debt, hype, mortgage

BMO offers cash back mortgages

135
135 Comments

Are you a first time buyer looking for a mortgage? BMO wants your business and will give you back $1000 of your own money if you choose them.

Under the new promotion, first-time home buyers taking out insured mortgages with terms of at least four years are eligible for $500 cash on mortgages of less than $250,000, and $1,000 on larger loans. Once the mortgage is booked, the cash is credited to the customer’s BMO chequing account.

In a statement, BMO called its new offer a “timely” companion to a new interest-free loan program British Columbia’s provincial government launched to help new buyers cobble together down payments amid soaring housing prices. 

Read the full article here.

135 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
trackback

[…] –Home sales plunge 40% –Foreign buyer tax zone effect –12 WTF charts –REBGV monthly report –FBT and real estate donations – […]

0
0
Oracle

Admin:

Delete the BC liberal pumpers: YVR and Newcomer. All they are trying to do is spew untruths about the NDP. Fake news.

Garth T deletes all the time if it doesn’t fit his narrative. Why don’t you???? Effect change and delete these guys.

0
0
Oracle

Just me: Are you really that dull trying to debate with YVR? He has VESTED interests and isn’t interested in a truthful debate. Here you are trying to be an academic in a street smart world. You will get eaten alive…Look at all your posts trying to ‘convince’ YVR the ‘unconvinciable’.

0
0
Oracle

Question:

Why aren’t China and Japan taking in refugees, migrants, and immigrants?

Racism?

0
0
Screwed

Mono nation

0
0
Screwed

And they don’t have much space

0
0
southseacompany

“Vancouver Home Sales Plunge 40%, Extending String of Declines”, Bloomberg

https://www.bloomberg.com/news/articles/2017-02-02/vancouver-home-sales-plunge-40-extending-string-of-declines

“This time last year, Vancouver was one of world’s hottest housing markets as buyers turned up throughout the winter for bidding wars and sales reached an all-time high.”

“Today, the Real Estate Board of Greater Vancouver reported transactions in Metro Vancouver plunged 40 percent in January over a year earlier as both buyers and sellers hover on the sidelines. That’s the seventh straight month of declines”

0
0
southseacompany

“Vancouver home sales plunge 39.5% amid ‘lukewarm start’ to 2017”, BNN Video

http://www.bnn.ca/vancouver-home-sales-plunge-39-5-amid-lukewarm-start-to-2017-1.663114

“Home sales in Metro Vancouver last month dropped by almost 40 per cent from the year before with the sale of detached houses falling hardest.”

0
0
bestplaceonearth

where are the bear cheerleaders? we are crashing very bad, aren’t we! minus 6% in six months, and plus 18% yoy. Told you , you will be priced out of Surrey condo soon enough!

0
0
Combat roach

You still have to perform a bit better to get qualified as forum’s favourite idiot after departed spaceshit. Keep practice…

0
0
Combat roach

This guy can always make living as a standup comedian, no doubt.

“Vancouver’s mayor says city ready for next snowfall”

http://www.cbc.ca/news/canada/british-columbia/city-of-vancouver-ready-for-next-snowfall-1.3964051

0
0
Best place on meth

Mayor Qu is a useless twat.

He’ s been told by his handlers that the acculmulation will be minimal and is putting on a drama queen act for the public.

0
0
Best place on meth

With the January stats out, there is something becoming painfully obvious.

Prices inside the 15% tax zone are all down from 6 months ago.

West Van -13.6%
Van West -4.8%
Van East -5.7%
Richmond -8.8%
Burnaby north & east -7.8%
New West -6.8%
Coquitlam -9.7%
Tsawwassen -8.4%

Prices outside the 15% tax zone are all up from 6 months ago.

Whistler +5.8%
Squamish +4.7%
Sunshine Coast +7.6%
Bowen Island +4.7%

0
0
Just me

I really would love it if this simple fact was made painfully visible by the MSM. Before anyone starts waiving their arms and scream about racism, perhaps we should all calm down and consider the hard fact that the areas where prices are going dien are the areas where HAM was mist active.

As I said before, this is not about race. It is about money and the rule of kaw.

0
0
Best place on meth

You still care about assholes calling people racists?

Laugh in their worthless faces.

The times are a changin’.

0
0
Just me

Yes, I do care. There are amny locals of Chinese heritage who are exactly in the same boat as all the other locals. For,me, race is not the issue here: I do not care about someone’s heritage. I do care if they scam the system.

Using racial slurs only detracts from your arguments. The government loves it, as it makes it hard to discuss the problem we face. That problem is a tsunami of money being laundered. I would be just as angry if the perpetrators were from Australia.

0
0
Best place on meth

“Heritage” is not a useful word in this discussion. It implies things handed down from family to family, ie tradition, property, etc…

I don’t care about ancestry or DNA either, but I do care about nationality and the polluted values of some nationalities such as nazi Germany, imperialist Japan, communist USSR, and now the only big one left – communist china, the worst of them all

Evil needs to be wiped out so that nations can be reborn.

0
0
Oracle

You have to stop worrying about people calling you racist. That ship has sailed.

And you don’t have to explain your reasons to anyone. For example, I’m for a 50% reduction in Immigration and 80% reduction in Temporary immigration.

And i don’t have to explain to anyone why.

0
0
Combat roach

Sounds like infestation lifecycle, prices are falling in the locust infested zone and rising in the new locust nesting zone?

0
0
Best place on meth

This falls in line with the rising prices in Victoria and Toronto.

HAM needs to be exterminated everywhere.

0
0
bullwhip29

can’t spell it out any clearer than this. love the lucky 8’s in Richmond of all places…

0
0
Just me

http://www.theepochtimes.com/n3/2216773-chinas-economic-divergence/ http://www.huffingtonpost.com/anthony-scaramucci/bitcoin-plummets-on-yuan-_b_14080314.html For example, we continue to see capital outflows because China is pushing credit into the economy on both the fiscal and monetary fronts. Only part of it is absorbed into the economy, and a part of that leaks out of the system. The most relevant leak is capital outflows. I think that’s going to continue, no matter what they do regarding capital controls. I don’t think they can stop it from happening, maybe they can delay it. So the renminbi (RMB) will continue to depreciate against the U.S. dollar because intervention costs them a lot of foreign exchange reserves. And the market doesn’t believe that the currency is naturally stable either. That is the credit expansion that really matters for our local market. If the credit cycle reverses in China (perhaps next Fall, after Jinping is confirmed as… Read more »

0
0
YVR

More taxes on the way with NDP

https://www.biv.com/article/2017/2/ndp-proposes-carbon-tax-hike/

the additional tax revenue generated by the tax hikes would not be offset with tax reductions elsewhere, as is currently done under a revenue neutral model.

This plan includes the NDP raising income taxes and then will send out rebate cheques to lower income families. You know those families in West Van and Richmond who live in $multi-million houses but have poverty level income and will qualify for the rebate.

0
0
Just me

When you pay a million dollar more for a home, that takes a lot of tax savings.

Plus, Christy Clark increased MSP a few years in a row. Less visible, equally expensive.

0
0
YVR

“Christy Clark increased MSP a few years in a row. Less visible, equally expensive.”

The NDP plan on eliminating the monthly MSP fee and rolling it into income tax. Again HAM pays nothing in income tax so not only will people like you pay your own MSP in the form of income tax but you get to pay for HAM MSP in your income tax as well. More “free” social programs just means you pay for everything and HAM gets more for free. At least now they pay MSP.

0
0
Just me

Eliminating the MSP and making it part of the income taxation is the most rational and efficient way to go. It would make it a lot more progressive than it is now (HAM must love the fact that poor people pay as much as them).
Ask any expert who understands taxation and see what they tell you.

0
0
YVR

“Eliminating the MSP and making it part of the income taxation is the most rational and efficient way to go.”

In a normal economy where rich people pay income taxes, yes. Here a high percentage of rich people do not pay income taxes and have low income. In this case user fees are better because otherwise these people pay nothing. People like you who pay income taxes end up paying for the rich who pay no taxes in the NDP proposal.

0
0
Just me

Ok. But remember: the goverment that is giving HAM a free pass (as you correctly pointed out) is the Christy Clark government. Imagine what she’d do if she got elected again.

0
0
Just me

If the NDP implement the UBC/SFU proposal HAM will have no choice: either oay income taxes or a jacked-up property tax.

0
0
YVR

The new NDP $10 per day day care will be paid for by those who pay income tax as well. Nice for HAM to drop off the kids for $10 while they go shopping and you pick up the tab in your income tax.

0
0
Best place on meth

Maybe the NDP will tax HAM on the value of the houses they live in.

Day care….funded.

0
0
YVR

If they planned on a HAM house tax then why are they saying they will be increasing income tax to pay for teh day care? Every promise so far they are stating will be paid for by income tax. If they really planned to tax HAM houses why wouldn’t they say it and announced that instead of income tax increases?

0
0
Just me

Read their legislative proposal on taxing home values. If they got their way HAM would be paying a lot more taxes. If you link the proportion if taxes paid to assessments, Point Grey and Kerrisdale would be enough to finance a good chunk of the day care costs.

0
0
YVR

“Read their legislative proposal”

Why would they be announcing all these income tax increases for working people if they were planning to tax HAM? If they planned to tax HAM there would be more than enough revenue to pay for everything. Clearly they changed their mind if they ever did plan on taxing HAM.

0
0
Just me

Let me do the math . Say you make 250k. The extra 2% is $2000 a year extra. After 4 years of NDP goverment $8k out of pocket.

Say that it lasts 10 years: 20k out of pocket.

If the BC Libs get re-elected, 20k is just one month worth of price hikes for a townhouse that is not in the boonies.

Can you see it now? Or are you so enraged that you willingly miss the obvious choce?

These taxes are peanuts compared to what we will leave on the table if Christy gets back in office. We will lose big if that happens.

0
0
Best place on meth

Where are the details on their income tax hikes?

0
0
YVR

Horgan said that providing $10-a-day childcare would cost $1.5 billion annually. Horgan said it could be paid for by a temporary tax introduced in the Liberal government’s 2013 budget — a two-year increase in the personal income tax rate for those earning more than $150,000 a year. The rate was increased to 16.8 per cent from 14.7 per cent for 2014 and 2015 only.

http://vancouversun.com/news/local-news/ndp-to-raise-taxes-to-pay-for-10-dollar-a-day-daycare

0
0
Best place on meth

Oh, I see….an income tax hike on those making more than $150,000 a year.

Like I fucking care.

You got anything else?

0
0
YVR

If you never plan on making a $150K per year that is your problem. You do need a doctor. Tell me if you care when you can’t find a doctor because so many headed south. A tax increase here plus a tax cut in the US will tempt many.

0
0
Best place on meth

I have a doctor and don’t give a fuck if people in BC making over $150K have to pay a bit more.

In this shitty paying province they’re pretty much the 1%.

Still though, I hope the NDP combines this slight tax increase on the 1% with a massive tax increase on HAM.

Something like a 2% additional property tax on homes over $2M if the homeowner isn’t paying appropriate income taxes.

0
0
Oracle

They can head south all they want. They can’t open their own practice there. Only work for someone else.

Maybe take away their canadian citizenship if they leave when the public subsidized their education.

0
0
YVR

Funny, a guy who tracks $MM houses doesn’t come close to $150K in income. Shouldn’t you be tracking Surrey condos? You can’t afford to live in Vancouver no matter what happens.

0
0
Best place on meth

I’m doing research, not buying.

Don’t be a prick.

0
0
would-be buyer

I agree. This would piss me off. I would get hit by the tax and I’m a renter. Earning $150K does not qualify you to own a SFH in Vancouver. I have colleagues who are in the same boat earning close to $200K a year and rent as well. The only friends I know who own a home are either double professional families (i.e. earning $300K+) or bought in over a decade ago. A vascular surgeon I know (mid-30s) rents a home for his family. He told me he is thinking of moving away. This Province is done.

0
0
No Money Down

Just Listed-Hot Main St corridor.
https://www.zolo.ca/vancouver-real-estate/233-e-26th-avenue

Assessed $1.45M
Listed $999k (31% below assessed).

Needs work, but the lot is assessed at $1.4M.

0
0
Just me

If it is sells below the million mark, it is going to be a good sign.

0
0
Yikes

I would nt pay 800k for that piece of eyesore

0
0
Combat roach

That price is overrated and in a heavy bubble zone. Such POS shouldn’t be over $275K if even that much? It just doesn’t make any sense at this level of economy strength and Canadian lifestyle.

0
0
Just me

People would have oaid 1.4 millions for it kast Spring. It is not what we think, it is what these crazy guys who need to store their money think.

0
0
fomostyle

Interesting. Renovation project. Not considered liveable. Someone is bailing.

0
0
Just me

http://vancouversun.com/business/local-business/beijings-tight-new-currency-curbs-could-affect-vancouver-real-estate

The new edict demands a written pledge that yuan converted into U.S. dollars will not be used to buy property overseas. It also creates a government black list and harsher penalties for violators.

Better late than never!

0
0
Just me

In Metro Vancouver, agents say there are signs it is now harder for some property buyers to cobble together dollars for use outside China.

But most are still optimistic that just as there have been ways to skirt Beijing’s official limit of converting yuan to US$50,000 per person, per year, there will be new ways around the new rules.

“I know people who can’t get their money out, and, in the end, they borrowed from friends” and family who are here and will pay them back in China, said one realtor, who declined to be named.

0
0
Combat roach

It is amazing when realtors scumbags base their business strategy on some tricks, frauds, and workarounds to keep the show going.

0
0
Best place on meth

Realtors are praying that they will make money from people breaking laws.

0
0
paulb

New
155
Price Change
31
Sold
113

TI:7776

http://www.clivestevepaul.com

0
0
Just me

Seems a healthy sales number, again.
Don’t give this market for dead yet. Loads of people are trying hard to revive it.

0
0
Just me

While I am extremely happy to see that some adjustment is taking place, I would invite caution.

To a lrge extent the trigger of this has been something out of our control, namely the Chinese restrictions on outflows. Perhaps there will be a snowball effect. Perhaps not. It depends also on whether different govrment levels will step in to stop this natural process of adjustment.

This market was left fir dead in the past, until it came back stronger. Make sure you let your MP and MLA know that you WANT this process to continue. Prices would need to adjust a lot more for things to make any financial sense for local households.

0
0
Joe

Oh Oh, war’s coming. Trump’s chief strategist Steve Bannon: ‘No doubt’ the US will be at war with China in the next few years

0
0
Best place on meth

Too long.

Make it the next few months por favor and erase that fucking country from the map.

0
0
Combat roach

Let’s get some panic around until almighty hero Krusty takes off and saves the day….

Vancouver Sees Major Housing Correction As Sales Plummet, Prices Slide

http://www.huffingtonpost.ca/2017/02/02/vancouver-housing-correction_n_14578230.html

0
0
UBC in Crisis Mode

Is REBGV still a self-regulated boy with their alternative data? %6 price drop? Ha?

0
0
southseacompany

“Home sales plummet in Vancouver as market softens”, Global News

http://globalnews.ca/news/3222884/home-sales-plummet-in-vancouver-as-market-softens/

“Home sales in Metro Vancouver last month dropped by almost 40 per cent compared with January 2016 with the sale of detached houses falling hardest.”

0
0
Bear Vancouverite

I’m curious to hear whether posters here who keep claiming MSM refuses to post negative news about RE will acknowledge MSM actually isn’t as corrupt as they say?

0
0
bullwhip29

msm will report whatever message serves the powers that be best. right now they are blowing things out of proportion with overly bearish coverage which only justifies some of the moves that have been recently made by bc govt (first timer loans, FBT exemptions etc) at the urging of the RE cartel who pay for much of the print and media ads that keep the globals of the world in business)

0
0
Bear Vancouverite

So what you’re saying is MSM is proven to be corrupt whether they post negative or positive news about RE.

Why should we fear that the REGBV would “massage” numbers (as we often claim they do) if the idea is to create overly bearish coverage?

0
0
Doomcouver

I’m withholding judgement until we see major price drops. So far they’re only been posting articles on sales volume declines. I’m sure the MSM in BC is painfully aware how much revenue they get from real estate advertising, so I expect they will be walking on eggshells once SHTF.

0
0
history

MSM doesnt report news, they report opinion… subjectivism.
Oddly enough, this is a quality of our times. So if you can paint the stats at the end of the month, you do it. If you dont like the trend, you stop reporting it.

0
0
Oracle

Bearish news until election to push Christy thru.

Bearish news until election to prevent public pressure on FEDS so they don’t introduce new tightening rules.

After election, the pumping we saw over the last few years begins again. FOMO this time for townhomes and condos. And it won’t be all lies as another 400,000 people move into the region over the next 8 years.

0
0
southseacompany

Moe “P’ words;

“Vancouver home sales plunge 40% — and prices are beginning to follow”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/vancouver-home-sales-plunge-40-and-prices-are-beginning-to-follow

“Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow.”

0
0
southseacompany

Here come the headlines;
“Home sales plummet in previously red-hot Vancouver”, CTV News

http://www.ctvnews.ca/business/home-sales-plummet-in-previously-red-hot-vancouver-1.3268329

“Home sales in Metro Vancouver last month dropped by almost 40 per cent compared with January 2016 with the sale of detached houses falling hardest.”

0
0
bullwhip29

Tips from residents lead to major crab-poaching bust
http://www.coastreporter.net/news/local-news/tips-from-residents-lead-to-major-crab-poaching-bust-1.9712604#sthash.fkca7zEL.dpuf

>>> same crew busted last summer for same activity. whether it is crabs, sports cars, illegal medical practices or houses, it really irks me that these slimeballs think they can slither around in the dark of night and do whatever they please. i suppose it is rather fitting that lower mainland customers looking to pay anything for a fresh, local seafood dinner are being fed a product contaminated with dioxin.

0
0
Combat roach

They do because they can and they are supposed to. Any attempt to confront them has been seen as a racial issue so they use it as a carte blanche.

0
0
bullwhip29

12 Charts About Canadian Housing That Will Make You Go WTF
http://www.huffingtonpost.ca/2017/02/02/9-charts-canadian-housing-wtf_n_14441902.html

0
0
Just me

Nice charts. Informative

0
0
Dave

The author isn’t the sharpest tool in the shed. LOL.

The first graph shows record levels of construction as a percent of population. Later on, the author says that there is record low construction and confuses unsold units as being constructed units. We have record low new inventory because we’re mostly building condos and the business model is now pre-sales. They go on to speculate that developers are conspiring to keep prices high by limiting inventory. LOL.

0
0
Best place on meth

“The tony city of West Vancouver lost about 2,000 residents between 2011 and 2016, a decrease of about 5 per cent. In that time, the city’s benchmark house price rose from around $1.5 million to just under $2.5 million.Logic dictates that a city that’s losing population should be seeing falling or stagnant house prices. Unless, of course, the demand for housing is coming from people who don’t live there — foreign investors and house-flippers. ”

And now, West Van is falling the fastest – by far.

Down 13.6% on the detached benchmark in the last 6 months.

0
0
Just me

Maybe local buyers have not been leveraging Canadian credit hard enough in West Van? Oh, wait a minute, there were no local buyers at the last open house I attended there…

0
0
bullwhip29

Fences are the answer to tent-city disruption
http://www.timescolonist.com/opinion/op-ed/comment-fences-are-the-answer-to-tent-city-disruption-1.9712407

>>> that is, until the million dollar playground is finished and everyone can resume their daily activities once again…

0
0
bullwhip29

Whither now Main Street? Vancouver’s changing Mount Pleasant
Assessed property values and costs soar as development inches in on the neighbourhood
http://www.cbc.ca/news/canada/british-columbia/main-street-tech-corridor-rising-costs-1.3962844

0
0