FFFA! OECD, BOC, SHORT, TRUMP, CORRECTION

Hey! It’s that time of the week again!  Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

OECD Chief: Not a bubble, just extremely overvalued
Remember how we got here
Trump expected to announce project
BOC warns of ‘abrupt correction’ in Toronto condos
F You, I’m short your house
CMHC gets serious about risk management
Sobeys buys Canada Safeway
Laneway houses counted by statscan as detached
Sechelt developments ’03-07

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

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Anonymous
Guest
Anonymous

when’s the crash? still waiting…

bull! bull! bull!
Guest
bull! bull! bull!

me so house horney

VTM
Guest
VTM

Trying to solve a debt problem with more debt has created a bigger bubble

http://theautomaticearth.com/Finance/five-stonking-crashes.html

Anonymous
Guest
Anonymous

Turd post to legitimate posts ratio 2:1 already. Wow! Is nothinging selling? Surely there’s an open house somewhere.

crabman
Guest

Bull hasn’t noticed, but Vancouver condo flippers are already losing a lot of money. This guy has lost over half a million – and that’s if he gets his asking price!

http://vancouverflippersintrouble.wordpress.com/2013/06/12/submerged-sub-penthouse/

Anonymous
Guest
Anonymous

Anyone know why REITs are all so green yesterday and today? Honest question.

@crabman
Guest
@crabman

crabman hasn’t noticed that bull is a lame imitation account created by a bear

VanBi
Guest
VanBi

Thanks #85-#95 yesterday (besides the trolls). Really useful info. Thanks #96 for the free advice, some new homes are way way overpriced, not worth it. From some quick estimates, new McMansions depend on a rising market to be profitable.

Anonymous
Guest
Anonymous

Hey guys should I rent or buy? Which one is better?

DaMann
Member
DaMann

from the previous thread
“Nothing CRA can do regarding new builds where owner “lives” in the house for 18 months. It is a loophole they provide!!!”

Not true. If the CRA can prove that building houses and living in them then selling them is your only source of income they can tax you. If that’s your primary source of income you may get slapped with a tax bill.

Best place on meth
Member
Active Member
Best place on meth

Can we try to keep this blog respectable and start doing some IP bans on the crap-flooders?

We have VIP’s occasionally visiting, like Ben Rabidoux and that nice fellow from Pacifica Partners, not to mention Paul B who brings us presents every day and all the intelligent regulars who contribute so much of their knowledge here.

Sadly the place is mess with pee stains on the carpet, vomit in the sink, and BBB left a double-decker in the guest washroom.

We could use a good house cleaning to make the place look clean and inviting like it deserves to be – maybe even upgrade to granite and stainless steel if the budget allows.

shorty
Guest
shorty

would of thought Foreclosure/Bankruptcy would of made the weekend list. We really need to crunch these numbers. Noticed a fine first attempt by Bailing in B.C. over at the Squamish thread, http://vancouverpeak.com/Thread-Squamish-Data

b5baxter
Member

http://vancouverpeak.com/Thread-Inventory-Graphs?pid=2224#pid2224

Inventory is interesting. It has fallen well below last year’s levels. But during the last seven days it grew at a faster rate than it did in 2012.

crabman
Guest

b5baxter – Inventory now looks like it’s on the same path as 2008 – what a great year that was!

It could be that people were taking properties off the market, waiting for it to recover. But now the word seems to be getting out that the market probably won’t recover any time soon. This could be the start of a rush to the exits.

Anonymous
Guest
Anonymous

Downvote the trolls quickly and they will go away. If their message evaporates minutes after they post it, there is no value posting here. The only way you win is to give them certainty in your resolve to downvote them quickly and severely. They have questioned your resolve and they are back. Do not falter and vote them down. Fast.

Very Little Gravitas Indeed
Guest
Very Little Gravitas Indeed

#14 is search engine optimization spam. They’re trying to associate “เย็ด” in google with the website they gave. These either need to be deleted immediately or the comment website field needs to be nixed, or they’ll just keep spamming regardless of downvotes.

Grand Trinity
Guest
Grand Trinity

Donald Trump Birthday today. haha, they are crafty at setting the stage for this well known actor.

Anonymous
Guest
Anonymous

I think real estate is over priced!

Best place on meth
Member
Active Member
Best place on meth

The new case report is out for the period of Jun 12-14.

Vancouver showed 12 foreclosures.

https://eservice.ag.gov.bc.ca/cso/viewNewCaseReport.do

And a shitload of motor vehicle accidents.

Flaretee
Guest
Flaretee

Great to see the foreclosure stats rolling in. Once this gets moving we can dig a little deeper and determine the disposition of the Real Estate. Court ordered Sale, time on market, final selling price… anything else that gives us a Real sense of the Market.

Anonymous
Guest
Anonymous

DaMaan said

from the previous thread
“Nothing CRA can do regarding new builds where owner “lives” in the house for 18 months. It is a loophole they provide!!!”

Not true. If the CRA can prove that building houses and living in them then selling them is your only source of income they can tax you. If that’s your primary source of income you may get slapped with a tax bill.

yeah, show me just one conviction? i’ll wait.

Anonymous
Guest
Anonymous

“yeah, show me just one conviction? i’ll wait.”

House flippers beware: You can’t always sell your residence tax-free

On Sept. 6, 2012, in the case of Sylvie Giguère (tcc-cci.gc.ca), Ms. Giguère and her spouse lost a court battle on this issue. The couple had sold seven single-family residences within a six-year period, claiming the PRE on each sale.

http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/house-flippers-beware-you-cant-always-sell-your-residence-tax-free/article4804446/

Get a Lawyer
Guest
Get a Lawyer

“yeah, show me just one conviction? i’ll wait”

There are no “convictions” for that. It’s a civil matter. You clearly don’t know anything about what you post.

To humor you, here is one of the most recent tax cases where a builder lived in a house for a while, sold it and the gain was assessed as business income:

http://canlii.ca/t/fwbxf

Based on your previous posts, I don’t expect you to comprehend one word of the judgment. If you have any research skills you will be able to find for yourself dozens and dozens of other court decisions with the same result. Stop posting for a while and get a clue.

overpaying for RE with "legal" bud proceeds
Guest
overpaying for RE with "legal" bud proceeds

http://www.cbc.ca/news/canada/british-columbia/story/2013/06/13/bc-illegal-medical-marijuana-.html

Jack says he has been a pot grower his whole adult life and he’s made a good living at it, comfortably raising a family.
Marijuana plants are grown under high intensity lights indoors. Marijuana plants are grown under high intensity lights indoors.

He estimates he gets about $20,000 every two months from his basement operation. With six crops a year, that’s about $120,000 a year.

Jack says he used to grow his pot illegally and sell it on the Prairies, but that was too risky, so [he used his illegal income to finance overpaying for a Vancouver home to grow and distribute quasi-legal crops from a basement in Vancouver.]

paulb
Member
Trusted Member

New Listings 233
Price Changes 113
Sold Listings 148
TI:18401

http://www.paulboenisch.com

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