FFFA! Farewell Flaherty.

It’s the end of another work week, and that means it’s time for another Friday Free-for-all post!

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

Rest in Peace Flaherty
Tal defends canada from bears
Clark not paid to promote company
Ranks of homeless seniors grow
Market faces spring test
The kids still want to buy
265 sq feet oughta do it
Whats happening on the coast?

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

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Heard Herd selling
Guest
Heard Herd selling

Unbelievably slow open houses today, we stopped in on one Westside house, Realturd was sleeping on couch…we could’ve cleaned house, no body there, wow

Fix
Guest
Fix

VMD why does everything have to pre- announced to have the least effect
If the CRA is going to track hot money, why not start as soon as they are ready
Why say we will do it in 2015 giving everyone a chance to beat the deadline
What BS

aa4
Guest
aa4

Seems like Vancouver is attempting to become like Dubai. With a significant number of extremely wealthy people from around Asia living in it like a resort, millions of developing world peasants to do the labour.. and a small cadre management who can organize and control that army of peasants.

Its not particularily racial based, like the vast majority of young adult white Canadians are joining that peasant army of workers.. whether they have a university degree or not.

The Vancouver where an average guy, could land a good union job, participate in the society, support a family, is dead and seems unlikely to come back.

patriotz
Member

@95:

Money transfers aren’t income. In the absence of legislation imputing income to such transfers, I don’t think there’s a lot CRA will be able to do with the information, unless the banks and authorities in China are willing to investigate the source of the money.

What the?
Guest
What the?

#65 Reality check – I am not racist – I am not white
Agree you saying only white people are racist????

That is racist

Bo Xilai
Member
Bo Xilai

#94, Isn’t FINTRAC already supposed to document and investigate international money transfers > 10K?

I guess the feds being the feds, FINTRAC doesn’t share their data with CRA…

VMD
Member

One thing to consider re: HAM is that it is well known (to them) that by 2015, CRA will start tracking all international money transfers >$10,000.

According to my accountant in Richmond (who works with developers, ‘HAM’, etc) he suggests that (before IPP was cancelled) I don’t buy RE until at least late 2015, as he sees CRA’s new rules will drive down RE price.

However, both my accountant and my friend who’s a banker at HSBC are saying that there is still ‘hot money’ coming in trying to beat the 2015 CRA money-tracking implementation. We’ll wait and see how these factors play out with the cancellation of IIP…

emmi
Guest
emmi

SFM, Open houses ARE for realtors, but not for the reason you mentioned. They are a quick way for realtors specializing in selling a particular type of property to take a quick look around so they have an image of it in their head so they can advise buyers that a particular house may or may not suit their needs.

Chip, I sense that Canada likes to think of itself as the haven the U.S. claims to be and is willing to make a long-term investment in those low-paid immigrants’ children.

squeako
Guest
squeako

Health care costs: quick google revealed a heart surgery is about 100,000 dollars +-.

Not to mention other costs as in loss of income, loss of productivity, loss of tax revenue (for gov) , meds (cost to tax payers), spin off conditions including possibly depression.
So, watch what you eat, and move. Adopt a less stress thinking.

Which may be heart, pun intended, hard, considering the housing market free for all madness.
Which furthers my thought, will the stressed out mortagees burden the health care system more?

Aggregator
Guest
Aggregator

#88

I just updated the sales data and realized there was an excel error. This one is correct with GTA $1.5M+ sales up 16.4% yy in March. Chart

I stated before that I believe the IIP will have nil affect on sales. Wealthy foreigners can still buy property from abroad as vacation homes and travel back and forth within a six month limit.

Money always flows to where it's welcomed most.

registered
Member
registered
@16 Joe Mainlander Says: “Most of Vancouver’s price gains happened between 2003 – 2008. Flaherty became FM in 2006, and Carney was appointed in 2008.” The Vancouver Teranet HPI was essentially flat from ~1999 to 2003. Between 2003 and 2006 it rose from ~75 to 115. Under the Conservatives it’s now at 178. More importantly, Vancouver was already expensive and a financial stretch for median families in 2003. For a hint of Flaherty’s true impact look at the incredible 2006 single year increases in markets like Calgary (105 to 150) or Edmonton (105 to 180). Most Canadian markets saw unprecedented increases after 2006 under their policies. Flaherty’s consequences are national and only starting to be felt. When prices collapse and those mortgage guarantees are called these crooks might be out of office but their mismanagement will damage Canada for a… Read more »
registered
Member
registered

@8 nufio Says: “…dont expect any government to do anything to pop the bubble.”

The federal government inflated the bubble through financial commitments to bolster mortgage lending. That can’t be sustained for a Japanese-style 20 year deflation. Canada’s ability to print money is over. This bubble will pop itself.

Ray
Member
Ray

Aggregator, do you happen to have an update to your >$1.5 million sales chart for Toronto (or especially BC) with March data? With IIP dying on Feb.10 it would be wonderful to see March data, especially in ground zero. Thanks!

Aggregator
Guest
Aggregator

Based on my per capita estimates, BC household debt-to-GDP surpassed 100% in 2013, the first of all provinces. Chart That means to produce $1 of provincial GDP, BC households must contribute $1 of borrowing.

Rest assured, with an aging population and banks requiring more deadbeats to take on debt, immigration will accelerate, and at all costs, including turning a blind eye to illegal immigration. So keep on eye on what's coming in those cargo ships on the West ports because smuggling by ship is by far the most popular among the Chinese.

noname
Guest
noname

#85,

what shithole did you or your ancestor come from by the way?

LL
Guest
LL

#57 – another fine example of how they will turn and will continue to turn Canada into the shithole they came from. Destroying what is left of Canadian culture and values.

Reality Check
Guest
Reality Check

Patriots,

I am not counting people twice. You are so pro-immigration that either you ate in the industry or want your grandkids to hate you…

TFW + Intl Students. + Permanent Residents.

Add to that:

Intracompany transfers, babies born here to visitors. Etc…

I would break down the numbers for you but I don’t see the point.

patriotz
Member

@71: “Meanwhile the local politicians.. how about taxing empty homes to the hilt?”

Beyond the power of local government.

I really wish people would understand how little power local governments have over these issues and that the policies of the federal and provincial governments, both of which want to keep RE prices as high as possible, are responsible.

patriotz
Member

@65: “Add these 300,000 to the hundreds of thousands of temps entering each year and then add that to the 285,000 perm residents entering and you have got a mess.”

As I have said before, you are counting the same people twice. The permanent resident count includes people who are already in Canada and are granted permanent resident status.

VMD
Member

*Correction: Richmond SFH Month to date: 54 sold

VMD
Member

4/11/14 Richmond SFH:
Sales: 5 (Month to date: 49)
New List: 11
Inventory: 799

1. 8271 NO 3 RD,Broadmoor,Ask:$1,178,000,75d, Ass:$915,000*
2. 9635 HADDON DR,Lackner,Ask:$1,198,000,20d, Ass:$1,029,000*
3. 3331 BARMOND AV,Seafair,Ask:$1,000,000,38d, Ass:$916,400*
4. 3520 RAYMOND AV,Seafair,Ask:$1,098,000,6d, Ass:$958,200*
5. 2268 DAVIES PL,Bridgeport,Ask:$1,088,000,71d, Ass:$913,000*

* = above ask or above assessed

VMD
Member

4/11/14 Van West SFH:
Sales: 7 (Month to date: 60)
New List: 15
Inventory: 851
1. 3885 W BROADWAY AV,Point Grey,Ask:$2,298,000*,7d,Ass:$2,168,200*
2. 3081 W 28TH AV,MacKenzie Heights,Ask:$2,698,000,40d,Ass:$2,283,000*
3. 3525 POINT GREY RD,Kitsilano,Ask:$10,988,000,11d,Ass:$8,704,000*
4. 2967 W 42ND AV,Kerrisdale,Ask:$1,898,000,72d,Ass:$1,892,100
5. 828 W 19TH AV,Cambie,Ask:$2,498,000,14d,Ass:$1,919,000*
6. 456 W 18TH AV,Cambie,Ask:$1,689,000,19d,Ass:$1,764,000
7. 53 W 23RD AV,Cambie,Ask:$1,550,000,4d,Ass:$1,316,000*
* = above-asking or above-assessed

YLTNboomerang
Member

@VMD58

Looks like Vancity never got the memo…or maybe they did and this is their Hail Mary:

https://www.vancity.com/Mortgages/TypesOfMortgages/DownPaymentHelper/?xcid=hp_banner_down_payment

Anyway, watch the video, almost made me puke.

crikey
Guest
crikey

#69
I know a case where somebody came in with a known heart condition that is very hard to find unless you know exactly what you are looking for. Sure enough it was missed, she became a Canadian, then she went to another doctor and suggested he look for her exact condition. Lo and behold the doctor found it and she got her free (otherwise very expensive) surgery.
So yes it definitely does happen.

Johnny-boy
Guest
Johnny-boy

Homeless Canadian seniors!! Please! It’s the seniors that are selling out are extortionate prices to the HAM.

Who else do you think is selling the homes for $2-3 Million and retiring on the proceeds or giving it to the next generation..

When the NDP tried to bring in a special lobby for expensive homes, the seniors lobby fought it tooth and nail and helped kick out the NDP at the next election. The story was…cash poor grannies living in Multimillion dollar homes would have to take out reverse mortgages – so what? Except the boomers would inherit less than they expected.

We are all a bit greedy!