BC, politics

There’s a new sheriff in town

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78 Comments

In an attempt to bring more regulation and oversight to the BC real estate market a new ‘superintendent of real estate‘ position has been created by the provincial government.

Micheal Noseworthy has been named as the new superintendent of real estate.

He’s an experienced regulator having recently served as a senior government regulator for Yukon. Noseworthy most recently served as superintendent of Real Estate, superintendent of Insurance, registrar of Lotteries and registrar of Medical Practitioners.

“I look forward to drawing upon my experiences as both a regulator and a lawyer with experience in real estate and administrative law to serve the interests of British Columbia’s real estate consumers by working swiftly to implement the reforms initiated by the government,” said Noseworthy in a statement.

Read the full article over at News 1130.

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vangrl

test

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[…] wrote in with a recap of this weekends rally and a link to video of the first 4 […]

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Billybonger

Looks like Canada is moving forward with an extradition treaty with china.

Returning corrupt officials and their ill begotten wealth.

Me buy three husband buy three?

Or sell and skedaddle?

What does Oracle think of this?

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bullwhip29

ok, we get garratt back. who do they get in return?

suggestions anyone?

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Best place on meth

100,000 immigrant investors.

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Combat roach

Vancouver would get reborn with all that garbage out.

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bullwhip29

btw, where does it say that M. Noseworthy was former Yukon Superintendant of RE?

https://ca.linkedin.com/in/micheal-noseworthy-521a0561

nothing on yukon govt website either… how on earth did they come up with this name anyway? who else was on short list (if there was indeed one in the first place)

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Best place on meth

The short list included Seymour Butts, Ivana Tinkle and Hugh G. Rection.

Although all applicants were well qualified, Mr. Noseworthy came out slightly ahead.

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Billybonger

Check out Steve sartesky’s twitter site.

Real time stats, detached sales in the toilet (ten year lows) so far this month and condo sales on the decline.

Bodes well Oracle? Pray tell?

North delta and south Surrey grinding to a halt.

Knock on impacts could be gynormous.

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JayTor

Had to search for what you are referring too, here is the link for others: http://vancitycondoguide.com/mid-september-market-update/
Very interesting

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HAMster

Ontario will need to implement foreign buyer tax on housing, CIBC says.
http://www.cbc.ca/news/business/benjamin-tal-housing-cibc-1.3769153

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JayTor

Please add this Tax! I now live in T.O. and the street I live on (rent) has seen a increase of over 30% in 18 months. semi attached houses sold for 600K back in October 2014 and a similar place went for 900K in May 2017.. Let’s get the speculative foreign capital out of our housing markets!

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bullwhip29

Ontario has little choice but to tax foreign home buyers, CIBC warns
http://globalnews.ca/news/2951272/ontario-has-little-choice-but-to-tax-foreign-home-buyers-cibc-warns/

>>> wouldn’t it be ironic if all the HAM ends up back in Quebec?

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Combat roach

No matter wherever they end up they are everywhere nothing but damage for society and environment. They should be entirely banned from Canada going forward and leftovers promptly dispatched back to motherland,

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elvince

Yeah, cause Quebec is so well known for being a tax haven.

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bullwhip29

Foreign Buying To Accelerate If China’s Stock Market Crashes: Juwai
https://betterdwelling.com/foreign-buying-accelerate-chinas-stock-market-crashes-juwai/

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bullwhip29

Legal challenge launched against Christy Clark government tax on foreign home buyers
http://www.straight.com/news/785521/legal-challenge-launched-against-christy-clark-government-tax-foreign-home-buyers

“A Vancouver law firm is hoping a judge will certify a class-action lawsuit against B.C.’s new 15 percent tax on foreign buyers of Lower Mainland homes.”

“If the legal challenge succeeds, the B.C. government could be on the hook for hundreds of millions of dollars.”

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southseacompany

“Variable mortgage rates will soar. Are you ready?”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/everything-you-need-to-know-about-the-risks-and-rewards-of-variable-rate-mortgage/article31946694/

“At some point, a storm surge will hit Canada’s interest-rate market. Prime rate will rocket one or two percentage points higher and many a borrower will be swearing at the person who suggested they get a variable-rate mortgage.”

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Newcomer

But don’t sweat it, the article goes on to say, it’s not a biggie and rates are sure to drop back down.

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southseacompany

“Huge windfall from new taxes highlights B.C. economy’s dangerous dependence on real estate’ National Post
http://news.nationalpost.com/news/canada/huge-tax-windfall-highlights-b-c-economys-dangerous-dependence-on-real-estate

“On Thursday, the B.C. government announced it had raked in $2.2 billion in revenue from the property transfer tax and the new 15-per-cent tax on foreign buyers of Metro Vancouver homes.”

“But: De Jong’s figures showed just how stark B.C.’s economic dependence on real estate has become. Real estate-related taxes are now the government’s single largest revenue generator. They not only outstripped the $1.2 billion gambling brings in — which is pernicious enough — but they also surpassed the tax revenue, individually, from forestry, mining, natural gas and all other resource industries.”

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YVR

In a related story with BC having the most robust Fentanyl market in North America the Liberals are proposing a new tax 5% on Fentanyl that will go towards purchasing Naloxone to treat those that OD.

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Jay Lee

I think the CRA should check Jing Li and see how she can afford that condo.Is she declaring all of her world wide income? Where does her money come from? How did she get a mortgage?There are lots of questions to ask before this goes to the Supreme court. Who is paying the lawyer? Just asking.

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patriotz

Her parents are giving her money obviously and a gift from parents to an adult child isn’t income. I doubt there’s anything to investigate here, I don’t think she herself has any business activities back in China.

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Best place on meth

If it was so hard for her to “cobble together” the $56K deposit of 10%, how was she going to come up with the additional $140K downpayment required in order to get a mortgage?

This whole sob story smells like shit.

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chilled

Why is every senior government administrative position from banking to transit to ferries imported? Why have we lost our ability to support and believe in fellow British Columbians? This meme is unfolding before our very eyes as the destruction of Canada. Apparently a bunch of incompetent buffoons built the province & country everyone so dearly covets and wants to move to.

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HALT_YVR

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… Read more »

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Madashell

Thank you HALT for organizing. We need more of this to let Krusty and Baby T know there is a serious problem in BC.

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Madashell

Chinese student leads court action, demanding repayment of all money paid by foreign national home buyers.
http://www.cbc.ca/news/canada/british-columbia/class-action-lawsuit-launched-against-b-c-foreign-buyers-property-tax-1.3769751
Maybe we should ask her why her country China has a total ban on foreigners from buying in China and she is bitching about a 15% sales tax in Vancouver.

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Best place on meth

Maybe the fucking cunt should have rented while studying here.

What makes these assholes think they have a right to buy a house the minute they step on Canadian soil?

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chilled

I’ll take, “Canada treats foreign nationals better than her own citizens” for $500, Alec!

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bullwhip29

it simply shameful to admit they “rent”. same reason they all drive flashy cars and carry around handbags worth thousands too. the moment they land at YVR a RE agent is probably there to pick them up, cart them off to a Mercedes dealer, then a luxury suite where they can peruse through catalogs of multi-million dollar properties.

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Combat roach

Total disgrace, looks like locust’s orchestrated action challenging Canadian power and integrity. Quite insulting though, slap in the face. Strong state/government would retaliate with the bold example by deporting at least a several hundreds of fucks back to homeland.

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CanNeverThinkOfAGoodName

House buying is a risky business. What if housing goes down in value due to gov’t policies (as I hope it will). Does that mean that all current property owners should be able to sue the govt? ALL govt policies differentially affect different parties. If everytime someone gets caught in circumstances that require them to pay more than they predicted they would pay, they thencould sue and win, then the govt would be sued all the time.

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CanNeverThinkOfAGoodName

I think you’re right Combat. It is and is meant to be a challenge to Canadian power and integrity.

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bullwhip29

i guarantee you she is just being used as a frontperson for bigger interests who prefer to remain anonymous. no way she quarterbacking this whole thing by herself. lol….

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CanNeverThinkOfAGoodName

Find out where she goes to school, whether she is a serious student or just took a class one term, and find out the rest of her business in Canada.

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Diadora

Wondering if she is one of the nine students that earlier purchased 57 millions worth of westside houses.

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mls watch

No comment section for this article. It happens often those days with hot topics.

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HAMster

This lawsuit will fail because the province is within their rights and jurisdiction to levy taxes on the sale of items, goods, and services. If they weren’t, then PST sales tax would fall under the same challenge. To suggest this is tax is “racist” is ridiculous because it affects any and all foreign nationals, not just Chinese.

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bullwhip29

but wouldnt it be a major kick in the teeth if they somehow win their case and get awarded some $500M for repayment of tax, lost money and compensation for market losses among other things? with all the bizarre twists and turns this thing seems to be taking you never know what is going to happen.

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HAMster

I will also add that free trade agreements (NAFTA, Auto Pact, etc.) specify the products that are traded. Lumber products, autos, etc. they are not a free-for-all trade agreement. Dumb argument on the “student’s” lawyer’s part.

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bullwhip29

actually the lawyer and the firm she is a partner at is highly regarded in that area of focus. lots of motivated wealthy individuals potentially involved. probably a good thing krusty and co had that data/email wiping policy in place…

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Best place on meth

I heard the lawyer attempting to argue her case on the radio this morning – let’s just say she was not very well spoken for even an average person on the street, let alone a lawyer.

To be blunt, she sounded dumber than a bag of hammers.

When the interviewer asked her for her thoughts on a better way for government to deal with the issue, since she claims they did it the wrong way, she essentially said “that’s not my problem”.

Zero specifics cited as to why the tax was illegal, only that it was. Nothing but vague allegations of “discriminatory” and “against trade agreements”.

If this is how she’s going to present her case it will be thrown out.

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bullwhip29

well she’s certainly not going to drop her drawers on the radio. all that matters is that she and her firm have taken on some big corps and come out on the winning side. unless krusty is going to buy the judge, jury and all involved this thing isnt going away imho. too much money involved. if by chance they have some sort of a smoking gun then govt will have no choice but to settle. maybe horgan and co have grown a pair and are the real proponents behind this? (tin foil hat stuff). whether this case has merit or not, it all looks bad for the liberals especially if the whole issue comes to a boil right around election time (maybe by design)…just sayin’…

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would-be buyerl

Unfuckingbelieveable:

http://www.cbc.ca/news/canada/british-columbia/class-action-lawsuit-launched-against-b-c-foreign-buyers-property-tax-1.3769751

How does a student who “cobbles” together 10% down payment from “parents and friends in China” to purchase a $560K townhouse afford to pay the actual mortgage? Running the numbers, it would amount to a mortgage of over $2K plus strata and property taxes (closer to $2,500, all in I would guess). Qualifying income is over $90K. Does this student have a job? Does she have income to show she can make the mortgage payments? Oh wait, she’s foreign so doesn’t have to prove income… Sadly, tax payers will be footing the defence of this outrageous lawsuit.

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Combat roach

Motherfuckers seriously think that they are entitled and likely wonder how some small and weak country like Canada can do anything possible against almighty Chinese?

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CanNeverThinkOfAGoodName

Ha ha ha ha. That’s probably true (that many of the poor benighted souls think that).

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bullwhip29

Professional ‘pickup artist’ vows return to UBC despite complaints
http://www.cbc.ca/news/canada/british-columbia/professional-pickup-artist-vows-return-to-ubc-despite-complaints-1.3769049

“A self-described “pick-up artist” who posts videos with titles like “Why You’re Not Getting Laid” and “Asian Pickup Hot White Girls” says he will “absolutely” return to UBC…”

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bullwhip29

Grouse Mountain is for sale
http://www.cbc.ca/news/canada/british-columbia/grouse-mountain-sale-1.3769661

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HAMster

I buy three my husbah gonna buy three…

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bullwhip29

New national bank targeting Chinese Canadian customers
http://www.cbc.ca/news/canada/british-columbia/new-national-bank-targeting-chinese-canadian-customers-1.3766531

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bullwhip29

Class-action lawsuit filed against B.C.’s foreign buyer property tax
http://www.cbc.ca/news/canada/british-columbia/class-action-lawsuit-launched-against-b-c-foreign-buyers-property-tax-1.3769751

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Best place on meth

Piss off chinese student vermin, Canadian laws are for Canadian people, not you fucking economic terrorists.

Get out and go back to china!

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JayTor

Get your PR or Citizenship and then buy a house, what logic was she using… and really if you have to scrap together the deposit you should not buy.
There are a lot of surprise costs in a purchase of a home, and a 15% buffer should be in your bank account anyways for surprises. This is not a race issue, it’s a stupidity issue.

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Its_the_ALR_stupid

Since nobody else has posted it, here’s a link to the CBC article on Clark’s affordable housing initiative:

http://www.cbc.ca/news/canada/british-columbia/record-b-c-real-estate-revenue-to-fund-affordable-housing-projects-1.3769511

As usual, the comments tell the real story.

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Just me

Yup, the comments tell the real story. Here is another:

“Christy Clark should have said: We’re giving 500 Million to the Real Estate Developers who pay my extra salary.”

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patriotz

Note $500 mil/2900 = $172 K per unit. Obviously the majority of the money for these units is expected to come from some other source, be it municipalities, the Feds, or debt.

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bullwhip29

yes the math doesnt add up, does it?

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bullwhip29

i guess you could look at this from another angle….what exactly is a “unit” and where will they be located? $172k definitely isnt going to get you more than a small room w/ cot. talked to a city planner buddy from new west the other day. had to replace no frills basic public washroom in one of their parks. for matching his/hers single stalls with wash basin and waste bin final bill came in at over $250k so everyone gets a nice big chunk of the cake…

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Just me

About Clark’s plan to take 2,900 units (already built!) off the hands of her developers friends, here is a comment straight out of the CBC website:

“Through her actions and her inactions Clark has spent the last 5 years doing everything possible to drive up the cost of housing in Vancouver.
Now, with an election looming she will be spending half a billion taxpayer dollars trying to put a dent in the problem her government has created.
Disgusting.”

I think this guy is on the money, except for one thing: Christy knows exactly what is going on. She is using 500 millions of our dollars to make some important people happy. Whether or not she is re-elected, her future prospects look bright.

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AirBNB

this is evidence that theres lots sitting unsold, ie Wall Center Vanness Boundary Road etc, Chrispy gonna blow 500m on cream

Krispy Creamer

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bullwhip29

this isnt what she said in the announcement. what was discussed was “construction” of 2900 units. this said, she wound up passing the buck on all of it as the ball now rests in the hands of the municipalities who likely end up disagreeing on everything and bickering over who gets what. given that govt dollars dont go very far in the corrupt and sleazy world of construction, far fewer than 2900 units (or shall i say cells) will actually be completed without the RE mafia upping the stakes some more. a licence to doll out more tax payer funds to friends and family, nothing more…

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paulb

New
329
Sold
150
TI:9801

http://www.paulboenisch.com

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Oh oh

5 digit Friday party 4 more sleeps

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Oracle\'s sawdust house

Oracle,
Where is the 7k party and announcement on immigration?

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Oracle

150 sales. Wow.

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rockerguy

There’s an idiot born each minute.

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AirBNB

Curious how east side SFH detached sales ?

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Newcomer

Steady sales, low inventory, prices up on Zolo.

I’m just not getting that warm armageddon feeling.

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JayTor

I see cracks, but I don’t see the wide spread panic we need. Housing prices are purely in the hands of the buyer… if they believe it’s crazy over priced we will see the correction, but 150 people seem to think it can only go higher.

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rockerguy

Sold as a percentage of inventory is heading downhill generally: https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=1701525396&format=interactive

If the polynomial fit is true for the rest of the year, sales will have completely “halted” within the next month. We shall see what actually pans out, but the purple chart is not looking bullish.

I’d conclude by saying that some amount of sales we are seeing now were likely in the pipeline months ago before any panic had truly set in. The number to watch is new inventory. At this time of year, inventory should not be rising, but it is. That’s weird.

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Best place on meth

If he doesn’t speak locust then he’s going to have a very hard time figuring out what’s going on.

This isn’t a normal real estate market with normal players anymore.

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Shut It Down Already

None of the available stats are in agreement with you, unfortunately. This country is up to its eyeballs in debt.

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Best place on meth

The topic today is regulation and oversight of a market full of crooked people and shady dealings, but I can see why you’d rather change the subject to debt levels of locals.

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Sellnoworbepricedin4evah

You’re both right.

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