Friday Free-for-all! Happy Friday 13th!

It’s the end of another work week and that means it’s time for another Friday Free-for-all, our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

BC Gov to spend $1.2 billion on homeowner assistance?
BC Housing supply hits highest level in decades
Detached avg sales price down 22% year over year.
Prices to drop 8.5% in 2017
Or 50 to 80% drop from peak?
Downgrade of CIBC, Genworth & Home Capital

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
Guest
bullwhip29
BubbleTea
Guest
BubbleTea

Steve Saretsky Tweets: “Only 2 detached sales this month in West Vancouver. China’s ban on capital outflows for real estate working?”
“Burnaby detached early numbers look like 50-60%”

bullwhip29
Guest
bullwhip29

on the salt “crisis”…

I will stick my neck out and predict that we will see no further material qtys of snow in Vancouver and that the weasels, vultures and nightcrawlers who thoroughly devoured the city’s free offering will soon resort to the illegal dumping of said material into sewer drains, ditches, local parks and beaches instead of lining up and returning it safely to a vanc city works yard

Combat roach
Guest
Combat roach

According to Feng Shui it isn’t recommended to store the salt and as per yin-yang it should go back to the ocean but only through the sewer. Those who don’t follow will become unlucky and could get their houses to lose value.

Owe Canada
Guest
Owe Canada

It sure takes a lot of borrowing and spending by Canadian households, businesses, and governments (all levels) to keep the economy growing.

Canadian annual gdp at the present time is approximately $2 trillion.

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/indi02a-eng.htm

In the 1 year period from the end of September, 2015 to the end of September, 2016 the Canadian economy grew by approximately 1.5%. (ie: the size of the economy grew by approximately $30 billion.)

http://business.financialpost.com/news/economy/canadas-economy-grows-3-5-per-cent-in-third-quarter-beating-expectations

(continued on next post)

Owe Canada
Guest
Owe Canada
In this same 1 year time frame the total debt outstanding in Canada grew by $355 billion. For each $1.00 the economy grew in this 1 year period the total debt outstanding increased by $11.83. Looking at just the total debt outstanding of domestic non-financial sectors in Canada. In the 1 year period from the end of September, 2015 to the end of September, 2016 the total debt outstanding of domestic non-financial sectors increased by $250 billion. For each $1.00 the economy grew in this 1 year period the total debt outstanding of domestic non-financial sectors increased by $8.33. http://www5.statcan.gc.ca/cansim/pick-choisir?lang=eng&p2=33&id=3780122 (Nov. 6, 2008) The Queen spoke for the nation yesterday when she asked how the credit crunch could have taken so many economics experts by surprise. She described the financial crisis as ‘awful’ and inquired that, since the meltdown was… Read more »
Newcomer
Member
Newcomer

Wow!

Hyper-mega-Bull
Member
Hyper-mega-Bull
Hyper-mega-Bull
Member
Hyper-mega-Bull
Oracle
Guest
Oracle

I’m with the USA here 100%.

Either you’re with us or against us. Wonder what side Trudeau on?

bullwhip29
Guest
bullwhip29

Victoria courthouse lawn remediated after tent city removal; will be turned into playground
http://globalnews.ca/news/3179946/victoria-courthouse-lawn-remediated-after-tent-city-removal-will-be-turned-into-playground/

Hyper-mega-Bull
Member
Hyper-mega-Bull
southseacompany
Member
southseacompany

“B.C. government assistance to homeowners could balloon to $1.2 billion in 2017”, Metro News
http://www.metronews.ca/news/vancouver/2017/01/13/bcs-focus-on-homeownership-benefits-comes-with-a-cost.html

“If programs remain the same in 2017, B.C. government spending to assist homeowners could jump to approximately $1.2 billion in 2017, compared to the $960 million the government spent on homeowner assistance in 2016”

“But that focus on assisting homeowners in B.C.’s inflated real estate market could push prices higher and encourage some to take on more debt, critics have charged.”

southseacompany
Member
southseacompany

“Morneau doesn’t foresee more measures to rein in mortgage risks”, CBC News

http://www.cbc.ca/news/business/morneau-economy-budget-1.3934136

“”We don’t have any measures under consideration at this stage, but we will continue to monitor to ensure the housing market is stable and that people are protected in their important investment.””

Brian Ripley
Guest
Although the Vancouver RE absorption rate is favouring buyers slightly, the months of inventory chart is not: http://www.chpc.biz/mar-moi.html If we do not see any major shift in these trends, fence sitters will have to sit some more. Listing levels have been in a serious downtrend since the most recent inventory peak in 2012. If we don’t see a major increase in listing levels in 2017, then I suggest that the current supply of buyers willing to act is probably enough to keep average asking prices up where they are now. The same goes for rents in my opinion. The only black swan I can see that might change the real estate environment here in Vancouver is a deep stock market correction. Is everyone waiting to see what the Trumpster will do? Or does it even matter what he does as… Read more »
Yunak
Member
Yunak

If we don’t see a major increase in listing levels… will perhaps indicate that significant part of the inventory got rented as safe deposit boxes and will remain as such for unforeseeable future?

Newcomer
Member
Newcomer

Keep in mind that essentially any rented premises bought in the recent past are losing money every month. That would be like having a broken safe deposit box which people constantly take money out of. Not much of a safe deposit box.

Shut It Down Already
Guest
Shut It Down Already

Not quite true. There are still many properties that make sense to buy given current rents. I doubt many are SFH, though.

Newcomer
Member
Newcomer

We’ve had this discussion and nobody has been able to give any examples where the carrying costs were lower than the rent. The closest anyone could offer was one where carrying costs were not much more than rent+equity pay down. Is this the sort of property you are thinking of, or have you seen instances where carrying costs are covered by the rent?

Oracle
Guest
Oracle

1 million in cash in US treasury will give you about $10,000 which will then be taxed.

1 million house purchased with cash can generate $30,000 tax free.

Sure house prices can go down but so can the US dollar index.

Newcomer
Member
Newcomer

You should read a little about investing.

Hey, speaking of investing, I’ve been wondering why you don’t invest in a home in the lower mainland.

Shut It Down Already
Guest
Shut It Down Already

A balanced portfolio would return 6-7%.

Newcomer
Member
Newcomer

I wish. But certainly 4 or 5.

Shut It Down Already
Guest
Shut It Down Already

6-7 has been achievable over the long term for a balanced portfolio. But it doesn’t matter – it’s still approximately double Oracle’s hypothetical return and infinitely more diversified.

Shut It Down Already
Guest
Shut It Down Already

Carrying costs on a $450K condo are covered by rent. Depending on the condo, of course. And when interest rates go up it won’t look so pretty.

Are you going to ask me for specific examples whilst inventory is at 6000 then start quibbling over what insurance costs? 😉

Newcomer
Member
Newcomer

Yes. And not just to be a @#$% either. The thing is that we tried this back in the summer and the result was that, although it looked like there might be some candidates, there were, in fact, no properties that fit the bill. It’s a myth that gets a fair amount of airplay because there are people out there claiming that they are doing it, but when you take a look it always turns out that the rent covers the mortgage payment because they have a 40% DP and they are not counting opportunity cost, let alone maintenance, management fees, etc.

It just doesn’t exist. (Except in Surrey, where I believe Oracle is about to snap something up.)

Shut It Down Already
Guest
Shut It Down Already

I think R2126058 vs https://vancouver.craigslist.ca/van/apa/5940610259.html would work out for the buyer.

Newcomer
Member
Newcomer

Not even close. Let’s take the full amount at 2.5% (we ought to split out the DP and charge opportunity at 4%, but I’ll be generous). So that is a 1700 monthly nut. Maintenance is $218. So we are at negative cash flow even before we even start talking about property tax, vacant months, interior maintenance, transaction costs, management costs, etc.

Newcomer
Member
Newcomer

BTW, in our unrealistically cheap scenario, you would pay down about 10K in the first year and, as prices are projected to down by 8%, that works out to (10K – 30K =) 20K equity loss in the first year, on top of the monthly bleed.

Shut It Down Already
Guest
Shut It Down Already

Projections are just that. Some have been projecting more than 8% for the last 10 years. You can’t reasonably include it as a cost as if it’s a foregone conclusion.

Any price changes are also going to be highly dependent on property type. 8% is some sort of average. I suspect condos such as this one will go down less (or not at all) because, clearly, it’s still priced at a point where buying makes more sense than renting.

Shut It Down Already
Guest
Shut It Down Already

Mortgage principal is *not* an expense.

It’s more like $800+strata+etc. And that’s just year one – it improves in future years.

Newcomer
Member
Newcomer

Well, there we go, if you want to imagine that a cash-flow negative rental works, knock yourself out.

Seriously, would you do it?

Shut It Down Already
Guest
Shut It Down Already

Of course it works. Why would you ascribe zero value to equity? It makes sense as somebody buying as a primary residence. Clearly an investor would demand positive cash flow.

A better argument would surely be that older buildings have greater risk of unexpected maintenance costs.

patriotz
Member

But depreciation is an expense, and I think you’re ignoring it. Depreciation is particularly important for condos which have very small land value..

oncebittwiceshy
Guest
oncebittwiceshy
Hey Brian, you do provide a good technical analysis however I think that you are overlooking human emotion. Just yesterday, on Global News, a representative of Royal LePage was predicting an 8.5% drop in home prices … on top of the already 15% drop. Now, I trust a Realtor about as much as the next guy but too many people trust the news hour reporting. Bidding wars and huge over asking sales were common place on the news in the past and that news pushed people into homes before they were priced out. lol. If I was interested in buying today, I certainly wouldn’t be jumping into the market when the “professionals” are saying that prices are going to drop further. Take a look at this website to see the direction of this market. In Vancouver, in January so far,… Read more »
Oracle
Guest
Oracle

No housing index has fallen 15%.

If you are talking ‘average ‘ price then you need to retake Math 9.

Newcomer
Member
Newcomer

I remember the section in Math 9 on how the RBGV calculates the house price index. The teacher spent the whole second semester on it, and I still didn’t understand it.

oncebittwiceshy
Guest
oncebittwiceshy

Oracle,
I was simply regurgitating the realtor’s words from the news. I don’t think that he can be responsible (lol) for how he is being interpreted by the viewing audience.

They didn’t ask him to put the drops into context, re: average, median, hpi.

People will believe what they want to believe.

Newcomer
Member
Newcomer

I would expect that, the longer prices go down, the fewer the number of buyers willing to act will be. Inventory could go to essentially zero without resulting in price support because nobody has to buy.

No Money Down
Member
No Money Down

https://www.zolo.ca/vancouver-real-estate/2981-mcgill-street

Renovated and updated! Major renovations include flooring, paint, bathrooms, windows, kitchen, counter tops, furnace, and hot water tank.

It looks like the major renovations were completed prior to the last sale.

Assessed: $1.35M
Listed: $999k (26% below assessment)
Previously sold: $973k (Oct 2015)

Probably $50k in buying/selling expenses (commission and PTT).

Just me
Guest
Just me

The China effect (or lack thereof).

Oracle
Guest
Oracle

50K in buying and selling expenses?

Are you kidding!? Every time i sold or bought, no more than 8K MAX. Then PPT extra.

Every extended family has a realtor in their family. If not, become one, its only $5K

No offence but only fools would spend 50K buying or selling or both.

YVR
Guest
YVR

I thought you rented Oracle? Did you already forget your last story?

Oracle
Guest
Oracle

Owned in past.

When I do buy, I will get a licence and then get a colleague to do the deal while I do the negotiating. That way, the errors and omissions insurance remains intact on the property. And I pay about 4-5K in total realtor fees for a buy. (3-4K for seller realtor and 1K for my colleague).

Damn I hate giving away free info.

Newcomer
Member
Newcomer

So why would you get the license? You don’t need a license to negotiate?

BTW, what are you doing with the money from your last sale? Based on what you have said, it would make sense for you to buy a local property. Is there any reason why you haven’t done that?

Shut It Down Already
Guest
Shut It Down Already

How many licenses have you had in the past then?

No Money Down
Member
No Money Down

“Are you kidding!? Every time i sold or bought, no more than 8K MAX.”

Oracle we’re not talking about a studio in Whalley back in the 80’s.

On $1m the PPT is $18k. Unavoidable.
http://www.bcrealestatelawyers.com/ptt-calculator/

On $1m the standard realtor commission is $31k.
http://www.mikestewart.ca/commission-calculator-for-realtor-fees-in-vancouver-with-net-proceeds-for-sellers/

I agree you can negotiate the commission. Most don’t. If your auntie is a realtor, then you could save roughly half of that (if she’ll work for free).

Add in some extra for legals. You can complete the conveyance yourself, most don’t.

paulb
Member
Active Member

New
142
Price Change
14
Sold
64

TI: 6775

http://www.clivestevepaul.com

DaMann
Member
Active Member
DaMann

Thanks Paul as always!

Oracle
Guest
Oracle

This may be the Blackswan that throws Canada’s economy into chaos:

http://windsorstar.com/business/local-business/u-s-border-tax-threatens-canadian-exports-says-auto-think-tank

Hopefully a 20% Border tax. Higher if Loonie goes down. Then the dollar crashes, unemployment rises, inflation and this will result in a rethink of mass immigration policies.

This reduction in people will pop the immigration/foreign money induced housing bubble. Will know by the Fall.

And Newcomer, don’t bother responding. We already know whats scripted.

Newcomer
Member
Newcomer

OK.

I’ll just ask about your upcoming home purchase and leave it at that. Is this the reason that you are holding off?

Oracle
Guest
Oracle

When you going back to the motherland for a prize? You seem to defending a Communist state very well.

Shut It Down Already
Guest
Shut It Down Already

When are you going to tell us how many RE licenses you’ve held?

Newcomer
Member
Newcomer

What the hell are you talking about? Do you read any of my posts?It’s amazing how our own internal dialogs can mold our perceptions.

Do you seriously imagine me to be a communist Chinese person? That is so wonderful. I’m going to have a funny story to tell friends for a while.

southseacompany
Member
southseacompany

“Hundreds of new condos sit empty in Calgary”, CBC News

http://www.cbc.ca/news/canada/calgary/condo-market-real-estate-calgary-1.3935881

“”I’ve had people that have bought not one, but two or three of these, hoping to flip them or to rent them out, and where they really got caught is the rental market. They were planning on having rentals cover their investment in these and it’s not working out at all.””

southseacompany
Member
southseacompany

“Dear Vancouver renters, you just can’t catch a break”, Globe & Mail
http://www.theglobeandmail.com/news/british-columbia/dear-vancouver-renters-you-just-cant-catch-a-break/article33625132/

“Dear Metro Vancouver renters,

You can be forgiven if you’re feeling – more than ever – like second-class citizens.

While you’ve been struggling to pay your ever-increasing rent or find a decent place to live, you’ve watched as the province bends over backward to ease the tax burden for property-rich homeowners and offers incentives for first-time buyers who have somehow managed to scrape together a down payment.”

“All of those perks for homeowners, by the way, are subsidized by you through your provincial tax dollars. Some estimates put the total amount at almost a billion dollars. Feels good to help, doesn’t it?”

Newcomer
Member
Newcomer

I feel like I’m missing out, like I do when I see people having a good time with heroin.

Justme
Guest
Justme

B.C. Liberals raking in donor cash in run-up to May 9 election

http://vancouversun.com/news/politics/b-c-liberals-raking-in-donor-cash-in-run-up-to-may-9-election

VICTORIA — Premier Christy Clark’s relentless and often controversial political fundraising has left her party awash in cash with a provincial election approaching.

Newcomer
Member
Newcomer

We ran out of space, so I’ll take it up here.

My understanding is that, traditionally, a good residential real estate investment is considered to be one that cash flows. If it doesn’t cash flow, what you’ve got is a mortgage helper. Sane people do not make this kind of investment because the returns are terrible and the risk is crazy high. Even in an ordinary market where you get a steady monthly income after costs for holding a mortgage on a rental property, it’s considered an aggressive, difficult and risky investment, when compared to something like stocks.

But maybe I’m wrong. Give me your thoughts (and calculations) on paying 380K on a property that may or may not bring in $1850/month in gross rent.

Shut It Down Already
Guest
Shut It Down Already

Let’s turn it around. How much would you pay?

Newcomer
Member
Newcomer

About half. Maybe less. Going with a 5% mortgage (not splitting out the DP), at half (190) you’d be paying 1100, which might cash flow if you were lucky.

Newcomer
Member
Newcomer

BTW, strata is 228/m; taxes are 61/m; let’s say 10% for management (if you do it yourself, that doesn’t make it a better investment) so we have $185 for management; if we optimistically figure a month empty every two years, that’s $77/month. Let’s put in 50/month for interior maintenance, assuming you aren’t in for the long haul. Now the income is 1250/month. So without transaction costs, and without talking about risk, your return if you bought cash is about 3%.

Shut It Down Already
Guest
Shut It Down Already

I was looking at it from the perspective of buying to live in. So cut the property tax and start factoring in equity as well as holding for more than one year.

Newcomer
Member
Newcomer

No, you weren’t.

Commenting on whether investors would just rent out properties and treat them like safe deposit boxes, I said, “Keep in mind that essentially any rented premises bought in the recent past are losing money every month. That would be like having a broken safe deposit box which people constantly take money out of. Not much of a safe deposit box.”

And you said, “Not quite true. There are still many properties that make sense to buy given current rents. I doubt many are SFH, though.”

So we were not talking about buying something to live in.

Shut It Down Already
Guest
Shut It Down Already

I was talking about primary residences, sorry. But you still cannot ascribe zero value to equity.

Newcomer
Member
Newcomer

I think that, traditionally, equity gain is considered more-or-less fair compensation for the risk and difficulty involved. So it’s not so much ascribing zero value to it as ascribing an equal value to other factors. That’s all ball-park, but people have been doing this for centuries and, for centuries cash flow positive has been the minimum standard. Are we going to dismiss everyone before they year 2000 as dufusses?

Shut It Down Already
Guest
Shut It Down Already

No, but you’re starting to touch on the underlying causes.

patriotz
Member

” equity gain is considered more-or-less fair compensation for the risk and difficulty involved.”

Traditionally, high rental yield has been considered compensation for the risk and difficulty involved. In other words, you’re expecting the renter to compensate you for the risk and difficulty in providing them shelter, not the next owner.

Newcomer
Member
Newcomer

I think we are more or less saying the same thing. You wouldn’t make the investment without an overall return that was substantial. Just building equity is not enough to compensate for the difficulty and risk involved.

YVR
Guest
YVR

But maybe I’m wrong. Give me your thoughts (and calculations) on paying 380K on a property that may or may not bring in $1850/month in gross rent.

I pay 25% more than that in rent for a property worth 3 times that in market value. No not a dumpy tear down. Waterfront newer condo in DT van. Nobody will pay $1850 per month for a $380K property unless they are really stupid. Do you have Oracles number?

Oracle
Guest
Oracle

Also curious about your ethnicity YVR?

Want to know if there is a difference between thinking of people from different backgrounds.

Shut It Down Already
Guest
Shut It Down Already

No, you don’t.

Newcomer
Member
Newcomer

Yes, the asking rent seems a bit high. Going on Craig’s list with filters the property that comes up next to it is $1450.

Oracle
Guest
Oracle

Just curious Newcomer…what’s your ethnicity?

Newcomer
Member
Newcomer

English/Irish.

Oracle
Guest
Oracle

We should set up a charity boxing match like Brazeau and Trudeau did. What do you think?

patriotz
Member

“380K on a property that may or may not bring in $1850/month in gross rent.”

That’s a price/monthly rent of just over 200, I paid just under 200. So for a house in metro Vancouver, sure. For a condo, no, because almost all the price is in the structure and that depreciates.

Shut It Down Already
Guest
Shut It Down Already

I’d wager houses have a shorter lifespan than condos in Vancouver.

Bear Vancouverite
Member
Bear Vancouverite

Are there even many properties out there right now with price/monthly rent of 200? We’re basically saying that even with a 30% crash we’re still over valued by quite a bit.

StupidityCheck
Guest
StupidityCheck

No comments from spaceshit. Thank you Jesus!!

Oracle
Guest
Oracle

Because you want to have inbred group think here? Read the article about a 46% increase in flights between China and YVR.

What you think is happening.? Vancouver detached prices are going to go thru the roof. It’s an Asian city now

No going back.

Newcomer
Member
Newcomer

Hey, I’m wondering. If prices are going to go through the roof, why don’t you buy something?

Best place on meth
Guest
Best place on meth

Because number of passengers on flights to Vancouver correspond to number of houses sold.

Got it.

Hey, I don’t suppose some of those flights are being used by people who are just passing through china to/from other parts of Asia because they’re so damn cheap?

I was talking to a guy at work who was flying to Thailand on one of them because he was so damn cheap. I told him I wouldn’t use a chinese airline if it was free.

bullwhip29
Guest
bullwhip29
CRA investigating B.C. businesses that attracted Asian investors DANIEL LEBLANC MIKE HAGER OTTAWA and VANCOUVER — The Globe and Mail Published Friday, Jan. 13, 2017 9:56PM EST Last updated Friday, Jan. 13, 2017 10:12PM EST http://www.theglobeandmail.com/news/politics/cra-investigating-bc-businesses-that-attracted-asian-investors/article33625601 The Canada Revenue Agency is trying to recoup millions in allegedly unpaid taxes from B.C. businessmen who helped Chinese and other Asian investors enter Canadian capital markets, according to a court document obtained by The Globe and Mail. Dozens of officials from the CRA, the RCMP and the Vancouver Police Service raided six locations last August in connection with the activities of Vancouver businessman Kin Foon Tai. The CRA document that was used to obtain the search warrants alleged that Mr. Tai (known as Joe Tai) and his business associates used firms in the Caribbean and Hong Kong to shield $7.6-million in income over… Read more »
Combat roach
Guest
Combat roach

Lovely people. Mr. Tai and his associates should be fashionably electrocuted as an inspiration to other ambitions businessmen targeting Canada to exercise their traditional creativity.(

Newcomer
Member
Newcomer

I thought you were a fan of Canadian values.

Oracle
Guest
Oracle

Why post these anymore. We are done here.

No going back now.

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

Crapola, the city just needs that like a hole in the head.

Shut It Down Already
Guest
Shut It Down Already

Yes, this resort town doesn’t need tourist money. Every plane load is here to buy a house and leave it empty.

Right? Is that what you think?

Oracle
Guest
Oracle

10 yr visitor visas caused the latest jump in house prices.

Why immigrate when you can just get one of these and renew. And launder money in the processs.

Canada is done. At least the west coast is.

bullwhip29
Guest
bullwhip29

Vancouver man spends months living in U-Haul storage locker
http://bc.ctvnews.ca/vancouver-man-spends-months-living-in-u-haul-storage-locker-1.3241110

Doomcouver
Guest
Doomcouver
I found the video on youtube. https://www.youtube.com/watch?v=HPVCTLPNUzo It seems like he put a lot of work into it for only living there for 2 months. I also didn’t understand why if he was trying to be quiet and not get noticed he put in big speakers for his 4k TV. It seems like headphones would be a better choice. That being said it seemed pretty cozy. It’s also gone viral and has almost 750k views in only 2 days. I actually feel pretty embarrassed that so many people around the world are watching it and probably wondering what third world country this video is from. Certainly in a developed country their normal hard-working citizens wouldn’t have to resort to living in storage lockers right? Unfortunately greed and unfettered capitalism have obliterated all housing affordability in Canada. Shame on all levels… Read more »
patriotz
Member

If we actually had “unfettered capitalism”, i.e. RE (including principal residences) was treated the same as any other investment, we wouldn’t have a problem. The problem is government policies that boot RE prices.

Just me
Guest
Just me

Right on.

Newcomer
Member
Newcomer

This is precisely it.

Best place on meth
Guest
Best place on meth

Krusty could solve the rental crisis overnight if she would just make living in storage lockers legal.

Buynow or Getlaidnever
Guest
Buynow or Getlaidnever

New condos with more than 1000SF in Mt.plesant are selling for more than $1.25 same as False creek,Olympic village and Coal Harbor.

http://www.40listings.com/REBGV/R2131175/701-209-e-7th-avenue-vancouver-east-mount-pleasant-ve-v6b2z6

http://www.rew.ca/properties/R2127408/ph1-289-e-6th-avenue-vancouver

Buynow or Getlaidnever
Guest
Buynow or Getlaidnever
patriotz
Member

“are selling for”

Shouldn’t that be “are listed for”?

bestplaceonearth
Guest
bestplaceonearth

Bears cannot buy anymore. bears have been priced out even condos, due to their inaction. Hate to say it, but “I told you so” in 2014.

Newcomer
Member
Newcomer

Yes, we are stuck in large single family houses. Oh, the humanity!

Just me
Guest
Just me

That ridiculous 15% tax of Christy Clark will be tested in the next couple of years by planeloads of eager Chinese willing to launder their money (illegally moved out of China) into Vancouver real estate.
Similar taxes have failed miserably in Hong Kong.

The only way to stop this phenomenon is to increase the carrying cists of owning (that is, property taxes, at least for non-residents) and to make hiusing wealth visible to the Chinese authorities. The latter measure would avoid the use of homes as secret deposit boxes.

Let us remove the banking secret on Vancouver real estate and let’s see how happy they will be to park their illicit money over here! That single measure would make the market sane again, and would return homes to their role of dwelling for the locals.

patriotz
Member

“make hiusing wealth visible to the Chinese authorities.”

It already is. Anyone can, for a small fee, get a copy of the title of any property which contains all sale & mortgage information. That’s all the information the government has.

Just me
Guest
Just me

Well, I guess the titles containing proxies and anonimous beneficiaries can be freely downloaded online.
Great! Problem solved.

patriotz
Member

You solve the problem by taxing the property itself.

http://www.bclaws.ca/civix/document/id/lc/billscurrent/5th40th:m209-1

Newcomer
Member
Newcomer

What banking secret?

Oracle
Guest
Oracle

If these recommendations in your post were enacted, it would damage the money inflows and Chinese nationals would be affected.

Wait for it…

Newcomer, Shut it down, and YVR will start bashing your position.

In any case, yes make biometric and housing data available to the Chinese government. Biometric to catch people holding 2 passports.

Abdul Lahazi
Guest
Abdul Lahazi

New York Times report on BC: Canada’s ‘Wild West’ of political cash.

http://globalnews.ca/news/3181182/new-york-times-bc-wild-west-political-cash/?utm_source=Article&utm_medium=MostPopular&utm_campaign=2014

Corrupt Christy:
It’s time to take out the trash and clean the house!

bullwhip29
Guest
bullwhip29
Abdul Lahazi
Guest
Abdul Lahazi

Dennis “Chip” Wilson: $70,000 to the BC Liberal party.

Abdul Lahazi
Guest
Abdul Lahazi

Normal Keevil / Teck Resources: $193,530 to the BC Liberal party.

Abdul Lahazi
Guest
Abdul Lahazi

Norman Keevil

Just me
Guest
Just me

I don’t think I exaggerate if I say that the BC Libs are probably one of the most corrupt, least transparent parties in the Western world. That is some prize, as the list includes some unsavory characters elsewhere.

Vote again for Christy Clark at your own peril.

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