Friday Free-for-all! January 27th 2017

It’s that time of the week again…

Friday Free-for-all time!

This is 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:

Freedom 85 for todays forty year olds?
CMHC: speculation driving up BC, Toronto & Hamilton
No foreign buyer tax for leasehold (cause you don’t own it)
White Rock: Waterfront ghost town
Interest free loans can hurt buyers

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

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Donald T
Donald T
3 years ago

pave the road to a gag in the development world after her lost in election, which also means she is jumping ship, bye bye Liberals.

yvr2zrh
3 years ago

Looking at the changes to the FBT I would say that the general concept to exempt the people with work permits is a good idea. However, the following needs to be applied.

1.) Only one property can be purchased without the tax applying. (i.e. – you need somewhere to live and that is why we are exempting you – – not so you can become the latest property speculator).
2.) Students who are here and not on work permits – do not have work permits – and are not exempt. Students can rent- that’s what students do – and if you want to buy – – then pay the tax.

Will be interesting to see how this goes.

Just me
Just me
3 years ago
Reply to  yvr2zrh

Agreed. These two restrictions (on quantity of housing units and on the definition of work permit holders) should both be part of the legislation.

Do you want to take a virtual bet that neither will be featured? Christy Clark is not doing this to help foreign workers who want to settle and contribute to society. She is doing it to keep the circus going during the election period.

Hold me to the bet, let’s revisit in a few days when (hopefully) they will circulate some details.

Newcomer
Newcomer
3 years ago
Reply to  yvr2zrh

My guess is that is not what Clark wants.

It is not being done for fairness. Who in their right mind would buy a home as a form of shelter in a place where they only had a work permit? That’s not rational, let alone necessary, in any market, let alone a market where purchase prices are so high compared to rent. So nobody is being given relief by this measure. It is simply an attempt to reinflate.

bullwhip29
bullwhip29
3 years ago
Reply to  Newcomer

and she is certainly getting what she wants with regard to msm coverage (or lack thereof) as all this is getting lost in the trump and quebec shooting media blast.

Newcomer
Newcomer
3 years ago
Reply to  bullwhip29

I doubt she planned the Quebec thing in advance.

Just me
Just me
3 years ago
Reply to  Newcomer

Of course not. She got lucky again. It is quite clear she planned to release the info at Chinese new year: this is a clear message to her key demographic and to buyers from mainland China that we are open for business and eager to launder cash. She probably decided the date in advance, but Trump’s Friday announcement made it a done deal. How could she not use it make it sound like a considerate and progressive act, to help poor immigrants. This woman is getting away with murder again. And nobody in the press seems to hold her accountable. The best pieces I have read lately (in McLeans and the Province) are not by professional journalists. With the notable exception of Ian Young and Kathy Tomlinson, the MSM is silent and complicit. In some cases (like Frances Bula) they… Read more »

bullwhip29
bullwhip29
3 years ago
Reply to  Just me

@ Just me
newcomer is just yanking your chain. what is alarming is how this govt immediately looked for ways to capitalize on that situation. of course, when the subject matter is a little more toxic, she does a disappearing act, shuts down the legislature, destroys evidence etc

bullwhip29
bullwhip29
3 years ago
Reply to  yvr2zrh

-agree with #1, but buyers will simply purchase 2nd, 3rd etc in different name
-#2 will ruffle too many feathers; argument that restricting a student from earning extra money or where he/she can live will prevail
-imho when you take into consideration the “open” work permits and how the various loopholes can and will be exploited, the FBT has effectively been eliminated for many prospective buyers
http://www.cic.gc.ca/english/resources/tools/temp/work/admissibility/open.asp

* what is key here is how long it takes the average joe out there to realize what actually occurred yesterday. meanwhile the ads highlighting the FBT and other measures are still running non stop.

Combat roach
Combat roach
3 years ago
Reply to  yvr2zrh

At this point going forward I would expect a flood of falsified work permits and other related scam to play the system. When Xun “Sunny” Wang is getting out from prison? There will be lots of work for him out there…

http://www.cbc.ca/news/canada/british-columbia/fake-job-fake-education-fake-residency-15-clients-of-fraudulent-immigration-scheme-deported-1.3886719

Combat roach
Combat roach
3 years ago

Something has to give. Increasingly, it is the tolerance of local residents that is waning. Figures from the same report showed that in spite of the relentless hype that Vancouver is the best city the world, more people actually moved out of Vancouver last year than those who moved in. The bona fide world-class destination of Paris is dealing with a similar exodus, losing over 13,000 residents between 2009 and 2014 — a trend blamed on Airbnb, which local politicians have called a “catastrophe” for the City of Light.

https://thetyee.ca/Opinion/2017/01/30/Vancouver-Plutocrat-Playground/

Just me
Just me
3 years ago
Reply to  Combat roach

Love the title: “Playground for Plutocrats”
That is exactly what Vancouver has become. An unequal, expensive and ultimately miserable place, where you find people driving Bentleys who live side-bu-side with young families living in one-bedroom apartments.

Just me
Just me
3 years ago
Reply to  Just me

And of course, I also love that she mentions this simple, staggering fact:

Professor David Ley detailed this dismal transformation during a public lecture at Simon Fraser University last September outlining how the Immigrant Investor Program (still active in Quebec) attracted some 200,000 millionaires to the Lower Mainland while leading to the lowest declared incomes of any immigration stream, “lower even than refugees.”

Just me
Just me
3 years ago
Reply to  Combat roach

Truly good article, all around. Here is another gold nuggett: This steamroller of global capital creates new and undignified problems for comparatively puny local governments. The City of Richmond recently threw in the towel on policing illegal hotels catering mostly to offshore visitors. City staff told council that enforcement efforts were “very challenging” and instead recommended simply making this embarrassing flouting of local laws legal. Problem solved. (Six days later, council reversed the decision and instructed staff to draft a recommendation for a new bylaw banning most short-term rentals.) According to the Globe and Mail, these commercial operations are often advertised on Chinese language websites offering services for offshore visitors including: “[To] assist guests to get social insurance card, medical card, education funds, apply for schools, get driving licence, open bank account etc.; introduce guests to excellent real estate agents,… Read more »

Combat roach
Combat roach
3 years ago
Reply to  Just me

Newcomer, is this housing related? Does this Chinese shitshow in Richmond and other parts of city qualifies to be discussed on this forum? Just checking in case we are again off?

Newcomer
Newcomer
3 years ago
Reply to  Combat roach

It’s OK but your grammar needs some attention.

Combat roach
Combat roach
3 years ago
Reply to  Newcomer

Thanks for the approval. I’ll make sure to consult you if I’m not clear on a relevance.

Newcomer
Newcomer
3 years ago
Reply to  Combat roach

Thanks, but I am sure that you are able to figure it out for yourself. It’s not rocket science.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

Facebook Is Trying Everything to Re-Enter China—and It’s Not Working

gave them everything and it hasn’t worked? no prob, just give them even more Zuck the Cuck.

http://www.wsj.com/articles/mark-zuckerbergs-beijing-blues-1485791106

southseacompany
southseacompany
3 years ago

“U.S. consumer spending rises solidly; inflation firming’, Globe & Mail

http://www.theglobeandmail.com/report-on-business/international-business/us-business/us-consumer-spending-increases-solidly-in-december/article33822053/

“U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that could spur faster economic growth in early 2017.

“There are also signs of inflation steadily firming. The strengthening economy, rising price pressures and a tightening labor market could allow the Federal Reserve to lift interest rates at least three times this year.”

southseacompany
southseacompany
3 years ago

“Bond markets set for a taste of the 60s as inflation picks up”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/investment-ideas/bond-markets-set-for-a-taste-of-the-60s-as-inflation-picks-up/article33823188/

“END OF AN ERA? Bond yields globally have risen recently on Trump “reflation” bets and growing signs of strength in the global economy.”

Just me
Just me
3 years ago

If prices kept falling, Christy Clark would introduce new legislation trying her utmost to support them.
I anm now absolutely sure of that.

bullwhip29
bullwhip29
3 years ago
Reply to  Just me

a big IF imho. i actually think a perfect storm is now brewing and that she didnt need to make this move yesterday. it seems pretty clear now that she was looking for any excuse no matter how implausible to roll at least some of the tax back before the big tsunami hits and the window of opportunity closes… -pro cdn sentiment; immigration floodgates open and possibly widening -a possible flight of capital out of the US and into safer havens like Cda -a soon to be cratering loonie due to mkt forces and/or help from BoC -politicians here and elsewhere signalling we are open for business and providing additional stimulus at the drop of a hat -continued clampdown in china coupled with increasing global financial turmoil will send even more hot money in our direction -i predict that the… Read more »

Newcomer
Newcomer
3 years ago
Reply to  bullwhip29

Or not.

You are predicting both massive inflows and a tanking dollar, financial trouble and discretionary consumer RE spending, immigration from poor countries and a demand for luxury RE.

Nothing is impossible, but some things are unlikely.

bullwhip29
bullwhip29
3 years ago
Reply to  Newcomer

@ Newcomer
Krusty will use any turmoil, political and/or financial instability, unrest etc as an excuse to reset everything back to “wild west” mode. yesterday’s announcement was proof of that. shame on her for using such tactics to score political brownie points all while lining the pockets of her backers, which was the real motivation behind the move. obviously not on same scale as phony US banker bailouts but same line of thinking imho. if crisis escalates, she will push the envelope further.

Newcomer
Newcomer
3 years ago
Reply to  bullwhip29

Agreed.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

I think the truth of the matter is that she has very few tools at her disposal to manipulate prices. Even cutting PTT to 0% temporarily, not that the province could afford to do so, is a drop in the bucket compared to the fact that affordability is being eroded to the point that there are fewer buyers remaining. The forces towards lower prices are simply of greater magnitude.

Just me
Just me
3 years ago

I did not say that the legislation will have her desired effect. But she will try nonetheless, because she is thoroughly in the pocket of the interest groups that benefit from crazy high home prices.

Newcomer
Newcomer
3 years ago
Reply to  Just me

I would expect her to try.

patriotz
3 years ago
Reply to  Newcomer

What surprised me is that she’s backtracking on the FTB tax even before the election. Lots of people on this board predicted she’d do it afterward, but not this. Leads me to think she’s been advised that a bust is imminent. If this is what we’re getting now, think of what’s in store if she’s re-elected.

bullwhip29
bullwhip29
3 years ago
Reply to  patriotz

@ patriotz
given the subject matter, there is minimal msm coverage on this. perhaps she never planned to play this card so soon, but the opportunity was there for the taking and she pulled the trigger without hesitation. if this all gets forgotten (or is simply misunderstood by the masses) in the coming weeks then the tables would be set for further action

Just me
Just me
3 years ago
Reply to  patriotz

If Christy Clark gets re-elected, she will use this as a free hand to make a massive transfer of wealth from poor renters to rich homeowners.

This city is already a resort for the rich: if Christy gets back into office it will become the most unequal place in Canada and, possibly, in North America.

Just me
Just me
3 years ago
Reply to  Just me

The distribution of wealth (and disposable income) is already bimodally split between renters and homeowners.

Any more of these pro-housing policies will make Vancouver look like a southamerican city.

Newcomer
Newcomer
3 years ago
Reply to  Just me

The distributions of wealth and disposable income are opposite. Buyers in the past ten years spend almost all their disposable income on debt service. Renters pay a smaller proportion toward rent.

patriotz
3 years ago
Reply to  Newcomer

That’s just comparing people who’ve bought recently versus renters with the same incomes. Most owners bought earlier and most renters aren’t able to buy, so overall the distributions of wealth and disposable income are positively correlated, and renters pay a higher % of their income for shelter than owners.

Newcomer
Newcomer
3 years ago
Reply to  patriotz

Yes, that’s why I said so.

Just me
Just me
3 years ago
Reply to  Newcomer

You said the exact opposite. read my and Patriotz’s comments more carefully.

Your comment implies a negative comovement.

Just me
Just me
3 years ago
Reply to  Newcomer

Usual rookie mistake. Not everybody is a new buyer. For every new mortgage, there are several fully paid ones. It’s stock vs flow.

Newcomer
Newcomer
3 years ago
Reply to  Just me

Yes, that’s why I said so.

Oracle
Oracle
3 years ago
Reply to  Newcomer

Bullshit.

Oracle
Oracle
3 years ago

Sure. /S

There’s a lot more that can be done. You’re always beating the “it’s enough, we will see a crash now” mantra.

There’s more policy changes that can be done.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Oracle

Er, no I’m not. Have you ever actually read my posts rather than jumping straight to the reply button?

Buynow or Getlaidnever
Buynow or Getlaidnever
3 years ago

“We’re going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia as a way to encourage more people to come.”Premier Christy Clark made the comments Sunday while speaking to reporters at a Lunar New Year event in Vancouver.

http://www.cbc.ca/news/canada/british-columbia/foreign-buyers-tax-exempt-1.3957470

Buynow or Getlaidnever
Buynow or Getlaidnever
3 years ago

I was doing academic research, which started out as an unpaid internship. Even though I did some great work, I couldn’t get any employment out of it, because no one would pay me after I had already done similar work for free. It’s tough being a young academic in Vancouver—you can get national notoriety for doing research, but you can’t get a paycheck.

http://www.straight.com/life/861436/renters-vancouver-my-roommatehad-hoarding-thing

http://www.straight.com/news/779321/renters-vancouver

Bestplaceonearth
Bestplaceonearth
3 years ago

Then find the job that are demanded. No need to cry. There are plenty of undergrads working in bus boys with bachelor in art degree.

Combat roach
Combat roach
3 years ago

It’s always interesting when
moron says something. Not everyone can be a condo flipper or realtor so piss off motherfucker.

Oracle
Oracle
3 years ago

Dude, your world in Canada has changed.

In India and China, it’s who has money that gets the best in life. Most respect, best women, best lifestyle. No one asks how you made it.

With regards to academia, 90% of it is business today. Most research means nothing…fluff. Educational institutions are mostly after you for your money.

No Money Down
No Money Down
3 years ago

Vancouver Median Detached Price in Freefall.

Median sale price in January 2017 broke down sharply out of the channel that has been in place since August. Data from Zolo.

Very bearish signal.

https://i.imgsafe.org/ec8156bffa.png

Just me
Just me
3 years ago
Reply to  No Money Down

Christy must have responded to thsi as well.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  No Money Down

There are so many outliers that I don’t trust either the raw mean or median. Perhaps if the priciest 10% of properties as well as the cheapest 10% were removed then the median would be more reliable.

Lesser Ape
3 years ago

LOL, look up the definition of median. If the priciest and cheapest 10% of properties were removed, the median would be identical.

myraandrews
myraandrews
3 years ago

Does the new tax exemption (for foreigners with a work permit) take effect immediately?

Oracle
Oracle
3 years ago

So how did the 2016 correction compare to the 2009 correction?

Now the question is will the bounce back be faster in 2017 than 2010?

Oracle
Oracle
3 years ago
Reply to  Oracle

Next Correction in 2023?

Best place on meth
Best place on meth
3 years ago
Reply to  Oracle

Whoreacle, I know you’re pissing your pants in delight at Krusty’s flip flop, you are after all a real estate cheerleader pretending to be a concerned citizen wishing for a correction – however, it’s not likely to increase HAM by much as they have better, more stable places to launder their loot.

The rules here keep changing back and forth, like a banana republic. It makes foreigners nervous.

Oracle
Oracle
3 years ago

Don’t shoot the messenger.

Giving you a heads up about the spring market. Sheesh.

Don’t take your anger out on me, take it out on CC.

Lurker
Lurker
3 years ago
Reply to  Oracle

First half of 2016 was explosive.

Correction has only begun. Since this is a different circumstances than 2009, it’ll be different. It’ll be slower and longer.

YVR
YVR
3 years ago
Reply to  Oracle

This correction will be 60% to 70% and will take 3 years to bottom.

Oracle
Oracle
3 years ago
Reply to  YVR

HAHAHA.

Lets see how many up votes the above comment gets. LMAO

Bestplaceonearth
Bestplaceonearth
3 years ago
Reply to  YVR

Soon, you will be priced out of Surrey condo. Hope is your next hope.

bullwhip29
bullwhip29
3 years ago

B.C. to lift foreign buyers tax for people with work permits
http://globalnews.ca/video/3213109/b-c-to-lift-foreign-buyers-tax-for-people-with-work-permits/

“US President Donald Trump’s newly instated muslim travel bans are having an unexpected affect here in BC. Today, the Premier made a surprise announcement in response to the bans…”

>>> the spin machine operating in turbo mode here. literally moments after this occurred Krusty and co had this response all ready to go. for those that think this was a random, haphazard and desperate knee jerk move, I wholeheartedly disagree. i have said all along that she would do something with the tax regardless, but this whole trump fiasco provides her with the perfect cover story to deflect attention off of her and all the foreign buyers that support her behind the scenes

Just me
Just me
3 years ago
Reply to  bullwhip29

I agree about the substance of what you are saying. She must have piching herself when Trump announced the migration curbs. The perfect way to spin the necessary changes to the tax: make them look as if she is trying to help refugees and poor people unfairly targeted by Trump.

In reality, we all know very well that she is helping millionaire migrants from China and local homeowners and developers. But it looks a lot better to be seen as a flag-bearer of human rights and the open society.

Christy does not care about poor or middle-class people, it should be clear by now. Looking out for number one…

YVR
YVR
3 years ago
Reply to  Just me

The NDP made this proposal before Trump was even elected. What is their excuse? If the NDP gets in I bet they eliminate the tax altogether. Or maybe they just exempt visible minorities, women, LGBQ, disabled people, junkies and Muslims. Only able bodied foreign white males who don’t do drugs and do not work in BC will pay the tax.

Just me
Just me
3 years ago
Reply to  YVR

Do you even realize the silliness if what you just wrote?

Oracle
Oracle
3 years ago
Reply to  Just me

when you going to figure out you are debating someone who is playing you?

oh la la
oh la la
3 years ago
Reply to  YVR

yo YVR, maybe it is time for you to move to KKK.
Town is in Alaska, maybe you can afford a log over there.

oh la la
oh la la
3 years ago
Reply to  YVR

No need to cry this hard dude… keep up if not give up.

bullwhip29
bullwhip29
3 years ago
Reply to  Just me

well said. this is clearly what is going on here. if the trump $hitstorm gets worse expect more sweeping changes. just like we witnessed in 2008-09 this is when all the distracted people out there have to really pay attention.

YVR
YVR
3 years ago

The NDP are supporting the changes to the tax. Who are you going to vote for now Just me, Green?

Housing critic David Eby said the NDP had proposed a similar exemption seven months ago when the tax first came into effect but the B.C. Liberals voted against the motion.
“We knew it would be a problem,” he said. “These are people who are paying taxes and contributing to the economy.”

http://vancouversun.com/news/local-news/b-c-premier-christy-clark-lifts-foreign-buyers-tax-for-those-with-work-permits

YVR
YVR
3 years ago
Reply to  YVR

The NDP also wants to reimburse those who already paid the tax. Just another reason not to vote NDP.

“There’s a fight for highly skilled employees nationally and we made it more difficult by imposing a 15-per-cent tax in the name of punishing speculators,” said Eby, adding the province should reimburse foreign buyers with work permits who have already paid the tax.

Newcomer
Newcomer
3 years ago
Reply to  YVR

I can see the desire to be fair and even-handed. So let’s apply the tax to everyone, and make it retroactive on those who didn’t pay it in the past.

Just me
Just me
3 years ago
Reply to  YVR

I am no big fan of the NDP. I see them as a way to remove the Libs from power.
But your ideological hatred towards them is hard to explain, based on housing considerations. You must have deep-rooted resentment, and be unable to overcome it. Voting for the Libs is to guarantee the status quo , or even worse than that.

Best place on meth
Best place on meth
3 years ago
Reply to  YVR

“the province should reimburse foreign buyers with work permits”

That would exclude all theiving, money laundering scumbags from china. They don’t work, they steal.

I’m ok with this exemption.

Just me
Just me
3 years ago
Reply to  YVR

Just to make it clear: the NDP have stated repeatedly that they would change the taxation regime of real estate assets. This would introduce higher carrying costs, which would increase with the value and number of units held.

To this effect they even submitted draft legislation. A tax on foreign purchase is a second best arrangements. The best thing (given the constraints) is what the UBC/SFU academics proposed a year ago. You can check it out if you want: it has been endorsed informally by many NDP members, including Eby.

I am certainly not voting for that cheating, lying and manipulative woman. Christy Clark has to go, Her behavior is becoming not only erratic, but plain indecent.

If you vote for her, you are either complicit or, frankly, irrational.

YVR
YVR
3 years ago
Reply to  Just me

If you want to vote for the people that will be reimbursing those who have paid the tax go ahead.

HERROW!
HERROW!
3 years ago

Tom Brady has a Real New Years message for all of you

https://www.instagram.com/p/BPz_mMQDEj5/

southseacompany
southseacompany
3 years ago

“Real estate brokerage data says Vancouver home sale price averages dip below $1-million”, AM 640 Toronto http://www.640toronto.com/syn/112/267389/267389 “For the first time in recent memory, the average sale price for a home in Vancouver has dipped below the $1-million price tag. It’s more evidence the real estate market in Vancouver is coming to a screeching halt.” “Zolo, a Canadian real estate brokerage which keeps track of MLS home sales in real time, reports that the average sale price for properties in the city have now fallen to around $993-thousand dollars.” “That’s well off the neighbourhood of $1.4-million at this time last year, a 28 per cent free fall.” ‘But while Zolo’s data suggests the detached market has been the driving force behind the drop, sale prices continue to climb for both townhouses and condos, with two-bedroom townhomes and condos up 28… Read more »

Newcomer
Newcomer
3 years ago

“Continue to climb,” is misleading, of course, as both condos and townhouses are down from the peak six months ago.

Bestplaceonearth
Bestplaceonearth
3 years ago
Reply to  Newcomer

Find me an average condo in China Town below 350. Pull your yeah out of the sand.

Newcomer
Newcomer
3 years ago

It’s really hard to guess what you are thinking about here. Such an odd choice of number and neighborhood. I guess you must have something going through your head about that.

We were talking about stats on Zolo. If you go take a look, I think you’ll understand the thread.

ostritch
ostritch
3 years ago

There are so few sales and SFH prices are off. I liked the 2008 crash better. It was crickets at all open houses and declining prices were across the board. And fast. No wondering if it was on. It was on like Donkey Kong. This is little Miss Christy sitting on her tuffet, eating her curds and whey. One minute she helps, the next minute she doesn’t; taking the taxes away.

Newcomer
Newcomer
3 years ago
Reply to  ostritch

The 15% tax is a side show.

Lurker
Lurker
3 years ago
Reply to  ostritch

Totally different correction.

that was due to global uncertainy in financial markets, not anything in Vancouver. People were just paralyzed in general. Once the markets stabilized people started buying again.

This actually relates to Vancouver real estate. The speculative fever is passing. This correction will be slower on the way down and last longer.

patriotz
3 years ago
Reply to  Lurker

Nope, prices peaked in April 2008 and had been falling for months before the financial crisis in the fall. People were talking about it in this forum, go take a look.

MarKoz
3 years ago
Reply to  patriotz

Agree. Here is a quote from the December 2008 RBC Housing Trends and Affordability Report: “Prices began to decline in the spring, a trend that gathered speed through the early fall.”

http://www.rbc.com/newsroom/pdf/20081208-housing.pdf

MarKoz
3 years ago
Reply to  patriotz

Sales were already starting to tank in March 2008:

http://www.rebgv.org/monthly-reports?month=March&year=2008

Oh NO
Oh NO
3 years ago

What did 4089 SW Marine dr just sell for?

Just me
Just me
3 years ago

Why China’s ‘Creative’ Way to Fight Capital Outflows Won’t Be Sustainable
http://www.hellenicshippingnews.com/why-chinas-creative-way-to-fight-capital-outflows-wont-be-sustainable/

China investment in foreign real estate hits record $33bn
https://www.ft.com/content/d8d80b6e-e381-11e6-8405-9e5580d6e5fb

Cam
Cam
3 years ago

It will be interesting to see how the foreign buyer tax flip-flop plays out, but there is a big hole already in the market compared to last year. Question to the group regarding the property ladder: what percentage of sale dollars stays on the ladder? So, for every $1 sale in winter, how much leaves the ladder/market (developer profit, owner downsizes or rents and cashes in, speculator cashes in) and how much stays (full cash purchase of next home) and how much is leveraged for the next purchase (move up ladder or applied to son/daughter’s purchase)? I would estimate that for each $1 spent in winter another $1 is spent in spring, but I could be (and am likely) wrong. What do you think? Why does this matter? It matters because we can guestimate the cash available for the spring… Read more »

YVR
YVR
3 years ago
Reply to  Cam

Why does this matter? It matters because we can guestimate the cash available for the spring market by recent sales in the winter market.

I think you will find those selling (who plan on buying again) buy within a week or two of subjects being removed. Typically you have 1 to 2 months to have a new place to move into so waiting more than 2 weeks may leave you homeless.

Bestplaceonearth
Bestplaceonearth
3 years ago

It would be interested to see prices being adjusted upward next week on. Go Liberal.

ChinaOne
ChinaOne
3 years ago

My cousin come here to study very hard. Will get work permit too. Easy for work permit Get because 1 page and need passport number and school name and signature.

My other cousin come will buy 4 this time. Maybe 7. We not be caught if tax come in future again. So be buy all home now.

We love Christy Clar. Happy New Year to you too Christy Clar. Thanks for the present.

Today feast. Next week we buy 2 and cousin buy 5.

Newcomer
Newcomer
3 years ago
Reply to  ChinaOne

Oracle, is impersonation one of the many crimes you advocate the death penalty for?

ChinaOne
ChinaOne
3 years ago
Reply to  Newcomer

You’re weird.

Now try to twist the removal of the 15% tax. Go ahead and blah blah blah.

Just me
Just me
3 years ago

Can’t believe she did this less than sux months from introducing the tax.
Christy Clark is, quite simply, the devil.

bullwhip29
bullwhip29
3 years ago
Reply to  Just me

all planned, engineered and orchestrated imho. the implementation of the tax was to gain public support. now she is effectively rolling it back to appease HAM (obviously) without having to advertise so in bold print to the 1000’s of naive sheeple out there

Newcomer
Newcomer
3 years ago
Reply to  bullwhip29

If there is support for the tax, why would she appease HAM before an election, HAM doesn’t vote in significant numbers. She’s appeasing ordinary voters who want nothing more than increasing house prices.

YVR
YVR
3 years ago
Reply to  bullwhip29

It was not planned. The market is crashing and they are scared shtless and trying to stop it. Too late. Foreigner buyers do not want to buy a market in free fall. This will do nothing and certainly does not look good politically to flip flop policy like this.

Just me
Just me
3 years ago
Reply to  YVR

YVR, I don’t want to insult you so I will be polite…let’s say that you are a bit…delusional…fram on if you want.
Perhaps you moved here in the past 3 or 4 years. If you live here long enough, you learn how things work in this strange place.

Christy Clark has just bailed out homeowners. It may take soime time but it will work (again).

As i said, work permits are easy to get. They give you the option, not the obligation, to work and pay taxes. This is almost as if there was no tax at all.

YVR
YVR
3 years ago
Reply to  Just me

Just me, you stated yesterday the foreign buyers tax has made no difference. You stated it was restricted outflows from China that have cause the correction so far in YVR which started before the tax. Did you forget?

Just me
Just me
3 years ago
Reply to  YVR

This is symbolic… she is rolling out the red carpet again. See where she made the announcement and the wirds she chise.

She us saying: I will not allow this market to adjust downward in a significant way. This is implicit insurance to chinese investors (thisevwho still have some cash at keast) to direct it to BC.

We want to attract more people to our province, our premier said at chinese new year celebrations.

Can’t you see, really? This us nit conspiracy theories, this is the sad truth.

Oracle
Oracle
3 years ago
Reply to  YVR

Bullshit.

You are a liar. Lies only go so far. And you got your bum buddy Newcomer uovoting you.

YVR
YVR
3 years ago
Reply to  Oracle

Pope, time for ip ban on this sock puppet?

Spec
3 years ago
Reply to  Oracle

“You are a liar”.
This is rich, ChinaOne.

Just me
Just me
3 years ago

This is a total disaster. Work permit is almost automatic in many situations. She is catering to the Chinese community, she chose a special day for the announcement.

This makes it possible to convey money flows through many proxies, like students.
Shame on her.

Funny to say, but the only thing that could save us is the curbs imposed by Xi Jinping. Our own government has sold us out again.

bullwhip29
bullwhip29
3 years ago
Reply to  Just me

this is what i have been saying all along. all the dumf&*Ks out there will continue to think the tax is still in place at least for a while longer (ie.long enough to get her over the election hump). anyone the sold in desperation over the last few months is up $hit creek now if they were planning on buying back in on a significant dip.

hate to say it but game. set and match…liberals

Newcomer
Newcomer
3 years ago
Reply to  bullwhip29

Nah, the election is a ways off. If, and this is a big if, the NDP launches an election campaign, they will mention this (unless they don’t get around to it).

Just me
Just me
3 years ago
Reply to  Newcomer

She just won the election. people will vote for her.
You live in lalaland.

Newcomer
Newcomer
3 years ago
Reply to  Just me

Have you read any of my past comments? Of course, they will vote for her. BW makes it sound like she is trying to sneak her tax repeal by people, but he is missing the point. People want house price inflation, at any cost.

bullwhip29
bullwhip29
3 years ago
Reply to  Newcomer

@ Newcomer
by implementing the tax (plus rolling out 1st timer home loan) and then creating this loophole she is trying to appeal to both the have’s and have not’s…

it remains to be seen how long it takes those in the latter category to notice what just occurred today.

you are correct in that the “haves” always seem to wind up with the best assortment of goodies when push comes to shove

Oracle
Oracle
3 years ago
Reply to  Just me

Bingo. ” Work permits” means students.

Confuse the sheeple. I’m sure YVR and Newcomer will help CC in this regard.

Newcomer
Newcomer
3 years ago
Reply to  Oracle

I’m on her payroll.

ChinaOne
ChinaOne
3 years ago
Reply to  Newcomer

Your always on your knees and are on her ex husbands payroll

Newcomer
Newcomer
3 years ago
Reply to  ChinaOne

Oracle, my dear, have you not noticed the avatar designs to the left of your comments that show your IP address?

Oracle
Oracle
3 years ago
Reply to  Newcomer

Like I care.

More important things to worry about.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Oracle

Wouldn’t surprise me if your previous claims of being impersonated were BS too. You have zero credibility here.

ostritch
ostritch
3 years ago
Reply to  Just me

Why aren’t these curbs applying to HAM purchasing in Victoria and Seattle?