Vancouver's Real Estate Market

[R. Mutt]

This was an interesting read some may enjoy. Marc Cohodes interview about real estate in Toronto and Vancouver.

https://betterdwelling.com/city/toro...n-real-estate/

[Gululu]

so many lots are poping up but not on MLS

[Ch28]

Premier says BC ending self-regulation of real estate industry

Premier says BC ending self-regulation of real estate industry - NEWS 1130

VANCOUVER (NEWS 1130) – The province has dropped the hammer on the BC real estate industry.

Premier Christy Clark says the industry had 10 years to self-regulate itself and failed to do so.

She called the practice a privilege, not a right.

The government also accepts the recommendations of the independent advisory group and will:

• Establish a dedicated superintendent of real estate, who will take over the council’s regulation- and rule-making authority to carry out the changes required to restore public confidence.
  
• Reconstitute the Real Estate Council with a majority of public-interest, non-industry members.
  
• Implement the recommended penalties, as well as increased fines for unlicensed activity and other offences.
  
• Allow for commissions from licensees engaging in misconduct to be taken back to the council.
  
• Make the managing broker responsible for ensuring the owner of the brokerage does not engage in the business of the brokerage if the owner is not a licensee.
  
• No longer permit licensees to offer dual agency representation.

[Jmac]

First thought is too little, too late.

[Manic!]

Originally Posted by R. Mutt

This was an interesting read some may enjoy. Marc Cohodes interview about real estate in Toronto and Vancouver.

https://betterdwelling.com/city/toro...n-real-estate/

That was a good read.

My buddy bought a house in Langley last year for just under 800K. Houses in his neighborhood are now selling for around 1.2 Mill. He want's to sell his house and move back to Nanaimo and live pretty much mortgage free and not have to commute 2.5 hours for work.

[Gululu]

10-5531 Cornwall Drive,Richmond

listed for 1.2 / sold at 1.422
on market less than 2 days

26 year old townhouse in richmond.

[R. Mutt]

Originally Posted by Gululu

so many lots are poping up but not on MLS

You post a question about window screens in a real estate thread and get failed because you're too lazy to do so in the correct section. So you retaliate by failing me when I post a topic appropriate link? Common sense isn't so common for you Gululu. What does that have to with the link I posted? We aren't talking about how many "lots are poping [sic] up." The article talks about betting against the housing market. IE a crash.

You're the kind of fucking idiot that makes RS a difficult place to have an adult discussion and why I seldom bother posting. The funny part about little cunts like you is that you're so insecure about yourself that you need a place like RS to spread your misery because no one wants anything to do with you in the real world. Actually, you DO keep company with people like the tasteless clowns of mm-design and vccc. Them and anyone else born with a silver spoon to feed that sense of entitlement in their mouth.

See cock sucker, there's a fundamental different between you and I that's clear as day. You and your idiot friends value materialism and that is why you can't find a common denominator with anyone outside your circle. You can tell a lot about a person based on who they surround themselves with. For example while we both like cars, we enjoy them for completely different reasons. You love cars because they represent status to you, this is reflected in the company you keep as well.

I love cars for the performance, not badge on the trunk or the pedigree. I can safely say the same for my automotive friends.

Story Time Everyone!
We all know Gululu loves posting pictures of his mainland crew aka mm-design and vccc. Well a bunch of these ass clowns were part of the 2016 Diamond Rally (as usual). One of Gululu's mainlander "friends" with a 918 spyder didn't want to race my friend's modified GT-R (aka wankeldude). Imagine, we're at an event to raise money for a good cause and have fun in the process. We have an open runway in Pemberton to run the cars and there's open gossip from both the organizers and participants about the 918 racing the GT-R yet he refused to race a daily driven GT-R for fear of embarrassment in front of everyone present. Fact's are facts...it would be a good race given the specs of both cars, but the 918 driver wasn't having it simply because he didn't want to be beaten by a car that cost a fraction versus his.

It's only because one of our friends casually walked in front of the Ferrari he wanted to race, "accidentally" blocking it and allowed the GT-R to slip in line, that the race even happened. I can't tell you how entertaining it was to see his ego destroyed as the GT-R put multiple lengths on the 918.

The point is if you're looking for status you're on the wrong forum cunthole. Go jerk off one of your friends. If you want to live in Canada stop glorifying China and wealth all the time. There is more to life than money and status. We get it dude! You are proud to be Chinese! You love the market the way it is! You think the mass influx of foreign investment is a great thing and housing prices are just fucking awesome!

We're all from somewhere else and proud, but we live here now so why don't we find some common ground moving forward instead of putting yourself on a pedestal like you're better than everyone. However rich you think you are there is someone wealthier. However fast your car is, there's is always someone faster.

If you feel the need to lash out and retaliate Gululu go for a drive somewhere other than Robson and Alberni. Maybe visit a track some time and make some real friends. Try not being such an ignorant prick all the time and maybe you'll find some authenticity in your life.

[Traum]

^^ Great post, but me thinks it is falling on deaf ears.

[Gululu]

Originally Posted by R. Mutt

You post a question about window screens in a real estate thread and get failed because you're too lazy to do so in the correct section. So you retaliate by failing me when I post a topic appropriate link? .

i failed u because that article u posted will mislead people and give others false/biased information that could severely hinder a person / family's decisions. you don't have to take it so personaly. I wasn't targeting u but more so to the fact that the article is complete shit and holds absolutely no weight.
in todays world housing commodity is the only asset that protects against currency devaluation, no securities even come close to real estate.

[R. Mutt]

While I can agree with you in saying that real estate is generally a solid investment that's certainly not always the case as evidenced by the US market crash in 2008. I lived in NY for seven years and saw first hand what happened to the housing market when it all came crashing down. Sure Vancouver is one of those few places in the world like HK, Manhattan, London et al where there's only so much space and property will always be worth a decent penny but a bubble is a bubble and it will happen when the major markets take a dive and the chips get called in.

[quasi]

Originally Posted by R. Mutt

You post a question about window screens in a real estate thread and get failed because you're too lazy to do so in the correct section. So you retaliate by failing me when I post a topic appropriate link? Common sense isn't so common for you Gululu. What does that have to with the link I posted? We aren't talking about how many "lots are poping [sic] up." The article talks about betting against the housing market. IE a crash.

You're the kind of fucking idiot that makes RS a difficult place to have an adult discussion and why I seldom bother posting. The funny part about little cunts like you is that you're so insecure about yourself that you need a place like RS to spread your misery because no one wants anything to do with you in the real world. Actually, you DO keep company with people like the tasteless clowns of mm-design and vccc. Them and anyone else born with a silver spoon to feed that sense of entitlement in their mouth.

See cock sucker, there's a fundamental different between you and I that's clear as day. You and your idiot friends value materialism and that is why you can't find a common denominator with anyone outside your circle. You can tell a lot about a person based on who they surround themselves with. For example while we both like cars, we enjoy them for completely different reasons. You love cars because they represent status to you, this is reflected in the company you keep as well.

I love cars for the performance, not badge on the trunk or the pedigree. I can safely say the same for my automotive friends.

Story Time Everyone!
We all know Gululu loves posting pictures of his mainland crew aka mm-design and vccc. Well a bunch of these ass clowns were part of the 2016 Diamond Rally (as usual). One of Gululu's mainlander "friends" with a 918 spyder didn't want to race my friend's modified GT-R (aka wankeldude). Imagine, we're at an event to raise money for a good cause and have fun in the process. We have an open runway in Pemberton to run the cars and there's open gossip from both the organizers and participants about the 918 racing the GT-R yet he refused to race a daily driven GT-R for fear of embarrassment in front of everyone present. Fact's are facts...it would be a good race given the specs of both cars, but the 918 driver wasn't having it simply because he didn't want to be beaten by a car that cost a fraction versus his.

It's only because one of our friends casually walked in front of the Ferrari he wanted to race, "accidentally" blocking it and allowed the GT-R to slip in line, that the race even happened. I can't tell you how entertaining it was to see his ego destroyed as the GT-R put multiple lengths on the 918.

The point is if you're looking for status you're on the wrong forum cunthole. Go jerk off one of your friends. If you want to live in Canada stop glorifying China and wealth all the time. There is more to life than money and status. We get it dude! You are proud to be Chinese! You love the market the way it is! You think the mass influx of foreign investment is a great thing and housing prices are just fucking awesome!

We're all from somewhere else and proud, but we live here now so why don't we find some common ground moving forward instead of putting yourself on a pedestal like you're better than everyone. However rich you think you are there is someone wealthier. However fast your car is, there's is always someone faster.

If you feel the need to lash out and retaliate Gululu go for a drive somewhere other than Robson and Alberni. Maybe visit a track some time and make some real friends. Try not being such an ignorant prick all the time and maybe you'll find some authenticity in your life.

[yray]

RS is serious business

[westopher]

SHIT R. Mutt mad......and R. Mutt never mad.
Gululu can make even the calmest people explode at his amount of retard.

[Nlkko]

That was like a KO with a K. No coming back.

[UFO]

Originally Posted by Gululu

i failed u because that article u posted will mislead people and give others false/biased information that could severely hinder a person / family's decisions. you don't have to take it so personaly. I wasn't targeting u but more so to the fact that the article is complete shit and holds absolutely no weight.
in todays world housing commodity is the only asset that protects against currency devaluation, no securities even come close to real estate.

There's merit to what you are saying regarding the article. Shorting anything is extremely risky even with access to all the data. only reason that guy can do it is because he's loaded and has the capital to bet. If he's wrong he loses a few bucks but is still filthy rich. If he's right, he becomes even richer, as if he needs to be. If it was so easy to make money on, everybody would be doing it.

[UFO]

Originally Posted by R. Mutt

It's only because one of our friends casually walked in front of the Ferrari he wanted to race, "accidentally" blocking it and allowed the GT-R to slip in line, that the race even happened. I can't tell you how entertaining it was to see his ego destroyed as the GT-R put multiple lengths on the 918.

Entertaining read. No offense, but sounds like your crew were being a douchey. So buddy doesn't want to race, move on along. What's the point of 'forcing' somebody to race just to prove a point, in the name of fun, especially when racing either car just consists of engaging launch control and mashing the gas. Once again I wasn't there, and my opinion was formed solely on what you wrote. Life is too short and precious to waste proving a point for no real particular reason.

[Timpo]

'We are going to end the right of the B.C. real estate sector to self regulate,' premier says
"The real estate sector has had 10 years to get it right and they haven't."
By Jason Proctor, Karin Larsen, CBC News Posted: Jun 29, 2016 12:25 PM PT Last Updated: Jun 29, 2016 1:31 PM PT

'We are going to end the right of the B.C. real estate sector to self regulate,' premier says - British Columbia - CBC News


B.C. Premier Christy Clark promised to crack down on the real estate practice of 'shadow flipping,' at a Friday morning announcement in Vancouver's Stanley Park. (Rafferty Baker/CBC)

B.C. Premier Christy Clark says the government is ending self regulation for the B.C. real estate industry.

"The real estate sector has had 10 years to get it right on self regulation and they haven't," said Clark at a Vancouver new conference.

Clark said the right to regulate the industry will be taken away from the Real Estate Council of B.C.and put into the hands of a newly established and dedicated superintendent of real estate.

"The point of regulation is to protect people, to protect consumers," she said. "Self regulation is a privilege."

The announcement comes a day after a special advisory group issued a damning report on a decade of self regulation, which recommended several measures, including raising maximum fines for misconduct from $10,000 to $250,000 for agents.

The panel made 28 recommendations aimed at recognising the public interest, but they were not asked to consider independent regulation.

In announcing the move towards an independent regulator, Clark said the plan was part of a series of steps her government will be making towards addressing what has been viewed as a crisis of both affordability and speculation in the real estate market.

She said the hiring process for a new superintendent of real estate has already begun. The position of Real Estate Superintendent currently exists, but is one of several titles held by the head of the Financial Institutions Commission of B.C.

"It is primarily important that we protect consumers," she said. "But the role of the real estate council and regulation is also to protect the vast majority of realtors who are honest, hard working people from having their reputations tarnished by a few shady operators."

Allegations of questionable practices in the industry have been growing in B.C.'s hot market, including those of real estate agents "double-ending" deals in which an agent represents both buyer and seller and reselling or '"shadow flipping" contract assignments without the homeowner's knowledge

Speaking shortly before Clark's announcement, Finance Minister Michael de Jong said the public was right to ask why the industry should still have the right to self-regulate.

The issues of housing supply and real estate regulation promise to be crucial ones with an election looming in B.C. next year.

Clark said the government plans to introduce a number of measures to address both concerns in the coming months, focusing on increasing housing supply, helping first-time home buyers get into the market and "making sure that the dream of home ownership in British Columbia remains in the realm of possibility for the middle class."

[Ludepower]

Doomsday predictions by people who dont live here have no merit.
When the crash ever comes. The 50 buyers crammed in an elevator looking at a 600sq downtown condo will still be buying. Or the Pre-sale condos sold out in the first day to employees and realtors before the public has access to it will still sell like hotcakes.
Our situation is unique and doesn't follow your typical economics 101 class.

Make more money or accept living past the port mann bridge.

[Mr.C]

Speaking of living past the Port Mann bridge, prices in Surrey are going nuts.

[Timpo]

OK WTF???

I was wondering about Richmond's average income stats, because I know it's virtually impossible to find a house for less than $1 million in Richmond + bunch of Chinese kids driving Ferrari, Maserati and Lamborghini....or maybe AMG, Audi, Lexus, BMW at worst.

So I went on City of Richmond's website to get some facts, here's the result:
City of Richmond BC - Demographic Facts

Richmond Residence's Salary:
Median Income $23,694(Total Income) $22,599(After Tax Income)
Average Income $35,055(Total Income) $30,323(After Tax Income)

Something is NOT adding up...I thought for sure that average will be in 6 figure for sure.
I don't doubt some(or many) of Richmond residence are making 7 figure salaries.

[ImportPsycho]

You seriously asking why?
My co worker makes $32k year. Owns 2 condos in Richmond, drives $100k+ range rover, paid full in cash.
There is no secret, it's his father in China.
I always joke around why he works here, clearly he doesn't need to work.

[FerrariEnzo]

I wished my parents where rich mainlander

[4444]

Originally Posted by FerrariEnzo

I wished my parents where rich mainlander

but not any longer?

[Nlkko]

Originally Posted by Ludepower

Doomsday predictions by people who dont live here have no merit.
When the crash ever comes. The 50 buyers crammed in an elevator looking at a 600sq downtown condo will still be buying. Or the Pre-sale condos sold out in the first day to employees and realtors before the public has access to it will still sell like hotcakes.
Our situation is unique and doesn't follow your typical economics 101 class.

Make more money or accept living past the port mann bridge.

Here is investment 101: crash is caused by more sellers than buyers. In any crash situation, you wont see 50 buyers in an elevator. That is why price crash. More buyer than seller, there is no crash and price keep going up.

[CorneringArtist]

Originally Posted by R. Mutt

You post a question about window screens in a real estate thread and get failed because you're too lazy to do so in the correct section. So you retaliate by failing me when I post a topic appropriate link? Common sense isn't so common for you Gululu. What does that have to with the link I posted? We aren't talking about how many "lots are poping [sic] up." The article talks about betting against the housing market. IE a crash.

You're the kind of fucking idiot that makes RS a difficult place to have an adult discussion and why I seldom bother posting. The funny part about little cunts like you is that you're so insecure about yourself that you need a place like RS to spread your misery because no one wants anything to do with you in the real world. Actually, you DO keep company with people like the tasteless clowns of mm-design and vccc. Them and anyone else born with a silver spoon to feed that sense of entitlement in their mouth.

See cock sucker, there's a fundamental different between you and I that's clear as day. You and your idiot friends value materialism and that is why you can't find a common denominator with anyone outside your circle. You can tell a lot about a person based on who they surround themselves with. For example while we both like cars, we enjoy them for completely different reasons. You love cars because they represent status to you, this is reflected in the company you keep as well.

I love cars for the performance, not badge on the trunk or the pedigree. I can safely say the same for my automotive friends.

Redacted the story to prevent a long quote but....