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Friday Free-for-all! September 23, 2016

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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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bullwhip29

couldn’t help but chuckle watching Krusty parade herself down the red carpet with ear to ear smile (as if the 1000’s of people there were cheering for her, which she surely believed). and now all this sickeningly sweet media coverage of her half wit son who had no business being present at the event

http://globalnews.ca/video/2963529/b-c-premiers-son-addresses-meeting-the-royals/

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Boombust

Ha ha! We all said the very same thing! She’s such a loser.

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bullwhip29

Canadians in Panama Papers shouldn’t expect a tax deal, CRA says
http://www.cbc.ca/news/business/cra-panama-papers-1.3778888?cmp=rss

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bullwhip29

Rising Vancouver prices prompt real estate refugees to relocate to St. John’s
http://www.cbc.ca/news/canada/newfoundland-labrador/real-estate-refugees-in-st-john-s-1.3779038

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Patiently Waiting

There’s some serious fine dining restaurants now in St. John’s. Probably more per capita than in Vancouver or Toronto. Decades ago, eating out there meant Fish and Chips or low-end pizzas.
OTOH it doesn’t say whether this couple has been through a bad Newfoundland winter. The wife may be in for a shock.

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trackback

[…] excited about a potential return to sanity, but we’ve  seen versions of this story before.  BearVancouverite shares some thoughts on why they remain ‘cautiously optimistic’ and a question about […]

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southseacompany

“The return of fiscal policy – a step in the right direction: Nouriel Roubini”, The Guardian

https://www.theguardian.com/business/2016/sep/26/the-return-of-fiscal-policy-a-step-in-the-right-dorection

“Monetary policy is reaching its limits and may be counterproductive. It is time to borrow to spend and invest to boost growth”

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MarKoz

The topic of an extradition treaty between Canada and China is at the forefront among the news media, government officials and the public these days. Indeed, it should be, because it’s a topic that’s important to both countries.

http://www.theglobeandmail.com/report-on-business/rob-commentary/an-extradition-treaty-with-china-sends-a-message-about-corruption/article32043651/

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patriotz

In Australia, China’s appetite shifts from rocks to real estate

Attracted by clean air, a strong education system and worries about China’s future, more Chinese are spending their money in Australia. Thousands of Chinese families have sent their children to study at costly Australian universities, and Australian food exports to China have boomed. Chinese investment in Australian real estate has increased at least tenfold since 2010; Chinese investors have purchased up to half the new apartments in downtown Melbourne and Sydney.

If BC was a country, it would be Australia.

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No Money Down

Australia has been described as a “Houses and Holes” economy.

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Oracle

Was just looking at demographics from the 2011 census and after extrapolating, here is what get:

Metro Vancouver population today is 2.5 Million.

46% Caucasian —> Trend is DOWN
36% East and Southeast Asian origin —> UPPP
12% South Asian Origin —> STABLE
6% other.—> UP

Lets see who wins this race and owns this region!

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tim

It’s those south Asians we need to worry about. /s

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Etremely Rich Chinese houses owner.

4564 dumfries street East Vancouver sold to a Chinese investor for 1.8 million ,another victory for Vancouver home owners.

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No Money Down

There is no address 4564 Dumfries. Try again.

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patriotz

Ontario Premier Wynne ‘concerned’ about rapidly rising housing prices

Ontario Premier Kathleen Wynne is worried about Toronto’s skyrocketing housing prices – but says her government needs more information about what is driving the problem before deciding whether to bring in a foreign-buyer tax similar to British Columbia’s.

In other words, the Ontario election is the year after next, rather than next year.

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donald t

only place without 15% extra is Ottawa. Behold my friend, get ready to be …………

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Sellnoworbepricedin4evah

http://en.people.cn/n3/2016/0926/c90000-9119558.html

^^ this is AFTER measures to curb bubble mania.

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Sellnoworbepricedin4evah

^^ thanks falsely low manipulated interest rates!

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bullwhip29

Huge waterfront development seeks city’s approval
http://www.richmond-news.com/city-hall/huge-waterfront-development-seeks-city-s-approval-1.2350232

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bullwhip29

Richmond non-profit seniors centre director banned and fined by BCSC
http://www.richmond-news.com/business/richmond-non-profit-seniors-centre-director-banned-and-fined-by-bcsc-1.2349671

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I\'m with Stupid ^

But that guy aint even mainland scum, hes Hong Kong scum.

Seriously, do people just look for any negative type asian related story and post here.

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Shut It Down Already

Yes. They do. But they’re mostly looking for stories about mainland China – a few of the posters are from other parts of Asia.

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bullwhip29

Representatives for Chinese economic fugitives critical of extradition treaty talks
http://www.theglobeandmail.com/news/british-columbia/representatives-for-chinese-economic-fugitives-critical-of-extradition-treaty-talks/article32046964

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bullwhip29

>>> surely, some more sketchy activity going on here… some of the biggest, flashiest houses in all of richmond located in this neighborhood.

Man dead after Richmond house fire
http://www.news1130.com/2016/09/25/man-dead-after-richmond-house-fire/

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Just me

Prices in major chinese cities are now comparable to NY city, London, HK.

http://app.scmp.com/scmp/mobile/index.html#/article/2022422/section/442

If we are in the same market with these chinese buyers, then a simple arbitrage argument implies that Vancouver is still cheap (even with the tax) and prices have more room to run.

The only solution is to dissolve any ties between Vancouver and the international market where chinese buyers operate: this will require strong political will and policies that restrict access and keep chinese investors out. We need to reduce demand, it is clear that there is no other way to proceed, unless we want London or NY city prices.

The BC libs will never seriously promote those policies. Hence, come Spring, I will have to hold my nose and vote NDP.

We live in strange times!

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chilled

Strange or predictable times? Political conservatism has turned the politically correct table on the social justice warriors and social justice engineers. Some of us actually saw this coming.

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Oracle

Nothing to with these types of ideas.

Globalization is for the holders of multinational corporations stocks and mega bond fund holders.

The sheep argue over politically correct this or that crap. Too dumb to even know what’s going on. Too schooled.

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Tim

I’m with chilled on this. It was obvious 20 years ago that post-modern bullshit thinking from academia would be weaponized by conservatives. “Anti racism” becoming a tool in the hands of wealthy white guys to increase inequality is one result, and the rise of the post-truth election down south is another.

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Madashell

Ever heard of Shenzhen? “Shenzhen property 4X more expensive than Berlin, Hamburg & Rome. 20% pricier than NY & Paris! Bows only to London.”
This is pretty crazy and the day of reckoning is coming for China and it won’t be pretty.

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Oracle

Not really. They have more millionaires than we have people.
Just means globalization has made you poorer as compared to everyone else.

That’s what the Trump supporters are fighting for.

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patriotz

“If we are in the same market with these chinese buyers”

Obviously not. They don’t say “all RE is local” for nothing.

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Just me

Patriotz,
since I respect your intellect, I will not respond to your one-liner. But please, stop telling us all that the earth is flat.

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patriotz

How many people who are buying in Shenzhen are making the choice between buying there and in Vancouver? Virtually none. Likewise virtually no buyers in Vancouver are making the choice between buying there and in Shenzhen.

The “same market” means that two products are substitutable like a Chev and Ford or Coke and Pepsi. Nobody would even suggest that Seattle and Vancouver are in the same RE market. So who’s claiming the earth is flat?

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Just me

You are joking, right? When was the last time you drove around Vancouver?
Formally, arbitrage does not require the same agents participating in the same markets. All you need is that money can move, and the result applies.
You disappoint me.
Ideologues are those in love with their ideas so much that they deny the truth. Are you one?

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tim

Most “money” can’t move that easily between Seattle and Vancouver, because Seattle has a real economy with value-producing industries and good career prospects, while Vancouver does not.

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bullwhip29

SCMP: Vancouver’s ‘snitch-on-the-Chinese-owner’ tax will divide the community
http://www.scmp.com/business/china-business/article/2022426/vancouvers-snitch-chinese-owner-tax-will-divide-community

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Combat roach

Nothing here, just an asshole pulling the same shitty race card. Who still buys this crap? Shills of all kinds could have come with something other but cheap old nonsense.

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space889

In other news, racists deny they are racists and have hateful views against certain group of people because they don’t constitute a “race”.

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Just me

I have rarely read a bigger croak of non-sense. This Peter Guy is trying to score some cheap brownie points by making others look bad. This self-righteous attitude is a big part of the problem. Any tax will equally affect anyone, whether from Europe, Africa or Asia. What we are discussing here the impact of a wall of speculative money which is destroying the city and making it unlivable for people on local incomes. The fact that many of such “investors” are chines is just a fact, and something we cannot do anything about. For the record, most people I know in Vancouver have nothing against old-style immigration (including refugees). They are really pissed off about millionaire migrants, who move here and buy up land as a way to store money. If young chinese families want to move here and… Read more »

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Hyper-mega-Bull

Snitches get stitches! This is the same backward logic uneducated ghetto dwellers use and everyone criticizes them for it.

Just shows human nature is universal regardless of socio economic background.

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Combat roach

Vancouver, Richmond…

“Between 2003 and 2012, some $1.6-trillion in illicit funds poured out of China, a study by research group Global Financial Integrity found, more than any other country. Over a similar period, the People’s Bank of China estimated 16,000 to 18,000 corrupt Chinese were on the run. The operation to pursue them has become a critical component of a domestic anti-corruption campaign under President Xi Jinping: Choke off avenues for escape, and the crackdown at home becomes more effective.”

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

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Oracle

Political theatre.

Nothing will be done as gov officials on both sides rake in the cash.

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franko

Looks like China gets most of the cash, and we get to keep the crooks.

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Oracle

Local HAM back at it. SOLD $160,000 OVER ASKING!

833 SEMLIN Drive in Vancouver: $1,599,000

Told you fools. There is enough Asians here funnelling money into Vancouver. The 15% tax only affected foreign students who don’t have a PR card yet.

Sorry for calling you guys names like fools and idiots but it really seems like you guys have no clue.

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Shut It Down Already

How do you know the identity of the buyer? Or did you just make it up?

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space889

Don’t you know? Bear facts are axiomatic, no proof or evidence needed.

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YVR

Nice try troll. The house was sold to a local neighbour. Don’t be fooled by the over asking on a low list price. That house would have sold for $2.1M in the Spring.

Super happy for my friends and clients who sold their lovely home in one weekend! Very happy this very awesome home will go to some good people in the neighbourhood!

https://www.facebook.com/michellecomensrealtor/

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Patiently Waiting

That house looks like a bigger, better version of one I owned in Halifax years ago. Well, I owned 25% of it and the bank owned the rest, when I sold it. Once again, regretting moving back to my hometown Vancouver.

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Just me

It is getting even more interesting. Official announcement by both governments

http://ca.reuters.com/article/topNews/idCAKCN11U0Q7

This could really make Vancouver homes a bad choice to hide money.

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Combat roach

These are good but gentle early steps. We need much bolder agenda to oust the shit and start the process of recovery and purification. RE is just part of the problem.

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space889

Yes, we do. Starting by sending polluters like you to where you rightfully belong so people can actually have an intelligent conversation without being tinted by hate & stupidity.

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UBC in Crisis Mode

According to the exhibitors, people attending the housing exhibition (right now) show strong interest of buying properties overseas. Three RE firms are from Toronto.
http://10times.com/beijing-propertyexpo-springexpo

There may be a housing price blimp in Vancouver, but price will keep increasing in a slower pace.

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Just me

Location shopping.
We Just have to convince politicians to make our location less appealing.

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Just me

This is a bit of a rant (and I would not endorse Trump even under duress!) but there are a few nuggets of truth.
https://www.tibetsun.com/opinions/2016/09/24/why-america-needs-donald-trump-china

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xyz

@Just Me

Speaking of nuggets….see link above….I’m having a hard time figuring out Hillary’s position on the TPP

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