Welcome!
VancouverPeak.com- admin replied to the forum topic Sandbox. in the group Housing Data
- admin posted an update:
- jesse and Makaya are now friends
- jesse replied to the forum topic Sandbox. in the group Housing Data
- jesse posted an update: CMHC starts, completions and under construction in Vancouver […]
- The Ant started the forum topic BC Population Growth in the group Housing Data
- jesse and The Ant are now friends
- jesse and wreckonomics are now friends
- wreckonomics posted an update: New Year, New HPI. ”Selection Broadens and Demand Eases to […]
- Best place on meth and admin are now friends
Wordpress theme by Abhishek Tripathi of Mediawick Digital Solutions
March 2nd, 2010 at 6:17 pm
@MIA:
Since we are in all likelihood at the top of the market and headed for a rapid decline, this means that virtually nobody who would be likely to want to use the program will be eligible.
March 2nd, 2010 at 6:14 pm
@MIA:
All provincial revenue goes into, and all spending comes out of, the same pot. Since health care spending > HST revenue they can claim all of the latter goes to the former. But it is completely meaningless. It’s like saying that all your salary from working Mondays goes to your rent.
Governments have been playing the “health care tax” game for decades but I guess people haven’t figured it out yet.
March 2nd, 2010 at 5:35 pm
Who exactly are the DTES “freeloaders”?
“Notorious DTES landlords get tax breaks?”:
http://vancouver.24hrs.ca/News.....1-sun.html
March 2nd, 2010 at 5:31 pm
I was listening to a spokesperson from Adecco Employment Services on CBC this morning, they’re the ones who hired people for the Olympics.
The shows host had to ask her several times how many people were hired who will now be out of work.
After much dodging she finally came up with a ballpark figure.
“Over 50,000″ was her answer.
March 2nd, 2010 at 5:21 pm
#45
Spending for families includes:
* the property tax deferral program (have to have kids)
* increase in per child K12 funding (think 8150 to about 8300)
* 26 million in childcare subsidies (childcare programs for low and moderate income families)
* 30 million for youth to participate in sports
* funding for full day kindergarten – $44 million in 2010/11, $107 million in 2011/12, $129 million in 2012/2013 – 22 million in the 2012/13 year is new funding
March 2nd, 2010 at 5:13 pm
@MIA: do you know how exactly they’ll spend on families?
March 2nd, 2010 at 4:42 pm
@taylor192:
As a taxpayer, I feel the same way. Would you rather put your money into economic activity that generates a return (e.g. assets like the Convention Centre and RAV), or into a never ending black hole? By making the pie bigger, we will be able to help those in need more.
March 2nd, 2010 at 4:14 pm
also forgot about the $320 million in savings from “refocussed spending” amongst six ministries (energy, forests, land and agriculture, transportation, community development)
March 2nd, 2010 at 4:09 pm
Fresh out of the budget lock-up…..
For those expecting a post-Olympics hangover budget, keep waiting. Rather than service cuts, the Province increased spending in education, health care, and on “families.”
The much vaunted property tax deferral program was actually announced last year as a two year program for those in “financial hardship.” It was extended this year indefinitely.
Details as follows:
* “Homeowners financially supporting children the age of 18 may defer property taxes until they sell”
* Program begins in May of this year (applications available before May though)
* interest charged at prime lending rate
* MUST HAVE 15% EQUITY IN THE HOME
The program targets 400,000 families, and my contacts say the program came directly from the Premier’s office (a last minute addition).
As for the downside, we still had a 2.7 billion deficit this year, a $1.7 billion for 2010/11; we will be short $113 million from the HST after we pay out all the credits; and the Province will be cutting a total of about 4000 jobs over the next few years (which started in 2009) rather than simply the 2500 or 5% of the workforce announced in last year’s budget.
The Province is devoting the entire HST revenue to the health care budget, so you draw your own conclusions on that one..
March 2nd, 2010 at 4:06 pm
@asian person:
Pretty much everyone who bought after 2002 or so is actually losing money on an all costs included basis and is missing a writeoff if not reporting it. So still are a lot of people who bought in the mid-90′s. Also anyone who started in a loss position, and was reporting the loss, is not going to be able to suddenly stop reporting when they change to a profit position (e.g. many earlier landlords).
I wonder if that much actual rental income in aggregate is being missed. Still it’s very easy to catch. Some provinces have a renter’s tax credit which means renters actually report their landlord’s name and amount of rent.
March 2nd, 2010 at 4:00 pm
To all those complaining about the “Owe-lympics”:
We have spent > $1.4B on 10,000 people in the DTES. I’d much rather spend billions for a party for all Canadians than throw money away on a party for 10,000 bums every Welfare Weds.
Then again, I did sit lower bowl for the gold medal game so I am biased
and only paid $200 over face value. Screw you scalpers.
March 2nd, 2010 at 3:44 pm
@asian person:
Must agree with you there. There are probably a large number of amateur landlords who have no idea that their rental income is taxable. All CRA needs to do is start address matching.
March 2nd, 2010 at 3:44 pm
OT but important.
http://www.news1130.com/news/l.....-vancouver
Those temporary security cameras from the games may hang around if the VPD have their way.
March 2nd, 2010 at 3:41 pm
@old kitsie:
“my kids were often the only non-Asian kids in their high school science classes, and have noticed a very definite trend of Asians of Chinese descent moving back home. They are now citizens, with two passports, and no longer have a need to educate their children here.”
I often meet Asians who have returned to Asia, though I would differ slightly on the reasons. Getting a passport is important but the education not so much. Many of the foreign kids at Canadian universities are those who couldn’t get into the much more competitive colleges in China, Singapore and HK. UBC is usually just a way to save face for their parents at home.
Many people also return because they can’t adjust to Vancouver: the slower pace of life, taxes and dearth of business opportunities.
March 2nd, 2010 at 3:32 pm
what if the government who is trying to squeeze water from rock goes after all the all the unreported income from secondary suites in Vancouver. There must be hundreds of millions of loss taxes there.
March 2nd, 2010 at 3:27 pm
Do you guys know how /where can i post some HTML containing a list of listings received from my real estate agent, He has only a couple of sales since december and most of them 5-10% down from asking price
March 2nd, 2010 at 3:22 pm
@taylor192:
Someone making 50K pays $855/year more in income taxes in Ontario.
http://www.walterharder.ca/T1.html
Also when you compare property taxes you should compare apples to apples, i.e. a 300K house in Kanata with a 600K house in Richmond. If you do that I think you’ll find taxes are pretty similar. Unfortunately mls.ca does not show property taxes so I can’t look them up.
Note also that townhouses are much more likely to be strata in BC as opposed to Ontario, which has many more freehold (no condo fees).
March 2nd, 2010 at 3:17 pm
Emotion has nothing to do with rich asian activity in this town. It all comes down to investments and making money. These are something bears have no knowledge of but clearly rich asians do. For this reason “Vancouver real estate never go down!”.
March 2nd, 2010 at 3:11 pm
@Drachen:
“POOR Asians.” Should read, “POOR Asians immigrate.”
March 2nd, 2010 at 3:10 pm
@specialfx3000:
“These Asians are landed immigrants, when they buy it is not offshore ownership anymore, can you get that through your head, Drachen.”
Rich Asians don’t take up residence here, they MIGHT buy as a vacation home or a place for their kids to stay while getting an education but they don’t like the business climate here. POOR Asians. Only 4% of Canadian immigrants use the “business immigration” (for the wealthy, entrepreneurs, artists, athletes and farm managers) method, that’s no where near enough to float this boat.
Wealthy people are generally happy with their circumstances. Happy people tend to try to keep things as they are (why fix it if it ain’t broken). It doesn’t take a master’s degree in psychology to figure that one out.
March 2nd, 2010 at 3:07 pm
The economy isn’t growing anywhere in Canada.
Quebec is our Greece…..94% debt to GDP…..I guess exporting maple syrup, fruit pickers and strippers can only support an economy for so long.
Back out the numbers from the last gasp of the housing “bubblette” then reverse the stimulus math, and we’re headed down the hill like an out of control snow boarder.
What was just counted and trumped up in the REIC paid for “media” was the numbers from the last quarter of 2009 where all the governments stimulus money, rate cuts and scare tactics pulled all the future housing demand from FTB’ers forward, as well as the people who cannot do math and spent money to get the puny HRTC.
It is all a grand fraud…….
March 2nd, 2010 at 3:05 pm
@White Payer:
That’s an argument for a bust, not against one. HK and other Asian markets saw a >50% bust in the late 90′s, and in the current bust Latvia and Ukraine have seen among the biggest declines. Even Moscow is shaky and only a rebound in oil prices saved the market.
Hot money gets out, fast, when the top is in.
And let us note that the supply of new condos in Burnaby is essentially unlimited. So let the idiots keep buying.
March 2nd, 2010 at 2:53 pm
@specialfx3000: Coming to Canada (Vancouver) is known as buying a life insurance to the Rich Asians. They do not like the west because of the tax structure however they want a way out if things go bad in their country. Thats why they immigrate buy a big house and go back to Asia to make money.
March 2nd, 2010 at 2:52 pm
I heard an analyst saying that they will likely look at and should raise rates by 50 basis points in june and every announcement after that until june 2011. That’s a 4% increase by next summer.
March 2nd, 2010 at 2:45 pm
I said it before and I say it again – 99.9% of all new housing units in Metrotown area in Burnaby are purchased by Asian investors/owners/flippers/speculators. The rest is Russian mafia and other/miscellaneous.
In latest news, yet another Asian dead body found in my neighborhood this morning.
March 2nd, 2010 at 2:37 pm
21 X buffates Says:
March 2nd, 2010 at 1:25 pm
boombust: look up the word “catalyst” for me.
ReplyCurrent score: 0
You mean the word that explains the precipitating event for a change of course for something?
Easy. High prices.
Now, buggar off.
March 2nd, 2010 at 2:18 pm
Bankruptcy Looms, coming soon to a theatre near you!!!
http://www.theglobeandmail.com.....le1486789/
And some say California is worse than this.
March 2nd, 2010 at 2:18 pm
These Asians are landed immigrants, when they buy it is not offshore ownership anymore, can you get that through your head, Drachen.
March 2nd, 2010 at 2:07 pm
@old kitsie:
“They [Asians] are now citizens, with two passports, and no longer have a need to educate their children here.”
@superduperbulltime:
“3) Rich asians continue to flood in”
Hmm, one is right and one is wrong, if only there were a credible source…
Wait a second, there IS! Landcor tracks property sales in BC, hmm let’s see, they say that in 2009 there was a net negative trend in offshore ownership. Which is to say that more “rich Asians” sold property in Vancouver than purchased.
Aside from which, this story is as old as bubbles, the Dutch Tulip bubble (the very first one) was partly driven in the later stages by the belief that rich French and British would see the value in tulips and swoop in to keep the market going. Didn’t happen then, won’t now.
March 2nd, 2010 at 1:25 pm
boombust: look up the word “catalyst” for me.
March 2nd, 2010 at 1:23 pm
@patriotz
I work in high tech and moved from Ottawa recently, so I can comment on Vancouver vs Ottawa:
- Ottawa has many more jobs and company headquarters.
- Vancouver tech jobs have dried up meanwhile Ottawa has seen some growth in jobs since the recession started.
- Ottawa tech jobs are primarily located in the nice suburb of Kanata. You can buy a 2000sqft 3bd/3bath home there for $300K with a yard, garage, and no condo fees.
- Ottawa tech jobs pay on average a little more.
- Ontario income and Ottawa property taxes are more than BC and Vancouver.
- Sens games are nearby in Kanata and cheaper.
I honestly don’t know why any company stays in Vancouver, especially in high tech. Seattle/Redmond are only a short drive away too, with higher salaries and lower costs of living.
March 2nd, 2010 at 1:15 pm
@patriotz
The house is Westboro is even over-priced as the stupidity has finally gripped normally conservative Ottawa. My friends own a 4 unit building in the area that they purchased for < $400K a few years ago.
March 2nd, 2010 at 1:11 pm
You need to buy real estate before the summer fireworks.
All those suburbanites who come to the city for the
fireworks will love it so much that they will buy condos.
You need to buy now before the fireworks or be priced out forever!
March 2nd, 2010 at 1:08 pm
Rise in housing starts forecast for 2010:
http://www.vancouversun.com/bu.....story.html
Goodbye fools. It was very impressive to see how governments and central bankers temporarily made water flow uphill, but that won’t prevent a washout.
March 2nd, 2010 at 12:59 pm
I live in the Arbutus area of Vancouver, my kids were often the only non-Asian kids in their high school science classes, and have noticed a very definite trend of Asians of Chinese descent moving back home. They are now citizens, with two passports, and no longer have a need to educate their children here. The big complaint I have heard from my soon-to-be ex-neighbours is that there are no business opportunies in Canada. China is the place to make money. There are many homes vacant in this neighbourhood and it appears to be an escalating trend. I do not see an influx of immigrants as in the past.
March 2nd, 2010 at 12:47 pm
This bear went on 3 cruises last year. I am currently planing for my next 3.
March 2nd, 2010 at 12:26 pm
Character house in Dunbar-type neighbourhood:
430K – Character of this older home is evident in the spacious dining room w/original fireplace mantle, high baseboards & hardwood flrs throughout.
And some people still talk as though high tech has a future in Vancouver. What a joke.
March 2nd, 2010 at 12:23 pm
@superdupe-bullshitter:
Please Mr. Jurock, stop it – my sides are aching. You cheerleaders are so darned funny.
1) GDP up 5% last quarter – ONE TIME EVENT DUE TO INVENTORY REBUILDING IN U.S, THAT’S NOW COMPLETE.
2) Olympics hugely successful – NO EFFECT ON REAL ESTATE.
3) Rich asians continue to flood in – URBAN MYTH, NO PROOF.
4) No shortage of bears and other losers willing to pay mortgage of someone else
RESULT? Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
CORRECTION, RENTERS PAYING ONLY PART OF MORTGAGES. FOOLISH SPECULATORS LOSING MONEY EVERY MONTH.
Just wondering how you expect the mortgage holders to continue collecting rent if all the bears leave?
Silly cheerleader.
March 2nd, 2010 at 12:04 pm
@superduperbullshit: Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
Leading to the biggest brain drain since the construction of the Berlin Wall!
March 2nd, 2010 at 11:59 am
“This budget is still going to be a belt-tightening budget,” Mr. Hansen said. “We’re starting to see the recovery settling in [but] our revenues are way down from what they were two years ago.”
Translation: it’s going to be a belt tightening for everyone who wasn’t politically connected and made a mint during the Owe-lympics. Everyone who was stupid enough to vote “yes” to having their taxes siphoned off to Gordo’s buddies who have the Sea-to-sky expansion contract, or sold the concrete for the Richmond Speed skating rink.
Hope everyone enjoyed those stupid F-ing mittens. You’re going to be paying for them for the next thirty years.
March 2nd, 2010 at 11:30 am
Super boom time facts:
1) GDP up 5% last quarter
2) Olympics hugely successful
3) Rich asians continue to flood in
4) No shortage of bears and other losers willing to pay mortgage of someone else
RESULT? Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
March 2nd, 2010 at 11:23 am
The foriegn press saw right through the thin veneer of Vancouvers propaganda fron and the local papers are telling you not to believe anyone but them, what a crok of shit. The fact remains that it is the local media pundits who have created the idea that ‘we’re number #1′ and ‘world class city’ campaigns etc etc when none of it was true. The advertising disguised as opinion has to stop or else …guess what???? they’re setting people up for a really big let down. The guy that cpmpared the local Olympic (thats right local!!) was spot on because we did not invite the world, we acted like greedy little kids who hadn’t learned to share. We showed zero class and no ‘goood host’ appeal whatsoever. It was all about keeping the liqour stores open and having a mass of drunks in the street for the cameras. The rest of the Olympic spirit never showed through.
http://communities.canada.com/.....fault.aspx
March 2nd, 2010 at 11:14 am
Bye bye Greece. Let the sovereign defaults continue. I wonder how much appetite there will be for further bailouts and money printing when the specter of insolvency is knocking at the door of the developed world.
March 2nd, 2010 at 10:40 am
“The big catalyst for the bottom to come out of the real estate market would be a double dip in the stock market and by extension, economy.”
There is NO way we will avoid a major recession in this province. We are only behind the curve, that’s all.
March 2nd, 2010 at 10:18 am
I am a huge bear but Carney will raise interest rates as little and as slowly as he can get away with. So much money has been pumped into the North American system and the result has been narrowly averting deflation. A slow increase in commodity prices (gold, crude, copper and all the soft commodities) would be the best possible thing for the country. In this environment you will get those slow but consistent rate hikes.
The real killer for the housing market remains to be the mortgage terms. When you allow so many people to have access to the housing market there will inevitably be an increase even if we see another 300 bps it would not have the same effect of 25 year, 10-20% down.
The rate hike is extremely bad for the economy especially when it’s juxstaposed to the Americans who are doing everything in there power to inflate their ridiculous debt into oblivion. They can get away with it too, since the Euro is a toilet currency and will be exposed as such over the next decade.
The big catalyst for the bottom to come out of the real estate market would be a double dip in the stock market and by extension, economy. When that happens, you’ll see what we had 16 months ago with rapid price decreases. If the double dip is coupled with rate hikes, higher taxes, less spending we will really get the party for the bears.
March 2nd, 2010 at 10:07 am
superdupe:
How’s that lack of land working out for Manhattan real estate prices?
They ran out of land 150 years ago.
March 2nd, 2010 at 9:53 am
Big time growth of economy only leads to one thing : super boom in vancouver housing market. Unless bears invent super land making machine “Vancouver real estate never go down”®.
March 2nd, 2010 at 9:35 am
The sooner and faster the better. The Canadian dollar is going up because the economy is overheating due to cheap credit – causing the exact problem that low interest rates were supposed to avoid. We’ll get the worst of both worlds if Carney doesn’t raise rates.
March 2nd, 2010 at 9:23 am
Bank of Canada will act on see and saw policy by looking at Global Financial DAD.WHY BOC? Because market players over here are almost same and they can easily cross border to any side otherwise we should have follow AUS,NZ as they had increase thrice by .25 basis.
Usa housing market is in critical condition so financial dad is unable to move forward by more than .25 till end of this year.We have only four month left to cool a bit by september before the tide aquire extreme speed in 2011.
So Bank of Canada will adopt “won’t let eco touch ground” policy,Bank is only able to increase interest rates.25 for rest of this year 2010.
March 2nd, 2010 at 9:17 am
First!!!!!!!!!!!!!!!!!!!!!!