Friday Free-for-all!

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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Hyper-mega-Bull
Member
Hyper-mega-Bull

Reality Check – The New Vancouver

“You can’t do anything about it. It’s over. Vancouver has permanently changed.”

http://omnyapp.com/shows/reality-check-with-bruce-allen/reality-check-the-new-vancouver

Hyper-mega-Bull
Member
Hyper-mega-Bull

we do have a new vancouver. but it isn’t over. it’s just begun. there is a lot more change coming.

The_Shit_Garth_Says
Guest
The_Shit_Garth_Says

That’s right! Don’t you think for a minute that you can change anything. We tried
to warn you of the RIGGING on the wall. You should’a listened. Should’a bought long ago!

Now leave us alone! We BOOMERS earned YOUR personal debt serfdom the hard way.

We were out there creating a revolution during the sixties. We actually did something about it. We didn’t pretend to be fucking on social media, we actually went out there like at Woodstock and actually did some fucking!

What’s OURS is OURS and what’s YOURS is also OURS. DEAL with it MILLENNIALS!

I’m Bruce (who gives a fuck) Allen!

bullwhip29
Guest
bullwhip29
Best place on meth
Member
Best place on meth

The new goalie looks fantastic.

space889
Member
space889

And way out of your league..

voter
Guest
voter

Yeah but her breath probably smells like day old duck eggs.

space889
Member
space889

Well, you still ain’t got a shot with her…

bullwhip29
Guest
bullwhip29

http://mcvp2015.fairchildtv.com/pics/girls/06/01.jpg

>>> i thought it was rather amusing that your people wound up being a bunch of sellouts too (like the rest of us) as they chose someone who is only part chinese, born in terrace, doesnt speak your language as the winner of the pageant, this said, she cited “vancouver” as being the best place to realize her dreams (as if it would be any other way)
sigh…maybe there is still reason to believe order will one day be restored to the universe.

Bizznitch
Guest
Bizznitch

If you’ve been to Terrace, you’ll quite understand why she wants to be in Vancouver. It’s a nice place, but has no options. Vancouver has very limited options too if you want an affordable place to live. 🙂

ILoveCharts
Guest
ILoveCharts

What’s most interesting to me about Vancouver real estate is that most people here think that we are “too big to fail” and “internationally important.” Sure, we get the odd mention here and there but 99.9% of the world doesn’t care that we are creating a bubble and 99.9% won’t care when we go through a long painful period of stagnation or a bubble popping.

Andy
Guest
Andy

Please read the globe and Mail article posted below here. I fought with the reality here for years believing that this is a bubble. It isn’t. There is no crash because there is no end to the cash coming here from China. None. You have to accept that this is the new Vancouver and live with it or move. I’m choosing the latter. I can’t waste anymore of my life waiting for the inevitable crash, and no one else should either. I actually find I enjoy the city more now that I realize I am just on an extended holiday here.

squeak
Member
squeak
So true what this Allen guy said. It has been permanently altered. The ongoing mentions “it cant go on forever”. That is true too, but will it stop in our life times? As Canada has turned a blind eye to influx of unbelievable amounts of money, welcoming money laundering, becoming more and more corrupt, suppression of information on all levels and a media that does a lot of song and dance to avoid the subject. I don’t think RE will come down to an affordable level for those that actually keeps this country going ( the working tax paying citizens), you are out of the game and so are your kids, and probably their kids too. Instead of voting for what is good for the country, people have voted for that “instant gratification” (=housing bubble). Canada is flee bitten and… Read more »
BubbleTea
Guest
BubbleTea

There is a huge debt bubble in todays world cause by the ultra low interest rates and money printing thus blowing up assets to astronomical heights. We are witnessing this in Real Estates and other assets around the world and one day, these bubble will pop one after another and the Feds or government will be powerless to do anything about it.

DebtSerf
Guest
DebtSerf
That’s correct, the cause and effect of central banksters just simply creating digital dollars out of nothing was at first limited to assets such as stocks, gold, art & collectors items. But these central banksters then realized that such items that the rich would accumulate as their trophies to show off amongst them did not actually do anything for the economy. So they had to go after stuff (like housing, commodities, healthcare, education,etc) that everyday ordinary citizens need to live to make the economy accelerate. That way, people wouldn’t have time for relaxation or hobbies that the rich banksters and their families enjoy so much of. Don’t get me wrong, ordinary people would get a chance for relaxation once a year like the rich banksters, but it would have to be at their extravagant resorts (which they’ve bought up all… Read more »
Yunak
Member
Yunak

Well, social engineering failed because of assumption (and bad implementation) that strong democratic state and a government would change, direct and shape participants (immigrants) towards its agenda of progressive objectives and not the other way around. In the meantime, we got the Banana Republic with many participants (citizens) being quite comfortable like being at home because they made their home out of Canada and not Canada their home.

BubbleTea
Guest
BubbleTea

Remember about 20 years ago where lives were much simpler and happier. Most everyone speak the same language. The government opens the doors to immigration because the population were getting older and will need younger people to take care of the old. After 20 years and millions of new immigrants, our population is not getting any younger and most of the people now do not speak english or give a shit about this country.

patriotz
Member

The % of Canada’s population that is foreign born today is 20.6% which is not much higher than it was in 1996, about 17.5%. It’s also lower than the all time high set in the 1920’s.

Null
Guest
Null

Come on patriotz you know better than that.

How has the percentage of foreign born in VANCOUVER changed over that time

patriotz
Member

In 1996 Vancouver CMA had 633,740 foreign born out of 1,831,665 for a total of 35%. Today it is 40%.

Now everyone is going to say, “No way! Just take a look, there are way more immigrants today”. Well what you really mean is that there are way more visible immigrants. Canada had substantial immigration from Europe in the couple of decades post-WWII. In 1996 most of Vancouver’s immigrant population (I mean all immigrants, not just those arriving that year) was still of European origin. Not any more today.

realist
Member
realist

Well said. At the same time that Canada decided to accept many immigrants from non-European cultures and no experience of democratic government, Canada also adopted a policy of multiculturalism, essentially encouraging those same immigrants not to adopt the values of their adopted country. Additionally, the technical advances of modern communication and jet travel have allowed closer ties to the “old country”. Voila – globalization and weakened sovereignty, that is, Canada 2016.

Brian Ripley
Guest

Single family detached house prices in Vancouver & Toronto are still in a momentum uptrend (Y/Y price increase).
Chart: http://www.chpc.biz/housing-price-momentum.html

…but Calgary house prices and the TSX Real Estate Index are both momentum negative.

Earnings from all sources are important for real estate investors if the real estate asset held does not have positive cash flow.

Earnings in the energy provinces have dropped (in Alberta they peaked in Oct 2014) and only earnings in AB, NL, SK and ON are greater than the national average.

The weak hands will be the first to capitulate if real estate asset prices do not continue to rise. This is being played out in Calgary in real time now.

Owe Canada
Guest
Owe Canada
“That the world has turned its economy into a gigantic Ponzi scheme is surely beyond doubt. There seems no other way to describe a system that, as well as being massively indebted, can only function by adding yet more debt. The big problem isn’t so much the debt mountain itself as the inability to function without an uninterrupted diet of new credit.” “In the proverbial nutshell, then, the world has become addicted to borrowing money, spending it, and passing this off as “growth”. This is a copybook example of a pyramid scheme, which in turn means that the world’s most influential economic mentor is neither Keynes nor Hayek, but Charles Ponzi.” https://surplusenergyeconomics.wordpress.com/2016/01/11/65-the-ponzi-economy-part-1/ Canadian annual gdp is approximately $2 trillion at the present time. The Canadian economy grew 1.2% in 2015 – ie: the size of our economy grew by approximately… Read more »
sox
Guest
sox

sfu cmpt128
advertise seeks someone to take the exam on his/her behalf
http://tinyurl.com/he373e3

students cheating rampant / UBC and SFU to jointly investigate
http://tinyurl.com/hyy5ozr

paulb
Member

New
223
Sold
236
TI:8217

http://www.paulboenisch.com

Many Franks
Member

Hoo boy, another big one from Kathy Tomlinson over at the Globe:

Tricks of the trade: Inside a B.C. real estate firm that has home sellers crying foul

This one will be making the rounds for at least a week.

voter
Guest
voter

Once again what do we hear from Christy and Crew .Crickets.

Runawayscreaming
Guest
Runawayscreaming

Here is the direct link to the Kathy Tomlinson article:

http://www.theglobeandmail.com/news/investigations/inside-a-fast-growing-bc-firm-that-has-home-sellers-crying-foul/article29578417/

As usual, top notch investigative journalism by Kathy Tomlinson.

bullwhip29
Guest
bullwhip29

authorities should be shutting this whole operation down. i suspect the firm itself is also acting as both principal and agent and trading properties back and forth from their own inventory at higher and higher prices (like an OTC penny stock) to/from overseas clients looking to wash buckets of cash. imho there is more to this story than just shadow flipping given how quickly many houses are being sold and resold over and over again in a matter of weeks/months. such activity certainly contradicts what an “investor” looking to “park” cash would do.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Wow, thank you Kathy Tomlinson, if you happen to come to this blog and visit. The comments in the Globe on your article are very heartening as well. I’ve been watching our whole housing fiasco since 2006. I live near Kits and False Creek and South Granville areas and I pay attention to things, from progressively poorer manners of drivers, to the crazy-ness at Open Houses, to the dark houses on tree lined streets with no one ever at home. These past 6 years since the Olympics, these past 9 years since the housing markets crashed globally, these past 30 years since Expo, have been a historical ‘moment’ in time for Vancouver. I wish I could say I was privileged to witness something so major, but mostly I feel sad about it. I still hope that the right kinds of… Read more »
Runawayscreaming
Guest
Runawayscreaming

CBC – “B.C. Real Estate Council issues licence conditions for Vancouver-area firm” due to Kathy Tomlinson’s reporting, otherwise they would have done absolutely nothing, not even this window dressing:

http://www.cbc.ca/news/canada/british-columbia/real-estate-council-conditions-1.3528625

Vanco
Guest
Vanco

Is it ethical ? Certainly not but the guys is smart enough to put out a warning in his session so it’s legal.

Unfortunately, agents don’t owe fiduciary duty. Buyers and sellers need to be aware.

Vanco
Guest
Vanco

But really, excellent investigative journalism? Work in any car dealership/realty firm and you will probably hear similar advice. It’s called human nature and looking out for yourself.

voter
Guest
voter

Thats exactly the reason we have a Government to stop the bad part of human nature ,not to encourage it like Christy and Crew.

fosolo1
Member
fosolo1

“Tricks of the trade” by Kathy Tomlinson

A cut way above the usual claptrap from financial news sites. New Coast uses the same tactics as boiler rooms for pump and dumps. This is a classic speculative blow off top .
This quote by Wu dovetails what Paul B stated a few days ago that condos are very hot now with prices being paid over the ask price :

” Ms. Yang said Mr. Wu has his sights set on the condo market next: “That is the real gold.”

As with the crescendo top in a stock bull market, the penny stocks are the last to go parabolic. Just replace penny stocks with condos.Same gig, different players. Rinse and repeat.

The pump is primed , the dump is next. Won’t be long now bears.

BubbleTea
Guest
BubbleTea

Behind the acquisition spree is Beijing’s will to take control of the global economy. At an international conference on the globalization of China’s economy held in November, in Sanya, Hainan Province, one participant from China called for exports of Chinese human resources and culture via the country’s One Belt, One Road initiative. By doing so, he said, Chinese standards would become global standards and 70% of the world’s top 500 companies eventually would be Chinese companies.
http://asia.nikkei.com/Business/Deals/China-Inc.-orchestrates-a-kind-of-capital-flight

Best place on meth
Member
Best place on meth

Oh great, the worst country and people in history want to take over the world.

I’m sure the world is quite eager to be dominated by the chinese.

Combat roach
Guest
Combat roach

Depending on how many Crasties are out there to make it happen?

southseacompany
Member
southseacompany

“Kelowna house prices rise 6.1%”, Kelowna Now

https://www.kelownanow.com/watercooler/news/news/Kelowna/16/04/08/Kelowna_house_prices_rise_6_1/

“A new housing price survey shows that the typical price for a home in Kelowna rose 6.1 per cent during the first quarter of 2016.”

Chinabuyeverything
Guest
Chinabuyeverything

Lots of 30+ vancouverites moving and changing Kelowna market.
On another note interesting to see/hear Albertans moving back to BC for jobs. Whereas I know a number of Vancouverites contemplating moving to Calgary for cost of living reasons. Those with the kind of jobs that they can mostly do from their laptop and a phone. Which are lots these days

HAMster
Guest
HAMster

Look at the unemployment rate in Kelowna. There are not many jobs there. It’s mostly a service economy.

Chinabuyeverything
Guest
Chinabuyeverything

Some interesting comments in the comment section. Seems the Americans are finally feeling our pain.

http://www.zerohedge.com/news/2016-04-08/salary-needed-buy-home-27-different-us-cities

fosolo1
Member
fosolo1

If the ” Ze Yu Wu “at New Coast Realty is the same ” Ze Yu Wu ” from New Land Strategies then this shit as been at it for years under different incarnations. Unbelievable.

“Leo Boucher and dozens of other residents of the Riverdale neighbourhood of West Richmond found a flyer in their mailbox in mid-December penned by a man named Sunny, otherwise known as Ze Yu Wu from New Land Strategies. Wu expressed an interest in purchasing their properties and encouraged registered homeowners to call him.”

http://www.richmond-news.com/homeowner-fights-back-after-houses-flipped-1.1916859

patriotz
Member

But the lure of a private sale and savings tens of thousands of dollars in real estate commission proved too much of a temptation for many homeowners to resist.

In other words, they were victims of their own greed. When will people understand that the only reason anyone would make an unsolicited offer is to get a price below market?

Ulsterman
Member

It’s a shame to see people with so little common sense and intelligence owning multi-million dollar assets. Was there never a second when they thought they should ask a friend for advice, go to their local bank, or call around any one of the thousands of other realtors BEFORE signing a contract to dispose of a $1m+++asset. Pearls before useless swine.

David Lee
Guest
David Lee
Royce McCutcheon
Member
Royce McCutcheon

Serious question: is there any reason to believe that this will amount to anything more than a blip for this company?

Combat roach
Guest
Combat roach

No, they are a key part of BC marvelous and successful economy.

Ulsterman
Member

No, this will all blow over within a couple of news cycles and it will be business as usual. They’ll continue to make hundreds of thousands in commissions and capital gains flips, while people like you and I sit on the sidelines whining about it.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
Big Fat Deal: $6.2 million for a west side licence to print money Ignore the naysayers: this property could be your licence to print money. How so? Well, it may look like a basic box adorned by someone with ADD—“Let’s clad it in wood. No, stucco, and add some slate pillars, and what about one of those beveled roofs you see on aircraft hangars?—but this is Vancouver, and we know it’s all about the land. This perfectly unremarkable family home is perched high on a hill with views only a bottomless offshore bank account can buy. And how exactly does that translate into a money machine for you? Well, this house is only six years old, and it stands to make a gross profit of more than $4,000,000 for its enterprising owners. For those of you who struggle with math,… Read more »
wwwww
Guest
wwwww

New Coast, a firm that is almost 100% mainland Chinese, has been convincing sellers to sell to their friends for less than market value and then shadow flipping the properties. Canadians are loosing out on hundreds of thousands of dollars.

No wonder the Chinese like it here so much. No income tax, free health care, low income benefits, cheap univserity, and skimming hundreds of thousands off the top of real estate transactions. What’s not to like?

http://www.theglobeandmail.com/news/investigations/inside-a-fast-growing-bc-firm-that-has-home-sellers-crying-foul/article29578417/

http://forecastpublicart.org/wp-content/uploads/2013/05/PAR48_RP28_A_Maze_ing_Laughter_photo2_WEB.jpg

patriotz
Member

Every buyer wants to get the lowest price they can. Does this suddenly become a bad thing when the buyer is some particular ethnicity?

Shut It Down Already
Guest
Shut It Down Already

Patriotz, obviously Caucasian realtors[tm] are the most honest folk you’ll ever meet. You’d not find them doing anything shifty, no sir!

wwwww
Guest
wwwww
I’ve never heard of a “Canadian” brokerage essentially being taken over of the real estate board of vancouver, have you? If you have feel free to post about it. Mr. Wu, 42, is a permanent resident who moved here from China a decade ago. He does not speak English, and most of his staff speak Mandarin, so he explains his techniques in that language. The Globe obtained an audio recording of Mr. Wu’s training session, held in Burnaby, B.C., on Oct. 14, 2015. It reveals the company owner teaching agents techniques to persuade clients to sell quickly, for less than their home could be worth. “You must print out the lowest prices in the neighbourhood to show to the homeowner,” he says during the session. (The Globe translated the recording, and had it reviewed by a second Mandarin speaker who… Read more »
Shut It Down Already
Guest
Shut It Down Already

wwwww, you’re right – and that’s why prisons didn’t exist in Canada until the mid 80s.

wwwww
Guest
wwwww
Exactly, we have enough local born crooks already. We don’t need to bring in more. How China’s ‘crooked consultants’ help the rich enter Canada (Globe and Mail 2011) Biggest immigration fraud “adversely impacts Canadian society” (Vancouver Sun 2015) A Metro Vancouver man who made millions producing fraudulent documents for Mainland Chinese and helped them avoid paying taxes should be locked behind bars for the rest of his life, says Rong Chen. Refugees pay more income tax than millionaire investor immigrants (CBC 2015) Refugees pay more income tax than millionaire investor immigrants (Vancouver Sun 2015) Birth tourism rates smash earlier records in Richmond (Richmond News 2015) Hotel linked to ‘passport babies’ (Toronto Sun 2012) Chinese fraud suspect Shiyuan Shen sues Canada Border Services Agency – Richmond businessman claims Crown ‘intentionally withheld’ information that could help refugee claim (CBC 2015) Gang Yuan… Read more »
Shut It Down Already
Guest
Shut It Down Already

A criminal record generally means you can’t get PR or in some cases even enter the country as a tourist. The system is already designed so as not to allow crooks. Why don’t you focus on the local criminals first? There are more of them. Oh, wait, I know why.

wwwww
Guest
wwwww

We already have a huge justice system focusing on local crooks.

Society, however seems to have a huge blind spot with respect to importing people from a kleptocracy where cheating seems to be a way of life.

Chinese students and families fight for the right to cheat their exams (Sydney morning herald 2013)

Chinese Students Are ‘Cheating’ To Get Into U.S. Universities (Forbes 2015)

U.S. Schools Expelled 8,000 Chinese Students (Wall Street journal 2015)

Chinese nationals charged with cheating by impersonation on US college tests (The Guardian 2015)

By the way, still waiting for you to post a link to a “Canadian” brokerage doing anything like what new coast has done.

Shut It Down Already
Guest
Shut It Down Already

You can wait a while longer I’m afraid, as I’m not about to give your nonsensical argument even a shred of undeserved credibility.

Let’s say I post such a link – you’ll dismiss it, move the goalposts, and ask for another.

And if I don’t post a link, what does that mean? That immigrants are somehow worse than locals on aggregate because of two competing anecdotes along the same narrow theme? Please.

Either way, I’ll leave it you to spend your weekends digging out pointless links. Enjoy!

null
Guest
null

weak.

franko
Member
franko

Anybody who has made no effort to learn English after ten years in this country should be deported.

Best place on meth
Member
Best place on meth

Or euthanized.

wwwww
Guest
wwwww

These agents are working with the buyer to low ball the seller and then flip the property. It’s a scam. It’s a conflict of interest. It’s obviously wrong and only a tiny minority of people don’t see this.

voter
Guest
voter

Gee, I wonder whats going to happen once these people start getting elected into political office or are they the puppet masters already .The way that Christy operates you’d have to wonder.

Best place on meth
Member
Best place on meth

The chinaman does not care about your silly rules and ethics. Lying, cheating and stealing are normal business practices to him.

The only solution is not to deal with them in any way and stop letting them into the country, although it’s likely too late already and the damage they’ve done is permant.

patriotz
Member

Absolutely it’s a conflict of interest if the seller’s agent is not trying to get the highest price. Making unsolicited offers to buy is legit, but seller’s agents pushing to unload properties cheaply isn’t – they seem to be involved in both.

But I have to wonder – why would a local Anglo seller sign on to an agency which doesn’t conduct business in English in the first place? Maybe because they think the agency has special access to the “hot money”?

sox
Guest
sox

When was the last you visited China, or travel anywhere else overseas?
In that part of the world, cheating and scamming the public is a way of life – from pork prices to hair shampoo.

Scalped: a US$10 haircut at Chinese hair salon escalates into row over US$7,600 in charges
http://www.scmp.com/news/china/society/article/1927004/scalped-us10-haircut-chinese-hair-salon-escalates-row-over-us7600

Ulsterman
Member

If the majority of the hot overseas money was coming in from Ireland and the worst offenders all spoke Gaelic, i wouldn’t be complaining if the Irish were getting a bad name in Vancouver.

Bullwhip29
Guest
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/

Oracle
Guest
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.

voter
Guest
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.

sox
Guest
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?

null
Guest
null

Premier honours Chinese Canadian ancestors

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

Combat roach
Guest
Combat roach

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

sox
Guest
sox
space889
Member
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.

MLS watch
Guest
MLS watch
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