Real estate isn’t really a race issue

Nice response from Sandy Garossino to last weeks Allen Garr column “Blaming Chinese For High House Prices in Vancouver Is Racist”.

When I raised concerns over the impact of international transactions during the civic election campaign, the response was overwhelming and full-spectrum from across our entire community, because the problem is universal.

It was notable how concerned Canadian Chinese Vancouverites are about this difficult issue, and how optimistic and imaginative some of their solutions are. Many in this community, such as Susie Joe Dooner, expressed grave concern about the exodus of gifted young people they have seen—their own friends and family leaving their home city and province in despair of having a future here.

And it was this community which also expressed concern that our local real estate and development industry bears some responsibility for its aggressive marketing to foreign investors. Some cautioned that the scale of the potential market poses real hazards to a small city like Vancouver.

It is profoundly inaccurate to represent the public reservation about unregulated international capital in our housing market as having a racial bias, when the concern is universal.

Read the full letter over at the Courier.

I wonder why we don’t have a foreign owner property tax structure like Florida and other places that charge a premium to non-resident owners (regardless of what their race or country of residence is).  It would raise more money to pay for city expenses, take some of the tax burden off residents and best of all the only people who would complain about it can’t vote!

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fixie guy

59 chilled Says: “Makes us great? Uh, no, makes us chumps.”

A former RET contributor, one of the few convincingly Asian, claimed the proper term is ‘Canatard’.

Benny Wang

@southseacompany: Thats just embarrassing. I guess news papers can’t afford editors anymore.


From the Vancouver Sun: “Value-minded buyers fuelling strong spring housing market: report”

Interesting quote, “Prices fell in Edmonton and Victoria, as well as in previously booming Vancouver, where they were down 30 per cent from a year ago, said Katie Archdekin, BMO’s head of mortgage products.”

Prices down in Van 30%? Wish it were true, but we’re not there (yet). I think they mean sales.
Courier quotes Maple Ridge prices up 30%. Now Sun quotes Vancouver prices down 30%. Some sloppy reporting going on. I hope people read this and start panicking.


It’s clear where Cam Good is . . . he’s running PLS. We all have to believe that the MLS stats are so bad because all the HAM has moved to All they need now is a chief economist to tell us all that there is no bubble. They also just need . . . wait . . they already have Yellow Helicopters. That’s it – just an economist.

Cheers – -Almost half way through the month and this Spring continues to be dead. Without any type off uptick by end of month, we are in for some serious increased inventory.


#63 @Anonymous: WTF do the Japanese know about bubbles? Their real estate has gone nowhere but down for 20 years 🙂


@Common Sense: I dont’ think it was stated that higher property taxes on foreign owners would prevent a bubble, just that it would shift tax burden.

Besides we already have a bubble. It’s not about prevention now, it’s about seeing how spectacular the pop is.


Bank urges rate hikes to slow housing market … Japanese bank Nomura suggests 0.5 per cent increase

A major international bank said today that Canada’s best hope to avoid a real estate crash would be for policymakers to raise interest rates by half a per cent over the medium term.

“We believe that the best way to engineer a soft landing in the housing sector would be for the Bank of Canada to increase its policy rates slightly,” says the report, from international financial conglomerate Nomura’s contributing economist, Charles St-Arnaud.


#61 @Common Sense: When you’ve got Greenspan’s interest rate policy, what more do you need?

Common Sense

“I wonder why we don’t have a foreign owner property tax structure like Florida”

Good example. We should use policy from Florida of all places to prevent a real estate bubble. Did you miss the bubble in Florida?


Richmond Detached (Homes) Inventory

At the peak of 09/30/2008 = 1012

Today 04/12/2012 = 997

Richmond at crash territory.



“Wow we are getting sued by the immigrants and their lawyers for not letting them in.

What is this country coming to?”

Like I said in comment 56. I’m not making this shit up.

If a Canadian decided to take the Immigration Department/Nightmare to court for ANY issue, the courts wouldn’t even hear the case. Be assured, the courts will entertain this lawsuit and probably rule in the appellants favor. Only in Canada, eh? Makes us great? Uh, no, makes us chumps.


Great inventory numbers… ” I’ve waited patiently to watch you die”


What’s with Realturds driving around in Chrysler Hemi gansta type wheels? Saw ANOTHER one today.

If the windows are tinted and the vehicle is speeding, its driven by a Surrey thug-a-lug. None tinted windows and driven by a dimwit in a cheap suit, say Realturd.

Anyone else notice this pattern?


“I wonder why we don’t have a foreign owner property tax structure like Florida and other places that charge a premium to non-resident owners (regardless of what their race or country of residence is)…………….”

Because Canada treats foreigners better than we treat our own citizens. It’s inherently part of this countries being and is one of the biggest contributors to the decline in our standard of living.


It’s unfortunate that accusations of racism tend to cloud so many issues in Canada. I wonder what they have to say about the Singapore government’s severe restrictions on foreign buying and residency requirements this year?

What’s the PC angle on Singaporean Chinese clamping down on mainland Chinese?


Wow we are getting sued by the immigrants and their lawyers for not letting them in.

What is this country coming to?


Cam where are you? The city needs you!

Please fire up the yellow chopper and save us!


Wow. Me thinks a trend may be forming. For the Bulls here who can’t understand logic I will put it simply:

Listings up + Sales Down =



Great numbers… So this is what it looks like when the CMHC hits the brakes!


Projected sales for April is 2,733
Projected inventory (before expiration at the end of month): 18202


New Listings 333
Price Changes 140
Sold Listings 103



buyers are moving on

“In the last year, he added, more than 50 percent of his showings in the range of $4 million and up were to Chinese buyers. His percentage of Chinese clients rose to 60 in the price range of $7 million and up, and to 75 for homes costing $10 million and up.”

WHAT? people can buy somewhere else !
Vancouver better hope that our dollar collapses because that is all that is going to save her from the mass exodus of investment capital. The ATM’s are about to turn off and the bill is in the mail.

Real Housewives of Surrey

As the future Prime Minister of Canada will say..

“By Golly Gosh, ve must cut back thees imygraytion veddy veddy much”

Patiently Waiting

I love how its all these rich white guys (Garr, Beasley, Scam) screaming racism.

Garr also has a conflict of interest as he sits on the boards of Vancity Credit Union and Citizen’s Bank. As a professional journalist it would’ve been ethical of him to mention that. He also seems to lack the kind of balance you should expect of someone who has actually taught journalism.

Of course, you know all these rich white guys are heavily invested in real estate. Too bad there isn’t a requirement for all real estate commentators to come clean of their interests.


@zrh2yvr: Um . . . Where are the sales today? Have they all gone on strike now? Also – – Listings are way way up for the week. We are now starting to get quite a negative trend for both decreasing sales and increasing listings. Easily explained. It’s the weather and hockey. Sales just a smidgen low [last week | today | next week] because the weather has been [colder | no different | hotter] than normal, and nobody buys a house when it’s like that. Also, [past|current|future] sales [have been | are being | will be] delayed because the playoffs [weren’t | are | won’t be] underway, and of course that will change the behavior of all the spring home buyers. Also: Chinese people. Spring is a great time to buy. Spring! Like, right now! Everyone is doing it… Read more »