Friday free-for-all!

Guess what time it is?

Its Friday free-for-all time!

This is the open topic discussion thread for the weekend.

Post your news links, thoughts and anecdotes below and have an excellent weekend!

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Many Franks
Member

Here’s the direct link to CMHC’s Toronto/Vancouver homeowner survey:
http://www.cmhc-schl.gc.ca/odpub/pdf/68330.pdf

This isn’t going to change anyone’s opinion on offshore money, as it appears to have been a voluntary phone survey.

Many Franks
Member
Ah, speak of the devil. Last page of the PDF: The Condominium Owners Survey does not provide an estimate of the share of foreign and corporate investors. This textbox summarizes the reasons for this and the implications for the results that are presented. The Condominium Owners Survey is designed to acquire more intelligence on condominium investment. Therefore, it has focused on the most accessible group of investors that CMHC was able to reach. In this case, it is condominium investment activity by households that owned their primary residence and at least one secondary condominium unit, at the time of the survey. The remaining investors not captured by the survey include households that owned a secondary unit at the time of the survey but rented their primary residence, as well as Canadian households that owned a secondary unit in Toronto or… Read more »
Cat in the hat
Guest
Cat in the hat
Cat in the hat
Guest
Cat in the hat

She said interest rate will be raised, when shit hits fan would arouse those in arrears.

Sorry about the grammar.

UBC in crisis mode
Guest
UBC in crisis mode

How can you conduct a survey in English to your target who speaks no English (offshore owner)? Am I missing something here?

southseacompany
Member
southseacompany

“Interest rate hike coming this year, Fed chair Janet Yellen says in upbeat speech”, Financial Post

http://business.financialpost.com/investing/fed-still-planning-to-hike-interest-rates-this-year-says-janet-yellen-in-speech

“Federal Reserve Chair Janet Yellen said she still expects to raise interest rates this year if the economy meets her forecasts, with a gradual pace of tightening to follow.”

“Even after the first rate increase since 2006, “I anticipate that the pace of normalization is likely to be gradual,” Yellen, 68, said.”

southseacompany
Member
southseacompany

“U.S. bond yields rise on Yellen, inflation data”, Reuters

http://www.reuters.com/article/2015/05/22/markets-bonds-usa-idUSL1N0YD13X20150522

“U.S. Treasuries yields rose on Friday as a stronger-than-expected increase in core consumer prices in April revived expectations that inflation may approach the Federal Reserve’s 2 percent target later this year.”

“If the price upturn persists, it would allow the U.S. central bank to consider ending its near-zero interest rate policy this year sooner than previously thought, analysts said.”

UBC in crisis mode
Guest
UBC in crisis mode

A “Heat” map showing who is who in Metro Van:

http://www.vancitybuzz.com/2015/05/immigrant-map-live-metro-vancouver/

Royce McCutcheon
Member
Royce McCutcheon
w
Guest
w

Richmond’s Chinese-only sign debate leads to poster crackdown

City councillors have approved a motion to restrict ‘unofficial’ signs in any language

http://www.cbc.ca/news/canada/british-columbia/richmond-s-chinese-only-sign-debate-leads-to-poster-crackdown-1.3082090

paulb
Member

New Listings 241
Price Changes 73
Sold Listings 222
TI:13349

For weekly sales intel and/or new listings updates on a specific neighbourhood/city of your interest, email me and I will customize a weekly update for you. Stay on top of the market. http://www.paulboenisch.com

history
Guest
history

‘Janet Wuhan’ has certain ring to it

Runawayscreaming
Guest
Runawayscreaming
Now that Vancouver is firmly divided between hapless leaky condo mortgage holders with no hope (and potential negative equity) and dim-witted lucky speculators and unwitting old-fart lucky landholders unjustly enriched by dirty money the result of the immense Chinese corruption juggernaut that spews ill-gotten gains into Vancouver real estate, it is probably time to quote a movie. I left Vancouver, seeing no future except a ghastly death spiral for the two solitudes of Vancouver. I do have terrible regrets and my anger only grows at the fact that I was betrayed by my own government and forced to flee my city to a place that was not my original choice. I had no choice but to leave because the bubble was destroying my quality of life and my business in Vancouver but I wonder what my mental state would have… Read more »
Best place on meth
Member
Best place on meth
@8 It’s a fascinating map – I’m lucky to be firmly in Filipino held territory but I’m surrounded by locusts on all sides. At home I feel relatively secure but every day going to/from work I’m always a bit twitchy listening out my car window for the sound of buzzing overhead or mandibles whizzing by. I think I should be ok in my neighorhood for quite a while still as the Chinese despise Filipinos but I feel bad for the people in Kits – the swarm will likely consume the entire area within the next 5 years. Some other observations based on this current map: – Chinese forces now control almost all of Vancouver, Richmond and Burnaby. – China and India will fight their first war in decades on Annacis Island. – Coquitlam is a free-for-all and how did Romania… Read more »
Many Franks
Member
Your Friday night surprise: Vancouver mayor calls on provincial government to bring in ‘speculation tax’ on real estate “We definitely need taxation tools that discourage speculation on real estate,” a statement from Robertson says. “It’s clear that rampant speculation on real estate is driving up prices in Vancouver. Vancouver needs the B.C. Government to take action on creating a speculation tax and recognize that we need a fair and level playing field to make housing more affordable for residents in Vancouver, and throughout the province.” The province has already batted it back: The ministry of finance responded with a statement late Friday, saying that “governments need to be careful that any tax would have the desired effect, without undermining the equity that people may have built up in their homes.” The ministry added that it targets those who need the… Read more »
gungho
Guest

The Dutch are in the interior.

Zoom out to see offshore white flight before it even lands in the country. Ironic, eh?

Best place on meth
Member
Best place on meth

@15

“Vancouver mayor calls on provincial government to bring in ‘speculation tax’ on real estate”

Didn’t see that coming.

Fake or genuine concern?

Wearehere
Guest
Wearehere
This is why Gregor acted “As citizen anger over foreign investment and skyrocketing real estate prices boils over in Metro Vancouver, Mayor Gregor Robertson has called on Premier Christy Clark to intervene in property markets with a “speculation tax.”” CITIZEN ANGER Lets keep it boiling. Enough for God’s sake. 5 point plan: EMPTY HOUSES PAY PUNITIVE TAXES ALL HOUSE BUYERS MUST SUBMIT A CRA TAX RETURN AT TIME OF BUYING ALL BUYERS MUST SHOW SOURCE OF FUNDS FOR BUYING ALL “FLIPPERS” _ THOSE SELLING WITHIN A SET PERIOD OF TIME FOR A SET % OVER PRICE BOUGHT PAY A SPECULATION PRICE ALL OFF SHORE BUYERS TO PAY A MUCH HIGHER PROPERTY TRANSFER TAX > 10% Lets keep the pressure on. The Mayor has cracked and pulled his head head out of the sand now it is time to do the… Read more »
vangrl
Member
vangrl
“But Tsur Somerville of UBC’s Centre for Urban Economics says there’s very no proof speculation is driving up prices. “The whole discussion around housing affordability revolves around a variety of bogeymen that we think are the cause of high house prices, without any substantial evidence that that’s the case,” he notes. “Think back to 2006 when people would line up overnight to buy a pre-sale condo then flip it within 30 days. That’s the sort of thing one would be looking for as proof of rampant speculation. There is very little evidence that is happening in the market right now.” http://www.news1130.com/2015/05/22/could-speculation-tax-dampen-surging-metro-vancouver-house-prices/ A Vancouver Sun story recently noted that the average time between the purchase and the selling of a piece of property in West Vancouver was only six months, with asking prices going up by 40 per cent in that… Read more »
Wearehere
Guest
Wearehere
Wearehere
Guest
Wearehere

“prices going up by 40 per cent in that time frame.

But Somerville is reluctant to call that rampant speculation, because he says prices aren’t going up fast enough for that to be the case.”

WTF???

What is this guy smoking?

Did he see the graph for average price of SFH in Vancouver.

This is what the Tyee says about him

“Now to the crux of the matter. While Somerville is enthusiastically cited — more than 100 times in the Vancouver Sun alone in the past five years — little if any mention is made of an important fact: his Centre for Urban Economics is sponsored by the real estate industry. And his job is to prepare people to join that industry.”

http://thetyee.ca/News/2015/03/18/Tsur-Somerville-Observer-Or-Player/

lancaster
Guest
lancaster

#17

Theories:
– avoid deeper investigations
– cyclists complained about long commute
– cyclists complained about unaffordable housing within cycling distance
– some rift with Ren during friday dinner, so going opposite
– redirect anger before sunday
– nothing to lose, HAM doesn’t exist, so passing regulations is harmless
– polls showing some shift in opinion
– only foreigners made offers on his condo and paid cash sight unseen, convincing him of Ham
– already cashed out
– standard, just make a big show of doing something, like the ‘public hearings’ where everything was already decided, like PG road closure or rezoning, but actually doing nothing.
– ?

franko
Member
franko

@18 from Wearehere:

” ALL OFFSHORE BUYERS TO PAY A MUCH HIGHER PROPERTY TAX ”

That’s my favorite and the easiest to implement,
and here’s my all time favorite post from DaMann on may 12th:

———————————————————————-
….We owe foreign investors absolutely nothing so why not fleece them? Let’s grab as much cash out of them as possible. What are the politicians afraid of? Who doesn’t want more revenue in the Gov coffers at no expense to the citizens? They don’t have to worry about votes because the don’t vote anyway….
———————————————————————-

It’s time to claim our city back!

fookem
Guest
fookem

More on TSUR

“And despite impressive credentials, Somerville hasn’t conducted a single piece of peer-reviewed research on what might be responsible for Vancouver’s outrageous unaffordability. He hasn’t recently done much peer-reviewed work at all: in the past decade, his entire peer-reviewed output amounts to three journal articles.”

For those who say there is no data. This is in 2011!

“As for non-peer-reviewed data, Landcor, the Vancouver property industry’s number-cruncher of choice, found in 2011 that 74 per cent of luxury home purchases in Vancouver’s west side and Richmond in the previous year were made by mainland Chinese buyers. And the buying continues apace.”

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Use tax system to cool housing bubble: Vancouver immigration lawyer

Read more:
http://www.vancouversun.com/business/system+cool+housing+bubble+Vancouver+immigration+lawyer/11070100/story.html

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