Canuck Post ®

Attention: Builders/Developers Murdering Trees Is Now A $ Million Dollar Crime Developer cuts down 30 mature trees, city says no permit was issued The city is fuming after a developer cut down 30 trees, many of which were over 100 years old, including a 150-year-old linden tree , on both sides of Bayview Ridge at Bayview Avenue …  Click here to see details of the approved proposal. Toronto Mayor John Tory horrified’ over removal of trees on Bayview Image Source Mayor John Tory, who says he hopes any resulting prosecution results in fines of at least a million dollars to send a message to Toronto developers.

Government of Canada is determined to pop the bubble for those suffering from “Forever Appreciating Property Syndrome (FAPS)”. They have announced various measures will be taken in an attempt to stop the insane real estate price increases (to the tune of up 36% in one year for Vancouver), particularly residential dwellings. They have indicated pretty ambitious figures for price drop – upto 50%! Sounds like Black Friday Sales, doesn’t it? Image  Source The Office of Superintendent of Financial Institutions (OSFI) has an even grimmer assessment of the situation. It has imposed harsher criteria on stress tests for smaller lenders, forcing them to evaluate how their balance sheets would be affected by a decline of at least 50 per cent in house values for Greater Vancouver and at least 40 per cent for Greater Toronto.

Be careful with your reno ideas. Just because you are spending more money does not mean it will add more value to the house  … Here are some bad ideas: – 5 Bad Home Renovations That Lower Your Home’s  Value The Cheat Sheet A $20,000 midrange kitchen remodel adds about $16,700 to your home’s value, a payback of 83%. You’ll get about 20% … Unfortunately, not every home upgrade is really an improvement , at least when it comes to your home’s value.   Modern Apartment in Vejle, Denmark Image Source   Don’t forget the butt … Sexy booty is equally important in real estate.   7 Backyard Landscaping  Ideas That Will Entice You to Come Out of the House Realtor.com  Ah, the irony of having a backyard: Homeowners pine for a green patch of land to call their own, but once they’ve got it, they very rarely visit the place.   And the guy who you going to hire to do the job … can be a nightmarish exercise. ...

As a result of damning allegations such as this, How Foreign Investors Are Using Drug Cartel Tactics in the Canadian Real Estate  Market VICE  – ‎Jul 25, 2016‎ Canada’s freakshow real estate market has been drawing a lot of international attention as of late. A few weeks back I talked to an infamous Wall Street short seller who is betting against one Canadian  mortgage lender, and claims our housing bubble may … Image Source And overwhelming public complaints like these, Metro Vancouver father blames housing market for ‘working poor’ lifestyle CBC.ca  – ‎Jul 25, 2016‎

The writing is on the wall, condo dwellings will go up into the sky and the square footage will shrink along the way … In the beginning, it was about 1,500sf for a standard 2-bedroom condo, the standard square footage was quickly reduced to about 1,000sf few years later. Today, we are talking about 500sf-700sf for a family condo in Toronto (even smaller in Vancouver). And in reality, many new development are actually building 300sf-400sf suites. Highrise Condo – Bird’s-eye view of Highrise Utopia Image Source It does look like some of the pictures depicted herein may very well be portraits of our typical family dwellings in the near future … Growing upwards: Why Toronto wants to make high-rises family-friendly CBC.ca – ‎Jul 23, 2016

In the event Hilary Clinton looses the presidential race, Donald Trump-hating Yanks will be relocating to Canada in drove … ‘Moving to Canada ?’ US real estate agent tells Trump, Clinton haters not to worry — he’ll sell their house Image Source

Toronto real estate supplies shortage is happening to very single category: – House, Condo, Office, Store, Workshop, Warehouse, Manufacturing Plant, even Camping Ground, you name it, they will tell you there is shortage. That’s why when people tell me they are looking at camping out in a tent or staying in a trailer/boat, my answer is simply: “My friend, you have no idea what is the real housing problem. To begin with, there has never been an issue with what you want to live in. The problem is simply there isn’t a spot you can put up anything. Not in the City of Toronto for sure.” Similarly, when people ask me how to build a fancy house cheap and stylish, quoting some fancy architectural ideas from all over the world, eg. people in the U.S. live in mobile home that cost $5 grands a pop, erect stunning prefab house with barely a quarter of the cost should you hire a local general contractor to do so. Or perhaps build some kind of “green” home wit...

There is no Housing Bubble, you hear that loud and clear? Image Source CMHC sees no 1980s style  housing bubble in Toronto high-rise condo market Financial Post – Jul 19, 2016 Canada Mortgage and Housing Corp. sees very limited speculation in the condominium industry in Toronto among builders, a situation unlike the 1980s when the market crashed. In a report out Tuesday, CMHC, the Crown corporation that guides Ottawa on … Canada Housing Agency Doesn’t See Bubble in Toronto Condo  Market   Bloomberg Risk of speculation in Toronto condos mitigated by presales: CMHC  The Globe and Mail “1980s style housing bubble for Condo”? CMHC does have a good sense of humor, eh?

House prices are coming down like “London Bridge is falling down”? Dream on … Housing Bubble or not, all indications suggest no one believes Chicken Little: “The sky is falling!” … Canadian Real Estate Could Still Get Way More Expensive Huffington Post Canada  – ‎Jul 16, 2016‎ Global comparison puts Canadian home affordability in perspective. Image Source

Image Source Seven Canadian projects shortlisted for 2016 WAF awards Seven Canadian projects have been shortlisted for the 2016 World Architecture  Festival (WAF) awards – the world’s biggest architectural awards program. All types and sizes of architectural projects are represented on the 343-strong shortlist, with …

Image Source Ask the contractor: Remodelling vs. cost value The Daily Courier – Jul, 15, 2016 ANSWER: Bigger and more expensive projects, rising new- home prices, curb appeal, energy efficiency, green living and specific remodeling improvements will contribute to a gain in remodeling projects’ payback at resale. The average cost and average …

While house prices are soaring, so is unemployment. What can we make up of such a scenario? Can we assume real estate market has nothing to do with economy in reality? Else, how do you explain house prices still going up when more and more people are getting unemployed? On the rise in Hamilton: housing prices & unemployment CBC.ca – Jul 16, 2016 Meanwhile, housing prices here have between June 2015 and ’16 have expanded 13.8%. That’s a faster growth than Toronto’s notoriously … And renters will soon have to live in tents … Rental  bidding wars hitting Vancouver’s rental market

Homelessness … sort of. Image Source Kelowna mayor feeling the heat from locals about rental housing crunch InfoTel News Ltd  – ‎Jul 13, 2016‎ KELOWNA – Mayor Colin Basran says he’s hearing plenty from residents affected by the rental housing crunch in Kelowna which is why he thought it necessary to release a “guest column” to local media last week.

CRA employee leaked a slideshow outlining a planned crackdown on high-end homeowners with minimal incomes with a promise of 50 extra income auditors, plus 35 other staff on the B.C. real estate project. A federal crackdown on tax cheats in Vancouver’s sizzling housing market — which is acting like a flame to speculators, real estate predators and foreign cash flow — has critics calling on B.C. to demand Ottawa do more to help combat the “out-of-control” real estate market. Apparently, Vancouver, Toronto Home Prices Being Hiked By Foreign Money, According to BMO Image Source CRA leak about crackdown on BC real estate tax cheats heats debate CBC.ca – Jul 15, 2016

Everyone has a crush for real estate these days … Even people traditionally has nothing to do with real estate, in fact, enemies of the brick and mortar business model – The Geeks: – Google and Facebook employees are flocking to a startup that’s … Image Source Tech Insider – Jun 23, 2016 But it wasn’t a traditional real estate transaction. … Square, Google and Facebook executives have gathered to shake up the real – estate world . eyyy Think you can’t afford to invest in real estate ? Think again

So said Motley Fool, which is not a fool, not even remotely close … It is an intelligent investment portal in disguise: – Canadian Real Estate Is Getting Irrational The Motley Fool Canada – Jul 14, 2016 The Economist recently reported that  Canada’s housing prices are 35% overvalued when compared to Canadian  incomes. Canadian real estate prices to see largest annual increase this century, forecast says   Financial Post Vancouver real estate ‘sensitive to an adverse shock’: Bank of  Canada   News1130 Canadian real estate giant warns against house-flipping in red-hot markets   The Globe and Mail 23 Huffpost warns us better get the hell out of real estate … right now! Get Out Of Vancouver Real Estate , Now Huffington Post Canada  – Jul 14, 2016 And beyond that, look at these toppling numbers for the various regions tracked by the local real estate board: Burnaby -30 per cent, New West …   Because things are getting out of ha...

The Boss decided interest rate will stay a.k.a. Money Is Almost Free. Yeah, right … Free. Dream on. The bank will still charge you a few percents even the rate falls to sub zero region ie. below 0%. As a matter of fact, based on today’s circumstances, what else can the government do? If they raise the interest rate, the whole economy will crumble down. If they don’t … don’t be surprise you wake up one day just to find a loaf of bread costs $1 million … This phenomenon is called hyper-inflation. And inflation is one of the necessary evil twin of low interest rate. Bank of Canada holds interest rate steady at 0.5% Image Source CBC.ca – Jul 13, 2016 The Bank of Canada held its benchmark interest rate steady at 0.5% on Wednesday, the same level it’s been at since last summer.

So it seems, Toronto, Vancouver Housing Markets Have ‘Topped Out’: Real Estate Association And, TD Bank sees a possible “soft landing.” – huffingtonpost.ca Sexy House? Image Source Is this the consequence of the announcement of of “imminent” tax on vacant homes …?

Not too long ago, we got  Occupy Wall Street (OWS) – the name given to a protest movement that began on September 17, 2011, in Zuccotti Park, located in New York City’s Wall Street financial district, receiving global attention and spawning the Occupy  movement against social and economic inequality worldwide. Now we got “Occupy Development Site” in Vancouver … While real estate in Vancouver was once pretty much an economy issue, it has become uglier of late. It is now a social and by its extension, a political issue … Housing. Development sites occupied to protest high Metro Vancouver housing costs A group of housing advocates began occupying this apartment building in Burnaby, B.C., at 5025 Imperial St. on Saturday July 9, 2016, to protest the eviction of residents from affordable rentals to make way for condo towers. (CBC)

Construction is mushrooming … Image Source What housing crisis? Developers seem to think otherwise … Figures don’t lie. Good times are still here. Canadas housing starts rises in June high demand to boost new home building in near-term

Government’s foreign buyer numbers way off according to Asian real estate conference Asia Real Estate Association of America, Vancouver chapter representatives say the government’s data sample is too low to be accurate. Agents, experts say Chinese buyers account for much more than 3% of B.C. homebuyers China Cash Power A provincial government statement that only 3 per cent of B.C. residential sales are made to foreign buyers and that Chinese nationals represent just 2.5 per cent of Metro Vancouver home buyers drew rolling eyeballs and laughter at the packed July 7 Asia Real Estate Association of America (AREAA) conference in downtown Vancouver.

Recent data from Google Trends has revealed that, immediately after the United Kingdom voted to leave the European Union, there was a huge increase in the number of “move to Canada” searches originating in that country. This closely parallels the search patterns of United States citizens in light of Donald Trump’s success in the Republican presidential primaries a while ago. Google reported that the search term “how can I move to Canada” surged 350 per cent within a matter of hours on Super Tuesday. Donald Trump dodges an attack from a bald eagle named Uncle Sam.  Image Source

Attention: Investors who parked their money in Vancouver real estate   You gotta pay more taxes very soon, if you leave a building vacant like this one, (because Mr. de Jong will empower the city to dig the hell out of your pocket): – Image Source Vancouver: “I Got The Power” Provincial B.C. government to change Vancouver charter to allow an empty home tax.

Hardly anyone believe only 5% of real estate buyers are foreigners Preliminary data collected by the B.C. government suggests only 5% of the recent buyers (last 20 days to be exact) are foreigners. Guess what, hardly anyone believe that is the case, many commented the 5% as flawed, misleading, obfuscatory, laughably incomplete and useless … downright false! Read the comments at CBC.ca for an idea …   “This survey is completely flawed simply because “In Richmond, foreign nationals made up 14 per cent of all buyers” is not true. 90% are foreign buyers in Richmond. Just go and check it. After it, nothing to discuss here.” – Vlad Vladidze In Richmond for example, foreign nationals made up 14 per cent of all buyers, spending $61 million out of the $371 million worth of purchases. In Burnaby foreign nationals accounted for 11 per cent of all purchases.

Previously, Renters driven to tents, rental bidding wars, and more affordability issues . More affordability stories … Forced to camp for shelter Castanet.net – Jul 9, 2016 Kelowna has a notoriously low rental  vacancy rate, as low as 0.5 per cent according to some, which makes it difficult for those looking to rent something affordable. Homeless camps in Abbotsford Image Source Potential condo buyers camp out — in Abbotsford? CBC.ca – Jul 9, 2016 Given Metro Vancouver’s red-hot housing market, the sight of anxious buyers camped out in front of a condo development isn’t considered all that unusual … About 20 prospective buyers are lined up for Fraser Valley condos; some have waited close to 2 weeks.

“London Bridge Is Falling Down”, sorry, it should be  “Lions Gate Bridge Is Falling Down” because, The Lions Gate Bridge at dusk – Stanley Park to the left and North Vancouver to the right.  Image Source Experts, investors see warning signs of real estate  slowdown in Vancouver The Province  – ‎Jul 7, 2016 Still, there were already suggestions this spring from the Canadian Real Estate  Association that the market may have “topped off” after a dip in sales in April.

Assuming “The Housing Crash Conspiracy Theory” is real, then foreign investors aren’t really the most significant factor. Because foreigners made up of just about 5% of the real estate purchases in Canada. That said, is 5% such a significant number (that can cause a severe housing crisis)? Want my money or not? Image Source Early data shows foreign nationals buying 5% of Metro Vancouver homes sold CBC.ca  – ‎Jul 7, 2016‎ Preliminary data collected by the B.C. government on foreign investment in the province’s sizzling real estate market shows that in Metro Vancouver five per cent of all real estate purchases were made by foreign buyers, almost all of them Chinese …

Pundits believe Brexit is a boon to our real estate market … Brexit and foreign money drive Canadian commercial property to all-time high Financial Post – Jul 5, 2016 Canadian commercial property has never been worth this much, according to a new report that says Brexit and foreign investment are driving the market. CBRE  Canada , a commercial real estate company, says Canada’s  reputation as a “safe haven” has … Or maybe not? ‘Panic’ Brexit Withdrawals Freeze $23 Billion Property Funds Image Source Bloomberg – Jul 7, 2016 During the financial crisis of 2007 and 2008, real estate funds were … funds and  Canada Life froze four funds totaling 450 million pounds. 3 UK property funds halt redemptions after Brexit vote prompts wave … CBC.ca –  Jul 5, 2016

#DontHave1Million? Sorry to tell you the truth: You certainly shouldn’t think about buying anything “real” (estate). Yes, not even cookie-cutter condo. The reality is you should be looking at how to rent a decent roof over your head. That’s all. Lest you get kicked out and have to stay in tents for good (see below): – Image Source Rising rents forced Abbotsford family into tent Mission City Record – Jul 5, 2016 After two months of searching and failing to find a place to rent in the Abbotsford area for her and her daughter, Stephanie Reimer bought a tent and started looking for a place to camp. Frenzied buying of Vancouver’s few  apartment buildings prices renters out of the market

No exaggeration. The yada, yada, yada are backed by solid facts: – Image Source Toronto-area home sale price  jumps 16.8% in June CBC.ca – ‎Jul 5, 2016 House prices in Toronto continue to surge as would-be buyers struggle with a lack of supply in a red-hot real estate market, according to a report released today by the Toronto Real Estate Board (TREB).

Textbooks all over the world will have to be revised soon, that Canada’s economy is no longer natural resources. Our principal business is now real estate, particularly residential dwellings. While our speciality is neither an exportable commodity nor services, it is nonetheless a very high-tech thingy – a kind of super-duper technology simply known as “house-flipping” in real estate terminology. Image Source This is the first instalment of a series on Canada’s  economy and its shift away from resources

Here come the positive news likely to add fuel to our grossly overheated real estate market, Image Source Brexit vote could heat up  Canadian real estate market

Image Source Cabbagetown heritage home  gets new sparkle Toronto Star –   ‎Jun 18, 2016‎ Pearl and Robertson, of Cabbagetown Carpentry, bought the late-19th-century home , a 3,700-square-foot semi- detached (including a finished basement) in March, 2015. Nice, but be cautious … because in construction, be it new build, renovations, or some light home improvement works, it is still one of the most stressful things in life. Check this out … Remodeling? Renovating? Prepare for the nightmare

Vancouver, Vancouver, Vancouver. I always wonder why do foreign investors, particularly those from China are so obsessed with this city … Fengshui? Image Source Foreign investment has impact on Vancouver housing market, say researchers

Housing crash is “imminent”? You say there is housing bubble, a housing crash is imminent. They say Canada is different, they is no real estate crisis whatsoever, or even if there is a downturn, one like the U.S. simply won’t happen in the Great White North. Not a chance … Because Canadian financial institutions are simply too big, so strong, and so prudent that they can easily weather any downturn like a child play. Well, I don’t know what else to say? Guess I read too much … Image Source Canada’s ‘Housing Bubble’ Is ‘Going To End In Tears’: Capital Economics

Toronto real estate is getting sexier than ever … Image Source No summer slowdown in Toronto’s  heated real estate market Toronto -area homeowners who are thinking of selling their properties may not need to wait for the traditional fall market. “I think it’s going to be busy all through the summer,” Patrick Rocca of Bosley Real Estate Ltd., says. Mr. Rocca says activity … More people are coming here … Canada a land of wealth to young British immigrant

Deep-pockets from China seem to have gluttonous appetite for real estate in the Great White North … Chinese bought $1.3B of  Canadian commercial real estate this year CBC.ca The Bentall Centre in Vancouver sold to China’s Anbang Group earlier this year, pushing Chinese investment in Canadian commercial real estate to a new high. Chinese investors top commercial-property buyers in Canada   The Globe and Mail (subscription) This phenomenon created a lot of resentment among Canadian folks … Vancouver Real Estate’s Foreign Money Influence Is Real. Says Guy Who Says He Has Proof.

The real estate market is getting too hot, prices have reached insane level, our Liberal leaders wanted the house prices to drop … Image Source How Canada’s hot housing market is propping up GDP growth bnn.ca   – ‎Jun 30, 2016 The real estate and rental category measured as part of Canada’s GDP represents the output of real estate agents, brokers, landlords and other related services. In other words, it’s an indicator of the health of the resale market , as opposed to changes … The one quick way to cool the GTA housing market : Mayers   Toronto Star Nothing to see here: Mortgage industry says there’s no housing bubble in Canada   Financial Post In-depth:  Douglas Todd: Ten ways to ease Metro Vancouver’s  housing crisis  The Province Canada Needs House Prices To Drop. Here’s How To Make It Happen.

First thing first, foreigners who stashed their money in Canadian real estate (never mind legality status of the fund ), and for those who never occupy the properties, they will soon have to pay a little more to maintain their “empty nests” … with the newly proposed  Vacancy Tax a.k.a Empty Home Tax in Vancouver : – Empty home tax coming to Vancouver Image Source

Let’s examine what to expect as a result of Brexit … Could it be a “Real EstatExit” in the making for the Great White North? How the Brexit Affects Canadian Mortgage Rates Image Source

The headings below say it all. But fret not … No housing woes in Canada , mortgage  lobby says, but many beg to differ Image Source

A while ago, if you #donthave1million, it simply means you will be “homeless” in Vancouver. Now, and very soon, you gotta be sleeping in the street if you remain #donthave1million in Toronto, the “World Within a City”. Good luck Torontonians … #donthave1million Two bedroom condos won’t go for under $1 million soon:  Toronto broker Image Source

We all know the insanity … Image Source Canadian house prices : From ‘overvaluation’ to ‘outlandish’ and ‘zany’ The Globe and Mail (subscription)  – ‎Jun 21, 2016‎ One of the world’s big credit-rating agencies says it’s troubled by Canada’s inflated house prices and extremely stretched borrowers. Canada’s ‘hands-off’ housing policy is right move in free market economy   Financial Post Moody’s: biggest Canadian lenders could deal with housing crash   Business Review Canada Here is a real life testimony … Two couples pool money to live under one roof

Home affordability worsens in Vancouver, Toronto : RBC Toronto Star – ‎Jun 22, 2016 ‎ The increase in Vancouver and a smaller gain in  Toronto helped drive the national average cost of  home ownership higher. And the scary news … In a not so desirable Toronto neighbourhood, Detached west Toronto house  sells for $105100 over asking  price

How to score the best  mortgage and wipe out that debt CBC.ca  – ‎Jul 1, 2016‎ Will you lie awake at night knowing your mortgage rate could rise if suddenly the Canadian economy starts to improve and the Bank of Canada hikes lending rates? And that’s the key with scoring the right mortgage . Customers need to shop around for the … Image Source As home prices climb, taking 30 years to pay off mortgage is becoming new norm in Toronto and Vancouver