Friday Free-for-all!

it’s that time of the week again! Let’s do our regular end of the week news round-up and open topic discussion thread. Here are a few stories to kick off the chat:

Drop in demand may signal cost rise?
North Delta: crack houses, grow ops and renters
House porn: Seattle vs Vancouver
Vancouver prices drop, is Toronto next?
Europe bans short selling banks
Harper defends economic policy
Kamloops market will stay strong
Living in a world without interest
Cheap housing lures Canadian grow-ops to the US

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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patriotz
9 years ago

@patriotz:

"This does not apply to putting something into joint ownership with a spouse"

patriotz
9 years ago

@space889:

"I think if the bare lot was registered in her name + her sons name then it would not have any estate taxes on death."

As I said, the issue is capital gains taxes, not estate taxes, which Canada doesn't have.

Putting a taxable asset into joint ownership is a taxable disposition of the % which is not retained by the original owner. Then upon death the % retained by the original owner gets a taxable disposition.

This does apply to putting something into joint ownership with a spouse, but it does for anyone else.

So the whole property would get taxed anyway, but the % put into joint ownership would be taxed sooner and presumably on a lower gain.

bubba
bubba
9 years ago

@Van MD:

C/mon Van MD…this is a medical condition common to West Van/Point Grey/Shaugnessy types called Anal Retention.

This condition is genetic..generally inherited amongst the old money pseudo blue -bloods, but can be transmitted in the nouveau riche population via unprotected sacking of financial institutions.

Only know cure is believing one is financially bulletproof and beleiveing the (2) Michaels on NW… Levy and Campbell.

bubba
bubba
9 years ago

hi:

" This is the Bacon Family

We are doing an ad for Wendy's"

Oh no here comes a Baconator dressed up like Mayor McCheese.

ratatatat…boom ……bang bang bang bang.

Oh well Wendy's says their meat is fresh !

space889
space889
9 years ago

@Van MD: So? If you think this fruit stand is preventing you from recovering a $1 or 2M in investments plus another $2 or $3M in profits, you would do the same thing too. It's all about the money and honestly it might not be pleasant or moral or whatever but those things never stood in the way of making money. Why is it so much worse when a rich and/or homeowner does it as opposed to some other groups/people?

Van MD
Van MD
9 years ago

The owner of a multi-million dollar mansion in West Vancouver has asked the courts to stop a fruit stand from selling produce near his driveway, claiming it's preventing him from selling the home.

Paul Marshall, whose home is selling for about $6.5 million, has filed documents in BC Supreme Court arguing the city cannot issue a permit to sell fruit on a residential street.

He says the stand is scaring away potential buyers from the roughly 7,400-square-foot home, which has five bedrooms and six full bathrooms.
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/

space889
space889
9 years ago

@Bubba: Seems like the mom didn't arrange the affairs too neatly to avoid some of the estate taxes. I think if the bare lot was registered in her name + her sons name then it would not have any estate taxes on death.

Anyways, the fact that there is $300K estate taxes means they obviously got a lot of assets and frankly I have no sympathies for these people, especially if they are too stupid to sell.

N
N
9 years ago
WFT?
WFT?
9 years ago

@Keeping An Eye On The Pimps:

The Victoria market is toast. But the bulls around here will never admit that.

pipewrench
pipewrench
9 years ago

http://www.bloomberg.com/news/2011-08-14/london-h

it is turning ugly folks.

Some of the last bubble markets are beginning to deflate. After years and years of telling people they are overpaying for real estate that has been propped up by an historic credit expansion, it finally is hitting home. Hold onto that depreciating asset because that huge mortgage payment is going to feel like a rigid sigmoidoscopy.

http://www.youtube.com/watch?v=P2aTxIWoF9Y&fe

keep your money safe…

Li Kai Shing
Li Kai Shing
9 years ago

I wonder if Bacon brothers ever read story of 3 little pigs.

..or parent say when little : this little piggy ran a grow opp, this little piggy became hit man, this little piggy pushy up daisies.

Keeping An Eye On Th
Keeping An Eye On Th
9 years ago

" Prices dip as homes for sale swell to 15-year high, figures show"

Read more: http://www.timescolonist.com/business/Victoria+ho

With ocean to the north, and to the south, and to the east, and to the west, and no more land being made, it’s hard to believe.

Would somebody send a helicopter chalk full of rich Asians to tour the Island?

Better yet, have Angela Skanka, and Bill Slut do a live show, retiring baby boomers- what a great opportunity for that mortgage deductible investment home…… special guest stars, Michael Levy and Honest Oz.

Keeping An Eye On Th
Keeping An Eye On Th
9 years ago

" Prices dip as homes for sale swell to 15-year high, figures show"

Read more: http://www.timescolonist.com/business/Victoria+ho

With ocean to the north, and to the south, and to the east, and to the west, and no more land being made, it’s hard to believe.

Would somebody send a helicopter chalk full of rich Asians to tour the Island?

Better yet, have Angela Skanka, and Bill Slut do a live show, retiring baby boomers- what a great opportunity for that mortgage deductible investment home…… special guest stars, Micheal Levy and Honest Oz.

patriotz
9 years ago

@pipewrench:

Hong Kong’s last major home price crash started in October 1997 and lasted six years. Prices fell almost 50 percent in one year from that month after former Chief Executive Tung Chee-hwa announced plans to add as many as 85,000 housing units in response to a doubling of real estate prices over the previous two years, and as the Asian financial crisis dampened confidence.

But prices in Vancouver can't crash because we're running out of land and the Chinese will buy everything if prices start falling.

pipewrench
pipewrench
9 years ago

http://www.bloomberg.com/news/2011-08-14/h-k-apar

Hong Kong home values, which surged 70 percent in the past two-and-a-half years and outperformed stocks, are set for their biggest decline since Lehman Brothers Holdings Inc. collapsed in September 2008 as land supply increases and global growth slows. Midland Holdings Ltd. (1200) and Centaline Property Agency Ltd., the Chinese city’s two biggest real estate agents, said home prices are being reduced by as much as 10 percent.

housing bubbles are getting hit everywhere.

Anonymous
9 years ago

@vangrl:

let's see some addresses of these monster homes, i want to go on an RE tour of the hood

Anonymous
9 years ago

@jesse:

jesse you're a goddamn racist!

Li Kai Shing
Li Kai Shing
9 years ago

@Girlbear:

This is very sad.

Bacon Bros was about 50% of Abottsfatrz economy.

PS I tell their brother Kevin

Anonymous
Anonymous
9 years ago

people die everyday, so what? you bears make it a big deals of everything. when people pass gas, you bears make it a windstorm!

Girlbear
Girlbear
9 years ago

Jonathan Bacon killed outside casino in Kelowna today….Kelowna…sigh…yet another one of the greatest places on earth…;)

Li Kai Shing
Li Kai Shing
9 years ago

@Girlbear:

Not understand.

One can rent hostel bed (maybe $35 night) maybe 5 miles North East of this Point Grey rip-off, ….near Main and Hastings..and never dull moment looking out window while cook 5 star gourmet meal on hot plate.

Point Grey is simply head-up-ass types that want to be close the UBC and front row for Engineering Week.

No wonder so many basement suite renters, never learn basic geo-political economics.

Li Kai Shing
Li Kai Shing
9 years ago

Hey, we all on a roll !

We should take act on the road..maybe Charlie Sheen as opening act

===================

The Devil tells a Real Estate Agent, “Look, I can make you richer, more famous, and more successful than any Real Estate Agent alive. In fact, I can make you the greatest agent that ever lived.”

“Well,” says the Real Estate Agent, “what do I have to do in return?”

The Devil smiles, “Well, of course you have to give me your soul,” he says, “but you also have to give me the souls of your children, the souls of your children’s children and, as a matter of fact, you have to give me the souls of all your descendants throughout eternity.”

“Wait a minute,” the Real Estate Agent says cautiously, “What’s the catch?”

Girlbear
Girlbear
9 years ago

For $6k/mnth I can get a "decent" 3 BR house in Point Grey…lol

http://vancouver.en.craigslist.ca/search/apa?quer

jesse
9 years ago

@BRITANNY: "Whats the difference between a rock cod and a realtor?

Both can be heard flopping around at Chinese seafood restaurants, but the cod eventually shuts up.

jesse
9 years ago

@BRITANNY: "Whats the difference between a rock cod and a realtor?

Both can be heard flopping around at Chinese seafood restaurants, but the cod eventually shuts up.