Friday Free-for-all! September 23, 2016

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

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

Mother of all stock market corrections
Alternative lending on the rise
OECD slashes Canadian outlook
Poloz signals delay in rate increase
Empty home tax
Variable rates will soar
Sold as percentage of inventory data
Canadians buying ‘too much car’

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

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oracle
Guest
oracle

Hearing through the grapevine that developers and multiple property owners are starting to pressure politicians to make no more changes.

Anyone that wants prices to go down must act now. Spread the word about ‘principal residence’ fraud. Otherwise, those who pay ‘off’ the politicians will get heard.

yvr2zrh
Member
Noble Member

Between the foreign buyer tax and a well-executed empty homes tax – what else would you want anyway? Between these two – you could already torpedo the market. Think of the 10,000 units – or more – that are owned by foreigners as “second homes” that now are completely uneconomical to continue to own. There’s a difference between something that’s around 10,000 / year to carry with taxes and strata and something that’s around 20,000-30,000 a year.

Patiently Waiting
Member
Patiently Waiting

More may need to be done about airbnb. This is not a unique problem in Vancouver, so we will continue to see how the true “world class” cities deal with their airbnb infestations. One thing I’d like to see is changes to the strata legislation making it easier to stop short-term rentals in condos.

YVR
Guest
YVR

The City of Van says they will tax Air BnBs as empty homes. That may be 2% of the home value which makes Air BnB uneconomical. Plus a $10K fine and increased taxation rate for those not declaring their Air BnB as an empty home. Air BnB will be the easiest ones to catch because they will have to be licensed and display the license number on the Air BnB ad.

Ulsterman
Member

Try booking with airbnb in San Diego. Your final charge is a 10% occupancy tax collected automatically by airbnb and remitted to the local government. So simple – no need for Vancouver to “study the issue” or reinvent any wheels. Given that airbnb claims that Vancouver is one of their biggest revenue generators, i can’t believe the COV lets this money slip through their fingers. Slap on the empty homes tax for good measure and voila, airbnb problem solved overnight.

Oracle
Guest
Oracle

Would want a complete stop to the Principal Residence Fraud.

Also eliminate foreign money from real estate when permanent residents buy 2nd 3rd 4th homes here using dirty money. May have to resort to racing 2nd homes.

This would bring prices down.

Rents are another matter entirely. Likely to go up.

Oracle
Guest
Oracle

*Racing = taxing

Oracle
Guest
Oracle

And good luck enforcing the empty home tax.

Best place on meth
Guest
Best place on meth

Still need a flipper tax, anyone reselling a property within 2 years gets nailed with an astronomical capital gains tax.

Up to 100% tax on the profit of the sale depending on how quickly it was flipped, including all assignments.

Oracle
Guest
Oracle

Ways around that. You can say you lived in there for a few months and lost your weekend job. Had to sell.

Nobody coming to audit you anyways. Since they won’t even know you sold your principal residence.

Best place on meth
Guest
Best place on meth

Doesn’t matter what their excuse is, they still give up any profits from the flip.

Principle resident tax exemption becomes null and void on flips.

YVR
Guest
YVR

Last year that would have helped. Nobody will be flipping for a profit in the next 5 years. At least no new flips.

chilled
Member
chilled

With all due respect, boys and girls, only a Canadian could see a ‘tax’ as a solution to – ANYTHING. Fix the immigration fiasco, problem solved.

patriotz
Member
Owe Canada
Guest
Owe Canada
The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada. At the end of June, 2016 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $7.05 trillion. At the end of June, 2015 the total debt outstanding was $6.57 trillion. In the one year period from the end of June, 2015 to the end of June, 2016 it increased by $476 billion. This is an increase of 7.2%. The approximate beginning of the global financial crisis was June, 2007. At the end of June, 2007 the total debt outstanding was $3.99 trillion. In the last 9 years it has increased by $3.06… Read more »
HAMster
Guest
HAMster

Empire Landmark on Robson Street poised to be demolished.
http://www.news1130.com/2016/09/22/empire-landmark-on-robson-street-poised-to-be-demolished/

The property owners, Asia Standard International Group, want to build two high-rises, one 28 storey, the other 30 storeys on the site.
“I have a feeling Airbnb is a factor in this story. Increasingly, more and more people are staying in Airbnb accommodation. The lower quality hotels are beginning to lose out.”

This article has it all: Asians, Airbnb, high real estate prices, condos…

chilled
Member
chilled

Prior to demolition, they better build a moat to contain all the rats.

Combat roach
Guest
Combat roach
Brian Ripley
Guest

re: Sold as percentage of inventory data chart https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=1701525396&format=interactive

My chart also confirms a deep trend reversal since 1Q 2016 for Vancouver residential sales:
http://www.chpc.biz/mar-moi.html

Notice that in Toronto, the thirst for buying is breaking all records. Party on dude.

squeak
Member
squeak
What on earth is the Canadian governments thinking?!? If young people cannot afford to live in their cities anymore, which means they cannot attend schools/unis. Simple question: Where do you think this is going to lead? I thought that would be a good thing, to invest in the young, right?? Are Canadians going to head out in the bush and live off the land (unless of course they “prefer” to camp out at the back of the courthouse…OMG….3rd world)? Tell me, what exactly are you trying to accomplish with your “stick your head in the sand” style politics? I really like to hear the rationale. (Is there one??) 2 Golden tips: 1) hire some of the bright clearthinking minds with good solid Canadian values on this blog) 2) Quit this RE lottery BS and build a real economy.
chilled
Member
chilled

You obviously missed the memo, ‘Canadians’ don’t count anymore.

rockerguy
Member
rockerguy

I note with interest that the purple dots seem to have leveled out since the start of September, bucking the polynomial fit curve. I wonder if that will persist through the end of the year, or whether the dots will resume their downward march? Who knows.

southseacompany
Member
southseacompany

“The new gamble: Double your bet on the housing market by keeping your old home after moving”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/the-new-gamble-double-your-bet-on-the-housing-market-by-keeping-your-old-home-after-moving

“Increasing numbers of homeowners keen to take advantage of a booming market for low-rise detached homes are “doubling up” on their investment by holding on to their existing homes, even as they move into larger ones.”

Billybonger
Guest
Billybonger

This media onslaught is deafening.

I doubt Oracle’s call for 7,000 listings by month (oops, changed to year) end will come to fruition.

Waiting, expectantly, for a build in listings, as multiple property owners get nervous.

Fear and greed, the two elements in boom and bust. I suspect greed is receding at this time and that fear is starting to nibble at the noggin.

That said, I’m sure Oracle disagrees.

Boombust
Guest
Boombust

Absolutely. The psychology has begun to change and this is always a major catalyst in any boom and subsequent bust.

HAMster
Guest
HAMster

Yup. The media went from pumpers to dumpers on real estate. This is how the unwashed masses will get the memo.

donald t
Guest
donald t
donald t
Guest
donald t

Skip pass most the great minds here on this blog. Villains need to have last name like Li or Chan or Wang. Didn’t fit the script, so it passes consciousnesses. Didn’t matter if they prey on elders. Nothing to see here. more on.

Shut It Down Already
Guest
Shut It Down Already

I’m sure they were poised to post it until they actually read past the headline. Must have been quite the disappointment.

tim
Guest
tim

The subject of the blog is real estate.

But it does fit into a general pattern in Vancouver’s history – the gold rush, the schemes of remittance men, the VSE, our mining companies, etc. The real estate bubble is just one in a long line of Ponzi schemes and grifter frauds.

Best place on meth
Guest
Best place on meth

Criminals are criminals, no matter what their name is.

Our problem is that we’ve imported so many lately which makes our country worse off.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

While I’m personally very happy about the various government initiatives over the last few weeks, I think a lot more things still need to happen:

-Ban foreign ownership entirely and introduce severe penalties for proxy buyers
-Introduce a flipper tax
-End the public guarantee of mortgage insurance
-Increase down payment minimums to 10%
-Reduce red tape to increase apartment construction

Finally, if you are actually concerned about the long-term affordability of detached houses, one of the following needs to happen:

-Reduce population growth in the Metro Van to near zero
or
-Open up the ALR to development

Barring one of those, we will never again have affordable detached houses in the region. In fact, over the long term they will get increasingly more unaffordable because population is growing by 30k a year but detached supply is at zero growth. It’s simple supply and demand.

Oracle
Guest
Oracle

30K a year lol?

More like 60K. Ask ICBC it’s insured car numbers year over year (at a time when transit use is at record highs).

HAMster
Guest
HAMster

As usual, you are exaggerating high with your numbers. It’s not even as high as 30K. And using vehicle registrations to gauge population growth is laughable.
http://www.bcstats.gov.bc.ca/StatisticsBySubject/Demography/PopulationEstimates.aspx

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

“It’s not even as high as 30K”

According to your link, the Vancouver region averaged 35k per year between 2011 and 2015.

Oracle
Guest
Oracle

Immigration has changed guys. You stuck in 90’s.

TFW and foreign students and Supervisas and 10 year visitor visas. It counted in those stats.

McCalllum is going to legalize all these groups. More in pipeline.

Either you guys are too dumb to get your heads around temporary immigration that’s permanent or you have a vested interest in keeping this racket going.

Oracle
Guest
Oracle

Damn autocorrect. Those groups are not counted in immigration stats.

HAMster
Guest
HAMster

I get 28,166 average/yr for greater Vancouver for 2011-2015 from their spreadsheet.

Best place on meth
Guest
Best place on meth

That’s about 1% growth, on par with the rest of the country.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Not that I particularly want to quibble over a relatively small difference, but check your math:

2011 metro population: 2,373,037
2015 metro population: 2,513,869
Difference: 140,832

Which is an average gain of 35,208 per year.

HAMster
Guest
HAMster

You need to divide by 5 not 4. Count all the years.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Good lord. Please understand I hold you in high regard, but I don’t know how to say this without sounding disrespectful.

You divide by 4, not 5. This is literally grade 2 math.

If the population in 2011 was 2.373 million, and 4 years later in 2015 the population was 2.513 million, to get the average yearly increase you divide by 4, because 4 years have passed, not 5.

Which means the metro region’s population grew by an average of 35k per year in that time.

I can’t believe I’m doing elementary math at 9pm on a Friday. I need a drink.

HAMster
Guest
HAMster

No, there are five years of data reported there. That’s why there are 5 columns of data. It’s not 2015-2011=4 it is 2011 through 2015. You have to include all the years otherwise you are omitting a year.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Perhaps we should just agree to disagree. I’m into the vodka now. Maybe by my 4th or 5th double martini I will come to see it your way.

Shut It Down Already
Guest
Shut It Down Already

Oh my…

Combat roach
Guest
Combat roach

Let immigrants coming, but completely hold off with Chinese for about 25 years, until demographical balance takes place and enough time passes to enable moral, ethical and overall recovery of Canadian society caused by locust’s infestation.

Madashell
Guest
Madashell

Either MaCallum is lying or he’s too drunk to read the report: The federal government’s own internal polling contradicts the Immigration Minister’s claim that Canadians are clamouring for increased immigration. 59 per cent said that was about the right number. A quarter of respondents – 25 per cent – said that was too many, while 8 per cent said that was too few.
http://www.theglobeandmail.com/news/politics/canadians-views-at-odds-with-liberal-immigration-plans-government-poll-shows/article32021887/
Is he opening the floodgate because of the 8%???

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Because like so many politicians, he thinks he knows better than the “little people”. It’s all about power and control and to hell with what the majority wants. Its’s that kind of attitude by our so-called “elites” that has led to the rise of the likes of Trump and Brexit.

Oracle
Guest
Oracle

It’s cause Fed Liberals and Cons are the same people now. They just want people wearing them back and forth and keep the Ponzi economy going that benefits a few.

Canada really needs a party that puts it PEOPLE first and its RESOURCES first. That would be a party to defend at all costs.

patriotz
Member

Then start one. If you’re not willing to do it, why expect someone else to do it for you?

Oracle
Guest
Oracle

Canadians too schooled to do anything about it. Other countries have coups.

Best place on meth
Guest
Best place on meth

To have a coup, you need to have a military.

tim
Guest
tim

Lying. They know the Canuck economy has very little underpinning it now. It was a two-legged stool before: real estate inflation and oil. Now it’s a one legged stool. RE inflation is supported by the right kinds of immigration, and turning universities into businesses helps that out. There’s also a fair sized cadre of consultants and lawyers who make a living off wealthy immigrants, and they’re deeply involved in the federal liberals.

tim
Guest
tim

Just to be clear, I’m fully in favour of old-school immigration: invite in people of many, varied backgrounds who intend to become committed Canadians. Including genuinely talented students. But this is not what they’re doing. What they’re doing is commodifying immigration.

chilled
Member
chilled

You nailed it. About 50% of my friends and acquaintances are new Canadians. About 99% consider ‘home’ as somewhere else. About 60% want to ‘go back one day’ and have a plan. MUCH different from the sentiment in the 70’s and 80’s when new Canadians wanted to be Canadians – INSISTED on being Canadians. Why do you think they renamed Dominion Day to Canada Day? One day of flag waving and a free piece of something resembling cake from a Red Stooge is all it takes these days.

david
Guest
david

Drunk. With power, and on expense account ‘Crissie’.

chilled
Member
chilled
I’m dating myself here, but I clearly remember days following Trudeau seniors reign. The propagandists, and social engineers told us, starting at a time when Canada had ZERO federal or or provincial debt, education was a world leader and cheap, hospitals, schools and infrastructures were top drawer. They told us “we NEED, massive immigration to pay for the hospitals, schools, pensions, blah , blah, blah.” 40 yrs later, we got the opposite AND massive immigration!!! Arrogant and brainwashed immigrants, incompetent media and social justice warriors want us to believe, left to our own avails, Canadians would be living in boxes under bridges. The irony of all of this is missed by the majority. Hey, I am NOT blaming immigrants for Canada’s problems, we need some immigration, just not what we are currently doing. We are working incredibly hard to make… Read more »
patriotz
Member

” starting at a time when Canada had ZERO federal or or provincial debt ”

The Federal government has always been in debt right from 1867. More recently, the Federal government took on a huge debt to fight WWII, which is much better known. So check out stuff like this next time.

Shut It Down Already
Guest
Shut It Down Already

“You have no idea what you are talking about.”

UBC in Crisis Mode
Guest

Should Liberal MP Joyce Murray do something about Vancouver housing crisis?
http://jmurray.liberal.ca/news-nouvelles/housing-affordability-in-vancouver/

Garth Turncoat
Guest
Garth Turncoat

Read my blog today. Will make you puke.

I’m all concerned about this racist 15% tax. I’m gonna name call all these people who want one in Toronto. How dare they stop HAM…uggg, edit. HAM doesnt exist! Its locals. Thats why Edmonton prices went up as much as Vancouver’s….errrr scratch that.

You are all xenophobic with the 15% tax.

Dorothy? Dorothy? Will i have any intelligent readers left? who cares, they don’t make me any money. Im gonna call my contacts in government and tell them to drop the 15% tax cause HAM doesnt exist.

puke.

Shut It Down Already
Guest
Shut It Down Already

Straw man much?

chilled
Member
chilled

You have no idea what you are talking about.

Best place on meth
Guest
Best place on meth

So true. His cryptic, speaking-in-tongues 3-5 word posts never make any sense, not even to him/her.

Shut It Down Already
Guest
Shut It Down Already

Garth didn’t not say that foreign money does not play a part. He said its a tiny fraction compared to the indebted locals (a fact supported by all available stats).

Better? Or would you like me to define “straw man” for you too?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Are you this Garth Turner fellow?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

My comment directed Shut Down

HAMster
Guest
HAMster

“Joe Oliver, that’s okay. He wouldn’t stand out even if you put him between two shrubs. That kinda guy.”
Nice ad hominem attack Garth. Just what he rebukes his posters for.
He is quite insulting when dealing with someone whom he doesn’t agree with. And he is sure on the wrong side of the fence with his position on the tax.

chilled
Member
chilled

He loved to pick on the ‘elfin’ Flahertty, right until the day he died. Garthy is desperate for another shot at the federal finance minister and maybe later, something international. He has a Napoleon Complex and wants to use it. I bought his books 10yrs ago, I though he was on to something, I realize we all make mistakes, I’m good with that, I’ve made many. I hate the man not because of my choices, but for his failure to own up to anything and constanty trying to play us (the masses) as fools.

patriotz
Member

“for another shot at the federal finance minister”

He was Revenue Minister which is a different position. In any case I don’t think even Garth would think an old white guy from the GTA is going to have a chance of breaking into JT’s cabinet, assuming he could get a nomination and get elected.

Best place on meth
Guest
Best place on meth

The worthless traitor will never be elected to public office ever again.

chilled
Member
chilled

Garthy is keeping that politically correct door open for another attempt at politics one day, mark my words boys and girls.

paulb
Member

New
184
Sold
116
TI:9932

MTD:

LISTINGS: 3,877
SALES: 1,731

http://www.paulboenisch.com

Best place on meth
Guest
Best place on meth

Paul, I’ve noticed that price changes/decreases have accelerated.

If you have the time to add that stat to the dailies, we’d be much obliged.

paulb
Member

Will do. Price changes include both increases and decreases but it’s safe to assume that the bulk of price changes these days are reductions.

rockerguy
Member
rockerguy

This is great news. I’ll make sure to include the change data in my stats.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Good timing:
Sale Date: February 17, 2010
Sale Price: $2,600,000

Now on the market asking $3,980,000. You got to realize the gain!
Don’t miss the open house:
http://www.westsiderealty.ca/ActiveListings.php/Details/1089/6092-chancellor-boulevard-coast-villas-vancouver-bc#viewdetail

UBC in Crisis Mode
Guest
UBC in Crisis Mode
boom
Guest
boom

Are Canadians subsidizing bad chinese drivers?
Most accidents in BC are mainly from asian drivers. In order to recover the costs, ICBC raises the premiums throughout the province. Why should we pay increased premiums ?

Lurker
Guest
Lurker

Premiums are regional. Vancouver pays through the nose for Vancouver drivers. Prince George does not.

Oracle
Guest
Oracle

Based on postal codes.

Oracle
Guest
Oracle

Lowest in Caucasian dominated areas.

YVR
Guest
YVR

“Most accidents in BC are mainly from asian drivers.”

Most serious accidents are caused by young white males and other young males born in Canada. Some Asians may be bad drivers based on limited experience but mostly fender bender type stuff. It is the serious injury and deaths that cause insurance rates to go up.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

When more expensive cars get damaged the cost to repair is higher obviously than for your basic car. A larger number of super high end cars being driven around and getting into fender benders drives up rates.

space889
Member
space889

You do know that insurance rates are based on car type and how often they are damaged or involved in accidents right? A porshe isn’t going to have the same rate for damages as a kia.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Exactly. And unfortunately icbc does not limit the burden only t o the drivers of those cars but collectivizes it. The total cost of accidents in an area is higher even if the actual number doesn’t go up. When the total cost of a region goes up that is considered a greater risk factor for icbc having to pay ou t money in that area. In addition in fact more accidents per capita are likely –either because more are reported (I can’t have any scratches on my porche can I.) or because they are actually happening .

Best place on meth
Guest
Best place on meth

“Are Canadians subsidizing bad chinese drivers?”

Remove the word drivers.

Are Canadians subsidizing bad chinese ?

Yes, we’re paying more taxes than we need to because of these fucking scum mainlanders who are cheating our country left and right.

Shut It Down Already
Guest
Shut It Down Already

“Most accidents in BC are mainly from asian drivers”

Link? Oh, you don’t have one? Shame.

Oracle
Guest
Oracle

Rates are based on postal codes. Those with higher proportion recent immigrants have higher rates.

Don’t believe me? Get 2 quotes for 2 areas.

vangrl
Member
vangrl

Last Sept numbers. Pretty sure the numbers last year included more SFH sales in the mix

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 per cent decrease compared to the 3,362 sales in August 2015.

Kim
Guest
Kim

http://www.theglobeandmail.com/news/world/chinas-fox-hunt-in-canada-strains-trust-that-an-extradition-treaty-is-possible/article32042306/

Is Jr going to sign an extradition treaty with china? Will that get rid of locusts and prevent more from coming in?

Ulsterman
Member

If i thought the type of people coming to Canada were reformist, human rights activists I’d have reservations signing the treaty too. But it would appear they’re wealthy entrepreneurs and government officials who’ve absconded with large amounts of money. They’re Chinese citizens and if CHINA wants them back, err, send’em back pronto. If they can show hard evidence that they’re only wanted for reformist crimes against the regime, then examine their case more carefully before deportation.

patriotz
Member

“If i thought the type of people coming to Canada were reformist, human rights activists”

Are you serious? These kind of people have been fleeing China for Canada since 1949. A recent example:

http://www.theglobeandmail.com/news/national/ottawa-supports-miss-world-canada-after-harassment-allegations/article24637114/

And of course China is not going to ask Canada to send people back for advocating human rights. They will fabricate other charges, just as they did for Kevin Garratt.

LS in Arbutus
Guest
LS in Arbutus

Just “thumbing” through the listings in Kitsilano for SFH. This is not profound, but who is going to buy all these houses at these CRAZY prices when the market is D.E.A.D? You’d have to be living under a rock to buy and not wait and see where this train is headed. As scary as a skyrocketing market was, an imploding market will be a lot scarier, for many.

Whistler or bust?
Guest
Whistler or bust?

Are you noticing any drops in prices in Kits or just more inventory?

Kim
Guest
Kim

Been watching parents neighbors house in east van. Been on the market for months. 7 year old house on big lot, reduced asking by about 12% still no biters.

Boombust
Guest
Boombust

SFH’s are not selling in the Tri-Cities area either, despite large price deductions of 100+ K. Sitting and sitting…

Ulsterman
Member

Agreed, when i do see a sold sign i want to find the buyer and ask them. “Don’t you watch TV, read a paper, or listen to the radio?” Buy NOW? Seriously? Prices may still go up, who knows, but wouldn’t any sensible buyer wait and see for the next 6-12 months?

Just me
Guest
Just me

Nope. Prices are not budging. Small reductions, bringing them back to January 2016 levels. RE agents are split: few are nervous, most are waiting for things to pick up again. Chinese buyers are slowly flowing back, finding ways to mobilize money without paying the tax. BC government has no interest in stopping them, it will happen.

Ulsterman
Member

I think prices are sticky because many sellers are not desperate to sell yet, and so are reluctant to reduce asking prices. Many probably think this just a lull and price appreciation will return. It has for the past 15 years so i don’t blame them for thinking this. But this time I’m hoping they’re wrong. However there’s always the chance Poloz reduces interest rates further, so we really don’t know where this will go, no matter what blog dogs tell you.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

“CRA and Fintrac to go after people who are abusing our hospitality and flouting our laws…”

This should be approached in the same way as United States approached to the War On Terror. Essentially there is no difference in the outcome at the end but destroyed communities, devastated people, ruined economies, lost societies…

I\'m with Stupid ^
Guest
I\'m with Stupid ^

Exactly!
Also, generalization of people of a certain background and lumping them all together. Its the perfect analogy!

YVR
Guest
YVR

SCMP reporting this deal is done. Anyone looking for a house on Drummond Drive? I bet a few places come to market soon.

China has sealed a landmark deal on the return of stolen assets with Canada, one of the main destinations for fugitive corruption suspects, state media reported on Friday.

http://www.scmp.com/news/china/policies-politics/article/2021977/china-canada-sign-treaty-return-assets-stolen-fraud

Bag it and tag it
Member
Bag it and tag it

Great news, but sounds like it’s a way better deal for China than it is for Canada, at least when it comes to sharing the proceeds of recovered assets. It would be very easy for China to produce documentation to ensure they get to keep 100% of the assets in all cases. There should have been a stipulation that Canada keeps at minimum 35%, for example, in all cases.

“The agreement stipulates that assets should be returned to their legitimate owners if ownership is confirmed. If the origin of the criminal proceeds cannot be identified, both countries will share the assets. The proportion of assets shared will depend on each country’s contribution to the investigation.”

YVR
Guest
YVR

Seems like a fair deal to me. The point is the seized houses will be liquidated for whatever the market will pay. Combined with those who want out before their house is seized and zero new money coming in, prices in the high end will crash.

Best place on meth
Guest
Best place on meth

How much Canada gets from the proceeds is the least of my concerns, the point is that the properties are seized and HAM is finally exterminated.

Even if extradition is still problematic, at least the vermin can be made penniless while living here.

Actually, that might even be better than extradition.

franko
Member
franko

Better than extradition?
What could possibly be a better deterrent than jail time in China?

space889
Member
space889

Forced to use any member of team BPOM as their butt boy?

YVR
Guest
YVR

Looks like East Van is getting slaughtered. Big price reductions.

https://pbs.twimg.com/media/Csbd4cdUsAA7KSB.jpg

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