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FFFA! Affordability, Rates, Leaks, Income, Condo Battle

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160 Comments

Hey! It’s the end of another work week!

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

It’s Friday Free-for-all time!

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

–Vancouvers problems start at home
–Condo battle
–Affordable New York
–As long as rates stay low..
–Yellen driving our market?
–Salaries to buy in 25 cities
–

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

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Edmund

An outstanding share! I’ve just forwarded this onto a co-worker who was doing
a little research on this. And he actually ordered
me dinner due to the fact that I found it for him… lol.
So allow me to reword this…. Thanks for the meal!!
But yeah, thanx for spending the time to talk about this issue here on your blog.

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Constance

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would-be buyer

@spaceship 889

This lawyer is suing the FEDERAL government not a private corporation. A government that will not give in to spurious lawsuits. It can’t settle a lawsuit that has no legal basis because the federal government is ultimately accountable to you, the taxpayer and cannot set bad precedent. In any event, the Feds have more lawyers on payroll and therefore more time and resources (deeper pockets) than this private sector lawyer has. The feds can grind this lawyer down, drag this lawsuit out and make him jump through hoops for years that would eat up this guy’s retainer in no time. My guess is that the lawsuit will be dismissed at summary trial.

This lawyer is a loose cannon and has been disciplined by the law society previously:

http://www.lsuc.on.ca/with.aspx?id=2147490551

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Kelvin

You really make it seem so easy with your presentation but I find tthis topic to be actually something that
I think I would never understand. It seems too complex annd extremely
broad for me. I’m looiing forward for your next post, I will try to get the hang of it!

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South for the winter

@120, @131
i beg to differ, doesn’t EVERYONE want to get in before they’re priced out for ever?

You are assuming that people have down payments to buy the cheaper properties (condo’s) and i think there are plenty out there working low end jobs that are an inch away from qualifying for a mortgage.

Minimum wage increase to 15$/h would mean 2 adults in a household would make a MINIMUM of 60K/year
and last i checked median fam income in bc was just above that no?

lot more people would qualify to buy a townhome in surrey for around 300K

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patriotz

@149:

From the article:

Costs for the service vary depending on the clients’ needs

So they’re not paying. BFD. It’s just posturing.

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VMD@work

in other news across the Rockies,
Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary

you wonder if they’ll be yellow..

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VMD@work

@137
This “reality show” is definitely not fake, as seen on today’s CTV

At least it starts online, broadcasted in Chinese, and not onto major TV channels.. (yet)

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patriotz

@140: “This is standard lawyer tatic in a lot of cases. Hit someone or corp with a big number lawsuit”

This is not about trying to get some $$$ out of a deep pocketed corporation or individual, it’s about challenging the sovereign power of the federal government to control immigration which is well established in law. The lawyer has duped his clients into thinking it’s what you have described.

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Bull! Bull! Bull!

the government will give into the 1300 mainlander and then you’ll understand who runs things.

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Oracle

TFW’s want path to permanent residency. They were joined by a liberal MLA.

What part of temporary did they not understand.?

This whole program is about low wages and gaining PR. Nothing else.

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Janitor Yellen

Keiser #609, “bond market pop” is now up on youtube:

https://www.youtube.com/watch?v=HWjvhez3yD4

People are still buying homes in Vancouver – apparently these are profoundly stupid people who have no understanding of the economy or even recent history. What happens when the fraud of the present global financial scheme pops?

Is the plan in back of everyone’s mind to declare bankruptcy and live in the home without making payments? Is it possible to do this without being evicted? When the neighbors find out they are foolishly throwing away money on mortgage payments, wouldn’t they also want the same “free rent” bankruptcy deal? Anticipating this situation is on the horizon, wouldn’t some astute people withdraw all the equity from their home so they can enjoy it while living rent free under the new defacto bankruptcy regime social contract?

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Billy Western

Quebec isn’t Canada.

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say whaaaa?

@134-135

“… you cannot bribe government officials in Canada.”

Since when? Clearly you haven’t been following the news out of Quebec.

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Bo Xilai

Madashell #139

I hope the CPC leadership is keeping track of these 1300 mainlanders who have joined the lawsuit.
Looks like higher-ups don’t take kindly to “naked” officials who earn 50K a year who can buy 3M houses overseas.

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space889

@would-be buyer – uhm…he’s not bribing anybody…he’s blackmailing! Big difference!

This is standard lawyer tatic in a lot of cases. Hit someone or corp with a big number lawsuit and threat of years of litigation at several hundred if not millions of legal fees, and make the settlement (which he’s likely to take 30%+ cut) a cheaper alternative, even if the other side is actually right. Lawsuits are no longer about right or wrong now and hasn’t been for decades. It’s mostly about economics and who more willing to spend the legal fees now.

I don’t see how he’s risking his standing in legal community. In fact, if he succeeds, he’s likely to be a mini-celebrity and give high priced seminar talks to other lawyers about how to use his tactics.

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Madashell

Hope immigration canada is keeping track of these 1300 mainlander for any further future applications.

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space889

– you forgot that China and Vietnam also found like 2 wars in the 80s and still have almost daily cross-border skirmishes in the 90s. Maybe things are little better now….

and yeah, goes back thousands of years…..but I would still say it’s different from the Ukraine situation where USA meddling pretty much handed Putin Crimea and maybe even eastern Ukraine.

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space889

– Sorry but that looks too fake and Onion like. Granted that someone did spend quite a bit of money to either create the promo or lift the footage from some other TV shows.

The Chinese accent sounds more Taiwan and/or CBC than mainland. Also the girls look old, not really like the under-25 univ crowd. Lastly, why the heck are they even working if they are that rich??? Well, maybe modeling is an ok job for them to do.

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@VMD

are the girls in the video mainlanders?

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would-be buyer

typo – meant to say bribe government officials in Canada…

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would-be buyer

132 & 133

The lawsuit is vexatious and an abuse of process and if it proceeds the lawyer will likely be hit with special costs. The lawyer knows this, but has decided that lining his wallet with fat retainers from ignorant clients is more important then his reputation in the legal community. He has exploited his wealthy mainland Chinese clients who do not understand that you cannot bride government officials in Canada.

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johnyboy

132- they are basically black-mailing their way in. In fact the lawyer basically admits that is his tactic. I didn’t have much respect for lawyers or wealthy mainlanders, I have none now: Tim Leahy, the Toronto lawyer behind the Federal Court case that goes before Justice Mary Gleason on Wednesday, is seeking C$5million (HK$35.7 million) in compensation for each applicant and their dependents unless the government agrees to assess their cases. Leahy said 1,335 of his 1,446 clients had lodged their applications for the federal Immigrant Investor Programme [IIP] in Hong Kong. Virtually all of the Hong Kong applicants are mainland Chinese. The litigation, if successful, represents a potential payout of C$18 billion, based on an average of 2.5 individuals per application. Leahy regards the threat of such a payout as the “poison pill” that would force the processing of… Read more »

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Bo Xilai

1300 rich Mainland Chinese join “Why Can’t I Still Buy Canadian Citizenship Through IIP?” Lawsuit

http://www.scmp.com/news/world/article/1524393/1300-rich-chinese-join-lawsuit-over-axing-canada-visa-scheme

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patriotz

@118: “If Vancouver ever does something like this (raising minimum wage), expect the housing bubble to continue inflating..”

Beyond the power of Vancouver or any other BC city of course.

Anyway we all know (or should know) that housing bubbles are driven by ability to borrow not income.

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