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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Anonymous
Anonymous
8 years ago

@Anonymous: ….As pointed out it would be one the worst places to ‘hide’ money. Real estate is the most regulated asset you could park money, especially in Canada. …

You should renew your subscription to Gullible People’s Digest.

patriotz
8 years ago

@Anonymous:
“some of the warning signals look uncomfortably like those of the days before the market implosion that brought the 1980s to a thumping, crashing close.”

He’s talking about the Toronto bust of the last 1980’s – early 1990’s.

That’s why the bears are popping up all over the media. Vancouver is a sideshow, but TO is the main act.

patriotz
8 years ago

@Anonymous:
“An NDP majority will be required to collapse the housing market in BC.”

Is the NDP running Kelowna?

Patiently Waiting
Patiently Waiting
8 years ago

@Apocarypse Mao: The real estate agent in the story is full of crap. People are hardly aware of it and $10,000 is meaningless in the context of Vancouver. Also, it doesn’t really mean people get $10,000; more like a few hundred dollars actually ends up coming back to them (IIRC from an earlier discussion on this site).

rp1
rp1
8 years ago

Here’s a blast from the past. Greenspan on sluggish business investment:

http://www.nytimes.com/2004/07/22/business/22fed.html

Anonymous
Anonymous
8 years ago

@Joe_Blown_Away_By_High_Housing_Costs: “NDP won both byelections in BC!!! HAPPY DANCE!!!”

It is only 2 seats. An NDP majority will be required to collapse the housing market in BC.

Anonymous
Anonymous
8 years ago

“No aspect of data supports bullish view of house market”

it was a good run. And now, in 2012, it is time for Canada’s housing market to stop running and catch its breath.

Three things have pushed me, growling and snarling, into the bearish camp. First is the seemingly relentless upward march in housing prices, which eventually will stop rising faster than incomes. Second is household debt, which has reached great peaks and will surely begin to wobble. Third is the heady share of domestic output that is being absorbed by housing construction, displacing arguably more productive investment elsewhere, which it cannot forever continue to do.

The arithmetic is simple, and some of the warning signals look uncomfortably like those of the days before the market implosion that brought the 1980s to a thumping, crashing close.

http://opinion.financialpost.com/2012/01/03/bear-snarls-at-housing/

rp1
rp1
8 years ago

@No Money Down: “Personally, I believe that the only way to create a net worth for yourself is to buy property,” Pughe said. Spend less than you make and invest the difference? Anyone? “Right now for every $475 you are paying in rent, that’s the payment on a $100,000 mortgage.” So the place I’m renting is a lousy investment. Buying it would tie up a lot of money and it wouldn’t save money, even at the lowest interest rates possible. And if you talk about owning something in 25 years, let’s talk about interest rates in 25 years? What were they 25 years ago? Do I want this place or a mountain of cash? For condominiums there is no case that can be made. They will lose money. And who is going to buy more of them when that happens?… Read more »

Apocarypse Mao
Apocarypse Mao
8 years ago

Oh, joy. Nice to see where my tax dollars are going;

“B.C. inflates the housing bubble; Despite warnings, the province’s government is offering incentives for first-time homebuyers”, Macleans, Apr 18/12

http://www2.macleans.ca/2012/04/18/inflating-the-housing-bubble/

Joe_Blown_Away_By_High_Housing_Costs
Joe_Blown_Away_By_High_Housing_Costs
8 years ago

NDP won both byelections in BC!!! HAPPY DANCE!!!

No Money Down
No Money Down
8 years ago

Tick Tock Says:
April 19th, 2012 at 8:48 pm
Pretty Brutal…

http://www.vancouversun.com/business/Vancouver+single+weighs+equation+home+ownership/6488454/story.html

“Right now for every $475 you are paying in rent, that’s the payment on a $100,000 mortgage.”

We’re moving into a cute house near Ontario/26th. Our rent would cover $600k in mortgage payments. The landlord purchased the house a few months ago. Purchase price $1.325M….

vangrl
vangrl
8 years ago

that’s the second time that The Sun has quoted that Pughe mortgage broker, she is unf’ing believable. Same broker that suggested borrowing against your Visa or having your parents take a heloc out to lend you money for a down payment

“As long as you love the place you’re in, even if the market goes down, as long as you can pay the monthly payments, you can stay there until the market comes back.”

“As long as you’re shopping for a home, not buying a house as a speculative investment, it’s always a good time to buy, Pughe said.”

Read more: http://www.vancouversun.com/homes/Vancouver+single+weighs+equation+home+ownership/6488454/story.html#ixzz1sYO7oQVz

Read more: http://www.vancouversun.com/homes/Vancouver+single+weighs+equation+home+ownership/6488454/story.html#ixzz1sYNTe1XB

/dev/null
/dev/null
8 years ago

Mr. Harper meeting with China’s Head of Propaganda. One wonders who is asking who for advice.

http://www.straight.com/article-665646/vancouver/caption-campaign-photo-stephen-harper-meets-chinese-propaganda-chief

Joe_Blown_Away_By_High_Housing_Costs
Joe_Blown_Away_By_High_Housing_Costs
8 years ago

Don’t you guys ever take a break from RE? The big news story in BC right now is the byelection results.

Tony
Tony
8 years ago

Sedins are awful in the playoffs and thats all that matters. A couple of wussy broads.

good-format
good-format
8 years ago

Copied from PaulB’s number
http://www.laurenandpaul.ca

 Date      Listing  Price(+-)  Sold   Inv     Inv(+-)  S/L(%)
Apr-02       450     139       125   16,074            27.8
Apr-03       319     133       224   16,124     50     70.2
Apr-04       302     131       147   16,230    106     48.7
Apr-05       277     118       117   16,345    115     42.2

Apr-10       403     211       159   16,475    130     39.5
Apr-11       416     151       202   16,618    143     48.6
Apr-12       333     140       103   16,736    118     30.9
Apr-13       289     146       150   16,807     71     51.9

Apr-16       341     170       137   16,883     76     40.2
Apr-17       280     177       179   16,893     10     63.9
Apr-18       301     146       170   16,971     78     56.5
Apr-19       251     127       129   17,025     54     51.4

Total-Cur  4,460   2,011     2,097           1,042     47.0
5 day-avg    292     153       153              58     52.3
Total-Est  6,507   3,083      3168   17,376  1,447     48.7
Laibach
Laibach
8 years ago

@Anonymous: Dude, are you trying to be funny when suggesting to look up ‘money laundering’ or else? Method, Real estate: Real estate may be purchased with illegal proceeds, then sold. The proceeds from the sale appear to outsiders to be legitimate income. Alternatively, the price of the property is manipulated; the seller will agree to a contract that under-represents the value of the property, and will receive criminal proceeds to make up the difference. http://en.wikipedia.org/wiki/Money_laundering In recent years, the booming real estate market has helped increase mortgage fraud and other phony real estate related schemes. The perpetrators of these schemes range from mortgage brokers looking to make a fast buck to drug dealers laundering their ill-gotten gains. Every year, these fraudulent schemes victimize individuals and businesses from many walks of life, including struggling low-income families lured into home loans they… Read more »

What?
What?
8 years ago

with this rate by 2014 we’ll be 50K yay!

Anonymous
Anonymous
8 years ago

@Sheesh: Did you read the article? You have a big imagination.

Anonymous
Anonymous
8 years ago

@AG Sage: “A rising market is a great way to launder money.”

A rising market is a good way to speculate on real estate and make capital gains. That is not money laundering FFS.

Anonymous
Anonymous
8 years ago

@Anonymouse: ‘But, hey – haters gotta hate, right?’

And skaters gotta skate…. maybe not.

We’re number two, we’re number two, were number two. we’re….

oneangryslav2
oneangryslav2
8 years ago

@punter: The Canucks are not in the Pacific division. They’re in the Northwest, which does have four teams in the division that did not make the playoffs.

But…Vancouver’s record against other divisions is better than other top teams’ records against those same divisions.

The Canucks’ season may be over on Sunday, but there’s no denying that they’ve been one of the top teams in the NHL the last few years.

Anonymous
Anonymous
8 years ago


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What?
What?
8 years ago

@Inventory:
so it’s not 17077, it’s 17025?