Housing Action Rally Saturday Sept 17th 2pm

 

Housing Action for Local Taxpayers (HALT) is a group of Vancouverites whose goal is to pressure government to take action on local housing affordability.

HALT wrote in to let everyone at VCI know they are holding a rally at the Vancouver Art Gallery this Saturday Sept 17th at 2pm.

They have a  great line up of speakers including Christine Duhaime the Vancouver lawyer focused money laundering.

More information can be found on their Facebook page.

Here’s some info from their comment yesterday:

Specifically we are calling on Government to:
– HALT money laundering and tax fraud by individuals hiding their money in our housing market
– HALT Immigrant Investor Programs that bring in owners who do not contribute to our income tax base
– HALT corporate donations to political parties. For too long, our governments have served moneyed interests and not the interests of the citizens of our city and our province
– HALT AirBnB of our rental stock. We need regulations in place to protect our renters
– HALT demolitions of affordable rentals that are being replaced by unaffordable luxury condos marketed to offshore buyers

We’ve got a great panel of speakers lined up including:
– Christine Duhaime, a lawyer heavily involved in catching foreign money launderers in Vancouver
– Josh Gordon, Assistant Professor, School of Public Policy, Simon Fraser University, who has done extensive research on the impact of foreign capital on our housing market
– Dr. Darren Joneson, whose housing story we featured on our Facebook page
– Caroline Adderson, author of the book “Vancouver Vanishes” owner of FB community of the same name, will talk about demolitions of heritage homes, zoning and how we create density in a liveable, sustainable city
– Paul Kershaw, founder of Generation Squeeze, who will talk about the the challenges millenials face in getting into the housing market and Gen Squeeze’s “Homes First” policy.

Please come out, stand up, be counted, and let our government officials know that enough is enough!

Thanks for your support,
The HALT Team

You can find more info on their Facebook page and at haltvancouver.org.

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bullwhip29
Guest
bullwhip29

reposting this…

Very interesting and must read IMHO…

FATF Anti-money laundering and counter-terrorist financing measures
http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/MER-Canada-2016.pdf

>>> some highlighted nuggets on pg 16 (part 52 + footnote 10) and how about pg 112 (part 310)

enjoy, everyone…

Madashell
Guest
Madashell

CKNW: Canada scores a lousy 25/100 when combatting money laundering, says new Itnl report. Shame on you Canada and Fintrac!

Bbbbb
Guest
Bbbbb

Do you really think a Drama Teacher is running this country? He is a puppet.

franko
Member
franko

“He’s a puppet”
Even worse if McCallum is pulling the strings.

chilled
Member
chilled

That’s ‘SANTA’ McCallum to you, dear sir. Every time the Hoe, Hoe, Hoe opens his mouth, he is giving something away!!

david
Guest
david

Leave the rum bottle out for ‘Santa’.

bullwhip29
Guest
bullwhip29

and this one too…

re vacancy tax…
https://www.incomeinvestors.com/housing-bubble-vancouver-10800-empty-properties/4790/

>>> bottomline is that Mrs “I BUY THREE”, her husband and all the other 1000’s of presale condo buyers are up $hit creek starting in 2017 (esp if mayor moonbeam drops the axe on airbnb). current landlords will be forced to lower rents aggresively to compete with a whack of new supply (as 90% of vacant properties are CONDOS) or try to sell what is the most widely available + least desirable class of RE in a market that has gone comatose.

donald t
Guest
donald t

just apply a demo permit on the condo, and problem solved.

bullwhip29
Guest
bullwhip29

funny. actually i think this will be the straw that breaks the camel’s back as it applies to the low to mid end range of the market. passive condo investors have two choices starting in 2017: SELL (or try to) or RENT OUT. this will crush existing owner/landlords that rely on inflated rent pmts (which have to drop now) to keep the house of cards somewhat intact. as it stands right now, many of these properties are cash flow negative. additional supply due to owners (who previously were not collecting a cent in rent) will do more damage to the average guy than the 15% foreign tax imho

CRAzy
Guest
CRAzy

No , it will be the market punish the us fed to force a rate increase. Cheap money make houses expensive. The punishment will be in what from I don’t know. But I know now us fed will never raise interest rate voluntary.

Dave
Member
They won’t before the election but rate increases are coming. I think it will be a slow climb out but no question that increases are on the way, at least until the next recession. The market ultimately will reverse on interest rates and has been doing so for the last couple weeks. I personally went short a month ago and it’s been a good trade for me. I think the first thing to go up will be corporate yields. Some corporate bonds are negative in Europe right now. It’s nonsensical to me. Eventually I think the market will take it to Japan and bail out of their bonds. Should make for one hell of a financial crisis. Maybe it’s 10 years out, maybe 20 or even 5. But I see it as coming at some point. This is an unconventional… Read more »
nufio
Guest

I have been saying for years that rate hikes are not coming. We are following japans footsteps. The government is just about masking the recession with excessive money printing. Rates are eventually going negative in all western economies.

Newcomer
Member
Newcomer

It’s another bean on the right side of the scale, but investors would be pooched with or without small fluctuations in rents. Rental income is a tiny fraction of the calculation. People see their “income” as coming from appreciation, which they borrow against. Without appreciation, the gig is up and the impact of a few thousand a year in rent will not be significant for most. As you say, they are already cash flow negative. It’s not like they could just ignore prices and hold for the duration.

bullwhip29
Guest
bullwhip29

fluctuation in rent could be bigger than expected. a few hundred here or there per month (per property) can add up for some people. also may finally be reality check time for those clinging to the fantasy that tons of easy money will continue falling into their laps without having to lift a finger. imho the most vulnerable are the presale buyers and those of that specific mindset who will get hit with a ton a bricks when some of the vacant supply is suddenly added to the mix and the scale abruptly tips in the other direction

Newcomer
Member
Newcomer

It’s true that the presale buyers will be in quite a state when their condo completes and they are underwater.

patriotz
Member

“demo permit on the condo”

hahahaha are you trying to be sarcastic or did you really mean it?

Best place on meth
Guest
Best place on meth

Question about the rally:

If I want to burn an effigy of Christy Clark wrapped in a chinese flag, do I need to obtain a permit from the fire department?

Slava
Guest
Slava

LOL. You’ll need a permit from Space889.

I hope Space will identify himself at the rally so we can get it’s permission.

Combat roach
Guest
Combat roach

You can report it as conceptual artistic performance symbolizing cry against injustice, crime and corruption which became “Modus Vivendi” in the Canadian Province of British Columbia. I don’t believe anybody would complain against an artistic expression.

Jan Palach went full throttle for the similar reasons and became a legend.

https://en.wikipedia.org/wiki/Jan_Palach

Combat roach
Guest
Combat roach

“It was not so much in opposition to the Soviet occupation, but the demoralization which was setting in, that people were not only giving up, but giving in. And he wanted to stop that demoralization. I think the people in the street, the multitude of people in the street, silent, with sad eyes, serious faces, which when you looked at those people you understood that everyone understands, that all the decent people were on the verge of making compromises.”

Just switch Soviet with Chinese and there you go…

Madashell
Guest
Madashell

Hey Space… I know you will be at the protest so please drape yourself with a Chinese Flag and a commie green hat cause we wanta talk to ya.

Shut It Down Already
Guest
Shut It Down Already

Right. You won’t even bother to show up. Or perhaps they’ll scrape attendance of more than 28 together this time?

chilled
Member
chilled

Keep your ‘burning’ at the Cannabis Expo my friend.

Bob
Guest
Bob

please do this and post video on youtube.

HAMster
Guest
HAMster

We have experienced the lowest interest rate environment in 5000 YEARS. This according to Michael Campbell on NEWS1130 yesterday. That has a huge effect on assets requiring borrowed money to purchase. This is the root cause of our housing bubble and overall debt problems. Thank you central banks for financially screwing over an entire generation.

Boombust
Guest
Boombust

Isn’t Michael Campbell that charlatan “economist” who can’t forecast his way out of a paper bag?

HAMster
Guest
HAMster

He doesn’t claim to be an economist as far as I know, and there was no “forecast” given. He was stating a fact. You got an axe to grind with him?

HALT_YVR
Guest

It’s the root cause of Canada’s inflated house prices. It gets us to 5x to 7x income. Doesn’t explains 14x income happening in Vancouver.

Madashell
Guest
Madashell

The two banks named in Kath T’s G&M report yesterday are HSBC and BMO. I am extremely mad at how they discriminated at the Canadians and favoured the foreigners. I do not have an account at BMO but I have an account at HSBC. I think I will go to HSBC today and close the account and give them an earful.

Best place on meth
Guest
Best place on meth

HSBC was a given, they’re famous for laundering communist money.

CRAzy
Guest
CRAzy

Mexican drug
money too. But they small change

Bbbbb
Guest
Bbbbb

Whats the point of the rally? What SPECIFIC POLICIES do you want changed??? Otherwise people are going to see it as a bunch of low life getting together.

Combat roach
Guest
Combat roach
You have it posted on the top of the page in case if you missed it (below). As far as “low life getting together” I would suggest you to go there and look carefully at those people and think again what you said. Specifically we are calling on Government to: – HALT money laundering and tax fraud by individuals hiding their money in our housing market – HALT Immigrant Investor Programs that bring in owners who do not contribute to our income tax base – HALT corporate donations to political parties. For too long, our governments have served moneyed interests and not the interests of the citizens of our city and our province – HALT AirBnB of our rental stock. We need regulations in place to protect our renters – HALT demolitions of affordable rentals that are being replaced by… Read more »
Bbbbb
Guest
Bbbbb

I meant it as how the house pumpers view us. No disrespect meant here.

Combat roach
Guest
Combat roach

Got it, understood.

nufio
Guest

if you are going after airbnb i bet the hotel chains will sponsor food and drinks and other goodies if you ask.

patriotz
Member

Household debt surges to new record as borrowing continues

Canadian household debt soared to a record high in the second quarter, as rock bottom interest rates continued to underpin heavy borrowing.

The ratio of debt to disposable income rose to 167.6 per cent in the three months to June, topping the first quarter’s 165.3 per cent and eclipsing last year’s record, according to Statistics Canada’s national balance sheet report released on Thursday.

Bbbbb
Guest
Bbbbb

Just to be devils advocate, Canadian Household Debt to Net Worth is approaching multi decade lows. They publish these very few months to create chatter. These are to detract from the real issues at hand that HALT will address some of.

HAMster
Guest
HAMster

Most Canadian’s net worth is in inflated real estate. I think even you can see the problem there…

Bbbbb
Guest
Bbbbb

Yes but you really think deep down there will be a 30% crash? Everyone will swarm on to buy.

Best place on meth
Guest
Best place on meth

Will the underwater home owners be part of that swarm?

Oracle\'s sawdust house
Guest
Oracle\'s sawdust house

The speculators will be buying their own homes back

Zero Down Forty
Guest
Zero Down Forty

Monetary policy stimulus and the vast amount of cheap money it has produced is THE driver of all the asset bubbles we see in the world.

The ‘issues’ that HALT lists are just the results of this historically unprecedented stimulus – not the cause.

Ray
Member
Ray

I tried to tell them that by posting on their Facebook page, and I got blocked. They’re just going to create a huge jumbled mess at the VAG.

HAMster
Guest
HAMster
Reasonfirst
Guest
Reasonfirst

“Mainland China buyers seeking to invest overseas are fleeing Vancouver and flooding Seattle”

http://vancouversun.com/business/real-estate/seattle-gaining-on-vancouver-with-chinese-buyers

Newcomer
Member
Newcomer

Complete BS, but it feeds the memes.

Combat roach
Guest
Combat roach

This city certainly needs other bold measures as HALT and opposition suggest, 15% tax alone won’t do to clean up the mess.

“Cockroaches may migrate to another area if food and water are not available in your home, but they may also just become more daring and resourceful in their quest to find sustenance. Keeping your home as clean as possible is definitely the first step toward keeping cockroaches out, but remember that it’s only the beginning.”

http://ohmyapt.apartmentratings.com/how-to-prevent-cockroaches.html

Best place on meth
Guest
Best place on meth

It’s very hard to exterminate a swarm of locusts, the best you can do is divert them with Krusty’s 15% strength bug spray.

Blazing sun
Guest
Blazing sun

Why are you so hateful?
We are all locusts ? Nearly 7 billion ? You are one pathetic hater that should be run over by a bus.

chilled
Member
chilled

YES!!! Go to the HALT rally first, THEN go to The Cannabis Expo at The Convention Center to calm down. If all else fails (and it will) at least you won’t give a shit.

Best place on meth
Guest
Best place on meth

Will there be snacks at the Cannabis Expo?

patriotz
Member
Bbbbb
Guest
Bbbbb

Fluff to detract from he real issues.

Combat roach
Guest
Combat roach

You can tell, when talking to the majority of people in town.

“In the field of behavioural finance, there’s a term called “recency bias” that describes what’s happening here. People are looking at recent events and projecting them into the future indefinitely. So far, it’s working. We’ve had low rates and a slow-moving but stable economic for years now, and there’s no sign of imminent change.”

No Money Down
Member
No Money Down

New Listing! Nice Kits neighbourhood-$2.3M:

https://www.realtor.ca/Residential/Single-Family/17373608/3451-W-6TH-AVENUE-Vancouver-British-Columbia-V6R1T4

Oh wait. In July it was listed at $2.8M. MLS® #R2096695

Vacant possession. Owners have bought elsewhere…

Dave
Member

$2.8 M for a 100 year old house on a 4,000 ft2 lot.

Crazy. $2.3 M is still crazy.

chilled
Member
chilled

Yes, just like a schizophrenic on meds, still crazy. What’s even MORE crazy is the idea that recent actions by the government will make any significant difference.
1) Reduce Immigration
2) Return the immigration system to when it brought in people who shared similar Canadian values (can I say that?)
3)Support refugees and those in need within reason. Decline warmongers and religidiots
4)Ownership of commercial, industrial, residential and agricultural property by Canadian citizens only

And most importantly – drum roll please –

HALT the political correctness and realize Canada is a sovereign nation and we don’t owe the rest of the world squat!

Oracle
Guest
Oracle

Well said chilled.

Watch for the immigration bombshell Trudeau unleashed next month.

All these bandaid solutions won’t matter if 75,000 people a year start moving here.

Also expect a doubling of foreign students who get PR faster (disguised immigrant investor program).

Oracle\'s sawdust house
Guest
Oracle\'s sawdust house

Oracle where are 7k list?
Where are the promised immigrants?

Oracle
Guest
Oracle

Unfortunately both are coming

Combat roach
Guest
Combat roach

Speaking of students…

International students given priority while daughter wait-listed, claims Vancouver mom

http://www.cbc.ca/beta/news/canada/british-columbia/international-students-given-priority-while-daughter-wait-listed-claims-vancouver-mom-1.3764525

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

That should not be happening. The Province is mishandling how it disburses money to schools if a high school can get a bigger budget by having international students. If the international students pay more that should go into a common pot.

YVR
Guest
YVR

Thats great. You can rent out a room to one of those students to pay part of your mortgage. Oh wait all rooms are taken by the 30 family member who will be living with you.

Newcomer
Member
Newcomer

A half a million dollar shave, that could make for a good headline.

UBC in Crisis Mode
Guest

Developer alert!
The lot may still worth $2 millions, if you can later sell the new house to foreign buyers.

YVR
Guest
YVR

Developers are trying to unload what they have. Building lots are no bid. Nobody is going to buy a lot or tear down for a spec house right now.

bullwhip29
Guest
bullwhip29

not exactly correct. building lots (at least in Rmd) are the only things moving albeit at nowhere near the pace they were flying off the shelves

Combat roach
Guest
Combat roach

Lol, $2.3M …also contains a fully developed basement (to help reduce those mortgage payments!)

YVR
Guest
YVR

Yes $2.3 is crazy but it would have easily sold for $2.8 in March. Image how the sucker down the road feels who bought in March. You can probably get it for $2.1 today or 25% off peak. Or you can wait till next year and get it for $1.4M or the year after and it will be under $1 million.

burntout
Guest
burntout
Combat roach
Guest
Combat roach

Lots of questions…
Concerns regarding money laundering related to terrorism? What kind of terrorism? Are Mao’s henchmen and followers classified as terrorists? Who is hiding and why? Who is falsifying passports? What’s really happening?

http://www.worldfuturefund.org/wffmaster/Reading/Quotes/maoterror.htm

paulb
Member
Active Member

New
175
Sold
125
TI:9759

http://www.paulboenisch.com

rockerguy
Member
rockerguy

New chart: Average Weekly Inventory. Shows the average inventory on a weekly basis rather than monthly, to provide a little more granularity of recent movements.

https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=1964361805&format=interactive

rockerguy
Member
rockerguy

As you can see, there is usually a bump in early September, presumably as people get back from holiday and list their homes. Now what we want to see is whether the bump carries on, or if listings fall off in the remainder of the year as per usual.

Grim
Guest

Thanks for sharing. Judging by the trajectory, it is breaking the normal yearly cycle of peaking by week 25. It indeed will be interesting to see if these numbers keep increasing. So far 2016, while still low in inventory, is not exhibiting bullish behavior for mid term and beyond.

Combat roach
Guest
Combat roach

Optimism rules…

“Canadians increasingly unwilling to buy homes amid fears that the ‘bubble might just burst'”

http://www.bnn.ca/canadians-increasingly-unwilling-to-buy-homes-amid-fears-that-the-bubble-might-just-burst-survey-1.567429

southseacompany
Member
southseacompany

“Canada’s household debt is now bigger than its GDP, for the first time”, Financial Post

http://business.financialpost.com/news/economy/canadas-household-debt-is-now-bigger-than-its-gdp-for-the-first-time

“For the first time, the level of debt held by Canadians has exceeded the country’s gross domestic product as the red ink spilled over in the second quarter to 100.5 per cent of GDP, up from 98.7 per cent during the previous three-month period.”

Best place on meth
Guest
Best place on meth

Wooo hoooo!

Go Canadebt!

southseacompany
Member
southseacompany

“Home sales eclipse resources as B.C.’s top source of revenue”, Globe & Mail

http://www.theglobeandmail.com/news/british-columbia/hot-real-estate-market-lifts-bc-budget-into-billions/article31901625/

“British Columbia will haul in more tax revenue from the sale of homes this year than its combined revenues from the province’s historical economic foundation of mining, energy, forestry, Crown land tenures and natural gas.”

southseacompany
Member
southseacompany

“TRUMP AND THE TRUTH: THE INTEREST-RATE FLIP-FLOP”, The New Yorker

http://www.newyorker.com/news/news-desk/trump-and-the-truth-the-interest-rate-flip-flop

“Donald Trump has by turns praised and vilified the Fed chair, Janet Yellen, and the Fed’s interest-rate policies, never acknowledging when he says precisely the opposite of what he has previously said.”

AirBNB
Guest
AirBNB

It is quite evident looking at the new listings particularly houses, that they are old farts cashing out, trying to unload 70’s décor for top dollar…..crickets…. price drops a coming

Slava
Guest
Slava

Vancouver Boomers who started this mess 20 years ago selling to investors from Hong Kong and Taiwan and now mainland China.
They are trying to cash out, I hope they choke.

Combat roach
Guest
Combat roach

Itchy situation, Manitoba wonders…

“What Is Ahead For Canadian Housing Market Boom Or Bust”

http://mytoba.ca/life/home-garden/ahead-canadian-housing-market-boom-bust/

Combat roach
Guest
Combat roach

Banks Didn’t Expect Vancouver Housing To Fall As Much As It Has

http://www.huffingtonpost.ca/2016/09/15/vancouver-average-home-price-banks_n_12034358.html

Newcomer
Member
Newcomer

In classic bubble popping style, we are getting the mortgage fraud stories now. A little early, I would have thought, but I guess there was a lot of pent-up demand for tales of woe. http://vancouversun.com/business/mortgages/couple-claim-they-were-told-to-fake-assets-to-buy-richmond-home

Combat roach
Guest
Combat roach

What else to expect from masters of deception? However they are as always innocent. Perhaps language was barrier, they didn’t understand well?

HAMster
Guest
HAMster

Lie, cheat and steal. Business as usual with them…

Best place on meth
Guest
Best place on meth

Fraudulent buyers: Yan Zhao and Wei Na Hao

Fraudulent realtor: Wendy Yang (formerly of New Coast Realty)

Fraudulent banker: Mr. Sun

Ok, what is the common denominator here?

Combat roach
Guest
Combat roach

They all don’t speak English. Communication problem or they might be accustomed to different business culture?

chilled
Member
chilled

I’ll take “Name 4 bad BMW drivers” for $500 Alec!!

HAMster
Guest
HAMster

Goodbye Vancouver: Foreign buyers now flooding Seattle and Toronto real estate markets.
http://globalnews.ca/news/2943992/goodbye-vancouver-foreign-buyers-now-flooding-seattle-and-toronto-real-estate-markets/

The proportion of foreign buyers on the Westside was as high as 25 per cent,

He now says his wife has an American client who wants to sell his downtown penthouse because “he doesn’t feel welcome.”
“He brought a tech company up here from Silicon Valley… and moved a bunch of employees up here, and he’s basically saying that he’s out of here. He wants to sell his penthouse and likely move his business back down south.”

Uh huh. That certainly sounds like a rational decision to me…

Combat roach
Guest
Combat roach

Lol… Realtor’s bullshit, those guys are hilarious.

HAMster
Guest
HAMster

Here is another line from that article:
“Foreign buyers are pissed off right now.”

LOL. Good!!!

Best place on meth
Guest
Best place on meth

Local taxpayers are far more pissed off.

Foreign buyers can eat shit.

Coincidence
Guest

Interested in hearing thoughts on this:
In 2012, Vancouver prices were correcting/stalling and then went stratospheric, fueled in part by unverified and illicit (given China’s rules) cash from China leveraged by Canadian banks.
In 2012, Vancouver was introduced to “A killer high” of fentanyl, manufactured in China and easily shipped overseas in the mail. Deaths from fentanyl, like housing prices, have since gone stratospheric
http://www.theglobeandmail.com/news/investigations/a-killer-high-how-canada-got-addicted-tofentanyl/article29570025/
Coincidence

HAMster
Guest
HAMster

The way I see it, we have had two phases to this real estate bubble. The first was more or less home grown between 2002-2012 (with the dip in 08-09) caused by lax lending, low rates, longer mtg terms etc. and then the second and biggest run-up was 2013-2016 from the Chinese. Now that they are (hopefully) no longer a factor I see prices dropping back to first phase bubble levels of 2012 quite quickly, and then a slower more measured drop down from there.

Boombust
Guest
Boombust

I think the drop will be more much more rapid and severe than most people suspect.

Best place on meth
Guest
Best place on meth

China is getting their revenge for the Opium Wars.

They’re all about revenge, no matter how long ago they were wronged.

tim
Guest
tim

Remember the USSR plan to nuke China, that the USA stopped? It was re-confirmed as recently as 2010 in a major Chinese newspaper by an academic there. Given there tight media control, it was taken as a clear “we remember this.” So I’d take it as more general than “revenge”: China as a nation has a very long memory, both positive and negative.

bullwhip29
Guest
bullwhip29
Newcomer
Member
Newcomer

As you point out, it is just an infomercial, but it is interesting that it is an infomercial urging people to sell. I don’t see it as bullish.

bullwhip29
Guest
bullwhip29

the message i got from this what that there could be hiccups associated with being an “accidental millionaire”. not sure why the couple they describe would have a capital gain on their principal residence, however

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