Friday Free-for-all! Summertime!

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, a beautiful summer weekend in paradise!

Here are a few recent links to kick off the chat:

Why won’t this guy buy?
TD warns of frothy market
What to do with housing gold
Liar loans
High prices not magic
Protect house prices
Seattle bubble blog back
Money laundering welcome?
important roll in the economy
Worst non-recession in 50 years
Vacant homes as dumpsters

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

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The_Shit_Garth_Says
Guest
The_Shit_Garth_Says

@Ponzi bambino

well the MSM has been irrelevant for many of us and what I am doing,
and would like to see is the readers of these blogs take the time to
email the links that are provided here to their party of choice and ask
them where they stand on this. Find out what your future representatives
are made of. I don’t hold much value at today’s politicians, but it would be
nice to see if some action such as down under is possible.

Son of Ponzi
Guest
Son of Ponzi

#96
I always read Jonathan Manthorpe when he wrote for the Vancouver Sun.
But in those days, China was considered an oppressive Regime, even by Harper.
But now China is our friend, and Manthorpe’s views are no longer kosher for the MSM.

franko
Member
franko

@96

Great link, and scary stuff.

Royce McCutcheon
Member
Royce McCutcheon
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@96

i think it’s been posted before, but i’ve never read it until now. thank you for posting again, it is well worth the read.

space889
Guest
space889

@The_Shit_Garth_Says – Who isn’t under some sort of USA influence??

space889
Guest
space889

@patriotz – Surprisingly, a lot of them are actually doing exactly that….

Nom Nom Nom
Guest
Nom Nom Nom

Some pretty great descriptions in this… Obviously not written by a realtor though as there are non of the usual spelling mistakes and CAPITALIZED abbrvs.
http://www.buzzfeed.com/tanyachen/castles-that-cost-less-than-a-condo-in-vancouver#.llDE9RD5v

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
The_Shit_Garth_Says
Guest
The_Shit_Garth_Says

“Canada and China’s relationship… There will be certain situations in which it will be proved that a blanket of human rights were used to protect the worst sort of corrupt Chinese politicians after they fled to Canada. Canadian business people and politicians, Liberal and Conservative, maybe a couple of New Democrats, will be implicated in many corrupt dealings and because we do not trust the Chinese justice system it will be almost impossible to discern good guys from bad guys. It’s gonna get real ugly.”

Remember the CSIS bureaucrat who was laughed at for suggesting provincial politicians were under the influence of foreign elements?

The_Shit_Garth_Says
Guest
The_Shit_Garth_Says

I’m not sure if anyone has already posted this link:
http://www.asianpacificpost.com/article/7041-vancouvers-future-now-wedded-health-chinese-communist-party.html

But please don’t let GT on his Greater Stool blog see it as he will probably
call the author a ‘racist.’

southseacompany
Member
southseacompany

@#90

True. And there doesn’t seem to be any slowdown in housing starts.

http://www.metrovancouver.org/services/regional-planning/PlanningPublications/HousingStarts-Total.pdf

Mic
Guest
Mic

I read this article with a mixture of shock and disbelief… I was shocked that our system is so lax that the max penalty for bringing in undeclared money was a meagre $5000 fine and disbelief that these individuals, who broke Canadian laws the minute they got off the plane, were not immediately turned around and sent back to their country of origin!!! BTW, without their undeclared cash!!

http://www.theprovince.com/travel/Chinese+money+launderers+snap+Vancouver+real+estate/11262931/story

patriotz
Member

@91: “Someone came here with $10M and decides to live off that would have very little income”

And they are going to put it all in a chequing account that pays no interest? Come on. Even at 1% interest that’s $100K/year interest income.

space889
Guest
space889
@84 – That article reeks of incompetence…did the journalist do even basic fact checking? The high speed rail link between Tianjin and Beijing has been open for years. I took it – 35 mins commute on an extremely smooth train ride, compared to almost 3 hours highway commute. The cost is about 80RMB(?) per person compared to ~ $300 highway tolls per car. As for ghost cities, most condo units are sold before construction begins just like here. However, condos in China are sold without any interior deco – meaning all you get is the basic 4 walls and any load bearing walls. Anything else like drywall, lighting, flooring, room layout and config, washrooms, kitchen, etc are all the buyer’s responsibility. Unlike here where once you get the condo, your biggest headache is how to fit in your furniture. So… Read more »
space889
Guest
space889

The last time I checked, living off your savings don’t constitute anything illegal nor would the savings withdraw count as income.

Someone came here with $10M and decides to live off that would have very little income, but still extremely wealth and can live the same way as someone making $200K/yr. Yet because everything here is only based on income, rather than wealth, you can have extremely poverty in an area of extreme wealth.

You can argue and scream til you are blue in the face but until the tax law is changed so that living off assets can be taxed, nothing is going to be changed, and there is nothing surprising about it.

You can argue about money laundering all you want but if the asset is declared to Canada gov’t upon entry, it is perfectly legal.

patriotz
Member

@89: “But it also noted that that trend will lead “to a further tightening supply in the rental market.””

If one less household decides to buy, doesn’t that mean one more dwelling has to go on the rental market?

southseacompany
Member
southseacompany
“Real estate dreams dashed: priced out and resigned to renting”, CBC News http://www.cbc.ca/news/business/real-estate-dreams-dashed-priced-out-and-resigned-to-renting-1.3180437 “Kat Armstrong is not ready to hunt for a new rental home. She and her husband Matthew moved their family into their current Toronto apartment less than two years ago.” “She and her husband would love to become homeowners but that dream has been dashed. Both earn good salaries; Armstrong even runs a small business on top of her marketing job. But the family of five can’t afford to buy a house in Toronto without taking on a crippling mortgage. ” “Armstrong is resigned to a life of renting and so are many living in Toronto and Vancouver. Both cities have red-hot real estate markets where the average detached house is now selling near or over $1 million.” “A recent TD Economics report noted that due to… Read more »
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

fake watches, purses, shoes, iphones and now luxury suv’s…
http://tinyurl.com/nqar8xj

.

it is only a matter of time before the best place on earth is knocked off and Wancouver sprouts up in the middle of nowhere…
http://tinyurl.com/plb3v3j

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

it also appears the ringmasters in what is the chinese financial “casino” have gotten smarter too…

step 1: selectively place landmines (for short sellers to trip over) in various locations. wealthy oligarchs, friends, family and associates are naturally tipped off in advance. these are detonated as the govt cherry picks which assets it deems worthy of paying way over asking for (or at least hints it may buy)
http://economictimes.indiatimes.com/news/international/business/china-considers-merger-of-two-top-shipping-companies/articleshow/48422226.cms

.

China’s search for a replacement of Xiao Gang with a new securities regulator “reflects the party’s unhappiness with his performance”
http://www.theglobeandmail.com/report-on-business/international-business/asian-pacific-business/china-considers-replacing-head-of-markets-regulator-report/article25902680

bullwhip29
Guest
bullwhip29

fake watches, purses, shoes, iphones and now luxury suv’s…
http://www.businessinsider.com/china-has-knocked-off-a-range-rover-and-is-selling-it-at-a-third-of-the-price-of-the-real-thing-2015-8

.

it is only a matter of time before the best place on earth is knocked off and Wancouver sprouts up in the middle of nowhere…
http://www.ctvnews.ca/world/ghost-city-chinese-replica-of-manhattan-stands-empty-as-economy-slows-1.2228999

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@squeak

>The young folks are not stupid. They don’t rely on the papers/tv to be informed, they scour the net and find blogs with integrity, somtimes run by investigative journalists that have been fired from media that don’t want to serve the 98% with knowledge/information intelligently/truthfully.

if they had listened to the papers and the media they would have bought a place because they would have been warned that they would be priced out forever. if on the other hand they listened to blogs, they would have to move away because they would now be priced out.

patriotz
Member

@84:

The Manhattan project, the latest illustration of China’s build-it-and-they-will-come approach to development, is relying on Tianjin’s new status as a free-trade zone and the upcoming connection of a high-speed rail line with Beijing. Its skyscrapers, many incomplete, are empty and overlook deserted streets.

Now there’s an ironically appropriate name, since it’s turning out to be a bomb. Wonder if any Japanese firms are interested?