Canada's 'housing bubble' deemed close to bursting - Page 440

Docere · #**8781** Posted **Apr 20, 2018, 9:01 PM**

West Vancouver: where the realtors leave comments on news articles about the RE market.

http://www.nsnews.com/real-estate/detach...-vancouver-see-major-slowdown-1.23257468

osmo · #**8782** Posted **Apr 20, 2018, 11:39 PM**

Quote:

Originally Posted by ssiguy

Well it seems Chinese ~investors~ and money launderers are running scared in BC now that Christy and developer friends no longer rule in Victoria. Here are the latest sales/inventory figures for major Vancouver area markets for single family homes for March 20 to April 2018 compared to the same monthly period in 2017.

*** A word of caution as some realtors, developers, speculators, and money launderers may find the following report `disturbing`:

Vancouver..............sales -61%, inventory + 29%
West Vancouver......sales -51%, inventory +25%
North Vancouver............ -47%, ............. +60%
Delta............................ -65% ............. +16%
Port Moody.................... -44% .............. +50%
Burnaby........................ -62% .............. +25%
Richmond...................... -75% .............. +23%
Coquitlam..................... -61% ............... +48%
Langley......................... -42% ............... +29%
Surrey.......................... -60% ............... +10%
Maple Ridge................... -25% ............... +18%
Port Coquitlam................ -34% .............. +29%
New Westminster............. -36% ............... +58%

How are prices doing in relation to these stats? Would be interesting to see.

whatnext · #**8783** Posted **Apr 21, 2018, 12:46 AM**

Quote:

Originally Posted by ssiguy

Well it seems Chinese ~investors~ and money launderers are running scared in BC now that Christy and developer friends no longer rule in Victoria. Here are the latest sales/inventory figures for major Vancouver area markets for single family homes for March 20 to April 2018 compared to the same monthly period in 2017.

*** A word of caution as some realtors, developers, speculators, and money launderers may find the following report `disturbing`:

Vancouver..............sales -61%, inventory + 29%
West Vancouver......sales -51%, inventory +25%
North Vancouver............ -47%, ............. +60%
Delta............................ -65% ............. +16%
Port Moody.................... -44% .............. +50%
Burnaby........................ -62% .............. +25%
Richmond...................... -75% .............. +23%
Coquitlam..................... -61% ............... +48%
Langley......................... -42% ............... +29%
Surrey.......................... -60% ............... +10%
Maple Ridge................... -25% ............... +18%
Port Coquitlam................ -34% .............. +29%
New Westminster............. -36% ............... +58%

Total karma to see Richmond sales get shitcanned the hardest.

Docere · #**8784** Posted **Apr 21, 2018, 9:25 PM**

Quote:

Originally Posted by osmo

How are prices doing in relation to these stats? Would be interesting to see.

Still ridiculously expensive!

Pinus · #**8785** Posted **Apr 21, 2018, 11:18 PM**

Quote:

Originally Posted by osmo

How are prices doing in relation to these stats? Would be interesting to see.

Quote:

Originally Posted by ssiguy

Well it seems Chinese ~investors~ and money launderers are running scared in BC now that Christy and developer friends no longer rule in Victoria. Here are the latest sales/inventory figures for major Vancouver area markets for single family homes for March 20 to April 2018 compared to the same monthly period in 2017.

*** A word of caution as some realtors, developers, speculators, and money launderers may find the following report `disturbing`:

Vancouver..............sales -61%, inventory + 29%
West Vancouver......sales -51%, inventory +25%
North Vancouver............ -47%, ............. +60%
Delta............................ -65% ............. +16%
Port Moody.................... -44% .............. +50%
Burnaby........................ -62% .............. +25%
Richmond...................... -75% .............. +23%
Coquitlam..................... -61% ............... +48%
Langley......................... -42% ............... +29%
Surrey.......................... -60% ............... +10%
Maple Ridge................... -25% ............... +18%
Port Coquitlam................ -34% .............. +29%
New Westminster............. -36% ............... +58%

I think the real question is; where are they running to?

whatnext · #**8786** Posted **Apr 22, 2018, 5:37 AM**

Quote:

Originally Posted by Pinus

I think the real question is; where are they running to?

Farmland, presale condos and commercial real estate, not covered by foreign buyers taxes.

ssiguy · #**8787** Posted **Apr 22, 2018, 6:39 PM**

This is what Vancouverites are up against throughout the region where developers fund re-election campaigns:

There is a long term plan by Burnaby City Hall to `rezone` Metrotown which, as the city has admitted, will result in the destruction of 3,000 rental units built mostly in the 1960s currently housing 6,000 people. The immediate issue is 6 buildings which are to be `renovated` which have 400 units and 600 people living in them. The developers prefer the terms `renovated` so thyey can get out of paying the required 2 months rent in compensation. The city has also acknowledged that much of these units will be replaced by condo highrises and the rest by apartments with rents averaging 2 to 3X higher than what is currently charged. This in a city with a rental vacancy rate of under 1% and Burnaby itself already has the 3rd highest rental rates in Canada.

Scandalous! This is of course Vancouver where developers rule with impunity so is hardly surprising. It`s reasons like this why Vancouver in the last CMA estimates is now one of the slowest growing Metros in the country and BC is the only province in the country where it`s largest Metro is growing slower than the provincial average.

osmo · #**8788** Posted **Apr 22, 2018, 6:57 PM**

Quote:

Originally Posted by ssiguy

This is what Vancouverites are up against throughout the region where developers fund re-election campaigns:

There is a long term plan by Burnaby City Hall to `rezone` Metrotown which, as the city has admitted, will result in the destruction of 3,000 rental units built mostly in the 1960s currently housing 6,000 people. The immediate issue is 6 buildings which are to be `renovated` which have 400 units and 600 people living in them. The developers prefer the terms `renovated` so thyey can get out of paying the required 2 months rent in compensation. The city has also acknowledged that much of these units will be replaced by condo highrises and the rest by apartments with rents averaging 2 to 3X higher than what is currently charged. This in a city with a rental vacancy rate of under 1% and Burnaby itself already has the 3rd highest rental rates in Canada.

Scandalous! This is of course Vancouver where developers rule with impunity so is hardly surprising. It`s reasons like this why Vancouver in the last CMA estimates is now one of the slowest growing Metros in the country and BC is the only province in the country where it`s largest Metro is growing slower than the provincial average.

I agree that you shouldn't be removing older rental stock but where else is Burnaby going to up zone but within the radius of the Skytrain and adjacent developments?

Now that Canadian cities have used up their brownfield sites, and have curbed sprawl there are now struggling with how to introduce density in established areas.

Where are you going to build the housing if this area isn't sufficient?

whatnext · #**8789** Posted **Apr 22, 2018, 7:14 PM**

Quote:

Originally Posted by osmo

I agree that you shouldn't be removing older rental stock but where else is Burnaby going to up zone but within the radius of the Skytrain and adjacent developments?

Now that Canadian cities have used up their brownfield sites, and have curbed sprawl there are now struggling with how to introduce density in established areas.

Where are you going to build the housing if this area isn't sufficient?

Did you know Burnaby has no requirement to replace demolished rentals, as Vancouver does?

That would be a start. It's hilarious and pathetic that Corrigan tries to paint himself as "progressive" yet turfs lower income people out of their homes to build highrises for the rich. Horgan needs to tell his buddy that's not acceptable. It's bad enough that rental replacement is never as cheap as the older stock it replaces, but to have nothing at all is disgusting.

SpongeG · #**8790** Posted **Apr 22, 2018, 8:51 PM**

• Video Link

Pinus · #**8791** Posted **Apr 22, 2018, 9:30 PM**

Quote:

Originally Posted by whatnext

Farmland, presale condos and commercial real estate, not covered by foreign buyers taxes.

Right, but I was meaning more of where else in the country are they running to, outside of BC?

GeneralLea · #**8792** Posted **Apr 22, 2018, 11:32 PM**

Damn....this video brings up some interesting points.....I'm surprised to see Cosmos Condos cancelled but it's more understandable with how developers are. It'll be interesting if we see some projects chopped down with floors due to sales.

It'll be crazy to see prices spike again in a couple years.....hell Vancouver and Toronto should someday have some micro apartment buildings going up. Montreal already has one proposed.

osmo · #**8793** Posted **Apr 23, 2018, 12:11 AM**

^^^^

If I recall the Ontario building code makes "micro apartments" difficult to build as there are minimum size they require. What I've even seeing is the trend of making "chic" rooming houses and marketing at as "Co-living". You can only get away with that in certain areas in Toronto near University of Toronto for example in the trendy Annex area.

GeneralLea · #**8794** Posted **Apr 23, 2018, 1:00 AM**

Yes, I've heard of those areas of the city where co-living does occur. I'm not really a fan of the micro apartment style, but it's interesting to see how it's utilized in some cities.

SpongeG · #**8795** Posted **Apr 23, 2018, 1:02 AM**

Vancouver has a few buildings that were converted to micro apartments.

p_xavier · #**8796** Posted **Apr 23, 2018, 5:14 PM**

Quote:

Originally Posted by osmo

^^^^

If I recall the Ontario building code makes "micro apartments" difficult to build as there are minimum size they require. What I've even seeing is the trend of making "chic" rooming houses and marketing at as "Co-living". You can only get away with that in certain areas in Toronto near University of Toronto for example in the trendy Annex area.

I was leasing a 278sf unit in Centropolis in Ottawa. There were even smaller condos...

p_xavier · #**8797** Posted **Apr 23, 2018, 5:19 PM**

Quote:

Originally Posted by GeneralLeeTPHLS

Yes, I've heard of those areas of the city where co-living does occur. I'm not really a fan of the micro apartment style, but it's interesting to see how it's utilized in some cities.

I actually love them for weekdays, no need for much cleaning but I agree that it's not for everyone.

Plus I like to highly optomise my living environment. Even my house is not really big at ~450sf per floor. My loft is 720sf divided on two storeys. The condo I'm leasing out in Ottawa is 600sf.