Banks would rather not take on more risk

southseacompany pointed out this article in the financial post:

Canada’s banks are pushing back against taking on more mortgage risk

“Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible — calling it one of the biggest shakeups to hit housing finance in 50 years.”

Read the full article here.

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Donald T
Guest
Donald T

don’t issue mortgages then, there.

UBC in Crisis Mode
Guest

Only in Canada, eh? You make billions in profit, but the tax payers take all risk! Corrupted governments in every level.

Just me
Guest
Just me

I would argue that it is the corrupted higher middle class that are corrupt. Who votes these people into office?
Point in case. If Christy Clark gets voted back into office, I will object to every single person who voted for her and complains about high house prices in Vancouver.

You can’t have it both ways: if you vote for a certain set of politicians, you cannot expect them to do something different from what they have done so far.

Bear Vancouverite
Member
Bear Vancouverite

I’m eager to see banks share some of the mortgage risk and subsequently have to raise rates.

At the same time, I feel that if a person strongly felt that banks were unfairly reaping too many profits, that person should not spend time complaining about banks, but instead (after due diligence) invest their money in those banks to share in those profits. This shouldn’t stop you from demanding more of politicians and our society as a whole. This is about trying to effect positive change while also making sound personal finance choices, rather than wringing ones hands in despair.

I think a few members on this board have indicated they hold substantial wealth in bank and finance stocks, and have done very well by them.

Just me
Guest
Just me

If you can’t beat them, join them?
Shall we just let banks free to redact and modify regulations as they see fit?
Are you suggesting that?

Bear Vancouverite
Member
Bear Vancouverite

Are you saying if you were gifted a basket of shares of Canadian banks you would immediately advocate for banks to regulate themselves as they see fit? Do you want the companies you do own shares in to be able to do whatever they want and create giant unsustainable bubbles?

Just me
Guest
Just me

No. When I don’t like how a company that I own behaves, I usually sell the shares in a short time.
We all have a choice.
I don’t blame banks for wanting to squeeze out the extra buck out of us. But I choose to own other companies.

Newcomer
Member
Newcomer

I can’t say that I agree with that. If I was anti-war, would I invest in munitions? If I was anti CO2, would I invest in fossil fuels? It strikes me as hypocritical to be anti-bubble and invest in banks. What is more, if bank profits are based on unfair advantage (which they are) then it makes sense to expect that advantage to be taken away at some point, making them a dangerous investment. I have most of my money in US tech.

Bear Vancouverite
Member
Bear Vancouverite
I feel CAD banks are a bit expensive now and would not recommend them to anyone as an investment. I also believe (and hope) there is a chance of a good housing correction so it would be foolish to tie oneself too much to that boat. I do hold some bank stocks purchased back when real estate was a bit more affordable, and anyone who holds an index fund of Canadian stocks will certainly have significant exposure. But there are people on this board who are consistently stressed that housing will rise ad infinitum and are frustrated because banks and other players will reap all the benefits and constantly airing this frustration. All I’m saying is those individuals too can make financial decisions that will align with this perception or fear of infinitely rising real estate. Any true bear should… Read more »
tokyorealestateman
Guest

it kinda has kept going up over the last 150 years dont ya think…

ostritch
Member
ostritch

OMG.

No Money Down
Member
No Money Down

3006 W 26th Avenue, Vancouver

Sold $2.52M – $40k over asking! 🙂
http://www.clayton-carroll.com/Properties.php/Details/426

$490k under assessed value 🙁
https://evaluebc.bcassessment.ca/property.aspx?_oa=QTAwMDAwME5FUA==

ostritch
Member
ostritch

There are no pics because it’s land value only. Slightly bigger lot with North facing views. There are tons of $$$$$$$ homes being built in that area. Any chance their 2017 assessment reflects the new value of this pocket? Because 2.5 for a standard lot sounds pretty expensive dive to me. Anyone have insight ?

No Money Down
Member
No Money Down

Land Value is $2.98M
House Value is $34k

Van real estate buff
Guest
Van real estate buff

Mar 1, 2017 Daily Video Review Vancouver Real Estate Housing Bubble News
https://youtu.be/OVpUolQ6RI8

Newcomer
Member
Newcomer

https://www.ft.com/content/f5b147d8-fe88-11e6-96f8-3700c5664d30

“Era of foot-dragging looks set to end with upward move at the March meeting

…. the Fed’s languid, once-a-year pace of rate rises may give way to a more rapid series of increases. “

Bear Vancouverite
Member
Bear Vancouverite

I thought this table was fairly interesting:

https://twitter.com/zerohedge/status/834956892980064256

Newcomer
Member
Newcomer

Indeed. Those those 20 in the 2000s didn’t seem to do much good.

Bear Vancouverite
Member
Bear Vancouverite
I found this which is pretty fascinating: https://www.thebalance.com/fed-funds-rate-history-highs-lows-3306135 It looks like the rates hiked up during the Dotcom bubble and were decreased downwards back down to 1% by 2003, to rise again starting in 2004 and until the big crash in 2006. But your comment makes a good point: for years some bears have beat the interest rate drum as being the end all of real estate prices here in Canada (I think people on this board have been talking about it for over 7 years), but US real estate had a huge runup in prices from 2003 through to 2006 during which the Fed hiked rates 17 times. I took a screenshot of the Economist price index chart for the period during the 17 hikes here: http://imgur.com/a/DmDUN Look specifically between 2002 and 2006 and you can see pretty clearly… Read more »
ostritch
Member
ostritch

Your ignoring a bunch of other factors that took place in the run up to their bubble. ARMs and NINJA loans etc plus boiler rooms full of sales people pushing both those things. Doesn’t exist here.

Shut It Down Already
Guest
Shut It Down Already

All Canadian mortgages are ARMs, effectively.

ostritch
Member
ostritch

Nope. They don’t automatically reset 8 points higher. Sorry.

Just me
Guest
Just me
Insane. I would not be surprised if this was going on also in Vancouver, in a very discrete way. “Agents lure Chinese buyers to Melbourne Quarter with Airbnb marketing” http://www.afr.com/real-estate/agents-lure-chinese-buyers-to-melbourne-quarter-with-airbnb-marketing-20170301-gunu10 “Now it’s very trendy to put apartments on Airbnb. But it’s too hard to have to hand over keys and manage the tenant,” an Apex presenter said. “Now, you don’t have to do anything [with your Melbourne Quarter] purchase. “There will be 11 members in the Apex team dedicated to providing you 24-hours round the clock service to help you manage your properties for lease. “And if you want to come here, during times like Christmas and New Year’s, you can reserve it for yourself too.” “The other time I stayed at Crown Towers Hotel and had to pay about $400 to $600 a night,” the Apex presenter continued. “In… Read more »
Bear Vancouverite
Member
Bear Vancouverite
If these are purpose built as short term rentals, properly regulated and licensed, and paid taxes like a hotel would, then it would simply be a business purchase of individual hotel units, which are overall a good thing. This beats having residential shadow units that are not truly on the market because the owners prefer to illegal rent their units out on Airbnb or other home sharing services. We should encourage Airbnb and the various cities to collaborate and regulate this type of short term rental, limiting it to purpose built units that register and pay taxes. Afterall, you don’t give a fig whether a hotel has empty rooms do you and you don’t care if they build too many hotels (they don’t, because its limited by market forces). We need to separate our fear of foreign sources of money… Read more »
Just me
Guest
Just me

Read the article.
These are residential developments, on land earmarked for standard abodes.

ostritch
Member
ostritch

Why are you all for the latter? Is it ok if business investment buys our water, our hydro? What if their idea of investment is to buy out major stakes in our crown corporations and manage our resources from abroad. We may need to do that one day if we’re too far in debt to manage them ourselves. Why is that a good idea and real estate bad? Why can’t we just fear foreign investment and say foreign entities have an obligation to serve their shareholders or citizens first? What’s wrong with caution and fear?

Bear Vancouverite
Member
Bear Vancouverite

I’ve already stated in the past that certain things should be protected by the government. I’m especially against selling our water rights or selling our water for too cheap (as Nestle is doing right now).

What we’re talking about is basically encouraging foreign investment into things that don’t hurt locals, and I would say licensed and regulated hotels, even if sold one unit at a time, would be one such vehicle. There’s no scenario where we shut down foreign investment altogether that leads to a good outcome for us.

Bear Vancouverite
Member
Bear Vancouverite

Previous articles said that the banks welcomed the changes and were open to discussing shared risk with the CMHC. Now that tune is changing rapidly, that or “open to discussing shared risk” equates to them telling CMHC shared risk is a no go.

bullwhip29
Guest
bullwhip29
Abdul Lahazi
Guest
Abdul Lahazi

Current HK owners selling to new HK buyers.

bullwhip29
Guest
bullwhip29

i believe current owners are local

Abdul Lahazi
Guest
Abdul Lahazi

Try Google that’s what I did. Took me all of 2 minutes.

bullwhip29
Guest
bullwhip29

Able Shine Enterprises and Magnificent Hotel Investments will together buy the hotel from Vancouver-based Delta Land Development Ltd http://deltalanddev.com/home.htm

http://vancouversun.com/business/local-business/vancouvers-historic-downtown-rosewood-hotel-georgia-to-be-sold-for-145-million

Just me
Guest
Just me
Just me
Guest
Just me

“Vancouver mayor lays out “housing reset” plan”
http://www.630ched.com/syn/112/279841/vancouver-mayor-lays-out-housing-reset-plan

Newcomer
Member
Newcomer

Idiot. The problem has nothing to do with housing stock. He’s like a guy with a gaping hole in the bottom of his bucket, who thinks he can solve the problem by adding water.

Bear Vancouverite
Member
Bear Vancouverite

I wish we had a stronger Mayor more willing to tackle the problem at more angles, but trying to tackle supply is better than ignoring/denying the issue as he had for so long.

I believe more supply seems to work well when you can also curb speculation, and is especially important if you can’t target speculation enough to effect the desired price changes.

Also, I still feel we need more 1200+ sq ft 2 BR units and 1500+ sq ft 3BR/4BR units. When everyone argues there is alot of supply being built, most of that supply are very small 1 BR units.

I still think we need to transform some tracts of SFH areas to row housing (non-strata attached) units.

Newcomer
Member
Newcomer

He is not proposing action concerning supply (units available to the market) he is proposing action concerning stock (total existing units). We have plenty of stock (26,000 unused units). Adding a few thousand more will do nothing if they are snapped up by investors and kept empty. What they need to do is tax the bejeezus out of the empty units, and there is already a system to do that. If he gives that some teeth, the problem will be solved.

ostritch
Member
ostritch

LOL.

Best place on meth
Member
Best place on meth

“The City touted 2016 as “a banner year” for rental housing approvals, with over 1,800.

But CMHC data shows Vancouver has actually added a mere 2,227 rental units over the past six years.

Neighbouring Seattle’s metro region has approved 10,000 units in each of the past two years, and some 14,000 apartment buildings this year.”

Another resounding success by Mayor Qu, right up there with his successfully completed plan to eliminated homelessness.

At every level of government we have posers and amateurs.

Whistler or Bust?
Guest
Whistler or Bust?

A lot of complaining about Moonbeam but how many of you voted in the last municipal election? I bet very few.

Just me
Guest
Just me

I voted for Robertson last round. If there is a half decent opponent I will vote against him next.

YVR
Guest
YVR

So it is your fault we have high housing prices in Vancouver, HAM owns everything and developers run the City? I have never cast a vote for Vision.

Just me
Guest
Just me

The other guy was even worse.
Big friend of the developers lobby.
I will vote foe Meena if she runs.

YVR
Guest
YVR

It is true there is always worse. Remember that next time you vote. People who voted Liberal federally are learning that with JT and all his broken election promises.

Just me
Guest
Just me

We need somebody who clearly states that local residents who produce income in Vancouver take precedence.

YVR
Guest
YVR

I am sure Chak Au and George Chow will get right on that.

Just me
Guest
Just me

Or we can stick with Christy Clark, who loves “investors”.
On which planet are you living?

patriotz
Member

So you’re a Conservative supporter federally? Yes it’s true there is always worse.

patriotz
Member

So you voted for Christy Clark’s farm team (one former mayor now in caucus, one mayoral candidate in cabinet)? Well that would be consistent about being on the side of the RE industry and the rich, both local and foreign.

patriotz
Member

When Robertson finishes his term, he will be Vancouver’s longest serving mayor. There’s a good chance he won’t run again, and the next mayor will be from Vision or the NPA (you know, the guys who oppose the empty home tax). That’s not telling you how to vote, just telling you who’s going to win.

Best place on meth
Member
Best place on meth

I voted for Meena Wong, brilliant lady. Her family fled the locust shithole during the cultural revolution and made it to Hong Kong.

She was the only candidate who wanted to tax buyers from china.

This was due to her racist views.

Amirite race-baiters?

Never mind, shut up. Assholes.

patriotz
Member

“She was the only candidate who wanted to tax buyers from china.”

The City has no power to do this and Christy would never give it to them. She was promising something she could not deliver. If that was her priority she should have run provincially for the NDP.

ostritch
Member
ostritch

I did. But the other guy was NPA, so it would be the same or worse. No wonder those Americans who were truly fucked by globalization voted for Trump. I’d do the same if a real political outsider showed up here and said Locals First.

Just me
Guest
Just me

Robertson is a narcissist and not much more.
What happened to that AIRBnB ban? Thousands still active in residnetial areas. I hear they are now promoted as “mortgage helpers” by realtors.
Is that also OK BV?

Bear Vancouverite
Member
Bear Vancouverite
I think the Airbnb ban allows for Primary Residences to be used as long as the owner actually lives there. I’m not sure how far the ban has come along but I hope the ban on strata units and entire houses comes into effect ASAP. From personal experience as an Airbnb user (not as a host), the shared home is the least popular type of listing on Airbnb and only certain users are willing to book those. There’s probably a happy medium between what is happening now with Airbnb and the lack of long term rentals it creates. I don’t know what that is so I’m just hoping the ban works. In theory if enough inventory is created surely the Airbnb hosts will naturally strike a balance with those who need residential units for their intended purpose? Personally I prefer… Read more »
Just me
Guest
Just me

The city is currently doing…nothing.
Enforcement is zero.
People (voters) want to keep the gig going.

Just me
Guest
Just me

“Canada: Potential housing crisis as foreign students increase and rental vacancy drops”

https://www.studyinternational.com/news/canada-potential-housing-crisis-as-foreign-students-increase-and-rental-vacancy-drops/

paulb
Member

New
264
Price Change
49
Sold
142

TI:8116

http://www.clivestevepaul.com

YVR
Guest
YVR

Ironworkers endorse B.C. Liberals, attack NDP for lack of jobs plan

The 1,800-strong Ironworkers union endorsed Clark’s B.C. Liberals for the coming election, saying they feel abandoned by New Democrats who oppose the Site C dam, George Massey bridge and the liquified natural gas industry, which will generate thousands of jobs.

Not even the unions plan on supporting or voting for the NDP. What a screwed up party where even their base has abandoned them. Horgan should have never been made leader.

http://www.theprovince.com/news/politics/ironworkers+endorse+liberals+attack+lack+jobs+plan/13015969/story.html

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

‘It’s game over’: Christy Clark portrayed as video game character in new attack ad
http://globalnews.ca/news/3281326/its-game-over-new-cheeky-ad-takes-aim-at-premier-christ-clark/

YVR
Guest
YVR

Chak Au to run for BC NDP in Richmond. City councillor will take on veteran Liberal Linda Reid in the new Richmond South Centre riding

BC NDP take on HAM candidate to run against born in Vancouver Linda Reid.

– See more at: http://www.richmond-news.com/news/chak-au-to-run-for-bc-ndp-in-richmond-1.10021761#sthash.pyBSXL52.dpuf

Just me
Guest
Just me

Go on, vote for the BC Libs and make your life even more miserable.
Christy Clark counts on people like you to get out and vote.

YVR
Guest
YVR

I am still undecided. I may vote NDP because I feel sorry for them. It looks like they have zero chance of getting in at this point. Somebody should tell the NDP HAM doesn’t vote. They would be better off turning their attention to the unions who are dropping them. People will always vote for jobs before anything else.

patriotz
Member

Richmond is unwinnable for the NDP and he was the only one willing to run. All parties run throwaway candidates in ridings they can’t win.

Just me
Guest
Just me

Too manu “investors” who love Christy Clark.

ostritch
Member
ostritch

You can stop fighting you know both parties are incapable of turning back time.

bullwhip29
Guest
bullwhip29

NDP holds slight B.C. election poll lead, but MSP, child-care issues could swing voters
http://vancouversun.com/news/local-news/ndp-holds-slight-b-c-election-poll-lead-but-msp-child-care-issues-could-swing-voters

Newcomer
Member
Newcomer

They need a hell of a lot more than a slight lead to get in. Last time Dix was giving acceptance speeches on the CBC ahead of the election and they got trounced anyway.

history
Guest
history

the use of television (illusions) to convey political information is the problem.

YVR
Guest
YVR

Former city councillor George Chow will challenge B.C. Liberal Suzanne Anton in Vancouver-Fraserview

Another NDP HAM candidate (former Vision Vancouver) running against BC born Suzanne Anton.

http://www.straight.com/news/871746/former-city-councillor-george-chow-will-challenge-bc-liberal-suzanne-anton-vancouver

patriotz
Member

Is everyone with a Chinese name “HAM” to you? For your information, George Chow immigrated to Vancouver as a teenager with his working class parents, went to high school in the East Side and then studied engineering at UBC.

I suggest you stick to classism, you need to do some work on your racism.

YVR
Guest
YVR

All that bad news about the NDP losing union support is making you cranky. Name calling will not help.

Bear Vancouverite
Member
Bear Vancouverite

Its not name calling, its calling a spade a spade.

YVR
Guest
YVR

You are saying I need to work on my racism? Be careful on picking fights when you are over matched.

Just me
Guest
Just me

So, in your view, we should start counting all the candidates with Chinese names in the BC Libs?

Newcomer
Member
Newcomer

So when YVR says “HAM,” it’s not about where the money comes from, in fact, it’s not about money at all. It’s about race, pure and simple. That’s for clarifying, YVR.

YVR
Guest
YVR

“So when YVR says “HAM,” it’s not about where the money comes from”

HAM stands for Hot Asian Money. Many local Chinese who have lived here for decades are distributing it. Of course, it is about Chinese when we are talking abut the bulk of money coming from Asia (HAM). Local Germans are not spending the money for Asia.

Newcomer
Member
Newcomer

What evidence, other than his last name, do you have that George Chow is distributing money from Asia?

And, now that you have been called out on clear, overt racism, each time that you are criticized for plain old stupidity, you will mistakenly claim that your arguments are being rejected on the grounds of racism.

It is very frustrating. I am pretty sure you actually understand all of this and behave the way you do out of deliberate malice and dishonesty, which makes it hard to have patience with you.

YVR
Guest
YVR

Is there anyone you have not called a racist yet?

CBM999
Guest
CBM999

No kidding. You’d think he was Kerry Jang or something……….

Newcomer
Member
Newcomer

Good question. I’ve called posts by three people here racist. There are twenty or thirty posters on this blog, and many of them blame Chinese money for house price increases. I have not called any of their posts racist. That is because they are not. It is quite possible to believe that Chinese money is inflating the market without stating that all people of Chinese heritage are subhuman (locusts, vermin etc.) or financially unfair/dishonest.

Teaser Loan
Guest
Teaser Loan
Buynow or Getlaidnever
Guest
Buynow or Getlaidnever

High winds nearly topple home under construction in Leslieville, Toronto
http://globalnews.ca/news/3282847/homes-evacuated-due-to-swaying-house-in-leslieville/

southseacompany
Member
southseacompany

“February 2017 Detached Market Report”, Van City Condo Guide

http://vancitycondoguide.com/february-2017-detached-market-report/

“Detached Sales & New Listings Plunge, Uncertainty Looms”

“Detached sales plopped 57% across Greater Vancouver for the month of February. However, new listings also plunged by 50%, setting the stage for an interesting March spring market.”

Bear Vancouverite
Member
Bear Vancouverite

You should note that Steve mentions MOI has dropped drastically from January, to just under 6 in Vancouver West.

I’ve also noticed a pickup in sales activity of units priced above $1.5M.

bullwhip29
Guest
bullwhip29

all this market needs is just a little tickle to set the stampede back in motion and ramp prices up 10-20% in the blink of an eye. sellers are understandably confused as to what to do. i think buyers in the know have already stepped back in. complete silliness imho….

Just me
Guest
Just me

We are back at totally insane> I suspect that Christy’s promise to effectively repeal the FBT has iven the go ahead to foreign “investors” that all is fine.

southseacompany
Member
southseacompany

“Financial speculation led to unsustainable global housing crisis, UN expert says”, UN News Centre

http://www.un.org/apps/news/story.asp?NewsID=56273#.WLhFqLGZMUQ

“The world’s money markets have priced people out of cities, a United Nations independent expert has said, blaming financial markets and speculators for treating housing as a “place to park capital.””

“The total value of the global housing market is a staggering $163 trillion, the UN expert said, the equivalent of more than twice the world’s total economy.”

: o

southseacompany
Member
southseacompany

“UN report lays bare the waste of treating homes as commodities”, The Guardian

https://www.theguardian.com/housing-network/2017/feb/28/un-report-lays-bare-the-waste-of-treating-homes-as-commodities

“The report warns about a rise in “dehumanised housing”: housing built as a high-yield commodity rather than for social use. A significant portion of investor-owned homes are simply left empty. In Melbourne, Australia, for example, 82,000 (or one fifth) of investor-owned units are unoccupied. In prime locations for wealthy foreign investors, such as the affluent boroughs of Chelsea and Kensington in the city of London, the number of vacant units increased by 40% between 2013 and 2014.”

southseacompany
Member
southseacompany

“Vacant Homes Are A Global Epidemic, And Paris Is Fighting It With A 60% Tax”, Better Dwelling

https://betterdwelling.com/vacant-homes-global-epidemic-paris-fighting-60-tax/

“Runaway real estate speculation has been filling global capitals with vacant homes, creating artificial shortages in the world’s most sought after cities. The “shortage” has made local home owners wealthy overnight, but it comes at the cost of turning lively cities into empty shells. The city of Paris has decided it’s had enough, and implemented a tax in 2015. They didn’t quite get the results they wanted, so they’re now tripling the tax to 60%.”

Newcomer
Member
Newcomer

Good for Paris. I would go higher. 60% of rent is not much. I would say 200% of rent would be more of a deterrent. The good thing is that it will probably be enforced. This is a country where plain-clothed inspectors buy things in bakeries and then subject them to chemical analysis to make sure, for example, that the croissants have the proper amount of butter.

Bear Vancouverite
Member
Bear Vancouverite

100,000 empty homes, 40,000 of which aren’t even connected to the electrical grid, and “Local developers have argued that more new construction is the solution.” LOL. For developers more construction is always the answer, for realtors now is always the time to buy.

What I don’t understand is when Vancouver announced an empty home tax everyone, including the NDP poo poo’d the idea, saying its impossible to track. How is Paris doing it?

Newcomer
Member
Newcomer
When we lived in Paris, the shutters on our windows each had little metal tags nailed to them, with numbers on the tags. That was because, when you want to paint a shutter (not a different color, of course, just repaint it) you need to put that number on your application to the city. The amount of paperwork surrounding every aspect of life is mindblowing. Finding empty apartments will not be hard. For example, if the tax man thinks a bar is under-reporting sales of food, alcohol etc., they go to the company that sells them their coffee and apply a simple multiplier to the amount of coffee beans bought to calculate total revenue ex-officio. For individuals, rent is often used to calculate income ex-officio. I had a friend who had his bank accounts frozen because his reported income, when… Read more »
Bear Vancouverite
Member
Bear Vancouverite

Personally, I am very supportive of giving CRA and related agencies the information and power to gather information and enforce taxes and it warms the heart to think that Paris can enforce taxes on empty homes.

However I know there is a strong culture in Canada that cherishes privacy and the two values might conflict.

Even a simple idea like asking renters to report their rental costs to catch non-reporting landlords will be met with much resistance. And Christy has already raised the issue of privacy before relating to sharing information between agencies.

Newcomer
Member
Newcomer

It’s always a balancing act. Another option is to keep the respect for privacy, but increase penalties. For example, if you are found not to be declaring a place empty and dutifully paying the tax, the place is seized. If you have both lax verification and lax enforcement, you essentially do not have a rule. This is particularly true if the perpetrators have enough money to shrug off the fines.

Just me
Guest
Just me

Christy Clark will raise any issue that makes her constituents (developers, home owners and rich boomers) happy.

Action can be taken, if we don’t devolve all powers to her.

patriotz
Member

“everyone, including the NDP poo poo’d the idea, saying its impossible to track.”

That is completely untrue with respect to the NDP. Their position was that the provincial government should impose such a tax itself.

Eby: “I am just astonished that the finance minister with all the tools in front of him, with every power that he has as the finance minister can’t come up with anything better than we will give the data to the City of Vancouver and see what they can do with it,”

http://www.cbc.ca/news/canada/british-columbia/de-jong-real-estate-1.3673844

YVR
Guest
YVR

“Their position was that the provincial government should impose such a tax itself.”

Except they have not stated they would do so themselves if in power. There is a difference between what you say when not in power and what you do when in power.

Newcomer
Member
Newcomer
bullwhip29
Guest
bullwhip29

B.C. MP introduces private member’s bill to protect landlords whose tenants grow medical marijuana
http://www.cbc.ca/news/canada/british-columbia/b-c-mp-introduces-private-member-s-bill-to-protect-landlords-whose-tenants-grow-medical-marijuana-1.4005143

>>> as much as many of you despise landlords, I don’t think any sensible person out there wholeheartedly believes allowing a tenant to pursue such activities completely unchecked is a good idea.

Newcomer
Member
Newcomer

Might be easier just to add “no growing marijuana” to the lease if the landlord cares about it but I understand this is just “a fiend of landlords” optics as the law already makes the tenant responsible for damage.

bullwhip29
Guest
bullwhip29

right, but a tenant (with advice from lawyer) could play the privacy card and opt to not complete that part of the rental agreement. once the damage is done, the owner is up $hit creek with the banks and insurance co’s

KickThemOut
Member
KickThemOut

There is absolutely NO PROTECTION at all for landlords in this province. This is partly why the rental supply is low. Being a landlord here is just asking to be taken advantage of. Heads up renters win, tails up you lose.

Also, why we have so many bad renters in this province. They can get away with anything and everything and they don’t there is not a thing the landlords can do to them.

Newcomer
Member
Newcomer

That is one of the reasons that ordinary punters should not get into the landlord business. The reason rental supply is so low in this province is that it is too easy for people to become amateur landlords, so there is too much competition crowding out professional developers. The policies we need should make it harder, not easier, to turn a SFH into a tiny apartment building.

bullwhip29
Guest
bullwhip29

well it all boils down to policies that have and always will support the RE industry. this said, regular buyers need a source of cash to make the mortgage payment and pay off all the other associated bills that go along with it. there was a time when an illegal bsmt suite was frowned upon and never openly discussed. now, many homes must contain one or more suites to make the math work for prospective buyers. no one gives a crap about potential tax evasion and the breaking of other rules.

Newcomer
Member
Newcomer

Yup.

bullwhip29
Guest
bullwhip29

if fixed term leases get axed entirely then the problem just gets worse.

Newcomer
Member
Newcomer

Or better, depending on how you see things. Amateur landloarding is yet another factor in stupid housing prices.

Newcomer
Member
Newcomer

I don’t think so. Leases can contain lots of additional terms, such as no putting hooks in the walls, or not having more than one person living there, and if you don’t like the terms, you don’t sign the lease. These are not questions, they are terms. There is no way to avoid terms you don’t like due to privacy.

bullwhip29
Guest
bullwhip29

does a landlord have the right to screen prospective tenant for “medical” condition or have them disclose which “medications” they plan to use while living in the home? that’s a huge can of worms imho…

Newcomer
Member
Newcomer

That does not change the fact that they landlord does have the right to make no growing pot (or for that matter, anything) a term of the lease. As for smoking the pot, most of the leases out there have a no smoking clause. Hell, lots have no-bbq clauses. And you think we need a special law explicitly banning grow ops.

Patiently Waiting
Member
Patiently Waiting

It is impossible to evict someone for simply smoking pot in their apartment. The RTB wants nothing to do with it. I was told this by a former manager of BC Housing buildings.

Newcomer
Member
Newcomer

If they have a non-smoking clause in the lease?

Patiently Waiting
Member
Patiently Waiting

Good luck trying to enforce it. You’d need evidence, even if the RTB would care at all. If a tenant fought an eviction over this, the landlord would have to prove the tenant is doing this. There is legal help for the tenant, especially for someone who claims a medical need.

Honestly, the best thing to do for a landlord faced with this is to try to resolve it with the tenant. Encourage them to vape, and not bother others with the smoke. Make sure they have a fire extinguisher.

It comes down to the RTB having more serious, more clear-cut issues to deal with.

squeak
Member
squeak

Amazing.

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