Friday Free-for-all! August 12th 2016

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

–What record low rates mean for savers & economy
–Repeal foreign buyer tax
–Housing intervention could sideswipe economy
–Vancouver drop in building permits is countrys biggest
–How the market could affect banks
–Realtors mix business with condolences
–The crackdown on smurfing
–

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

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bullwhip29

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Click to flag and open «Comment Reporting» form. You can choose reporting category and send message to website administrator. Admins may or may not choose to remove the comment or block the author. And please don't worry, your report will be anonymous.

Data collected by B.C. likely overstate role of foreign buyers: economist
http://www.theglobeandmail.com/news/british-columbia/data-collected-by-bc-likely-overstate-role-of-foreign-buyers-economist/article31384242/

>>>more spin from Cameron Muir, BCREA’s pretend chief economist (not to mention former realtor, data manipulator at CMHC and Kwantlen college alum)

>>>on a similar subject, anyone know who has the inside track on who will be tapped to be new superintendent of real estate brokers? surely, it will be someone in the the family…

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Loon

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Since foreign buyers only represent 5-10% of all sales and about 10% of all value, something interesting may be upon us.

Extrapolating further the theory that foreign buyers take out from the market but don’t put back in, you can say that the people selling to foreigners are most likely locals who are buying back in.

However when foreigners don’t buy (because of absurd taxes on them) then those locals also don’t buy back in to the market which could potentially lead to up to 20% less (10% foreign, 10% local) dollar value exchanging hands in the market.

So what does this do to home prices ? Reduce them obviously, by how much ? I’m willing to guess 10-20%, a guess as good as any.

Thoughts ?

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bullwhip29

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Stunning 97-year-old West Vancouver character home may be demolished
http://globalnews.ca/news/2878778/stunning-97-year-old-west-vancouver-character-home-may-be-demolished/

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HAMster

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Owners paid $523,000 for this in 1994.

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bullwhip29

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realtors leaving no stone unturned in this freakshow market…
http://www.anglicanjournal.com/articles/-the-sky-s-the-limit-in-vancouver-and-toronto-church-buildings-fetch-top-dollar

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Kim

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They’re going to turn everything into condos and homes. Forget our parks, schools, firehalls, etc. We don’t need services. Just houses.

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bullwhip29

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How do young people afford a house? They find roommates.
http://www.macleans.ca/economy/realestateeconomy/young-people-afford-house-roommates/

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bullwhip29

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German bank starts charging customers to hold their cash in negative interest rate world
http://business.financialpost.com/news/economy/german-bank-starts-charging-customers-to-hold-their-cash-in-negative-interest-rate-world

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southseacompany

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“Vancouver real estate: Doubts about foreign-buyer tax leave Trudeau in bind”, The Province
http://www.theprovince.com/business/real-estate/vancouver+real+estate+doubts+about+foreign+buyer+leave/12119694/story.html

“In Vancouver, there’s plenty of worry the 15 percent tax on foreign home buyers could be too successful, chasing away legitimate investors. In Ottawa, the big worry is the tax won’t be enough.”

“Federal government officials studying the move have doubts about its effectiveness to slow the market, according to two people familiar with discussions on the matter who spoke on condition they not be identified. Offsetting factors include Vancouver’s lack of supply and Canada’s record-low interest rates. “

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franko

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” In Ottawa, the big worry is the tax won’t be enough ”

In Ottawa, the big worry should be to derail McCallum who is totally out of control!

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Best place on meth

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“One potential option would be a transaction-based tax implemented at the local or provincial level that tries to target speculators, said Jean-Francois Perrault, chief economist at Bank of Nova Scotia who has worked at both the finance department and Bank of Canada. The sooner you turn over the house, the higher the tax, he said.

The added benefit is it allows you to avoid the discriminatory aspect that makes British Columbia’s measure a blunt instrument. “To the extent you want to deal with speculators, putting a tax on speculation of some kind, whether it’s to foreigners, to Canadians, or everybody is one way to go,” Perrault said.”

Very sensible, this should be the next step taken.

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realist

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Sensible indeed. Our present circumstances are a direct outcome of the exemption of the principal family residence from capital gains tax in 1971. The first significant Vancouver housing bubble occurred less than a decade later. It’s time to fix it, and it’s not difficult. Unless you’re a politician.

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southseacompany

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“Bank Governor Poloz Says Toronto’s Real Estate Market Is A House of Cards”, HIBusiness
http://hibusiness.ca/2016/08/12/bank-governor-poloz-says-torontos-real-estate-market-is-a-house-of-cards/

“Earlier this month, the governor of the Bank of Canada, Stephen Poloz, cautioned that the real estate markets in Toronto and Vancouver are about to take a big hit. The price of housing within these two markets ceases to be rapidly increasing. Toronto’s rising prices are “unlikely to be sustained.””

““When people say, ‘Well, I need to buy a house because I’m worried that prices are going to go up this much again next year and I’ll be priced out of the market,” in our opinion the fundamentals do not justify that kind of extrapolation.” said Poloz during the press release.”

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Zero Down Forty

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Breaking news: Man who builds house of cards says it’s a house of cards.

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Ulsterman

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On day 20 or my 33 day US road trip and I’m not missing the bullshit that is Vancouver housing. Of course i can’t let go of reading this blog even after all these years. It’s delightful to be in a country where for the most part, housing is somewhat affordable. I was in Chula Vista, 8 miles south of San Diego last week. The house i was borrowing from a friend has doubled in C$ since 2010, and is still a relatively affordable US$440k. Now that’s not cheap, but i can be in downtown SD in 10 minutes. Currently in Las Vegas where the houses are still a bargain even after the massive bounce off the bottom. Enjoy your weekend in the Bestest Place on Earth fellow bloggers! Remember, don’t get too excited by the recent slowdown. Odds are… Read more »

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OPENHOUSEMASSACRE

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CDN 4.5 milion
https://ssl.cdn-redfin.com/photo/48/bigphoto/107/160040107_0.jpg

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Funkeymonkey

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My job pays 5h less in San Diego. So roughly 10k less a year or just 7k a year less American.
I have to work on getting my duel citizenship.

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Boombust

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Why would we be “lucky to see any significant price declines”? The price declines are yet to come, just like the 50% decline your friend’s house had previously experienced in SD.

BTW, WHO would want to live in a shithole like Las Vegas?

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bullwhip29

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too many assuming the top is in here. there were other factors at play that led to housing bust in the US. in Vanc it was primarily driven by HAM, not phony mortgage applications and the like. dont get me wrong, many that shouldnt be playing in this market will get torched, but high end buyers who simply parked cash here from overseas wont even bat an eyelash if someones condo sale goes off the rails.

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Ulsterman

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What? Are you delusional? You’ve been wrong on Vancouver real estate (like me) for bloody EVER and called the top (whether you admit it or not for bloody EVER) and you nit-pick the shit out of my common sense statement. Any bear who has been holding off for YEARS on buying has basically been on the losing end of the bet, and at this point in the game you would be lucky to see a significant price decline. Any way you look at it, be it PE ratios, debt, whatever, you’ve seriously miscalculated. I’m sure you’ve made a bazillion $$$ out of your 2008 bottom picking stock market purchases (sure, of course you have), but most non buyers have been crushed by this market. A future 50% decline from the current 440k market price? Sure, of course it’s possible, but… Read more »

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space889

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There is also the casinos, shows, cheap gun ranges, sun, dune buggy, lake area at Hoover Dam for the weekend boating, various expos, WSOP, Consumer Electrics Show + AV Awards, Freemont Street Experience, and Casinos!!

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Loon

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Fremont for the win!

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Boombust

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You don’t say?

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Loon

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You can go hiking in Las Vegas too, red rock has tons of trails is arguably as beautiful as the north shore mountains.

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Boombust

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Well, aren’t YOU the economic advisor. If your idea of “living the dream” is to move to a shithole like Las Vegas just so you can live in a house, go for it. Yes, I have been a bear for a very long time. And, I’m proud to say I never “capitulated”. This market is turning; “The bigger they are, the harder they fall”.

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Ulsterman

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Boombust as much as any reader here I hope you’re right on the market turn and the size of the impending fall. I really hope so. I just wouldn’t pride myself on not “capitulating.” I don’t think sitting on the sidelines as houses tripled in value is a success. LV has shithole parts just like parts of the LM have shitty parts. Have you been out to the nicer areas or is your experience limited to a 10 minute drive from the strip? I never said that LV is living the dream, but at least the people who work here can live in good houses, in pleasant neighbourhoods, at reasonable prices. That’s worth a lot to a family. For many families stressed to the max by the thought of paying their huge mortgage or about to get renovicted, a house… Read more »

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Boombust

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I have spent a considerable amount of time in all parts of LV’ you couldn’t PAY me to live there… BTW ,”this time it’s different here” and I’ll tell you why. Firstly, the 600 BILLION dollar CMHC debt ceiling has been reached, the Liberals have tightened up on mortgage lending (it IS a step in the right direction compared to what those idiots Harper and Flaherty were up to) Secondly, Canadians are up to their eyeballs in debt Thirdly, the current amount of construction (especially of condos) is phenomenal; there will be a LOT of inventory in the months and years to come just as the market has softened after the peak of this past Spring Fourthly, the “bubble story” has become a topic on the MSM and the fact the man in the street (“MY house is worth XXXXX.… Read more »

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BustedBoom

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Better yet, WHO would want to live in the shithole now called Vancouver??

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Boombust

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I’ll take Vancouver ANY DAY over a dump like Las Vegas.

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Time to go

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Yes, I know this is zerohedge and yes, I know this is Silicon Valley, but this is a good resignation letter from a city commissioner. Leaving her 149k post because she can’t afford to raise a family. Lot’s of parallels to Van, just different actors.

http://www.zerohedge.com/news/2016-08-12/friday-humor-palo-alto-planning-commissioner-quits-due-high-cost-housing

“It’s clear that if professionals like me cannot raise a family here, then all of our teachers, first responders, and service workers are in dire straits. We already see openings at our police department that we can’t fill and numerous teacher contracts that we can’t renew because the cost of housing is astronomical not just in Palo Alto but many miles in each direction.”

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UBC in Crisis Mode

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Just on the market, too little, too late:
2883 POINT GREY ROAD, Kitsilano, Vancouver West, $19,800,000.00

http://www.realtylink.org/prop_search/Detail.cfm?MLS=R2098326&REBoards=All&From=MLS

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bullwhip29

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foreign tax will do more to cool the “i buy three, my husband gonna buy three” type of activity in the presale condo market. someone with deep pockets will buy this pt grey property without batting an eyelash.

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HAMster

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Last sale for this was $4.2 million in Aug 2007

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bullwhip29

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east end crack shacks were selling for 200-300k in the early 2000’s and are also 5x the price now. inflation for the most part is widespread across the board, not just evident in RE mkt

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vangrl

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This was listed for $22,988,000 on July 22nd, so I think you mean ” back on the market at newly reduced price”

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vangrl

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or “We reduced the price by 15% because we know that’ll it’ll likely get sold to a non-resident that has to pay a 15% tax”

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vangrl

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Also, it’s been for sale for over a year, started at $23,888,000. They rake an “8” out with every reduction

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VanRant

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The stats that we are seeing in Vancouver is usually about 2 or more weeks behind the sale. So the full impact of the tax will not show up till next week. This means the housing is crashing hard before the announcement. The media reported a mad rush to register the sale at the BC Land registry by foreigners before the tax comes in effect which will show up as a jump next week in sales stats.

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southseacompany

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“‘Peak crazy’: Vancouver, Toronto lift Canadian home prices to new all-time highs in July”, BNN video

http://www.bnn.ca/peak-crazy-vancouver-toronto-lift-canadian-home-prices-to-new-all-time-highs-in-july-1.544771

““We might be close to peak crazy in the housing market. The drop off in home sales over the past couple of months suggests that the pace of house price appreciation will begin to moderate later this year,” Paul Ashworth, chief North America economist with Capital Economics, wrote in a report. “

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Brian Ripley

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A couple of days a go I updated my chart of Canadian Household Debt, GDP, Foreign Direct Investment and Balance of Trade
http://www.chpc.biz/household-debt.html

There is still no evidence of net capital flowing into Canada for building productive businesses and creating employment. Perhaps the Federal Liberals can nudge the current trend with their fiscal spending plans in the void of the private sector, but it’s not showing up yet. Household debt remains at the highs while net trade plumbs the lows. Asset values look good on paper, but will incomes grow on mostly service jobs? Capital flight out of Canada is still finding much better yields..

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Best place on meth

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Baby Trudeau’s plan to jumpstart the economy is to bring in 100’s of 1000’s more students, temporary foreign workers and tourists from china.

That’s it. That’s the whole economic plan.

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Combat roach

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The level of weakness and despair must be immense otherwise who sane would be serious about such poor and unscrupulous program. Perhaps casinos, brothels, duty and tax-free zone and all visas cancelation could come next?

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space889

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Because losing your job and getting kicked out to the curb is such a great way to celebrate the economic collapse and housing crash, right?

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Best place on meth

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Anything is better than bringing in more locusts.

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VanRant

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Cameron (a**hole) Muir on June 23 on Collecting Data on Foreign Sales: “is going to give us a much better idea” On August 11: “likely over stated the reality”

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Its_the_ALR_stupid

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Regarding the talk in the last thread around taxes. I know of at least 5 people who lucked out and won the Vancouver real estate lottery by buying a few years ago and selling recently. In every single case, their unearned windfall income was 100% tax free, and in every single case they went “all in” by buying something else, using their previous gain as a down payment on their next purchase.

I think the capital gains tax exemption is a highly under-appreciated factor behind a lot of recent price gains. We have to pay capital gains on stocks, bonds, or any other investment, but not housing for some reason. Canadians long ago stopped thinking of housing as just a place to live and now think of it as an investment. We should start taxing it like one.

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patriotz

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” In every single case, their unearned windfall income was 100% tax free, and in every single case they went “all in” by buying something else”

Then they didn’t really get a windfall did they? They simply increased their exposure.

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Its_the_ALR_stupid

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That’s kind of my point: it’s a big factor driving prices higher into bubble territory. They wouldn’t be able to pay as much for the next house if they had to pay taxes on the previous one. More fuel for the fire.

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bullwhip29

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dont agree with prop transfer tax + cap gain tax on principal residence. the govt gets enough of our money as it is. having said this, if the govt had been taxing locals on every move they made, they would have wound further behind the eight ball. foreign investment/money laundering biggest driver behind the sky high prices, no ifs, ands or buts about it.

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bullwhip29

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agreed. some day we will be hearing stories of honest, hard working locals who somehow ended up back at square one after being up millions and thinking the party would never end

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Combat roach

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This is yet another stream of degeneration in the long term transition of becoming the retrograde 3rd world banana state. Tragic to see it happen to one of the most progressive countries that Canada used to be.

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Its_the_ALR_stupid

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The other problem with the capital gains exemption is that it disproportionately benefits the wealthy. Poor people are more likely to rent, so they never get the benefit. Plus the more wealthy you are the more house you can buy, so even among owners the greatest benefit goes to those with the greatest wealth.

So in addition to fueling house prices, this policy also contributes to growing wealth inequality.

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patriotz

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Middle class not the wealthy. Do you think Jim Pattison has 100% of his net worth in his personal residence?

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HAMster

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Houses are for poor people.

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bullwhip29

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not entirely true. system is rigged to entice everyone from the uber wealthy to a low level starbucks barista to OWN, not rent.

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david

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Canada is headed towards soviet-esque poverty…don’t you worry, comrade.

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bullwhip29

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Bloomberg: Chinese Envoy Challenges Vancouver Home Tax as Fallout Spreads
http://www.bloomberg.com/news/articles/2016-08-12/chinese-envoy-challenges-vancouver-home-tax-as-fallout-spreads

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patriotz

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Unreal. Remember this is the country goes ballistic when others comment on what it regards its internal affairs.

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Combat roach

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Chinese Envoy should fuck-off and be deported within hours. What kind of shit is this??? Are those ruffians flexing muscles here? This is an unprecedented insult. Ministry of foreign affairs should act asap.

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Combat roach

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What a piece of shit…
“Without a plan, everything is a disaster,” Liu said. “We can send people to the moon — housing is just a small problem.”
Kind of nasty demagogy Mao thought them well. And we yet let this crap in Canada.

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VanRant

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Why would the chinese care…. unless they are the ones driving up the prices in Vancouver. And can the average Canadian buy a home in China? Where is the Canadian Envoy challenges????

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HAMster

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So This envoy guy thinks it’s OK for them to stick their noses in our business but if we say or do anything about China then watch out…

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Best place on meth

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The envoy is a woman, although you could be forgiven for mistaking her for a guy.

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space889

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Do you people do that all the time when you criticize Chinese gov’t policies? Now the table is turned, and OMG you throw such a hissy fit….geez…

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DaMann

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The fact that the Chinese are up in arms about this tells me that we indeed did the right thing. In fact in needs to be greater.

But I’m sure the PC politicians will decide that it’s not fair and that the Chinese have just as much rights as Canadians do and reverse it.

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space889

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Canadian’s constitution and bill of rights apply to everyone who sets foot in this country. So yes, as long as they have a foot in this country, they have the same rights as any native “true” Canadians. If they are deemed to be Canadian resident for tax purpose then I can’t see why their lawyer can’t argue for the same sets of rights and protections.

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patriotz

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No, some rights apply specifically to citizens and permanent residents. As for those considered tax residents (>183 days in country regardless of status), you might take a look at all those foreign students who get charged higher tuition. Would you like to contribute to a court challenge to this? It’s been decades in the waiting, now’s your big chance.

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BustedBoom

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Ho Li Fuk! I’m wondering what your locust tribe will do to the first
nations people once you’ve effectively pushed out all the locals
from their homes. Don’t you Chinks have a name for that kind of strategy game?

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Shut It Down Already

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Another racist steps forward!

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Best place on meth

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Why is this fucking locust telling us how to run our housing market?

Every time one of these shitbags open their mouth to complain, the tax should automatically go up another 5%.

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Diadora

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How do you say Mind your business in Chinese.

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Best place on meth

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I will tell them in English, now way in hell I would ever stoop to speaking their language.

chinaconsul_van_ca@mfa.gov.cn

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space889

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So next time you criticize China, expect nothing more than a fuck off.

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Royce McCutcheon

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Which is precisely what occurs, no?

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Best place on meth

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Space, go back to china you piece of shit.

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bullwhip29

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B.C.’s new strata laws mean some owners may be forced to sell
http://www.theglobeandmail.com/real-estate/vancouver/bcs-new-strata-laws-mean-some-owners-may-be-forced-to-sell/article31387492/

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Kim

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These folks can just buy back into the same building they were developing. Sure it’ll be a bit smaller but it’ll also have that new condo smell.

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Diadora

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Remember when developers said they were reluctant to share the data about # of offshore buyers?
When the levy took effect, roughly 2,300 units valued at C$1.25 billion had been pre-sold to foreign buyers that may be at risk, according to estimates by Vancouver-based Urban Analytics Inc.

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Oracle

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You guys have no clue what is going to be upon you in 10 years time. If you are not Asian, get out for the sake of your kids.

Bloomberg: Chinese Envoy Challenges Vancouver Home Tax as Fallout Spreads
http://www.bloomberg.com/news/articles/2016-08-12/chinese-envoy-challenges-vancouver-home-tax-as-fallout-spreads

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Diadora

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You mean Vancouver will be a City of China. I thought it was when the politicians sold out a few years ago. The official name for this city is Chincouver.

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Diadora

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And pretty soon the majority of population here will be of Mainland Chinese origin and they will vote to become an official City of China and Canada can not do anything about it.

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Shut It Down Already

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Are you really so terrified of Chinese? Like, do you believe your own shit?

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No Money Down

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Wēngēhuá, 温哥华, the city formerly knwo as Vancouver

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Hyper-mega-Bull

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welcome to the sinosphere. to all the clueless canadians, look in the mirror and feel ashamed of yourselves. especially you patriotz u fucking shill.

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Kim

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The clueless Canadians aren’t on this blog. The vast majority of idiot Canadians just think that we are the greatest country in the world, which is why our house prices are so high. They’ve drunk the koolaid given to them by the media masters who are in turn controlled by the real estate people who are in turn controlled by the termite Chinese. Barring a full on ban termites will keep on coming

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Hyper-mega-Bull

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i’ve been on this blog for a long time. many of the regulars were very late to realize what’s happening.

also, i think the average person has known what’s happening for a long time. it’s the political and media elites and their loud mouth surrogates that have failed us.

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space889

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Yes, this blog is only reserved for intelligent well read, cultured & educated true Canadians who also preferrably should be mainland Chinese hating (but that’s not racism) and fucking moronic stupid & stubbornly wrong about Van RE.

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Royce McCutcheon

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Pretty funny comment coming from a guy responsible for about 39% of the post content here.

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Combat roach

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US won’t let that nonsense to happen due to strategic and security reasons.

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Oracle

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USA will put a wall at Canadian border.

The fact of the matter is Chinese are going to be majority here soon. They will call shots and elect governments.

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Best place on meth

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USA will step in if the chinamen cross the line here, even if our gutless “leaders” roll over for them.

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space889

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So you want a CIA made regime change followed by an US occupation force, and lots of homesprung terrorism and daily bombings? Wow….

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CanNeverThinkOfAGoodName

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I guess Space doesn’t have a clue about the extent to which US and Canadian secret services and military cooperate and share information in North America. and around its perimeter.

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CanNeverThinkOfAGoodName

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People here have a clue. People in govt do not.

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CanNeverThinkOfAGoodName

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Let me be more specific and to modify this comment about people as a opposed to govt (= e.g. finance minister) having a clue to “clue about the extent to which the housing crisis is affecting the fabric of life in neighborhoods of Vancouver”.

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Newcomer

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Cool site graphing Vancouver RE data.
https://www.zolo.ca/vancouver-real-estate/trends

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Active Member

paulb

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New
131
Sold
64
TI:9443

http://www.paulboenisch.com

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MikeS

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Lowest amount sold since January.

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rockerguy

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Also, sold vs inventory has now crossed below the same stat for 2015.

On track (via polynomial fit) to be at 11,000 by year end.

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Oracle

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Did you factor in the exponential increase in immigration that is set to unfold??

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BubbleTea

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Wow, sure cooled down fast. The impact of the 15% tax will be felt this coming week. The poor suckers do not realize it. Give it a couple of weeks and the listing is going to go through the roof.

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Billybonger

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Listings explosion to come folks, don’t let Oracle screw you into believing what he is pedalling.

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Adult Huggies

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The calm before the shitt storm.

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Hyper-mega-Bull

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interesting hypothesis. if we get a explosion in listings you’ll be right. but how will you know you’re wrong? what if august passes without a listings explosion, will your hypothesis be invaldiated then?

what if september also passes without the explosion?

what’s the best before date?

and if you are wrong will you reconsider what oracle has been saying?

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Newcomer

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Oracle is just bored. He plays crazy, but my guess is that he’s 16 and desperate for school to start again so he has someone to talk to. But even if somebody could consider what he says, it’s got nothing to do with listings.

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Hyper-mega-Bull

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Why Did Crowd Flee Shanghai Subway After Foreigner Fainted?

“A person might treat other people in the person’s social group very, very nicely,” he says. “But turn around, when facing to a stranger, and [a person might] tend to be very suspicious. And whenever possible, might take advantage of that stranger.”

http://www.npr.org/sections/parallels/2014/09/01/344033379/why-did-crowd-flee-shanghai-subway-after-foreigner-fainted

in case you don’t realize, when it comes to the chinese disporia in vancouver, canadian society is the “stranger”.

take a walk in richmond. look at how people stare at you. they aren’t smiling.

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Best place on meth

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“take a walk in richmond. look at how people stare at you. they aren’t smiling.”

They’re wondering if you realize they just stole 20 pounds of vegetables from the community garden.

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Blackened06

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https://www.youtube.com/watch?v=DJ6Kz2-gQ2M

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CanNeverThinkOfAGoodName

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Yes, it’s no joke about Richmond. They behave despicably. NonChinese are excluded from community gyms, nonChinese are treated shoddily in restaurants, and people generally make it clear that they would not come to your aid if you were lying bleeding on the sidewalk.

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Shut It Down Already

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If you get treated badly in restaurants maybe it’s because of you know, you. I always get treated well in all sorts of restaurants. Perhaps it’s because I’m polite and respectful?

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CanNeverThinkOfAGoodName

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Shut, I go to many restaurants, and normally I have a wonderful time and people treat me with respect. Richmond is different.

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Best place on meth

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He just likes to make excuses for bad behaviour.

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Royce McCutcheon

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I lived in Richmond for a time. I did experience some of this, but I also met many people who were clearly new to Canada from China, did not speak English, and were quite friendly. I won’t get into details, but I had an emergency incident transpire in my front yard and two elderly Chinese couples with no English who were strolling the neighborhood were very quick to help – and popped by the next day to make sure everything was okay.

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wwww

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And whenever possible, might take advantage of that stranger.

Perfect description of what happening in Vancouver every day.

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xyz

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How China’s New Import Tariffs Violate World Trade Organization Rules

Shopping abroad for safer and cheaper products has become common for large numbers of Chinese. Now the Chinese government wants to curb that cross-border flow of goods by raising customs fees and import taxes.

http://www.theepochtimes.com/n3/2027081-how-chinas-new-import-tariffs-violate-world-trade-organization-rules/

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space889

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We don’t have that here? Ever tried to bring back a nice $5K diamond, or $3K SLR camera, or some booze & cigs on daytrip to Bellingham without paying custom fees & duties & taxes?

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xyz

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Good! Glad you like taxes space cuz we just put one on our houses.
NOW SHOVE OFF.

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Shut It Down Already

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Uh oh, somebody doesn’t like being wrong.

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patriotz

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Space is the one who’s wrong of course. On most goods that go through customs, what’s collected is the same sales taxes that are levied on the same goods when sold in Canada. On the minority of goods that are still subject to customs duties, the amount collected is per WTO rules.

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patriotz

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Space is wrong. All that’s collected on most items is the same sales tax which is applied to anything sold locally. For those goods on which duties still apply, the amount is per WTO rules.

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southseacompany

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“Canada is nearing ‘peak crazy in the housing market'”, Business Insider
http://www.businessinsider.com/canadian-housing-market-close-to-peak-crazy-2016-8

“Notably, Canada is implementing a 15% tax on foreign buyers in the Greater Vancouver Area in an attempt to cool the market.”

“”It will be interesting to see how prices respond,” Ashworth wrote, regarding the tax. “Our guess is that it will affect prices for a month or two, but we still believe this is mostly a domestically-driven bubble and, with interest rates only going lower, prices will rebound later this year.””

“In any case, Ashworth also argued that the recent dip in the Canada Real Estate Association’s sales-to-listing ratio could also indicate that the housing market has “peaked.””

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Oracle

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No where near peak after MacCalluns announcement. Make sure you have a place of your own by the fall.

Vancouver Condo Info

Friday Free-for-all! August 12th 2016

Bubble? What Bubble?