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reallyreal2
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:03 pm

Chinese are now laundering their money through the purchase of soccer players  - LOL 
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:04 pm

soccer isnt about houses - move along
 
reallyreal2
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:20 pm

I wonder when they are done trying to scam the world with soccer players, what they'll think of next.  Either way, it's bad news for Vancouver RE that they are already on to bigger and better scams.

Vancouver RE already showing the effects of the Chinese policy of shifting from int'l housing to soccer players.
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:23 pm

unrelated sports material aside

Vancouver housing is showing the effects of 30,000 people coming annualy

To the moon!!
 
reallyreal2
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:26 pm

I expect everyone should get ahead of the curve and start buying basketball players as soccer players are the hot thing now - but tomorrow, it's basketball players.  

China has moved on from RE - they realized, "why are we buying real estate outside of China when there are so many ghost cities here". LOL - you heard it here first.. basketball players.
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 05, 2017 4:27 pm

For sure most people will get behind it and get on the real estate train, as many people domestic and international are coming with a place to live.  To the moon!
 
reallyreal2
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Re: LePage Expects Vancouver Housing Correction in 2017

Fri Jan 06, 2017 9:16 am

The truth hurts.

We are on pace for yet another month which will be 50% less sales than the same month in the previous year.  Wow -  :shock:  

Where is the pent up demand?  Where are the foreigners?  Where are the deal catchers?  Seems like buyers are few and far between.  Just like anything in the world, when the price gets too high, smart - dare I say savvy - people don't buy into the frenzy.   Now all I am seeing is a bunch of listings from someone that bought their "home" 6 months ago trying to get out before losing too much.  I am hearing anecdotal evidence (realtors favorite kind haahahahahahah) that China is making it impossible to get money out (unless buying soccer players and basketball players) and Canada even harder to get money in.  

Without the rich Chinese, the locals can only support so much - probably means at 20% to 50% percent reduction in price.    Maybe more if Canada has to move interest rates up to keep up with the USA.

Vancouver has played all its cards yet some people foolishly believed that this could go on forever or that Vancouver was special because we have a mountain.  It's not.   :lol:
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Fri Jan 06, 2017 9:18 am

Things are normally slow in richmond and there are plenty of people that need a place to live including the rich Chinese.

To the moon!


Rates dont need to go up unless some dum dum gets an open mortgage
 
jimtan
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Re: LePage Expects Vancouver Housing Correction in 2017

Tue Jan 24, 2017 12:40 pm


Rates dont need to go up unless some dum dum gets an open mortgage
Sorry, dum dum. Lot's of dum dum on variable rate mortgages. Will get squeezed by rising rates and rising property taxes.
Here are the facts
"International housing report describes Vancouver market as severely unaffordable
... Vancouver's median home price of $830,100 is 11.8 times the median annual household income of $70,500, putting this city into the "severely unaffordable" category..."
http://www.straight.com/news/859386/int ... affordable
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Tue Jan 24, 2017 12:52 pm

people with a closed mortgage don't have to be concerned
 
Tsawguy
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 26, 2017 10:35 am

First time poster.
 
We sold our house last summer and are renting for a few years until it becomes a better market to buy back in. I have been following the Greater Fool, Steve Saretsky, Ross Kay, the media and the  real estate boards to try and predict where the BC market is going.
 
 
The way I see it there are some strong reasons for prices to flatten or increase over the next few years.
 
Vancouver is a very desirable international city
Prices have consistently gone up for 30 years
Land is at a premium and we can only grow to the east
Low Canadian dollar makes us more affordable to foreigners
Interest free loan to first time BC buyers
Continuous immigrating / increased population
Generational transfer of wealth
 
There are also many compelling reasons why the market could soften or even tank.
 
Debt is at historically high levels
The 15% foreign buyer tax
Stress test for first time home buyers
Slowing economy
Stagnant incomes
Unaffordable housing
Increased taxes
Changes to the US Canada relationship with the new president
Bond rates – mortgage rates are increasing
CMHC tightening lending
Prices have ascended too quickly – they usually revert to the mean
The Chinese government is making it more difficult for citizens to take money out of China
Real estate and associated industries account for too much of our economy
Lots of speculation with investors purchasing properties
Demographics with lots of people planning to downsize
 
Overall I think we are due for a slow melt with prices decreasing 30 to 40% over the next 3 or 4 years.
 
I joined this forum hoping to hear differing opinions. Hopefully there is more here than just  trolls in their parents basement saying “to the moon” over and over again.
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Jan 26, 2017 7:45 pm

Increasing incomes.
More and more affordable housing being built.
Recently eleted federal Government. Reduced taxes.
A US president that indirectly drives people to Canada
Provincial Government rightfly so helping first time buyers with a down payment.
Prices going up slowly.
Banks lending out money willy nilly if you have a good credit history and are not doing a high ratio mmortgage
Little gambling, as most of those types of buyers go to Seattle or Australia

To infinity and beyond!
 
2000sqft
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Re: LePage Expects Vancouver Housing Correction in 2017

Fri Jan 27, 2017 9:00 am

First time poster.
 
The way I see it there are some strong reasons for prices to flatten or increase over the next few years.
 
Looks that way with increasing rents and very little inventory on the market. You can see who reads and follow the "newspaper" on this forum.
To the moon and beyond!...at $2000 per sq ft
 
eyesthebye2
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Re: LePage Expects Vancouver Housing Correction in 2017

Fri Jan 27, 2017 10:41 am

So long as there is strong rental demand there will be housing sales.
I heard a professional estimate that for investment in a detached home, at 20% down, the return for rental each year is 8-9%. It only gets better with lower prices.

With this in mind I cant see the downturn lasting come spring
 
2000sqft
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Re: LePage Expects Vancouver Housing Correction in 2017

Fri Jan 27, 2017 10:56 am

So long as there is strong rental demand there will be housing sales.
I heard a professional estimate that for investment in a detached home, at 20% down, the return for rental each year is 8-9%. It only gets better with lower prices.

With this in mind I cant see the downturn lasting come spring
Oh wow at 8-9% ror and gets better if prices drop no wonder the numbers make sense to buy in
To the moon and beyond!...at $2000 per sq ft
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