BC Premier has a message for first time buyers

A recent petition seems to have gotten enough attention to get the Premier to comment on the issue of limits to foreign buyers of BC real estate.  This article say’s she’s sitting on the fence, but her quote seems to pretty clearly have a message for struggling first time buyers in BC:

“By trying to move foreign buyers out of the market, housing prices overall will drop. That’s good for first time home buyers, but not for anybody who’s depending on the equity in their home to maybe get a loan or use that to finance some other projects.”

Which category do you think holds about 70% of the voting population?

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acne care
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acne care

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Oracle
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Oracle
People, this is a foreign money driven bubble. For Chinese it is import /export fake businesses bring in money. For Chinese and Indians, it is also people exchanging money in different countries ( no transfers). Seen both happen. I also went to Surrey city hall today and asked the people that I want to build an illegal extension on my house and I want to put in a second suite. They said it’s illegal. I asked if anyone ever has been asked to tear down an addition. They said there must be one case. Also, they said a second suite is illegal. I said by assessment shows lots of houses with second suites and only penalty is a second secondary suite fee charge. They told me it’s still illegal. Most things in Canada are rotten to the core. Can’t even… Read more »
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Best place on meth
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Best place on meth

@vangrl

What a terrible problem your friends have – how to split 2.5 million dollars.

I am crying my eyes out at their misfortune, as are millions of people in Iraq, Syria and….wait a second, scratch that….fuck them both, actually.

southseacompany
Member
southseacompany
“Bond Yields are up… will Fixed Mortgage rates follow?”, CanadaMortgageNews.ca http://canadamortgagenews.ca/2015/05/14/bond-yields-are-up-will-fixed-mortgage-rates-follow/ “Fixed mortgage rates are tied closely to the Govt of Cda bond yields. And bond yields are up… Normally, we would see fixed mortgage rates go up.” “So far, no increase. But that’s probably more to do with a competitive Spring housing market. The Banks need to maintain certain market share levels in order to keep shareholders happy. They are willing to sacrifice a little profit margin” “If the bond yields continue to increase, we will see fixed mortgage rates rise. That’s an automatic. The real question is how long will the bond yields continue their climb?” “It will be interesting to watch the next few months. We can expect to see some rate increases as the Spring market ends and Banks look to increase their profit”
faneur
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faneur

Read somewhere that Montreal has the most foreign buyers of real estate, followed by Toronto and Vancouver, but all under 10%. It is foreign hot money that generates the mulltiplier effect. Take this PBoC embezzler and his wife who bought 6160 Udy Rd, Ricmond in 2001. Both were jailed in the US for 25 years and 8 years respectivey. Wife is now back in Vancouver. Not sure how, perhaps she has the same legal counsellor as Lai Changxing. If you scan through the list of the defendants, it appears that the whole tribal members have emigrated to Vancouver, BC lock, stock, and barrel.
http://courts.gov.bc.ca/jdb-txt/SC/15/05/2015BCSC0590.htm

And this is only one dirty source of hot money.
If you have been following China anti-graft reports, both official and no-official, there are at least 2 big crooks hibernating in WestVan still under the judicial radar.

Yunak
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Yunak

@131

This mayor Gregor is an absolute personification of this city of Vancouver at this time. A perfect match, shiny and polished outside but deeply rotten and broken inside.

Shut It Down Already
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Shut It Down Already

DaMann, please define “foreign” then.

Wearehere
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Wearehere

over 21,000 people

https://www.change.org/p/premier-christy-clark-mayor-gregor-robertson-mayors-and-city-councillors-of-the-gvrd-restrict-foreign-investment-in-greater-vancouver-s-residential-real-estate-market/u/10324691

Remember Christy Clark LOST her seat in Point Grey. They had to find her a safe seat, where the poor Liberal winner was given the boot, so she could stand again and get in to the Legislature to lead her party.

You may remember her moto for that election ” Foreign Investors First”

Wearehere
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Wearehere

Gregor Robertson is completely compromised.

he is dating a girl who’s mother was arrested for money laundering and corruption.

the petition talks about foreign investors and he twists it to immigration to defuse it.

he talks about homelessness and over-priced housing and then does nothing substantial to solve it.

Hopefully this is far as this fool’s political career goes.

history
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history

http://sweatingthebigstuff.com/average-age-of-firsttime-home-buyers/

depending on what survey, expect first time buyers between age 31 and 34…

where were you between 1981 and 1984? partying like there was no tomorrow, and wages meant everything…. not like today.

mls watch
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mls watch
@78 ‘It’s really a way for the provincial government to cut back on educational spending without the colleges reducing enrollment and laying off staff.’ This is exactly what the government propaganda says. However, when did we have a province wide discussion to decide that government should reduce funding for public education and turn it into a private enterprise? This is Christy’s political choice. Not all countries or provinces make that choice. I know local students who are unable to register into mandatory pre-requisite courses because of the long wait lists. When they realize that they are second tier students in their own country, I let you imagine what their gut reaction is: visceral racism. They are often in debt, stressed out, and have no patience for Christy’s rationals. Officials are playing ostrich regarding the mounting racism, pretending Canada is immune… Read more »
ChinaOne
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ChinaOne

Market not drop. Like Hong Kong and Shanghai in future.

My people will be majority in Vancouver soon. Hospital infrastructure for us and UBC for us. I also demand that our people be represented as majority in city occupations. Workers must speak Mandarin.
Also raise car fees to take local off road. Too much traffic.

s
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s

I’m beginning to think the market isn’t going to drop, after years thinking it would. The interest rates have been higher before and everyone still bought.

Maybe it might have a short term effect and dip a bit, but I’m beginning to think that it won’t happen here.

Although I hope the market does drop, it’s be irrational for so long, who knows it’ll ever drop.

StupidityCheck
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StupidityCheck

Moonbeam is such a tool! Who the hell does he think is leaving all those $million+ homes empty???

w
Guest
w

>Wow. You guys are funny. Now it’s like you’re all HAM believers. Especially since Crusty is denying it.

She isn’t denying it. She is implicitly conforming it.

“By moving foreign owners out of the market housing prices will drop,”

In other worlds, foreign money is a factor and driving the price.

Tiger
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Tiger

Prime Minister Stephen Harper (what an asshole )his copout speech about Canadians are to control household debt

http://www.bnn.ca/News/2015/5/14/Prime-Minister-Stephen-Harper-urges-Canadians-to-control-household-debtPri.aspx

ostritch
Member
ostritch

Wow. You guys are funny. Now it’s like you’re all HAM believers. Especially since Crusty is denying it.

Wasn’t it a few months ago that she said there was evidence of only 3% foreign buyers. No biggie. Now, apparently, if she does something the market will crash? Huh? Howzat work?

paulb
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New Listings 193
Price Changes 72
Sold Listings 216
TI:13107

http://www.paulboenisch.com

could I just point out
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could I just point out

Could i just humbly point out that this very important topic is being obliterated with boring anecdotes and constant turbo-post points of order.

As for Gregor.. could someone provide the correct context? What was the actual question to which the response was quoted, because its potentially huge. It wouldn’t be the first time..

patriotz
Member

@118:

Out of curiosity I went to look at the program and it’s even worse than I thought – just mind boggling. Simple interest loan at 1% and look who’s eligible.

http://www2.gov.bc.ca/gov/topic.page?id=C328CC97B41F441BBB63E2D54299C04F

patriotz
Member

@115: “As for Gregor’s response to the foreign ownership question…”

You don’t know what question he was responding to with that. According to the article there was a “wide-ranging interview” but we have only snippets of responses from Gregor and no questions.

I don’t care for this sort of editing regardless of who is being interviewed.

Kim
Guest
Kim

@DaMann

I am in 100% agreement with you regarding the property tax deferral issue. I was stunned how easy it was for her to get it despite a large pension and personal net worth. She has been deferring her taxes for fifteen years now – continuing to enjoy that benefit while her equity increased with this crazy market.

At the very least, there should be some kind of means test.

It has been my experience that baby boomers feel like they are financial geniuses (as proven by their massive net worth etc) and don’t feel in need of any advice from any other cohort!

southseacompany
Member
southseacompany

Real estate spin – buy now before you get priced out by mortgage hikes:

“How the bond market meltdown could push fixed mortgage rates higher”

http://business.financialpost.com/personal-finance/mortgages-real-estate/time-to-lock-in-how-the-bond-market-meltdown-could-push-fixed-mortgage-rates-higher

“An increase in mortgage rates is likely just around the corner, a situation that might push some consumers to lock down their rates.”

“Given that five-year Government of Canada bond yields have climbed about 40 basis points in the last month, and mortgage rates track bonds, it makes sense to try to get a rate guarantee if you are shopping for a house, Rob McLister of ratespy.com says.”

vangrl
Member
vangrl

and disaster it is. I just heard that the deal is done! and both names are staying on the mortgage.

“it’s all been finalized, I got the lower rate by keeping ***** on the mortgage, but what a shitty time to have to buy someone out” (being that the market is at an all time high).

interesting times