Canada's 'housing bubble' deemed close to bursting

[dleung]

Originally Posted by lio45

You're missing the point. The point is, if Mr Robertson had been single for a while, and ended up in a serious relationship with a 50 year old ethnically Chinese grandma, there probably wouldn't have been any brouhaha about it. (Or approximately as much brouhaha as there ever was about, say, the Layton-Chow couple.)

Comments like these would have happened anyway:
"I could see this woman influencing Robertson's policies so as to benefit Chinese immigrants and Chinese nationals. Honestly, he should be charged with treason "
"She has a billion+ relatives, all wanting to join her"
"the last true Chinese Canadians were the guys who built the railway"
"China is about dividing and conquering. Ms. Qu help divide and conquer a marriage."

No one is denying that it's scandalous, nor is anyone denying that Vancouver has an affordability issue. Just that in both cases, it gives small people like Cornholio and whatnext ammunition to, uh, do their thing.

[st7860]

Originally Posted by dleung

Comments like these would have happened anyway:
"I could see this woman influencing Robertson's policies so as to benefit Chinese immigrants and Chinese nationals. Honestly, he should be charged with treason "
"She has a billion+ relatives, all wanting to join her"
"the last true Chinese Canadians were the guys who built the railway"
"China is about dividing and conquering. Ms. Qu help divide and conquer a marriage."

No one is denying that it's scandalous, nor is anyone denying that Vancouver has an affordability issue. Just that in both cases, it gives small people like Cornholio and whatnext ammunition to, uh, do their thing.

This was provided on another board yesterday. The person said its not in English but you can click around and see Greater Toronto sales information for various areas(Just like a realtor can, but without registration) I wish there was something like it available in Vancouver - http://realmarketwatch.ca/

[whatnext]

Originally Posted by dleung

Comments like these would have happened anyway:
"I could see this woman influencing Robertson's policies so as to benefit Chinese immigrants and Chinese nationals. Honestly, he should be charged with treason "
"She has a billion+ relatives, all wanting to join her"
"the last true Chinese Canadians were the guys who built the railway"
"China is about dividing and conquering. Ms. Qu help divide and conquer a marriage."

No one is denying that it's scandalous, nor is anyone denying that Vancouver has an affordability issue. Just that in both cases, it gives small people like Cornholio and whatnext ammunition to, uh, do their thing.

Or it provides people like you and st to do your "pay no attention to that man behind the curtain" schtick.

It's actually kind of sad that some strange form of ethnic loyalty prevents you from even acknowledging what's causing a big part of the affordability problem. I'm puzzled as many of my friends from HK look on the Mainland Chinese and their money as the Asian equivalent of the Beverley Hillbillies.

[st7860]

In this May 4th article they don't make bluntly racist statements lol - to the moon

http://www.theglobeandmail.com/report-on...in-once-ignored-markets/article24249436/

METRO VANCOUVER - Buyers continued to snatch up homes in Metro Vancouver last month, and realtors are warning that the region’s real estate demand is outpacing the supply.

The number of all types of residential property sales last month was up 37 per cent over April 2014 to 4,179, according to the Real Estate Board of Greater Vancouver. Meanwhile, the number of new listings was down 0.9 per cent compared to a year earlier.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, the real estate board’s president, said in a news release.

[caltrane74]

Toronto has the World's (or one of the world's) hottest real estate markets. Apparently it only takes 30 days for a $1 Million Dollar House to sell here, which is more than twice as fast as number #2 San Francisco?

http://business.financialpost.com/person...with-37-surge-in-high-end-property-sales

[ssiguy]

Originally Posted by whatnext

Or it provides people like you and st to do your "pay no attention to that man behind the curtain" schtick.

It's actually kind of sad that some strange form of ethnic loyalty prevents you from even acknowledging what's causing a big part of the affordability problem. I'm puzzled as many of my friends from HK look on the Mainland Chinese and their money as the Asian equivalent of the Beverley Hillbillies.

I agree.

Vancouver, in the Canadian context, is growing at an average rate compared to the countries top 10 Metros. Its income level is low and has a staggering poverty rate and gap between the rich and the poor. The city has no head offices or any kind of international presence.

The reason Vancouver's real estate is outrageously expensive is due to the Chinese "investors" who have found a country where they can buy their passports for a quick exit from their home countries when the corruption police knock on their door, a great place to lauder their dirty money, and a city that is more than willing to let them tear down any house they like with no questions asked.

The Chinese are the sole reason why Vancouver real estate is so out of wack with rentals and other major markets. It is the only thing that sets Vancouver apart from other mid-sized, lower income cities. Vancouver real estate has always been pricier than most cities in the country but it wasn't until 1989 when it soared way past anything else in the country and has stayed there..............which just so happens to coincide with the first wave of Hong Kongers fleeing the colony fearing the impending Chinese takeover.

Our bribed politicians, corruption fleeing Chinese million/billionaires, sleazy real estate agents, and provincial "everyone wants to live here" proclaimers can say what they will but Vancouverites know that the reason the city is beyond expensive and incredibly socially and economically stratified is due to the influx of Chinese and their penchant for flipping real estate.

[st7860]

http://www.theglobeandmail.com/report-on...in-once-ignored-markets/article24249436/

[st7860]

http://www.wsj.com/articles/cmhc-overhea...-canada-housing-not-a-concern-1430411156

Vancouver, in the world context, is growing at a rate far above average. Income level is high and is growing. The city has uncountable head offices and plenty of commercial properties that pay tons of taxes.

The reason Vancouver's real estate is well priced but not too low is due to supply and demand. Vancouver was recently(a few weeks) classified as a low risk market by an agency of the Government of Canada. In addition, overbuilding does not exist in Canada's big cities.

[ssiguy]

If that is true then why is Vancouver so expensive?

Calgary has been growing at twice Vancouver's rate with tax home pay that is 30% higher. It has many more office headquarters than Vancouver will ever have, and has been a magnet for migrants from the rest of the country and increasingly internationally as well.

What is it that sets Vancouver apart from all the other Canadian cities that makes it so incredibly expensive if not Chinese investors and the city's willingness to accommodate them no questions asked?

[st7860]

https://ca.finance.yahoo.com/blogs/balan...ies-are-at-high-risk-of-a-152723245.html
"Calgary and Edmonton, cities where the housing market has been hit by the impact of plummeting oil prices, are seen as having “low overall risk.”
'

http://business.financialpost.com/person...e-the-riskiest-housing-markets-in-canada
"“Despite high Vancouver home prices, demand for housing across the price spectrum is supported by a growing population and growth in personal disposable income,” "

[Berklon]

"...growth in personal disposable income"

Meanwhile personal debt levels have never been higher in Canada and continues to break records every year.

Of course the CMHC is going give everything a positive spin - not exactly credible.

[whatnext]

Originally Posted by st7860

http://www.wsj.com/articles/cmhc-overhea...-canada-housing-not-a-concern-1430411156

Vancouver, in the world context, is growing at a rate far above average. Income level is high and is growing. The city has uncountable head offices and plenty of commercial properties that pay tons of taxes.

The reason Vancouver's real estate is well priced but not too low is due to supply and demand. Vancouver was recently(a few weeks) classified as a low risk market by an agency of the Government of Canada. In addition, overbuilding does not exist in Canada's big cities.

Dude, pass the bong...

[st7860]

Originally Posted by whatnext

Dude, pass the bong...

Takes 1 to know 1

[st7860]

Originally Posted by Berklon

"...growth in personal disposable income"

Meanwhile personal debt levels have never been higher in Canada and continues to break records every year.

Of course the CMHC is going give everything a positive spin - not exactly credible.

You think that random people posting that houses are too expensive are more credible than the CMHC?

[Berklon]

Originally Posted by st7860

You think that random people posting that houses are too expensive are more credible than the CMHC?

It's more than "random people" who are posting that houses are too expensive. Of course you choose to ignore all that information, and instead you desperately post a barrage of links from people/organizations who have a vested interest in an inflating RE market to try and support your position.

You aren't a Realtor by chance, are you?

[st7860]

Its random people saying houses are expensive.

http://www.bmonesbittburns.com/economics/reports/20150504/bb201505.pdf

[geotag277]

Originally Posted by ssiguy

What is it that sets Vancouver apart from all the other Canadian cities that makes it so incredibly expensive if not Chinese investors and the city's willingness to accommodate them no questions asked?

To be clear, the only thing that is increasing in price "unsustainably" are single family detached homes. Land is more expensive in Vancouver because there is dramatically less of it. Period.

If you want to own in Vancouver, consider condos, or do the cost benefit against renting. Owning your own land in Vancouver has been a premium product in Canada for at least 5 decades. These days even more so because now Vancouver has 2.5 million people living there. It will not get more affordable to own land in Vancouver. There is no bursting of this bubble.

Plenty of rich Albertans, British Columbians, and Ontarians own vacation homes in Vancouver as well, and there are many more rich Canadians now then there have ever been in history. If you include primary resident there are over a million millionaires in Canada alone. If you discount it there are 320,000. Those are the numbers that are driving the luxury real estate market in Canada, not the handful of cases of Chinese money laundering which truth be told, is much much less numerous then the cases of domestic all-Canadian-run money laundering, gang, drug, and other illegal operations.

[whatnext]

Originally Posted by st7860

Takes 1 to know 1

Are you 12?

[st7860]

Originally Posted by whatnext

Are you 12?

You used a word for MJ paraphernalia and that makes you above 19?

[whatnext]

Originally Posted by st7860

You used a word for MJ paraphernalia and that makes you above 19?

I was just seeking an answer as to why your posts seem oddly childlike, such as this one that got you laughed out of Skybar. I wasn't sure if it was age or perhaps English isn't your first language?

Originally Posted by st7860

Vancouver is in a better league than New York and London. Among many other things, in particular,. property taxes in New York are higher, and they still need people to drive their subway trains. The top comprehensive university in Canada is just a 20 minute drive from Vancouver.

Everytime I meet a person planning to go to London for any reason, I tell them to not throw their money down the drain and to come to Vancouver instead.

http://www.vancitybuzz.com/2015/04/vancouver-ranked-8th-list-north-south-american-cities-future/

Large North American Cities of the Future: Economic Potential
1. Vancouver, British Columbia
2. Seattle, Washington
3. San Jose, California

http://forum.skyscraperpage.com/showpost.php?p=7002851&postcount=24