I know the R word if frowned upon here, buuuut

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It's about the only adjective to accurately describe wtf is going on here.

Look at this crap:

https://www.vancouverisawesome.com/real ... os-4961074

1,011sf for $1.5M. NUTS!

And where I live in the suburbs about an hour's drive from downtown, a house about 5 doors down just sold on my block for more than $1.7M.

And thiiiiiis is why I'm getting excited about maybe buying a home a 14.5 hour drive away where it's even possible.

The more stats I see in banking and economics articles the more I believe Canada is headed for a real estate bloodbath. Maybe.

47% of respondents regretted taking on the debt levels they have.. probably realizing that an increase in interest rates = impossible to make payments.

So then if a bunch of ppl lose their homes to foreclosure, prices Should fall.. however, this is Vancouver & Canada, and there’s nearly insatiable demand of foreigners with very deep pockets buying everything up.. so, maybe prices get sustained but even more people rent from foreigners at high prices forever ??

Or maybe mortgage free Canadians (there’s a surprising % imo) scoop everything up ?? Or collectivist culture Canadians may be better able to weather the storm And but up inventory..

Hmm, only time will tell.

On the opposite end of that ive heard one guy say now is the time to buy banking stocks and funds, because every time interest rates rise on mortgages the banks make a killing and their share prices get a big boost - but - if we’re truly in bubble pop territory, how can that be ?? Hmm, maybe it can’t. Only time will tell.

I guess the best position to be in is with a bit of money invested in banks just in case they make their killing, and a bunch more set aside to buy a home just in case prices free fall. Hmmmmmmmm - if only I had a crystal ball And unlimited financial resources!

Same adjective, this place is nuts.

https://www.straight.com/news/photos-co ... ng-for-183

Vancouver used to be a mining centre.. now it’s main industry is money laundering. Even with all the big government inquiries and reports, there doesn’t seem to be any slowdown of money pouring in.

and here i thought canada was a paragon of sensible thinking and prudent foresight.

Oooh, Somebody was thinking and Knew what the results of their actions would be and who it would benefit. Let’s not pretend that any of this is purely accidental or the result of free market forces. We literally had a past Premier of BC and her goons flying over to China to do real estate sales junkets at fancy hotels to drum up business. That’s probably where they told people to funnel money through our gov’t casinos and then over to developers accounts etc etc.

There’s been a lot of thought out into this whole scheme by a lot of different players. Government, developers, lawyers, realtors, mortgage brokers, banks etc etc and maybe no one knew exactly how high things might go - but they all knew that everything they were doing was to encourage mass amounts of cash to flow in and pump up our real estate market. Then they all got addicted to it and kept snorting line after line.. and here we are now in a very precarious position where what they’ve done is beginning to unravel things across the broader economy as people can no longer afford to live here. How can you build without tradesmen or run a hospital without nurses? People are starting to throw in the white towel and leave.

what do you think will happen after the flight of workers? do you think the will go on in their greedy little heads and they will change?

Dunno, hard to say. Maybe the ones that stay just get worked harder. Maybe eventually they just import slaves from China under temporary foreign worker permits.

My best guess is Canada will open the floodgates for Nurses from the Philippines to staff BC hospitals - maybe other countries, too. They’ll put up with high costs of living just to be in Canada.

Some predict English speaking skilled local labour will all be in charge of crews of foreign unskilled labour to try to get things built. If that happens hopefully those universal language translator ear piece/babble fish things all work extremely well so at least the language barrier can be overcome.

So far enough people are hanging on, but in some industries just barely enough.

canada must be an awfully nice place to live if people are willing to do all that.

Maybe some smart outsider real estate billionaire will buy out ...the entire nation of Canada... for pennies on the dollar. An oil sheik maybe. Or Donald Trump maybe. So Trump will own Canada.

Last edited by naturalplastic on 24 Jan 2022, 4:09 am, edited 1 time in total.

gawd help us.

If people want to undersell, that's their business.

I haven’t been across all of Canada and can mostly speak to its most desirable parts where I live.

It’s nice. Not perfect, but very nice. Off all my road trip travels in Canada and the USA each city I’ve been to has maybe 1-2 good things going for it, but Vancouver has like 10/all of them. I get the appeal.

Then there’s political stability, friendly people, lack of violent crime, ability to launder limitless amounts of money etc etc there’s a lot of reasons why Canada is fairly consistently rated right up at the top of the list of most desirable countries to move to. All sorts from refugees to billionaires move here.

And ofc there are snakeheads that abuse that. They’ll bring people in on work permits and then have them work for ~free for a couple years and they’ll do it just to get here, then once they’re able to get a different job/permanent resident status they do so. I bet a lot of that happens.

Oh ya, totes! The neighbour 3 doors down from me that listed for $1.5x and sold for $1.711M in a couple days totally should have been asking for at Least $2M in this market.

Guy at work said tdy that two of his friends sold recently but then haven’t been able to buy anything even bidding $100k over asking price so now they’re in their parents basement suite or something. $100k over asking isn’t enough to buy a place rn - even when asking us already astronomical.

This region, as well as most of the country, deserve to have a catastrophic bubble pop & price crash for being so obscenely greedy.

Another one, this time a townhouse in the suburbs:

https://www.straight.com/news/photos-su ... or-1108000

Last line sums it up:

"The Vancouver realtor added, “It's all spending party right now, but what I'm afraid of is the hangover.”"

Here’s a beauty (no, actually):

https://www.vancouverisawesome.com/real ... on-4989406

Place looks pretty sweet! $23M is a bit out of my budget, though.

those high prices are very depressing.