FFFA! lawsuits, investing, bidding wars

Hey, looky here!

It’s Friday o’clock!

That means it’s time for our regular end of the week news roundup and open topic discussion thread for the weekend.  Friday Free-for-all time!

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

22 Months since the peak
34% of Canadians ready for bid war
A good investment?
Good luck with that
Fake CMHC on twitter
Maybe a bit too much debt
Ping Pong Pricing Protocol
The sunshine coast in 2014
Richer yet poorer?!?

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

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George
Guest
George
@ crikey #119 and @ no noise #113 (last thread) “But I thought that the CIC news was positively received by China people, because it would mean less corrupt money leaving the country?” I was thinking that too when I read the comment of no noise #113. I clicked the link no noise posted about the 50 cent party. Here are some quotes from wikipedia: “The 50 Cent Party (五毛党) are Internet commentators (网络评论员) hired by the government of the People’s Republic of China (both local and central) or the Communist Party to post comments favorable towards party policies in an attempt to shape and sway public opinion on various Internet message boards…The Internet commentator/50 Cent Party’s activities were described by CPC General Secretary, Chinese President Hu Jintao as “a new pattern of public-opinion guidance”;[32][33] they represent a shift from… Read more »
George
Guest
George
Following on my last comment. Canada is one of the countries that is part of this. Read how our governments are figuring out new techniques to keep brainwashing us as the internet takes over as the dominant media over TV: “Among the core self-identified purposes of JTRIG are two tactics: (1) to inject all sorts of false material onto the internet in order to destroy the reputation of its targets; and (2) to use social sciences and other techniques to manipulate online discourse and activism to generate outcomes it considers desirable… Government plans to monitor and influence internet communications, and covertly infiltrate online communities in order to sow dissension and disseminate false information, have long been the source of speculation. Harvard Law Professor Cass Sunstein, a close Obama adviser and the White House’s former head of the Office of Information… Read more »
George
Guest
George
Following up on my last two posts, we also have a CBC article that says the federal Conservative government is hiring people to monitor our social media: “Big Brother is watching you — on just about every social-media platform you can imagine. Tweets, public Facebook posts and YouTube videos could soon be subject to round-the-clock scrutiny by the federal government, a procurement document posted this week by Public Works and Government Services Canada suggests… The federal government is seeking a firm that “continuously monitors social media content on a daily basis in near real time and (can) provide web-based, online media metrics and reporting capabilities.” That includes combing through “blogs, micro-blogs, social networking sites including Facebook and Twitter, forums and message boards, traditional news websites and comment sections, media sharing websites (videos, photos and user-generated content websites including YouTube).”… The… Read more »
No Noise
Guest
No Noise

There is a very simple solution to all of our problems – stop buying all that cheap made in China crap you dont need. Stop shopping at dollar stores and Walmart, etc, etc. Heck, buy what you need at IKEA, etc and your kids toys from Lego, etc for example – I dont see a flood of rich corrupt Swedes or Danes, needing a safe exodus of their $ to Vancouver to worry about.

No Noise
Guest
No Noise

@ George

Unless of course, as so many have noted, it is the PRC Govt itself who are the major movers of $ out of China. Entirely plausible – they are the Chinese 1%.

George
Guest
George
I posted yesterday that I think the IIP lawsuit could provoke locals to push back finally against foreign ownership and wealthy immigration from China in particular. I have posted before that I think there is a risk of increasing racial tensions. One of the things that is disturbing about this proposed IIP lawsuit is that it is almost being portrayed in the media as something that has widespread support in the Chinese community in Metro Vancouver. Whenever we have these discussions about HAM, one thing that people always have to make pains to point out is that not all Chinese people in Canada are HAM and not all Chinese people here are rich immigrants. So it is important to point out that there is a separation between HAM and the rest of the Chinese community in Vancouver because we wouldn’t… Read more »
George
Guest
George
Something else I want to say. Zero hedge had an article about the cancellation of Canada’s IIP a few days ago. What jumped out at me from that was the headline had the term “1%” The zero hedge headline was something like “Chinese 1% sue Canada over IIP cancellation”. That term 1% on zero hedge immediately framed this as a class issue. Thank you zero hedge for that! This is a class issue. Anger over HAM is not really anger toward Chinese race generally–it is class anger and class conflict. HAM do not represent Chinese people generally–they are the 1% of Chinese who are elites and many of their victims are other Chinese! HAM is a class issue and zero hedge was correct to frame it as such. That jumped out at me because our media and our public discourse… Read more »
George
Guest
George

@ No Noise #5

Well that is a possibility too, yes.

Reality Check
Guest
Reality Check

canada lost 7000 jobs. Employment at same level that it was in Aug 2013…meaning no net jobs were created in the last half year.

so why the fuck does this government continue to import temporary foreign workers at a rate of 100,000’s per year?????

Van Coffee
Guest
Van Coffee

@ George 1, 2, 3, 6, 7, 8

Calm down.

Speaking as the person that caused Jessee to leave this forum (a few days before the IIP program was cancellled for the exact stated issues I raised in my post) I am regarded as somewhat of a “savant” on this subject.

This is a hot topic. Yes.

What occured with the cancellation of the IIP was more than I was hoping for, so let’s take a wait and see approach and let things work through the system.

I don’t think Julia Lau will be working at a massage parlour any time soon, so let’s just all take a chill pill and let things unfold.

VC

sunny day in vancouver
Guest
sunny day in vancouver

wow, you people are still full of anger. last time i checked, interest rates have not gone up, and the market’s still not crashed. why cant you just enjoy your life in a city with no freezing rain and drough.

aa4
Guest
aa4
Thing is we are a relatively poor area of the world nowadays. With modern production technologies, creating $1 million in goods in pretty easy. We could do that too, but while we are under a mountain of regulations and legal restrictions.. the HAM is not under the same burdens. In the big areas of the economy, like chemical refining, mining, electrical machinery, etc.. even $100 million is not that big of money. But the average full time employed Canadian male makes just $55k a year. In after tax dollars he would be lucky to clear $1million from a lifetime of labour. British Columbians angrily rejected industry pipelines, new mines, let alone ‘polluting capitalist’ industry. And put in place a heavy tax regime that deters capital investment. But something we forgot is different places in the world could and did choose… Read more »
taylor192
Member

@Reality Check

TFW are employed cause Canadians don’t want to do those jobs at those salaries, or don’t have the skills for those jobs.

Alberta has been booming for jobs while many Canadians sit idle in provinces with high unemployment. Those idle Canadians lose their jobs to mobile TFWs. Too bad so sad.

patriotz
Member

@12: “British Columbians angrily rejected industry pipelines, new mines, let alone ‘polluting capitalist’ industry. ”

Guess I missed that. What I didn’t miss is a government in power since 2001 which is explicitly in favour of all these things (well maybe not explicitly in favour of pollution).

Why not do a little research and learn about the new pipelines and mines that have been built recently.

Not intended as a knock on the previous government which wasn’t really against them either.

patriotz
Member

@13: ” Those idle Canadians lose their jobs to mobile TFWs ”

Canadians have always been willing to move to earn Canadian wages under Canadian working conditions.

They should not be expected to move to earn Third World wages under Third World working conditions.

And the reason there is a “skill shortage” in some sectors is that Canadian employers would rather hire TFW’s then give apprenticeships to Canadian workers.

cris
Guest
cris

Re: Chinese and HAM

I just saw in the Mingpao about a woman in the market for a house in the 2-3,000,000.00. And she said her husband had already come to Vancouver 2-3 times, so the man urged the woman just buy something and don’t waste his time.

Many people spend a few “LIFE-TIME” here and won’t be able to buy such a house. Now, whether this family plus local income taxes is everybody’s guess.

I am Chinese, I too understand the damage this brings to the local community.

cris
Guest
cris

BTW,

Does Florida have no income taxes? Can we follow its tax system?

Reality Check
Guest
Reality Check

Taylor:

you believe the BS you just wrote?? Temporary Foreign Workers is a back door program to get permanent residency in Canada.

it is not about “filling jobs Canadians won’t do”

The big “fees” ate collected overseas if you want a job. get head out of sand.

should of came to India with me. I would have got your eyes cleaned of the sand.

Reality Check
Guest
Reality Check

and Taylor, who did all these jobs before the TFW program???

Canada was just fine.

Yellow Helicopters
Guest
Yellow Helicopters

@ #16.

Thanks for the anectode. One sale out of 45,000 per year. Great sample. Very useful. You have totally changed my mind on what is driving this Canada-Wide bubble.

Ray
Member
Ray

John Murray, Deputy Governor of the Bank of Canada, sums up our path forward very succinctly: “The Bank’s base-case projection sees household debt, housing prices and housing starts … achieving a soft landing.”

Anyone else skeptical?

Give Credit Where Credit Is Due
Guest
Give Credit Where Credit Is Due
Given the relative support that bears have outlined for the cancellation of the Investor Immigrant Program, I would like to make a simple suggestion – write a letter supporting the cancellation of the program to your local MP. Bears have been writing to MPs outlining the problems with the CMHC, the IPP, and the challenges of real estate affordability. The impact of the IPP has been discussed and debated to quite an extent on this blog, so here is the opportunity to comment in a positive tone. I have monitoring this blog for years, and this seems to be the only positive RE change (as recognized by contributors here) made by the feds that has the potential to increase affordability in Vancouver. All the other changes, from eliminating the 0 down/40 year amortization to changing second property valuation have been… Read more »
patriotz
Member

@22:

The Feds did not make a “tough decision” on the IIP at all. What they did is cancel a program that was unpopular with the general public (with an election next year), with a minimal loss of potential votes, and which did not deliver fiscally. That’s a win-win for them.

Note that the Feds have already suggested that the same people who were applying via the IIP apply via some other program. However only a fraction of the people who heard of the IIP being canceled are likely to hear about this.

What would be a really tough decision for the Feds would be to do something which would actually bring down house prices. So I suggest you and the forum hold off on your congratulations until that happens. Don’t encourage them to make more empty moves.

Van Coffee
Guest
Van Coffee
Patriotz – I would not characterize this as an “empty move”. I agree with you that the IIP program has not caused Canadian prices as a whole to go wild (or for most of BC for that matter or the lower mainland for that matter. However, for the market that I am in (single family home currently priced in the $2.5 – $3.5 million range) it is a very, very real issue. And in my community (a small one relative to the whole of Canada), it is a very, very real issue. I will be writing a letter to my MP applauding the conservatives on the cancellation of this program and making some suggestions for future immigration programs designed to attract the “right type” of immigrants. And just for clarity, when I say “right type” I mean: 1. INCOME TAX… Read more »
Softy
Guest
Softy

“Note that the Feds have already suggested that the same people who were applying via the IIP apply via some other program.”

Encouragining them to apply is meaningless. How many of the IIPs who switch to other programs will qualify under other programs? How many of them will want to qualify? If the other programs have a tough residency requirement, no IIP would want to apply and pay tax on their world wide income.

It remains to be seen how tough the residency requirement is. If it is truly tough and easily enforceable, the IIP applicants won’t apply.

Of course the government will make statements that IIP applicants are encourgaged to apply to other programs. What are they supposed to say? “We don’t want you, get lost?” That would not be prudent.

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