BC, economy, equity, hype, prices

Mayor backs real estate speculation tax

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116 Comments

Vancouver Mayor Gregor Robinson has come out in support of a speculation tax on real estate purchases.

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.

Read the full article here.

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Klaus

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trackback

[…] not ‘mind-numbingly boring’ -Nuanced debate. -Look who jumped on the bandwagon -Entitled to what? -The terror of a speculation tax -‘Free […]

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@100

BPOM won’t like it. Those pictures look german or scandinavian to me.

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Garth2

@109

Just because you ordered a HAM sandwich doesn’t mean is a HAM sandwich. There are thousands of HAMs that are Canadian Bacon.
– Garth 2

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fanaticallybroke

@109

That was Garth at his best. telling us there was no such thing as HAM , just a ruse to panic us into buying. Of course that was 25% lower. Now HAM is widely accepted and we have to get 25% lower for Garth to be only half wrong. Of course if we even dip 10% he will be crowing about how right he is.

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Softy

From the blomberg article:

“These fugitives not only broke Chinese laws, but also disturbed the economic and social order in the destination countries,” Fu said. “Nobody is a winner here.”

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w

Remember when ppl thought HAM was a myth created by real estate agents? That was hilarious.

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Westside Realtor

You twoonie lovers don’t realize that china RE is imploding.

WSR

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realist

#101 sohoquah

Financialization is the ruin of much positive human endeavour. NYU is yet another example. I do not consider myself to be a “Christian”, nor do I promote “Christian values”, but the Bible has much negative to say on the matter of moneylending… it is not a new phenomenon. However, even the Bible never anticipated negative interest rates, so we have reached an unforeseen and sorry pass!!

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UBC in crisis mode

Why buys a $4 million dollar house if you can rent it for $12,000/month?

http://www.padmapper.com/show.php?source=1&id=234295399&src=main

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Softy

I expect Christy to create a “made in BC” criminals immigration program to bring more foreign direct investment to the province.

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Tiger

Gregor Robertson reminds me of Captain Renault in Casablanca

https://www.youtube.com/watch?v=nM_A4Skusro

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Garth

@83

Just because they look Asian doesn’t mean they’re not Canadians — Garth

@96

You’re being naive. The treaty is irrelevant, misguided and will have no effect on home prices. There’s no HAM or money in need of repatriation. High prices are caused solely by low interest rates, the bank of mom&dad and house horniness — Garth

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Tiger

UDI Lunch with Bob Rennie, May 22, 2015

https://www.youtube.com/watch?v=2xNPNuMEHNc

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sohoquah

More breaking news !!! Angry faculty FASP savage UBC ! http://www.mindingthecampus.org/2015/05/angry-faculty-savage-new-york-university/ Oops, I thought the S in FASP was for Sommerville … Doooh, I thought it was UBC. Still is New Yourk, sister world class city so all is equal besides the high RE prices. Apologize for the confusion … — A group of 400 faculty at New York University has issued a devastating 14.000-word attack on the university as greedy, predatory and unprincipled. The group, Faculty Against the Sexton Plan (FASP), … — —- The report, “The Art of the Gouge,” says NYU admits the highest number of foreign students of any U.S. university, thus gaining large profits from extra costs charged to non-Americans. —- — NYU has been operated “as a real estate development/management business with a predatory higher-education side venture,” picking up huge chunks of Greenwich Village… Read more »

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Oracle

The new method is sending money to foreign students here. Official stays in China…$$$ sent to kid…to buy lamborghinis etc.

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Oracle

Guys,

Christy and Gregor will probably say ‘over my dead body’ if we try to send criminals back home.

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paulb

New Listings 298
Price Changes 75
Sold Listings 196
TI:13446

http://www.paulboenisch.com

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Slagathor

….He said China and Canada will sign an agreement to share the assets that Chinese fugitives transfer illegally to Canada….

This just in: 5000 Dunbar homes went up for sale today……

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VMD

@93 Good news.
Another article on this:
China Takes Lessons on How to Better Catch a Thief Overseas

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Madashell

Trouble coming for HAMs…

“He (Canadian Ambassador Guy Saint-Jacques) said China and Canada will sign an agreement to share the assets that Chinese fugitives transfer illegally to Canada. Negotiations have been completed and the agreement should be finalized in the next few months, he said.

In recent years, Canada and the United States have been seen as favorite destinations for corrupt Chinese officials because of the lack of extradition treaties and difficulties caused by differences between legal systems.

Corrupt officials have transferred billions of yuan to foreign accounts through money laundering networks and underground banks.”

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crabman

Breaking News!!

http://www.chinadailyasia.com/nation/2015-05/26/content_15268830.html

Canada will help China to repatriate corrupt officials who have fled there and confiscate their assets, the North American country’s top envoy has said.

“Canada has had very close collaboration with the Chinese government to address such issues,” Canadian Ambassador Guy Saint-Jacques said in an exclusive interview. “We have no desire to harbor fugitives, and we don’t want to be known as welcoming fugitives.”

He said China and Canada will sign an agreement to share the assets that Chinese fugitives transfer illegally to Canada. Negotiations have been completed and the agreement should be finalized in the next few months, he said.

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UBC in crisis mode

“Is it the right time to sell your house? Look at the historical data”, Globe & Mail

It is the location that counts.
Say you own a piece of land in UEL, Van West, and it was assessed around $2 million 8 years ago (land value).

Now, it is assessed around $6 million, so an average 14.7% increase every year for 8 years. Will it stop going up? No way, unless major government policy change (tax and immigration). It is not going to happen.

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1098250&rowc=11&rowp=11&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=2000000&MXPRC=90000000&SCTP=RS

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southseacompany

“Is it the right time to sell your house? Look at the historical data”, Globe & Mail http://www.theglobeandmail.com/report-on-business/rob-commentary/is-it-the-right-time-to-sell-your-house-look-at-the-historical-data/article24622541/ “Low interest rates have encouraged home buyers to take on larger mortgages. That has led to a dramatic rise in home prices over the past 20 years.” “Many wonder whether this purported bubble is likely to burst in the near future.” “The long-term trend for house prices has indeed been up. A second observation we can make is that for extended periods of time, house prices rise significantly above the long-term trend. These periods of above-trend prices are followed by extended periods of below-trend prices.” “Most people who are considering buying a house look at the rising prices, and assume that they will continue to rise. They believe that they must buy now before they rise even higher. In reality, periods of… Read more »

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