HALT Rally Recap

HALT_YVR wrote in with a recap of this weekends rally and a link to video of the first 4 speakers:

Hi all,

We just wanted to say thanks to everyone that managed to make it out to our rally this Saturday. Despite the lousy weather, we managed to get 200 people out to make noise about this housing crisis slowly grinding local Vancouverites into dust. We had some great speakers that ran the gamut from average citizens to lawyers, economists, and activists. For those that didn’t get a chance to make it out, here’s a video of the first 4 of our 6 speakers. It’s long at 45 min but well worth the listen: https://youtu.be/h6wRS-fMHi4

We’ll keep you posted on future events that are just now in the planning stages. Expect another event to draw attention to our housing crisis and pressure government in the next two months.

In the meantime like our FB Page to keep up with all the latest updates: https://www.facebook.com/HALTVancouver/

Thanks again for your support,
The HALT Team

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Oracle
Guest
Oracle

Real estate agents and mortgage brokers tell every investor to buy a condo and say it’s their principal residence.

Start by auditing all the condos built in the last 15 years in metro Vancouver. The money recouped from capital gains from condos alone would pay for all the bridges and transit in metro.

And save taxpayers from Christy giving $500 million to developers.

Auditing condos would have the effect of completely eliminating the local and international investor. Condo prices would crash and then locals can buy to live in. No need for the $500 million to give to developers.

Slava
Guest
Slava

Bingo!

Ulsterman
Member

I hear this all the time and i’m baffled why there isn’t more oversight given the potential tax losses involved. It appears like people just casually declare these investment properties their principal residences when they sell and have no fear that they’ll get busted. Isn’t there any form of data sharing by the various levels of government, BC hydro, etc?

chilled
Member
chilled

I sold a townhouse rental property 12yrs ago and Can Rev soaked me for 80K in Capital Gains. (About 1/2 of what I made after subsidizing the rent for 10yrs) This process was automatic, no one flinched, no one expected otherwise. Example 3,289 of why ‘Canada treats foreign nationals better than her own.’ Maybe the ‘Space’ and the ‘Newcomer’ commenting here might one day realize people like me aren’t racists or bigots, we are just pissed off.

I\'m With Stupid V
Guest
I\'m With Stupid V

Take off the tinfoil hat lol.
12 years ago there were way less amateur landlords.
These days everyone and their mom owns an investment condo, the principal resident scam is the same for everyone regardless of race.
It seems like you are just bitter because you cashed out at the absolute worst time possible.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

fewer. way fewer. (sorry)

chilled
Member
chilled

Work on your comprehension skills dude.

Oracle
Guest
Oracle

Because the RE/Banks rule us. They decide what laws you can break. Homeowners with multiple properties can break laws.

As can basement suite landlords.

It’s acceptable.

Oracle
Guest
Oracle

Nope. Loophole there provided by The RE/Bank complex.

patriotz
Member

” Isn’t there any form of data sharing by the various levels of government, BC hydro, etc?”

CRA has access to land titles (remember they are public record in the first place) so there’s no need to look at secondary data. There is only one problem really and that’s resources allocated to enforcement and that’s a political decision.

http://www.cra-arc.gc.ca/gncy/cmplnc/rlstt/menu-eng.html

http://www.lawnow.org/your-principal-residence-and-taxes/

patriotz
Member

” It appears like people just casually declare these investment properties their principal residences”

Has anyone on this forum other than me been a homeowner or landlord (I’ve been both)? You don’t “declare” your principal residence, you don’t report it on your tax return at all. It’s the investment properties that you report (or are supposed to).

Ulsterman
Member

I think we all understand the principal residence exception. My point is that people buy investment properties, own them for a few years, then live in them just before they sell and don’t declare the capital appreciation because they claim it all as their principal residence. ie they didn’t declare anything at all on their tax return. Is there some way that this capital gain is reported from another independent source? If i don’t declare my capital gains made in my TD Waterhouse account, I’ll get busted because TD also declares this income to the CRA

Lurker
Guest
Lurker

Audits typically cost more than they recover. It’s more of a deterrence.

Boombust
Guest
Boombust

Ross Kay has just tweeted that Vancouver has just set a North American record for its recent decline in home sales…

UBC in Crisis Mode
Guest

Why is BC government not releasing the data regarding how much they gained by applying 15% foreign tax?

YVR
Guest
YVR

I suspect there must be another tax change coming based on the recent data. For example if Victoria spiked in foreign buyers above 10% they will be implementing the tax there as well and need extra time to get it done at the same time they release the stats.

Bbbbb
Guest
Bbbbb

Delay Delay Delay until May.

election time

history
Guest
history

HALT ..

ryhmes with salt

until and unless you physically take out the garbage, Halt is an Aquarius pipedream.

chilled
Member
chilled

Remember, Canada is country of ‘recyclers’ the garbage isn’t going anywhere

Best place on meth
Guest
Best place on meth

We c an recycle the garbage back to its country of origin.

Billybonger
Guest
Billybonger

Read the comments in Ross Kay blog of recent tweets.

This does seem significant.

Have we crossed toe rubicon into an outright mega bear market?

Bull bull bull, what say you?

Boombust
Guest
Boombust

On the Sept. 17 “Howe Street.com” podcast on You Tube,, Ross Kay (at 15:14) stated that Vancouver is now in a full-blown crash mode…share it on Facebook and spread the glad tidings like I did.

Hyper-mega-Bull
Member
Hyper-mega-Bull

give it a rest already.

Oracle
Guest
Oracle

Hahaha

Oracle
Guest
Oracle

He’s a Garth an another sheep clothing. Wants you to sell and invest with his company.

Boombust
Guest
Boombust

I’m sure he would like us to “invest” in his business; however what he says is bang on. I have listened to his previous predictions regarding the Metro Van RE market on other podcasts and he has a VERY good track record. So, he MUST be doing something right.

I\'m With Stupid V
Guest
I\'m With Stupid V

Do you have examples of his track record?

Boombust
Guest
Boombust

Listen to his podcasts yourself.

Hyper-mega-Bull
Member
Hyper-mega-Bull

canadians are so gullible.

Hyper-mega-Bull
Member
Hyper-mega-Bull

ugh. the latest bear hero? never heard of him.

he has interesting eyebrows.

http://www.remonline.com/home/wp-content/uploads/2011/08/Ross-Kay.jpg

Best place on meth
Guest
Best place on meth

You got a problem with eyebrows, you racist?

You probably hated Dukakis too.

Boombust
Guest
Boombust

He knows a helluva lot more than you.

paulb
Member

New
201
Sold
99
TI:9898

http://www.paulboenisch.com

Oracles sawdust house
Guest
Oracles sawdust house

Oracle where is 7k the number keep climbing… im confused.

Oracle
Guest
Oracle

Don’t get your hopes up.

Just read a Liberal paper that wants 445,000 foreign students here by 2020. If each just buys 1 SFD home then you see all the detached homes will be accounted for.

Good luck. Tax or no tax.

Best place on meth
Guest
Best place on meth

Oracle, what about that flood of Mexicans?

Are they here yet and if so, what are they buying?

chilled
Member
chilled

Probablemente a poco heroina y cocaina muchacho

Bbbbb
Guest
Bbbbb

November visa restrictions lifted

Oracles sawdust house
Guest
Oracles sawdust house

Oracle you’re and idiot!

Oracles sawdust house
Guest
Oracles sawdust house

^well that looked pretty bad…. damn autocorrect… *An

Reasonfirst
Guest
Reasonfirst

“If each just buys 1 SFD…” That is hilarious!

wwww
Guest
wwww

Richmond anniversary slaying trial opens
Crown: Cleaver attack was a case of ‘extreme domestic violence’

http://www.richmond-news.com/news/richmond-anniversary-slaying-trial-opens-1.2348328

chilled
Member
chilled

Watch for the sentence, he’ll get fuck all.

patriotz
Member
Best place on meth
Guest
Best place on meth

This would mark the first time in 15 years that the ex-SoCreds gave a shit about the commoners.

chilled
Member
chilled

They’re fucking with Horgan’s brain and his merry band of SJW followers.

chilled
Member
chilled
I came, I went, I was disappointed with the turnout and I have absolutely no vested interest, now or in the future, in Vancouver real estate. There should be 20K people there under 30. You can’t help those who don’t want to help themselves. Walking through downtown that morning I saw two McClarens, 1/2 dozen Porsches, gawd knows how many Bimmers and on my way to the rally, cut through Nordstroms. Put a fork in it, Canada is done. If you folks want to start burning things, overturning cars and expect a turn out of 10K or more, let me know, I’ll help. Regardless, this *COULD* be a start of something and thanks to HALT organizers for that, but realistically? We’re Canadians, we are more likely to apologize for being homeless.
Oracle
Guest
Oracle

Because you bears are unorganized.

Anti- immigrant party seizing power would lead to your objective. But you guys too schooled. No hope.

Divided you fail.

chilled
Member
chilled

I hate the “anti-immigrant” sentiment, that I am not. I simply think Canada’s immigration policies are flawed. (Non one dimensional thinker here)

Best place on meth
Guest
Best place on meth

I agree.

More deserving refugees, less rich crooked assholes from the worst country on earth.

Ulsterman
Member

can you imagine that was a rally in Paris. There’d be 300,000 young people overturning cars!

Best place on meth
Guest
Best place on meth

The French know how to riot.

Sadly we suck at it.

YVR
Guest
YVR

Except after hockey games. Now if the Halt rally looked like the Stanley Cup riot they may get someones attention.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Everyone in the world except for me thinks the Stanley Cup riot was just a stupid hockey riot. My view is that it was a political event and a response to what had been happening in Vancouver in recent years leading up to it. The actors did not know the language of politics and were not conscious of their own motivations. But it was political and historians of the future will understand it to be an early harbinger. 🙂

It is not possible to run into a energy drink place at 10 o’clock at night and get a smoothie and run back out in 5 mintes (the time it takes to order, pay and for the smoothie to be made) WITHOUT GETTING A PARKING TICKET in this city. The systems that are in place punish vitue and reward vice.

HAMster
Guest
HAMster

Excellent point. I have not thought of it that way but it does make perfect sense. And look at the way the authorities went after the rioters, spending many more times on prosecutions than the purported cost of the damages. Why? To set an example that disobedience by the citizens will not be tolerated.

I\'m With Stupid V
Guest
I\'m With Stupid V

We only riot for stupid shit like the Vancouver Cansucks.

chilled
Member
chilled

Yeah, you can flip a Citroen over with your pinky

YVR
Guest
YVR

The only thing that changes policy are voters and how they vote. We have a 15% foreign buyers tax and other policies coming in because the election is coming up and the BC Liberals polling shows housing is a major issue and people will not be voting for them.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

If things keep going like they have been it will be NDP. Someone should write Bill Gates a letter and ask him to quit dabbling in our electoral process.

history
Guest
history

The French are in Victoria, BC, crying about how great it is here while Agenda 21 dumps the planets overbred refuse in their country, and continent…. making it unliveable… We’ll have a break from the great influx for only 6 -18 months, then it will turn parabolic once again…

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

They have spirit.

Combat roach
Guest
Combat roach

My impressions / thoughts were the same. Quite far from the excited critical mass to start some unrest going. Either is PC crap or fear but people are nowhere near crisis or any other form of serious suffering that would provoke some good action. Too bad, it would be nice to see some of those mothersuckers in their fancy cars to start feeling uncomfortable and understand why it would be good to pack their shit and go back to homeland, so we can clean up the mess and get local stuff back on track. We just need the shit exposed dominating the streets and screwing up the system.

chilled
Member
chilled

Further to my constant ramblings about ‘Canada being the only country in the world that treats foreign nationals better than her own citizens’ example 3, 456:

http://www.theprovince.com/news/crime/crown+seeks+years+jail+burnaby+player+discredited+organization+that/12212516/story.html

chilled
Member
chilled

Sorry for being off topic, but for those of you sick of Twatter & Faceplant’s censorship, groupthink and mindless rebuttals, there is a new kid in town. The wait may be a week or two, but get onboard, self censor and say whatever you like. The site needs more Canadians.

#GoGab

http://www.gab.ai

Boombust
Guest
Boombust

Hmm., now I can pick on those rude, dismissive , low-class,cocky and, arrogant Australians

No Money Down
Member
No Money Down

The official term is bogan.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

For those who work/live DT. Have you noticed how much of a third country Vancouver has turned into over the last 10 years? Homeless and destitute on every corner now. In the “financial” district people are literally stepping over vagrants lying on the sidewalks. Thanks real estate bubble!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Yes. This part of Canada is now unrecognizable as Canada because of that.

JayTor
Guest
JayTor

Different issue, Vancouver has always had lots of homeless. None of these individuals were in the housing market.. They have bigger problems in their lives then the housing bubble.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Homelessness is primarily a different issue, but there is still some overlap in the issue of homelessness and the issue of technically-defined unaffordability for the middle class. I know of two people who lived in very nice clean $800 walk-ups, who had simple, well-managed lives, building slowly after divorces or job losses, but who then had a some major incidents (involving car accidents, problems with teenagers etc.) combined with a renoviction (4 or 5 years ago) that pushed them over the edge into couch surfing and in the case of one who did not have much support in the way of community, homelessness. Neither were drug addicts or diagnosed with any chronic mental instability. conditions. This is related to unaffordability because the renoviction phenomenon is largely due to the factors that give rise to unaffordability. I agree though that it… Read more »
Patiently Waiting
Member
Patiently Waiting

The new face of homelessness: http://www.news1130.com/2016/09/20/burnaby-senior-facing-eviction-after-75th-birthday/

I volunteer with an organization that helps people like this. Sometimes I get a chance to talk to frontline staff, and they are telling me the situation has deteriorated significantly even compared to a few months ago.

There’s a lot of elderly people couch surfing now, and some even in the homeless shelters. These are often people who have lead full. productive lives and are getting thanked with a kick in the ass.

HAMster
Guest
HAMster

Metrotown in Burnaby is being totally decimated by redevelopment thanks to a Burnaby City council who don’t give a shit about the long term renters and poor residents who live in that area. All Burnaby cares about is the increased tax revenue they will collect with all the new condo towers being built. The now homeless people can go to hell. Mayor Corrigan is a complete asshole.

patriotz
Member

“Vancouver has always had lots of homeless.”

No, prior to the late 1980’s there were no homeless to speak of except for the traditional “skid row bums”. That includes the early 1980’s when unemployment was in the double digits.

Combat roach
Guest
Combat roach

I’ve noticed the pattern over years at the Vancouver downtown. The number of homeless people on the street is directly proportional to the number of mainland Chinese people on the street. The both numbers equally increased over the time at the same pace. Does that tell something?

Combat roach
Guest
Combat roach

Restless global vermin…

“Chinese tourists seem to be packing more than just sunscreen and cameras on vacation. The data discrepancy suggests they’re also shifting cash by buying homes while studying abroad, signing up for life insurance products in Hong Kong, or opening deposit accounts to squirrel money offshore, Setser said. That’s bad news for the global economy.”

http://bloom.bg/2cDKIMn

jjss
Member
jjss
patriotz
Member
Hyper-mega-Bull
Member
Hyper-mega-Bull

i’ll believe real estate is in trouble when someone goes on MLS, finds a cheap property and posts it here.

HAMster
Guest
HAMster
Disgruntled condo owner
Member
Disgruntled condo owner

Somebody’s $2 million nest egg

MarKoz
Member

I knew I shouldn’t have bought that second McLaren…

“Anecdotal evidence suggests that an inflow of foreign money is fuelling the sales growth, but we’ve long argued that a growing share of Canadians are buying ‘too much car,’” he said.

“Neither case is an ideal scenario.”

http://www.theglobeandmail.com/report-on-business/top-business-stories/canadians-buying-too-much-car-as-ultra-luxury-sales-soar/article31997749/

HAMster
Guest
HAMster

Do people still “buy” cars or lease them now? Maybe buy if they have a lot of cash they need to get rid of…

MarKoz
Member

Alternative lenders in Canada have doubled their share of the residential mortgage market in the past decade, increasing risks in the housing sector where they operate with limited federal government oversight.

http://www.theglobeandmail.com/report-on-business/joe-schmo-lenders-double-stake-in-canadas-mortgage-market/article31981959/

southseacompany
Member
southseacompany

“Fed chair Janet Yellen says interest rate winter is coming: Don Pittis”, CBC News

http://www.cbc.ca/news/business/federal-reserve-central-banking-yellen-1.3772479

“Hold on to your hats. Fed chair Janet Yellen says interest rate winter is coming, probably in December. ”

“Despite strong objections from some of her advisers, Yellen announced no change this week, but her language warned Canadian homeowners that they can likely expect a U.S. rate rise as a Christmas present.”

No Money Down
Member
No Money Down

Or interest rate summer is coming if you’re a saver.

HAMster
Guest
HAMster

1/4 of a percent. Wow, killer.

Disgruntled condo owner
Member
Disgruntled condo owner

Does anyone actually believe that?

yvr2zrh
Member
Foreign buyer stats for August are released. A couple of things to note. 1.) Only 60 transactions . Total was around $50 million in sales. 2.) Tax raised was $2.5 million. Two things stand out. 1.) 90+ percent of the foreign money has been pushed away. 2.) How the freakin’ h-ll did this only raise 5% tax – – – sounds like some serious deal structuring. . Looks like in these 60 transactions – people are partnering with a local who is not subject to the tax. The auditors should look through to see if the funds were essentially gifted from the foreigner to the local – to make the “purchase” on behalf of the foreigner – – and then just go after the foreigner anyway – under the GAAR provisions of the act. So – there you have it… Read more »
UBC in Crisis Mode
Guest

“The auditors should look through to see if the funds were essentially gifted from the foreigner to the local”.
Which auditors? There is none from CRA.

yvr2zrh
Member

BC has its own property purchase tax auditors. The press release says it and says these auditors are basically going to go see what’s going on. You can see why Dejong was saying last week that there were some unusual anomalies. The anomalies are massive. Either the government has some bad math or somebody has some splanin’ to do . . . . They have a serious incentive to get someone on display as having been caught pretty quickly.

tim
Guest
tim

Does anybody remember the scene in “Never Cry Wolf”, where the isolated biologist has his supplies eaten by mice, and hits on a solution?

https://www.youtube.com/watch?v=gKMBk3js7e0

Hyper-mega-Bull
Member
Hyper-mega-Bull

Foreign buyers haven’t been pushed out. They are simply evading the foreign buyer’s tax (aka “phone a friend tax”).

After everything we’ve seen Canadians still don’t get it. Even I didn’t expect this kind of naivety.

Cheating and crooked dealing is their primary nature. We’ve seen countless examples. You people don’t stand a chance. I feel sorry for all of you.

Learn Mandarin.

Oracle
Guest
Oracle

Agreed.

Only way is to have a yearly tax on 2nd homes and also enforce the capital gains tax.

Oracle
Guest
Oracle

Wake me up when they:

1) start preventing PR people from buying second homes. It’s the IIP people that are still funnelling money into RE. And also raise the capital gains on a RE sale.

2) stop the “principal residence” fraud.

realist
Member
realist

” “stop the principal residence” fraud.”
Well said. The main vehicle of tax evasion via RE is the tax exempt status of the “principal residence”. Its beauty is that it is a passive evasion: there’s no need for declarations, applications, etc.: the homeowner simply does not report to CRA the rental income or capital gain on a sale, as pointed out by patriotz. So long as the current arrangements are in place, these will continue to be very widespread practices. And this dependable, low-risk opportunity for tax evasion mightily contributes to the current lust for RE.

patriotz
Member

“And this dependable, low-risk opportunity for tax evasion ”

Having every transaction permanently on record with the government and open to the public is not what I would call low risk.

realist
Member
realist

Rents are usually not on record with government, but of course sales are. Evasion has been low risk because CRA has chosen consistently to ignore this sector for decades, as so well covered by Ian Young/ SCMP. And that is why the practice is so prevalent.

Madashell
Guest
Madashell

David Eby Tweets: $2.3bn+ int’l money into #VanRE in 3 months. 1 in 4 transactions in Burnaby and Richmond. 15% in Vancouver.
But…. Krusty said it was only 5%, now she won’t even release stats.

southseacompany
Member
southseacompany

“Foreign investment in Vancouver residential real estate plunges after new tax introduced”, CBC News
http://www.cbc.ca/news/canada/british-columbia/foreign-buyers-tax-data-1.3772158

“Total percentage of residential sales involving foreigner buyers dropped from 16.5% to 0.7%”

patriotz
Member

As the subsequent post by HAMster shows, this has to be taken in context with the huge number of closings pulled forward to beat the deadline. I think you’ll really have to wait to October to see the real picture.

HAMster
Guest
HAMster

Foreign nationals buy nearly $1 billion in real estate day before targeted tax.
http://www.news1130.com/2016/09/22/foreign-nationals-buy-nearly-1-billion-in-real-estate-day-before-targeted-tax/

Chinese will buy the whole city if given the chance.

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