Government complicit in fueling housing crisis

A recent report out of SFUs school of public policy is generating headlines that are rather extreme:

Foreign buyers crushing Vancouver home dreams as governments do little.

“People recognize what’s going on, and they’re willing to call a spade a spade,” he said, stressing that such views are based on reality, not racism.

His report compiles a number of other studies, including data on home-buying trends, population density, the cancelled immigrant investor program, and American research on the same issue.

Gordon said his report blames Vancouver’s housing crisis on foreign buyers, particularly from China, because “this is where the evidence points, not because of some anti-Chinese animus.”

Chinese investors have also spiked home prices in the Toronto region, but Vancouver has seen the highest rise in real estate due to the influx of foreign money reaching an unprecedented level in the last year, he said.

Gordon noted that other countries, including Australia and Singapore, have created policies for foreign homebuyers to protect their own citizens but that hasn’t happened in Canada.

Read the full article over at the CBC.

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southseacompany
Member
southseacompany

“Canadian dollar sinks below 77¢ as commodities slip, economic outlook darkens”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/top-business-stories/canadian-dollar-tumbles-to-77-as-commodities-slip-economic-outlook-darkens/article29937460/

“economists are now slashing their forecasts for second-quarter economic growth in the wake of the disastrous Fort McMurray wildfires.”

southseacompany
Member
southseacompany

“IMF Says Poloz Should Consider Rate Cuts If Economy Falters”, Bloomberg

http://www.bloomberg.com/news/articles/2016-05-09/imf-says-poloz-should-consider-rate-cuts-if-economy-falters

“Canada’s central bank should consider unconventional stimulus if an economy already weakened by low crude-oil prices is hit with another significant shock, according to the International Monetary Fund.”

space889
Member
space889

Man Destroys 126-Year-Old Statue After Climbing It To Take Selfie

https://ca.news.yahoo.com/man-destroys-126-old-statue-074752108.html

space889
Member
space889

Given that the gov’t wouldn’t even consider something as simple as tax foreign or corporate (non-REIT / rental) ownerships, good luck having anything actual useful done. This housing crisis is also a perfect opportunity for the provincial gov’t to essentially sock the foreign owners, reduce / pay down provincial debt that they triple so far, reduce personal income tax, create prosperity funds for healthcare, infrastructure, and the future. Yet, are any of these even discussed? No?! Why? cuz it might harm housing prices and crimp profits of Christy Clarke’s donors who gave her $300K extra money the last few years! Profit of a few ahead of the people & society she’s elected of represent.

Who’s going to win the next provincial election? I’m going to bet that it’s very unlikely to be the NDP.

dyugle
Guest
dyugle

They are currently ahead in the polls and they will get my vote for the first time ever. But they will still lose.

realist
Member
realist

Josh Gordon is interviewed about his report this morning (Mon May 9) by Jon McComb at CKNW. Note this is his second appearance on the Jon McComb show in as many weeks, and this interview is longer.
http://www.cknw.com/the-jon-mccomb-show/
and scroll down to “Vancouver’s Housing Crisis”
or try this link:
http://omnyapp.com/shows/the-john-mccomb-show/vancouvers-housing-crisis-the-jon-mccomb-show-may

realist
Member
realist

I believe the title of this thread “Government Complicit in Fueling Housing Crisis”, while true, understates the involvement by Canadian governments of all levels in the present situation. A more accurate would be “Governments Created and Fuel the Housing Crisis”. And profit from it, too, – so far.

patriotz
Member

It’s just the Canadian version of Dubya’s “ownership society”. Our edition has been given an extended lifetime due to the ultra-low rates brought on to soften the crash of the original edition.

StupidityCheck
Guest
StupidityCheck

No. It’s been extended by a flood of Chinese cash. Outside of Vancouver and (to a lesser extent Toronto), prices aren’t very strong. And if YVR and TO were weaker, the other cities would probably be dropping.

patriotz
Member
Gordon noted that other countries, including Australia and Singapore, have created policies for foreign homebuyers to protect their own citizens but that hasn’t happened in Canada. If this is what the report actually says, it cannot be taken seriously. Australia does not in fact prohibit foreign ownership and openly permits the kind of ownership which is blamed for high prices in Vancouver. Average prices and consumer debt are higher in Oz than in Canada. While Singapore appears to have more genuine controls on foreign ownership, its policies to promote home ownership (which inherently inflate prices) are probably the most extensive the world. The Singapore government also happens to be the only land owner and the major RE developer in the country. Why didn’t he look at the policies of Germany, which is the only major economy which has not seen… Read more »
bullwhip29
Guest
bullwhip29

at least in AUS they use a public auction system when a property has multiple offers. in this neck of the woods, the sleazeball realtors routinely tell you there are multiple offers, prices are over asking etc without you ever knowing for sure if this is true before blindly tossing your name into the hat. and then of course there is the shadow flipping/reassignment angle where your realtor may be keeping a better offer tucked away in his own back pocket without you knowing.

patriotz
Member

The seller’s agent has a legal responsibility to present all offers to the seller and the seller can sue for damages if he/she doesn’t.

All of the “shadow flipping” articles I’ve seen concern the buyer or buyer’s agent doing a reassignment.

I’ll also point out that any seller can disallow assignments in the sales contract.

space889
Member
space889

And how would you know if your agent didn’t present all the offers and instead kept it in his back pocket? Unless the prospective buyer / agent directly contacted the owner, there is just no way for the owner to be sure that all offers are present.

Even if the owner found out that the agent didn’t present all the offers, good luck going to court. It’s a long and expensive process, not everyone is have the time & $$$ to battle it all the way to see justice done. If you won, trying to collect is another long and arduous process.

Bear Vancouverite
Guest
Bear Vancouverite

I think another point bullwhip’s comment raises is that the existence of multiple offers and exactly what their values are should be available to all participants bidding. I’m aware of a few alleged cases where the selling agent claimed there were other offers when in fact there were none.

bullwhip29
Guest
bullwhip29

you cant prove when the offer materialized. the mechanics of this are no different than rigged OTC mkts for penny stocks. many of these buyers tell their agents they have X dollars to spend, go find me something without ever knowing what house they bought or that the agent possibly frontran their order. completely illegal and unethical but impossible to prove.

dyugle
Guest
dyugle

Texas has no income tax and instead raises money through property taxes and sales taxes.

tokyoman
Guest
tokyoman

I agree I thought that sounded false as well..

bullwhip29
Guest
bullwhip29

this should keep you guys busy for a while…

https://offshoreleaks.icij.org/

Newcomer
Member
Newcomer
Best place on meth
Guest
Best place on meth

Real estate brokers prepare to release secretive sales data after tribunal rules against TREB

http://www.cbc.ca/news/business/treb-real-estate-competition-tribunal-1.3570431

“The era of real estate agents guarding coveted sales data may be coming to an end, starting in Toronto. That’s what many agents predict.

In anticipation, they’re getting ready to release online long protected and precious industry information — more than anything, the actual selling price of homes.

“I immediately called my web developer so we can get this process started,” says Ara Mamourian, owner of Toronto’s Spring Realty.

Earlier this month, the federal Competition Tribunal sided with Canada’s Competition Bureau over a long, drawn-out dispute with the Toronto Real Estate Board (TREB). The tribunal ruled TREB was stifling competition by limiting access to some home sales data.”

Combat roach
Guest
Combat roach

Had to do it. Couldn’t keep up with Chinese scamming and other shoddy practices taking over entire business.

Bear Vancouverite
Guest
Bear Vancouverite

I’d like to see that all Real Estate boards open up their data so that third party developers can crunch numbers and produce useful sites with it. I’d be first in line to work on such a project. I’d also like to see the cities release the property value data so that 3rd party sites can incorporate that too. Right now the official site only lets you see a few year’s worth of assessments and sales.

space889
Member
space889

So you will be wiling to pay a royalty for access to the data as well??

StupidityCheck
Guest
StupidityCheck

Royalty? They don’t own the data, you idiot.

space889
Member
space889

Really? You mean the RE board didn’t collect the information, enter and maintain it in a database? Which all cost $$?

Land titles are public information and yet you have to $50 fee to search it. Why should a private enterprise be forced to turn over its own private database for free?

That’s like saying newspapers and magazines should be free since they don’t own the information either.

Bear Vancouverite
Guest
Bear Vancouverite
All this talk of foreign investment and trickledown effect has me and others wondering, just who is buying these $1.5-2M 100 year old homes and how can they afford it? Can anyone who either has data, annecdotes, or some clue fill us in? What I’m seeing are a lot of 100 year old bungalows/character homes, 40 year old Vancouver specials, and ancient homes come on the market in the $1.5-2M range with fully renovated interiors. These properties are too expensive for STEM families, too expensive for a family of young doctors or young doctors, too expensive for dentists, lawyers, policeman, scientists, and construction workers. This price range is purportedly too low for HAM, and there’s no point in renovating anything for HAM since they leave it empty and dilapidated. Is this price range purely to lure in the “downsizer”? And… Read more »
Shut It Down Already
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Shut It Down Already

Move-up buyers with significant equity in their existing residence and a one-asset retirement plan.

Royce McCutcheon
Member
Royce McCutcheon

^Pretty much agree with this take. Take 200-600k equity in a condo or townhouse bought long ago, add some bank-of-Mom-and-Dad help, a household income in the 150-250k range, and a helper suite and – boom! – you can get in on a $1.5M place.

StupidityCheck
Guest
StupidityCheck

Yes, and downsizing homeowners.

YLTNboomerang
Member
Shut it down is probably right, though these folks “moving on up” are the same ones that cheer increasing prices not realizing that the net increase in the market makes their “move-up” differential increase. I work with a lot of folks in the 200-250K family income range and regardless of current ownership status agreement around the office is it is not worth getting further in debt right now to upgrade and risk a crash, in fact a handful are seriously considering selling and renting – that fact that we are in the middle of a takeover and future jobs are not guaranteed might be having an impact and making folks more conservative (or rational in my opinion, the kool-aid has run out at my office). I’m crossing my fingers for a package so I don’t have to convince the family… Read more »
Bear Vancouverite
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Bear Vancouverite

Could you tell us a bit more about how these 200-250k range earners think about the market? If they were to buy a home what would they buy and in what price range are they comfortable with?

YLTNboomerang
Member
Most of my colleagues are married with kids in the 14-22 age range. All of them agree that if they didn’t own they wouldn’t buy anything. Three are renters (including me) and agree that the rental market is bizarre now too in that the places we rent now would probably go for a lot more if re-listed so it makes sense to stay put. 2 townhouse dwellers that are staying put, a duplex owner staying put and 6 home owners staying put. 1 homeowner is nervous about the massive reno they did all on credit should she lose her job as her husband is in construction and would get doubly hit in a downturn. I asked what price range they would be comfortable in and everyone agreed that they couldn’t afford the current home they live in based on where… Read more »
Best place on meth
Guest
Best place on meth

“Downsizing” can be just an arbitrage play where a west side seller buys an equal type of property on the east side but at half the price, thereby pocketing $1.5 million for an early retirement.

The only difference at their new address is the E. in front of the street name.

tedeastside
Member
tedeastside

those 1-2 million dollar places are bought by ham and left empty

Zero Down Forty
Guest
Zero Down Forty

I follow the stats Sotheby’s posts on yearly high end sales. Fact is, sales of homes over $3mil have only made up 5-7% of total Metro sales over the last few years. Last year BCREA reports 70% of sales were for homes less than $1 mil. While the media makes a big thing about these high end home sales in reality they are a small part of total sales.

As to “trickle down effect” the effect of 2k-3k sales would be absorbed fairly quickly in a sea of 40-50k yearly sales. But, as I learned in Econ 101, it’s the marginal buyer that really determines the price. And we all know what has enabled those marginal buyers.

Combat roach
Guest
Combat roach

Perhaps if people move to Bellingham and continue to work in Downtown Vancouver, they would still need to commute mostly through Chinese jurisdictions and municipalities…

“Canada Average Home Price Is Well Above The American One: BMO”

http://www.huffingtonpost.ca/2016/05/09/canada-average-home-price-us-bmo_n_9860826.html

paulb
Member

New
445
Sold
276
TI:8378

http://www.paulboenisch.com

bullwhip29
Guest
bullwhip29

B.C. more than doubles penalty for distracted driving
http://www.cbc.ca/news/canada/british-columbia/bc-distracted-driving-law-change-1.3573249

Repeat offenders will pay the same $368, but will receive escalating penalty points for each offence within 12 months:
2nd offence: $368 + $520 in penalty points = $888
5th offence: $368 + $3760 in penalty points = $4,128
10th offence: $368 + $14,520 in penalty points = $14,888

>>>what’s with all the lucky 8’s……???

space889
Member
space889

So the fine for the 10th penalty is $14,888?? Or only $368?

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

It’s been told many times here but usual assholes keep denying it and pointing on racism…

Vancouver is Chinese Alcatraz run by BC government based on bilateral benefits.

“If the flow starts in a clandestine way there is no way to regulate it at the other end,” says David Mulroney, former Canadian ambassador to China, adding that every time he spoke to university students in China he was asked whether it was true Canada is a haven for Chinese fraudsters. “We have no idea where the money is coming from, how it was sourced—all of it contributes to an alarming lack of awareness in the local real estate markets,” says Mulroney, current president of St. Michael’s College at the University of Toronto.”

Best place on meth
Guest
Best place on meth

Predictably, when Yan’s study was published, a chorus of voices, including former developer Bob Ransford, jumped to criticize Yan: “The danger is intolerance, racism, singling out certain groups of people saying they’re to blame for this,” said Ransford. But such labels have failed to muffle the debate, particularly as more and more Chinese-Canadian voices have begun calling out white developers and academics for making the claim. Fung, the software engineer, says he’s among those “deeply pissed off” by what he considers a slur: “The only people claiming racism are white Anglo-Saxon males—that’s it. These are the same guys trying to label Andy Yan—whose grandparents paid the head tax—a racist? It’s absurd.”

space889
Member
space889

When we get people like you, well, it just makes it a lot easier and legitimacy to the ones who are crying racism about this debate.

StupidityCheck
Guest
StupidityCheck

Shut up you idiot.

space889
Member
space889

Hmmm….now that the Doc Strange have enlightened me, I know why you are so hostile. You too were brought up in a hellhole place with a rough childhood. My sympathies.

bullwhip29
Guest
bullwhip29

Chinese-language reality show about high-end real estate might be coming to Vancouver

“The trailer is titled Gold Broker and prominently features local real estate agent Chris Lee showing prospective home buyers luxurious properties in Vancouver. Sprinkled throughout the trailer are b-roll shots of Vancouver scenery.”

https://youtu.be/dHkt2R5Zw5Q

bullwhip29
Guest
bullwhip29
space889
Member
space889

Wonder if any of those Ultra Rich Asian Girls of Vancouver will make a guest appearance??

Yunak
Member
Yunak

If I were you (but seriously) I would find one of them and ask for a date. You can’t lose anything, might actually be surprisingly successful in your attempt to land a good looking and wealthy girl instead of posting on the dating sites. At the end of the day, they are just regular girls which happened to have some extra money to spend around and you can definitely beat them with your charm and persistence. Keep in mind, those who manage to seduce girls aren’t the prettiest or wealthiest ones but those most persistent ones.

space889
Member
space889

Well, if I take even the ugly and bitchy ones then who will you losers date?? Yellow fever can get pretty dangerous if left untreated, and being disposable boy toys for those bitchy & ugly girls might be your last hope. Assuming you meet their physical standards.

Yunak
Member
Yunak

I’ve tried to be nice but you are lacking the basic upbringing and fundamental social skills to conduct a meaningful conversation. Well, I will credit that to the rough childhood in China and lack of time to adapt when moved to civilization.

space889
Member
space889

If by nice you mean bullying through sarcasm, indirect insults, and racists remark, then no I don’t have that kind of upbringing or education.

Though I do give you credit that it is hard than just calling people name, so it is an improvement for you.

And hey I’m being nice too…I worry about your health. But I guess you are too self-center & absorbed to see the caring I have for your poor souls.

bullwhip29
Guest
bullwhip29

you should know by now that the bitchy ones are usually the hottest ones (and they know it)
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/20/vanc%204_0.jpg

space889
Member
space889

Uhm…none of them are hot though…maybe average if that center girl is like 35 to 40.

bullwhip29
Guest
bullwhip29

I wonder if the Liberal Party buys up every copy of this and hands them out for free come election time? (maybe with $100 bills slipped inside?) What is perhaps the most mind boggling part of all this is that the author somehow managed to stretch this out over 416 pgs and expects to sell this in hard cover coffee table book format for $30 a pop. As if…
https://www.amazon.ca/Christy-Clark-Behind-Judi-Tyabji/dp/1772031062

https://images-na.ssl-images-amazon.com/images/I/51EpPUz964L._SX320_BO1,204,203,200_.jpg

bullwhip29
Guest
bullwhip29
http://vancouversun.com/business/local-business/chinese-provincial-delegation-seeks-more-business-with-b-c my spidey senses went off when chinese bought the sechelt country club (with ambitious plans to turn area into tourist region) and some of the most expensive properties in the port mellon area. i’ve also heard anecdotal evidence that offshore buyers have literally gone thru the entire sunshine coast region with a large vacuum and scooped up EVERY detached home with a half ass liveable house on it <$500k all within the last 4-6 WEEKS. remember this is an area where it typically took many months, if not years to get an offer. an agent i keep in touch with confirmed the story also told me one guy bought 40 houses site unseen in one weekend. chrusty and co are currently "exploring" the idea of putting in a multi-billion dollar fixed link. imho, it is a done deal, friends… Read more »
space889
Member
space889

That’s how it usually goes, isn’t it? Hence why the best investment one can ever make is a political bribery…err…I mean political donation!!! No, no, those are not bribes!

space889
Member
space889

Judi Tyabji, isn’t she the MLA that Gordon Wilson had an affair with and ended his BC premier dream??

bullwhip29
Guest
bullwhip29
patriotz
Member

What the feds should do about regional housing froth: nothing
I’m not endorsing all the premises of this article, but I think people in Vancouver (and Toronto) need to be aware of what the rest of the country thinks. It isn’t just about you.

123
Guest
123

Actually Patriotz, you endorsed it enough to post it….and that says it all

123
Guest
123

……then we get rid of all intervention CMHC, BoC artificially low rates homeowners grant etc. and *then* we’ll see what happens

bestplaceonearth
Guest
bestplaceonearth

why would people in vancouver and toronto give a damn of what the rest of the country thinks about their housing situation?

patriotz
Member

Of course, they both have enough population to determine the outcome of their respective provincial elections, and provincial governments have more than enough power to handle the housing situation regardless of what the feds do.

Right?

Bear Vancouverite
Guest
Bear Vancouverite

Patriotz, I think your contributions would be more clear and valuable if you stated what you want rather than couching it in questions whose answers I personally never can guess at. Yes, some of us are just that thick. so please try to spell it out for us.

patriotz
Member
For the benefit of those with poor memories, I will repeat these things which I have already said explicitly on this board many times: – An end to government backed mortgage insurance. I know this isn’t going to happen, so at least bring in limits comparable to those in the US. – Imputed income taxation, i.e. a tax leveled on any property whose owner (whoever or whatever it is) has not been paying income tax appropriate to the purchase price. – An end to property tax deferral. If you can’t pay the taxes on a property, you can’t afford to own it. – A renter’s tax credit which requires all renters to identify landlords and amount paid. – A higher tax rate on luxury properties (which BC cities currently do not have the power to impose). – A tax surcharge… Read more »
space889
Member
space889

really? When I brought up basing social benefits based on assets & income instead of just on income, I was blasted by people on this blog, including you, about how that would be unfair to local retirees who paid taxes their entire life, etc, etc….

I guess you would exempt people who sold a $5M house and bought a $2M house? And btw, a lot of these people can legally bring in say $10M in assets into Canada, so it’s totally legit as far as CRA concerned for them to purchase a $5M house.

Unless you believe in a general asset based tax, this is going to be a non-starter, just like ending CMHC.

123
Guest
123

As long as those things are in place Patriotz, including a non interventionist stance on foreign money, then the govt has a moral obligation to tame the beast that they themselves created.

patriotz
Member

Those changes are what I think the government should do to bring the RE market under control. Anyone can dress up their wishes under “moral obligation” if they want, but that does not make them any more valid than anyone else’s. I care not to.

Do you disagree with them or have anything to add?

123
Guest
123

I disagree with the original article….rates are too low. Also, they do have the ability to come up with regional policy but I think their earlier attempt at targeted mortgage rules didn’t go nearly far enough. In addition, no foreign money in residential real estate.

space889
Member
space889

Just tax the foreigners and empty units, with a luxury surtax on property sales of over $2M and paid down our gigantic provincial debt. That would be rationale thing to do in housing bubble, especially one that has significant foreign $$ inflow. But no…..our glorious BC Libs would never do something as easy as that for the benefit of everyone in the provincial. nope, gotta make sure the developer buddies and backers can rake it in as much as they possible can. People of BC be screwed.

And people like BPOM think Chinese official and system are corrupt. At least, the Chinese officials can be charged and put in jail. Good luck here where bribery, *cough* I mean campaign / political donations, are all legal.

southseacompany
Member
southseacompany

“Interest rates may never reach pre-crisis levels – Moody’s”, Financial Times

http://www.ft.com/fastft/2016/05/10/interest-rates-may-never-return-to-pre-crisis-levels-moodys/?ft_site=falcon&desktop=true

““Lasting scars” left by the Great Financial Crisis will mean central bank interest rates may never return to levels seen before the crash, Moody’s says.”

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
space889
Member
space889

Every time I look at this picture, I think he would be a perfect ladyboy for BPOM. I’m not sure why but I just get the feeling BPOM, and maybe rest of his team, would be so into this type of thing.

bullwhip29
Guest
bullwhip29

Deal of the century: Expo 86 land purchase changed Vancouver
http://www.cbc.ca/news/canada/british-columbia/expo-86-china-business-vancouver-1.3560255

http://i.cbc.ca/1.2895774.1453153828!/cpImage/httpImage/image.jpg_gen/derivatives/16x9_620/li-ka-shing.jpg

>>>deal of the 21st century will be sale of port of vancouver lands imho. investors win, residents of tsawassen/white rock/surrey lose

space889
Member
space889

What’s that saying? Those who don’t learn from history are bound to repeat it?

Or maybe I’m not giving our politicians enough credit. Maybe it’s not that they are dumb, they are just simply easily & cheaply bought….

marble
Guest
marble

It is never cheap. Milllion-$$$ bearer bonds can be deposited on the other side of the Pacific Ocean with no questions asked.

space889
Member
space889

Are the local politicians that smart yet?
One thing though is that since there is no western style election, there isn’t a lot of “overhead”, unlike here. I mean Donald is planning to raise $1B for his presidential campaign. Just for him, never mind how much all those SuperPACs, congressman, senators, etc are going to spend!

That’s a crazy amount of $$$ for supposedly democracy. Even our local civic elections are now running into tens of millions spending by the candidates. So maybe, it’s not so much politicians sell them cheap, but just rather how the $$ is spend. Which doesn’t change end result.

Politicians work for those who pay up $$$, not the voters.

bullwhip29
Guest
bullwhip29

more evidence that the world of banking is gone completely bonkers…

american express reducing interest rate on my credit card to 1.99% for the next 12 months. purchases still eligible for 1.25% cash back. losing the deal with costco must be hurting them bigtime.

space889
Member
space889

Isn’t what credit cards companies do all the time?? Heck, I used to get 0% from MBNA all the time before Scotia bought them. Now, it’s only 1.99% or 2.99% + 2% or 3% processing fee!!

I still miss Amex term loans of up to 60 years at 4.99% or so interest rates. That’s was pretty good for unsecured debt, especially if you turn around and invest it.

bullwhip29
Guest
bullwhip29

difference is that this is not promo to do balance transfer, just an offer to rack up a balance on a card I already have

space889
Member
space889

The offers I get, you can do a balance transfer or simply write a cheque to yourself. They don’t care how you take the money. So, I don’t really see the difference here.

Regardless though, once you add that 1% to 2% handling fee, the interest rate suddenly isn’t too great. Still can make some spread investments, but not without risks.

bullwhip29
Guest
bullwhip29

what handling fee?

space889
Member
space889

Well, in the very small print at the bottom, they tell you that there is a separate fee for actually taking advantage of the low interest rate – either balance transfer or just straight cheque deposit to your bank. It used to be about 1% to 1.5% with a min of like $25 for each balance transfer or cheque. This amount is added to whatever amount you are borrowing. So if you have a $5K limit and the fee is $1%, the most you can take out is $4950.

MBNA recently bumped that up to like 2% or 2.5% with min $50 charge I think. So, once you include that, most deals aren’t actually nearly as good as the advertised 1.99% or 2.99% rate. Heck, for the short 6 months offers, it’s terrible.

bullwhip29
Guest
bullwhip29

this offer applies to purchases only

space889
Member
space889

Really?? that would be the first time I’ve seen it then….

bullwhip29
Guest
bullwhip29

rate on purchases 1.99%, cash back at 1.25%
only way they could be even more slack is if no minimum payments for a year too.
http://tinyurl.com/j2rtt3m

bullwhip29
Guest
bullwhip29
BubbleTea
Guest
BubbleTea

Panama Papers: Chinese dominate list of people and firms hiding money in tax havens, Panama Papers reveal.
I am sure a lot of them have empty houses in Vancouver.

space889
Member
space889

Well don’t worry, neither the Fed nor Provincial Lib gov’t will investigate or seize them as proceed of corruption as per requests from China.

Madashell
Guest
Madashell

Wondering how many of these empty homes are purchased with a LLC company or a shell company based in a tax heaven with the actually purchaser’s identity hidden. Case of dirty money laundering with the blessing of Krusty and Justin.

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