“No problemo. 69 per cent of the condo tower is pretty stable.”

Downtown Vancouver

“Only 31 per cent of sales have been to first-time buyers, or new immigrants from offshore, so 69 per cent of the market is pretty stable.”
– Bob Rennie, local condo salesman, as quoted in ‘Vancouver real estate moguls unfazed by axed immigration program for millionaires’, Kate Webb, Metro, 12 Feb 2014

[A post from beyond the grave. This is a one-off post-death ‘rattle’. Keep well all. – ed.]

30 responses to ““No problemo. 69 per cent of the condo tower is pretty stable.”

  1. Rennie’s “logic” seems to be that if you already own real estate you are more financially stable than someone who doesn’t. He forgets that those first homes are not all paid for, and that most homeowners have substantially all of their capital tied up in them. In a crunch, the second homes will be the first to go.

  2. glad to see you back

  3. Welcome Back!

  4. Thank Gawd!!!!

  5. Just worked it out, as to why the city was awash with foreign cash buyers. They were getting what’s called “shadow loans” $800k in china against Hong Kong properties that coincidentally doubled in value in the last 5 years. Then they ported the $800k loan to Canada for their upcoming immigration, by buying an investment home for up to $1.6 million by giving the $800k immigrant loan as security for a Canada Bank mortgage. The rental income “in theory” then pays back the China loan sharks interest and Canada Bank, as long as its all going up!!!

    • The city still will be awash with foreign cash. Remember, he who controls the spice, controls the universe.

      http://www.news1130.com/2014/02/19/ottawa-to-reintroduce-revamped-immigrant-investor-program/

      My condolences to those who acted immediately on the most recent gov’t actions. As I mentioned in a prev post, these morons should just stay out of everyone’s way and let markets do what they do on their own.

      • I wouldn’t get your hopes up too much, this program is going to be piloted so it won’t be in large numbers to start, and it sounds like a bit more involved than a convo with HSBC’s wealth management division about the “investment”. Also potentially problematic is the residency requirement and, I would assume, regular checkups with the parole officers during the tenure. Not good for business (if such business is out of the purview of the CRA).

        The IIP cancellation is one of those finesse moves; in reality I expect the votes the CPC covets will be unaffected by this announcement. “Community leaders” may feign or exude concern over its cancellation but from what I see it’s mostly political posturing, with a side of irate Realtor and luxury car dealer. I can put my ear on the ground, do a quick sanity check on the means by how the majority of immigrants to Canada — let alone from China — arrived, and convince myself there isn’t much downside from the polling point of view.

  6. Vancouver’s economy is not stable

  7. pffft! … thread needed some garnish … http://tinyurl.com/knx76d7

  8. Real Estate Tsunami

    This blog is becoming a joke.
    VREAA either come back full time shut the blog down.

  9. who cares how often vreea makes a post, they’ll come back when they can

  10. It’s great news. I think there will be a slight slowdown initially. But the market will pick up pace gradually.

    • “Yeah, I think the market is going to take a breather before heating up again. Great time to get off the sidelines and onto the property ladder. Start building equity. Vancouver prices are only going to go up, because we have mountains and water. And of course, we’re the best place on earth.”

      – Typical Vancouverite

  11. lol deffinitly needed some garnish namean? http://tinyurl.com/lk25rt4

  12. whipmaster~kerthwack

    Keep whishing….or should I say “swooshing”? 🙂

  13. PIMCO: “Canadian Housing Correction Starts This Year”

    http://www.huffingtonpost.ca/2014/03/03/house-prices-canada-pimco_n_4890376.html

  14. whipmaster~kerthwhack

    This is a very funny gif that about sums up what the market has done “did” to you real estate bashers.

  15. I’m a bull. But when people earn $100k before tax, and cannot afford a shoebox due to devious market manipulations, whilst owners are getting a 2% rental return IF they’re lucky, I’m a baying hound.

  16. whipmaster~kerthwhack

    me too. it’s not right.

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