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Friday Free-for-all!

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109 Comments

Welcome!

What time is it? It’s time for yet another Friday Free-for-all!

This is 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:

–BOC rate hike?
–Boomers overexposed on RE
–Condos finally hot again
–Bad ending to housing surge
–Hyper-mega-bull called it
–middle class housing projects
–Fintrac fine for Canadian bank
–

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

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[…] buys Molson land –Gentle jaw-boning for looney –Southseacompany on YouTube –Tricks of the trade –Millennials scramble before priced out –Downgraded growth for Canada –Your […]

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[…] the full article over at the Vancouver Sun and view more videos here. Hat-tip to Bullwhip29 for the […]

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Hyper-mega-Bull

the only reason why the new coast stuff came out is because the brokerage was withholding commissions from agents that were going to a different firm. that’s when the tape was released. how man agents were trained to convince sellers to sell below market? the unknowable parallel society. a richmond antique dealer was openly selling illegal ivory in his shop just off number 3 road. he was only caught when he went to the US to buy illegal ivory. 5 tastes chinese Bistro near UBC had bear paws in their fridge. presumably they were openly selling bear paw soup or some such dish. it was only discovered when firefighters entered the business. a parallel society is being setup. it has its own rules. it has the money. and politicians are pandering to it. and you don’t understand it’s rules or… Read more »

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Runawayscreaming

Geoff Olsen, Vancouver Courier: “Extreme makeover’ erodes Vancouver’s allure”:

http://www.vancourier.com/opinion/extreme-makeover-erodes-vancouver-s-allure-1.2225075

“Ah, Vancouver. You were always an austere beauty, with the looks of a Hollywood starlet, the warmth of a customs agent, and the depth of a gnat. “

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space889

Took my usual weekend vacation and comes back to the blog Monday morning and what do I find? Some interest posts about RE and local market issues, and lots of semi-related Chinese bashing posts, and then everything just go downhill with the amount of sh*t put out by the usual suspects. But I guess that shouldn’t be any surprised since bullies, & racists & morons never like it when people calls them out on it. Interestingly they also like to cry poor me, how unfair, way more too.

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Combat roach

Stunning arrogance. Now this POS find himself being the self-proclaimed arbiter of the content at this blog. Should we expect soon to ask for your permission what to post or rather to expect that blog is going to switch to the Chinese language? Why don’t you just fuck off and never look back and all your fucking nonsense crap will be quickly forgotten.

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BubbleTea

OTTAWA – The Canada Revenue Agency says heightened efforts to fight tax evasion and tax avoidance will recoup $2.6 billion over the next five years. The agency is detailing how it will use a $444-million government commitment over five years to help improve detection, auditing and prosecution of tax cheaters. It says it will review all foreign electronic fund transfers over $10,000 involving the Isle of Man. In addition, it will examine electronic fund transfers in as many as three other unspecified jurisdictions this year. The agency also says it will open a special program to stop organizations that create and promote tax schemes for the wealthy. The details of the plan follow media reports on the so-called Panama Papers, a leak of 11.5 million records from a Panamanian law firm which shed light on international efforts to use offshore… Read more »

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space889

I would have expected more $$$$ than $2.6B, but I guess it’s a start. Better than nothing.

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Hyper-mega-Bull

basically going after all tax cheats that aren’t HAM.

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BubbleTea

Significant deficiencies in how some salespeople and brokerages in the Vancouver area are handling their obligations under Canada’s anti-money laundering law has prompted Canada’s financial intelligence unit to increase the number of examinations it performs in the real estate sector right across the country.

“I don’t want to identify specific areas but I think it’s safe to assume FINTRAC is targeting larger markets where concerns have been raised,” says Darren Gibb, communications manager with The Financial Transactions and Reports Analysis Centre (FINTRAC).

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Hyper-mega-Bull

Vancouver Mayor Gregor Robertson faces criticism over spending

The Vancouver mayor’s office spent $264,137 in 2015, more than double the $129,346 spent in 2014, according to Freedom of Information documents.

http://www.metronews.ca/news/vancouver/2016/04/10/vancouver-mayor-faces-criticism-over-spending.html

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Hyper-mega-Bull

i think it’s safe to say that those that predicted the chinese stock market crash would hurt vancouver real estate were wrong.

Vancouver home price growth tops 100 global cities “by some margin”: report

https://www.biv.com/article/2016/3/vancouver-home-price-growth-tops-100-global-cities/

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bullwhip29

this is not entirely correct as the market here has been severely destabilized which has put many over leveraged buyers not only into an uncomfortable position in the short term but potentially exposing them to what may wind up being a world of “hurt” over the long run as well. what we have seen is a mass exodus of hot money from china for all the wrong reasons. much of this has landed on our doorsteps. i suspect co’s like New Coast are playing a much larger role in this (as money laundering agents) than most recognize or dare to discuss openly. anyone with a shred of common sense knows this can’t continue on forever just like the share price of a chinese dotcom stock can’t (and didnt) go to infinity and the SHTF when the supply of this hot… Read more »

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southseacompany

“Too late for Ottawa to avoid housing shock, warns money manager”, BNN with video http://www.bnn.ca/News/2016/4/11/Morneau-vows-to-stay-on-high-alert-over-Canadas-housing-markets.aspx “Canada’s finance minister isn’t letting down his guard on this country’s red-hot housing markets. With home sales hitting new highs in Vancouver and Toronto despite Ottawa’s latest attempt to cool the market, Bill Morneau says the government won’t shy away from taking action again.” “In the eyes of at least one money manager, however, the housing market might already be “too far down the road” to avoid an economic shock if real estate activity levels off.” ““I think the risk is there,” said Kash Pashootan, senior vice-president and portfolio manager at First Avenue Advisory of Raymond James, in an interview on BNN. “If we have some sort of cooling, we’re going to have a scenario, per se, to deal with regardless of what the government… Read more »

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franko

Morneau is obviously not on the same page as Justin who is cowtowing to China, and McCallum, whose only agenda is to bring in more immigrants and refugees. The government will do nothing as long as the problem is confined mainly to Vancouver.

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Oracle

Vancouver is so done. Nothing will be done. The politicians and bureaucrats have made their millions under the table.

Wait until the first ethnic municipal government is elected and police forces changed from RCMP to local.

Canada is a laughing stock. Lower mainland conquered without firing a shot. Lol. But I’m happy that my Indian immigrants will have a big stake in it.

But do I ever feel sorry for working tax paying Vancouverites without assets. You have no idea what you’re up against ; people with assets and income producing vehicles overseas that are untouchable by CRA. But YOU will pay for everyone’s health and education.

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Zero Down Forty

People all over the world who have assets, purchased before the dot com crash and the financial crisis, have done very well due to the money easing/printing policies of central banks. This is not a local phenomena.

But, how long will that continue?

http://www.nytimes.com/2014/07/08/upshot/welcome-to-the-everything-boom-or-maybe-the-everything-bubble.html?_r=0

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bullwhip29

and continuing on with New Coast…

i wonder if the new “managing broker” imposes a clamp down on who they accept as clients now perhaps going so far as to subject them to rigorous q&a, forfeiture of smart phones and electronics during briefing sessions and require signing of restrictive non disclosure agreements prior to initiating any business discussions? i mean, now that they are seriously under the microscope, how hard would it be for someone to walk in to their offices and do some more basic hidden camera work? hello CBC marketwatch, global 16×9…

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bullwhip29

Globe & Mail: B.C. real-estate firm put on short leash over controversial training
http://www.theglobeandmail.com/real-estate/bc-real-estate-firm-put-on-short-leash-over-controversial-training/article29582286

>>> ok, now that the “self-regulating body” is watching, will they keep their eyes open, take notes and do the right thing OR will they just hit the snooze button on nod off back to sleep again?

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space889

Well if you read Freaknomics, RE salesperson are always much more interested in a quick sale than getting top sale price. Granted, this company took that practice into the extreme end. However, does the sales agent owe a fiduciary duty to the seller they represent? If so then I can imagine potential for lawsuits. However, proving it might be hard, and collecting any damage awards will likely be even harder.

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bullwhip29

i think there is more going on here than meets the eye. firstly, the agent does have a fiduciary duty to get the best price for client. deliberately withholding a better offer from client is like trading on insider info and is outright fraud as is preying on the ignorant and elderly. more importantly, given how many times certain properties are flipped over and over again in short order leads me to believe the firm is primarily involved in the laundry business and is using their own inventory of properties to wash many 100’s of millions in hot money.

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bullwhip29

Globe & Mail: We’re all equal under the law – why not this unnamed bank?
http://www.theglobeandmail.com/report-on-business/rob-commentary/were-all-equal-under-the-law-why-not-this-unnamed-bank/article29580163

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space889

$$$$$ and quick case for the regulator. I’m guessing the regulators don’t want to drag this thing out in courts over years. This is pretty much par for the course for security regulators nowadays, like all those SEC fines but without admitting any guilt judgments. I mean why would you pay a fine if you aren’t guilty?

also, the fine is way way way too low…. increase that by 100x and then it might actually mean something and have some deterrent effects.

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MLS watch

Without Vancouver, the market would’ve dipped
http://www.visualcapitalist.com/canadian-housing-propped-just-one-city/

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BubbleTea

US housing is more of a bubble than in 2007 in terms of subprimes and house prices. Way to go Yellen and her record low interest rate for almost 10 years.

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space889

most of the credits still have to go to Bernanke & Co. Yellen at least did 1 rate hike.

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p123

Seems like Vancouver really fucked, if it continues down this path.

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sox

one more example : ~

Shanghai wealth management firm comes crashing to earth as executives arrested
http://www.reuters.com/article/us-china-wealth-arrests-idUSKCN0X6009

https://2.bp.blogspot.com/-Ge5KmIG4YZQ/VwptFjCuOWI/AAAAAAAAKL8/NsIWM4QuyTkgHQKhO_P6ew_KLootR9IPw/s1600/image.jpg

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space889

Are the photo and story related?

That’s how a lot of companies pay bonus in China. Makes a much more meaningful impact that some number of a sheet of paper.

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null

Premier honours Chinese Canadian ancestors

https://www.youtube.com/watch?v=rvAysc1ZVXc

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Combat roach

Disgusting, on the top of all shit with Chinese lately she goes with those shenanigans.

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sox

Some of the realtors previously associated with ZeYu Wu of New Land Strategies and New Coast Realty, have switched camp under a new real estate brokerage “Nu Stream Realty Inc.”
Is this just a way out of the “new conditions” slapped on their wrists by the RECBC?

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Oracle

Get over it guys. The lower mainland is going to be ‘ours’ in the near future as the majority will be Chinese, Indian, and Philipino.

Sucks since I was born and raised here but I guess the Canadian (mostly Caucasian) majority want this. Glad I know the language going forward and still have ties to the motherland.

The anger should be directed at your politicians who make the policies and people like a Garth Turner who continue to lead people astray.

I for one have bought a lot to build a house on and can’t wAit for municipal governments to change zoning to allow full roof patios. Love that back in the motherland.

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voter

Its getting to the point where the S.H.T.F and people can’t afford to even rent here .Goodbye Christy and Fiends.

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Bullwhip29

More on new coast…
>>> unfortunately this report barely scratches surface. As I said I believe this co is also operating as a laundromat for wealthy clients. This would explain why properties being bought/sold numerous times to/from their own clients at prices that don’t seem to make any sense. I feel sorry for the naive chumps watching these transactions stream by on the ticker and jumping into mkt not realizing what is really going behind the scenes.

http://globalnews.ca/news/2628847/b-c-real-estate-firm-faces-licence-conditions/

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