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Friday Free-for-all!

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121 Comments

It’s the end of another glorious week here in paradise! Let’s enjoy another weekend of world class premium quality lifestyle in one of the most exciting places on earth!

This is the Friday Free-for-all, our regular end of the week news round-up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat, Bon Appetite!

–Totally not ‘mind-numbingly boring’
–Nuanced debate.
–Look who jumped on the bandwagon
–Entitled to what?
–The terror of a speculation tax
–‘Free market’ means what?
–Don’t need data. You’re racist.
–

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

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VanRant

Just got back from a tour of China. Got a sense of extreme outrage from the 1.4 billion Chinese about the elites and rich who are trying or have fled the country with their money. The government has to stop it and repatriate the money if it is to survive so expect lots of activities having to do with illegal money laundering and missing officials in coming months.

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s

@113

That’s an extra $5 a month it works out to from what I read before so it’s not going to make a difference.

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Living in surrey

Paul,for the last few days new listings are always higher but total listings are dropped by around 200. Are these many relistings happening or people removing listings this fast?

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paulb

New Listings 382
Price Changes 95
Sold Listings 229
TI:13224

http://www.paulboenisch.com

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Shibor this!

@106

See Senate report on money laundering in Canada from 2013

“The laws meant to deal with money laundering and terrorist financing in Canada aren’t working and need a major overhaul to be effective, according to a Senate banking committee report released Wednesday.”

http://www.cbc.ca/news/politics/money-laundering-laws-not-working-senate-committee-says-1.1388401

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history

notice CMHC features an Asian couple in the ‘Are you financially ready’ link, #113?

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history

Effective June 1st, 2015, the mortgage loan insurance premium for homebuyers with less than a 10% down payment will increase by approximately 15%.

http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_002.cfm

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I love RE

Madashell, why $9,999 at a time? We are talking about a new program to be launched in China that will allow the wealthy people to invest overseas without Fx control.

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UnagiDon

@106:

Are you forgetting this trial?

http://www.canlii.org/en/bc/bcsc/doc/2014/2014bcsc285/2014bcsc285.html?searchUrlHash=AAAAAQAHUzEyMTI4NQAAAAAB

It is very clear that CIBC employees were deliberately circumventing Chinese export regulations.

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Diadora

I have observed many of the properties sold in the last few months has been purchased by developers who has overbid, built and will be putting it back onto the market soon. We will find out if this market is for real this summer.

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ostritch

He also mentions that cutbacks to their department means so many of these and other cases cannot and will not get their day in court. These are federal cutbacks to the Justice Dep’t.

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ostritch

According to my buddy, a prosector, lots of Chinese foreign nationals with forged stamps on their passports to fake being Canadian. Tons and tons of cases like that. And tons of cases where one guy develops 10 properties and reports on only 2. Or twenty properties and reports on only 3. Ho hum, he says, so many of them now. Another case like that… must be Monday.

I’m for tightening up here so that a) foreigners must pay capital gains on all real estate transactions. That and forcing the majority of investment units on the market for rentals. Let’s do those and see where we net out in 18 months.

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Oracle

Garth has his panties tied in a knot…bitching about the proposed support for the RE tax on foreigners owning RE. He seems quite upset. Deleting supporting posts but allowing some thru to maintain the look like its a democratic blog .

“I see your true colours shining thru….”

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Mortgageslave

@103

yes but $9,999 at a time! Being in the banking industry, let me make one thing clear. Canadian and global banks are under the most scrutiny in history for money laundering. Know your customer, due diligence and risk avoidance is the name of the game. Employees are walked out the door for violating these policies. To have people on here talk about banks in Canada laundering money (going forward) is laughable. Billion dollar fines are handed out from the US regulators if caught yet a bank is going to bother with risk of moving a million dollars for some corrupt foreigner when quarterly profits are billions??? You guys are clueless fear mongers…CIBC?!? Cmon…Clueless!

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Mortgageslave

The HPI was on a downward trend prior to the BOC lowering the prime lending rate in January. This was quite obvious, prices had been on a 9 month slowdown and started a slight decline….some bulls on here were admitting the future was looking flat at best. I think the rate cut stimulus has run it’s course and the 2.85% rate has been priced in (.15% more debt maxed out for Canadian mortgages!). With so many variables coming up (US rate rise, Oil prices, Canada’s crappy economy) it’s like we are teetering on top of a mountain right now. What factor will send us over is the question. The cost of everything is going up so a roof over your logically seems to be the only thing that can go down….IMHO.

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I love RE

Madashell, what if they’re just buying, holding and not selling?

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I love RE

Bo Xilai, your claim about black money laundering will become history. China will soon allow it’s individuals to invest half of their assets overseas.

http://www.cnbc.com/id/102708675

China will soon launch a new pilot scheme in six cities allowing individuals to invest directly overseas, the official Securities Times reported on Tuesday, potentially unleashing billions of dollars in Chinese savings on global stock and bond markets.

How about properties in Vancouver, too?

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StupidityCheck

Best place on earth? According to Money Sense, Vancouver’s only the 46th best place to live in Canada.

http://www.moneysense.ca/canadas-best-places-to-live-2015-full-ranking/

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Madashell

Use tax system to cool housing bubble: Vancouver immigration lawyer

By stopping bogus claims of residency, his idea would force foreigners to pay capital gains tax when they sell a home in Canada

http://www.vancouversun.com/business/system+cool+housing+bubble+Vancouver+immigration+lawyer/11070100/story.html#ixzz3bqEMBBPF

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Yunak

@84

Strange that you need to go to the American press for this kind of news.
Canada to send back corrupt officials
http://chinawatch.washingtonpost.com/2015/05/canada-to-send-back-corrupt-officials/

Of course, we don’t want to discourage THEM of coming here in big numbers and hurt their feelings with not-so-pleasant news. At the end of the day they are future of this landscapes and pillars of overall prosperity.

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Bull! Bull! Bull!

#98

for cantonese people it’s about blood ties. for mandarin people, as long as you speak the language you are in. so take those mandarin lessons before it’s too late!

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Son of Ponzi

#97
houses were confiscated and then given away to the “chosen” people.

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Bull! Bull! Bull!

i wonder what real estate prices in British Palestine did leading up to the creation of Israel. can anyone find a graph?

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Bull! Bull! Bull!

eating dog meat brings good luck, health, and stimulates ‘internal heat’.

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