The Decline of Vancouver.

Looks like property is selling for under asking price instead of over now.
No way I would buy presently with the prices starting to fall.
Lets hope the correction is at hand.

This is why corrections are long and painful. Sellers refuse to "give up equity" and buyers don't want to catch a falling knife, so we get a long slow melt.

Lots of stuff at play:
- 5-year rates up
- US Treasuries on the rise, very high chance Fed hikes rate on Dec 14 which will put more upward pressure (yes in Canada too)
- Foreign buyers tax BC
- Empty house tax in Van
- New mortgage stress test for high leverage goofs

Once the negative momentum starts, it's hard to reverse, especially in a slow growth economy like ours.

Bankers gotta make bank yo.

I'm good with increasing interest rates. If only bonds didn't lose value at the same time. Buy and hold baby.

This is why corrections are long and painful. Sellers refuse to "give up equity" and buyers don't want to catch a falling knife, so we get a long slow melt.

Lots of stuff at play:
- 5-year rates up
- US Treasuries on the rise, very high chance Fed hikes rate on Dec 14 which will put more upward pressure (yes in Canada too)
- Foreign buyers tax BC
- Empty house tax in Van
- New mortgage stress test for high leverage goofs

Once the negative momentum starts, it's hard to reverse, especially in a slow growth economy like ours.

Not to mention that anything that is related to housing is the #1 employer, by far, in the GVRD. I cant think of a single industry that comes even close in BC. Correct me if I'm wrong but I dont think I am.

This is why corrections are long and painful. Sellers refuse to "give up equity" and buyers don't want to catch a falling knife, so we get a long slow melt.

Lots of stuff at play:
- 5-year rates up
- US Treasuries on the rise, very high chance Fed hikes rate on Dec 14 which will put more upward pressure (yes in Canada too)
- Foreign buyers tax BC
- Empty house tax in Van
- New mortgage stress test for high leverage goofs

Once the negative momentum starts, it's hard to reverse, especially in a slow growth economy like ours.

Those who are super stretched must be shitting themselves. I have been in that situation, being house poor sucks. Never again.

Not to mention that anything that is related to housing is the #1 employer, by far, in the GVRD. I cant think of a single industry that comes even close in BC. Correct me if I'm wrong but I dont think I am.

uh - Public Health Care maybe? VCH and Fraser Health together have over 30,000 employees

https://www.biv.com/datatables/biggest-public-sector-employers-in-metro-vancouver/

uh - Public Health Care maybe? VCH and Fraser Health together have over 30,000 employees

https://www.biv.com/datatables/biggest-public-sector-employers-in-metro-vancouver/

Also….

Direct spending on Film [HTML_REMOVED] TV production in British Columbia (BC) totalled more than $2 billion in 2014 making Vancouver the 3rd largest production centre in North America
Over 42,000 direct and indirect jobs are generated by Film [HTML_REMOVED] TV production in BC, with more than 80 per cent located in Metro Vancouver.

23,000 are employed by aviation companies on Lulu Island.

I'm good with increasing interest rates. If only bonds didn't lose value at the same time. Buy and hold baby.

Yeah, there's supposed to maybe be some sort of correlation between the $1 trillion dollar loss in the bond market, and mortgages. I don't really understand it all, but then bonds are as sexy as stocks.

You sure…
https://www.biv.com/article/2015/12/housing-metro-vancouver-bcs-biggest-industry/

You sure…
https://www.biv.com/article/2015/12/housing-metro-vancouver-bcs-biggest-industry/

that's like calling selling used cars on craigslis the "automotive industry"..

"Industry" should refer to creating something out of raw materials, or a service.. no "demand" doesn't count.

You sure…
https://www.biv.com/article/2015/12/housing-metro-vancouver-bcs-biggest-industry/

Value of transactions and # of people employed in an industry are two completely different ways of measuring the size of an industry

what about all the direct employment. construction, banks, real estate agents, lawyers, retail(home depot etc..) the list is long. Not to mention property tax revenues for the government. If the housing market crashes in Vancouver the price of housing will the least of our problems.

Do we all agree that BC's biggest industry is building and then selling property to each other?

So where is the money originating from … it sounds like a big circle jerk to me ?