Friday Free-for-all! Happy Canada Day!

It’s that time of the week and that time of the summer.

Long weekend time, Happy Canada Day!

This is our regular Friday Free-for-all post – an open topic discussion thread for the weekend and news round up.  Here are a few recent links to kick off the chat:

“outright bubble”
It’s made of debt!
“No housing bubble”
Losses down under
Auction fail
Getting out
Diving in head first
Brexit & low rates

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

Sort by:   newest | oldest | most voted
done like toast
Guest
done like toast

You MUST listen to Steele on your side

Finally!!

they talk to a money laundering lawyer who says money laundering is HUGE in Vancouver. Lots of crooks from China coming here with STOLEN money and get expedited immigration and the Province doesn’t care what is happening. RE is being purchased by proceeds of crime.

She says the Government doesn’t care about the people pf BC.
meanwhile Christy does NOTHING about it. No vetting of money.
A lot of business is China IS corrupt.
The Chinese ask the lawyer , why do you allow all our crooks in?

STEELE says this makes me furious!

http://omnyapp.com/shows/lynda-steele-show/how-big-of-an-issue-is-money-laundering-in-vancouv

done like toast
Guest
done like toast

She says all this money is corrupting our society.

Both said legitimate money is priced out

BubbleTea
Guest
BubbleTea

Stop all mainland chinese immigration until the process is revamp. If not, this will eventually destroy Canada as we know it. Happy Canada Day

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I am grateful to the people who have been working on this. Thank you whoever you are. I know who some of them are: Eby, Katy Tomlinson, an SFU researcher, a UBC researcher. I know there are several other people who have an idea about what is really happening and are working to bring it light and get it changed. Thank you.

Madashell
Guest
Madashell

Ian Young@SCMP: A One-Point Plan to tackle Vancouver’s housing affordability crisis: kill Quebec’s millionaire migration scam
According to Vancouver immigration lawyer Richard Kurland, there is no doubt that “the feds have the legal right, pure and simple, to cancel the program”.
http://www.scmp.com/news/world/united-states-canada/article/1983336/one-point-plan-tackle-vancouvers-housing

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Yes, please end it. I hate seeing Vancouver destroyed. Honestly, Quebecois: listen up. This is not trivial. What can be done to persuade you? Can we please figure out some other way to get people to invest in your province? I would be happy to go there for vacation and spend money in exchange for one less investor immigrant. I don’t know if that would be enough though. If you want, I will organize my friends to go there for vacation too. What can we do to improve this situation? What people say on this blog is no exaggeration. It is becoming impossible for people who live here to live here because a few people who don’t live here have much much much more money to spend and are spending it here. People who don’t live here and/or are not… Read more »
patriotz
Member

As I’ve said many times before, all BC has to do is enact an imputed income tax on RE, and that will stop any undesirable, whether they be a Quebec “investor” immigrant or some homegrown sleazeball, from parking their wealth in RE. If BC does not have the will to do this, why should the Feds or Quebec do anything?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I am not sure what an imputed income tax on RE is. If it is not too much trouble, could you explain a little? Thanks.

patriotz
Member

Simple. The owner of a property is assumed to have an income proportional to the purchase price of the property and is taxed on that income. You can exclude people whose incomes were proportional at time of purchase (e.g. Grandpa and Grandma).

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Thanks.
I could see that working. What kinds of objections have been raised against it?

patriotz
Member

I’m not aware of any comments on this specific item, but Christy has said she is opposed to any increased taxation of foreign owners because it may result in lower prices, so I would expect the same for this.

BubbleTea
Guest
BubbleTea

Its because our glorious leader Krusty is in the pockets of the RE cartel. Real estates prices to the moon.

patriotz
Member

Christy is in the pockets of homeowners and is doing what they want.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yeah but do they all speak with one voice? “Homeowner” , er, “Houseowner” includes a bunch of extremely different categories, some of who are coming to recognize that their interests are not those of the others.

patriotz
Member

Of course not, but given the home ownership rate in BC is 70%, Christy only needs about 2/3 of them to have an effective lock on re-election.

elvince
Guest
elvince

I disagree with Kurland. Quebec’s Millionaire Migration Scam (MMS) is a Quebec program. Quebec has the right to choose 2/3 of its migrants (1/3 come from federal refugees programs), and they choose them that way. They could plainly and simply sell citizenship that Ottawa would have almost nothing to say about it.

Blame your parents. They took a train or a plane to Montreal in 1995 to profess their love for Quebec. Had they not, the MMS wouldn’t be your problem.

StupidityCheck
Guest
StupidityCheck

We must act now before the locusts destroy everything!!
http://blog.ninapaley.com/wp-content/uploads/2015/03/locust-eat-tree3.gif

Best place on meth
Guest
Best place on meth

Everywhere they go they’re bringing crime and disease.

http://abcnews.go.com/International/wireStory/italy-crackdown-chinese-community-violent-40278754

The Italians are finally acting but so much damage has been done by the chinese filth.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Some 300 people bring charges with money laundering ? Sadly the Italians don’t have the manpower for this right now.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

How do you know they don’t have the manpower? (Curious… I don’t have any reason to doubt you. I just want to know what reason there is to think this.)

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Italy in a recession/depression. Bank bail outs occurring. They are broke.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Best place on meth
Guest
Best place on meth

“Chinese workers then barricaded themselves inside the factory, and hundreds more gathered outside, throwing stones and bottles at the police carrying truncheons and shields who went in to disperse the crowd.”

That would have been the ideal time to set fire to the factory.

Best place on meth
Guest
Best place on meth

” Rossi vowed to tackle crime in the area, where he said half of all economic activity is illegal, €1bn in taxes go unpaid every year, and money is laundered through international transfers.

“The situation is unacceptable,” Rossi told Reuters. “We need the Chinese community to respect the law and integrate, we cannot have ‘free zones’. We will keep up inspections to clean up this immense production system.”

That’s the problem, they infest other countries and don’t respect any laws, or culture, or language.

Best to exteminate them and never let any more in.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Do you think they mean The Nation (the PRC) or an Ethnicity when they talk about Chinese policemen serving in Italy to make tourists from China comfortable? I think they’re talking about the nation. But how can that be? What does it mean to have such a tourist in your country. Maybe this story is false? I never heard of this newspaper.

https://www.ksl.com/?nid=235&sid=39603118&title=chinese-police-patrol-in-italy-to-make-tourists-feel-safer

patriotz
Member

PRC is a regime, not a nation.

done like toast
Guest
done like toast

everal people were injured in clashes Wednesday outside a factory near Florence where workers tried to prevent Italian health inspectors from entering. Riot police were called in after members of the Chinese community, including the leader of a vigilante group, descended on the scene.

On Friday, Chinese Foreign Ministry spokesman Hong Lei said the Chinese embassy and consulate had lodged a complaint with Italy, “urging it to carry out civilized law enforcement and fair investigation” while protecting the rights and safety of Chinese citizens in Italy.

Italy has beefed up inspections of Chinese-run businesses following a 2013 fire at a Chinese-run garment factory that killed seven people in Prato, the heavily Chinese manufacturing district in Tuscany known for its black market factories and illegal workers.

Best place on meth
Guest
Best place on meth

They mean cops from china.

If they ever tried that here I would harrass those fuckers to no end.

“Go back to china you locust piece of shit!” over and over and over right in their faces.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

To tell you the truth, I think the United States did that with border control at the border between the US and Canada. I think they hired at least one person from China. The reason I think this is that this person was unfamiliar with certain basic features about American culture that I, though Canadian, am familiar with. I won’t specify what it is so as not to give myself away since I have told this story to other people, but I believe that you can’t hire policeman from other countries to police your populace because you will not be able to create proper templates — rules they can follow — because knowledge of the culture is crucial.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

* correct “policeman” to policemen or women”

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Crucial and not fully capturable by sets of rules.

mls watch
Guest
mls watch
BubbleTea
Guest
BubbleTea

“Horgan called on the B.C. Liberal government to launch the task force”
Ha, will Krusty put a stop the biggest industry in BC and bite the hand thats been putting money in her pocket!

VanRant
Member
VanRant

Those once Chinese HAM driven RE market are falling one by one:
– Prices of private homes in Singapore have fallen 11 quarters in a row – Yahoo Finance.
– Hong Kong Property Market in ‘Free Fall’: Hayman’s Bass – Bloomberg.
Vancouver, your next.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

“In Camden, north London, a surcharge of 50% on council tax on homes left empty for more than two years has led to a 40% reduction in the number of empty homes.”

I\'m With Stupid V
Guest
I\'m With Stupid V

Spoke with a bunch of family friends over the holiday weekend.
Everyone puts the blame on foreign capital.
Everyone says this is the new normal.
Everyone is rushing to buy if they haven’t already.
Most have 500k+mortgages on upper middle class salaries.
No one mentioned bubble.

YLTNboomerang
Member

I too spent time with family and friends and as usual everyone talked about real estate. In my cohort most have owned for at least 10 years so even a 50% correction would leave them well ahead, the surprising thing was that every single one of them welcomes a correction! They recognize that the underlying issue is foreign money which then drives locals to over extend and propagate the bubble. My circle of friends are all at the “time to upgrade” stage of life and welcome a price reduction as they finally recognize that the marginal cost to upgrade is lower with lower overall prices. The other thing in common was that everyone hated Krusty and will be voting NDP in May and most of these folks voted for Harper.

patriotz
Member

” the underlying issue is foreign money which then drives locals to over extend and propagate the bubble.”

In other words, the Chinese made us do it. There you have it.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
ostritch
Member
ostritch

Lol! That article is dated 2013.

HAMster
Guest
HAMster
HAMster
Guest
HAMster

Talking with a guy I know just sold their Burnaby townhouse for over asking. Three offers but the highest had subject to financing so they went with the next highest. But realtor says I can squeeze them, so she says to the buyers: “there are multiple offers can you come up?” So they offer another $15K but it was for nothing because the seller would have taken their initial offer. So they just spent an extra $15K they didn’t need to. It was not technically a lie, but it sure was unethical. And the stupid buyers fell for it.

I\'m With Stupid V
Guest
I\'m With Stupid V

Heres how it works.

1.Realtor has an open house. (Which actually results in sales these days as opposed to fishing for new clients scheme and lookie-loos)
2.Tells everyone we are having a blind bid meaning you get one bid and you wont know how much anyone else has bid.
3.Everyone overshoots, even if there is only one buyer, that person overbids because they believe they have to to win the bidding war. They are only allowed one bid so they make it their best.
4.Sells for over asking.
5.New price is set for the area/unit.
6.Rinse and repeat.
7.Oh yah almost forgot, blame offshore money.

patriotz
Member

” it sure was unethical”

The job of the seller’s agent is to get the highest price for the seller. The seller’s obligation to the buyer is not to tell them anything that isn’t true. IMHO the agent would be unethical if they didn’t use every legitimate means to get the highest price.

burntout
Guest
burntout

BC Liberals get big money. You can understand all Christy’s policy decisions by seeing who paid the bills

http://www.integritybc.ca/?page_id=2116

Oracle
Guest
Oracle

IMO, there is only one way out of this now.

End immigration. No amount of taxing homes will help now. Over 1 million 10 year visitor visas were issued in the last 12 months.

Rents are going to go through the roof in Vancouver over the coming year. Not trolling here. Watch and see.

We must end immigration or every “have not ” person better turn crooked in order to provide for their families.

These politicians and their offspring who inherit the corrupt money should be held responsible.

Tim
Guest
Tim

If you’re right, it doesn’t necessarily mean we need to “end immigration”. We just need to end loopholes for somebody else’s 0.1%. Traditional immigration, including refugee claims, has worked well for many decades.

Sellnoworbeprucedin4evah
Guest
Sellnoworbeprucedin4evah

+100

ostritch
Member
ostritch

If he’s right, loopholes ain’t the problem.

ostritch
Member
ostritch

Oracle not to doubt you but where can I substantiate your numbers? And what does this visitor visa allow a person to do? Can they work? Can they stay a limited number of months per year? I once knew but now I forget.

southseacompany
Member
southseacompany

“Housing bubble worries banks” CTV news
http://www.ctvnews.ca/video?clipId=884318

Note fake asian buyers ‘Lee sisters’ make a brief appearance.

richmond, lol
Guest
richmond, lol

Handicapped Parking Violator Busted!!

“In my culture, I have a parking lot guy”

https://www.youtube.com/watch?v=pfIZgwUzgu4

burntout
Guest
burntout

March Cohodes the ‘big Short’ genius who shorted US housing, says Vancouver RE is heading for a cliff. Says it is all Chinese Laundered money and laughs at out Premier’s actions. “Like pissing on a house fire”

that pretty much sums up our Premier alright

http://www.news1130.com/2016/07/01/former-hedge-fund-owner-vancouver-housing-market/

I\'m With Stupid V
Guest
I\'m With Stupid V

He has also said
He insists he has no interest in betting broadly against the Canadian economy, or trying to short the big banks. “They’re well-run, they’re diversified and they’re too big to fail by the Canadian government,”

So basically he is only shorting HCG, while making it sound like the country is going under.

Best place on meth
Guest
Best place on meth

““People need to get upset, protest, speak up, and speak out about what’s going on,” he argues. “I was there when the Canucks lost the Stanley Cup. They were mighty pissed off when the hockey team lost, so I think this a lot more important than that.”

What a city, people here riot over a hockey game but sit quietly as we’re taken over by foreigners – the scummiest kind of foreigners.

patriotz
Member

“laughs at out Premier’s actions. “Like pissing on a house fire””

Christy isn’t pissing on the fire, she’s pouring gas on it. I assume he hasn’t looked into her policies in detail as I think he’s smart enough to get it if he did.

burntout
Guest
burntout

Even though Marc lives in Sand Fran area he has taken our crazy market of bought politicians and money launderers to heart.

Worth following his tweets. He just nails old Christy

https://twitter.com/alderlaneeggs

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

What is the best way to protect myself from the popping bubble (in addition to renting)? Should I go see if my mutual funds include mortgage companies? Should I make sure investment funds are divested of Canadian banks?

Marc Cohodes, do you do any direct advising of little people? I’d be happy to work at the chicken farm for a few days in exchange. I could wash the eggs or feed the hens. I’m really perplexed about what to do.

ostritch
Member
ostritch

If you are thinking like this my opinion is a) stop reading this blog b) get a financial advisor to keep you from going over a cliff. Just because someone says something scary doesn’t mean you should do anything.

I’m afraid you have a strong confirmation bias and that’s going to get you in trouble. That’s why you’re here and why you’re attracted to a short seller. He could very well lose his trousers on this bet and he has won and lost many times before. The losing part being very very painful.

Londonernow
Member
Londonernow

Who keeps saying that Vancouver house prices are locally driven?

“Realtors Pitch Vancouver to Soak Up Capital Flight From Brexit”
http://www.bloomberg.com/news/articles/2016-07-04/realtors-pitch-vancouver-to-soak-up-capital-flight-from-brexit

Zero Down Forty
Guest
Zero Down Forty

Realtors will pitch anything to sell a home; HAM, locals, interest rates will never go down, land is running out, Brexit, Boomer parents, fake asian sisters, immigration … the list goes on.

southseacompany
Member
southseacompany

“Why smart money is still investing in Canadian houses: Don Pittis”, CBC News
http://www.cbc.ca/news/business/house-prices-brexit-negative-interest-1.3659726

“Sorry, young house hunters. It turns out the overpriced home you were hoping to buy isn’t just a place to live. Now, maybe more than ever, houses are a financial investment.”

“In fact, a new flood of money into the global economy from central banks in an attempt to counteract the depressing effect ot the Brexit vote only makes putting cash into real estate a sounder financial investment.”

HAMster
Guest
HAMster

It is not a bubble if all agree it is not a bubble.

southseacompany
Member
southseacompany

“Brexit fears push back hopes of US interest rate rise to 2018”, The telegraph
http://www.telegraph.co.uk/business/2016/07/02/brexit-fears-push-back-hopes-of-us-interest-rate-rise-to-2018/

“A surge in US hiring will not be enough to prompt a Federal Reserve interest rate rise this year or next, investors believe, as ripple effects work their way across the Atlantic.”

southseacompany
Member
southseacompany

“The one quick way to cool the GTA housing market: Mayers”, Toronto Star
https://www.thestar.com/business/personal_finance/2016/06/29/the-one-quick-way-to-cool-the-gta-housing-market-mayers.html

“There’s little point in Finance Minister Bill Morneau studying what to do about over heated housing. He already knows the answer.”

“the quickest way to cool the housing market is to invite Bank of Canada governor Stephen Poloz down to the office and agree to let interest rates rise.”

patriotz
Member

That’s the quickest way to cool the whole Canadian economy, including the parts that are already in the freezer. Just slash the CMHC limit – and he doesn’t have to get the BoC to go along.

franko
Member
franko

You’re living in the past Patrioz. Long gone are the days of tight money supply when central bankers could spur the economy by juggling rates. The world is awash with money, and all efforts by central bankers to kick-start their economies for the past 8 years have been utterly futile, even as they flirt with negative rates.
A quarter point hike by the BoC would affect the economy about as much as flogging a dead horse, but it would certainly send alarm bells through the housing market.

patriotz
Member

Leading the US on interest rate increases will certainly hurt the economy in many sectors. I don’t think the low rates are accomplishing anything, but Canada cannot buck the US in raising them.

VanRant
Member
VanRant

Fintrac getting tough?
“Everything in the real estate business has changed. Everything.”
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) enforces a law that says real estate agents must identify their clients and verify where their money is coming from. They must report any large cash transactions. They must also be on the lookout for suspicious financial actions and refer them to the authorities. This cannot be ducked or avoided. It is the law and woe to you if you ignore it.
http://www.remonline.com/publishers-page-everything-in-the-real-estate-business-has-changed/

squeak
Member
squeak
Oh, it has? Must identify their clients? If not, may be a 2 dollar fine? Verify where the money is coming from? Ok, it is coming from xyz country. Yes? Now you know where it is coming from. We complied. Oh, yes, report large cash trans actions: Ok.. here is 5million dollars in cash. Reported. That is nice. Complied. Look out for anything “suspicious”. LOL. What exactly do they consider “suspicious” these days? I think this whole honking country is suspicious. Lack of transparency is blinding, a media that is tranquilized by money, people that don’t dare speak what they think in fear of being ousted for a variety of invented reason that are fuelled by .. yes you guessed it.. money. It has gone pathetic. And “refer” them to the “authorities”? What authorities?? These “authorities” are dysfunctional. But of… Read more »
VanRant
Member
VanRant

We will find out if Fintrac has any teeth or if its for real very fast. If its for real, it could be a game changer with all the dirty money thats has been flooding into the lower mainland housing.

BubbleTea
Guest
BubbleTea

They did fine a big bank 1.1 mill earlier this year and thats a 100% more than Krusty and Justin had done.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Tiny slap on the wrist.

ChinaOne
Guest
ChinaOne

We pay off government bureaucrat official and your leader. Then more my cousin can come and buy houses.

Your people let us. We own all detached house in Vancouver in 10 year. Then your women work in our house. Yayayaya

patriotz
Member

“and verify where their money is coming from”

Which is ABC bank in Canada via a transfer from XYZ bank in Canada. That’s all you get. Obviously no private party is going to be able to dig any further.

patriotz
Member

Oops XYZ in China, of course.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Fintrac has been around for a long time. With the same mandates. Nothing has ‘changed’.

different this time
Guest
different this time

Larry isn’t doing the AVERAGE price stuff right after the end of month.
Anyone have a number?
Thanks

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

What do the numbers even mean anymore? Nothing. Since (1) the market is open to endless nonresident foreigners or resident nontaxpayers with endless money (relatively speaking), and since (2) there are apparently large amounts of corruption at various points in the system, and lots of scamming in the getting prices from buyers, the numbers mean nothing. They’re just a joke — they don’t carry any information.

paulb
Member

New
408
Sold
224
TI:8496

http://www.paulboenisch.com

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

CRASH IT CRASH IT CRASH IT. Organize 100 people (who promise not to break ranks by offering higher prices or competing with the others in the group) to go around and start making lowball offers at carefully picked properties-for-sale. Get a trusted financial advisor to estimate best numbers to offer for maximum effect. If a lowball accepted, then buyer take the property. If not accepted, buyer does not offer any higher nor compete with others.

Oracle
Guest
Oracle

Atlantic Canada to double immigration levels because Mcallum and Trudeau signed off on it today.

I think these clowns are toast.

Where the duck do they think these immigrants are going to end up? Halifax. Yeah fucking right.

Immigrant consultants will apply for them there, as soon as they land they will be in Vancouver or Toronto.

Fucking morons know this too. Time to demand an end to immigration via a referendum.

wpDiscuz