Pity the detached home-owner

There’s a lot of angry young people in Vancouver, people who think they deserve to be able to afford a home in this specific city.  A few of the angrier ones would like to make the issue all about race, but I guess if you’re of a certain kind of mindset EVERYTHING can be about race.

It wasn’t always like this.  Vancouver used to be a nice small town where the average income would be able to to stretch and afford a local detached home.  Wouldn’t it be great to have gotten in at that time?

Maybe not.  After all, It’s not these owners fault that property prices have gone up and up and property taxes have nudged up a bit as well.

Fortunately if you’re in this group the mayor of North Vancouver has got your back.

Mr. Mussatto said this week that he would like the province to look into separating single-family houses from condominiums and multiple-unit dwellings so owners of single-family houses could be charged a lower tax rate.

The mayor argues that while the value of single-family houses has skyrocketed in recent years, the value of condos has remained relatively stable. “If you’re a condo owner, your taxes may indeed be going down this year, because condos didn’t go up much or they didn’t go up at all compared to single-family homes,” he told me in an interview. “The bottom line is that there are some people who are getting hurt pretty significantly and I want to make sure that we’re fair with the tax system so everybody pays their fair share.”

Read the full article over at the Globe and Mail, and then if you’re so inclined go back to your racist rantings. That’s sure to be an effective way to change the way things are and get everybody on your side.

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bullwhip29
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bullwhip29

Open house for luxury waterfront estate cancelled due to flooding; City declares state of emergency
http://www.cbc.ca/news/canada/british-columbia/west-vancouver-flood-victims-clean-up-1.3637765

bullwhip29
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bullwhip29
bullwhip29
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bullwhip29
bullwhip29
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bullwhip29
bullwhip29
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bullwhip29
bullwhip29
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bullwhip29

Reuters: Nine out of 10 Vancouver houses now worth more than C$1 mln-study
http://www.reuters.com/article/canada-housing-idUSL1N1981UI

bullwhip29
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bullwhip29
paulb
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New
184
Sold
405
TI:8385

http://www.paulboenisch.com

Newcomer
Member
Newcomer

Man, those things are just flying off the shelves!

StupidityCheck
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StupidityCheck

Mother f@$&?!’!!!!

paulb
Member

lol

Newcomer
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Newcomer
burnt like toast
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burnt like toast

did paul post his numbers for yesterday?
If not is there anywhere else to get those. thanks

BubbleTea
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BubbleTea

From Rob Chipman:
2016-06-15 189 Sales

Newcomer
Member
Newcomer

Rob’s areas are different, though.

vangrl
Member
vangrl

sold – 198
new – 270

paulb
Member

Site was down when I tried to upload

888888
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888888
southseacompany
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southseacompany

“Fear of Missing Out of the Housing Market” CTV Canada Am
http://www.ctvnews.ca/video?clipId=853681

southseacompany
Member
southseacompany

“How Brexit could fan the ‘flames’ in Canada’s hot housing markets”, Globe & Mail
http://www.theglobeandmail.com/report-on-business/top-business-stories/how-brexit-could-fan-the-flames-in-canadas-hot-housing-markets/article30465885/

““If the ‘Leave’ side prevails in next week’s Brexit vote, as polls now suggest, global interest rates are likely to remain even lower for even longer amid the deep uncertainty over the U.K.’s and the EU’s economic fate and likely financial market volatility,” BMO chief economist Douglas Porter and senior economist Robert Kavcic said yesterday.”

vcx
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vcx

The Swiss are doing just fine outside the EU. Fear mongering

patriotz
Member

Switzerland is pretty much a member of the EU in all but name due to a series of agreements with the EU over the years implementing all their major economic polices. The UK has been told by the EU that if they leave, they are going to have to start from scratch and not expect to have the status enjoyed by Switzerland or Norway handed to them upon exit.

vcx
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vcx

Exactly. British can chart their own course and evolve a new relationship with the rest of Europe. They’ll do fine.

southseacompany
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southseacompany

“Fed’s Yellen Acknowledges Difficulty of Escaping World’s Low Rate Grip”, NBC

http://www.nbcnews.com/business/economy/fed-s-yellen-acknowledges-difficulty-escaping-world-s-low-rate-n593476

“Chair Janet Yellen said the central bank was still coming to grips with the likelihood that the neutral rate – the point at which monetary policy is neither spurring nor restraining economic growth – is stuck at a historic low and could limit the central banks room to maneuver.”

BubbleTea
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BubbleTea

Yellen and Bernanke had created many MASSIVE bubbles (housing, derivatives, debt, bond, etc.) that is brewing in the states and around the world. When they burst, it will be worst than the 1930’s depression. Take the printing press away from these maniacs.

space889
Member
space889

Completely captured by Wall Street and crony capitalism. Without failure of inefficient & outdated firms, and proper market force, we can’t have growth of new firms and industries and ramp up economic growth. Europe economy is dying precisely because they refuse to upset the status quo and thus things simply slowly rot.

southseacompany
Member
southseacompany

“Smyth: The politics of Metro Vancouver real estate — money and votes rule”, The Province
http://www.theprovince.com/business/smyth+politics+metro+vancouver+real+estate+money+votes+rule/11988848/story.html

‘As the government rakes in money from real estate sales, Clark says she’s worried about taking steps that would reduce home prices and erode existing homeowners’ equity. Polls and demographic studies suggest those homeowners are more likely to vote and vote Liberal.”

“Watch for Clark to continue to protect the interests of existing homeowners, as the red-hot housing market increases their equity and pumps more millions into the coffers of the Liberal party and government.”

CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName
“Homeowners were much more likely to vote than renters — 71 per cent versus 54 per cent,” concluded a 2012 Statistics Canada study on voter turnout rates. “Homeowners tend to have lived in the area longer, so they are more familiar with the candidates and where to vote,” explained pollster Greg Lyle of Innovative Research. The same StatsCan study said older, wealthier voters (who tend to be homeowners) are also more likely to vote than younger, less-wealthy voters (who tend to be renters). ____________ LET’S PROVE THEM WRONG, THIS time around. Those stats were from four years ago, and presumably Canada wide, not Vancouver- or BCwide. The stats may be different here. It may even be false that in homeowners generally have lived in the area longer, in the case of Vancouver. I think the old go-to assumption that homeowners… Read more »
wwwww
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wwwww
MLS watch
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MLS watch

The handling of this issue is shocking. By trying to avoid conflict, they are fuelling the cancer of ethnic tensions. Very bad move. They should study what went wrong in some parts of Europe.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
I agree MLS. The council should address it straight on. I would do more shopping in Richmond and more eating out there if the Richmond businesses would do me the courtesy of printing signs in English. I think I’m not the only one that would appreciate this. But Richmonders can’t be bothered; they’re not interested in English speaking customers, apparently. This stance doesn’t seem like it shows much business acumen, so it causes me to wonder. I say Hmmmmmm. Maybe somehow it DOES show business acumen. Is there some advantage to NOT advertising to English speakers what kind of restaurant or business you have? What could that advantage be? Would they perhaps lose Chinese speakers’ business if they had English speaking customers? Is that their reasoning? Or what? I think there must be a business reason why they do it… Read more »
wwwww
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wwwww
southseacompany
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southseacompany

““Why not! I have a friend who bought a townhouse (elsewhere), an end unit, and it’s gone up $200,000” in a short period of time, he said.”

That line says it all.

space889
Member
space889

Because when people are desperately lining up to give you way too much $$$ for the cheap product you are selling, you should always refuse? The ones lining up are pretty much guaranteed to give you $$$ – bird in hand, while those on so called VIP list are not – birds in the bush. What would most reasonable businessman do? Especially if we maybe close to a bubble burst?

I’m simply surprised that the developer didn’t increase the price.

Bear Vancouverite
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Bear Vancouverite
I’ve been in Polygon lineups before, back as early as 2004. They raised prices while we were still in line and raised again each day. I would’t be surprised if Kingsley estates was never set to be priced at $1.6M on the high end. Anyway, this part of the article is pretty interesting: ==================== One middle-age couple from Aldergrove said they heard from a realtor that “something may be happening” on Saturday. They brought lawn chairs and slept in their car Friday night. The man said the couple had savings and wasn’t too concerned about the $1.4 million price tag for a four-bedroom, 1,700-square-foot townhouse. “Why not! I have a friend who bought a townhouse (elsewhere), an end unit, and it’s gone up $200,000” in a short period of time, he said. ===================== They also saw quite a few people… Read more »
Hyper-mega-Bull
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Hyper-mega-Bull

people still aren’t seeing HAM even when it’s right in front of them.

this is why you should buy a house. despite the ‘noise’ vancouverites are still deep in denial and are half a decade away from taking meaningful steps to stop HAM and sinofication.

southseacompany
Member
southseacompany

“TORONTO’S REAL ESTATE MARKET IS A HOUSE OF CARDS”, NOW Toronto

https://nowtoronto.com/news/torontos-real-estate-market-is-a-house-of-cards/

“Historically low interest rates have played a role in real estate prices. Given the tepid post-recession economic recovery worldwide, interest rates are likely to remain low for some time. Despite this, Poloz’s comments outline the risks of a correction in real estate markets.”

southseacompany
Member
southseacompany

“Fed leaves interest rates unchanged, signals two hikes this year”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/economy/fed-leaves-interest-rates-unchanged-signals-two-hikes-this-year/article30466501/

“The Federal Reserve kept U.S. interest rates unchanged on Wednesday and signaled it still planned two hikes this year, although a slowing economic growth path for 2016 and 2017 prompted a downgrade in where the U.S. central bank thought rates would peak.”

space889
Member
space889

Good luck if we even get 1 rate hike. $10 trillion+, yes that’s a TRILLION = 1000 BILLION or ~50% of CAD GDP of sovereign debt is in negative yield! Negative! Investors are paying gov’ts to borrow! Including PIIGS states like Italy. Fully 1/3 of all sovereign debt are in negative yield.

Toyota recently issued a 30 years bond at 0.1% interest! Yes, 0.1% interest for a 30year corporate bond! 30Y UST which is considered absolutely safe is yielding around 1.8% to 2%.

You think the US Fed is going to really raise the rates under these set of conditions?? If someone told you 10 years ago that a company like Toyota can have lower interest rate than the US gov’t debt, you would have laughed at that person as a lunatic.

Boner
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Boner

Led Mac development on prince Albert St & fraser just sold 3 townhomes 1st to list was the smallest one and sold for 1241000, next up was a much nicer larger one sold 1200000, last just sold today a large nice one just sold 1188000 , just like that in 1 month a swing of 53000$… just imagine what the buyer of the 1st small one thinks……..OVERPAID dummy….. my guess 1175000 next up to sell if they act fast

The fan is starting to get in the way of the shit!

888888
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888888
airborne canine
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airborne canine

My sources say West Van detached down 80% in June so far, compared to normal for up to this point in June. Also slow in Van West. Apparently slowdown started in mid-May in the higher end. Won’t be long until it spreads to “cheap” North Vancouver

space889
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space889

Westside Realtor? is that you??

888888
Guest
888888

Chrusty and her realturd friend’s are probably booking their flight to China to keep the bubble growing.

BubbleTea
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BubbleTea

Canada might have reason to worry. Chinese money is the biggest force behind the surge in house prices in cities like Vancouver and Toronto. The Organization for Economic Cooperation and Development has flagged Canada’s China-driven housing market as an economic risk, and Canadian bankers are begging the government to step in and cool off the property market.
http://www.bloomberg.com/view/articles/2016-06-15/china-sends-bubbles-to-north-america

Combat roach
Guest
Combat roach

Canada is gone, fuck the housing market and Chinese and their money and whatever. The victim is Canada, nice, beautiful, innocent country got destroyed by greed of the worst.

patriotz
Member

Vancouver and Toronto aren’t Canada.

Sellnoworbepricedout4evah
Guest
Sellnoworbepricedout4evah

Ummm. Ok. But the locals have been more than happy to collect the money from this invasion. It’s standard process here to call your lender yearly to take more equities out of the house for new cars, expenses, Maui etc.

space889
Member
space889

So basically I guess Canadians are simply sellout whores then? Based on Combat Roach’s description of the process.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
NIGHTMARE. I feel like I’m trapped inside a building with a lot of other people and there’s a mass murderer, Big Money, going around with a big gun, a bunch of big guns, trying to down us all and I keep wanting to be saved, but all the entities that could save us are missing in action. That’s how I feel about being in Vancouver, in BC at this point in time. The building is burning and we’re trapped here with the mass murderer Big Money. CC and others of her government are missing in action. They’re on television saying that they think everyone should be allowed to carry a gun because that’s freedom. You can’t take guns from people, they say. I can hear some very distant shouts from the federal government but they are a long way off… Read more »
space889
Member
space889

You know that too much tinfoil wearing is bad for you?

The most dangerous phrase in English language is – I’m from gov’t and I’m here to help you.

The most stupidest idea is – expecting gov’t to solve your problem.

Gov’t is the problem and until you wake up to that little fact, there is no help for you.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Plus, how did my nightmare have anything to do with tinfoil stuff? You posted in a thoughtless way.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

The exercise of autonomy and invention requires both community and appropriate physical environments for primates to wander about in. You and I both love freedom and self-reliance; the issue is how best to enable those things. You think too much in stereotypes, I’m afraid, Space, and particularly with respect to what kinds of political stances one might take.

BubbleTea
Guest
BubbleTea

Foreigners buying homes in Sydney will face a new property tax from next week when New South Wales becomes the second state in Australia to impose such a duty as soaring demand from China helps drive record prices.
http://www.bloomberg.com/news/articles/2016-06-14/sydney-introduces-home-stamp-duty-on-foreigners-after-melbourne
Krusty, what the hell are you waiting for?????

patriotz
Member

A stamp duty is not a “property tax” in our terminology, it’s a sales tax or PTT:

Australia’s most populous state plans to introduce a 4 percent stamp duty surcharge from June 21 and from next year a 0.75 percent land tax surcharge on foreign purchasers

Wow that’ll scare them off.

MarKoz
Member

It also depends on how they define “foreign”. Most of the studies in Canada define “foreign” so narrowly that the result is a foregone conclusion in the negative.

Australia’s policies so far have limited foreign purchases to new homes. So developers buy old homes, tear them down and build new ones. Voila! Complete compliance with the rules!

Best place on meth
Guest
Best place on meth

Even if it doesn’t scare them off, the taxes collected would help solve some serious budgetary issues BC is facing thanks to the inept Liberal government.

Maybe then they could stop nickel and diming local wage earners, at the rate camping fees are going up every year it’ll be $60 a night at provincial parks 10 years from now.

space889
Member
space889

If foreigners want to give you free money for overpriced cardboard structures, I say take it. It’s not like BC is flush with cash. After a decade of BC Libs, we have record official provincial debt, record official + those off books debts, huge healthcare deficits, huge education deficits, huge infrastructure deficits. We frankly need $$$ and lots of $$$. If there is a wave of $100B coming from China, I don’t see any reason why we can’t simply take a 5% or 10% cut and use that money to actually do something useful for the province.

Oh wait, what am I talking about?! It’s the Libs. They are more than happy to sacrifice 1000 commoners’ first born child just so their corporate buddies can earn an extra $1.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Who says “libs”? This is south of the border internet slang.

BubbleTea
Guest
BubbleTea

At least its doing something about the foreign invasion. More than Krusty and Justin.

vangrl
Member
vangrl

a Twitter Tweet

“Still early, but looks like June $1M+ sales could be one third of what they were in May. A 66% drop from May. It’s noticeably slower.”

Hyper-mega-Bull
Member
Hyper-mega-Bull

And how is it versus June of last year?

888888
Guest
888888

Sorry Greg Vancouver didn’t make the list, don’t worry those farmer’s from China don’t know what world class mean’s anyway. http://www.bloomberg.com/news/articles/2016-06-14/osteria-francescana-is-named-the-world-s-best-restaurant

Hyper-mega-Bull
Member
Hyper-mega-Bull

that restaurant looks amazing BTW. wow.

Hyper-mega-Bull
Member
Hyper-mega-Bull

best chinese food outside of asia though.

vangrl
Member
vangrl

Sorry correction, I missed a previous tweet that stated that it was for Yaletown only

Sellnoworbepricedout4evah
Guest
Sellnoworbepricedout4evah

Tweet source ?

HAMster
Guest
HAMster

Vancouver detached home owners who got in years ago are mostly 55 or older now and they can defer their property tax on principal residence until they sell the property, so they already get a break on their taxes by deferral.

Hyper-mega-Bull
Member
Hyper-mega-Bull

I know people who got in last year and have seen gains of over 60%.

Sellnoworbepricedout4evah
Guest
Sellnoworbepricedout4evah

Did they sell them? Paper gain not the same as real gain.

space889
Member
space889

Kind of like stock portfolios? Where those paper gains aren’t really gains until it’s realized as cash? And if you plow those dividends back into stocks….well it’s all paper money again?

squeak
Member
squeak
I am curious how this would translate into national/local economy if everybody sold their stocks/mutual funds to buy real estate, stopped buying any goods/products not related to RE, quit their jobs to work in the real estate industry b/c the rewards and earnings are so much more. How would this affect the people living in Vancouver, would they flee? Would Vancouver thrive? Would Vancouver/Victoria die? Would everybody become rich? And of course, what to do with the homeless/mentally ill/drug addicts, probably will grow in numbers as health care system is eroded, housing too expensive, and people with a lot of mental/emotional pain due to a society that cannot control what is produced/brought in (drugs) due to lack of tax money due to lack of goods/services producing jobs and poverty, as these people are already marginalized. Round them up and hide… Read more »