, leading to the current state of disrepair. Now, only the poorest people ride transit, an ordeal that can often take hours when breakdowns occur.
While Vancouver did its best to create a thriving digital and tech economy through the early 2020s, major industry players could no longer attract talent because of the cost of living. Vancouver’s economy is now based mostly on tourism, servicing the city’s ultra rich, home staging, and tidying up Airbnb rentals. These are low-wage jobs with most workers and their families living in camps in the Fraser Valley.
Children no longer have to make the commute into the city, since the last public school in Vancouver was closed in 2032. Children are now taught in “camp schools” by willing volunteers, many of them former teachers, or through the K-12 “Just Like School” app, which the province developed with a generous grant from the Fraser Institute. Premier Melissa De Genova has said the app is every bit as good as real brick-and-mortar schools, but it does away with frills such as teachers, libraries, and seismically sound buildings, while costing a fraction of what those old schools cost. Private schools, meanwhile, continue to thrive.
There are still those who say the bubble is going to pop – they’ve been saying that for nearly 30 years. Fortunately, the Criminal Code has been amended to reclassify any such talk as hate speech targeting an identifiable group, namely realtors.
It’s hard to believe that 24 years ago there were those who stood on the sidelines, debating whether they should get into the Vancouver real estate market.
There are still those people today, unwilling to carry $79-million mortgages, even with record low interest rates.
One thing that I know is as true now as it was then: there’s never been a better time to buy a home.
Stephen Quinn is the host of On the Coast on CBC Radio One, 690 AM and 88.1 FM in Vancouver.
if only we all listened to femtosecond 3 months ago
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Jul 16, 2016 15:21
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- Adbot
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ADBOT LOVES YOU
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May 9, 2024 23:29
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- upgunned shitpost
- Jan 21, 2015
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'N' sticker goes on the car, not the plate.
There's probably an 'L' just out of frame to the right.
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Jul 16, 2016 19:36
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Jul 14, 2016 17:49
Yes, it's like a lava lamp.
