Housing costs in bc ‘pretty reasonable’

The BC Housing Minister has clarified whether or not his ministry or the government will collect data on real estate buyers:

“I don’t believe we should be in the market place,” Coleman said, referring to his ministry, “and we have not had any request to go and do this work … There is no initiative at this time in government to go and interfere in the market place in regards to housing.”

The collecting of any data is not necessary because housing cost are actually pretty reasonable when you look at it right:

“I believe that the market place adjusts. If you notice over the years, it has fluctuations up and fluctuations down. If you look at the mean cost of housing across British Columbia and you compare it to other major cities worldwide, the reason it is attractive internationally is because it’s actually pretty reasonable compared to other cities like London, Singapore, Tokyo,” Coleman answered.

It’s actually a VERY favourable comparison. Initially we thought he was asking us to compare Vancouver housing prices to London house prices, but then we realized he was actually asking us to compare the mean cost of housing across the province of BC to a city like London.

Other than the differences those two things are very much alike.

Read the full article over at VanCity Buzz.

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Yunak
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Yunak

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

Joseph Goebbels

nonomiss
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nonomiss

Whoa! Godwins law on the very first comment, impressive!

Best place on meth
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Best place on meth

Here’s the full statement from Rich Coleman.

https://www.youtube.com/watch?v=n4WlkJXWzmE

space889
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space889

I am so in awe of the superiority of our democratic system where the government don’t give a damn about the people paying the taxes and elected them. So much better than the communist dictatorship….

Remind me again which government officials let the corrupt officials into the country and refuse to hand them back to China? The Chinese government or Canadian government?

Or selling our public universities seats to highest bidders in pursuit of profit? Seriously, do those universities which are supposed to be place of higher learning and philosophy have no shame? ?

joe
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joe
gungho
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gungho

You can see in how the government manages the unfolding bubble crisis that, despite all its pretensions, Canada is just the world’s richest third world country, sucking up to its genuinely first world southern neighbor and pretending to be classy.

We have all the hallmarks of a banana republic: income inequality, corrupt sleazebags in power, right wing government with scant regard for the environment or human rights etc etc.

The only thing missing is a strong military ready to step in, but Senor Harpero is beefing that up too.

vanlurker
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vanlurker

@5

More details on Singapore RE:

http://www.joneslanglasallesites.com/investmentguide/country/singapore

On the other hand they are open and have big incentives for productive investments:

https://en.santandertrade.com/establish-overseas/singapore/foreign-investment

Yes … I know what about the transaction and property taxes ? A one time transaction is Not comparable in any way to the benefits of factories or businesses that produce value, employment and taxes year over year. Not ‘sustainable’ or ‘sustained’ revenue generation.

flaneur
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flaneur

80% of the population in Singapore live in public housing. Foreigners can buy landed property on a designated outlying island with no restrictions, otherwise they need pre-approval from Land Dealing Unit. Hence, it is an efficient system as less than 10% of housing are detached /semi-D / townhouses.

The properties mentioned in that article @#5 are in J.B. (Malaysia), where there is a glut of housing due to overbuilding. Check out these areas, which also include four reclaimed islands:
http://vantagebay.org/blog/5-flagships-zone-of-iskandar/
http://www.straitstimes.com/news/business/more-business-stories/story/johors-forest-city-could-house-700000-developer-20150513

Furthermore, Thai and China has signed an MOU to construct the Kra Canal. Rich Coleman et al may want to look up the map to find out where it is.

It is laughable where pubic figures make stupid comments and comparisons, and create falsehood.

southseacompany
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southseacompany

“Carrick best reads: Prepare for higher mortgage rates”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/personal-finance/carrick-on-money/carrick-best-reads-prepare-for-higher-mortgage-rates/article24483329/

“Veteran economist Sherry Cooper looks at whether mortgage rates could rise as a result of recent events in the bond market. Bond yields play a big role in determining mortgage rates.”

“The consensus of the RateSupermarket.ca mortgage outlook panel is that borrowing costs for fixed rate mortgages are heading higher.”

vangrl
Member
vangrl

Breaking News

Poloz

– Bank of Canada assessing if Core inflation should be main guide.

– impact of commodity price drop may take years to play out.

StupidityCheck
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StupidityCheck

Perhaps Mr. Coleman should look at how Vancouver really compares to those other cities before he embarrasses himself again.

https://vancouverflippersintrouble.wordpress.com/2015/05/19/how-world-class-is-vancouver/

ELee
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ELee

Found it. The 30 seconds Queen Christy lets everyone know that it’s all about the game. The real estate game. The ponzi-scheme. And if your under 45 working and not on board – tough. Because you don’t matter in the bigger picture. Nothing is gonna stop the game for the Boomers under this regime.

Now if someone has a decent twitter account do your duty..

https://www.youtube.com/watch?v=lxuXKfX1aPc

Softy
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Softy

““The consensus of the RateSupermarket.ca mortgage outlook panel is that borrowing costs for fixed rate mortgages are heading higher.””

This headline appears every spring because banks know that it causes a stampede of buyers to “lock-in at today’s low rates”. And no, those buyers do not understand tat the rates reset in 5 years. And yes, this works every year.

People are stupid. Rich Coleman knows that. It explains his comments.

@softly
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@softly

Softy, I think you should change that to Vancouver or BC people are stupid, ‘cos I don’t think there’s another province in the western world where politicians like Clark, Coleman or even Gregor would think they could get away with some of the things they say about real estate.

Seriously, I don’t.

w
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w

Softy is right, Coleman knows what he is doing. His statement is an emotional appeal to the public’s vanity. People who are convinced bu such an emotional appeal won’t be dissuaded by logic or reason. Only a stronger emotional appeal that will move them.

southseacompany
Member
southseacompany
“Toronto, Vancouver House Prices Fizzle As ‘Corrections Underway’ In Most Markets”, Huffington Post http://www.huffingtonpost.ca/2015/05/13/toronto-vancouver-house-prices_n_7275232.html “So much for Toronto and Vancouver’s incredible, incomprehensible house price growth. Prices across Canada are fizzling, and the two hottest (or formerly hottest) housing markets are showing signs of slowdown.” “Even oil-price-ravaged Calgary and Edmonton showed stronger house price growth than Toronto and Vancouver in the latest edition of the Teranet/National Bank house price index, which reported overall prices across Canada rising 0.2 per cent in April.” “Prices in Toronto and Vancouver were flat for the month. Prices were up a slight 0.2 per cent in Calgary” “But according to Capital Economics, prices are, in effect, falling in Toronto and Vancouver. According to the research firm’s own seasonal adjustments of the house price index numbers, house prices fell 0.1 per cent in April in Toronto and… Read more »
vangrl
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vangrl

http://www.cbc.ca/news/canada/british-columbia/bob-rennie-urges-vancouverites-to-give-up-on-single-family-home-dream-1.3079077

“Real estate magnate Bob Rennie says young Vancouverites should let go of their dream of owning a single-family detached home in the city and embrace density if they want to stay.”

crikey
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crikey

#4 said “I am so in awe of the superiority of our democratic system where the government don’t give a damn about the people paying the taxes and elected them. So much better than the communist dictatorship….”

Right on, comrade!
Communistic dictatorships are so much better, what with their with their slave-labour conditions, horrendous human rights, complete lack of pollution/environmental oversight — and that’s just the tip of the iceberg

Now that you’ve figured it out, and are regretting that you are in Canada, I’m sure you will be rushing out of Canada to live in one of those great communist paradises.

Buh-bye now, we’ll all shed tears for you.

Polozi Scheme
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Polozi Scheme
Terry Glavin: The questions Canadian politicians don’t want us asking about Chinese money http://www.vancouversun.com/news/Terry+Glavin+questions+Canadian+politicians+want+asking/11034514/story.html There are quite a few things that Foreign Affairs Minister Rob Nicholson and Public Safety Minister Steven Blaney would rather not discuss about their government’s role in the handling of tens of thousands of jet-setting Chinese multimillionaires and the dilemma in dealing with the Beijing regime’s increasingly long-armed, vindictive and ferocious police-state apparatus. There is an election coming up, after all. The opposition parties, too, have their own reasons for wishing it would all just go away. But it won’t, at least not for a growing number of wage-earning Canadians. The Canadian housing market is overvalued by 35 per cent compared to Canadian incomes, and 89 per cent compared to rents. Chinese money, of the hot and cold type as well as the clean and dirty… Read more »
Shut It Down Already
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Shut It Down Already

Softy, you’re more of a clown than we thought if you truly believe that most people do not understand that 5 year fixed mortgages are fixed for 5 years.

flaneur
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flaneur

The Aussies have no trouble calling a spade a spade.

Paris-based intergovernmental Financial Action Task Force (FATF) said: “Australia is seen as an attractive destination for foreign proceeds, particularly corruption-related proceeds flowing into real estate, from the Asia-Pacific region,””
http://www.smh.com.au/business/australian-property-seen-as-hot-destination-for-money-laundering-20150422-1mqpdn.html

flaneur
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flaneur

Taiwan’s new capital gains tax scheme

Under the latest version of the tax scheme, home sellers will face a 45 percent tax if they sell their property after having owned it for less than one year.
In cases in which they have held the property for one to two years or two to 10 years, or more than 10 years, the tax rates will fall to 35 percent, 20 percent and 15 percent, respectively.
http://www.taiwannews.com.tw/etn/news_content.php?id=2737008&lang=eng_news&cate_rss=TAIWAN_eng

elvince
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elvince

@flaneur: That wouldn’t solve the empty houses problem if appliedto Vancouver. Plus, there’s an easy way to avoid it: incorporate a company that owns the house when you buy it, and then just sell the company when you want to sell the house. That’s what everyone does to avoid property transfer taxes. Not worth it for a small shoebox, definitely worth it for a multi-million dollars building.

vangrl
Member
vangrl

“For years the Prime Minister has denied there is a crisis, refused to admit foreign investors are pushing up house prices and said there is no need to dampen down housing demand.
“Today, John Key has been forced to eat his words.”

http://www.radionz.co.nz/news/political/273847/govt-to-tighten-tax-on-capital-gains

UBC in crisis mode
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UBC in crisis mode
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