Friday Free-for-all!

Well well well, you made it to the end of another work week!

That means it’s time for our regular Friday free-for-all post. This is our regular end of the week news Roundup and open topic thread for the weekend. Here are a few recent links to kickoff the chat:

Canadians feel financial squeeze
Growing number lack emergency funds
Fitch: Canadian market 20% overvalued
CMHC could force banks to pay deductible
Van & Toronto: Record building permits
How to go broke on $400k a year
Live with renters to help pay mortgage
Complaints over monster homes
Rejection of Chinese steel delays bridge
Can China end BC school strike? (1:45)

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

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Realty Bites
Guest
Realty Bites

“Opinion: How ‘slackers’ put a drag on the economy”
“Generation X is highly employed but buried under housing debt”

http://www.marketwatch.com/story/how-slackers-put-a-drag-on-the-economy-2014-09-05

Brian Ripley
Guest
Brian Ripley

The wire services all have stories, yesterday & today, on Canadian Wealth Inequality numbers and so I mashed up some charts (Cnd & U.S.) and provided a link to the full Broadbent Institute source material here:

http://www.chpc.biz/history-readings/gilded-age

The press refers to the Broadbent Institute as ” left leaning”. I doubt if the lower quintiles worry about left or right – they appear to be more concerned about the direction “down”.

M
Guest
M

A home that you live in is not an investment its just spending\forced savings. Any appreciation you get you usually actually pay for in interest\taxes\maintenance.
Long term price appreciation for homes in the US is just about 4% over 30 years I am guessing its the same for Canada so this period is abnormal.

Its different if your a developer or building owner then that’s an investment.

Son of Ponzi
Guest
Son of Ponzi

Meena Wong proposes tax on vacant houses.

oh grow op!
Guest
oh grow op!

@ponzi: link?

/dev/null
Member
/dev/null
Oh Grow Op!
Guest
Oh Grow Op!

@/dev/null: Oh sorry, I didn’t realize everyone should simply google everything that’s up for discussion. For those that don’t want to take the two step process, here’s a direct link to an article in the SCMP:

http://www.scmp.com/news/world/article/1590864/vancouver-mayoral-candidate-meena-wong-proposes-tax-vacant-million-dollar

“As a capitalist free market, I cannot control who can come [to Vancouver], who cannot come,” Wong told the South China Morning Post. “But I do say, if you are going to use Vancouver [and treat it] as a resort, then you are going to pay more.

“If you can afford to come and buy a million-dollar home, and leave it empty for eight or 10 months at a time, then hey, you can afford to pay more, a surcharge, or a surtax.”

That was no more difficult that posting a LMGTFY link, and hopefully adds more to the discussion than just snark.

Mister Obvious
Guest
Mister Obvious

Just wondering…

If we in Canada have the engineering expertise to determine that steel fabrications from China are substandard and lacking in so many unacceptable ways… why then are we not also capable of doing these fabrications properly here?

We sure as hell can slam up a steel reinforced concrete condo tower in a hurry. Can we not build a small bridge in a small city without substandard offshore help?.

Son of Ponzi
Guest
Son of Ponzi

#8
that’s what happens when you offshore everything, just because it’s cheaper.
Canada has lost its capacity to think, create and build.
Now we’re dependend on crap from offshore.

Son of Ponzi
Guest
Son of Ponzi

#7
if you really wanna know What’s going on in Vancouver, you’re not gonna get it from Global or the Sun and Province.
Gotta read and watch the Chinese media.

Oh Grow Op!
Guest
Oh Grow Op!

Mister Obvious: of course we could build it locally, but apparently it costs more to pay skilled people properly and get it done right the first time.

patriotz
Member

@4: “Meena Wong proposes tax on vacant houses.”

Ms. Wong and COPE don’t want to let on that the City has no power to do this, at any rate from the articles I’ve found. On the plus side, Time Louis (that’s the guy who said the City shouldn’t do anything to bring down house prices) has traded in his Che T-shirt for a red sweater and looks spiffy.

Too bad, the city needs a better alternative to Vision and NPA.

OV
Guest
OV

being a HAM is a defense against murder.

Amanda Zhao’s killer gets reduced sentence in China
Foreign student’s body found inside a suitcase near Mission, B.C., in October 2002

http://www.cbc.ca/news/canada/british-columbia/amanda-zhao-s-killer-gets-reduced-sentence-in-china-1.2692110

btw: the affluenza case is homicide, but not murder.

Confucius Says:
September 12th, 2014 at 10:32 am 86
Hidden due to low comment rating. Click here to see.

Having rich parents is a defense against murder and it works.

http://rt.com/usa/affluenza-drink-driving-prison-879/

space889
Member
space889

@13 – how is that really different from rich and well connect parents getting their kids off crimes anywhere else in the world??

I wasn’t aware that rich people getting away with crims is a Chinese only thing.

space889
Member
space889

@13 – Also as said as this case is, Canadian punishment likely isn’t going to be much harsher either…the bastard is likely to be out of prison in 7 or 8 years which is about the time he’s served in Chinese prison.

Granted if his dad is a nobody, he’s likely to be executed or suffer a life sentence which is still too good for people like him.

taylor192
Member

@patriotz

How does the city have no power to tax vacant homes?

Enforcing it would be easy, give a % of what’s collected to people who rat out their neighbours.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

the Amanda Zhao case is interesting, but not for the obvious reasons.

often, the most interesting point is found in the second to last paragraph:

“China maintained that it had jurisdiction because the case involved two Chinese nationals.”

olivia
Guest
olivia

What happened to bubble? Where is Satv,Krrish,BTK,Drachen,VHB,Freako,The POP and lots more? http://www.longerbettersex.com

CPG
Guest
CPG

Over the years it sure has taken, and is still currently taking, a lot of debt accumulation by Canadian Governments (Federal, Provincial, and Municipal), businesses, and households to keep our way of life in this country going.

The link at the end of my post is to a credit market summary data table which is updated 4 times every year by Statistics Canada, most recently this morning. The bottom line of this data table gives the total debt outstanding in Canada. The total debt outstanding in Canada as of the end of June, 2014 was $5.64 Trillion.

http://i16.ebayimg.com/08/u/000/77/b8/61df_0.JPG

CPG
Guest
CPG
Confucius
Guest
Confucius

#13 OV

btw: the Amanda Zhao case is manslaughter not murder.

btw: You are missing the point of why I posted the Affluena case, but #14 understands. Maybe you have to be non prejudice to understand.

OV
Guest
OV

>btw: the Amanda Zhao case is manslaughter not murder.

From the article:

“A court in Beijing has downgraded the conviction in the case of Amanda Zhao’s slaying from murder to manslaughter”

either (1) you believe that bullshit Chinese ruling, or you don’t understand the difference between manslaughter and murder. it is a subtle difference, i must admit. is english your second language?

Insanity
Guest
Insanity

“that’s what happens when you offshore everything, just because it’s cheaper.”

There used to be a Cominco steel mill on Mitchel Island. It was the only steel mill in North America that operated Mon to Fri 24 hours rather than 24/7. The owners wanted to change it to 24/7 so it could run efficiently and compete. The union said no and there was a lock/out strike. The end result the mill was shut down and all workers lost their jobs due to union inflexibility on working weekends. Note I know someone who used to work there and he made about $140K per year as a trades person and that was in the early 80’s.

Funky monkey
Guest
Funky monkey

Mr obvious what news article did you get you info from?

crikey
Guest
crikey
So have you all seen the Statistics Canada report on household earnings, based on 2012 data? I dont recall it being discussed here at length, but here is a rundown. Pay special attention to the horrendous discrepancy between Vancouver’s low incomes (lower than national average, for crissakes!), and Vancouver’s astronomical price/income ratio. City Median income Average home price Price/Income Calgary $98,300 $466,994 4.75 Edmonton $96,030 $371,839 3.87 Ottawa $94,230 $365,366 3.87 St. John’s $87,150 $349,649 4.01 Victoria $81,580 $496,225 6.08 Canada $74,540 $413,215 5.54 Vancouver $71,140 $796,714 11.19 Toronto $71,210 .$568,953 7.99 That’ right peeples, the median family in St. John’s declares 30% more income than Vancouverites yet pay about 60% less for a home than Vanciuverites. Even families nearby in Victoria are far better off Where is the outrage?!?! It is time to stop arguing whether or not this… Read more »
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