It's not much of a scandal... He's tring to find "clear criminal links" and that may be very difficult to do... these criminals aren't your standard B&E idiots. It's very possible that everything that he's said (and others, ie. all of the reports from other casino or banking employees) is true, but it will be very difficult to prosecute.
Vancouver housing bubble?
- Last Updated:
- Mar 26th, 2024 5:10 pm
Tags:
- SCORE+50
- Alpine84
- Deal Addict
- Dec 5, 2009
- 2789 posts
- 3289 upvotes
- craftsman
- Deal Expert
- Jan 27, 2006
- 21844 posts
- 15620 upvotes
- Vancouver, BC
I didn't say that it was a scandal... I said that they need to a better job before dragging someone's name through the mud especially if it only takes less than A DAY to find out the government was WRONG. We are dealing with people's lives and reputations here so the government should take at least a little care before making these types of announcements.Alpine84 wrote: ↑ It's not much of a scandal... He's tring to find "clear criminal links" and that may be very difficult to do... these criminals aren't your standard B&E idiots. It's very possible that everything that he's said (and others, ie. all of the reports from other casino or banking employees) is true, but it will be very difficult to prosecute.
- Sparky9087
- Banned
- Jan 23, 2016
- 1430 posts
- 408 upvotes
- Kitchener, ON
Don’t need to look further then debt to income. Canada is at $1.80/$1 today. US was at $1,30/$1 when theirs kicked off.craftsman wrote: ↑ The last point is actually supported by the recent numbers published about the increasing numbers in BC who are financial distress -> up 5+% over the previous year for April if I remember correctly - and that's with an economy doing relatively well. I would hate to think what's happening to those with reverse mortgages and got them at the height of the market (ie. those $3.5 million homes which are now worth $2.5 million...)... what type of squeeze is happening there. And of course, it's property tax season so people are getting their invoices which may just add to the financial pressures.
Sig abuse is not permitted on RFD - Mods
- Isostar
- Deal Addict
- Jul 8, 2010
- 1459 posts
- 1176 upvotes
- Ontario
This does not matter, everyone knows that Canada is special. Just think about all those 400k+ immigrants that come to Canada each year and they need to buy RE....Sparky9087 wrote: ↑ Don’t need to look further then debt to income. Canada is at $1.80/$1 today. US was at $1,30/$1 when theirs kicked off.
- Sparky9087
- Banned
- Jan 23, 2016
- 1430 posts
- 408 upvotes
- Kitchener, ON
- RxMills
- Deal Addict
- Apr 10, 2011
- 3914 posts
- 4767 upvotes
- Canada
"Foreign money still driving B.C. housing market despite ownership data"
Vancouver City News
June 11, 2019
The latest numbers from Statistics Canada only look at someone's residency, not where the money to buy it came from.
Of the 2,156,920 residential properties in B.C, 5.5 per cent were owned by foreign individuals or foreign non-individuals such as non-individual a corporation, trust or state-owned entity, according to the Canadian Housing Statistics Program from Statistics Canada.
Josh Gordon with the Simon Fraser University School of Public Policy says the study only looks at someone’s residency, not where they got the money to buy the property.
Just because there are a lot of domestic speculations does not change the fact that the overall market is being driven by the impact of outside money.
https://www.citynews1130.com/2019/06/11 ... ign-money/
Vancouver City News
June 11, 2019
The latest numbers from Statistics Canada only look at someone's residency, not where the money to buy it came from.
Of the 2,156,920 residential properties in B.C, 5.5 per cent were owned by foreign individuals or foreign non-individuals such as non-individual a corporation, trust or state-owned entity, according to the Canadian Housing Statistics Program from Statistics Canada.
Josh Gordon with the Simon Fraser University School of Public Policy says the study only looks at someone’s residency, not where they got the money to buy the property.
Just because there are a lot of domestic speculations does not change the fact that the overall market is being driven by the impact of outside money.
https://www.citynews1130.com/2019/06/11 ... ign-money/
Last edited by RxMills on Jun 12th, 2019 1:39 pm, edited 1 time in total.
- RxMills
- Deal Addict
- Apr 10, 2011
- 3914 posts
- 4767 upvotes
- Canada
"Expert who predicted Vancouver housing price drop now expects condos to flood market"
Vancouver City News
June 5, 2019
"We’re going lower, longer. By middle of 2020, average sale prices should be right around $1.4 million for the detached market, signalling a 20 to 24 per cent [drop]. There’s some factors that could maybe cause the detached market to go even lower.”
“[This] basically creates an environment where the inventory can continue to build up, thus causing more competition for the sellers,” he says.
“You’re going to see the cannibalization of the condo market where there’s a flood of new, built properties available to move in today and they’re going to be at relatively attractive prices.”
Eitel also says developers will have to get more competitive.
“There’s going to be a flood of inventory that comes up that no one’s really anticipating, which is all those investors that bought five and six properties are just going to walk away, simply walk away from their 15 per cent deposit, 20 per cent deposit.
There’s going to be an absolute ton of inventory available.”
https://www.citynews1130.com/2019/06/05 ... od-market/
Vancouver City News
June 5, 2019
"We’re going lower, longer. By middle of 2020, average sale prices should be right around $1.4 million for the detached market, signalling a 20 to 24 per cent [drop]. There’s some factors that could maybe cause the detached market to go even lower.”
“[This] basically creates an environment where the inventory can continue to build up, thus causing more competition for the sellers,” he says.
“You’re going to see the cannibalization of the condo market where there’s a flood of new, built properties available to move in today and they’re going to be at relatively attractive prices.”
Eitel also says developers will have to get more competitive.
“There’s going to be a flood of inventory that comes up that no one’s really anticipating, which is all those investors that bought five and six properties are just going to walk away, simply walk away from their 15 per cent deposit, 20 per cent deposit.
There’s going to be an absolute ton of inventory available.”
https://www.citynews1130.com/2019/06/05 ... od-market/
- vivibaby
- Banned
- May 15, 2016
- 7020 posts
- 2490 upvotes
Haven't really followed the thread but has prices really fallen 20% to justify walking away from their purchase?RxMills wrote: ↑ "Expert who predicted Vancouver housing price drop now expects condos to flood market"
Vancouver City News
June 5, 2019
"We’re going lower, longer. By middle of 2020, average sale prices should be right around $1.4 million for the detached market, signalling a 20 to 24 per cent [drop]. There’s some factors that could maybe cause the detached market to go even lower.”
“[This] basically creates an environment where the inventory can continue to build up, thus causing more competition for the sellers,” he says.
“You’re going to see the cannibalization of the condo market where there’s a flood of new, built properties available to move in today and they’re going to be at relatively attractive prices.”
Eitel also says developers will have to get more competitive.
“There’s going to be a flood of inventory that comes up that no one’s really anticipating, which is all those investors that bought five and six properties are just going to walk away, simply walk away from their 15 per cent deposit, 20 per cent deposit.
There’s going to be an absolute ton of inventory available.”
https://www.citynews1130.com/2019/06/05 ... od-market/
- HockeyFanatic
- Jr. Member
- Oct 27, 2008
- 169 posts
- 142 upvotes
- Coquitlam
We've already seen a post on rfd of such situation possible-back-out-pre-construction-home ... t-2285673/
- atomiton
- Deal Addict
- Dec 14, 2007
- 3105 posts
- 1530 upvotes
Even "IF" there are 20% drops, people typically don't just walk away from the purchase. They just hold on For three years, four years, five years, or however long it takes for them to feel better about themselves when they finally sell at a "profit", not taking into account opportunity cost and other elements. There will be no mass sell-off.... just a slowwwwww erosion of equity.
Remember, real estate is essentially an inverted roller-coaster. Instead of a slow climb and a precipitous drop, it's a precipitous climb and a slow anti-climactic coast.
I'd love to write history... in advance.
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
- JayLove06
- Deal Expert
- Feb 29, 2008
- 21738 posts
- 21353 upvotes
- Tarrana & The Ri…
Let them dream I guess.atomiton wrote: ↑ Even "IF" there are 20% drops, people typically don't just walk away from the purchase. They just hold on For three years, four years, five years, or however long it takes for them to feel better about themselves when they finally sell at a "profit", not taking into account opportunity cost and other elements. There will be no mass sell-off.... just a slowwwwww erosion of equity.
Remember, real estate is essentially an inverted roller-coaster. Instead of a slow climb and a precipitous drop, it's a precipitous climb and a slow anti-climactic coast.
- mkjr
- Deal Addict
- Aug 21, 2007
- 4878 posts
- 457 upvotes
- gave up on rfd for g…
What is somewhat ironic is that people still do not think there is the same issue with money laundering here in Toronto in the real estate market or yer worse, those who think Vancouver is leveling off.
Left rfd
- BlueSolstice
- Deal Addict
- Dec 4, 2016
- 2011 posts
- 1030 upvotes
Compare this case to the Mark Norman case, which one is more of a scandal?Alpine84 wrote: ↑ It's not much of a scandal... He's tring to find "clear criminal links" and that may be very difficult to do... these criminals aren't your standard B&E idiots. It's very possible that everything that he's said (and others, ie. all of the reports from other casino or banking employees) is true, but it will be very difficult to prosecute.
- craftsman
- Deal Expert
- Jan 27, 2006
- 21844 posts
- 15620 upvotes
- Vancouver, BC
In any market that 'suddenly' increases over historical norms with any 'one' thing that can account for it (ie like a major local development like LNG in Northern BC), there's probably some level of illegal activities going on... I suspect that money is being laundered in Montreal and Ottawa as well.
- JayLove06
- Deal Expert
- Feb 29, 2008
- 21738 posts
- 21353 upvotes
- Tarrana & The Ri…
There is money laundering here but it’s not blown out of proportion with people acting like that is the biggest reason why prices have escalated.
Money laundering is nothing new not is illegal activity with regards to money but we all know why it’s being turned into such a huge issue now. We know.
- charlesd79
- Deal Addict
- Mar 7, 2011
- 3744 posts
- 1986 upvotes
- Vancouver
- danishh
- Member
- Jul 25, 2008
- 400 posts
- 274 upvotes
- ottawa
I just don't see what the harm is in cracking down in money laundering in real estate is if the BC government is wrong? For the average buyer, it's just one or two more forms to fill out. Unless the BC government is right and there is lots of criminal activity in the housing market, there should be no effect on prices (and if we're lucky, a few crooks get caught).
- JayLove06
- Deal Expert
- Feb 29, 2008
- 21738 posts
- 21353 upvotes
- Tarrana & The Ri…
It's called shitty apple predictive text
- charlesd79
- Deal Addict
- Mar 7, 2011
- 3744 posts
- 1986 upvotes
- Vancouver
You know they invented the edit button, right?
- charlesd79
- Deal Addict
- Mar 7, 2011
- 3744 posts
- 1986 upvotes
- Vancouver
Speculators, speculators everywhere...
https://vancouversun.com/news/local-new ... -vancouver
https://vancouversun.com/news/local-new ... -vancouver
Thread Information
There is currently 1 user viewing this thread. (0 members and 1 guest)