A city full of racists

Concerned about the housing market in Vancouver and think something should be done about affordability? You probably believe foreign buyers are partly to blame for running up prices.

You’re probably a racist.

Unfortunately it seems we live in a city full of racists as more and more people express concerns about things like assignment flipping, livable teardowns and empty homes.  Or at least you can call them racists in an effort to shut down the discussion.

David Fine writes in the Huffington Post:

We are both assured that foreign investment is actually not a significant issue and at the same time, by the same people, told that any restrictions on foreign property investment would cause serious damage to our home equity, the construction industry and the residential sales industry.

Guess what, it can’t be both! There really is no doubt that foreign property investment is a significant part of home sales in Vancouver and real estate companies know it. They have offices in China and appeal directly to offshore buyers through advertising in Chinese media. It’s big business and it’s fuelling rampant speculation.

This is about foreign money, not foreign people. We have duties and tariffs on all kinds of foreign goods and industries to protect our economy. Why nothing on our homes?

Read the full article here.

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Zero Down Forty
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Zero Down Forty

“The average home price in Canada increased by 137% since 2000. ”
“Steep increases in price can be observed in every province:”
“And in every major city:”

http://www.torontocondobubble.com/p/canadas-housing-bubble.html

Hyper-mega-Bull
Member
Hyper-mega-Bull
boom
Guest
boom
I think the solution is very simple, build MORE houses, ring fence the financial system and lending institutions of Canada, make sure taxes are paid and our social services are not abused, and open the gates for the chinese and other foreign cash to flow freely to the country. If we can build a house for a million dollars and sell it to a foreign investor for 5 million, I think that is excellent business. If a foreign investor is willing to pay 5 million for a piece of cardboard junk that is worth 200k , I think we have the right business niche. I would be sad though if we find out that our financial institutions have lent recklessly to those investors and the Canadian taxpayer ends up holding the bag for all this orgy. Otherwise, let the construction… Read more »
space889
Member
space889
It is interesting there are probably more outrage among local working Chinese immigrants and more open discussion about this RE flipping and other topics on local Chinese newsprint, radio, and TV. However, the difference between that and discussion on this forum is that people don’t paint an entire 1 billion people with the same brush and treating everyone as insects & criminals, and their birthplace as hellhole, shithole, etc. There is clear distinction between the vast majority who are just trying to live their life, and the minority that are trying to make $$$ without regard. Unfortunately, that kind of distinction is either lost, or simply incomprehensible to most posters on this blog. And when you can’t admit you are a racist for thinking 1 billion people who has never done you any harm as locusts, scums, and criminals, then… Read more »
Hyper-mega-Bull
Member
Hyper-mega-Bull

but you come on here and make excuses for money laundering and tax-evasion. when you do that people are going to treat you the same as the crooks.

space889
Member
space889

People like Yunak, BPOM, Vangrl treats all Chinese as criminals and scums and locusts, whether they are in Canada or China, without any shred of proof of wrongdoing. That’s simple and pure racist and hate.

space889
Member
space889
As well, my position on money laundering and tax-evasion have always been very clear. 1 – Canada should not have accepted entry of corruption money, and for those that manage to get it, Canada should deport them ASAP and seize assets to return to China where the funds came from. However, Canada’s deportation system is broken since most of the criminals would face death penalty in China and Canada wouldn’t deport criminal facing death penalty. 2 – Tax evasions should be cracked down hard by CRA and people who claims they see examples of this with proof should report to CRA. However, it is Harper who has gutted the CRA auditing department and also going after easy cases, rather than larger, longer, and more complicated cases. 3 – A lot of the complaints on this blog by people like Yunak,… Read more »
Yunak
Member
Yunak
Flipping is just a small part of the problem of forcing usual habits from the motherland and not being able or not wanting to adopt new values, culture, language, rules and etc. Never anybody said that Chinese are bad people but rather that their norms and culture not necessarily fits well into western model and are based on taking advantage whereas possible depending on situation or circumstances. Why don’t you take time and carefully read the following article few times and perhaps do a bit more digging related to it and then ask question why people think why significant number of local Chinese are “insects & criminals” to use your own words. This article tackles on way more bigger problem that this society has then flipping but also emphasis on logic, mentality and practice of many Chinese located in Vancouver… Read more »
space889
Member
space889

blah, blah, blah, blah, I don’t have a racist attitude and I don’t stereotype people cuz blah, blah, blah, that totally justify my racism….

I’m sure KKK members have a lot of valid reasons like yours to justify their position on African Americans.

Shut It Down Already
Guest
Shut It Down Already

“Never anybody said that Chinese are bad people”

You’re a liar.

Pookie
Guest
Pookie

Scum is plural without the s. Just say “Scum”.

david
Guest
david

I am a citizen of a country whose government is dedicated to eliminating its dominantly natural resource economy (now a scourge on the planet’s very existence), at the very same time as the world is mired in a serious, deep, dangerous recession.

Hooray for free health care, money laundering, and real estate bubbles!

space889
Member
space889

So you have figured out a way to live without oil, gas, coal, copper, aluminum, iron, cobalt, Magnesium, lumber, concrete, etc??

ostritch
Member
ostritch

Agreed. Have friends who are saying that green energy is going to mean no one is going to use oil again. Where have these people been? This commodity has always been boom and bust.

david
Guest
david

Woosh.

patriotz
Member

If the RE industry really believed that offshore buyers were wholly responsible for prices all over metro Vancouver, it wouldn’t bother trying to get locals to buy.

Obviously it spends a great deal of money and effort into trying to get locals to buy. It has even gone to the extent of creating fake offshore buyers to show to the locals. As well its political ally, the BC government, has brought in a range of extraordinary measures to incent locals to buy, or hold if they already own.

Every bubble depends on an “it’s different here” mythology. The RE industry has deliberately created the impression that offshore buyers are the sole culprits. Of course, as usual for such propagandists, they are the first to attack anyone who expresses the views that they have fostered themselves.

space889
Member
space889

Locals aren’t buying the $5M mansions and leaving them empty for a good part of the year. Nor are a lot of locals buying $2M-$3M condo units.

But yes, getting locals to pay $700+/sq ft for a 500 sq ft condo with no parking, that is a bit of challenge.

Zero Down Forty
Guest
Zero Down Forty

Typically 80% of the 40-50k homes sold in Metro Vancouver are below $1 million.
http://www.bcrea.bc.ca/docs/economics-publications-archive/2015-06-foreign-buyers-research-report.pdf?sfvrsn=2

Sotheby’s stats on luxury home sales, in past years, have shown that + $ 3 million home sales amount to around 5%-7% of all home sales in metro.

All the media make a big thing about these luxury home sales, but they actually amount to a small % of all sales.

In reality, there aren’t many folks buying those $5 million mansions.

But the propaganda keeps the 80% of sales below $ 1mil going, driving the market with folks maxing their debt to keep from being ‘priced out’.

space889
Member
space889

Exactly! But unfortunately, a lot of bears seem to think those $5M mansion should really only be $750K to $1M and only good old stock real Canadians who was lucky enough to be born and grow up in those neighborhoods should have first dibs to buy them. If they can’t, well, it’s all a bunch of bad bad foreign locusts fault.

Shut It Down Already
Guest
Shut It Down Already

They think they’re worth only 750K because they can’t do their “buy vs rent” comparisons correctly, as they keep including mortgage interest as an expense.

“Reversion to mean” (ie that current value is somehow encoded in prices of the past) is their only mantra. It’s never occurred to them that Van RE was hugely underpriced in the not-so-distant past.

Oracle
Guest
Oracle

Everyone but Garth agrees that HAM is causing Vancouver proces to spike.

He won’t even let you publish a link to that huffington article.

Rotten to the core.

ostritch
Member
ostritch

I think Garth made a good point in the midst of his usual HAM denial. He said that assignments are a symptom of a bubble rather than the cause of it. This, I agree with.

One more time to all the bears: No one is saying that HAM is buying everything. Lots of Caucasians on Credit too. The problem is there’s money moving out of China and buying RE in a lot of English-speaking cities. This money can be huge, like the 5M-20M market but for “lower class” buyers, they will pool their money (50K each if that’s all they can get out) and buy other things too. A lot of our condo pre-sales are are going this way. Going? Gone.

Oracle
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Oracle

And for those that haven’t figured it out yet. Patriotz is a paid shill for the industry.

Read his posts slowly.

Reasonfirst
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Reasonfirst

Not getting it.

Diadora
Guest
Diadora

Ujjal Dosanjh asserts that Caucasians (especially politicians) have become too afraid of being called racists to stand up for Canadian values; that for some reason, more than any other race white’s have been called racist when they have any opinion in debates about race and therefore they have become silent on all race related issues. This has created an unbalanced platform for discussion and debate resulting in issues that go unsolved or policies that become sloppily implemented.

space889
Member
space889

You have the far left Liberal Pollyanna who takes offense at everything and think gov’t should dictate everything, the far right hate fill racist scums like team BPOM on this blog, and a large moderate but dumb & lazy voters population. What can you expect? Any politicians that speak up is going to lose votes and piss off someone who will want them gone either this instant or at next election at the latest.

Plus, people just can’t seem to debate based on facts and figures and logic. They get so emotionally worked up that individual anecdotes gets generalized to everyone, and a mental wall goes up to anything that might contradict their preconceived conclusions.

Best place on meth
Member
Best place on meth

1st rule of Money Laundering Club: YOU DO NOT TALK ABOUT MONEY LAUNDERING CLUB!

http://l.wigflip.com/zBcSm7Sk/roflbot.jpg

Turist
Guest
Turist

She sounds like drunken sailor in a dive bar talking to buddy, very low conduct for a high level professional…

Albertans Are B.C.’s “Best Friends” In The Country: Clark

http://www.huffingtonpost.ca/2016/02/11/christy-clark-alberta-best-friends_n_9214462.html

Yunak
Member
Yunak
As Dante1969 pointed out the other day regarding flipping and whole this “racist” travesty in BC. “Yeah we are really being laughed at the world over for this. Get a grip. The generational owners have become millionaires a few times over and the new foreign owners are ripping down houses to make big ones in a sardine can. While the real estate agents are becoming multi-millionaires for a joke of a business. That is the scam in all of this. Take a look at first the Chinese realtors and audit them and revoke their license when necessary because no doubt they are engaged in racist practices. Then look at the rest of the realtors and audit them and do the same thing. Racism is everywhere and I have no doubt nowadays the least racist are the Caucasians. We just have… Read more »
space889
Member
space889

Obviously that guy doesn’t know shit, given westerners routinely make thousands to tens of thousands playing some foreign company CEO/VP, and free housing, maid, personal drivers, etc in their comfy mgmt position just cuz they are white and speak English. Oh, we haven’t even start about how easy it is for them to get hot young chicks like flies to a light bulb. Geez…unless you call all those benefits as racist.

patriotz
Member
Diadora
Guest
Diadora

Flipping houses? Expect to face tax on 100% of your profits.
http://business.financialpost.com/personal-finance/mortgages-real-estate/flipping-houses-expect-to-face-100-tax-on-your-profits
What? CRA actually going after the flippers!

Diadora
Guest
Diadora

I guess if the flippers are non-white, then that would be racist.

Best place on meth
Member
Best place on meth
Another worthless, race-baiting op-ed from morbidly obese boomer and self-declared champion of free markets, Gordon Clark – according to him we’re all just jealous of foreign “investors” (they’re still calling them investors – how cute). http://blogs.theprovince.com/2016/02/10/gordon-clark-is-it-ok-to-covet-your-neighbours-pricey-house/ He righteously brings up one of the 7 deadly sins, “envy” but seems to pay no never mind to the equally important “greed” and “gluttony”. Apparently he has no mirrors in his rapidly appreciating house. This quote nicely sums up the mentality of greedy boomers like Gord: “People come up with all sorts of arguments to oppose the buying habits of certain classes of real-estate investors but when you get to the bottom of it, they are really just saying, “That person has a house that I should be able to afford but can’t and I’m really angry about it.” Well, boo hoo. Welcome… Read more »
space889
Member
space889

Like forcing owners to sell that nice West Van / Van West mansion for $0.25 on the dollar so you can afford it and live in it like you feel you deserve? Life is not fair and you already won a big lottery compared to 3 billion other people just by being born in Canada.

You are a prime example of what’s wrong with Vancouver and why you are even a worse scum than those you despise. At least those Chinese scums don’t get on a moral high horse and being pretentious ahole.

Chabar
Member
Chabar

That guy is journalistic disgrace with suspiciously pervert smile. Looks like frequenter of those oriental massage parlous employing young foreign but experienced service providers. Is he in charge of Provinces Campus Scene choice as editor or something? I could see some relevance between students from “student, housewife and businessman” camp to that bullshit Ferrari, Gucci, mansions, $$$, dear neighbors and other shit he talks about.

http://www.theprovince.com/Campus+Scene+Kaitlyn/11713049/story.html

typical students btw…

space889
Member
space889

I don’t get it, what’s the point of the Campus Scene stories??

Diadora
Guest
Diadora

Like the part about Name of Film Star I’d Love to Date: Paul Walker.
Not in this lifetime!!!!

Best place on meth
Member
Best place on meth

Ugh, that stick insect is even more repulsive than Moonbeam’s squeeze.

GreenSalad
Guest
GreenSalad

@ BPoM
Let them go on as they wish…..as long as they don’t come crawling back to the taxpayer when it all implodes….

Bestplaceonearth
Guest
Bestplaceonearth

People get it. Bears deserve single detach home, big back yard, in the west side for free with no sweat. And the city has to maintain their lawn.

space889
Member
space889

That big hope of rate hikes & bond yield increase is becoming increasing unlikely. Instead, rate cuts by FOMC and NIRP is becoming increasing likely.

http://www.zerohedge.com/news/2016-02-11/what-central-bank-failure-looks-part-3

But I guess there still the China crash (which is way overdue) and HAM outflow from Vancouver market hope for the bears. Maybe you can still get a 50% crash which would take the prices from impossibly unaffordable to very unaffordable?? And it would still probably be better to have bought that place in 2008/09??

ostritch
Member
ostritch

This racist market is on fire. A house we would have liked sold in a weekend for 300K over ask. Ouch!

ostritch
Member
ostritch

Test

ostritch
Member
ostritch

This racist market is on fire. Just missed out on a house on the weekend that sold in a New York minute and for 300K over ask.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Chinese-only bus shelter ads in Richmond being phased out
‘Visually it should be equally English and Chinese … if not predominantly English’

http://www.cbc.ca/news/canada/british-columbia/chinese-only-bus-shelter-ads-in-richmond-being-phased-out-1.3422444?cmp=rss

space889
Member
space889

Why not predominantly French instead English? Since the target market supposedly can’t read either language, what difference does it make?

Tiger
Guest
Tiger

QUESTION FOR PAUL.B

HOW MUCH DID THIS POINT GREY HOUSE SOLD FOR EXACTLY ?

http://thekavanaghgroup.com/mylistings.html/details-54343858

vangrl
Member
vangrl

100 grand over asking, touch below 2.5

paulb
Member
Active Member

New
245
Sold
157

TI:8021

http://www.paulboenisch.com

OpenCourse
Guest
OpenCourse
Best place on meth
Member
Best place on meth

I hope there isn’t a community garden anywhere near that complex.

Shut It Down Already
Guest
Shut It Down Already

Wow, good job admin – a total flamebait article.

It’s not racist to suggest that foreigners and foreign money are driving the market. It’s racist to say that all Chinese are “locusts” and criminals, but it’s easier to be lazy and conflate the two and say that people use the “r” word just to stifle the debate.

Absurd.

vangrl
Member
vangrl

Wow, I up voted you!

Best place on meth
Member
Best place on meth

No need to do that, the chinese hacker scumbags will do it for you.

crabman
Guest
crabman

Guess we should be glad that’s all those piece of shits can do. In HK, people selling books critical of China have been disappearing.

Shut It Down Already
Guest
Shut It Down Already

Confirmed — you’re a moron.

Null
Guest
Null

How does anything you wrote contradict the admins post?

Shut It Down Already
Guest
Shut It Down Already

Because the topic has been discussed at extreme length over the years and I would expect him to know better?

crabman
Guest
crabman

Nice straw man.

For the 10th time, communist China is not a race — “Asian” is. Never heard any disparaging comments here about HK, Japanese, Koreans, etc.

FYI, the term “locust” originated in HK.

space889
Member
space889

Koreans, Japanese, etc are a different race from Chinese. Almost no Korean, Japanese, or Chinese would consider themselves to be the same. Just because you can’t tell them apart doesn’t mean they are one race culturally or ethnically.

It’s like KKK member saying I’m not a racist against blacks cuz I only don’t like blacks in America.

southseacompany
Member
southseacompany

“What Canada can learn from Sweden about housing bubbles: Nothing”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/top-business-stories/what-canada-can-learn-from-sweden-about-housing-bubbles-nothing/article28714799/

“Sweden’s central bank today cut its key rate further into negative territory, admitting that low rates are fuelling both home prices and debt, which is obvious.”

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