Axing the property transfer tax

The Premier would like to get rid of or minimize the property transfer tax but it currently just brings in too much money.

“We really want to start knocking down the property transfer tax because it is a drag on our economy. It is one thing that we can do to try and increase affordability,” Clark said.

“Why don’t we do it in this budget? Because this year we brought in $928 million in revenue. The only way to replace that would be to raise taxes elsewhere,” she said.

Is the buying and selling of homes where our economy needs a boost?

Read the full article here.

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fomostyle
Guest
fomostyle
Just me
Guest
Just me

“It’s like ants moving rice,” said Helen Chen Martson, a San Gabriel Valley real estate agent for Keller Williams.

The deluge in Chinese money made it exceedingly hard for local buyers to compete.

It took Yeling Tsai, a doctor with a private practice in Alhambra, three years to buy a house after looking all over the San Gabriel Valley. He and his wife grew deflated after attending crowded open houses in Arcadia and San Marino, where Mandarin-speaking competition almost always made all-cash offers. The couple had five bids rejected.

“It was really frustrating,” said Tsai, 44, a Taiwanese immigrant who ended up paying $200,000 over asking price for a $1.5-million home in South Pasadena. “I think I make a good living. But even being a doctor, I couldn’t afford some of these houses because people were buying them like Starbucks coffees.”

fomostyle
Guest
fomostyle

And doctors make a lot more there than they do here! Problem magnified in Vancouver.

Funkeymonkey
Member
Funkeymonkey

What would 1.5m get in Vancouver?

Shut It Down Already
Guest
Shut It Down Already

So he pays $200K over ask and blames others for high prices? Not very smart is he?

Bear Vancouverite
Member
Bear Vancouverite

Don’t you bid over asking to beat other people? It’s not like he went in there and overpaid with no one bidding against him. So his point remains (even if he’s part of the problem).

Shut It Down Already
Guest
Shut It Down Already

Of course he was bidding against somebody else. But he bid the most then accuses others of buying houses like Starbucks without the slightest sense of irony? He also assumes that the bids were from Mandarin speakers, but I doubt he saw the other offers or even knew who they came from.

Just me
Guest
Just me

What is he supposed to do? Lose yet another bidding war to Chinese buyers?

Enlighten me: what would you have done differently to get a place to live in?

Shut It Down Already
Guest
Shut It Down Already

Rent?

Newcomer
Member
Newcomer

It’s one thing to outbid someone if you think you are getting a deal, but people who believe that they are overpaying for an optional purchase and purchase it anyway are a little hard to understand.

patriotz
Member

I find it a bit ironic that a Chinese buyer is complaining about having to pay a premium to live near other Chinese. Note he wasn’t looking in the same city where he works (Alhambra), which is much cheaper. Also if he looked a bit further east it’s much cheaper.

https://www.zillow.com/homedetails/11011-Green-Tree-Ln-Temple-City-CA-91780/21611487_zpid/

fomostyle
Guest
fomostyle

http://www.latimes.com/business/la-fi-san-gabriel-housing-20170223-story.html

Arcadia’s mega-mansions used to sell to Chinese buyers in days. Now they’re sitting empty for months

Just me
Guest
Just me

Across the city, 1940s ranch-style homes were sold, torn down and replaced with hulking, multimillion-dollar European-style mansions designed by a handful of Chinese American firms. The emergence of the new properties became so divisive, the City Council introduced regulations last year limiting the size of new homes.

“We ended up with a bunch of homes purchased with no one living in them,” said former Arcadia Mayor Mickey Segal, echoing concerns that some of the properties were merely intended for investment to the detriment of the community.

Hyper-mega-Bull
Member
Hyper-mega-Bull

US existing home sales hit 10-year high in January

http://www.cnbc.com/2017/02/22/january-2017-existing-home-sales.html

Shut It Down Already
Guest
Shut It Down Already

No so surprising given what happened 10 years ago.

Newcomer
Member
Newcomer

Well, she’s right to say it’s a drag on the economy. Since 50% of the economy is buying and selling houses, anything that impacts that will have a big effect. As for raising taxes elsewhere, she might try taxing the tourism, resource and software sectors, as they are a bit of a distraction anyway. We could become the first place with an all-real-estate economy.

Combat roach
Guest
Combat roach

“We could become the first place with an all-real-estate economy.”

??? – We already are!

bullwhip29
Guest
bullwhip29

in the previous thread i made suggestions that “something” might be done with the prop transfer tax. clark herself has made suggestions regarding this in the past (note that article is from 2015)
http://vancouvercondo.info/2017/02/eliminate-character-to-avoid-affordability.html#comment-294856

while the threshold for first timers was indeed raised by $25k (thereby reducing the PTT in certain cases), I suspect sweeping changes to the PTT and FBT will be left for another day. budget day was simply about giving the public an appetizer of sorts and very few details for the NDP to tee off on in the coming weeks. i suspect krusty has still got a couple of aces (perhaps even wildcards) up her sleeve and won’t play them until later in the campaign.

Bear Vancouverite
Member
Bear Vancouverite

You do have to admit Christy is a very astute and sharp politician. I find it interesting that so many on this board who see her as an enemy to affordability disrespect her so much. I just hope the NDP has more respect for her abilities.

One must always respect one’s opponents or forever underestimate and underperform against them.

YVR
Guest
YVR

One must always respect one’s opponents or forever underestimate and underperform against them.

You may want to send a memo to the NDP. They don’t get it. While the BC Liberals are cutting taxes or promising to cut taxes (and getting elected 4 times straight) the NDP are promising bigger government and more taxes. Everyone wanted a change last election but the NDP blew it with their outdated policy. This election will be no different. Is five losses the charm?

patriotz
Member

Christy has raised taxes. Her government has inflated house prices and collected a windfall from the PTT. She says so say right at the top of this thread.

Just me
Guest
Just me

Christy Ckark is a small time politician, corrupted to the core.
The problem is not her, it is the people who vote for her.

southseacompany
Member
southseacompany

“Toronto housing market heading ‘off a cliff’: Sun Life’s Adatia”, BNN

https://www.bnn.ca/toronto-housing-market-heading-off-a-cliff-sun-life-s-adatia-1.678530

““I think if you look at Vancouver, we’ve already seen the bubble burst there,” Adatia told BNN.”

““A lot of people think it’s just the foreign players and that tax that came through, but it actually started before the tax actually got implemented. So, what we’re seeing is probably a further extension of that downturn as result of the foreign tax.””

bullwhip29
Guest
bullwhip29

we’re going to find out in short order how much of a factor the FBT was both in Vancouver and indirectly in Toronto (not to mention other regions where there is no FBT)

newcomer, my bespoke, handcrafted tinfoil hat fits perfectly and I have no desire to remove it anytime soon…

Hyper-mega-Bull
Member
Hyper-mega-Bull

North Korea Mocks China for ‘Dancing to U.S. Tune’
Pyongyang appears to have lashed out at Beijing in unusually pointed rhetoric

https://www.wsj.com/articles/north-korea-mocks-china-for-dancing-to-u-s-tune-1487852124

southseacompany
Member
southseacompany

“First-Time Canadian Real Estate Buyers Are Making Record Down Payments”, Better Dwelling

https://betterdwelling.com/first-time-canadian-real-estate-buyers-are-making-record-down-payments/

“Canadian real estate prices have been skyrocketing, leaving a number of questions about affordability. The common assumption is that first-time buyers are deteriorating, but a survey from Mortgage Pros Canada might indicate otherwise. ”

“Despite sky high home prices, first time homebuyers in Canada are putting more money down than ever. Dunning notes that from 2014 – 2016, first-time buyers averaged a 23% down payment. This is an all time high, trumping pre-1990 buyers that averaged 22%. “

Newcomer
Member
Newcomer

That would fit with larger injections from the bank of MaD to get to mortgage amounts that FTBs can qualify for. I would expect to see a corresponding rise in total HELOCs.

Abdul Lahazi
Guest
Abdul Lahazi

Last year during the frenzy, a person I work with gave their kid $50,000 to buy a condo down town. Bank of Mom & Dad dipping into their home equity.

Newcomer
Member
Newcomer

I know people who have shelled out hundreds of thousands. When your house is worth 2 or 3 million, giving 10 or 20% to your kids doesn’t seem weird.

FOMO
Guest
FOMO

Agreed – almost everyone I know has received at very least $100k cash from Bank of MaD. Their house is worth in most cases $3mill + now – no sweat of their backs.

Shut It Down Already
Guest
Shut It Down Already

I bet they blame the Chinese as they basically gift $100K for their little darling to piss away in a bidding war, too.

Just me
Guest
Just me

Without the Chinese they would not have to give the extra 100k.

Value is what you get (a house) price is what you pay.

Without the Chinese those houses would be A LOT cheaper.

But don’t let the facts interfere with your opinion.

patriotz
Member

“Without the Chinese they would not have to give the extra 100k.”

If nobody had been given $100K the properties would have gone for $100K less. They are competing against each other, not the Chinese, who would have outbid them if they were interested.

YVR
Guest
YVR

If nobody had been given $100K the properties would have gone for $100K less.

Now we have got the grade 3 economics lesson out of the way can you break the news to Just Me the easter bunny is not real?

Just me
Guest
Just me

you sound like Christy Clark….move on guys, nothing to see here. Chinese buyers do not exist, in fact Point Grey has been bought up by locals on credit….

Do you even listen to yourself?

Just me
Guest
Just me

Nope. Cash is cash: you can’t outbid people without raising your offer.
If the Chinese buyer sets a new minimum price, you can’t hope to buy without matching it.

Have you tried to bid on VanWest SFHs in the oast two years? Have you seen who are you up against? I doubt you know what you are talking about.

Shut It Down Already
Guest
Shut It Down Already

He’s not chasing the herd. He IS the herd.

Which part of him paying $200K over ask of his own free will (when nobody is ever forced to buy) do you not understand?

Combat roach
Guest
Combat roach

Well said!

Shut It Down Already
Guest
Shut It Down Already

What facts are you citing exactly? Alternative facts? Just the assertion that “Chinese make prices higher” with no evidence provided whatsoever?

You seem to be confused.

Funkeymonkey
Member
Funkeymonkey

Im in my early thirties I have many friends and co-workers that bank of mom and dad helped.

Combat roach
Guest
Combat roach

Pyramid scheme. Only the cut of fresh money supply (HAM) can bring it down.

Shut It Down Already
Guest
Shut It Down Already

Fresh money supply is first time buyers, dummy.

Just me
Guest
Just me

I will echo BPOM:
All the “available” data shows that it’s locals who blah, blah, blah, blah, blah…..

Shut It Down Already
Guest
Shut It Down Already

Because you have no mind of your own?

Are you disputing the fact that FTBs introduce new money into the system?

Banned Oracle
Guest
Banned Oracle

Just quit with the bs already. It’s getting tiring. Those lies are so like 2014 ago.

Just me
Guest
Just me

All the “available” data shows that it’s locals who blah, blah, blah, blah, blah…..

Banned Oracle
Guest
Banned Oracle

Wrong BC Libtard.

Combat roach
Guest
Combat roach

Debating anything with you is a plain waste of time but sometimes is hard to resist such extreme level of stupidity.
Fresh money coming from local FTB is absolutely normal, it makes the market work more or less as long as some order exists, people grow, save, get family, scale up, life goes on. However, the enormous and fatal injection of the offshore money creates havoc and makes a complete mess at ll levels in any society with some economic fundamentals that mainly worked through history.
I wonder if you are that much limited or just having some mental fun here?

Shut It Down Already
Guest
Shut It Down Already

You rarely make sense yet call others stupid.

What exactly is your claim if you admit that FTB cash is necessary to keep the wheels turning?

Combat roach
Guest
Combat roach

“Wheels turning” at the normal speed as society progress on economic fundamentals basis and not being money laundering and parking services for suddenly rich aliens.

Combat roach
Guest
Combat roach

Btw read carefully, I never called you stupid but rather one spewing stupidity to entertain crowd.

Banned Oracle
Guest
Banned Oracle

Mental fun. They have vested interests in real estate.

Newcomer, Shut it down, and YVR playing you guys.

Admin bans me yet allows these guys to purposely spew confusion.

Banned Oracle
Guest
Banned Oracle

Bingo. Some fruitcakes here trying to put confusion into the conversation. Yet the sjw continue to allow them spew BS.

No Money Down
Member
No Money Down

Following up from end of last post:

3 properties on the watchlist

2843 Alma
Listed 34% below assessed value
https://www.zolo.ca/vancouver-real-estate/2843-alma-street

233 E26th
Listed 31% below assessed value
https://www.zolo.ca/vancouver-real-estate/233-e-26th-avenue

4519 Culloden
Listed 27% below assessed value
https://www.zolo.ca/vancouver-real-estate/4519-culloden-street

In the end it is the sale price, not the list price that matters. Although not perfect, the assessed value provides an independent estimate of value at the peak of the market (July 1 2016).

No Money Down
Member
No Money Down

Following up from end of last post:

3 properties on the watchlist

2843 Alma
Listed 34% below assessed value

233 E26th
Listed 31% below assessed value

4519 Culloden
Listed 27% below assessed value

In the end it is the sale price, not the list price that matters. Although not perfect, the assessed value provides an independent estimate of value at the peak of the market (July 1 2016).

bullwhip29
Guest
bullwhip29

then again, at the other end of the spectrum you get this:
http://vancouvercondo.info/2017/02/eliminate-character-to-avoid-affordability.html#comment-294865

wouldn’t be the least bit surprised if this goes before those other pieces of $hit which are situated on small, irregular and poorly located lots. that being said, these are poor man’s land assembly candidates

specialfx3000
Member
specialfx3000

Our crazy market was driven up by psychology. People felt really good about how much their property is worth on paper.

For 2843 Alma, at their Christmas party, the conversation may have been that they are sitting on $2,540,600. (2016 assessment). Let’s list and collect our 2.5M.

Woops, we can now only ‘ask’ for 1.7M. Interesting to see the eventual sale price.

(Make no mistake, this owner will still have a nice bank account at the end of this but a new price will be established for the neighborhood… if they manage to sell and not keep chasing it down)

Banned Oracle
Guest
Banned Oracle

Looking for buyers to complete transaction overseas to save PPT and reduce FBT.

How can you not see that when a handful of properties pop up like this from an inventory of 8000???

specialfx3000
Member
specialfx3000

Inventory of 8000? Only takes 1 sale to establish a new comp price for the hood.

No Money Down
Member
No Money Down

What are you saying Oracle, that average sale price of detached houses has gone up in the last 6 months? Even Larry knows otherwise.

http://www.yattermatters.com/2017/02/not-an-alternative-fact-vancouver-real-estate-market-is-down/#more-40623

Banned Oracle
Guest
Banned Oracle

Average means dick all when the sales mix changes.

I’m saying there is a lot of foreign money coming in. Otherwise this market would have collapsed.

Shut It Down Already
Guest
Shut It Down Already

Do you think illiquid markets unwind in weeks after a multi-year run-up?

No Money Down
Member
No Money Down

So you are saying SFH prices are going up?

Zolo Stats:
Vancouver detached sales Y/Y -69%
West Vancouver sales Y/Y -81%

It’s all good!

Banned Oracle
Guest
Banned Oracle

Those are sales. Note that SFH prices in Valley have barely budged from peaks of last year.

Bear Vancouverite
Member
Bear Vancouverite

This should scare you when the highly valuable COV SFH are falling but the much less valuable valley prices are holding or rising. Same thing with comparing falling SFH in COV vs condos.

Hyper-mega-Bull
Member
Hyper-mega-Bull

it’s a great time to buy!

Banned Oracle
Guest
Banned Oracle

I think so. CKNW talking about getting rid of USA as a third country exemption from where illegals can come from.

Unbelievable. Of course these people can’t buy but they’ll live 4 to a condo and push up rents. Especially with our generous refugee system.

I’m all for genuine refugees but this is getting ridiculous. The Corp globalist agenda openly encouraging law breaking.

Undocumented? Really?

Shut It Down Already
Guest
Shut It Down Already

How do 4 people in one condo push up rents more than 4 people in 4 condos?

Just me
Guest
Just me

Refugees are poor desperate people who need help. As far as I am concerned, Canada is doing the right thing to help those.

I would, instead, stop altogether the admission of any mainlander who wants to park money here. Those people should be made unwelcome: they have no interest in contributing anything to our city and country. They will make our lives miserable.

bullwhip29
Guest
bullwhip29

How BC Taxpayers Ended Up Paying for the $3.5-Billion Massey Bridge
https://thetyee.ca/Opinion/2017/02/23/BC-Taxpayers-Pay-for-Massey-Bridge/

Best place on meth
Guest
Active Member
Best place on meth

Love the new avatar!

I’m imagining it as a kitchen knife that just got shoved through her face.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Home sales in B.C. return to ‘historic averages’ says real estate board

http://vancouversun.com/news/local-news/home-sales-in-b-c-return-to-historic-averages-says-real-estate-board

Funkeymonkey
Member
Funkeymonkey

That news is so last week.

Funkeymonkey
Member
Funkeymonkey

Did you notice that’s total sales in B.C.?
Skew the news to make it fit you agenda.

Hyper-mega-Bull
Member
Hyper-mega-Bull

your reaction is bizarre and extreme.

the headline i posted says “BC” so what exactly are you complaining about and what’s being skewed to fit an agenda?

Funkeymonkey
Member
Funkeymonkey

This blog revolves around Vancouver. See the name.

Shut It Down Already
Guest
Shut It Down Already

It revolves around condos too, and definitely not SFH.

Funkeymonkey
Member
Funkeymonkey

My posts are usually very lazy generally when I’m in the bathroom.
people get a warm feeling hearing the media say that RE is ok.
So from that headline people in Vancouver think everything is alright.

Hyper-mega-Bull
Member
Hyper-mega-Bull

why haven’t you moved yet? you should just leave and be happy somewhere instead of staying here and being bitter and angry.

Newcomer
Member
Newcomer

I’ve got to say, that would be sensible advice for many. Moving really is the fastest and easiest way to get the house you want.

YVR
Guest
YVR

Home sales in B.C. return to ‘historic averages’

They can regurgitate that press release for next several years. When the market is down by 70% that statement still works. We’re just back to ‘historic averages’.

Leo
Guest
Leo

Why would the liberals introduce the new owner builder exam when they are looking for ways to improve housing affordability and reduce red tape?
Spread the word: https://househuntvictoria.ca/2017/02/23/the-owner-builder-exam/

Banned Oracle
Guest
Banned Oracle

So no new entrants can come in to field. Like liquor stores and Autoplan.

Van real estate buff
Guest
Van real estate buff

Feb 23rd, 2017 Daily Video Review of Vancouver Real Estate Housing Bubble News and items from Twitter #VanRE https://youtu.be/EqFXG_k140E

paulb
Member
Trusted Member

New
136
Price Change
19
Sold
107

TI:8007

http://www.clivestevepaul.com

Saraz
Guest
YVR
Guest
YVR

Just another straw

“There are so many more cases with similar facts of foreign nationals from China who owe vast amounts of debt in unpaid loans that are parked in other countries, that I suspect the floodgates will open to pursuing recovery of those debts. Much of that money is in Canada,” said Duhaime in an interview.

“In our case, the Citic bank is owned by the government of China and so it seems to me that there is greater significance in a successful outcome.”

She said the ruling could “put a bit of a damper on outflows to Canada from China in cases where there are questions hanging over the way the person acquired their wealth”.

Abdul Lahazi
Guest
Abdul Lahazi

He should have to liquidate all the assets bought with the stolen money and pay all of it back, not just the principle and interest, but the profits too.

YVR
Guest
YVR

It is not about this guys assets. It is about the other thousands of HAM investors who see this ruling and figure out holding questionable money in illiquid YVR RE is far from the safest place for it. Money will want to move to safer harbour ASAP. Right now we have 4 years inventory of SFH above $4 million. Four years gives China plenty of time to seize your assets. Only one way to speed up the sale. Drop the price. There will be a slaughter on the high end this Spring. We could be down by 50% from peak by Summer.

Just me
Guest
Just me

Great news. Finally we are asserting the rule of kaw over the rule of profit.

I am sure that Christy Clark and her band of RE industry insiders are looking at this with horror. Our evonomy is built on the continuous inflow of dirty Chinese money.

Screwed
Guest
Screwed
kabloona
Member
kabloona

Wow, that’s some real nonsense from Z-H….

Here…you can read the “fake news” for yourself:

“A record 75 straight months of job growth under Obama”

http://money.cnn.com/2017/01/06/news/economy/december-jobs-report-2016/index.html

Poor Trump…..he really inherited a sh*t sandwich from Obama, eh…?

😉

southseacompany
Member
southseacompany

“POLL-Rising Canadian home price make new regulations more likely”, Nasdaq

http://www.nasdaq.com/article/pollrising-canadian-home-price-make-new-regulations-more-likely-20170223-01292#ixzz4ZZsCKeZX

“Low borrowing costs and hot demand in key urban centers will keep pushing Canadian house prices higher this year, a Reuters poll showed, pressuring policymakers to take further steps to rein in a market that more experts are calling a bubble.”

southseacompany
Member
southseacompany

“Toronto’s runaway housing market heading for paralysis, economists warn”, Globe & Mail

http://www.theglobeandmail.com/real-estate/toronto/torontos-runaway-housing-market-heading-toward-a-crash-economists-warn/article34109049/

“David Madani, economist at Capital Economics, has long warned Toronto’s housing market is frothy. He believes the bubble is about to swell to an even greater size.”

“Mr. Madani says many market watchers are pointing to the desperation of first-time buyers as the reason prices are rocketing ahead so quickly. But he believes investment mania is partly responsible. Move-up buyers are another factor, he adds.’

Banned Oracle
Guest
Banned Oracle

This guys been so discredited. He tried to hide HAM here in vancouver and was kicked out to Toronto. Now he’s spewing the same bS there.

Confucius
Guest
Confucius

Definitely shouldn’t listen to people that have been discredited time and time again.

bullwhip29
Guest
bullwhip29

Some Kerrisdale residents opposed to housing development due to ‘shadows’
http://globalnews.ca/news/3269813/some-kerrisdale-residents-opposed-to-housing-development-due-to-shadows/

>>> cry me a river♫♫♫….

bullwhip29
Guest
bullwhip29

Crash and burn: ICBC goes from money-maker to deep in the red
http://www.cbc.ca/news/canada/british-columbia/crash-and-burn-icbc-goes-from-money-maker-to-deep-in-the-red-1.3995934

>>> well guess what comes next… $$$

Banned Oracle
Guest
Banned Oracle

I’d like to see their stats on foreign licence holders and claims/crashes. If above local licence holders, then maybe time to increase their premiums.

Also what is concerning is foreign licence holders involved in at fault crashes can simply go back to home country and get new licence in new name. Other stuff stays the same but ICBC gets a new name on policy. There is no photograph taking by ICBC for foreign licence holders.

Also, another scam is getting reduced rates. I knew these people from India that came and they paid for a letter in India saying they had 10 years of claim free driving there. Got discount. The kicker: They didn’t even have a car overseas let alone insurance. LOL

bullwhip29
Guest
bullwhip29
Just me
Guest
Just me

This is on Trudeau. He must have given the go ahead.

Richmond meetings wee fruitful.

nom nom nom
Guest
nom nom nom

I sat with a principle of a major Canadian Hedge fund today… His responses to various questions concerning external factors that may effect the Canadian economy eventually reverted to his belief that we may have fallen into the trap of believing our own press clippings. Since 2008, Canada has been hailed as the prudent investor, enjoying the fruits of raw capitalism while our banks were hailed as model stewards of fiscal responsibility. Yet when we look at the granular details of our economy, personal debt, over-weighted contributor industries to our GDP and employment, we actually find a very precarious situation indeed.

Hubris is a cunt… but time will tell.

Hyper-mega-Bull
Member
Hyper-mega-Bull

which newspaper is the economy’s favorite to read?

Just me
Guest
Just me

https://www.bloomberg.com/view/articles/2017-02-24/even-china-can-t-kill-bitcoin

They are starting to figure out how to get around capital controls.

We need clear legislation and enforcement that nakes Chinese money launderers feel unwelcome here.

The only way to get rid of this flow of illicut money us to make them feel unsafe in Vancouver. They need to fear that they can loose their loot if they invest it here.

Hyper-mega-Bull
Member
Hyper-mega-Bull

lol, starting to?

bullwhip29
Guest
bullwhip29

just wait until Anbang sets up shop in Bentall centre and starts offering services ranging from the administration of “wealth management products” to foreign currency exchange and transfer.

Just me
Guest
Just me

Vancouver’s “economy” at its best!
We need to use our democratic privileges to put an end to this indecent circus. Too much.

Hyper-mega-Bull
Member
Hyper-mega-Bull

there are already chinese banks all over the place. not just in richmond.

here’s just one example

http://www.icbk.ca/EN/AboutUs/EmailUs/Branches/

but those currency exchange places you see everywhere (if you look) are were the day to day action happens.

canadians just can’t comprehend someone sending hundreds of thousands of dollars through some back alley operator in shanghi to a shabby money exchange place on No 3 road. but that’s how it’s done.

bullwhip29
Guest
bullwhip29

i’m talking more on the lines of using HSBCs model and ramping it up bigtime right in our faces.

bullwhip29
Guest
bullwhip29

just a refresher…
https://www.nytimes.com/2016/03/30/business/dealbook/china-anbang-starwood-wu-xiaohui.html?

anbang will be the most prominent co in vanc in the not too distant future and will employ 1000’s. the business of washing money quasi-legitimately comes full circle. bentall center to become anbang place, will be granted naming rights to arenas, stadiums etc too. vancouver’s skyline will be a carbon copy of HK, shanghai etc complete with glowing neons signs no locals will recognize

Just me
Guest
Just me

A brave new world. We can all stop working and start trading real estate. The cash will largely come from China never ending supply of dirty money.

Just me
Guest
Just me

On topic, axing the property transfer tax is utterly moronic.
It might be one of the few taxes that Chinese mainlander milionaires pay.
Does Christy Clark want to make their life even easier?

Bear Vancouverite
Member
Bear Vancouverite

It’s interesting how she wants to axe the PTT and potentially raise taxes “elsewhere” while reducing MSP.

Where could she possibly raise taxes to make up for reduction that won’t hurt working locals. Meanwhile, PTT is one of the surefire ways to make tax dollars off of RE speculation because you can’t escape it. You can try to evade capital gains taxes by fudging primary residence rules, but PTT is just a fact of doing business.

YVR, can you tell us how this Liberal idea will save money for hard working locals and how it’s not yet another freebie for the wealthy?

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