BC, Budget, debt, economy, hype, opinion, politics, prices

The Tragedy of the $1.2 Million Dollar House

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19 Comments

There’s an absolute injustice happening in our fair city. Honest home owners who by no fault of their own now find themselves in the position of owning a home that is assessed at more than a million dollars.  People who have struggled and strived to achieve home ownership only to have the $570 property tax grant torn from their weary hands!

A greedy government is intent on charging these poor home owners property taxes without giving any of it back! The province cruelly raised the cutoff from 1.1 to 1.2 million earlier this year, but what is that? Less than 10 percent! Some assessments are up more than 40 percent! What are these poor homeowners supposed to do- sell and cash in on a hugely inflated market?

Fortunately there are freedom fighters who are advocating for the downtrodden and calling for a rise in the cutoff for the homeowner grants.  Pray that they succeed, because you know if the government succeeds in it’s evil plan to retain this $570 home owner grant they’ll only waste the money on caviar, cigars and saving people from fentanyl overdoses.

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Donald T

Krusty-the-crown-plan. No address of foreign money, unfair/lax tax law &enforcement unlimit non tax-paying million dollar but on walfare immigrants and the untraceable foreign income.

=joke.

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Doomcouver

Krusty and the Libs like it when all these crooks from China launder their money here. They won’t like it as much when they all sell en masse and tank the market. They got greedy with the foreign buyer’s tax and thought they could get re-elected AND keep the dirty money flowing. Unfortunately for them they are wrong and the market is doing a complete 180. Maybe after the Libs get voted out old Krusty can get a job as mayor of Seattle. I hear they’re being sold out to the PRC as we speak.

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Buynow or Getlaidnever

TODAY ANNOUNCEMENT will be BC Home Partnership will help first-time home buyers top up their down payment costs by providing them with a five-year interest-free loan.

http://dailyhive.com/vancouver/bc-home-partnership-first-time-buyers-assistance

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Shut It Down Already

Haha, they just don’t get it.

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YVR

They get it but they can see the market is crashing. This won’t prevent the crash because the new CMHC rules prevent the people who need this type of downpayment help from qualifying for a mortgage.

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Shut It Down Already

Did you read the article?

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Whistler or Bust?

5 yr. Govt of Canada bond hit 1.20% this am. Bring it on!

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bullwhip29

‘Important announcement’ for first-time home buyers promised by province
http://www.cbc.ca/news/canada/british-columbia/important-announcement-for-first-time-home-buyers-promised-by-province-1.3897832

>>> announcement at 930AM

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bullwhip29

now they say 1030AM to give them time to digest BoC comments and spin their message even further

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bullwhip29

PART 2of2… But what happens should a bubble pop, which, for the latter, we’re seeing signs of in Vancouver? “Despite the rise in the household debt-to-income ratio, the third quarter marked an overall improvement in the household balance sheets, as rising asset values and low interest rates helped offset higher credit balances,” said Toronto-Dominion Bank economist Diana Petramala. “Asset values will continue to rise sharply with the recent rebound in the TSX/S&P index and continued growth in home prices, but households are starting to lose the support of a low interest rate environment,” she added. “The five-year government bond yield has jumped 50 basis points since the U.S. election and borrowers have so far passed nearly 20 basis points of that increase onto consumers.” Scott Hannah, chief of the Credit Counselling Society, noted that these numbers come just as we’re… Read more »

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bullwhip29

PART 1of2: Globe and Mail: FAQs about fat family debts in Canada. (And answers you won’t like) Michael Babad The Globe and Mail Published Thursday, Dec. 15, 2016 5:17AM EST Last updated Thursday, Dec. 15, 2016 8:57AM EST http://www.theglobeandmail.com/report-on-business/top-business-stories/faqs-about-fat-family-debts-in-canada-and-answers-you-wont-like/article33331055 These should be frequently asked questions about Canadian consumer and government debt, though many of us don’t want to hear the answers all too frequently. But let’s ask them anyway in light of the latest report on Canadian consumer and government debt. Q: What do the latest statistics on consumer debt mean? Nothing good. As The Globe and Mail’s Rachelle Younglai reports, the key measure of a consumer’s burden, household debt to disposable income, climbed in the third quarter to 166.9 per cent. As Statistics Canada put it Wednesday, that means we owe about $1.67 for every $1 of our disposable… Read more »

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bullwhip29

Poloz holding press conference this morning…

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bullwhip29

Average Canadian house price up 7% in past year to $489,591
http://www.cbc.ca/news/business/crea-monthly-sales-november-1.3897668

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Hyper-mega-Bull

only landowners should be aloud to vote.

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MASH

After they pass a spelling test.

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Bullwhip29

Krusty to announce more goodies for first time home buyers (as per campaign playbook) …more to come.

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Bullwhip29

Raising the limit equates to a “get out of jail free” card for Team Krusty which will be played when it makes the most political sense. This will give rise to a best of both worlds scenario in which homeowners not only get the warm and fuzzies after learning the value of their retirement nest eggs have gone up by 30-50% (on paper) and that the home owner grant limit will be raised.

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