More racism debate in the Courier

The courier is getting lots of linkage from us as of late, but they’re playing both sides of this issue pretty well.  Is it racist to say that we should have foreign buyer restrictions or that absentee owners can kill a neighborhood?  Mark Hasiuk says NO.

Christy “Families First” Clark, a committed globalist, won’t restrict foreign ownership in B.C. Mayor Gregor Robertson, who slobbered over Beijing during a 2010 “trade mission” to China, won’t reform the tax code to accommodate the new normal. Which means foreign real estate investors pay the same rate (4.2 per cent) as local homeowners, not the business rate (18 per cent) they should.

Read the full article here.

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Patiently Waiting
Member
Patiently Waiting

Kurland’s comments make me think there is some new understanding or arrangement between the Canadian and Chinese governments. You never know what can be done if both sides want it enough.

Limey_
Guest
Limey_

“Vancouver – the city destroyed by real estate” is the title I offer for the documentary film that should be made in 5 years time.

A ‘Freakonomics’ style look into the irrationality, the insanity, and the corruption behind a city obsessed with real estate.

Dan
Guest
Dan

I’m hoping that, after the crash, somebody puts together “Real Estate: the Musical” set in Vancouver 2011.

Dan
Guest
Dan

It could feature songs like:

“It’s different here”
“Debt debt debt”

I can just imagine the actors playing realtors in prop cars on stage.

It’s coming together in my mind 😛

patriotz
Member

Back in 1980 I actually went to a musical called “Buy buy Vancouver” which was about the RE bubble of that time.

I guess it’s an indication of how much the city has sold out since then that nothing similar has been produced about the far bigger and longer lasting bubble of today.

frank
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frank

Clearly we need a change of leaders.

Bargain
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Bargain

@patriotz: Maybe it’s just an indication of Vancouvers success in pushing out artists and creatives. We’ve done a pretty good job at eliminating culture here.

Someguy
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Someguy

I never realized that mothballed inventory was such an issue on the West Side. More impressive is the eerie silence while walking through neighbourhoods in Coal Harbour. If the foreign investor ever decides to bail en masse the price declines will be massive as all that inventory comes out of the shadows.

Anonymous
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Anonymous

Is it racism? Depends on your motivation. If you don’t want immigration because you don’t like living with other races then yes it is racist. That is the definition of racism.

If you don’t want immigration because you think it caused the housing bubble then no it is not racist. It is just naive to think immigration has had any significant impact on the housing bubble.

Best place on meth
Member
Best place on meth

@Patiently Waiting:

This article is from a year ago, hopefully they’ve made progress since then and an extradition treaty is forthcoming.

http://www.chinadaily.com.cn/cndy/2011-02/25/content_12075497.htm

registered
Member
registered

@8 Someguy: If the foreign ownership conjecture is correct, toss any thoughts of a slow price collapse out the window. Non-resident investors won’t wait Japanese lengths of time to stop bleeding capital.
The industry knows this, which is why for years they’ve been astroturfing messages about an Eastern cultural (more accurately racial since they claim it applies to their Canadian born as well) disposition to hold properties for generations. They need you to believe that the buyer pool drying up can’t possibly affect prices because ‘long view’ owners will simply hold until they return, making it safe to buy at any price.

logic
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logic

@Anonymous:

Actually, all “racism” is, is an awareness of racial difference: so unless one is blind, deaf, and somewhat stupid, we’re all racists.

The trick is whether we are prejudiced racists or not.

Personally, I could care less whether speculators are black, yellow, blue, green, red, white, or pink with mauve polkadots: I just wish they’d fk off and stop distorting the market for those of us who just want somewhere to live.

Then again, I have somewhere to live: it’s called a rental, and it’s cheap. So really, I’m not that bothered.

registered
Member
registered

@9 Anonymous: The link is about foreign ownership, not immigration. Two completely separate things. The word ‘immigration’ doesn’t even appear in the article.
Dualistic reasoning obscures an obvious alternative; being for immigration but against its abuse for political gain.

space889
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space889

Vancouverites just not willing to step up to the plate and do battle in bidding wars. Kind of like the Sedin twins?

http://www.vancouversun.com/business/mortgages/home+buyers+unwilling+enter+bidding+report/6481790/story.html

Surprised that Albertan are still willing to do battle.

patriotz
Member

@logic:
“Actually, all “racism” is, is an awareness of racial difference”

No, it’s claiming differences based on race that don’t actually exist, or ascribing differences based on culture or class to race.

It’s not racism to say that people of African descent are more prone to sickle cell anemia or what have you.

Dan
Guest
Dan

I’m thinkin the commodity.combomb will be the final nail in our property bubble.

http://articles.businessinsider.com/2012-04-18/markets/31358916_1_tech-stocks-global-stock-markets-commodity-bubble

b5baxter
Member

New graph at: http://vancouverpeak.com/groups/inventory-graph/forum/topic/2012-april-graphs/?#post-2358

Inventory is increasing at a faster rate in April than in March but still not as fast as January.

Over the last month the average daily increase was:

59 (this is the highest we have seen the 30 day moving average since the end of February).

At this rate we will reach 17,000 in 0 days (Apr-19-12)
At this rate we will reach 20,000 in 51 days (Jun-09-12)
and 25,000 by September-01-12

UnagiDon
Guest
UnagiDon

@b5baxter: Previously I was excited about the early 17k party this year.

But after seeing Jesse’s numbers from the late 90s with ~20k inventory in April, I’m much less excited about the current market.

The late 90s was certainly a marked decline from the mid 90s, but not a catastrophic collapse.

I could certainly be wrong, but I don’t think this year is going to be the big correction. There could be some regional drops (e.g. Richmond), and drops in certain categories (e.g. condos). As Jesse says, some other catalyst is probably needed for a collapse — tighter credit conditions, etc.

vangrl
Member
vangrl

kinda glad that Torontonians have become thirstier Kool-aid drinkers than Vancouverites. I’m not sure what prompted the change but it sure happened fast and swift!

and Yay, even though our prices are still higher than Toronto, at least we are coming to our senses before them….albeit 5 years too late

b5baxter
Member

@UnagiDon: I agree that the current numbers suggest a slow market with lower prices but not a real collapse.

However, it is hard to say what the tipping point will be. Price to rent and price to income ratios are much higher than they were in the 90s. If enough speculators / flippers start to panic it could lead to faster changes. And with debt levels higher it doesn’t take much for people to get under water. There is also the international uncertainty in Europe combined with slowing growth in China. Also, the US house bubble is in everyone’s recent memory and that might affect sentiment once things start to change. All factors that weren’t there in the 90s.

Idiot
Guest
Idiot

@Anonymous:

What *race* is immigrant??

Is it conceivable a white man can be against Canada’s immigration fiasco regardless or point of origin?

I suppose the label of misanthropist can replace racist?

How about critical thinker? I’ll go with that personally.

(Chilled to lazy to log in)

Anonymous
Guest
Anonymous

This is not a racial issue. It is a public policy issue.

A big chunk of Coal Harbour is owned by Russians, some by Israelis. I cannot comment if it is hot money or not. Most are absentee, some are rented out but a lot are empty.

The question is not what race owns what, it is whether we let our city become a RE investment bank for the world’s rich.

If we do we are doing a disservice to ourselves and to the countries where the money came from. Much of this money is dirty and with out strict property laws and lax legal statutes – we are becoming a haven for corrupt white, black, yellow and brown people- and yes a Lot of them are white!

victoria
Member
victoria

I wonder how much real estate Christy “Families First” Clark owns????

Seriously … she and others may have a vested interest in keeping foreign RE sales going.

Has any journalist ever asked her or her “people”?????

victoria
Member
victoria

Limey,

They will be many many articles and I am sure a documentary about how Vancouver was destroyed by RE. I can see it now.

It used to be a great city.

patriotz
Member

@Victoria:
Check out who gave the five figure contributions to her leadership campaign, which IMHO is what matters most.

http://thetyee.ca/Blogs/TheHook/Election-Central/2011/02/22/FalconClarkDonors/

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