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Grey Pride Parade: The Vancouver thats Vanishing

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A local filmmaker is documenting some of the abandoned and condemned houses in Vancouver and making short films about them:

And so for the past nine months, Fieldwalker has been entering abandoned multimillion-dollar properties equipped with a DSLR camera and drone, shooting them from every angle he can before they’re gone forever.

So far, he’s filmed five properties in Point Grey and a few in the south Cambie area. Many of them sit behind blue fences, the telltale sign a backhoe is on its way.

Fieldwalker said accessing the properties is simple: “We just go up to them and shoot.”

In one film posted to Fieldwalker’s Vimeo page, the viewer is brought inside a 3,430 square-foot Point Grey teardown on Drummond Drive, which last year sold for $17.5 million.

Here’s a look at that $25.8 million property on Belmont:

Belmont Avenue | $25.8 Million from Corbie Fieldwalker Studio on Vimeo.

Read the full article over at the Vancouver Sun and view more videos over at Corbie Fieldworkers site. Hat-tip to Bullwhip29 for the link.

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BubbleTea

“In Vancouver, there are lots of kids of corrupt Chinese officials,” said Shi Yi, 27, the owner of Luxury Motor, a car dealership that caters to affluent Chinese. “Here, they can flaunt their money.”
http://mobile.nytimes.com/2016/04/13/world/americas/canada-vancouver-chinese-immigrant-wealth.html?smid=tw-nytimes&smtyp=cur&_r=1&referer=

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CanNeverThinkOfAGoodName

Holy Cow. Could this number be correct? “…According to government figures, from 2005 to 2012, at least 37,000 Chinese millionaires took advantage of a now-defunct immigrant investor program to become permanent residents of British Columbia, the province that includes Vancouver.”

I am quoting from the article in the NYTimes BubbleTea linked to.

Mind you, I’m not saying it’s inconsistent with what I see with my own eyes, in the way of casual shoppers in high end stores, and open houses and bidding wars and empty houses. It’s just that it’s a very big number of people who, if very rich, are not necessarily here to make a life.

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Hyper-mega-Bull

that number is the floor. the real number is higher because of provincial immigration programs, super visas, student visas, reunification, etc.

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Combat roach

Keep in mind lots of them are hiding and keep the low profile due to shit they did to amount that much money in communist corrupted Chiana. Mostly vulgar peasants (fuerdai) are flashing the bling around, but many of roaches are here in security but “under the stone”.

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Best place on meth

” Many wealthy Chinese are increasingly eager to stow their families, and their riches, in the West, where rule of law, clean air and good schools offer peace of mind, especially for those looking to escape scrutiny from the Communist Party and an anti-corruption campaign that has sent hundreds of the rich and powerful to jail.”

“They don’t work,” Mr. Dai said of Vancouver’s fuerdai. “They just spend their parents’ money.”

“Asked what his parents did for a living, Mr. Jin said his father was a successful businessman back in China but declined to provide details. “I can’t say,” he stammered with evident discomfort.”

And yet, some of the local traitors among us still try to deny that these roaches are laundering money, evading taxes and driving up real estate prices.

Looking at you, Garth.

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Combat roach

Roaches flooding Vancouver over the backdoor entrance and keep sucking on services provided by exhausted Canadian taxpayer and yet people are still calm and polite…

“That’s not income earned here, it’s not taxable here,” he said. “So the family that has that income stream legally is entitled to pay no or low taxes and get all our social entitlements… even though they’re living in a million dollar home with multiple fancy cars.”

So B.C. ends up footing the bill for health care and education while Quebec reaps the investment rewards. Kurland and others believe it’s time for B.C. to get more aggressive and demand its share.”

http://bc.ctvnews.ca/is-quebec-s-cash-for-visa-program-hurting-housing-affordability-in-b-c-1.2854984

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bullwhip29

well, you all know where this discussion will lead? chrusty will give the people what they want and rectify this by matching what quebec is offering and opening the front door. can you all say DONE and DONE?

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HAMster

China will crash hard; and when it does, it will take Vancouver and the rest of the world along with it. China is a completely false and fabricated economy built on fraud. Ghost cities, manipulated currency, communist crooked government, spying on the west, corporate and political espionage, counterfeit manufacturing, money laundering, false G.D.P. numbers, on and on the list goes…

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Hyper-mega-Bull

my feeling is that if china crashes vancouver real estate will go up ALOT at first. as the chinese rush to get their money out of the country. the cultural revolution and forced labor camps, cannibalism, mass starvation are all in recent memory. other horrors related to social instability stalk distant memory.

anyone who can will try to get out.

the 300,000 canadians in HK may also come ‘home’.

after that maybe you are right and it will crash, or maybe it will go sideways.

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bullwhip29

If china crashes?
the crash (and mass exodus) is already underway just like the boadloads of migrants pouring into europe. the question is, what happens next? having everyone pile into one life raft isnt a viable solution over the long run.

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Hyper-mega-Bull

if that’s true, then look at who’s being pushed out of the raft right now. those people will probably continue to be pushed out.

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bullwhip29

true, but this ends badly for everyone though when boat capsizes and sinks to bottom (just like the shanghai composite has) taking down both those in first class cabins and those 99%’ers treading water hoping for lifeline right now. only a matter of when, not if

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BubbleTea

I have been to China many times and see that it is still a 3rd world country for most which is controlled by a brutal communist government. Most millionaires or billionaires are corrupt officials or have ties to them and made their money thru the backs of poor peasants/workers. Their impressive GDP is not very impressive as they build roads or cities which they do not need as they pill on massive debt to do so. Now the economy is turning around, the corrupt money panics and shows up on door steps of the world. I have no doubts China will crash hard because the rats abandoning a sinking ship in mass.

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space889

Real estate ‘chaos’ sends millennials scrambling before they’re priced out

https://ca.finance.yahoo.com/news/real-estate-chaos-sends-millennials-050000502.html

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Shut It Down Already

The Chinese are forcing them to buy! It’s not their greed or sense of entitlement.

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Hyper-mega-Bull

’60 MINUTES’: Lawmakers Say Redacted Pages Of 9/11 Report Show Saudi Official Met Hijackers In LA

http://losangeles.cbslocal.com/2016/04/11/60-minutes-lawmakers-say-redacted-pages-of-911-report-shows-saudi-official-met-hijackers-in-la/

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space889

Well, officially it’s all Iran’s fault apparently….

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Hyper-mega-Bull

Chinese Scions’ Song: My Daddy’s Rich and My Lamborghini’s Good-Looking

http://www.nytimes.com/2016/04/13/world/americas/canada-vancouver-chinese-immigrant-wealth.html?_r=0

but it isn’t just the ultra-rich that are coming here. it’s also rich, and upper middle class.

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bullwhip29

Former PavCo boss hired to lobby PavCo on proposed development
http://vancouversun.com/news/local-news/former-pavco-boss-hired-to-lobby-pavco-on-proposed-development

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bullwhip29

as a reminder, the “independent advisory group” that was appointed by the Real Estate Council of BC is supposed to release “draft” report on shadow flipping today

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Bullwhip29

Concord Pacific buys Molson Brewery lands
http://globalnews.ca/news/2632978/vancouvers-molson-coors-brewery-lands-sold-for-185-million/

>>> this is all turning into a complete farce now. Why all the lies from city hall only a matter of weeks ago? And the supposed crackdown on those Chinese crowdfunding ads? Obviously Julia Lau has got friends pretty high up on the food chain. My pie in the sky fantasy that that the port of Vancouver lands eventually get the same treatment as the former expo site (and port operations relocated south) not so far fetched now.

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space889

Wow….so those crowdfunded investors made out like a bandit!!! And people thought it was a gamble that’s going to blow up in those people’s faces.

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patriotz

Brokers concerned about real estate offers made with no conditions

The breakneck speed of real estate transactions in British Columbia has some brokers so concerned, they are suggesting agents have clients sign a form spelling out that they understand the risks when offers are made with no conditions…

“Something I’m concerned about is a bank then saying, ‘I’m sorry, we’re not going to appraise the property for that price,’” said Polly Cordwell, Sotheby’s managing broker, who drafted the new form.

People who can’t get financing risk losing their substantial deposits. They could also get sued.

The Chinese made them do it, right?

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LS in Arbutus

Just because the market has increased 30% in 6 months doesn’t mean the bank wants the risk of lending you 75% of that inflated price. For certain banks will be looking at how much they are willing to finance. Now I doubt the people who bought the $4.2 million house (which was listed for $3.2 million) were getting a huge mortgage, but when the numbers are *THAT* inflated on any purchase, the bank’s not going to just advance 75% of the $4.2. (Or whatever number.) What many seem to fail to see is if it can go up 30% in 6 months, it can come back down just as fast. And then on top of that, we have to remember it’s tripled in 15 years…

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bullwhip29

lol…people should be more concerned about offers made with no agents. and the banks? their primary job isnt to make money appear out of nowhere, but rather make great sums of it disappear into thin air for their biggest clients.

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space889

I’m eagerly awaiting Combat Roach, BPOM, Yunak, VanGrl, & co answers to this very important and perplexing question.

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Combat roach

Locusts are getting nervous…

http://ca.reuters.com/article/topNews/idCAKCN0X901B

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space889

At what? Read some actual real geo-political analysis where you actually have to pony up $$$ for real analysis, along with some historical research, the picture becomes very different. This is all just banter talk to score some brownie points for politicians at home, and get morons like you all excited over nothing.

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southseacompany

“Canada Mortgage Rules Could Hurt More Than They Help: Experts”, Huffington Post

http://www.huffingtonpost.ca/2016/04/11/canada-mortgage-rule-changes-bill-morneau_n_9665422.html

“Finance Minister Bill Morneau is urging Canadians to just wait and see after his changes to mortgage rules failed to cool down home prices in certain cities across the country.”

“In December, Morneau announced that mortgage holders would need to make minimum down payments of 10 per cent on any portion of a home’s price above $500,000, up to $1 million. The presumable aim was to cool down staggering home prices in some of Canada’s hottest markets — but that hasn’t happened yet, and the rule has been in effect since Feb. 15. In fact, things seem to have gone the other direction in certain cities.”

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southseacompany

“Can Ottawa do anything to cool down the housing market?”, CTV News

http://www.ctvnews.ca/business/can-ottawa-do-anything-to-cool-down-the-housing-market-1.2854130

“Finance Minister Bill Morneau says the government is monitoring rapidly rising home prices in Vancouver and Toronto, but one money manager says there’s little Ottawa can do to cool these red-hot housing markets.”

“”Our main issue is to make sure we protect what’s the biggest investment for most Canadians, which is their home,” he said.”

So, answer to headline questions is ..no.

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Combat roach

Since when Chinese investors and other scumbags are Canadians hence need protection. Just ban dirty money from China coming in and free market will do the rest to take care of Canadians.

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space889

Well, you are a scumbag and you are born in Canada which automatically makes you a Canadian citizen for life, very unfortunately.

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BubbleTea

Up the Tax on all Foreign purchase of Canadian Real Estates. Better still, ban all foreign ownership, the same as China banning us from buying there.

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space889

You can buy if you are working in China, or have correct visa/PR status. You can’t be a tourist and buy directly like here.

As for increasing taxes on foreign purchases, I honestly don’t know why BC gov’t doesn’t do it. You would think people paying $3M+, $5M+ for a house, or $2.5M+ for a lot and then another $1M+ to build wouldn’t really care about another 5% or so in property transfer taxes. This is such a cash cow right now for the gov’t to tax say $2M+ transactions with additional PPT taxes. But apparently the local RE industry is concerned enough to tell Christy no. Which means that the foreign or rich buying power might not be as big as public perceives.

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patriotz

“So, answer to headline questions is ..no.”

Of course the answer is yes. There is lots the feds (and provincial governments) can do to cool down the market and everyone knows it. That’s why you hear so much screaming from the RE industry every time the government considers tougher lending requirements. The problem is that the wrong question is being asked. The real question is, “Are governments willing to do anything to cool down the housing market?” And the answer is “No, because most voters don’t want them to.”

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YLTNboomerang

Just when I thought Vancouver couldn’t get any more stupid an ex-colleague of mine posted on Facebook that she and her husband have finally bought a house…but they won’t be living in it for a few years still at least. It turns out that they cannot actually afford the mortgage on their incomes so it is split in two and rented as two units while they continue to rent their small apartment. They reckon that their wages will increase enough over the next five years that they can punt one of the renters and move in themselves.

This is who Canadian banks are lending to…

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LS in Arbutus

Honestly – FML – for those people.

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wwwww

The only dumb thing is posting it on facebook.

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Newcomer (N)

I’m having trouble understanding how this is possible. If they can make the rent pay the mortgage, that’s sound investing (assuming prices don’t go down) but it is very rare for a property in Vancouver to produce more in rent than the carrying cost. Also, if their incomes aren’t enough to cover half the rent (which it seems would be half the mortgage) how did they qualify for it.

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bullwhip29

all boils down to where they bought and how much they paid.

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would-be buyer

It could be they have small children and pay $1400+ in childcare (per child, in Vancouver) that the banks don’t take into account when qualifying you. We didn’t buy 6 years ago because we had high child-care expenses even though we would have qualified for any house in East Van or New West or North Van where we were looking at the time. We were prudent and wanted to wait until our childcare expenses went down. Fast-forward 6 years later and prices have advanced 50% and we are now priced out of every market for SFH (except maybe Langley, Mission and Maple Ridge- no thanks). We are now effectively priced out of duplexes and townhouses within 30-45 min of Vancouver. I laugh when townhouses in Burnaby that were listed for less than $600K last year are now over $800K! WTF?… Read more »

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YLTNboomerang

They bought on the North Shore, they live in town closer to work and have been renting the same place for a decade so have low reasonable rent much lower than they can afford. The rentals do not cover the mortgage, they are injecting cash in too. I don’t know all the numbers just the basics that it doesn’t work for them right now but they reckon they can scrape by and in 5+ will be able to move over. They have 2 kids, one in school one preschool. They are heavily betting that prices will keep going up and this is the only way for them to own a SFH. I believe the opposite and that they will end up destroying any equity they have and will end up with an underwater anchor.

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space889

So I’m guessing they told the bank they bought the place for primary residence, not rental cuz rental properties are assessed differently and we all know that rents don’t cover the carrying house in this place. Isn’t that mortgage fraud?

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bestplaceonearth

that is smart; they scarify five years of their lives, so their children will be able to secure their shelter.
now, it’s time for a latte, new iphone, and expensive vacation; and complain how expensive things are!

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Newcomer (N)

Buddy sitting on a 2 M house in Burnaby just realized he can sell and rent a much nicer place on the return that money gives and still have lots and lots left over for travelling, etc. I wonder if more people will do that calculation.

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Bestplaceonearth

Yep, heard this story before. After a period of traveling, the guy wanna buy back in, just to learn he is priced out. Then, the guy joined vci to complain how bitchy his life is.
All the smart people with “good calculation skill”…

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Combat roach

Holly fuck, yet another over-invested-chinese-prick-philosopher teaching life wisdom… You motherfuckers are restless.

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Shut It Down Already

Vote for Trump!!

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space889

Truth hurt doesn’t it?

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bestplaceonearth

“You motherfuckers”

i am not. are you? at least, this word exist in your head.

Have a great day, “what you said” !

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YLTNboomerang

Yea, my sister and her husband sold and made a mint, they thought about renting for all of 3 days then put an offer in on an estate (aka non working farm) that is $200K more than they sold their place and have now listed one condo to buy a house and are keeping a condo because it is rented out and rent almost covers the mortgage. Oh yea, her husband got laid off 3 weeks ago…they’ve made the offer without financing, if the banks give them the cash this country is F^#ked big time.

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paulb

New
424
Sold
158

TI:8456

http://www.paulboenisch.com

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Combat roach

Is this Kits townhouse doubled the price over 4 years, from 2012 to 2016, or flippers just got hungrier?

2012: http://remax-selectvanbc.com/agents.html/al=24121/details-6982122

2016: http://vancityrealestateagent.com/recip.html/listing.r2044085-2188-w-8th-avenue-vancouver-v6k-2a4.55402093

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space889

Looks like the local roaches are getting hungry and coming out….

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bullwhip29

lol…in less than 2 wks asking price of this Terra Nova listing adjusted upwards by $300k (note; mls # unch’d)

http://www.marinadegregorio.com/showlisting/22835/6982-BARNARD-DRIVE-Terra-Nova-Richmond/

and a cashed version of same listing from march 30
http://webcache.googleusercontent.com/search?q=cache:6TAAQSP8VUAJ:www.marinadegregorio.com/showlisting/22835/6982-BARNARD-DRIVE-Terra-Nova-Richmond/+&cd=6&hl=en&ct=clnk&gl=ca

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Hyper-mega-Bull

wow… finally.

Gang squad and B.C. government join forces to fight casino money laundering

http://www.cbc.ca/news/canada/british-columbia/gang-squad-and-b-c-government-join-forces-to-fight-casino-money-laundering-1.3530266

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bullwhip29

a drop in the bucket compared to questionable funds sloshing around thru RE mkt

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space889

More likely targeting local gangs & drug trade, not HAM.

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space889

So will anyone mourn the loss of all those Vancouver Specials 20, 30, 40 years from now when the lucky remaining ones become heritgage and treasured home of a bygone era?

And no, I don’t care about these $$$$ mansions which I can’t afford even if house prices simply followed CPI.

Tons of apartment bldgs. are disappearing too, replaced by high-end condo towers and TH complexes. It’s part of progress, which out which we would all still be living in caves.

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Tim

Rental buildings replaced by “high end condos” is “progress”?

Careful, your classism is showing.

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space889

Because gentrification is always a bad thing, and have old rental buildings stay the way they are and having the neighborhood slowly decay into slum is the way to go?

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squeak

Thank you for the Vancouver that is vanishing videos. The persons that made this video obviously have not cheated. It impales the message through the heart/mind like a white hot spike. Excellent! What housing crisis? What money laundering? What is worse than the 2 above is a government that have turned a blind eye, not listening to the true Canadians (taxpaying hardworking honest people that keeps this country going). With a government that is accountable to the people, you can move mountains. But a government to which the people is held hostage is a disaster, as we are witnessing and have been for the last 15 years, at least. The deterioration has been going on for how long? .. silently, behind the scenes.. Knowledge is power. That is why the media turned into mush or too expensive (cable companies) for… Read more »

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Combat roach

Therefore, we need some citizen/people’s movement to get the country back on the track. It’s mind boggling that there are no politicians to step up, create the platform and engage masses in fighting the shit.

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BubbleTea

The spotlight on the London property market as a destination for colossal sums of money has intensified after the so-called Panama Papers leak.

The documents — from Mossack Fonseca, a Panamanian law firm — have led to various reports detailing the foreign ownership of multiple prime London properties, sparking fears that some multimillion-dollar deals are being financed with laundered money.

The money-laundering process involves processing money from a criminal or sanctioned sources and shuffling it from country to country and company to company until its original source cannot be traced.

http://www.cnbc.com/2016/04/11/panama-papers-shine-light-on-london-real-estate.html

Now Change London to “Vancouver”

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Hyper-mega-Bull

you don’t need a law firm to fool our toothless system.

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Runawascreaming

Wow, great videography. Cataclysmic, apocalyptic and creepily creepy.

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