Real Estate

Vancouver housing bubble?

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  • Dec 13th, 2019 9:56 pm
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Deal Addict
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Jun 28, 2007
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Motoss wrote:
Oct 7th, 2015 4:31 pm
gomyone...don't get me started on your "insightfullness"....LMAO

Quote Originally Posted by gomyone View Post
Yeah I did mention to my colleagues that some "extremists" think there will be cuts - they laughed at that too. See, in the real world where people actually trade on views such as this and whose living depends on it - people aren't inclined to jump on extremist bandwagons like Marks. After all, if you cannot put a time frame on something like a cut then it's useless from an investors standpoint.

As I've said before - there is a "possibility" of a cut - just like there is a "possibility" of an asteroid strike. When the CIBC economist that you frequently quote talks of the chance of cuts this is what he means (just as an FYI I can tell from a personal level that this economist at CIBC doesn't believe a cut is going to happen anytime soon). I'm also pretty sure if I showed him any of Mark's crazy and factually incorrect"subprime" posts, he'd laugh at them too!


Anyways, I told myself long ago that I would not get into a back and forth with a couple of RFD bloggers like the two of you as my time is too precious. You win!
...geez stop being so sensitive. All I asked is for is at least some comment related to a news post. It wasn't directed specifically to you either.

PS: Its kind of sad that you and your BFF Ceryx keep bringing up comments I made a number of years ago about an unlikely Bank of Canada cut. And it was the case that the Bank did not cut for three years. You see, my comments were related to the situation back in 2011 not in 2015 when the bank did finally cut. As I said in the comment you quoted, nobody (including I) were expecting the Bank of Canada to cut "anytime soon" . And they didn't. So I was right!

But what's even more bizarre about you and your BFF's obsession with this Bank of Canada cut, is that you two keep on talking about how interest rates will be "going up" and housing will ultimately crash. So far you've been wrong about that for many years. In contrast, I never expected housing to crash, because I didn't expect rate increases. yes, I didn't expect a cut either, and the reason why was because some foolish person on RFD who was subsequently banned, kept on saying the stats were lying and real estate was already crashing and that the Bank needed to cut rates. yes I disagreed with that. I still do. There is no crash.
Deal Fanatic
May 1, 2012
8759 posts
6471 upvotes
Markham
Motoss wrote:
Oct 7th, 2015 4:27 pm
As expected, not capable of responding with out going on some tirade.
In the same token that you are unable to contribute into a thread. What's the point of posting if all the information is tired and stale?

We get it, your little RE correction hasn't happened yet. No amount of crying will make it happen either.

I give you one thing though, you are very persistent. Most people tucked tail and went quiet. Here you are still trying to convince yourself that a massive collapse will happens where it'll allow you to enter the market.
Member
Apr 27, 2015
441 posts
255 upvotes
Wow this part is unfortunate. No wonder so many young educated people are leaving Vancouver.
Vancouver’s 25-to-34 year old cohort earns less and carries more debt than a generation ago, Kershaw said, meaning it now takes 10 working years to save for a down payment versus two years back then.
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May 1, 2012
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Markham
popbottle wrote:
Oct 8th, 2015 10:16 am
http://www.theprovince.com/dontneed1mil ... story.html
"David Walmsley didn't need $1 million to buy a home in Vancouver. He says Vancouver has an array of housing options for first-time homebuyers."
People who earn middle class income, even upper middle-class income, shouldn't be able to afford a nice detached home in a great neighbourhood within a city that is highly desirable. People fail to see that, because entitlement.
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May 28, 2012
10319 posts
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Saskatoon
This 400+ page thread will be locked if the bickering doesn't stop. Don't resort to personal attacks.
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Apr 27, 2015
441 posts
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popbottle wrote:
Oct 9th, 2015 11:57 am
Quite affordable when you don't need a whole 5% down payment to buy a home in Western Canada https://www.vancity.com/lang/fr/SharedC ... t_2014.pdf
Similar to subprime where loans are given to risky borrowers with higher interest rates to purchase over priced real estate. Of course all this accomplishes is inflating the housing bubble further, people that cannot even come up with a measly 5% down payment should not be purchasing homes.

Affordable? No, that's just stupid and irresponsible.
Deal Addict
Jun 20, 2011
1811 posts
625 upvotes
VANCOUVER
popbottle wrote:
Oct 9th, 2015 12:25 pm
MLS 1140755 is a brand new house in Vancouver for $730,000. It is not in the duplex, apartment, condo, multiplex, etc category. It is not leasehold. Its a brand new house with an HRV system and all the newest toys. It is not on a busy street, near a prison, etc. Affordable homes in Vancouver are available.
There is no way the details on that house is correct. I think they are missing a "1" as in $1,730,000. The house has 3 floors plus a laneway. I live about a 5 min drive from there and nothing is right about that property. 983 sq ft? sure on 1 level or the sq feet of the laneway they are building... Called the agent to confirm and it goes to voicemail.

BTW, that area was just rezoned as multi family recently. There are several houses trying to get together to sell as a parcel. There are also multiple agents and developers trying to get homeowners to sell in that area.

Okay I just took a look at google maps and it shows 2 front doors. That's a duplex split level. Tricky tricky. That's 730k for 1 side.
Deal Addict
Jun 20, 2011
1811 posts
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VANCOUVER
popbottle wrote:
Oct 9th, 2015 3:21 pm
wow you're right. and its dated June 2015. so google recently sent cars through vancouver

https://goo.gl/maps/WKMW9XDdDWm
If it was really 730k for that entire place you'll be seeing me in a pitched tent outside in that google shot trying to bid on it hahaha.

I have a friend that lives in that area that was offered 2 million for her house, but her neighbours also had to sell. She declined along with her neighbours citing "it is not about the money, we lived her 40 years and it's our home".
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Apr 20, 2011
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Vancouver
DDHLeigh wrote:
Oct 9th, 2015 3:29 pm
If it was really 730k for that entire place you'll be seeing me in a pitched tent outside in that google shot trying to bid on it hahaha.

I have a friend that lives in that area that was offered 2 million for her house, but her neighbours also had to sell. She declined along with her neighbours citing "it is not about the money, we lived her 40 years and it's our home".
2 million per lot for an assembly thats not near cambie or kingsway and slocan... thats quite amazing actually. so 40th avenue is another assembly area..
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Jun 20, 2011
1811 posts
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VANCOUVER
popbottle wrote:
Oct 9th, 2015 3:33 pm
2 million per lot for an assembly thats not near cambie or kingsway and slocan... thats quite amazing actually. so 40th avenue is another assembly area..
Check out 5276 to 5310 Rhodes St. It's just right down the block from the one you mentioned. That's the closest listed parcel. Half a block from Kingsway.
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Apr 20, 2011
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http://www.ejinsight.com/20150822-chine ... al-estate/
“We are used to the notion of ‘immigrants’ referring to those who work their way up in the host country but not people who come and buy properties for their
children.”

According to him, the resentment against the mainland Chinese also taps into the old school notion of Chinese invasion in North America, referring to the concern about the influx of labor from China in the 19th century.
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Apr 27, 2015
441 posts
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Carebra wrote:
Nov 3rd, 2015 1:24 am
WOW. WTF is this BC Government good for? Christy Clark supports foreign buyers
Unfortunately everyone is in on it. Not only are foreigners not paying in cash for multi-million dollar homes but they are being given multi-million dollar mortgages by Canadian banks so they can speculate on Canadian property, meanwhile Canadians are being displaced in their own country. Canada has been sold out from the inside and the outside, it's the elephant in the room that most people such as Christy Clark will not admit to because it would be political suicide.
The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.

Wealthy buyers, mostly from China, are fueling a booming mortgage business in Vancouver, where the median price for a detached home on the desirable west side jumped 31 per cent to $2.87 million in the last two years.

RBC, Canada's largest bank, removed its $1.25 million cap on loans to borrowers with no local credit history in May, said Christine Shisler, the bank's Director of Multicultural Markets, who works with an immigrant clientele.

"We're seeing a lot of affluent newcomers looking to buy high-purchase price homes," she said. "Now we can actually service any mortgage amount."

A case study released on Monday, which looked at six months worth of detached home sales in prime neighbourhoods near the University of British Columbia (UBC) main campus, found that two-thirds of buyers had names typical of people from mainland China and 88 per cent of those people also had a mortgage. The mortgages, on homes ranging in value from $1.25 million to more than $9 million, were mainly backed by three banks — HSBC Canada, Canadian Imperial Bank of Commerce (CIBC) and Bank of Montreal (BMO).

RBC held just 8 per cent of the loans. The banks have not broken out the size or profitability of this business segment.

Andy Yan, an urban planner and adjunct professor at UBC who studied land titles linked to 172 sales transactions from Aug. 2014 to Feb. 2015, said the financing was the most surprising part of the study. "It counters a lot of our mythologies, in terms of this idea of people showing up with very large bags of money and paying cash," he said.
http://www.cbc.ca/news/business/rbc-mor ... -1.3299631

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