kingofsurrey Posted January 16, 2018 Share Posted January 16, 2018 34 minutes ago, Chicken. said: If only common sense were so common Its tricky though. The last 5 years people have been rewarded for going into massive debt and over buying in real estate. Using the banks cheap money and making massive appreciation. This strategy worked immensively and has made so many BC citizens millionaires. Now the same people are going to start crying when rates go up and prices start plumetting...... Simple solution - those people way over extended need to cash out now. Downsize. They have still won the lottery as they can take out their massive equity. Yes prices will plummet but we always knew that was how this Tale / Scam was going to end.... right...... Get out now before the horde.... Sell, Sell , and Sell. Link to comment Share on other sites More sharing options...
Harvey Spector Posted January 16, 2018 Author Share Posted January 16, 2018 Most people have their mortgages locked in for 5 years or longer. So these last few rate hikes will not affect them at all until they have to renew their mortgage. Also, these same people have hundreds of thousands of dollars in profit and equity int their home. So none of these people will be panicking anytime soon. I just finished writing a full price offer on a townhouse in East Vancouver. There were several buyers interested but I won the bidding war. Yes there are still bidding wars out there. My guy is getting a private mortgage on the property. So there are still alternative lenders out there willing to lend out money. The money has not dried up yet. Bosa is going to start pre-sales of their new development in New West right along the Fraser River called Pier West. Their starting prices are $950 per foot, in New West. I'll let you know if it sells out. I have a guy who wants to buy two units, even at those prices. Market is picking up. Looks like another strong year coming up for 2018 on the condo side. 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 16, 2018 Share Posted January 16, 2018 So Horgan has once again sold out the youth of BC BC so needs real leadership.... been decades since we had any. B.C. premier rejects call for foreign buyers ban days before Asia visit http://vancouversun.com/pmn/news-pmn/canada-news-pmn/b-c-premier-rejects-green-call-for-foreign-buyers-ban-days-before-asia-visit/wcm/9a440ee5-493f-462b-960a-7358fbc71261 1 Link to comment Share on other sites More sharing options...
trek Posted January 16, 2018 Share Posted January 16, 2018 Excellent. My hatred for Horgan has decreased slightly. Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 9 minutes ago, trek said: Excellent. My hatred for Horgan has decreased slightly. Canada should be for Canadians. Sad to see our country sold off to foreign millionaires. So sad that the GREEDY 1% in Canada don't care about our own youth. Link to comment Share on other sites More sharing options...
Popular Post taxi Posted January 17, 2018 Popular Post Share Posted January 17, 2018 20 minutes ago, kingofsurrey said: Canada should be for Canadians. Sad to see our country sold off to foreign millionaires. So sad that the GREEDY 1% in Canada don't care about our own youth. It's not just the "1%" who are creating this crisis. Every time someone sells a property to a foreigner for 10x what they paid, they're adding to the problem. That being said, how many people would be wiling to take less profit on their property to help local people? But yes, our government should have stepped in a long time ago. Homes are more than just an investment. 1 1 3 Link to comment Share on other sites More sharing options...
Kragar Posted January 17, 2018 Share Posted January 17, 2018 27 minutes ago, taxi said: It's not just the "1%" who are creating this crisis. Shhhh, you're spoiling the narrative 1 Link to comment Share on other sites More sharing options...
Harvey Spector Posted January 17, 2018 Author Share Posted January 17, 2018 Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 Gutless. When BC really needs solid leadership...... we get another sell out. Horgan said a ban on foreign buyers sends the wrong signals to investors about B.C.’s economy. “B.C.’s the gateway to Canada and I don’t believe we should be curbing people from coming here,” he said. “I’m a child of an immigrant and virtually everyone I see here is a child of an immigrant.” Weaver said in a statement the government should act to target overseas speculation, moving towards a full ban. Horgan said he is prepared to face questions about B.C.’s real estate market during his trade visit to China, Korea and Japan, which starts Saturday. “What we know with absolute certainty is money raised in other parts of the world is distorting our housing market and we want to take steps to address that,” he said. 1 Link to comment Share on other sites More sharing options...
Harvey Spector Posted January 17, 2018 Author Share Posted January 17, 2018 BCREA ECONOMICS NOW Bank of Canada Interest Rate Announcement - January 17, 2018 The Bank of Canada opted to raise the target for its overnight interest rate this morning 25 basis points to 1.25 per cent. In the statement accompanying the decision, the Bank cited recent strong economic data and rising inflation as motivations for the rate increase. The Bank expects growth in the Canadian economy to slow to 2.2 per cent in 2018 and 1.6 per cent in 2019 with consumption and new home construction contributing less to growth than in years past. With the economy returning to full-capacity, inflation is forecast to remain at 2 per cent over the medium term. The Bank also flagged risk to its outlook from ongoing NAFTA negotiations and noted it would remain cautious in considering future interest rate adjustments. With the Canadian unemployment rate hitting a 40-year low and inflation ticking higher in recent months, the Canadian economy would seem to be operating at full capacity. That argues for a more hawkish approach to monetary policy in order to bring interest rates closer to what the Bank estimates would be neutral for the economy, that is, a level in which the economy is neither running too hot nor too cold. While today's rate increase was widely anticipated, it did come earlier in the year than previously expected and likely signals further rate increases to come in 2018. Canadian mortgage rates have already moved higher in anticipation of Bank of Canada tightening, which means a much tighter borrowing environment in 2018, particularly given newly implemented mortgage qualifying rules for low-ratio buyers. The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. Link to comment Share on other sites More sharing options...
apollo Posted January 17, 2018 Share Posted January 17, 2018 12 hours ago, kingofsurrey said: Gutless. When BC really needs solid leadership...... we get another sell out. Horgan said a ban on foreign buyers sends the wrong signals to investors about B.C.’s economy. “B.C.’s the gateway to Canada and I don’t believe we should be curbing people from coming here,” he said. “I’m a child of an immigrant and virtually everyone I see here is a child of an immigrant.” Weaver said in a statement the government should act to target overseas speculation, moving towards a full ban. Horgan said he is prepared to face questions about B.C.’s real estate market during his trade visit to China, Korea and Japan, which starts Saturday. “What we know with absolute certainty is money raised in other parts of the world is distorting our housing market and we want to take steps to address that,” he said. In other words... "BC's the gateway for money to be laundered in Canada and I'm not gonna do anything about it" 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 2 hours ago, apollo said: In other words... "BC's the gateway for money to be laundered in Canada and I'm not gonna do anything about it" NDP are no better than the BC Fiberals. Both are just pigs at the trough........ 1 Link to comment Share on other sites More sharing options...
JM_ Posted January 17, 2018 Share Posted January 17, 2018 13 minutes ago, kingofsurrey said: NDP are no better than the BC Fiberals. Both are just pigs at the trough........ Weaver is worse, he completely sold out to the NDP when he could have forced real change. Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 43 minutes ago, Jimmy McGill said: Weaver is worse, he completely sold out to the NDP when he could have forced real change. Yup, and then politicians wonder why people of BC have given up on voting........ Basically zero real choice in BC for political leadership...... Link to comment Share on other sites More sharing options...
JM_ Posted January 17, 2018 Share Posted January 17, 2018 51 minutes ago, kingofsurrey said: Yup, and then politicians wonder why people of BC have given up on voting........ Basically zero real choice in BC for political leadership...... you and I debated this a lot during the campaign, and I still think the only thing thats going to work is if a certain percentage of new condo's are set aside at an affordable price. We have to regulate the developers into this, there's no other choice. Thats why I'm so disappointed in Weaver, he made so much out of his commitment to housing and then dropped the soap for Horgan. The only option left is for someone well known to initiate a provincial referendum on a housing strategy. The one good thing left in the BC system is our referendum law, so hopefully that can happen somehow. Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 (edited) 11 minutes ago, Jimmy McGill said: The only option left is for someone well known to initiate a provincial referendum on a housing strategy. The one good thing left in the BC system is our referendum law, so hopefully that can happen somehow. #BrokenBC If i could i move out of province immediately but it is tough with kids and grandparents that need your support. I would love to live in Quebec in the eastern townships.... my second choice would be a tie between Ottawa or Calgary..... Edited January 17, 2018 by kingofsurrey 1 Link to comment Share on other sites More sharing options...
JM_ Posted January 17, 2018 Share Posted January 17, 2018 8 minutes ago, kingofsurrey said: #BrokenBC If i could i move out of province immediately but it is tough with kids and grandparents that need your support. I would love to live in Quebec in the eastern townships.... my second choice would be a tie between Ottawa or Calgary..... #beautifulBC 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 17, 2018 Share Posted January 17, 2018 3 minutes ago, Jimmy McGill said: #beautifulBC Yes of course you are right . BC is so beautiful. But it is like being in a love with a hot girl that abuses you...... Who needs that ? I have travelled / lived over many parts of Canada. What always gets me is how so many provinces have so many fantastic cities, towns and people. All across Canada so many wonderful communities to live in. Such a great country. 1 1 1 Link to comment Share on other sites More sharing options...
Vanisleryan Posted January 17, 2018 Share Posted January 17, 2018 I live i Victoria and Im so conflicted on whether or not to enter the condo market here this year. Thoughts? Better to wait and let some pain happen to the idiots who have over extended? Or will prices continue to rise? Link to comment Share on other sites More sharing options...
Harvey Spector Posted January 17, 2018 Author Share Posted January 17, 2018 (edited) 1 hour ago, Jimmy McGill said: you and I debated this a lot during the campaign, and I still think the only thing thats going to work is if a certain percentage of new condo's are set aside at an affordable price. We have to regulate the developers into this, there's no other choice. Thats why I'm so disappointed in Weaver, he made so much out of his commitment to housing and then dropped the soap for Horgan. The only option left is for someone well known to initiate a provincial referendum on a housing strategy. The one good thing left in the BC system is our referendum law, so hopefully that can happen somehow. Never gonna happen. The government can't force a developer into losing money, or limiting the amount of profit they make. What the government can do is open up more residential land and rezone it into multi-family development, ideally high rise condos to maximize density, so that more inventory can hit the market which will in turn lower prices. The demand will always be there, right now there is a huge supply issue that needs to be addressed. Increasing interest rates may help slow down the real estate market but that would be at the cost of slowing down the whole economy and possibly going into a recession. There is so much land out there waiting to get redeveloped. It's criminal that our government and municipalities are just sitting on all that land and doing nothing to increase the supply of new homes onto the market. Edited January 17, 2018 by Harvey Spector 1 1 Link to comment Share on other sites More sharing options...
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