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  #461  
Old Posted Dec 14, 2018, 4:41 AM
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Hey man I appreciate that you keep track of my posts I certainly dont....what’s a stay in the kitchen society?
Actually, I just needed to click through your last ten posts.

Stay in the kitchen. I'm all for increasing the population, but polygamy, early marriage, and discouraging women from university and back into homemaking shouldn't even be options. That's a fundamentalist wet dream, and the complete opposite of modern Canadian values.

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Originally Posted by misher View Post
Btw Jalapeño social security is pretty far from “Canadian” values. Canadian values are based on being able to come here and get a fresh start, work hard, and build a life/home for yourself. Charity has never been a “Canadian” value. We went to war and fought against socialism and communism. This thing where we tax homeowners, block foreigners, provide free housing to drug addicts/unemployed, these things would shock/frighten our founding fathers. There almost as un-Canadian as you can get. John A. Macdonald was a staunch Conservative (much harder than our current Conservatives) and exercised a strong stance both against the French and First Nations that would shock and abhor our current public opinion. He was pro immigration, pro development, against taxes, and against welfare. Don’t go saying your values are Canadian just because you are, your values are much closer to China’s than Canada’s.
You might want to have a look at the history of the fight between Tories and Grits to discover what "Canadian Values" means. What you listed were American Algeresques. Only a minority of Canadians believe in that. We are not a decidedly individualist country.
Correct. The States are the hyperindividualistic capitalists. Most Conservatives aren't as radical, nor has there ever been a "Canadian Dream."

Last edited by Migrant_Coconut; Dec 14, 2018 at 4:56 AM.
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  #462  
Old Posted Dec 14, 2018, 8:57 AM
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Those make fascinating reading. So prices in Auckland haven't fallen at all (yet) and in Wellington prices are still going up. In Australia "Like the NAB, Australia’s FIRB says the introduction of capital controls in China in early 2017, limiting the ability for citizens to get their money out of the country, especially for property purchases, largely explained the drop off in offshore demand seen in recent years". Presumably that has to be a factor in Vancouver as well as all the other tax changes.
Canada's market is very similar to Australia's in many ways (large country, small population and demand driven by overseas buyers in key urban markets) and it will likely follow the downward trajectory of Australia:

Housing downturn enters second phase, with investor demand drying up: RBA
By business reporter Carrington Clarke
Updated 26 Nov 2018, 1:35am

It's the vicious or virtuous circle driving housing price declines, the Reserve Bank's assistant governor Christopher Kent has said.

He says the house price downturn has entered a second order phase, as the psychological effect of lower prices bites into investor demand.

Banks have been tightening lending standards which has pushed down house prices in the major east coasts cities.

And the expectations of lower house prices makes housing less attractive to investors, which forces prices even lower still.

"It is clear that housing prices are in decline in a number of major markets" Mr Kent told a conference in Sydney today.

"This dynamic would have weighed heavily on the minds of buyers; particularly investors whose only motivation for buying is the return on the asset....

Key points:
-Tightening lending standards have caused property prices to fall
-But expectations of falling housing prices means investors are pulling back from borrowing, worsening the price drops
-There is evidence that the level of (non-bank) shadow banking is rising...


https://www.abc.net.au/news/2018-11-...g-rba/10555660
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  #463  
Old Posted Dec 14, 2018, 5:33 PM
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Originally Posted by whatnext View Post
Canada's market is very similar to Australia's in many ways (large country, small population and demand driven by overseas buyers in key urban markets) and it will likely follow the downward trajectory of Australia:
While there are some similarities between the Canadian and Australian property markets, there are also significant differences. Both saw significant price increases for housing in cities over several years, and both have seen generous lending practices lead to record levels of household debt. Overseas investors have been accused of driving up prices in both countries, and the impact of that investment on the overall market has been disputed in both countries. The article you reference says investors aren't buying properties as prices fall - it doesn't say foreign investors.

Temporary residents can invest in new property, but they can only buy one existing residential property and must use it as their primary residence. If they’re not living in it they must sell it. Foreign investors can only buy new properties or vacant land in Australia.

In Australia, "In October, the ABS calculates that total value of housing finance commitments was 9.9% below what is was 12 months ago – the biggest 12-month fall since December 2010 in trend terms. The fall in investor housing financing commitments was 17.7%, but it would be wrong to suggest the drop was all due to investors – owner-occupier financing is down 3.6%" [source]

The house price drop in Australia according to most reports is due to tighter lending controls, and the feedback loop that sees fewer people willing to buy in a falling market - exactly as we've seen in Vancouver in the past 6 months or so. Prices in Australia (or at least the main cities) are expected to fall further in 2019, just as they are here. (Note that while Melbourne’s median home price has fallen 4.6% this year, slightly ahead of Sydney where values have declined 4.4%, median prices have actually increased in Brisbane and Adelaide since the beginning of the year.)

A significant factor is that lenders there are now applying more strict lending criteria to first time buyers (although not as stringent as the stress test here). Nearly half the loans in Australia have in the past few years have initially been on an interest only basis. That's been less true here, although it is a concern with some Line of Credit lending - although it's far less prevalent than in Australia, and it too is now being stress tested. Those Australian loans are converting to normal mortgages, so payments are going up just as values are cooling. That's almost guaranteed to see housing sales decline, and prices also drop in a feedback loop.

Just like here there are a number of factors impacting house prices. Changing lending rules, overseas buyer rules (or surcharges), changing exchange rates and investor expectations of returns all have some impact, but it's impossible to say how much each contribute. Foreign buyer purchases here and there were a very small proportion of the market. Logically it's the financial cost (and anticipated return for investors) and also the costs and availability of financing for resident buyers that is the much greater factor in setting market prices.
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  #464  
Old Posted Dec 14, 2018, 7:30 PM
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All true, and illustrating many similarities. It still blows my mind Australia allows interest-only mortgages. Thank god we never had that here.
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  #465  
Old Posted Dec 14, 2018, 7:40 PM
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Originally Posted by Migrant_Coconut View Post
Actually, I just needed to click through your last ten posts.

Stay in the kitchen. I'm all for increasing the population, but polygamy, early marriage, and discouraging women from university and back into homemaking shouldn't even be options.
I support food factories so all our meals come in bar form. Why should we be wasting time cooking its the 21st century. Soylent Red and Yellow (but not Green) all the way. Total opposite of believing women belong in the kitchen. Polygamy is supported due to freedom of decision, honestly its already happening we just choose not to pursue it. To me if we're allowing being transgender then polygamy should be a no brainer. Early marriage is a yes and no, some work some don't. I see people 50+ fail at marriage and people succeed at relationships at 16, I think it depends a lot more on the people then the age. And as for university, I want to discourage everyone from university. Universities are becoming McDonalds where we churn out useless degrees by the bucket.
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  #466  
Old Posted Dec 14, 2018, 7:44 PM
retro_orange retro_orange is offline
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Originally Posted by misher View Post
I support food factories so all our meals come in bar form. Why should we be wasting time cooking its the 21st century. Soylent Red and Yellow (but not Green) all the way. Total opposite of believing women belong in the kitchen. Polygamy is supported due to freedom of decision, honestly its already happening we just choose not to pursue it. To me if we're allowing being transgender then polygamy should be a no brainer. Early marriage is a yes and no, some work some don't. I see people 50+ fail at marriage and people succeed at relationships at 16, I think it depends a lot more on the people then the age. And as for university, I want to discourage everyone from university. Universities are becoming McDonalds where we churn out useless degrees by the bucket.

Wat. Are you a Chat-Bot created by Trump or something. That's possibly the most ridiculous unarticulated statement you have posted.

Last edited by retro_orange; Dec 14, 2018 at 7:55 PM.
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  #467  
Old Posted Dec 14, 2018, 8:01 PM
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See both of you in two weeks, or never. #banhammer
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  #468  
Old Posted Dec 14, 2018, 8:31 PM
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Considering prices are dropping does it feel a bit like this topic is becoming dead? Prices are lower by the month.

https://www.vancourier.com/real-esta...rea-1.23537647

A lot of predictions are calling for things to pick up come January. We do have Chinese New Years coming up so perhaps that’ll jump start the industry? Though if numbers stay low even with CNY things are going to be frightening.
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  #469  
Old Posted Dec 14, 2018, 8:39 PM
retro_orange retro_orange is offline
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See both of you in two weeks, or never. #banhammer

I guess that's your state of mind. I am more aware of what is really going on.



Case in point:


Poster 1 perogative: respond to any projects that peak my interest or topics that arise.


Poster 2 perogative: Post as many confounding contradicting posts as possible with the mask of some interest of whats going on.


while ideally the ratio of posts by each poster is 1:1 in reality the ratio is closer to 1:7-1:10


Poster 1 will post maybe once a week if things are normal in his world


Poster 2 will post daily in order to create an air of confusion and polarization in all threads


migrant coco's response, ban both even though there is a disproportionate number of flagrant posts, one calling out he other.



I have a problem with the way things are done today, you give both posters an equal opportunity yet one is obviously causing far more disruption.


Equality is dead because of abuse.
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  #470  
Old Posted Dec 14, 2018, 8:47 PM
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All true, and illustrating many similarities. It still blows my mind Australia allows interest-only mortgages. Thank god we never had that here.
Pretty sure we did for a limited time. I had friends with them. That and 40 year amortization with 5% down.
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  #471  
Old Posted Dec 14, 2018, 9:16 PM
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Pretty sure we did for a limited time. I had friends with them. That and 40 year amortization with 5% down.
Isn’t an interest only mortgage a great solution to our housing problem? Renters always complain that owning is much better than renting so an interest only mortgage would basically be the same as renting except you own?

Only risk I can see if people get behind in payments. Even if prices go down payments don’t change so it’s like rent.
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  #472  
Old Posted Dec 14, 2018, 9:21 PM
red-paladin red-paladin is offline
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Any further off topic comments that I see in this thread will be deleted.
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  #473  
Old Posted Dec 14, 2018, 9:26 PM
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Pretty sure we did for a limited time. I had friends with them. That and 40 year amortization with 5% down.
You're right. I checked and there are search results indicating interest-only products are available here. I'm surprised regulators allow that.
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  #474  
Old Posted Dec 14, 2018, 10:20 PM
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You're right. I checked and there are search results indicating interest-only products are available here. I'm surprised regulators allow that.
Good find.
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  #475  
Old Posted Dec 14, 2018, 10:22 PM
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Manulife-One and similar accounts have always been interest only, in theory.
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  #476  
Old Posted Dec 14, 2018, 10:34 PM
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I was interested to read that Minneapolis has just gotten rid of its single family zoning.

https://slate.com/business/2018/12/m...ng-racism.html

I had no idea it was being contemplated elsewhere.
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  #477  
Old Posted Dec 14, 2018, 11:09 PM
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I was interested to read that Minneapolis has just gotten rid of its single family zoning.

https://slate.com/business/2018/12/m...ng-racism.html

I had no idea it was being contemplated elsewhere.
Allowing triplexes isn't much different than us allowing duplexes. Currently we kind of have triplexes now with the house+basement+laneway house setup for rentals.

I don't see this policy changing much in the city. Minneapolis is very different because construction costs are much lower. In Vancouver the biggest reason we can't build more is high construction and development costs. Our zoning isn't even close to maxed so increasing it wouldn't do much.


PS: A bit off topic but this wedding (costing $15-$100 million) kind of emphasizes that not all foreign money is Chinese https://www.forbes.com/sites/naaznee.../#79a9cad45992

Last edited by misher; Dec 14, 2018 at 11:20 PM.
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  #478  
Old Posted Dec 14, 2018, 11:32 PM
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RS zoning in Vancouver is probly a lot different than Minneapolis I bet. My cousin just built a house with 2 secondary suites and a lane way suite under rs zoning. Probly not too many American cities would allow that.
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  #479  
Old Posted Dec 15, 2018, 11:32 PM
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Huawei CFO's Arrest Could Be Last Straw

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The diplomatic spat between Canada and China that broke out in the wake of the arrest of Huawei's CFO, Meng Wanzhou, could have an unexpected casualty: Vancouver's already struggling housing market.

The tensions between the two countries could empty Vancouver of Chinese real estate investors, putting further downward pressure on the market, according to a recent research note at SmartKarma Insights.

Existing Chinese migrants could "reconsider their overall commitment to a Canada move for the extended family, as well as encouraging potential new China migrants to consider shifting migration patterns to more friendly climates," the report stated.

This could mean that "Canada property price corrections in key markets might gain momentum," report author Charles De Trenck wrote.

Many Chinese businesspeople are warned not to travel through the United States, and "you might end up with guidelines that they shouldn't go through Canada either," De Trenck, a former China strategist for UBS Securities, told HuffPost Canada.

Many Chinese nationals in Canada who work for Chinese firms may be worried that they could find themselves under arrest in the midst of the growing confrontation between the two countries, De Trenck added.

Chinese investors have largely been seen as a major (though not the only) force driving up Vancouver's house prices in the past several decades. The city has had the dubious honour of being North America's least affordable housing market in recent years.

But over the past two years Vancouver's housing market has seen a pronounced decline in interest from Chinese migrants, due to the foreign buyers tax the province introduced in 2016, and efforts by China's government to slow the flow of money out of the country.

...
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  #480  
Old Posted Feb 25, 2019, 7:31 AM
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The latest casualty of Vancouver’s insane land prices and triple net leases? Your family doctor:
https://www.theglobeandmail.com/busi...-rates-in-the/
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