Friday Free-for-all! We (heart) bubbles!

Hey now, it’s the end of another work week and the start of a very special weekend!

It’s Friday Free-for-all time!

Lets do 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:

Hot! Hot! Hot!
Home prices turn negative?
New mortgage rules
Take the money and run!
Fond memories of the VSE
Laundering?
Assignment flipping
Expect rates up says Yellen
Vancouver a better China
CRA looks for flippers

So what are you seeing out there? Post your news links, thoughts and anecdotes below and have an excellent love-filled weekend with lots of snogging and chocolate!

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happyyime
happyyime
4 years ago

I can’t believe this blog is still around. How many years have you moldy basement suite dwelling losers been wrong for now?

trackback

[…] to live here –BC parents delay birth –Down in USD? –Unsolicited offers? –Credit fueled bubble –Shark jumped […]

southseacompany
southseacompany
4 years ago

“Average house price in Canada up 17% in January to $470,297”, CBC News

http://www.cbc.ca/news/business/housing-crea-january-1.3449838

“”Vancouver’s market is drum tight, with an almost unheard of 91 per cent sales-to-new listings ratio,””

southseacompany
southseacompany
4 years ago
southseacompany
southseacompany
4 years ago

“New mortgage rules not only solution for Canada’s red-hot real estate market: academics”

Yunak
Yunak
4 years ago

Government should rise taxes for us who work and pay them so those who evade them can still count on good medical, schooling and other services that they are entitled… We should try harder and provide those aforementioned astronauts,
retires, housewifes, etc…

http://www.vancouversun.com/opinion/columnists/barbara+yaffe+evasion+goes+unpunished+overheated/11720846/story.html?google_editors_picks=true

GreenSalad
GreenSalad
4 years ago

B.C. to unveil new measures to improve collection of real estate data
British Columbia will introduce new measures to improve the collection of data around real estate transactions – information Finance Minister Mike de Jong says will then be shared with the Canada Revenue Agency.

http://www.theglobeandmail.com/news/british-columbia/bc-to-unveil-new-measures-to-improve-collection-of-real-estate-data/article28762976/

whistler or bust?
whistler or bust?
4 years ago

Sold for $8 mil. Taxes $1500 a month.

Return on purchase price 0.80% – Assuming $0 for maintenance and insurance. If you add them back the return is actually below 0%.

Can you say speculation? This will end in tears.

http://vancouver.craigslist.ca/van/apa/5448391680.html

Yunak
Yunak
4 years ago

Perhaps renting is just an option? On the other hand money laundered and safely parked on long-term parking.

EnglandOne
EnglandOne
4 years ago

My grandfather moved to Vancouver about 50 years ago. We loved to hunt and occasionally went camping and had campground fires. Father loved the hippie days. We like to live one family per house, multigenerational households don’t cut it for us.

Loved the European eateries here as well. We worked hard and paid our taxes. To build a better community.

Oh,

Lurker: Go F7608 yoursself you politically correct assH^%*^%

Vanco
Vanco
4 years ago

I get Paul updates and all recent sales are at least 15% over asking. And the asking was after the increase last year. It’s a crazy market out there.

Whistler or bust?
Whistler or bust?
4 years ago

This race-biting has to stop. Pope this blog is going to hell.

You need to start IP banning the goofs who are fighting their own battles over race and ruining it for the rest of us. Comments that have nothing to do with Real Estate should be deleted and an IP ban issued.

Seriously this used to be such a great place and I think you are losing people.

wwww
wwww
4 years ago

It’s not about this site. There is a lot of anger in Vancouver and you’ll see this expressed on any site that Vancouverites use. It’s too late to stop it. We are past the point of no return.

Lurker
Lurker
4 years ago
Reply to  wwww

That’s simply not true. Go to /r/vancouver, they’re not all racist assholes like you shit bags.

wwwww
wwwww
4 years ago
Reply to  Lurker

Feel free to keep fooling yourself. fettywap17388 10 hours ago Learn chinese.. 800k chinese are going to be moving to Vancouver by 2031.. Prepare to learn . Theres a reason why the liberals party color is red flukelicious points 10 hours ago race riot when? sabbo_87 13 hours ago Do we have a Canadian version of Trump ¯_ಠ ʖ̯ಠ_/¯ doritios_makeup whenever I go there I see Asian buyers with their real estate agents looking over houses. This is so incredibly upsetting because I wanted to have and raise my kids in Vancouver but at this point I might as well move east.. It’s a shame. It’s not even a multicultural city anymore considering one culture is taking over. moutonbleu 12 hours ago The politicians turn a blind eye, as long as house prices keep going higher and they get their… Read more »

Oracle
Oracle
4 years ago

http://www.bloomberg.com/news/articles/2016-02-15/u-s-concerned-by-china-using-non-navy-boats-in-south-china-sea

Simple. Bomb the aggression. I think war is coming within 10 years. USA is preparing and we as Canada must stand with our neighbour to the south.

Lurker
Lurker
4 years ago
Reply to  Oracle

Not a fucking chance. China has less than zero interest in a war. Hell, name the last country they invaded (outside of territorial disputes)

patriotz
4 years ago
Reply to  Lurker

Vietnam, and they received a good thumping, even through VN’s main forces were in Cambodia at the time.

If things come to blows in the future, the US will seek proxies such as VN to do the fighting. But neither the US nor China are looking to fight each other.

ChinaOne
ChinaOne
4 years ago

Sorry. I was away. Update,

My cousin now all here go to school foreign student we are. We buy luxury car each of us. my parent come with 10 year visa and we buy big house. My cousin buy big houses. we no work here but we like Vancouver. We need more restaurant in Vancouver and cleaning lady. We like blonde cleaning lady.

I like Mandarin and my cousin like Mandarin. Too hard to learn English. No need in future. Vancouver like Shanghai. we like.

Lurker
Lurker
4 years ago
Reply to  ChinaOne

Are you 12 years old? Who thinks this is funny?

FEDup
FEDup
4 years ago
paulb
paulb
4 years ago

New
364
Sold
327
TI: 8022

http://www.paulboenisch.com

Lurker
Lurker
4 years ago
Reply to  paulb

Well, 1st day of new mortgage rules and sales are brisk. I guess that’s a sign of how much impact they’ll have!

tedeastside
tedeastside
4 years ago

that rich girl just dissed the best place on earth and said Shopping in vancouver is crap compared to Vegas ,,,,ouch !!!!!!

its also 29 degrees in LA right now. dont know about vancouvers weather though

Diadora
Diadora
4 years ago

Hey Pope. The hackers are at work again!!!!!

Yunak
Yunak
4 years ago
Reply to  Diadora

Not really hackers, they would be ashamed of doing such things. This is done by some idiot thinking she is a hacker.

http://videotutorial.aleewebsolution.com/video-tutorial/hack-vote-my-post-plugin-wordpress/

Hyper-mega-Bull
Hyper-mega-Bull
4 years ago

The Golden Generation
Why China’s super-rich send their children abroad.

http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west

Yunak
Yunak
4 years ago

Fucking spoiled bastard, should try that attitude on a white girl.

Hyper-mega-Bull
Hyper-mega-Bull
4 years ago
Reply to  Yunak

it’s called a strip club.

Yunak
Yunak
4 years ago

“In Vancouver, Weymi mentioned the pervasiveness of such anxieties: “Some of my relatives in Shanghai who are officials—all clean ones, of course—have told me stories about their friends who are fretting about the recent corruption crackdown. In China, it’s not just about what you did but what your network of relationships is.”

Right, they are clean… they shower and change underpants regularly.

Yunak
Yunak
4 years ago

She likes to hug him from whatever reason…

“This was Paul Oei, a loquacious fifty-year-old with bristly silver hair. When I introduced myself, he immediately took a selfie of us and posted it to Instagram—his usual manner of salutation, it turned out. Then he presented me with three business cards. The first identified him as the founder and C.E.O. of Organic Eco-Centre Corp., a composting company that is also a sponsor of the show; the second as the chair of the Miss Chinese Vancouver Pageant; the third as the head of Canadian Manu Immigration & Financial Services. Manu, which Oei founded a decade ago, provides advice on immigration strategies, investments, and assimilation for Chinese nationals moving abroad. For fuerdai seeking to establish themselves in Vancouver, he is the go-to fixer and an unofficial ambassador.”

https://i.ytimg.com/vi/fRDpdb7RLT8/maxresdefault.jpg

UBC in Crisis Mode
UBC in Crisis Mode
4 years ago

Petition to align BC Family Day with other provinces:
https://www.change.org/p/unitefamilyday-to-3rd-monday-in-february

franko
franko
4 years ago

Totally pissed off that our politicians (and that includes Ottawa) continue to let China determine our future with regards to housing. Why not just let the assholes vote on our elections.
Also pissed off that our BC Family Day has to coincide with Chinese Fucking New Year when the rest of North America observes Feb 15 as a holiday. It means that major financial transactions in BC are delayed by another day because they all have to go through Toronto for clearance.

space889
space889
4 years ago
Reply to  franko

Chinese New Year changes every year, and the date was determined by an online poll which was influenced by the mountains resorts extolling the benefits of having BC Family Day on a different day from rest of Canada and US Presidents Day. Something about less crowded ski hills and cheaper prices.

But again, don’t let facts get in the way of a good old fashioned Chinese bashing.

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  Tryst

Perhaps because it’s off-topic and he’s sick of those who do nothing but dig out negative stories about a certain country?

Hyper-mega-Bull
Hyper-mega-Bull
4 years ago

bloomberg is racist because they are talking about capital flight? considering that some of that capital is going to land in vancouver real estate it is very on topic.

let’s deal with reality. thinking chinese are all devils or angles only moves us further from reality.

space889
space889
4 years ago

I don’t think anyone here think all Chinese are angels. Far from it, we know Canada not only imports way too many corrupt officials, but insists on keeping them in the country as well. As for the other side, well…..

As for the capital flight thing, the question is how much of the luxury market is affecting the overall RE market here? By and large, most are agreeing that the hot HAM $$$ isn’t buying the sub-$1M market which is what most local income can afford at 5X leverage. So, is the extra money really going to propel the RE market now that most of the $2M+ properties are basically traded among foreign money and there is now limited spillage of that $$$ into the rest of the market?

Hyper-mega-Bull
Hyper-mega-Bull
4 years ago
Reply to  space889

>By and large, most are agreeing that the hot HAM $$$ isn’t buying the sub-$1M

so ham is buying in tswwassen? ok, if you say so.

South Delta house prices rise again in January

Tsawwassen up 2.5% to reach $1.04 million

– See more at: http://www.delta-optimist.com/news/south-delta-house-prices-rise-again-in-january-1.2171383#sthash.86FScM5c.dpuf

http://www.delta-optimist.com/news/south-delta-house-prices-rise-again-in-january-1.2171383

space889
space889
4 years ago

I said ISN’T as in short hand for IS NOT. What part of the sentence you quoted implies that HAM is buying in sub-$1M market or that they are in Tswwassen?

Hyper-mega-Bull
Hyper-mega-Bull
4 years ago
Reply to  space889

$1.04 million ISN’T (as in short hand for IS NOT) sub-$1M market.

vangrl
vangrl
4 years ago

Trickle, and to the last place that Mainland money will follow them, hence the biggest gains

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  vangrl

Haha, awesome “theory”.

Diadora
Diadora
4 years ago

Why in Vancouver’s wealthy neighborhoods — where houses cost over $2 million — over 30 percent of residents claim poverty

Mansion owners in Vancouver are claiming poverty at the same levels as those suffered by the city’s homeless struggling in the Downtown Eastside.

The neighborhoods that report the most poverty, according to Hiebert’s report, which is based on Statistics Canada data, are the upscale Metro neighborhoods with high proportions of immigrants — mostly Chinese.

http://thespeaker.co/world/vancouvers-mansion-owners-in-poverty/

space889
space889
4 years ago
Reply to  Diadora

Because you have no earned income???

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  space889

Retirees.

Yunak
Yunak
4 years ago
Reply to  Diadora

“Why in Vancouver’s wealthy neighborhoods — where houses cost over $2 million — over 30 percent of residents claim poverty”

It is part of culture and tradition of new owners/landlords. It is already established and well accepted social norm in Vancouver, hence law and government are comfortable with it. Questioning such things is racist, inappropriate and not recommended by authorities and business people.

Lying, cheating and stealing – A culture of dishonesty

http://rantsaboutchina.page.tl/A-culture-of-Dishonesty.htm

space889
space889
4 years ago
Reply to  Yunak

I didn’t realize that being retired now means you are a communist lying scum. Or that having no earned income is a crime.

Best place on meth
Best place on meth
4 years ago
Reply to  Diadora

There is no box on the income tax form to declare income derived from bribes, extortion or embezzlement.
Hence, no income.

Yunak
Yunak
4 years ago

Looking forward to another shitty justification from from our usual VCI experts (won’t call them assholes any longer) about healthy market and RE commodities being in demand, and about local loosers and smart capable foreigners, lol…

“A growing number of families with children are using homeless shelters in Canada, and are among the “invisible homeless” who bunk down with friends or use services for victims of violence, according to advocacy group Raising the Roof.
Raising the Roof estimates about 3.1 million Canadians are precariously housed, either because they live with family and friends, or are a few dollars away from being evicted.
“There are millions of Canadians, including individuals, children and their families, who are paying more than 50 per cent of their income on housing costs,” the report said.”

http://www.cbc.ca/news/health/families-homelessness-1.3448832

space889
space889
4 years ago
Reply to  Yunak

I will leave it to Patriotz to explain why rent can’t possibly exceed your ability to pay and why there is no housing crisis in rent or shelter.

And I thought no one has to buy and rental deals are everywhere? If that’s the case then where is the problem? And if renting isn’t reliable, is that not a bull case for RE ownership?

Oh, I forgot, all these invisible homeless family are also caused by the evil bad Chinese forcing them out of their homes too….

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  Yunak

Nobody says that locals are losers or foreigners are smart. You really are an expert (or should we say asshole?) at the strawman, aren’t you?

space889
space889
4 years ago

Things getting violent in Sweden, another scum infestd communist hellhole, after some migrant childrens “take over” a train station. Best to add Swedes to the list of undesirable immigrants.

http://www.zerohedge.com/news/2016-01-30/200-swedes-storm-occupied-stockholm-train-station-beat-migrant-children

Yunak
Yunak
4 years ago
Reply to  space889

Your shallow sense of sarcasm is retarded. Better stop embarrassing yourself.

Yunak
Yunak
4 years ago

Here we come again… Another day, another story about RE shit involving Chinese evading taxes with a little help of local scumbags. Of course usual assholes will explain how all is well and actually those launderers contribute to overall prosperity and happiness and other nonsense and the rest of us are just jealous racist, right?

http://www.theglobeandmail.com/news/investigations/questionable-tactics-encourage-bc-homebuyers-to-avoid-taxes/article28758483/?cmpid=rss1&google_editors_picks=true

Shut It Down Already
Shut It Down Already
4 years ago
Reply to  Yunak

“and the rest of us are just jealous racist, right?”

Correct.

Diadora
Diadora
4 years ago
Reply to  Yunak

The blame goes to the government aka dog handler not having the backbone or enough dogs (CRA) to go after these people. Thank you “The Globe” for shaming the government and hopefully Justin take time from his photo-ops and take a look at this problem.

space889
space889
4 years ago
Reply to  Diadora

Hire more experienced auditors and properly empower them to go after long & complex cases, rather than only aim for the quick 3 month easy cases. RE is rife with cash economy which provides ample opportunities for tax evasion. Start from them and it gets easier to trace to the source of the cash and nail more tax evaders.

Also, you know what else strikes absolute fears into foreign money launderers? Immediate asset confiscation and deportation, rather than the current drawn out multi-year/decade long deportation & refugee hearing on tax payer expenses, and very little likelihood of total asset seizures. Do that, and foreign corrupt money will slow to a trickle very fast. But unfortunately, the very people who complains about foreign corrupt money will also be up in arms about human rights, no bowing to communist scums, etc.

space889
space889
4 years ago
Reply to  Yunak

Because only Chinese agents & builders do this? Cuz I remember this rule about 1 yr occupancy was brought in back in the 90s to discourage flipping by builders and avoiding the GST. I didn’t realize that Chinese was such a big factor in RE construction and selling back then!

And if you think this is bad, how about all the tax avoidance in commercial RE? That’s even worse and all legal too. I guess that’s all Chinese fault too?