Spain Is On The Brink Of Financial Collapse Because Nobody Pays Taxes http://www.businessinsider.com/no-wonder-spain-is… For Spain, such tax shenanigans center around the property market where reportedly half of landlords evade taxes. Bloomberg: Owners are asking for payment in cash from tenants to avoid tax on 2.5 billion euros ($3.5 billion) of earnings annually, the Gestha union of tax inspectors estimates. An increase in rental properties nationwide hasn’t generated any more tax revenue. The Spanish government, seeking to pull the country out of its deepest recession in 60 years, needs all the money it can get right now. The slump was triggered by a crash in the housing market and has left Spain with the highest budget deficit since at least 1980. Taxes go unpaid on income equal to about a quarter of gross domestic product, Gestha estimates. … Encinar, whose company… Read more »

@ReadyToPop:

Some may have missed the boat. Thats a fact. But just because you've missed the boat, don't go on a sinking ship.

239 realpaul

True re: the details, but the CREA and the FEDS

Obviously, the CREA isn't structured for democracy amongst its members, and the FEDS simply want to give the appearnce of action.

Anyway, you said previously how one should deal with reatlors…and people should tell the realtors THEIR terms or F- OFF. Realtors have had it too good for too long. Don't tell me they haven't raised prices with bidding wars.

A friend who sold recently told me the realtor cut $5000 off their commission to get the deal done.

EVERYTHING is negotiable, and the realtors are gonne hit the real world big time.

It’s such a bitter taste of defeat as I stare out my window each morning that I leave the blind down continually….

Down at heart in docklands

I guess missing the ride up can be as bad as watching it fall….RTP

Saw on the news another Indo Canadian "Known to police " got whacked.

It is quite a tragedy that many of the current generation have gotten sucked into a lifestyle which disrespects their roots.

It appears that the CREA deal is not going to make anybody happy. I think the public should have been given full access to the MLS and agents should beg for a listing…making promises that they will actually do something for the commission they seek. This deal stinks to high heaven and the Competition Bureau has done the public a disservive to everyone by negotiating without public hearings to really clear the air…..what is this …some fucking third world shithole? They had these rats in their sights and they've let them squirm out…..it happens in other jurisdictions when corruption is afoot…..have the third world practices of the immigrants infected our pristine landscape?

http://www.theglobeandmail.com/report-on-business…

@Best place on meth:

Chinese buy house with cash only

GOOD Olympic news:

The RCMP went under budget re Olympic security…spent only $ 520 MILLION of the $550 MILLION budgetted

( I guess donuts were on sale )

219 realpaul

Re Libs and Campbell….since WAC Bennett,NO Bc Premier has lasted more than 3 terms.

Bennett left on more of a high note on his terms. That Campbell

can't read history is a sign of his Napoleon/Caesar complex.

I think he's left it so long his party will go down with him. No break in the ranks yet.

At least the NDP is smart enough to know when to hold them and know when to fold them.

Patriotz all-time favourite Premier Vander Zalm, has a funny way of giving stagnant messes an enema,in a non partisan sense.

225 real_professional Well as a first generation Canadian, I was regaled with stories of DP's (displaced person )after WWII coming to Canda with nothing. One family ( of 2 parents and 8 kids)bought a house, worked the fields and had it paid off in ONE year. The European culture has evolved into a bunch of spoiled brats, who want to move out of the home once of legal age, presume a 5-6 figure wage is a right, and that a new a car and house of condo is a given. The South Asian culture is very clever…a house is built,they employ many of their countrymen multiple contributors to the mortgage, their individual tax bracket is likely low, they mortgae is paid off more quickly and they make big time advantage of the capital gains. The Mennonite community did exactly that… Read more »

#226 VSM …you go to Alpine Credit etc for the negative equity portion of the 1st mortgage and take out a second mortgage. Make sure you put a layer of duct tape over your asshole before you go….the second tier guys are not going to talk terms. Going through the same process with a mortgage broker will just end up in the same position except now you will owe the mortgage broker a few grand for 'fixing you up'.

Under the Bank Act a chartered bank cannot finance you on zero equity….which is why they created the HELOC….but….if your deep underwater you may not qualify for a re newed HELOC because the repayment terms are not included in the mortgage doc. Thats why the second and third mortgage market exists.

@Drachen:

"https://www.landcor.com/market/reports/Metro_Vancouver_2010_Report.pdf

"977 residential properties in Vancouver were owned by Asian residents at the beginning of 2010."

If you think that has ANY impact on the market then there are sacks of hammers out there with things to teach you"

Does that chart look like reality to you? According to that chart there are ~4000 properties in Vancouver owned by foreign residents or a bit less than 4% of the total. Either my gut is WAY OFF or that is just wrong. What does everyone else think? Based on the owners I know in my building 25% are full time non residents (non Canadians) stopping in for a month or two on occasion and another 30% are dual citizens currently living here. I admit this is a very small sample and I'd love to here other opinions.

225 real_professional

In my next life, I want to come back as an East Indian…"South Asian"….I know a lot of them, our kids hang out with them… cool,people.