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The Decline of Vancouver.

March 16, 2021, 11:43 a.m.
Posts: 14952
Joined: Nov. 20, 2002

Posted by: Endur-Bro

BC is only a step above Mexico in squashing money laundering. Here in BC one needs to walk a hockey bag full of cash into a casino. In Mexico HSBC would build teller windows to fit cartel money boxes.

my  now retired sister was in the legal dept at HSBC, she was telling me about the money coming in from china 10-15 yrs ago, the hawala banking, she could pull up a report showing all this stuff pretty easily ...  the banks know everything

March 17, 2021, 10:29 a.m.
Posts: 11399
Joined: June 29, 2006

Posted by: XXX_er

Posted by: Endur-Bro

BC is only a step above Mexico in squashing money laundering. Here in BC one needs to walk a hockey bag full of cash into a casino. In Mexico HSBC would build teller windows to fit cartel money boxes.

my now retired sister was in the legal dept at HSBC, she was telling me about the money coming in from china 10-15 yrs ago, the hawala banking, she could pull up a report showing all this stuff pretty easily ... the banks know everything

The fox watching the henhouse. No different that the BC government oversight of casinos.  Those small businesses in construction and catering to the tar sands are also ideal laundering opportunities.

The money laundering issue is important, but there is a lot more going on with Canadian real estate than that.


 Last edited by: chupacabra on March 17, 2021, 10:32 a.m., edited 1 time in total.
March 27, 2021, 1:12 p.m.
Posts: 1328
Joined: Nov. 23, 2002

2 bed strata rancher in Langley sells for $500K over asking

https://bc.ctvnews.ca/mobile/red-hot-real-estate-market-sees-langley-b-c-home-sell-for-half-million-over-asking-1.5361284?fbclid=IwAR3UR-HAC3Er1-OfkFW7Co1K37aMweOhBzfmv_xrZySxoi_KW2vDV-U8ZwQ

June 10, 2021, 9:08 p.m.
Posts: 3203
Joined: May 23, 2006

Must read! 

https://thetyee.ca/Culture/2021/06/10/How-Uber-Rich-Transformed-Housing-Vancouver-World/

Judgments are not intended to imply that we have proof that shows something to be a fact. - ODNI

June 11, 2021, 9:35 a.m.
Posts: 11399
Joined: June 29, 2006

So when is Pedro going to get his comeuppance?  I feel like around 2000 Vancouver's R/E market went public.  There seems to be cities that are on the open market for investment just like stocks and once they go public there is no going back because the owners of these investment properties changed the entire market by their presence.  As long as there are wealthy people looking at Vancouver real estate like a stock ticker the cost to buy will never be steered by local incomes.  If the prices do drop it will just provide opportunity to buy in.  This is permanent.

June 11, 2021, 9:56 a.m.
Posts: 258
Joined: Oct. 23, 2003

Man, the insanity is spreading all over the province, like there's no way a house in Port Alice should be selling for 450.

I bought my place in CR 4 years ago and it pretty much doubled in value.. I feel like the island especially will always be it's own insulated market since pretty much everyone and their dog wants to come here to escape the winter weather.

June 11, 2021, 10:05 a.m.
Posts: 14252
Joined: Feb. 19, 2003

https://www.cbc.ca/radio/frontburner/a-wild-housing-market-what-s-the-solution-1.6061557

June 11, 2021, 10:53 a.m.
Posts: 1328
Joined: Nov. 23, 2002

Posted by: chupacabra

So when is Pedro going to get his comeuppance? I feel like around 2000 Vancouver's R/E market went public. There seems to be cities that are on the open market for investment just like stocks and once they go public there is no going back because the owners of these investment properties changed the entire market by their presence. As long as there are wealthy people looking at Vancouver real estate like a stock ticker the cost to buy will never be steered by local incomes. If the prices do drop it will just provide opportunity to buy in. This is permanent.

Prices would need to collapse over 50% before Pedro gets his comeuppance. Even at a 50% drop from today's prices, things are still too expensive. Like Adam West points out, prices everywhere are fucking stupid. A shitbox in Hedley is over $270K. There's a place in Lytton you can get for $230K, and while the structure looks sound it needs around $70K in interior work unless you're ok with living in something that resembles a garden shed. Another example is a shitbox 30 minutes outside of Nelson for $290K. It's had a little bit of work done, but is asking over $100K more that what it sold for in 2019. Does a small house that needs work in that part of the province have any justification for going up $100K in price in two years? You start looking around the province for cheap single family homes and find out pretty quick that it doesn't exist anymore unless you're buying in the middle of nowhere that is a hike from any sort of ammenities. Tin can mobiles don't count either, I'm talking real houses. Your best best anywhere close to the lower mainland right now is this shitbox in Boston Bar for $199K. If you want really cheap you're going to places like Hixon, Houston or Quesnel to get around the $150K or less mark. Or you're moving outside of BC to Alberta - just look at the difference in available homes under the $200K price mark.

https://www.realtor.ca/real-estate/23306134/48200-cottonwood-road-boston-bar-lytton

While foreign money has played a big role imho, local sellers and buyers have helped move the frenzy along as well due to low interest rates. Add in the unscrupulousness of the banks too, making loans they shouldn't. And of course government and the real estate industry shares part of the blame to due to easy loopholes that offer tax free profits and shady players interested in making as much money as possible. Houses on the east side are starting to catch up in value to some on the west side - it's not uncommon to see east side homes sell for $2 mil or more. It's completely fucked. Unless someone in their 30's has parents with a house that are about to croak, the chances of young people buying a home in Metro Van are over. The odd person can do it if maybe the win the lottery on something like GME or BTC, but otherwise the avg working stiff can look forward to a life of renting in Metro Van.

This article is from 2016, but really goes back to 2015, and shows just how bad things were/are. What I find surprising is that the R/E industry has don't more to stand up for itself and expose the shady shit. By letting a lot of this crap go on the entire industry is tarnished. The average person seems to have no trust in R/E agents anymore and thinks the entire industry is shit. There are of course still good realtors out there, but I think their image is damaged beyond repair and people simply look at them as a necessary evil.

https://www.theglobeandmail.com/news/investigations/the-real-estate-technique-fuelling-vancouvers-housing-market/article28634868/


 Last edited by: syncro on June 11, 2021, 11:17 a.m., edited 1 time in total.
June 11, 2021, 11:46 a.m.
Posts: 12761
Joined: Jan. 27, 2003

Posted by: syncro

Posted by: chupacabra

So when is Pedro going to get his comeuppance? I feel like around 2000 Vancouver's R/E market went public. There seems to be cities that are on the open market for investment just like stocks and once they go public there is no going back because the owners of these investment properties changed the entire market by their presence. As long as there are wealthy people looking at Vancouver real estate like a stock ticker the cost to buy will never be steered by local incomes. If the prices do drop it will just provide opportunity to buy in. This is permanent.

Prices would need to collapse over 50% before Pedro gets his comeuppance. Even at a 50% drop from today's prices, things are still too expensive. Like Adam West points out, prices everywhere are fucking stupid. A shitbox in Hedley is over $270K. There's a place in Lytton you can get for $230K, and while the structure looks sound it needs around $70K in interior work unless you're ok with living in something that resembles a garden shed. Another example is a shitbox 30 minutes outside of Nelson for $290K. It's had a little bit of work done, but is asking over $100K more that what it sold for in 2019. Does a small house that needs work in that part of the province have any justification for going up $100K in price in two years? You start looking around the province for cheap single family homes and find out pretty quick that it doesn't exist anymore unless you're buying in the middle of nowhere that is a hike from any sort of ammenities. Tin can mobiles don't count either, I'm talking real houses. Your best best anywhere close to the lower mainland right now is this shitbox in Boston Bar for $199K. If you want really cheap you're going to places like Hixon, Houston or Quesnel to get around the $150K or less mark. Or you're moving outside of BC to Alberta - just look at the difference in available homes under the $200K price mark.

https://www.realtor.ca/real-estate/23306134/48200-cottonwood-road-boston-bar-lytton

While foreign money has played a big role imho, local sellers and buyers have helped move the frenzy along as well due to low interest rates. Add in the unscrupulousness of the banks too, making loans they shouldn't. And of course government and the real estate industry shares part of the blame to due to easy loopholes that offer tax free profits and shady players interested in making as much money as possible. Houses on the east side are starting to catch up in value to some on the west side - it's not uncommon to see east side homes sell for $2 mil or more. It's completely fucked. Unless someone in their 30's has parents with a house that are about to croak, the chances of young people buying a home in Metro Van are over. The odd person can do it if maybe the win the lottery on something like GME or BTC, but otherwise the avg working stiff can look forward to a life of renting in Metro Van.

This article is from 2016, but really goes back to 2015, and shows just how bad things were/are. What I find surprising is that the R/E industry has don't more to stand up for itself and expose the shady shit. By letting a lot of this crap go on the entire industry is tarnished. The average person seems to have no trust in R/E agents anymore and thinks the entire industry is shit. There are of course still good realtors out there, but I think their image is damaged beyond repair and people simply look at them as a necessary evil.

https://www.theglobeandmail.com/news/investigations/the-real-estate-technique-fuelling-vancouvers-housing-market/article28634868/

You forgot the part about how everything is being bought up now by property management companies for rental stock and they're often paying 100-150k over asking price. 

2015/16 was nuts but nearly as nuts as what's been happening in the last year. 

We're either moving back to China or looking into immigration options for New Zealand. Canada's government has abandoned everyone without generational wealth and the future looks even darker than it is now.

June 11, 2021, 1:35 p.m.
Posts: 11399
Joined: June 29, 2006

Posted by: Fast-Orange

We're either moving back to China or looking into immigration options for New Zealand. Canada's government has abandoned everyone without generational wealth and the future looks even darker than it is now.

I would decide fast.

https://www.theguardian.com/australia-news/2021/jun/10/house-prices-in-australia-and-new-zealand-among-worlds-fastest-growing-in-2021

June 11, 2021, 6:28 p.m.
Posts: 3203
Joined: May 23, 2006

Posted by: chupacabra

So when is Pedro going to get his comeuppance?

Rural Teacher Pedro Castillo Poised to Write a New Chapter in Peru’s History - CounterPunch.org

the avg working stiff can look forward to a life of renting where ever

It's the new feudalism.

https://www.wsj.com/articles/if-you-sell-a-house-these-days-the-buyer-might-be-a-pension-fund-11617544801

https://www.counterpunch.org/2021/06/11/the-coming-crash/


 Last edited by: tungsten on June 12, 2021, 5:32 p.m., edited 2 times in total.
June 12, 2021, 3:58 p.m.
Posts: 15260
Joined: Dec. 30, 2002

Posted by: chupacabra

Posted by: XXX_er

Posted by: Endur-Bro

BC is only a step above Mexico in squashing money laundering. Here in BC one needs to walk a hockey bag full of cash into a casino. In Mexico HSBC would build teller windows to fit cartel money boxes.

my now retired sister was in the legal dept at HSBC, she was telling me about the money coming in from china 10-15 yrs ago, the hawala banking, she could pull up a report showing all this stuff pretty easily ... the banks know everything

The fox watching the henhouse. No different that the BC government oversight of casinos.  Those small businesses in construction and catering to the tar sands are also ideal laundering opportunities.

The money laundering issue is important, but there is a lot more going on with Canadian real estate than that.

Side note: Rumor is Blackrock is buying up properties south of the border well over asking prices and possibly our side.

I also recently read China bought 1/6th of all real estate sales in the US either last year or for the past few.

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