Friday Free-for-all! August 26th 2016

It’s the end of another work week and that means it’s time for another Friday Free-for-all!

This is our regularly scheduled 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:

Royal Bank ‘closely monitoring’ housing
CIBC can weather housing crash up to 30%
Pumping Tax Free Zones
Metro house sales plummet
Home sales down 63% in first weeks of August
Foreign buyer tax in four charts
How can Vancouverites afford to buy?

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

Sort by:   newest | oldest | most voted
Patiently Waiting
Member
Patiently Waiting
Investors told to avoid Canadian Western Bank and Genworth. http://www.fool.ca/2016/08/29/has-vancouvers-real-estate-bubble-just-popped/ “We don’t have much data yet, but thus far it looks like the new tax is having a big effect on the market. Sales of single family homes in the Greater Vancouver Area fell 66% in the first two weeks of August compared with the same period last year. That’s after July was slow as well; sales were down 30% compared with last year. Sales of condos and apartments were also weak, although this wasn’t as bad as the detached market. Additionally, communities that have previously been popular with foreign buyers, like Richmond, have seen particular weakness. Sellers are reacting to this much like one would expect, causing listings to surge in recent weeks. New listings of detached houses in the area are nearly double compared to a year ago,… Read more »
space889
Member
space889

@canneverthinkofaname – so how many racist points have bears on this blog ever conceded?

Or just how many and how badly and wrong their predictions have they conceded?

But who’s counting or caring about truth anyways…

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Your first sentence doesn’t say what you want it to say.

Curious, Space, what kind of battle do you think you’re engaged in here on this blog? What’s the argument about, in your view? What’s the central issue? And what would resolve it? What would count as “winning” or “losing” this battle?

Combat roach
Guest
Combat roach

That fucking provocateur isn’t worth attention, let alone some meaningful questions. Better do not touch shit so it doesn’t stink.

Combat roach
Guest
Combat roach

And yet orchestrated campaign of the entire BC fuckup vigorously continues while idiots brag about it…

http://vancouversun.com/business/local-business/yvrs-asia-strategy-adds-record-number-of-chinese-airlines

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

“The airport employs a team based in Hong Kong, which attends trade shows to meet new carriers, keeps track of new Asian airlines and their expansion plans, looks at when potential new entrants may try to enter North America, and “cold-calling” them early and often to get their business.”

I’m curious what pays for this office in Hong Kong. I read a few days ago that the Chinese money BC gets for panda bonds stays in China or Hong Kong. Does anyone know if that’s true? If so, I wonder if BC looks for ways to spend that money that would benefit with BC, and whether this enterprising initiative of the airport authority is a result of that.

bullwhip29
Guest
bullwhip29

Surrey couple thrust into Metro Vancouver rental market
http://www.news1130.com/2016/08/28/surrey-couple-thrust-into-metro-vancouver-rental-market/

>>> another sob story…

Newcomer
Member
Newcomer

I don’t get it. There are a bazillion townhouses for rent in Surrey for 2K or less. There are plenty of 2 brm places for 1500 or less. You can get basement suites for under a K. But these guys are talking about living in their camper. What? They don’t have 12 K a year between them to spend on rent? If that’s the case, this should be a story about poverty, not housing.

And at the same time, it’s perfectly normal and healthy for working class couples to spend a half a million on a condo.

Give me a break. The rental market is tight. It’s definitely hard to find a dream house for a reasonable price. But it certainly not the case that there is nowhere at all at any price.

Patiently Waiting
Member
Patiently Waiting

I won’t bore you with my sob story, but I’ve learned the hard way about trying to keep my housing costs down in this rental market. Nobody needs the endless drama that comes with basement suites and “affordable” apartments. Yes, there are always places to live, but I can see why some choose a camper.

Combat roach
Guest
Combat roach

They’ll be alright for now unless their landlord goes aggressively with the price downward. Looks like many these days trying to sell are late to the game.

bullwhip29
Guest
bullwhip29

British Columbia to see new real estate head this fall
http://www.theglobeandmail.com/news/british-columbia/british-columbia-to-see-new-real-estate-head-this-fall/article31589453/

>>> don’t know why this is taking so long. at end of the day a friendly face will be handed this position anyway…

Openhousemassacare
Guest
Openhousemassacare

People like this should be stoned to death

A Vancouver real estate developer involved with building Richmond’s International Trade Centre is on the Chinese government’s 100 most-wanted .

http://www.richmond-news.com/news/developer-with-ties-to-richmond-on-china-s-most-wanted-list-claims-innocence-1.1869298#sthash.1rZoJKTH.dpuf

Bob
Guest
Bob

This part sure stood out to me: “Daughter Linda Ching is the president of the Young Liberals of Canada in B.C.”

I think the ISIS/ISIL is the least of our worries.

bullwhip29
Guest
bullwhip29

project broke ground a few weeks ago. all is good apparently…

Combat roach
Guest
Combat roach

Sadly, this kind of shit isn’t a news any longer but usual and logical expectation when it comes to Chinese and local business. Who still expects something good and positive to come of those corrupted mainland assholes?

Best place on meth
Guest
Best place on meth

At some point it will be the Americans who come to our aid and rescue us from the rapacious locusts as well as our own pathetic sell out leaders.

USA will save the free world once again.

Openhousemassacare
Guest
Openhousemassacare

LETS HOPE & WISH TRUMP WINS OTHERWISE WERE SCREWED

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Hillary will be more likely to respond to any genuine security issues.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Trump flies by the seat of his pants and ignores what the various elements of the intelligence and security forces say. Anyway, that’s my impression. Trump will be more likely to blow us all to smithereens but Hillary will be more likely to prosecute a war or a cold war or tough diplomacy.

Openhousemassacare
Guest
Openhousemassacare

Hillary is a fucking bitch my hope & wish is she have a seizure and die ASAP.

I loathe this Hillary cunt as i am loathe Christy Cunt , Rachel Notley, Kathleen Wynne & Angela Merkel.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Oh, I see. Are there any women in political office you approve, past or present? How about Indira Gandhi? Huh? Is she more your style? Or how about Dilma Rousseff, the recently deposed President of Brazil? Her politics are extremely different from Clinton’s and CC’s. How about, how about… Margaret Thatcher? Do you hate her too? OK, how about the heroic and angelic Aung San suu kyi?

Openhousemassacare
Guest
Openhousemassacare

I know ur going to say. i am talking about right now how those women are fucking up their country/ province they look after with their fucked policy.

Did u see me mention Southkorea Bangladesh,England or any other women head they don’t matter to my live/work situation?

I LOVED INDRA GANDHI NOT A BIG FAN OF MARGRET THATCHER.

BTW: I LOATHE OBAMA,JUSTIN & HARPER EQUALLY SO I HATE MEN NOW ?

I

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

OK. Good clarification. I wasn’t sure what you meant at first.

Best place on meth
Guest
Best place on meth

Trouble’s brewing in Canada

http://www.businessinsider.com/low-oil-prices-and-real-estate-market-are-worries-in-canada-2016-8

Jared Dillian, former Lehman Brothers trader and noted financial writer, says that low oil prices have hurt the Canadian economy and the real estate market is near the peak of a massive bubble.

Jared Dillian, former Lehman Brothers trader and noted financial writer, says that low oil prices have hurt the Canadian economy and the real estate market is near the peak of a massive bubble.

Dillian had a few investment tips on how to prepare your portfolio for the coming crisis.

First, he suggests selling any real estate assets in Canada you have, including your home. You should be able to buy that same property back cheaper in three to five years.

Combat roach
Guest
Combat roach

Desperate times calling for even more desperate and measures, hence suicidal strategy about building and expanding ties with authoritarian China.

Openhousemassacare
Guest
Openhousemassacare

Here is the video of Jared Dillian talking about Housing Meltdown in Canada How to Profit.

https://www.youtube.com/watch?v=8L9UPKVz7R8

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Now I don’t know whether to leave my money in the bank or exchange it for US money. The exchange rate is so poor I hate doing the latter, but apparently, according to this person, the exchange rate will get much much worse and that will last for a few years.

What should I do?

BubbleTea
Guest
BubbleTea

Wanted posters for fugitive debtors and runaway bosses symptoms of China’s economic woes
http://www.scmp.com/news/china/economy/article/2006122/chinas-runaway-bosses-symptom-economic-woes
Wonder how many are hiding in Vancouver and yet Baby Trudeau wants more of these crooks in this country. Shame on you Trudeau!

HAMster
Guest
HAMster

looks like Oracle is posting with new names now: would-be buyer! etc. and still pumping the immigration angle.

Oracle
Guest
Oracle

Only a dumbass would think immigration totals have no impact on house prices.

Oracle
Guest
Oracle

Nope. No need for that. Wrong AGAIN!

Just enjoying myself watching those who think psychology is behind high house prices.

Now you guys talk about a 50% crash without a change in immigration policy? Hahahahaha

Can’t stop laughing….no help for you guys

HAMster
Guest
HAMster

I thought you were leaving?

Combat roach
Guest
Combat roach
Justin Trudeau is going to China this week, and Canada just took one big step closer to meeting the Chinese government’s trade demands. Back in January, a Chinese trade official arrived in Canada with two demands: 1. Open up Canadian oil companies to direct ownership by the Chinese government. 
 2. Build a West Coast pipeline and tanker port so China can lock in access to the oil sands. 
 These demands go hand in hand because China won’t invest more money in the oil sands without guaranteed access for its tankers. Just last week, Trudeau’s Finance Minister said he was open to loosening Canada’s restrictions on investment from state-owned enterprises if it meant attracting more Chinese investment. This is urgent. The Canadian media hasn’t picked up on this yet, and with Trudeau going to China, we need to get… Read more »
franko
Member
franko

The only problem I have with pipelines is bringing in more locusts to build them. It would be welcome source of revenue that would otherwise come from taxpayers to support our first nation population that has milked our system almost as much as the locusts.

Kim
Guest
Kim

Read the article I posted below about Chinese Canadians being threatened for voicing opposition to Beijing. This is much bigger than real estate. Trudeau must be stopped. He is a danger to Canada and has brainwashed masses to vote for him because of stupid issues like marijuana. Trudeau has voiced support for China’s dictatorship in the past and his father is a closet communist.

HAMster
Guest
HAMster

Trudeau senior was a communist traitor to Canada and so is his kid.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I’d worry less about communism and more about authoritarianism, and/or the belief that the age of the nation has come and gone. Someone told me the other day that Trudeau had used the term “post-national” in a positive tone of voice — I have not seen a link to a news article reporting this though. Nationhood is very important to democracy of any kind. But if present trends in global trade and global investment continue, nations as distinctive entities with powers had by their inhabitants to determine how they shall live may disappear.

Openhousemassacare
Guest
Openhousemassacare

In 2015, Canadian Prime Minister Justin Trudeau declared his country to be the world’s first postnational state.

Trudeau’s most radical argument is that Canada is becoming a new kind of state‘‘There is no core identity, no mainstream in Canada,’’ he claimed. ‘‘There are shared values — openness, respect, compassion, willingness to work hard, to be there for each other, to search for equality and justice. Those qualities are what make us the first postnational state.’’

http://www.nytimes.com/2015/12/13/magazine/trudeaus-canada-again.html

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Wow, so it’s true. Thanks for providing link.

Openhousemassacare
Guest
Openhousemassacare
Postnationalism or non-nationalism is the process or trend by which nation states and national identities lose their importance relative to supranational and global entities. Increasing globalization of economic factors, such as the expansion of international trade with raw materials, manufactured goods, and services, and the importance of multinational corporations and internationalization of financial markets, have shifted emphasis from national economies to global ones. At the same time, political power is partially transferred from national authorities to supernational entities, such as the United Nations, the European Union, the North American Free Trade Agreement (NAFTA), and NATO. In addition, media and entertainment industries are becoming increasingly global and facilitate the formation of trends and opinions on a supranational scale. Migration of individuals or groups between countries contributes to the formation of postnational identities and beliefs, even though attachment to citizenship and national… Read more »
Kim
Guest
Kim

Agreed. Authoritarianism, whether disguised as crony capitalism where a few corporations control everything is no different than communism. Both have wealth stored at the top and have the peasants slaving away for them.

I don’t know what Trudeau is but to this NDPer he is scary.

franko
Member
franko

“The harder someone pushes us, the harder we will ultimately push back”

Could get ugly when Justin and McCallum are determined to ignore us or just too stupid to pay attention. Too scary just thinking about the damage the idiots can do before we can give them the bum’s rush in another 3 years.

Kim
Guest
Kim

Canadians will keep votin for them because Canadians are stupid. Just dangle the buzz words marijuana, peacekeeping and hoards will vote for them.

Kim
Guest
Kim

So I was at the sales centre for the station square condos yesterday. Told the sales person I was interested in 2 and 3 bedrooms. They asked me how much I was willing to pay. I asked them how much are you asking. They said we will publish list prices in September. Are they so desperate that they still won’t reveal prices to a prospective buyer? (Of course I would never buy in that prostitute infested area full of porn shops)

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Looks like a lot more marketing goes into selling a place in the Bay Area vs here.

http://www.gorgeousdubocecondo.com

southseacompany
Member
southseacompany

“Forget negative interest rates. The fear is that we’ll have to raise them”, The Guardian

https://www.theguardian.com/business/2016/aug/28/forget-negative-interest-rates-fear-have-to-raise-interest-rtaes

“The Bank of England is working hard to keep the post-Brexit economy afloat. But a rise in US interest rates could provoke a new and different crisis”

ostritch
Member
ostritch

Not to worry with Carney at the helm

LS in Arbutus
Guest
LS in Arbutus
Another co-worker left last week due to RE conditions in Vancouver. Priced out and they gave up trying to find a decent rental for their family (2 kids and 2 cats.) Now I might add this person gave up a pretty decent, very well paying job at a one of the best companies locally. In my mind, not a decision to take lightly given the state of the job market. They are moving to the island. In the past 6 months, I can think of at least 8 people (through work and my kid’s school/activities) I personally know who have voted with their feet. Rental market/ RE market – doesn’t bode well…. you can only ask so much before people don’t play anymore. This is the danger of becoming out of the realm of normal, people stop participating. Not everyone… Read more »
ostritch
Member
ostritch

Do Chinese count as people? If so, then there is no problem. Lots of buyers still panicky from what I can see.

HAMster
Guest
HAMster

Family we know went to Vernon earlier this year; they sold and moved just before the market here started to tank. Their Surrey house would be worth 100K less now than back in Feb.

LS in Arbutus
Guest
LS in Arbutus

Case in point. Canada cannot compete with US if our RE prices are double/triple of those in the US.

http://www.huffingtonpost.com/entry/income-to-buy-home_us_57bca543e4b03d51368b32d0?

Let the brain drain begin AGAIN in earnest.

Kim
Guest
Kim

http://www.nytimes.com/2016/08/28/world/americas/chinese-canadians-china-speech.html?smprod=nytcore-ipad&smid=nytcore-ipad-share

China wants to import more of its citizens to colonize Canada. I’m afraid our leaders have already sold us out. Already Chinese Canadians are afraid of speaking out, getting death threats and such. When they complain police say they can’t do anything because it’s freedom of speech. BS. China already controls us. Forget about real estate. This is much bigger. Trudeau is the biggest threat to democracy this country has ever known.

Best place on meth
Guest
Best place on meth

So many of our politicians are pure scum.

Case in point: Ontario’s premier, a traitorous shitbag of epic proportions and just as disgusting as our premiere.

http://www.theglobeandmail.com/news/national/wynne-agrees-to-closed-events-with-chinese-after-communist-party-officials-asked/article26696163/

We desperately need to bring back capital punishment for this kind of treason.

Kim
Guest
Kim

I really don’t understand the obsession with the Chinese communist party. Really. Why does it permeate all levels of government? I mean, real estate is one thing. But the other thing is this selling out of our country. Trudeau going over there is not going to ask for the release of the Canadian imprisoned there. He’s going there to make nice with them. And then, all the while our own citizens are afraid to speak out because they’re being threatened by foreign agents, ON OUR SOIL. THIS IS MUCH BIGGER THAN REAL ESTATE. Canadians are so pathetic and blinded by their hatred of their US that they would rather deal with an even worse enemy. And stupid Trudeau has everybody drooling because of his promises on marijuana and other really useless issues. SO PATHETIC!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s not just Canadians of Chinese descent who are getting subtly threatened by Chinese foreign agents.

ostritch
Member
ostritch

This is happening in every Western country now with money from your favourite fill-in-the-blank tyranny. It’s called Death of the West. Well, death is an over exaggeration. It’ll be preserved in museums full of exhibitions that 99% of Western people don’t understand because they never learned their own history apart from white-people-baaad. I’m going to try to stand on four feet now.

LS in Arbutus
Guest
LS in Arbutus

This article is alarming, but, I think what I always come back to is Canadians are VERY tolerant and welcoming people, until we are not. We will only take so much bullsh*t before we’re not so nice anymore. The harder someone pushes us, the harder we will ultimately push back. Might take a while, but we will get there. So trying to muzzle reporters will have an opposite result from that intended, it will heighten awareness to the point that the common guy on the street knows about it and is not too happy.

ostritch
Member
ostritch

Can you detail what this “push back” will look like? In olden days, these things were called revolutions or counter-revolutions and involved bloodshed. Show me how it works. What will we be standing up for by the way? Old Canadian values? Like the ones Stephen Harper allegedly represented? He started off criticizing Chinese Human Rights record and look where he left us.

Combat roach
Guest
Combat roach

It must go with some sort of Anti-China and Anti-chinofication movement which impacts all social and economic segments in Canada in attempt to protect the elementary national freedoms, sovereignty, democracy and independence. People of Canada should have a platform to strand up against Chinese aggression, occupation and the local treason.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

By a product to remotely operate devices in your home. Your commands go through servers located in China and it is impossible to make your connection secure. But if you point this out, someone will plead with you to stop speaking out on pain of being responsible for her being fired.

http://www.latimes.com/business/la-fi-amazon-china-review-20160720-snap-story.html

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Ach! “Buy” not “by”

would-be buyerl
Guest
would-be buyerl

Let’s be honest, we are fucked. T2 is headed to China to increase immigration, TFW and foreign student numbers over the next 4 years. Buy on the dip, because the Libs are selling us out. I wish it were different, but the writing is on the wall. We now have monied professionals in YVR (my family included) who are priced out. The only way we can buy in now is if there is a 50% crash, which would be unprecedented in N.A. Canada is now fully bending over and selling out to foreign interests.

Tim
Guest
Tim

A 50% crash is not unprecedented in NA. See 2008.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s straight out selling the city to a foreign power.

patriotz
Member

“It’s straight out selling the city to a foreign power.”

You mean all those good white folks selling to Chinese because they want top dollar? You know when you’re selling your house you can pick the buyer for any reason you want, it doesn’t have to be the high bidder.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I think there should be at least minimal restrictions on who the market is open to. That should be a matter of law not a matter of individual choice about who to sell to; this, because there is a collective choice problem here. Seeking our personal profit with the whole world as potential customers, we won’t individually choose in a way that in fact turns out to be best us if everyone in our city makes the same choice on the same grounds we do. I don’t think our housing market should be open to the whole world.

Shut It Down Already
Guest
Shut It Down Already

Right. It should be closed to those who can’t scrape a 20% downpayment together.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I’d go along with that, if restrictions against foreign speculators looking for a place to stash money were in place.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Honestly, the people enabling this to happen really cannot be working from good information.

Hehehehe
Guest
Hehehehe

Absolutely correct. Massive immigration on its way for at least 3 years. T2 and McCallum are heading to China.

Once Caucasians get a voting minority , can we please get out the majority to do things like:

1) allow owners of property to cut down any trees.
2 ) allow roof top decks on detached homes
3) allow front yard fences at lot line on detached homes.
4) all new government hires must speak at least one Asian language

That’s just for a start. Soon. Majority just around corner.

Specuskeptic
Member

Far greater than 50% has happened within the last 10 years in North America. Starts with “P”, ends in “hoenix”….

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

“According to money laundering expert and lawyer Christine Duhaime – Chinese nationals are securing billions in loans, applying as investor class to Canada, defaulting on the loans and placing the money into Metro Vancouver real estate. In many instances she says Canadian banks have facilitated the laundering of this money into Vancouver……when is the gov’t going to protect British Columbians and Canadians? Ask the Minister responsible for CRA why they have not cracked down on foreign money laundering, tax avoidance by foreigners – cra.minister-ministre.arc@cra.gc.ca

Loans that are defaulted on with no real consequences (free money) are impossible to compete against for locals.

Quite literally. Impossible.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

^^^^^^^^^^^ This is central ^^^^^^^^^^^^

Madashell
Guest
Madashell

China is in big trouble and has been printing trillions of worthless monopoly money they call yuan and people in China realized that so they have taken it out and buying foreign hard assets like companies and real estates before its too late. Also their manufacturing base is disappearing due to their high wages, jobs are going back to the original countries or to counties such as Vietnam. Much of their GPD is building inferstructure or building Ghost City and now its over. The crisis will hit China very soon and houses in Vancouver will crash along side.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
space889
Member
space889

So what do you call ECB, Fed Reserve, & BoJ been doing for the last 8 to 20 years?

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Here’s hoping. Cannot be soon enough.

LS in Arbutus
Guest
LS in Arbutus

From Garth today:

#16 Vanboy64 on 08.27.16 at 3:30 pm

My client recently listed there home in Burnaby (Deer Lake area) Asking price was 1.35m. No bidding war!!! Closed at 1.1 m. Looks like the descent is in play.

S.Bby
Guest
S.Bby

I live in that area and it is dead now. My neighbors house sold earlier this year for 1.9 asking was 1.6 now there are more houses like it on the market and they are not selling at 1.5

Specuskeptic
Member

Although I am definitely looking forward to and expecting prices to decline, I wouldn’t put too much stock in declines in expectations via asking prices vs selling prices. Gaps between current and previous selling prices?, call me attentive and hopeful when those gaps start showing up….

Shut It Down Already
Guest
Shut It Down Already

Pointless info if you don’t know anything about the property.

Also funny how blog comments are treated as reliable whilst stats are generally ignored.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Stats coming from an unregulated industry. Yup. Should be ignored.

Shut It Down Already
Guest
Shut It Down Already

What stats would you accept then? You probably don’t trust the government either. When saying “give us data” who exactly are you asking?

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Canada needs transparency. Zillow for example. Will be difficult to ever get that here tho. RE Boards have massive lobby groups in Ottawa to keep things like zillow away.
It’s so corrupt.

Shut It Down Already
Guest
Shut It Down Already

Where are Zillow’s stats on foreign buyers?

Openhousemassacare
Guest
Openhousemassacare

THIS IS FROM MR. TIAH TRUMP TOWER DEVELOPER

I am helping buyers close by allowing them to assign their properties to a Canadian relative, for a fee. He said that’s become standard industry practice in order to ensure deals close on time.“

Most developers now are allowing them to assign to a local, right? So a lot of these people, if they have family, which they do, [they say] ‘I assign to my son and then I don’t have to apply 15-per-cent tax.’ The majority of these people were on their way [to citizenship] here. They assign to aunt or brother-in-law or someone like that. I think a lot of people are going to do that.

http://www.theglobeandmail.com/real-estate/vancouver/trump-tower-developer-scrambles-to-close-sales-for-foreign-buyers/article31584035/

Best place on meth
Guest
Best place on meth
“Mr. Tiah, who is now a major player in Vancouver’s development community, says people don’t acknowledge the amount of wealth here from overseas, he says. Housing is affordable, when that wealth is factored in. The $76,000 median household figure is irrelevant because it doesn’t reflect the true money flowing into the market. “Everybody knows [that statistic] is flawed because we have a lot of immigrants that come here and they make their money overseas, so the wife lives here, and the house is probably in the wife’s name or kid’s name, who goes to school. They buy $5-million house. What is their income? Zero. They have no income in Canada. Or they have a small income, and big house. He’s not a Canadian, but the family members are, and if he gives anything to the wife, it’s not taxable. So… Read more »
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I found that such an interesting statement. Was he suggesting we stop saying that Vancouver is unaffordable due to all the unaccounted-for money floating around?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Sorry, ambiguous. Was he suggesting that since there is all this unaccounted-for money floating around, that we should stop saying Vancouver is unaffordable?

BubbleTea
Guest
BubbleTea

If the foreign buyers are so rich as Mr Tiah had describe, then the 15% is no big deal and they don’t need to reassign.

Shut It Down Already
Guest
Shut It Down Already

Rich people don’t get that way by throwing their money away. Every dollar is a big deal.

Combat roach
Guest
Combat roach

You meant to say, they don’t become locusts if they don’t cheat and take advantage of others. In this case by dodging tax that would otherwise go to local citizens.

Best place on meth
Guest
Best place on meth

Exactly, they don’t care how much they pay for the property itself – the higher the price, the more loot they can launder.

What really irks them is paying a single fucking cent into the round-eyes tax coffers, that’s just not acceptable.

space889
Member
space889

So you people always pay the max amount of tax payable right? Never taking any deductions to reduce your tax payable?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Space, you’d be more persuasive if you’d concede some points, such as the obligation of a citizen to do his part. Why don’t you read Plato, Rousseau or Mill and learn something about the basis for a democracy as contrasted with authoritarianism.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Or Hobbes.

Combat roach
Guest
Combat roach

They are all relatives. They all have one spiritual father – Mao Zedong and that apparently make all assignments legal.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

why assign to relatives in Canada as opposed to e.g. relatives’ neighbors in canada? does he also ‘allow’ them to assign to other people in canada? and for a fee? if not, why not? are agreements outside the legal system relevant here? it seems unhealthy for the larger society of canada that he arranges all this property assigning within a group of ‘related’ individuals. what does ‘relative’ mean here? brother-in-law? cousin? first cousin? first cousin’s best friend in university? aren’t we all each other’s relatives, really, when you go back far enough? but he seems not to mean to include all of us. I don’t understand this. help.

Best place on meth
Guest
Best place on meth

CRA should be all over every single real estate transaction involving mainland chinese, even it means hiring thousands more auditors.

They’ll pay for themselves many times over with the fraud they uncover and the attention may even scare these filthy scammers away from Canada

HAMster
Guest
HAMster

Two words: tax fraud.

patriotz
Member

It’s only fraud if the pre-sale buyer retains a hidden interest in the property, which can’t be proven at time of closing. In addition to the PTT issue, there’s also an income tax issue if the beneficial ownership is being concealed.

HAMster
Guest
HAMster

UBC takes $50 housing fee from thousands they will likely never house. Students applying for housing must pay $50 — but nearly 6,000 students are still on a wait list

http://www.cbc.ca/news/canada/british-columbia/ubc-housing-application-50-dollar-fee-1.3737836?cmp=rss

Combat roach
Guest
Combat roach
CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Good article, but only scratches the surface.

Madashell
Guest
Madashell

Ian Young’s CRA leaked story is the Front page story of the Chinese Epoch Times: ‘Who is leaking the CRA’s secrets’. Meanwhile the local media deems it not news worthy.

paulb
Member

New
88
Sold
92

TI:9355

http://www.paulboenisch.com

Lurker
Guest
Lurker

Listings have stalled. Prices don’t move unless inventory goes up. Supply, demand.

Fear monger
Guest
Fear monger

Dead market.
Lots of open houses, though.
Realtors are working for nothing.
And Christy is not getting any transfer taxes.

Madashell
Guest
Madashell

Thank you Real Paulb. Have a nice weekend.

Tim
Guest
Tim

That seems low on both sides

Bag it and tag it
Member
Bag it and tag it

Call a realtor right now and ask them to list your home…let us know what the tell you…

rockerguy
Member
rockerguy

My guess: “Wait until after Labour Day. I’m on holiday and so is everyone else.”