Condo king knew buyer tax was coming (via educated guess)

The recent announcement of a 15% foreign buyer tax was a surprise to a lot of people. Even finance ministry staff were kept in the dark about the tax.

One of the few exceptions seems to have been a very successful local condo marketer who also happens to be the chief fundraiser for the liberal government.

Mr. Rennie said he knew an additional property transfer tax for foreigners was coming about three weeks ago, but he figured it would be about 5 to 8 per cent. He said a more holistic approach would have created a tax targeting speculators of any nationality for flipping properties rapidly and “interfering in the market.”

But as Rennie points out, the polling showed that people were ‘frantic’ and specifically wanted a tax on foreign buyers. He has since clarified that it was an astute assumption based on those polls rather than inside information that led him to believe a foreign buyer tax was coming. He has offered to step down as the chief fundraiser if the BC liberal government asks him to.

Though the optics of a marketer having advance knowledge of a surprise tax in his market isn’t great, what advantage could be taken of this position?

So far the tax has mainly provided marketing opportunities and  big headlines of a 75% drop in sales even though most sales haven’t been recorded yet.  Nobody really knows what affect this tax will have on the market if any, so what would you have done with a 3 week advance notice that this tax was coming?

 

Sort by:   newest | oldest | most voted
Ulsterman
Member

I can feel the bear excitement! Again, i preach caution. This may be the beginning of a correction or just as likely, the beginning of nothing SIGNIFICANT at all. There have been 4-5 changes since 2008 that us bears have considered the “this is it” moment. Don’t get too excited folks. If prices flatline or even drop 10-20%, so what? Most of bears have been growling around here when prices were half what they are now.

Grim
Guest
Grim

How about how Canada lost 5K jobs last month, from an expected +30k. Combined with housing accounting for 50% of our GDP growth, is there really anywhere to go but down?

trackback

[…] deals end up in court? –Anecdotal panic –The google docs data spreadsheet –Eby seeks inquiry into tax info leak –Government will intervene […]

BubbleTea
Guest
BubbleTea

This is insane, from a tweet: Last summer – “The least expensive SFH home at 8555 Fremlin St. is listed at $1,189,000” Oh look it’s back!
Wait for it…… the new listing price, 2.55 million!
So funny! People are so delusional.

Confused
Guest
Confused

According to Ross Kay, prices in Vancouver has dropped 10% already. Someone did not tell the retard on 8555 Fremlin.

hgfd
Guest
hgfd

Sky-high Chinese tariffs block Canadian access to market

MO851, a Montreal-based maker of luxury leather goods, has opened a boutique in Beijing, hoping to cash in on the huge Chinese consumer market with a taste for luxury goods.

A bag that retails for $465 in Montreal, costs 90 per cent more in Beijing due to tariffs, taxes and luxury taxes.

Jim Stanford, an economist for the CAW, now part of Unifor, says the result of high tariffs is a loss of jobs to Canadians.

“It is incredibly frustrating that these policies which are very advantageous to China have really curtailed our ability to export to China,” he told CBC News.

Chinese products face no such tariffs as when they are imported to Canada, despite undercutting many Canadian-made goods.

http://www.cbc.ca/news/business/sky-high-chinese-tariffs-block-canadian-access-to-market-1.2481938

……and all the whining when a tax goes on the other way……

Best place on meth
Guest
Best place on meth

We shouldn’t be trading with those douches, they’ll find a way to screw you over in business every time.

Combat roach
Guest
Combat roach

It is fucked up mentality where flipping is prevalent business model based on general idea of screwing the other side up.

hgfd
Guest
hgfd

Re above article…..Shall we call it the anti francophone tax?

paulb
Member

New
201
Sold
137
TI:9215

http://www.paulboenisch.com

YLTNboomerang
Member

When will the impact of the new tax start showing up in the stats in your opinion Paul?

Oracle
Guest
Oracle

Now. Sales are when subjects removed. This is it.

hgfd
Guest
hgfd

Dumb question……does Paul have a crystal ball?

Shut It Down Already
Guest
Shut It Down Already

It should have showed up already. The “sales” in these stats are subject removals. As in, people are either still making subject free offers or they’re removing subjects knowing that the extra tax is payable. Or they’re locals, of course….

YLTNboomerang
Member

No fucktard but he is a realtor and I asked for his opinion not yours!

Best place on meth
Guest
Best place on meth

YLTN, the sales you’re seeing today are still from prior to the annoucement.

Give it another week to “start” seeing the effects, if there are any.

Oracle
Guest
Oracle

BPOM: Sales are when subjects are removed. So what you’re seeing now is local activity. This is it.

Permanent Residents continue to bring in foreign laundered money and buy up multiple detached houses.

Only way to stop it is an uprising demanding an end to immigration.

bullwhip29
Guest
bullwhip29

Overpriced Real Estate Might Be the Only Thing Holding Up Canada’s Economy
http://www.vice.com/en_ca/read/is-overpriced-real-estate-the-only-thing-holding-up-canadas-economy

– no doubt the housing market is way too big to fail.

Oracle
Guest
Oracle

Hope it fails. And we face a depression.

Wealth is relative. I profit from downturns.

patriotz
Member

Any policy change by the Feds to prop up Vancouver would push Toronto higher still and make an eventual bust there more severe. My bet is that they will let Vancouver go down the tubes and let Christy take the blame. Remember she’s the one who’s been bragging about her superior economic leadership and slagging Justin’s new pal, Rachel.

hgfd
Guest
hgfd

Patriotz, could you be a little more partisan please?

Adult huggies
Guest
Adult huggies

The earlier the collapse in the liberal term the better, they can blaim it on the Harper goverment. Thats why i think they will not get involved.

Adult huggies
Guest
Adult huggies

And the liberals love to spend, this will give them an excuse to increase deficet spending to get the economy going.

Newcomer
Member
Newcomer

The whole business of making the eventual bust more severe has worried anyone for the past ten years, I don’t see why they would start worrying now. Don’t get me wrong, I’m not saying the feds will ride in and save the day. I just don’t think anyone in charge worries very much about the future.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
Wallie
Guest
Wallie

10% down payment. I never realised CMHC insured mortgages of non-citizens/non-permanent residents.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

That can’t be true can it? Sorry if it’s not too much trouble, is there a link that would show this? Why can’t the banks use some other insurer for non-cit, notPRs? So we are on the hook for any arbitrary Joe who defaults, even if he lives half way around the world?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Holy fuck this idiot has a PhD and works for BC hydro making $75,000 and he is crying like a bitch for $54,000. I am happy they suspended his GOFUNDME page.

He said the he only learned about the tax on Aug. 2,what a BS from the guy who holds a PhD. I think he was setup by REBGV to incite sympathies to push all retroactive deals to go through before been hit with surprise 15% tax.

http://www.cbc.ca/news/canada/british-columbia/foreign-real-estate-tax-bc-1.3706527

Best place on meth
Guest
Best place on meth

No doubt he’s a repeat of the fake chinese sisters from MAC marketing.

Combat roach
Guest
Combat roach

Right, they all share the same common look of cheap amateur porn actors.

Best place on meth
Guest
Best place on meth

Yep, fake sob story.

Best place on meth
Guest
Best place on meth
Best place on meth
Guest
Best place on meth
YLTNboomerang
Member

I looked him up on BC Hydro’s salary publication (all are listed) and no Ahmadi listed….unless he was just hired but 4 years seems long for a PhD unless he skipped the masters.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Worse Crisis than 2008 Coming: Peter Schiff.

https://www.youtube.com/watch?v=GNEagj7RtvA

Adult huggies
Guest
Adult huggies

Peter Shiff is a contrarian indicator. Do the exacty the opposite if you want to keep your money.

Ray
Member
Ray

Up +30% YTD based on Schiff ideology and picks. Don’t be an idiot.

bullwhip29
Guest
bullwhip29
It is given that a connected few were aware of this a long time ago. For all we know, they had a hand in implementing it. As I have mentioned, this new tax will not affect many buyers going forward esp those that are interested in only doing a simple business transaction (that being moving capital). I thought it was rather odd that markets on the island, sunshine coast and elsewhere suddenly took off like a shotgun earlier in the spring after more or less flatlining for some time (even as prices in gr vanc going parabolic). places going for 600-700k in victoria are suddenly changing hands at 1M. even in a sleepy little place like gibsons where homes were selling for 300k back in feb have seen comparable places spike to 425-450k. https://www.biv.com/article/2016/8/nearby-recreational-markets-dodge-foreign-buyer-le/ I have have always been of… Read more »
BubbleTea
Guest
BubbleTea

(Ethic Chinese) Canadians, Australians and others are being treated as Chinese citizens by China. Canadian-born Chinese with Hong Kong parents, for example, have been told they are Chinese nationals and not allowed to travel to China on their Canadian passports, but must use a Chinese permit instead.
http://www.theglobeandmail.com/opinion/for-ethnic-chinese-from-hong-kong-foreign-passports-offer-no-protection-in-china/article31265018/

space889
Member
space889

Don’t US treat children of US parents as US citizens regardless they are born and whether they are already citizens of other countries or not? Same as any kids of Canadians parents born worldwide is also a Canadian citizen.

Confused
Guest
Confused

This is why on a tour of China, I was asked by Chinese immigration to change my place of birth from Hong Kong to China on the custom form. They also insist that I write my name in Chinese, even through I was born as a British subject at that time.

Bag it and tag it
Member
Bag it and tag it

“And it is time for the governments concerned to take a stronger stand about the rights of their passport holders, including the right to travel to China using a passport.”

OK so let me get this straight. They exploit countries like Canada for the sole purpose of getting a passport before moving back to Hong Kong and now they’re upset that China does recognize the passport and they want us to stand up for them?? Hahahahah

Bag it and tag it
Member
Bag it and tag it

Oops…that should say “…China doesn’t recognize the passport….”

Hyper-mega-Bull
Member
Hyper-mega-Bull

This is how Vancouver is pulled into the sino sphere.

Just as the Chinese government interfered with the teachers strike they’ll “protect” there citizens living in Canada when they need to.

Combat roach
Guest
Combat roach

Hopefully when Trump gets elected Canada will have to make a choice.

space889
Member
space889

Yes, renegotiate NAFTA on favorable terms to US or get the fuck out.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I didn’t know they interfered with the teachers’ strike. In what way?

Hyper-mega-Bull
Member
Hyper-mega-Bull
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Holy fcuk. I totally missed that.

“The government of China has stepped into the B.C. teachers’ strike and that is raising concern about a major source of lucrative international students for B.C. school boards.

“Officials from the Chinese Consulate in Vancouver met recently with Education Ministry …”

Best place on meth
Guest
Best place on meth

Yeah, the leaders we elected to represent us are working for the fucking locusts instead.

Both groups can rot in hell.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

This is just making me sick to my stomach. They shouldn’t be messing with our education system in that way. Every parent I knew very much supported the teachers, but however that may be, the issues have to get worked out between the teachers and communities in which they teach and the relevant BC govt bureaucrats. I just can’t believe that China had a voice in this. I mean I believe it, but I wish it were not so.

Best place on meth
Guest
Best place on meth

I’m sure you’re well aware of how locusts feel about workers rights.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

This makes me very curious about WHY China weighed in. Was it just because it had Chinese nationals living here who had decided they wanted the strike to end because it was inconvenient for them since their children were enrolled in our schools, OR was it instead (a more sinister possibility) that the teachers were asking for something in their collective agreement that China decided would be against its interests?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

*know

Combat roach
Guest
Combat roach

Some bogus BC Parents’ Federation showed up to lynch BC teachers because of the labour dispute. Fuckers have no shame as long as it isn’t part of their agenda.

https://youtu.be/d2mwTkAzRNw

MikeS
Member
MikeS

Well, just got https://www.realtor.ca/Residential/Single-Family/17239720/20431-46-AVENUE-Langley-British-Columbia-V3A3H7 for under asking. Mother-in-law’s health took a turn for the worse and so she sold her place and she’s moving into the suite we’ll build her.

I look forward to it losing 100K in value over the next year and saying “I told you so” but I think that’ll be the only upshot for me.

Ah well. Interesting times.

Newcomer
Member
Newcomer

Happy wife, happy life!

bestplaceonearth
Guest
bestplaceonearth

Amen!

bestplaceonearth
Guest
bestplaceonearth

the bright side, you get to live with your mom in law. your wife will even love your more for this.

MikeS
Member
MikeS

Definitely gonna be seperate entry 😀

bestplaceonearth
Guest
bestplaceonearth

Oh no, it’s the end of the world ! the sky is falling, the sky is falling. Stupid bears just don’t realized, as soon as the prices get corrected by 20%, the foreign buyers will move in again. Back to my trailer at Trout lake.

Combat roach
Guest
Combat roach

Right, that’s why Canada needs to restrict shit coming from China until they get their act together and catch up with the rest of civilized world.

HAMster
Guest
HAMster

Foreign investors even screw up the blueberry market:

http://www.cbc.ca/news/canada/british-columbia/blueberries-blueberry-bc-market-china-money-land-1.3707048

The owner, an investor from mainland China, leases the estate to Fred Liu at such a bargain the farmer grows blueberries in its fields even though the bottom has fallen out of the market.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I thought the ending of zero down payments a few years ago would be the thing that finally brought down the market. It didn’t.

Then I thought the million dollar / 20% down regulation would do the trick. It didn’t either.

Same with reducing mortgage lengths to 35, then 30, then 25 years. No, no, and no.

Price increases for CMHC insurance. Nope. Ending “5% cash back ” mortgages. No. Tightened OSFI lending rules. No. Higher down payments over 500k. No.

The last 10 years has seen numerous rule changes designed to cool the market, yet it has kept rising. Will this new tax be the final straw that breaks the market? I hope so, but I’m not holding my breath.

Zero Down Forty
Guest
Zero Down Forty
Actually, when Flaherty upped CMCH standards back around 2011-13 home prices did flatten and there was a year back then that the average price in Metro dropped 3%. Apartment prices were flat in Metro from 2010-15. Taking inflation into account they were actually falling in real dollars. Of course, the changes were designed to slow or flatten the market – but not crash it – hence, no major price drops. Then in early 2015 Poloz started dropping rates due to the oil crash. Media back then were predicting that his actions would inflame the Van and TO markets. Happened. But, it’s not just CMHC and BoC – it’s the bond market that sets long term rates, and it is crazy with ECB printing money, buying bonds, now Brexit… and investors attracted to Canadian bonds. Central bankers have doubled the worlds… Read more »
HAMster
Guest
HAMster

Perhaps none of that worked because the market was being driven by foreign cash?

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid
Definitely agree that foreign cash has been a major factor. But I think another reason these rules haven’t had a larger effect on prices is that they all address demand, but none of them address supply. On the detached side of the market nothing has been done to change the ALR, which is the major reason why we haven’t seen a net increase in detached supply in decades. But the condo supply has for some reason only barely kept up with population growth. In a normal functioning market you would see an increase in supply as prices rise and interest rates fall, but we haven’t seen the massive construction boom that you would normally expect (like they had in places like Miami and Vegas ten years ago). I suspect that onerous permitting rules, red tape, etc. is mostly to blame… Read more »
Zero Down Forty
Guest
Zero Down Forty

2001-2011
Population increased by 123k households
Housing stock increased by 163k dwelling units.

The classic over-building that is the sign of a housing bubble.

http://www.metrovancouver.org/services/regional-planning/PlanningPublications/2011_CensusBulletin1-Pop_and_Dwell.pdf

Zero Down Forty
Guest
Zero Down Forty
Kim
Guest
Kim

There’s plenty of supply. Rents have not increased to the point where it’s unsustainable like in the Bay Area (median for 2 br is 5k a month). But when you treat housing like stocks, then no, there is not enough supply. People are forgetting that the canadian dollar is pretty worthless these days and will be worth even less as the US fed raises rates again later this year or next as the BoC will be too chicken to raise rates. Remember, the dollar is down about 25% from its peak. Heck, just in the past couple years my favorite 1.50 chicken dish at Dai Tung went up 33% in price to 2 bucks. Maybe not that significant but it parallels the rise in real estate and the drop in the dollar.

Kim
Guest
Kim

Older house in Oakridge, new listing 6062 Fremlin, lot 67×120 for 2.998m. For comparison, Older house on 49th in same area 2.499m on smaller 33×120 lot before tax was announced. Neither have sold yet.

Hyper-mega-Bull
Member
Hyper-mega-Bull

the tax and how it was implemented is a shock to the market. i expect prices to go down until the uptrend resumes. if prices don’t go down at all you know that this is a very strong market.

many HAM will find surrogates to buy through. but the tax will defiantly reduce demand.

one has to ask themselves, over the years has interest from China been growing or staying the same. i think it has been growing.

Dave
Member

I wonder how many people will actually try to find a way around it. A lot of that foreign money was coming to Vancouver because we’re so laid back from a legal and tax point of view. It’s easy to park money here and you don’t get bothered more or less. But, this tax is a big change because the government has sent the message that people aren’t happy about the whole city being bought up and the government will intervene. You might find a way around it next month, but are you going to get hit up in a year, or possibly lose the whole investment? I’d say that dodgy purchases carry more risk today than they did two weeks ago.

Hyper-mega-Bull
Member
Hyper-mega-Bull

We’ll find out.

But it would be a mistake to predict what HAM does using a western perspective.

For HAM cheating is a virtue. It shows how clever they are. And family networks and uni friends are very strong relationships
Western people who can’t even talk about money with their best friends or family can’t conceive that someone would put property in another’s name. But it’s reality.

It’s common for HAM to use credit cards in other people’s names.

All this is happening under your nose because of a strong in-out group mind set. And u r the out group.

Whistler or Bust?
Guest
Whistler or Bust?

Wow HMB’s tune has sure changed. Where are the pictures of the space shuttle? Perhaps a pic of the Challenger would be better suited.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Obviously if you think HAM is driving the market and the government , despite what it has said the whole time directly attacks HAM you have to revisit your predictions. Otherwise you are no better than the people who use bearlogic

Hyper-mega-Bull
Member
Hyper-mega-Bull

also the clark implemented the tax quickly for political reasons. if she said there would be a tax in 6 months we would see a foreign buyer frenzy, and the government is now reporting foreign buyer numbers.

imagine the headlines when 50% of buyers are foreign. not good optics going into the election. so she decided to screw people who already had signed deals. what a fucking mess.

Grim
Guest
Grim

its not about the tax, its about gov intervening. Who wants to invest in a market where the gov may do something wild like introduce a 15% tax that initiates in 9 days, with no warning to current deals in place?

When are they going to raise it to 20%? Will they give more warning next time? What else are they going to do? Its unpredictable now. This is like banning short selling during market selloffs, it just causes the market to sell off more.

Dave
Member

Is it a mess? Hopefully.

patriotz
Member

“so she decided to screw people who already had signed deals”

As if they were not trying to screw many other parties themselves, not the least BC taxpayers. Christy let them off easy.

Hyper-mega-Bull
Member
Hyper-mega-Bull

How is a local selling their house to a foreign national screwing anyone?

Would you like to see home sellers write “no Chinese” on their listing?

patriotz
Member

Oh you mean the locals who thought they’d make a killing selling to a foreign buyer? Well they get to keep the deposit if the buyer backs out. That’s getting something for nothing and they can take another shot at selling.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Many of these locals bought houses to move into. What happens to those deals?

I thought you were a smart guy patriotz. Why do I have to spoon feed u this stuff?

patriotz
Member

These fools are the people who need spoon feeding.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Treat housing as an investment, expect to take risks.

southseacompany
Member
southseacompany

“B.C. Real Estate In ‘Absolute Mayhem’ Amid Talk Of Sales Collapse” Huffington Post

http://www.huffingtonpost.ca/2016/08/03/vancouver-real-estate-mayhem-foreign-buyer-tax_n_11322488.html

“Sales have been falling for months. For all the talk about the foreign buyer tax, data from the region’s real estate board shows home sales in Greater Vancouver fell for months before the tax was announced.”

patriotz
Member

“analysis of MLS data found that detached home sales collapsed by 75 per cent in the few weeks after the provincial government announced it was introducing a 15-per-cent sales tax on foreign buyers of residential real estate in Greater Vancouver.”

The tax was announced on July 25, nine days before the dateline of this article. Oh well it is the HoPo after all.

Dave
Member

That’s the media for you. Reporters are terrible nowadays. They either get it wrong or push a deceptive narrative.

Newcomer
Member
Newcomer

The media sells entertainment. Reporters write what gets read.

Specuskeptic
Member

“Reporters are faced with the daily choice of painstakingly researching stories or writing whatever people tell them. Both approaches pay the same.”
– Scott Adams, (The Dilbert Principle)

Combat roach
Guest
Combat roach

Idiot…

“Jonathan Cooper of Macdonald Realty predicted some of these collapsed deals would end up in court.

“I think the next chapters in this story are going to be written by lawyers,” Cooper said, suggesting sellers could sue buyers who backed out of real estate deals, demanding compensation if they can’t find other buyers willing to pay as much for their houses.”

http://m.huffpost.com/ca/entry/11322488

Dave
Member

I bet very few end up in Court. It didn’t happen in 2009 when people walked from deals. The legal system fails the average person. It’s too complicated, arbitrary, expensive and time consuming. Unless you’ve lost a big sum, it’s not worth the bother. The legal system is only for the 1%.

Adult Huggies
Guest
Adult Huggies
southseacompany
Member
southseacompany

“Tales From Vancouver’s Housing Boom: The Winners and Losers”, BNN Video

http://bloombergtv.ca/2016-08-02/news/industries/real-estate/tales-from-vancouvers-housing-boom-the-winners-and-losers/

“Bloomberg News’ Katia Dmitrieva reports on the different people impacted by the housing boom in Vancouver.”

southseacompany
Member
southseacompany

Sales drop but prices rise;

“Vancouver detached home prices surge 38% amid tight supply in July”, BNN

http://www.bnn.ca/vancouver-detached-home-prices-surge-38-amid-tight-supply-in-july-1.537498

“The Real Estate Board of Greater Vancouver says benchmark detached home prices surged 38 per cent last month to almost $1.6-million.”

“Overall, sales fell nearly 19 per cent in July amid a sharp drop in listings from the previous year. “

Boombust
Guest
Boombust

Higher prices and thinner sales volumes usually precede a major bust. “Nothing to see here; move along, folks”.

Adult Huggies
Guest
Adult Huggies

Guy at work who convinced his wife and all his extended family to speculate on multiple properties with maximum mortgages they could get is freaking out and saying he thinks its going down 30% or more. He is already thinking about claiming bankruptcy if that occurs. This was a guy who just a few months ago said yvr property only goes up. How quick things have changed, its almost unreal.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

If co-workers seem a bit distracted in the coming months we must cut them some slack. It won’t be hard to keep in mind what they must be going through.

squeak
Member
squeak
So far so good…maybe. Many have rightfully lost faith in this province, if not this country. Things could be done so much better if our elected leaders would be so kind to be transparent and none of this backroom BS. Yes, many of those that “own” homes have been “playing being better”. But that is ok, it will not affect who I am, humbleness goes a long way, b/c it washes well in good times as well in bad times, no need to impress, pretend or keep up with the Jones’s. If a person places all their eggs in one RE basket, that should be their problem, solely. Not mine, b/c I did not: plain and simple and straight forward, no whishy washy. TY. There is a saying, the higher up you are, the harder you fall, unless the person… Read more »
Boombust
Guest
Boombust

If this is true (and, why wouldn’t it be?) I have a sneaking suspicion that many others are in the same boat. For example, my wife has told me of several co-workers whose “risk-taking/speculative” members have put condos in their kids’ (millenials, mostly) names with HUGE mortgages and minimal down payments…so, they’ll be the ones with a ruined credit rating when all is said and done. “Don’t Cry For Me, Argentina”.

Confucius
Guest
Confucius

In the Spring, my wife was told by one of her patients she just met to buy a house as soon as you possibly can. He was so adamant and raging. I wonder how many other random strangers, friends and acquaintances he told, lol.

Adult Huggies
Guest
Adult Huggies

We all witnessed the peak of this mania.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I thought I was experiencing it a few years ago when the 20 something woman who did my hair rolled her eyes and looked askance and acted superior to me because she had bought a condo and I had not.

BubbleTea
Guest
BubbleTea

My friend, he is an architech, purchased a house earlier this year, owns two houses already, told all his friends to purchase more including his dentist cause it’s going up. I think he better look for a new dentist soon.

Adult Huggies
Guest
Adult Huggies

Co worker bought first house in 2012, then another in 2014, another 2 in 2015. Down payments taken from existing equities gains using line of credits to buy next property and so on and so on. One bought in his name one in wifes one in brothers one and one in parents name using pension income from parents. Fake rental agreements for all and a whole lot of questionable ways to show income suggested by mortgage specialist at bank. All mortgages and lines of credits maxed out.

Boombust
Guest
Boombust

“…..risk-taking/speculative parents”…

burntout
Guest
burntout