What if the last 30 years happens again?
If Vancouver house prices increase by the same amount they have since 1982 the average house price in 2038 will be almost $4 million dollars. Sounds reasonable, but what about interest rates? In the same amount of time interest rates have fallen dramatically. If they keep dropping at that rate they’ll break the zero bound soon and become negative.
Then what happens?
The bank will pay you to hold a mortgage.
The future is bright.
Here’s the link to the video on YouTube if you want to comment there.
July 17th, 2011 at 5:05 pm 1
Looks great! Now get VanMD to translate into simplified Chinese and re-post!
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July 17th, 2011 at 6:02 pm 2
this was the funniest thing i've seen in a while – thank you
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July 17th, 2011 at 7:25 pm 3
Man it's 3AM and I work in 6 hours.. I will add this translation job to the to-do list…
but I have decided to invade the "Westca" Chinese forum (more Chinese Canadians), in addition to the Iask.ca one (more recent immigrants). Westca is even more hostile, got trash-talked and put down by a couple users. This user "Fufu" is a lot of work. So I decided to sit down and spend another 1.5 hours on the next masterpiece response (on pg 11):
(my original post started on pg 9)
http://www.westca.com/Forums/viewtopic/t=379081/s…
Time for bed.
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July 17th, 2011 at 7:29 pm 4
oops, should've posted the google translate link instead for your convenience, here goes:
<a href="http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2 Fwww.westca.com%2FForums%2Fviewtopic%2Ft%3D379081%2Fstart%3D100%2Flang%3Dschinese.html&act=url” target=”_blank”>http://translate.google.com/translate?js=n&pr…” target=”_blank”>Fwww.westca.com%2FForums%2Fviewtopic%2Ft%3D379081%2Fstart%3D100%2Flang%3Dschinese.html&act=url
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July 17th, 2011 at 7:35 pm 5
by the way, my signature line there is the VCI rollercoaster : ) hope that's ok.
In fact, it prompted a user to start a new thread:
"remembering the Vancouver RE rollercoaster and some thoughts"
Guess VCI may have had a longer reach than we anticipated!
<a href="http://translate.google.com/translate?hl=en&sl=zh-CN&tl=en&u=http%3A%2F%2 Fwww.westca.com%2FForums%2Fviewtopic%2Fp%3D3394681%2Flang%3Dschinese.html%233394681″ target=”_blank”>http://translate.google.com/translate?hl=en&s…” target=”_blank”>Fwww.westca.com%2FForums%2Fviewtopic%2Fp%3D3394681%2Flang%3Dschinese.html%233394681
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July 17th, 2011 at 7:42 pm 6
@Van MD:
vanmd:
because my accounts (got some multiples for trolling going on) have not been verified, i cannot post or reply or help back you up yet, i'm sorry.
however, i have been screen grabbing and stitching together in photoshop all of yours and rabbit's postings – some of these image files are getting to be 8000+ pixels long!
they are hilarious, though. some serious pigeons in this crowd. they all think the market will go up forever, especially if our comrades keep buying, etc.
i am waiting to read chants of "JIAO! JIAO!" (go go/add fuel)
anyways, i am trying to find a way of posting this without coming off like a raging bigot. i just think that the side story of foreign real estate speculation is … after reading all of this .. perhaps understated. i know it's definitely been justification #1 among my white canadian friends as to why they believe prices won't fall. sort of seems like an ass backwards way to run an economy/local housing market (since RE IS our economy now), but who am i to judge?
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July 17th, 2011 at 7:49 pm 7
@keeperofthederp:
If the market is really being driven by foreign money why is one of the biggest shills on the Chinese language forums (as VanMD tells us) a mortgage lender at a local bank?
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July 17th, 2011 at 9:48 pm 8
@patriotz:
i don't think the local banks really give a shit what happens.
it's like pringles, they can't stop.
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July 17th, 2011 at 9:52 pm 9
@patriotz:
i follow jesse and a few others on this
it's the BoC that's responsible for this, hand in hand with the banks and CMHC
these are just the greater fools and speculators etc etc.
i think the local canadians were all priced out ages ago – lots jumped in because mr. scam good scared the shit out of them, too.
this is just a fascinating sub plot to analyze. there is boundless optimism, especially that if more purchases are made, the market will stay up.
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July 17th, 2011 at 10:24 pm 10
"If they keep dropping at that rate they’ll break the zero bound soon and become negative. "
Real interest rates are already negative.
How this bubble has been kept floating for this long is criminal.
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July 17th, 2011 at 10:25 pm 11
@Keeping An Eye On The Pimps:
agreed
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July 17th, 2011 at 10:46 pm 12
@keeperofthederp:
- Chris Rock
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July 17th, 2011 at 10:52 pm 13
A more in-depth analysis of immigration sources and classes. In the past 6 years:
- 2/3rds of immigrants into BC are either skilled worker or family class applicants.
- 13% are investors and entrepreneurs. The classes include spouses or dependants. 4 of 5 came from China or Taiwan.
- The provincial nominee program has a broad distribution of country of origination.
- China and Taiwan comprised 29% of immigrants into the province. Investors and entrepreneurs (mostly investors) from these two countries comprised 10% of immigrants into the province.
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July 17th, 2011 at 11:00 pm 14
@jesse:
so the numbers from this..
"China and Taiwan comprised 29% of immigrants into the province. Investors and entrepreneurs (mostly investors) from these two countries comprised 10% of immigrants into the province."
given immigration to bc numbers are 40,000 per annum give or take
so that's 4000 + families?
now we have to consider the 'grey' area of migrants who move to other provinces and then come to BC (isn't there a 50k penalty for this before the 3years are up?) and once here how many are only purchasing ONE property? don't forget the other angle of this is that these forums aren't just the investor class immigrants, it's the entire local community of actual canadian residents/citizens as well.
then there is the 'real estate pool' thing that seems to happen. do you recall someone's lengthy post on vreaa about trying to rent a house and each showing being given by a single young asian female, etc etc.
we'll know who's holding the bag (besides the taxpayers) when this thing comes down (if ever, lol
) your site is great, i am surprised more people don't post there? i guess it's too blatantly based in reality. 
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July 17th, 2011 at 11:01 pm 15
@jesse:
you made crackshackormansion.com, didn't you??
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July 17th, 2011 at 11:20 pm 16
On my drive to work this morning, News1130 had a 'special report'. It's the 1st of a 4 part series on creative ways to get into the market despite recent prices.
Today, they suggest that you can buddy up with your parents, siblings or even friends. Wow, your dream home can now be a sloppy business partnership venture.
So, after the crash, not only will you be in financial ruins, you can also destroy a relationship in the process. Can't wait for the next 3 parts of the series.
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July 17th, 2011 at 11:29 pm 17
@keeperofthederp: "you made crackshackormansion.com, didn’t you??"
No. It was too creative.
We can look at interprovincial migration for data regarding those landing in other provinces migrating to BC. I think it definitely adds to the effective immigration into the province. I'll post something on migration velocity at some point, but as of earlier this year, there are as many people leaving BC for other provinces as entering from other provinces.
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July 17th, 2011 at 11:49 pm 18
@jesse:
definitely, i know people who are leaving/have left/are considering leaving.
as well, i myself am considering leaving/contemplating a job offer in kamloops. (not leaving bc, just van)
we're all in our early 30s.
we can't keep treading water/making no forward progress re: work/homes so…
are you a statistician by chance? my oldest sister is
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July 18th, 2011 at 12:13 am 19
here is a reminder from reality to all "best place on earth" cheerleaders :
Summer is almost gone, did you see any of it?
Still sub 15 degrees temperatures and never ending rain.
How many of you did you go skiing in the morning, and golfing in the afternoon this year?
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July 18th, 2011 at 12:30 am 20
@paradox:
probably none, since house flippers are usually soulless geeks that don't do any physical activity besides thumbing their blackberries and shifting their automatic Bimmers
http://consumerist.com/2011/07/neighbors-are-mad-…
^^^ we've all seen this, right? lol
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July 18th, 2011 at 12:33 am 21
@jesse:
Except for Quebec, provinces are not involved in immigration for other than investor/entrepreneur classes.
A skilled worker or family class immigrant can get on a plane and land anywhere they want, once they have their visa.
A lot of immigrants to Quebec do eventually leave, but I think most of them go to Ontario. Given BC's high cost of living and poor job opportunities, I doubt the province gets much migration from already-landed immigrants, except from investor/entrepreneurs using another province as a go-between. I do know that some provinces have a high out-migration of such immigrants.
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July 18th, 2011 at 12:36 am 22
@keeperofthederp:
"i think the local canadians were all priced out ages ago"
You're claiming that no "local canadians" (which I suppose means native born) are buying? You only have to read other posters to know that's not true.
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July 18th, 2011 at 12:38 am 23
@jesse: The only comment to the video is in Chinese for some reason and includes some stuff about CCP. Maybe translation is not needed, you just need to repost to Chinese forums or try to get on local Chinese TV.
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July 18th, 2011 at 12:58 am 24
The video seems like a lot of effort for a very weak message…
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July 18th, 2011 at 1:05 am 25
@specialfx3000:
"…buddy up with your parents, siblings or even friends."
After having seen some nasty relationship breakups recently where property was involved, I have come to the conclusion that it's a never a good idea to own property with anyone other than your spouse. Siblings? Forget it! Parents want to put your name on their house to avoid probate? Forget that too. It causes nothing but problems. At least in the case of a marital breakup you can sell the house and split the proceeds, or one partner can buy the other out if they wish to stay.
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July 18th, 2011 at 1:43 am 26
@space889:
that chinese response is a little Eng-inese haha, I think it may be one of us google-translating into Chinese.
it sorta reads:
Comrades, house-pumping forever!
this market is the uncontrollable, honorable communist party
(only the bank) welcomes you to our casinos
but you may be hogging more of our milk [milk money?]
don't forget to report your overseas income.
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July 18th, 2011 at 2:06 am 27
@EatMe: " like a lot of effort for a very weak message"
Since when did a sound argument ever prevent a house price bubble? Rising prices and falling interest rates are linked. One point, one message, I get what the author is trying to do and I'll let the shills rip its argument to shreds.
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July 18th, 2011 at 2:14 am 28
@patriotz: So amongst the "investor" class, are provincial nominees embedded, or are the provincial nominees to which you refer listed separately?
Investors/entrepreneurs are about 13%, provincial nominees about 7%. Note there is a moratorium on the "entrepreneur" class. A family member of mine went through it some years ago and from what he told me the success rate was low and there was a higher auditing burden on the government so I'm not surprised it's being phased out.
On Quebec, yes, as far as I understand their investor/nominee program is run separate from the rest of the country. Their criteria is likely different too, given their political and cultural climate. I have no doubt immigration consultants will be trying to get their clients enrolled in any way possible.
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July 18th, 2011 at 2:20 am 29
@patriotz:
re: locals buying, you're right – for a moment there i had a bit of delusion. we're that dumb, too. carry on.
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July 18th, 2011 at 3:36 am 30
"Recruitment experts predict with its high living costs, skyrocketing real estate and grossly inadequate salaries, more Vancouverites will flee to where salaries are higher and commensurate with their skills and inflation.
“We’re facing an exodus,” said Feras Elkhalil of the WPCG recruitment firm. “We don’t want a brain drain out of Vancouver. We don’t want to lose talented people. If you want good talent, you need to pay for it."
http://vancouver.24hrs.ca/News/local/2011/07/17/1…
The story about the IT Consultant lacks details but seems insane for the stress alone.
(this is Patiently Waiting: having problems logging-in away from home using my new Macbook Pro
)
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July 18th, 2011 at 3:57 am 31
"The story about the IT Consultant lacks details but seems insane for the stress alone."
crap. that guy's added expenses is just a couple hundred dollars less than my net take home pay. i need a new job. quick.
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July 18th, 2011 at 4:24 am 32
BNN has a wiener on right now talking about van house market
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July 18th, 2011 at 4:24 am 33
OMG anyone watching the Asian realtor talking on BNN right now? he's predicting Vancouver to continue to rise, immigrant buyers etc… won't go down till interest rates rise by 2.5% blah blah blah.
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July 18th, 2011 at 4:25 am 34
channel 58 on Shaw… This guy is saying Van is wear all young people in Canada want to live and that the mountains and water is what sells van.
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July 18th, 2011 at 4:26 am 35
WOW!
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July 18th, 2011 at 4:29 am 36
"channel 58 on Shaw… This guy is saying Van is wear all young people in Canada want to live and that the mountains and water is what sells van."
ya i love the other guy laughing and saying these young folks better get REALLY high paying jobs to be able to pay for their $2,000,000 houses
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July 18th, 2011 at 4:30 am 37
@Anonymous:
ah i nearly kicked over the computer trying to get to the living room to turn on BNN, but i was 5 mins late
they'll loop it or i'll find it on their website shortly – try to do a video grab – good entertainment!
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July 18th, 2011 at 4:32 am 38
@vanMD
http://tinyurl.com/68pvsnw
LOTS more where that came from – i don't know what to do with it all.
the sentiment is hilarious – mix of bears and skeptics, lots of bulls mixed with nationalism, etc. interesting new friends we have.
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July 18th, 2011 at 4:37 am 39
I was at a birthday party on the weekend and had the bad luck of getting stuck sitting next to a realtor for most of the evening. This one has been in the biz for 3 years after leaving a career in the film industry and actually agreed with me that she thinks it is time to sell and rent and is actively trying to sell her burnaby condo. What really shocked me though was her description of some of the West side homes she has been to and what she has seen:
The first one was a 3.8M place for sale and when she went to look at it, the guy that came to the door barely spoke a word of english, had food stains on his clothes, slippers and pajamas (in the middle of the day). She said the guy looked like a backwoods asian peasant and was living in the place with almost no furnishings. She went on to say that she has been to a number of places where they have furnished the multi-million dollar places with a few scant pieces of garden furniture.
Her belief is that the owners are offshore and have hired poor peasants to essntially squat in the place to make sure it is is lived in to prevent burglaries and to forward mail that comes there to claim it as a primary residence. They have given the "squatter" a minimal amount of cash to buy furniture which is why garden furniture is the usual choice – cheap and easy to carry with no car!
Any one else heard of this?
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July 18th, 2011 at 4:43 am 40
@YLTN @ Work:
this is going to make for some hilarious textbooks in the future.
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July 18th, 2011 at 5:22 am 41
The 7 minute video of Real Estate expert David Choi, president of Royal Pacific Reality is now on the front page BNN: http://www.bnn.ca/
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July 18th, 2011 at 5:24 am 42
@Anonymous:
"ya i love the other guy laughing and saying these young folks better get REALLY high paying jobs to be able to pay for their $2,000,000 houses"
No problems. EA is hiring up to 300 gaming people. Must be decent paying jobs.
http://finance.yahoo.com/news/Video-game-company-…
Whoops, none for the Burnaby office.
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July 18th, 2011 at 5:28 am 43
@PW Away from Home:
Thank you for the great link.
I've managed to add that onto my foray of arsenal at the Chinese forum. Getting some RE pumpers there irritated and making emotional remarks already : )
<a href="http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=auto&tl=en&u=http%3A%2F%2 Fwww.westca.com%2FForums%2Fviewtopic%2Fp%3D3396175%2Flang%3Dschinese.html%233396175&act=url” target=”_blank”>http://translate.google.com/translate?js=n&pr…” target=”_blank”>Fwww.westca.com%2FForums%2Fviewtopic%2Fp%3D3396175%2Flang%3Dschinese.html%233396175&act=url
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July 18th, 2011 at 5:36 am 44
@specialfx3000 Unfortunately EA isn't hiring in Vancouver. They are hiring in Texas (where you can buy a 5 Bdrm house for 150K: http://www.zillow.com/homedetails/8904-Tronewood-…
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July 18th, 2011 at 5:42 am 45
@YLTN @ Work:
Well first I assume you mean physically offshore not legally offshore since only deemed residents of Canada can have a principal residence anyway.
But still it doesn't make much sense. If you are a deemed resident you can work outside the country for a number of years, rent out your house on the market and still retain principal residence status.
The other thing is even if they couldn't, they'd be better off renting out the place since they are a lot more likely to run into a capital loss than capital gain going forward.
Also claiming you that you are actually living in an expensive house while reporting no income is going to make CRA suspicious. Or it should.
But maybe the simplest explanation is that there is no explanation and these people just aren't acting logically.
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July 18th, 2011 at 5:53 am 46
@41 $385Rent: I don't get it. Do BNN, CTV, Global and the rest tap the sales floor of the Richmond Auto Mall for expert advice on the future of car manufacturers? Realtors are sellers, not economists by any stretch. I'd be more inclined to respect their opinions on the future of the BMW X3 than Vancouver housing.
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July 18th, 2011 at 5:58 am 47
@$385Rent: You missed the sarcasm in my post.
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July 18th, 2011 at 6:14 am 48
@Van MD:
this is potentially epic trolling fodder and i am missing out!
argghhhhh
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July 18th, 2011 at 6:15 am 49
# 39 YLTN @ Work
Well…..not surprised.
What I used to see were homes pre-demolition…empty….with stacks of mail….almost exclusively Asian names on bills, etc.
aka the old Primary Residence capital gains dodge.
I have not heard of one case whereby HAM has been investigated by CRS for what I consider was widespread fraud….or I'll be they were told it is a "No Go"investigation…ie get very stinky
If it was investigated…and it would not be hard to do…it would likely cool down the speculation.
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July 18th, 2011 at 6:16 am 50
@patriotz:
i honestly don't think the CRA has the resources to go after all of the big scammers, there are so many.
this is an interesting thread about tax loopholes here:
https://translate.googleusercontent.com/translate…
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July 18th, 2011 at 7:08 am 51
Anyone catch this beauty of an article in the Vancouver Province yesterday?
Back in 2008, when real estate sales and prices were going mad, about 35 per cent of our owners sold their units. Most of those buyers were minimal down payments and that has now come back to haunt us. The building is older, values have declined a bit, and the owners with high mortgages cannot get additional credit to pay their share of the repairs. It's going to be about $18,000 a unit.
Interesting tidbit in the Column writer's reply as well:
You are absolutely correct about the high credit risks that are being maintained by many homeowners. Zero down or five per cent was an enticing lure for many people looking at the alternative to renting.
http://www.theprovince.com/technology/Repairs+nee…
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July 18th, 2011 at 7:17 am 52
@$385Rent:
What an enlightening interview with David Choi, it's always a pleasure to hear a head realtor talk about what the market is going to do.
I noticed the shifty little bastard kept looking to the right at his cue cards, the ones that said "prices will go up", "everyone wants to live here", "mountains… ocean", "Chinese money coming to Vancouver" and so on and so forth.
I do hope BNN has him on again soon, maybe they can ask him about his opinions on hospices next time.
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July 18th, 2011 at 7:21 am 53
Just in Urban Fair Yaletown. Overheard 2 realtors chatting over coffee. Chinese guy and White woman. Chinese guy said "it's terrible here right now, I was talking to my friend who is a broker in Toronto and it would be much better if I were there now".
I am guessing he was referring to sales vols. Not sure about the Toronto being better (I understand their mkt is overpriced also – though not by as much).
Interesting eavesdropping nonetheless.
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July 18th, 2011 at 7:35 am 54
Vancouver Economy Sucks – 7th most robust economy in Canada
If it wasn't for housing how low would Vancouver sink??
Report by CIBC
http://www.vancouversun.com/business/Toronto+stro…
"But a big portion of Vancouver's job gains were of the part-time variety, and overall job growth numbers were mediocre among the field of municipalities, bringing down the city's overall placement in the rankings.
Vancouver, however, was buoyed by high MLS unit sales volume (second) and average price (first). Victoria, the only other B.C. city on the list, finished 17th."
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July 18th, 2011 at 7:37 am 55
West Van is sucking….rent still not paid.
I tink Lions Gate Bridge soon be one way traffic to keep up with exodus.
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July 18th, 2011 at 7:41 am 56
@Best place on meth:
This is the same bugger that switched from supporting the hospice to supporting the crazy bitches, right?
This interview is a keeper.
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July 18th, 2011 at 7:46 am 57
Gold and silver are going to the moon! If this keeps up I may someday be able to afford my very own Vancouver crackhouse to fix up!
All we need now is for the Chinese government to put a lockdown on corrupt Chinese officials taking their money out of the country in suitcases and we are set.
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July 18th, 2011 at 7:57 am 58
@real_professional:
>>>Vancouver, however, was buoyed by high MLS unit sales volume (second) and average price (first).<<<
Yes, that report covers the first quarter of this year.
If Vancouver's 7th place ranking was helped by real estate sales then the 3rd quarter is going to be a bitch.
The comments section about the empty storefronts and the Criminal Investor Program® were great, people here know what's really going on.
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July 18th, 2011 at 8:01 am 59
@Best place on meth:
hahaha criminal investor program
YOU'RE GODDAMN RACIST!
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July 18th, 2011 at 10:05 am 60
@keeperofthederp:
No I'm not, I always observe the posted speed limit.
Hurr, durr!
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July 18th, 2011 at 10:22 am 61
@Anonymous: 'Just in Urban Fair Yaletown. Overheard 2 realtors chatting over coffee. Chinese guy and White woman. Chinese guy said “it’s terrible here right now, I was talking to my friend who is a broker in Toronto and it would be much better if I were there now”. I am guessing he was referring to sales vols.'
Perhaps they were talking about the weather?
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July 18th, 2011 at 10:28 am 62
@Best place on meth:
Tom Vu and his ladies are waiting for you!
https://downandoutinvancouver.wordpress.com/2011/…
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July 18th, 2011 at 10:29 am 63
Ungrateful basement suite renters.
Our countrymen worked hard to exploit slave labour , inject melamine into food products to quasi-lethal levels…, and allow Wal Mart to grow to its current level ….so more minimum wage jobs can be created.
You don't want to own Real Estate….we are like GreyHound bus drivers….leave the feudal -lord -ism to us !!!
The ungratefulness of you peepurzs makes me want to P-U-K-E…..though recycling vomit that makes great Hot- n -Sour soup !!!
Accept New Wong Order (NWO)
PS…can you let me know when next pre-sale condo line -up for 2017 is?
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July 18th, 2011 at 10:39 am 64
Tom Vu quotes !!!
Quotes
* "Are you man enough to get off your lazy American ass and go to Vu’s seminars?"[1]
* "A lot of your friends will tell you, 'Don't come to the seminar. It's a get-rich-quick plan.' Well, tell them, it is a get-rich-quick plan because life is too short to get rich slow."
* "Tom Vu says his system is different than other experts'."
* "Okay. You've seen me make a lot of money. You've seen my students who are average people make a lot of money. Isn't it about time for you to go out and make a lot of money?"
* "Don't say someday you will do it. Someday may never come. Come to my free 90-minute seminar now."
* "There's two kinds of work in America: hard work and smart work. Which one are you doing now?"
* "This is not a country club! This is my house!"
* "Are you afraid to ask your Boss for the day off to come to my seminar? Well then you don't deserve to be rich"
* "Today I'm gonna show you how to drive a sports car. First, you need a lot of money!"
* "Don't listen to your friends. They're losers!"
* "Do you think these girls like me? NO, they like my money!"
* "At first I got lots of discouragement from friends and stranger who are loser! You know what these people kept telling me? They kept saying, 'Well Tom Vu, you a crazy nut, here you are, a poor immigrant, poor minority, speak no English, no contact, on and on, and you trying to be rich in America! You crazy, man! Look at people out there! They smarter than you are, they not even rich! Who are you to try?' And you know what? I have to keep telling these people every time, I kept saying, 'You are loser! Get out of my way! I make it somehow!'"
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July 18th, 2011 at 10:53 am 65
@keeperofthederp:
Fixed.
Tom Vu's grandfather says there's only two kinds of people in the world: losers and doers. Which one are you?
A total loser.
A doer! Fuck thinking.
A rational human being that knows the value of a dollar and the danger of low interest rates and
foreign capitaldirty bribe money inflows fromplutocratic oligarchiestotalitarian shitholes.Like or Dislike:
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July 18th, 2011 at 11:07 am 66
Meth man…
You not get it….
Millions of Hong Kong and Mainland Chinese saw Tom Vu commercials in late 1980's/early 1990's ?
You not get correlation to RE prices ?
Tom Vu was visionary !!!! like Jim Jones…Vander Zalm..and Rev. Moon !
Heed the message of Tom Vu (TV)wisdom……or basement suite forever !
PS how big is antenna on roof…like Kirstey Alley's ass?
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July 18th, 2011 at 11:20 am 67
@Best place on meth:
ah i am thinking you need to be an active contributor to the hall of derp – will you if i make said changes? lol
send me your absurdly overpriced crackshacks for me to shoop
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July 18th, 2011 at 11:35 am 68
Oh..I get it.
Change name to PaulB
That's the ticket !
OK
Paul."B.S"
Listings – 10,000
Sales – 99,000
# of Cathay Pacific flights – 888
Inventory : None of yer fooking business.
Price Changes: RU kiddink ?
RE always goes up..so UP yours
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July 18th, 2011 at 12:08 pm 69
@Anonymouse: Why do people always complain about the weather. If you've spent a year in Vancouver you should know the weather is shitty. If you dont like shitty weather it's probably not the best place to live.
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July 18th, 2011 at 12:39 pm 70
Excellent Blog:
From Tom Vu endowment fund
http://www.lawyersgunsmoneyblog.com/
– Democracy is the theory that the common people know what they want, and deserve to get it good and hard.
–Hey, hey, I may be ugly and hate-filled but I… um… what was the third thing you said?
–The right to be heard does not automatically include the right to be taken seriously.
–It is difficult to get a man to understand something when his salary depends on his not understanding it.
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July 18th, 2011 at 1:30 pm 71
Shit to git bad soon
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July 18th, 2011 at 1:42 pm 72
High buys in the sky
Half of the condos around town have been purchased by investors – maybe it's time you followed their lead?
http://www.househunting.ca/Condos/High+buys/51178…
** brought to you by ( insert developer here )
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July 18th, 2011 at 1:51 pm 73
@FiveNeatGuys: Born and raised in Van….this is the worst summer so far. We had one a few years ago that was almost as bad.
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July 18th, 2011 at 1:51 pm 74
@Wtfruk:
It is so sad to see this blog being overrun by idiots. Or are they?
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July 18th, 2011 at 3:09 pm 75
@FiveNeatGuys: …..Why do people always complain about the weather. If you’ve spent a year in Vancouver you should know the weather is shitty. ………
Shhhh, don't tell the folks that were born here, they don't think it's shitty, they think it'ls like this everwhere.
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July 18th, 2011 at 3:16 pm 76
@Best place on meth: Choi is a Korean last name…
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July 18th, 2011 at 3:17 pm 77
Gordholio, time for another crtc letter. I just saw the late news on global and they did a piece on how a Hong Kong tv news show was doing a spot on west van RE and what great bargains there are. The announcer went on to say how this would add fuel to the fire of a red hot market by promoting Vancouver to millions of mainland Chinese. I really liked how the one guy that spoke was from "captus" which turns out to be a RE promo company….HK news crew my ass!
http://www.dtkh.com/
That link is for "captus"
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July 18th, 2011 at 3:27 pm 78
….and for Mr Carney to start raising rates tomorrow…..
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July 18th, 2011 at 6:28 pm 79
New Listings 232
Price Changes 142
Sold Listings 141
TI:16255
http://www.laurenandpaul.ca
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July 18th, 2011 at 6:33 pm 80
Georgia Strait: Bob Rae warns of "hidden agenda":
I find it horrible the Conservatives have been pandering to the ethnic vo… WHAAAAT??
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July 18th, 2011 at 6:33 pm 81
Georgia Strait: Bob Rae warns of "hidden agenda":
I find it horrible the Conservatives have been pandering to the ethnic vo… WHAAAAT??
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July 18th, 2011 at 8:22 pm 82
@81 jesse Says: "I find it horrible the Conservatives have been pandering to the ethnic vo… WHAAAAT??"
http://en.wikipedia.org/wiki/Immigration_to_Canad…
http://www.nationmaster.com/graph/imm_net_mig_rat…
Canada's rate was already in the top 5 for Western nations in 2008, absolute levels have gone much higher since. There is no sense under which the Conservatives could be considered hard on immigration.
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July 18th, 2011 at 8:26 pm 83
@FiveNeatGuys:
I wasnt complaining about the weather. Just pointing out those realtors may not have been talking about the market.
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July 18th, 2011 at 8:50 pm 84
@fixie guy:
Also "pandering to the ethnic vote" doesn't just mean allowing relatively high levels of immigration or attending the multicultural festival of the week, it also means (more significantly IMHO) exploiting
third worldsocially conservative attitudes regarding gay rights, petty crime, welfare, and what have you.That is where the Conservatives part company with the NDP and Liberals, who have long been into the former but not the latter. Take Ron Ford in Toronto as the latest example, or caricature if you will.
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July 18th, 2011 at 9:23 pm 85
@Anonymouse:
There's an awful heat wave in Toronto right now. I doubt that the Vancouver broker was envious of the weather there, unless he's into all-day saunas.
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July 18th, 2011 at 11:14 pm 86
@fixie guy: "hard on immigration"
Rae is claiming they have a "secret agenda" that will only come to light after their majority. Kenney is reviewing immigration policy. We shall see what changes will be made. Already:
- investor class has been capped
- moratorium on entrepreneur class
- reduced skilled worker quota
- NPR job qualification restrictions
All in the past year. Those changes are not secret. The "real" reason they were implemented is, I suppose.
Maybe the provincial nominee program will be expanded even more, family class could be expanded. Total intake could go up or down. Not all Con. voters like current immigration policy as it stands.
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July 18th, 2011 at 11:16 pm 87
@specialfx3000:
On post #16 yesterday, I wrote about News1130's special report on Real Estate.
This morning's part 2 of 4, they discuss about locals taking our high Cdn dollars down to Watcom County to get some US action. So we get to be the HEM (Hot Eh! Money) invading Bellingham and other otherwise useless suburbs south of the Peace Arch border crossing.
Interestingly, they noted that the buyers are generally young families, taking equity out of their homes to make cash purchases. Somehow HST got mentioned as it was a driving force to recent purchases down there to avoid the sales tax.
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July 18th, 2011 at 11:25 pm 88
78 YLTN: I saw the bullsh*t Global spot on the morning news. Of course they're pimping West Van now because it's the only spot left to pimp it seems. Lying, scum-sucking bastards. And you say the HK news crew they featured in the piece wasn't a news crew at all but a real estate marketing company? Are you sure about this?
Regardless, we're in the process of packing our stuff and moving to our new house (rented!) in south Surrey. At just $1600/month. Anyway, it's a madhouse around here and I unfortunately have no time right now to write a formal complaint to the CRTC/CBSC. But if anyone else is interested, I have all the contact info right here. Just let me know.
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July 18th, 2011 at 11:51 pm 89
@specialfx3000:
Yeah, I'm going to buy a house I can't live in so I don't have to pay HST.
There have been previous waves of people buying in Whatcom because it looks cheap. Well it's cheap compared to Vancouver for a very good reason. A house south of Zero is not going to be much use to you unless you're someone like Randy Bachman who married an American and could move to Lynden.
I think these people are harbouring some serious delusions about what the US allows or will allow in the future. Not going to happen.
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July 18th, 2011 at 11:53 pm 90
@gordholio: From there website:
"Captus Advertising is a full-service communications agency specializing in marketing to the Chinese and South Asian communities in North America.
We are an experienced, diverse team of professionals who are committed to delivering the creativity and efficiency that clients demand…"
No proof that they are not indeed selling the footage to Phoenix TV but personally, I too believe this is all B.S. pimping.
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July 19th, 2011 at 12:12 am 91
@gordholio: I didn't do a lot of research and will need to watch the clip again, hopefully it is online. As you saw, they framed the piece as though it was Phoenix TV that came up with the idea for the spot yet the only two people they interviewed was the guy that appeared to be the homeowner (his name wasn't provided I don't believe) and another guy whose name they put up as well as the word "Captus" below his name.
Why else would an advertising agency be there unless they coordinated the whole thing? If this is the case, Global is presenting another advertising promo as news. What I am really interested in is who hired Captus? Phoenix TV wouldn't, Captus would have pitched Phoenix to come out on behalf of their client. I see that Bosa, Concord, and Onni are frequent clients however I would not be in the least suprised to find out that REBGV was the client.
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July 19th, 2011 at 12:19 am 92
Looking around the "Captus" website, it looks like it is only George Kan as the proprieter with his email in contact us section (I think it was him on tv too). I wonder if it is worth sending him an email posing as a potential client mentioning that you saw him on the news article and are interested in something similar and whether Captus was responsible for bringing the news crew in and whether he could do it again; heck, pretend to be a real estate agent and say you are interested in marketing in Asia, was he the guy responsible for getting the news crew in and could he do it again.
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July 19th, 2011 at 1:12 am 93
@jesse:
>>>Jason Kenney is conducting a quiet consultation this summer, even though he’s not telling anybody about it,” Rae states.<<<
I posted about this here last week. If he's not telling anybody about it then how did I find out?
Oh yeah, it's right on their website. Check it out Bob.
http://www.cic.gc.ca/english/department/media/rel…
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July 19th, 2011 at 1:34 am 94
Carney the coward chickens out again…
http://www.cbc.ca/news/canada/british-columbia/st…
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July 19th, 2011 at 1:58 am 95
@84 patriotz Says:exploiting…socially conservative attitudes regarding gay rights, petty crime, welfare, and what have you."
It took a couple reads for your gist to sink in but I can't disagree. In addition to buying empathetic votes with lenient immigration policies (who'll vote against the possibility of moving family over?) I always considered it part of their stimulus 'action plan' to artificially pump up the GDP, not to mention zero-interest operating loans for the government. Harper's using immigration as a tool for his own purposes.
@86 jesse: In post 81 you wrote in irony: "…the Conservatives have been pandering…" It's that past tense to which I replied. They've been extremely lenient, even their target numbers were greatly exceeded. There's no question in my mind Harper sabotaged the 2011 Census to hide the effects of his policies. 'Too intrusive'? Give me a f'n break, read Gist on Harper feels about Internet privacy.
To state it again and prevent misunderstanding, I don't know what the right immigration levels are for Canada. Immigration is one of the great hopes for this country. Harper's misuse of it though seems clearly driven by pure party interest and without consideration for the Canadians of all stripes already here. On what planet, for example, does importing the idle rich make any sense at all to a social welfare nation, except to those who hold the rich on higher plane in principle or are intent on straining past sustainability the very social safety nets that make us attractive. The latter sure argues for privatization. Oh, wait…
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July 19th, 2011 at 2:00 am 96
@Eddie: Housing is not the economy and for the rest of the economy, especially export, a higher loonie is more than enough right now to restrain growth. Interest rate is a fairly blunt tool and you can't use it to fix only 1 sector of the economy. Fiscal policy is more suited towards fixing the housing issue.
Simplest solution would be to rollback some of the CHMC policies like insurance loans for investors, limit the maximum amount that can be insurance to a 3x average income of last 3 years, etc. That would kill off a lot of the speculation in a hurry.
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July 19th, 2011 at 2:01 am 97
http://ca.finance.yahoo.com/news/B-C-kids-expecte…
BC parents least likely to save for children's university education.
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July 19th, 2011 at 2:04 am 98
@patriotz:
Growing up the parents had recreational property in Whatcom county, it was a blast. Now if I wanted recreational property for my family, Whatcom county is not only significantly cheaper than the BC equivalents, it's also closer. That's why they are purchasing places down there. I would expect that most are paying too much though. A cabin should be under 100k and there are many great choices, but to get something waterfront with granite and stainless they are probably shelling out a lot more. Keep in mind that Whatcom county probably sells around 30-50 properties per month so if 10 a month are Canadians then it's perceived as an invasion. The price to income must be through the roof there, not much in the way of jobs and mostly single income families. When Vancouver goes down they'll feel it too.
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July 19th, 2011 at 2:07 am 99
@space889:
Who needs to save for a university education in this town? All you need is a 5 week realtor course and possibly a mortgage broker course (to diversify) and the bimmers will start flowing.
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July 19th, 2011 at 2:56 am 100
@fixie guy: " importing the idle rich make any sense at all to a social welfare nation"
I agree here — there seems to be some unfortunate offshoots to accommodating some well-heeled coming to Canada as much for convenience as for contributing to the country. The investor immigrant program seems strangely non-Conservative by curtailing capital into marginal investments. Specifically for Vancouver the program has been felt by locals being crowded out of certain exclusive neighbourhoods and, instead of taking their marbles elsewhere, have tried to compete by loading up on debt.
One thing to watch in the coming year or so is lobbying the provincial government for changes to the provincial nominee program. Right now the program draws from a broad geographic base but immigration consultants will be pushing hard for this program to suit their rich clients' needs, given the federal program has been significantly curtailed.
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July 19th, 2011 at 3:11 am 101
@jesse:
i will follow you on bloody stumps through the snow
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July 19th, 2011 at 3:34 am 102
(awkward silence)
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July 19th, 2011 at 3:41 am 103
By restricting immigration, the Conservatives actually appeal to recent immigrant voters. Who is going to talk your ear off about perceived unfairness and queue-jumping in our immigration system? A recent immigrant.
In addition, I think its a part of human nature to want to slam the door behind you once you get in. Not to mention how more immigration affects the employment prospects of recent immigrants more than anyone.
I actually have my doubts that there is any real attempt to use "conservative" immigrants to roll-back progressive policies like gay rights. This would get money rolling into the NDP and may even breathe life into the Liberals.
Here is an article I just found which might explain Conservative motivations:
http://ca.news.yahoo.com/blogs/canada-politics/ca…
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July 19th, 2011 at 3:42 am 104
woops that was me – lol
after reading all the trolls it's just nice to get actual information.
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July 19th, 2011 at 3:45 am 105
@Anonymous:
Besides, education only leads to rational decisions which are a big financial handicap in this city.
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July 19th, 2011 at 3:46 am 106
@keeperofthederp:
Someone's got a crush on Jesse.
Derp and Jesse Sittin' in a tree
K. I. SS. ING.
First comes love,
then comes marriage,
then comes a giant unmanageable mortgage.
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July 19th, 2011 at 3:48 am 107
The Bank of Canada declined to raise its key overnight interest rate Tuesday, keeping in line with expectations from economists.
The overnight target rate has remained steady at one per cent since it was last raised in September 2010.
BNN's Michael Kane said the bank didn't give any signs to the financial world Tuesday that the rate would be changing any time soon.
"The majority of people who are talking to us on Bay Street are saying it's going to be 2012," Kane told CTV News Channel on Tuesday morning, just after the central bank announced its rate decision.
http://ottawa.ctv.ca/servlet/an/local/CTVNews/201…
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July 19th, 2011 at 3:51 am 108
@Patiently Waiting:
It's not the intent of the Cons to actually roll back same-sex marriage, legal abortion, etc, but to use the resentment of these by socially conservative groups to get votes and raise money. If they really did try to do something it would galvanize socially liberal Canadians who are the majority.
Thus the "attempt" to reopen same-sex marriage which they knew in advance would not succeed.
On some issues they will actually have to deliver, though, like the gun registry.
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July 19th, 2011 at 3:54 am 109
New post on the BoC rate decision
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July 19th, 2011 at 3:56 am 110
@patriotz: " like the gun registry"
Here they are allowing provinces to form their own registry, so it's a way of appeasing a contentious issue, and in-line with their purported desire to decentralize certain policy decisions.
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July 19th, 2011 at 3:57 am 111
@Best place on meth: Oh, hey now, it's a secret agenda, stay on message!
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July 19th, 2011 at 4:07 am 112
@Devore: "a secret agenda"
LOL anyone can claim a "secret agenda" because it is impossible to dis-prove. I have a secret agenda too. There. Now it's not a secret I have an agenda anymore.
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July 19th, 2011 at 4:07 am 113
https://downandoutinvancouver.files.wordpress.com…
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July 19th, 2011 at 4:42 am 114
@Eddie: "Carney the coward chickens out again…"
I'm confused…the story says $cdn surged as Carney left rate unchanged. It's supposed to be the other way around…surge when rates go up, no?
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July 19th, 2011 at 4:59 am 115
@Anonymous: The rise was based on the expectation that the rate increase will come sooner rather than later.
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July 19th, 2011 at 5:00 am 116
@Anonymous:
It surged because Carney left out the word "eventually" from his statement. This was taken as major signal that rate increases are certainly on the way.
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