Vancouver’s Housing Market Not Crashing, Just Frozen, Says Realtor

“We need to recognize that living in a great place may just be more expensive than some people want it to be.” [6:30]
For this and lots of similar material, watch the Video from BNN 12 Sept 2016

The headline reminds us of Stevie Smith’s ‘Not Waving but Drowning‘. -vreaa

76 responses to “Vancouver’s Housing Market Not Crashing, Just Frozen, Says Realtor

  1. “We need to recognize that living in a great place may just be more expensive than some people want it to be.”

    Typical realtor sanctimony.

  2. frozen = crashing

    • Tell me El Ninja, why can’t I buy my dunbar bungalow for a million bucks yet? I am not asking for a lot, just a simple bungalow in a good school zone. When will I be able to do that? The day I am able to do that, I will be so happy I will send you a post card to say thank you.

  3. The monthly absorption rate is crashing in Vancouver (down to Calgary levels of under 30% and declining). It’s also seasonal.

    Toronto is a different story where the MAR is pushing 100% !

    The test will be 1Q 2017

  4. what kind of market goes no bid at the top?

  5. Define “living in a great place”.

    François Hollande’s 24yo daughter, Flora Hollande, is a renter!!
    She tried to rent online a 40m2 apartment in the center of Paris at a monthly rent of 1,200 euros, and lost 2,400 euros to the scammer.

  6. Ah yes, the “deal with it” angle. While true to a degree, I hope at least the humblest amongst us knows we don’t know how far the ground is from our current perch on cloud nine.

  7. Phuc dat.

    Why should I leave just because everyone else sucks?

  8. “10% correction” coming for Vancouver. Wow. Call the mayor.

    This is what “analysts” do who are more interested in covering their a** than in pursuing the truth. They make timid predictions. Hedge their bets. If the market goes down more than 10%, he will be “right” because, at some point on the downward trajectory, it will indeed be down 10%. Kind of like a broken clock: it’s right twice a day. If the market doesn’t go down, or perhaps even rises, some new, unforeseeable factor will be identified to which the result may be attributed. Win-win for the analyst, totally useless for the investor.

    • Going down “just” 10% means a massive crater in the place of where sales normally are. And that brings us back not even a year. If prices are truly as high as they say, it will be a fun show to watch.

  9. 3236 School Ave – one of the highest elevations in Vancouver – easy shopping; near Skytrain: underpriced by $200K – hasn’t been on the market forever. Agent humping the seller.

  10. 764 29th E Ledmac townhouse: overpriced by $200K. Staged ugh.

  11. 302-2635 Prince Edward: sold Apr. ’08 for $697K – last assessed at $764K. Glacial appreciation. Now listed at $1.199.9. Miles better than the Ledmac townhouse – view, location, concrete construction – also overpriced by $200K.

  12. David EBY: Press conference on
    ~ Canadian banks offering million-dollar mortgage loans to people with no sources of income
    ~ foreign international students and housewives flipping million-dollar houses

  13. this is the best election ever!

  14. SFU – Mapping the Hedge City — Vancouver and Global Capital

    Date: Friday, September 23, 2016, 5–8:30 pm

    Twenty years ago, geographer David Harvey described London’s redeveloped Docklands as a “landing strip for capital” from investors around the world. Today, Vancouver has joined London, New York, Sydney and other nodes of a world network of “Hedge Cities”—places to buy real estate to store capital as insurance against an uncertain future. How are cities and public policy reshaped by a world of transnational investment?

    Regular Admission: $5. Buy tickets on Eventbrite. Students are free with valid student ID but must reserve seats on Eventbrite.

    Webcast: Free but reservations required. Reserve for webcast on Eventbrite.

    Twitter: Comment and ask questions at #HedgeCity

    Venue: Room 1900, SFU Vancouver (Harbour Centre), 515 West Hastings Street, Vancouver

  15. (Developed World) stoking the bubble

    Real Estate asset price targeting by Central Banks inevitably leads to gaming of the system by investors

  16. 5508 Chester St – underpriced by a quarter mil – unless there’s something catastrophically wrong with the house.

  17. The upside-down home buying process, and drama!

  18. 4204 Penticton – an exclusive listing with the Klein Group – sign’s been up for weeks but there’s nothing on the net. Last sold in ’07 for $618K.

    Its c.1913 neighbour at 4210 sold Feb. 2015 for $750K – seemed like crazy money at the time – so close to Skytrain that you could hit it with a potato from the front yard. That Open House was crawling with people.

    It’s an odd little cul-de-sac – the Skytrain providing a jarring disturbing background noise. It’s esp. odd, given the general paucity of SFD listings, that this tiny block has four agents’ signs. People want out.

    • It took eight years (2005-2013) before anyone noticed that the suspect was money laundering after gambling A$850 million at Crown Casino. The suspect, an Australian citizen, has used multiple identity documents, including six different Australian passports
      A Fremont (CA) house purchased in 2009 for US$1.7 million was seized along with three other properties in 2013

      “High-stakes gambler Dan Bai Shun Jin, (allegedly turned over more than $850 million at Crown Casino),
      is under investigation by the Internal Revenue Service in the United States and Australian Federal Police over suspicions he was involved in large-scale illegal money laundering at casinos in Australia, the US, Macau and Singapore.”

    • “House @Dieppe Pl/Dr, E. Van, where a couple bodies found, was purchased in 2014 for $930k by a BC numbered company with a registered address of a South Granville home. Source did not disclosed the owner’s name other than his race”

    • [CBC] – New affordable housing advocacy group holds vocal Vancouver rally
      Housing Action for Local Taxpayers — HALT — formed by residents turned activists

      …”Housing Action for Local Taxpayers is a new advocacy group pushing to solve Metro Vancouver’s long-standing housing problem — and it appears to be attracting people ready to mobilize on the streets.

      “How many out here are attending your first rally because you’re so angry about the state of housing affordability?” Justin Fung asked the crowd of about 200 people at the group’s rally in front of the Vancouver Art Gallery Saturday afternoon.

      “We’re trying to bring fairness back for local citizens for local tax payers, people who work and live and contribute to the city.”…

    • Out of 34 fugitives that returned to China to date, 9 were from Canada.

    • China, Canada sign treaty to return fugitives’ assets in fraud and corruption cases
      “If the source of ill-gotten gains cannot be verified, the two nations will share the assets.”
      “This is a strong signal for the criminals that countries overseas are no longer a safe harbour for their criminal gains. Do not have the illusion that their family can still sit on the mountain of silver and gold after suspects are caught,” Sun said.

  19. Beijing Municipal government is to abolish their “BIIP (Beijing Investor Immigration Program)” introduced in 2001, offering their citizens who are selected private entrepreneurs (from out-of-Beijing area), their spouses and children the Beijing resident permits. …. favour of a point system.

    “New regulations for permanent Beijing resident permits announced”
    “On Aug. 11, Beijing Municipal government unveiled a new set of regulations for permanent Beijing resident permits based on a point system, which will be put into effect on Jan 1, 2017.”

    • Beijing Houkou Reform, more details released:
      ~ under the new policies, it will no longer distinguish agricultural from non-agricultural resident permits
      ~ researchers’ resident permits will follow wherever their jobs take them to

      30 provinces to abolish agricultural resident permits,
      integrating both agricultural and non-agricultural resident permits in to one type of Resident Permit.
      However, each province including Beijing, will have its own Houkou Reform policies.

  20. That $100,000 Painting Bought to Flip Is Now Worth About $20,000

  21. VREAA:

    I just discovered you were back! Awesome. I’m going to have to keep checking in to see how things go.

    While I’m here I’ll throw a little red meat to the troops:

    This market has been very very good to a lot of sellers who cashed out. It still holds out the possibility of making a lot of current homeowner’s [retirements/estates/other financial goals] much more attractive than they had previously planned. In short, we hear a lot from people who can’t buy, but not a lot from people who benefit from high prices (and believe me, sellers benefit way more than greedy, rapacious, sociopathic realtors).

    Further, with low rates and big mortgages it’s going to be tough to see any big price drops accompanied by high volumes of sales. With the recent changes in prices we’ve already got many recent entrants to the market likely 100% or 100%+ mortgaged. They can’t sell if they can’t clear title.

    It’s a long long way back to fundamentals or to the mean. I don’t see it happening anytime soon.

  22. 43 Malta Place can now be considered to have a stigma – like the house where serial killer Paul Bernardo and doting wife committed atrocities. This house has been torn down.

    In some jurisdictions the seller/agent is legally required to disclose this material fact. Not in BC.

    Odds are if you get some no listings self-promoting jackass Rob Shitman – you won’t be told.

    You might think – so what – but if you’re planning to live there – the frightening history will play heavily on your mind … which rooms were the murder scenes … where was the child hiding. Horrific.

    Almost as horrific as dealing with no listings self-promoting agent shitmen.

  23. 5883 Dumfries: sold less than 11 months ago for $920,800. – listed for $1.35M – up $429,200. Property has peat moss. Bonus.
    Rare to see a house with a gambrel roof.

    • Stop spamming.

    • Listed since Dec 14, 2015 at $1.35M. No price reduction. Peat bog – no thanks.

      • So – the buyer relisted after just 6 weeks of ownership hoping to flip …? If so it turned into a flip fail.

        Maybe the agent snuck in a one year listing agreement – expecting the seller to buckle.

        After all this time the price is starting to look attractive – but for the peat. Amazing to think that the old house has been sitting on this since 1912. Curious to see inside.

    • [G&M] – Chinese agents enter Canada on tourist visas to coerce return of fugitive expats

      …”China’s security services have been sending undercover agents into Canada on tourist visas to strong-arm expatriates to return home, including some suspected of corruption and other criminal activities.

      The secret Chinese visits have raised concern among lawyers and prompted investigations by the Canadian Security Intelligence Service and the RCMP, even as the Trudeau government begins negotiations for an extradition treaty with China.

      According to an insider briefed on China’s secret-agent operation, the Chinese moved to tactics that include threats and intimidation because they were “ticked off” at Canada for “not being willing to send people back the instant they asked” and for dragging its feet on an extradition treaty.”…

      • It is not a good tactic as far as international relationships are concerned. However, I can’t say I really blame the PROC gov’t in this cases. Look at Lai Changxing case. That one dragged on almost a decade and Chinese gov’t have to promise non-capital punishment to get him back. Most of the people targeted by such operation are all serious offenders who is likely to face death penalty or very harsh punishment. They could easily drag the extradition (even with treaty) for years by claiming various ground like death penalty and such.

        In a way, Canada is protecting the hardcore criminals from their home countries by insisting on no death penalty, no cruel & unusual punishments (eg. lashing in Saudi Arabia / Singapore / etc) which are generally reserved for the worst of the worst. Is it any wonder that rich hardcore criminals are flocking to Canada instead of say US? Even with extradition treaty, that no death penalty thing apply.

    • Fraudster (MaFang Liu) who stole 34 million yuan, repatriated from KL Malaysia and arriving at Shanghai China on the morning of September 21.

    • France repatriates first Chinese fugitive since extradition treaty with Beijing

    • New Zealand approves first extradition to China

    • Singtao Vancouver: Jiang Qian (Red alert wanted list, No 65) voluntarily departed Canada for China to turn himself in to authorities.

      MingpaoCanada: Zeng Ziheng (Red alert wanted list, No 57) ditto

  24. So any word on what Qu’s mom got for her case? Is Qu a liability for Gregor now and he might have to dump her for an even younger but likely less successful model?

  25. This peat bog thing is fascinating. Engineering map indicates that the listing 3234 Adanac is on a bog and – bonus – soil with liquefaction potential.

  26. “Chinese tourists seem to be packing more than just sunscreen and cameras on vacation. The data discrepancy suggests they’re also shifting cash by buying homes while studying abroad, signing up for life insurance products in Hong Kong, or opening deposit accounts to squirrel money offshore, Setser said. That’s bad news for the global economy.”

    “Chinese property developers such as Greenland Hong Kong Holdings Ltd., Country Garden Holdings Co., and China Evergrande Group have been bulking up their online finance businesses, offering loans and other financial products to retail investors as a way to drive revenue, diversify their business, or repay debt.”
    “The deviation from the core real estate business and the opaque nature of internet finance worry us.”

    • Barely six weeks ago Nanjing city raised the down payment for a second home to 50% of purchase price, a new rule released on the 25th to take effect immediately the following day (the 26th) is barring those already own two or more houses from purchasing more new housing units.
      This should deter scalpers from the overheated residential market.

      • rod_jonsson_pmd

        you know, they (and everyone else) are finding out what happens if you make credit freely available … it’s ultimately destructive … and the way out is to stop doing that … which will happen anyway when the apparatus implodes on itself

      • Can’t refute that. Perhaps it is complicit and intentional.

    • Hangzhou city open for sale on September 24
      “The spree was prompted by the new restrictions on Monday (the 19th) which prevent people born outside Hangzhou from buying more than one property.”

      Hangzhou announced the new measures restricting non-residents from owning more than one housing unit on the 18th, to take effect the following day (19th). But one day before that, 5105 units were sold, with some developers hand-carrying POS machine to their buyers in Shanghai to complete the sales.

    • Following the latest home-purchase restrictions barring “non-residents” from owning more than one home and “residents” from more than two homes,
      Nanjing residents divorce in droves and thronge the Property Registry offices. (16 photos)

      • On September 27th, the second day after the new home-purchase restrictions came into effect. Nanjing Property Registry was jam-packed still. Since personal attendance is required to validate the necessary legal documents with her thumbprint, a sickly old lady made it lying down.

      • They are pulling the rugs out !!!
        Effective October the 1st, Nanjing suspends the practice allowing their residents to transfer their provident funds to the banks to cover shortfall in housing loans, and at a favorable/subsidized loan rate.

        We are still waiting for PM Trudeau’s promise to let us dip into our RRSPs as a down payment on a home.

    • Shenzhen city. Gone in one morning.
      Built in 2004, renoflated by an investor-developer and resold.
      6 “birdcage” apartments each measuring around 6m² (6 sq M) sold for an average price of 900,000 yuan (approx. C$175,000), with kitchen and bathroom located in a common area thrown in as a gift from the seller.
      The local authorities classify these “birdcage” apartments as non-residential. Wonder what is the tax implication, when there is no residential property tax yet.

    • Tianjin becomes the 5th city to restrict non-residents from owing more than one residential property..

      Beijing authorities tighten mortgage rules. House-owners, who wish to purchase a second residential property; must cough out a down payment of 50% minimum.

    • Shenzhen and Guangzhou cities initiate further mortgage measures, requiring home-owners who wish to acquire a second residential property to dole out a down payment of not less than 70% among others.

  27. 3312 Church St, renoflation: bought 01/Mar/2015 for $846K – now listed at $1.79M. A marginal location. Blurb says there was a $300K reno. Who did the reno? Odds are it was the owner who plans to make ka-ching off the work as well as the plump bump on the list.

  28. 953 Dominion Ave, Port Coquitlam – 15.06 acres – adjacent to Carnoustie Golf Club. Assessesed at $51,309.00.

  29. had no idea canadians had been so msm-misrepresented …

  30. 阿伯茨福德市现在是房地产的热点,它对外国买家无需15%转移税,请联系专攻该市资深房地产经纪,电话6043001788


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    Abbotsford connects well with Vancouver via road and through railway from city of Mission 15 mins drive from Abbotsford. Rail called West coast express connects to Vancouver. About 62% people living here work here. Most of the remaining 38% commute to Mission, Chilliwack or Vancouver and its suburbs Surrey and Langley. More than 25% of Abbotsford’s workforce commutes to Abbotsford from other municipalities.

    Abbotsford has about 95 churches, 3 Sikh temples and a Hindu temple. Abbotsford has the oldest Gurudwara built in 1911 in north America and now it’s a national historic site aged over 100 years old.

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    The town is next to US border called Sumas-Huntingdon border. You can see mount baker which is 47 km from Abbotsford in US. Mt baker is an active volcano and a famous ski resort. People around the world visit Mt baker for skiing and other sports activities.

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