Free money popular with first time buyers

The new BC first time buyer program is proving to be popular with over 1000 applicants who will hopefully vote for the current government in the next election.

“The B.C. Liberal government has received more than 1,000 applications from first-time home buyers who have been lured by new incentives under a program designed to improve housing affordability.”

“Critics, however, say the program is adding fuel to an already heated market for condos, notably in the Vancouver region.”

““Ottawa has been saying let’s have fewer highly leveraged buyers, but the province is saying we have to help the risky, leveraged first-time buyers get into the market,” Prof. Davidoff said in an interview Sunday. “The province has sweetened the pot.””

Read the full article in the Globe and Mail.

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Just me
Guest
Just me

NYC lenders are finding new opportunities financing buyers whose wealth is stuck in China

https://therealdeal.com/2017/03/27/the-death-of-the-all-cash-chinese-buyer/

Just me
Guest
Just me

FOREIGNERS, MOSTLY CHINESE, BUY 25% OF NEW HOMES IN AUSTRALIA’S NSW

http://www.mingtiandi.com/real-estate/outbound-investment/foreigners-mostly-chinese-buy-25-of-new-homes-in-australias-nsw/

In a report released on Friday, the investment bank found that, based on state government data for the four quarters ending in September 2016, foreign buyers purchased 25 percent of all new homes in New South Wales — where Sydney is located, and 16 percent of homes in Victoria — which is home to Melbourne. And among those foreign buyers, 80 percent were from China.

history
Guest
history

im always more interested in how or if the Chinese control a Price Range in a particular housing market, like the do in Vancouver, houses < 3 M

The Aussie article doesnt go there. Instead it's a trap that sets the reader up for a comparison with Shanghai.. The economies in these two regions are, apparently, not a factor. Is it simply the mobility of the people involved, and their access to debt money?

So im inclined, as usual, to give a nod to the Leisure Spending Peak (age 54) and the Rate of Refinancing (positive correlation 0.82), as determining factors in housing prices, with particular emphasis on Who Controls the Margin (PROC agents).

Oracle
Guest
Oracle

Thats whats happening in Vancouver. So easy to get PR here and then these PR people funnel money here.

The debate now should be to how to oust Christy. Maybe focus on this the next month??

Step 1: Prepare to volunteer. I will post the ridings that need your help.

Step 2: Fill the blogs up about “A Green vote is a Christy vote”.

Step 3: Demonstrations in front of those 10 close ridings whereby convince Greens to vote to oust Christy.

Step 4: If Christy wins, start looting BC like everyone else. If she looses, then hold the NDP accountable and try to fix BC. Ex.: ICBC, MSP., BC Liquor, etc etc etc.

patriotz
Member

As the article points out, foreigners can legally buy only new properties in Oz. What I find interesting is that foreigners are only buying 25%. That means that 75% of sales are going to locals, who are able and willing to compete in the market segment that foreigners are restricted to.

Just me
Guest
Just me

You are being quite ridiculous now. Is 25% of new dwellings too low?
Should it be half? Are cities being built up for use as safe deposit boxes or shelter?
Sometimes I wonder if in thus brave new world we forget about logic and defend our opinions even if they go against it.
25% means that 1 in four new units is purchased for reasons that likely go beyond shelter by fireigners worried about storing their wealth. That is a lot, whichever your view.

KickThemOut
Member
KickThemOut

Maybe you should learn something about gathering facts, mathematic modeling before start drawing conclusions.

patriotz
Member

Actually the conclusion that suggested itself to me is that the locals are willing to compete in the new-build market with foreigners because the rest of the market, which foreigners can’t legally buy into, isn’t significantly cheaper. It’s evidence that Oz’s policy doesn’t reduce prices for locals.

Just me
Guest
Just me

I never claimed the OZ system is ideal. It is a system that was not designed, in my view, to be effective. To reduce the incidence of foreign speculation and improper use of housing (as storage of wealth) one would have to significantly jack up the costs of carrying housing wealth.

Having said that, the stunning element in that article is that out of every four units built anew in NSW, one goes to foreign interests.

Shut It Down Already
Guest
Shut It Down Already
Just me
Guest
Just me

A tiny fraction ss a monthly flow. However many of these properties are removed from the market permanently (they are safe deposit boxes) so over time they will become an ever larger proportion of the stock of housing in cities like Sydney.

What is the reason of your love for Chinese millionaire migrants? I can’t think of any reason why a person would feel so strongly about a bunch of tax evaders.

KickThemOut
Member
KickThemOut

Doesn’t that argument apply to most of the housing units bought, since they aren’t being flipped right away, or even after a few years? How about those locals that lived in a house their entire life for like 4 decades plus? Are you going to blame them too for removing units from the market permanently?

Best place on meth
Guest
Best place on meth

No space, why should locals be blamed when housing is supposed to be FOR FUCKING LOCALS!!

Not for crooked, money laundering, tax evading, bribe taking, embezzling, corrupt vermin from the world worst shithole.

Imbecile.

Shut It Down Already
Guest
Shut It Down Already

Again, you provide nothing but baseless assertion. Ever noticed how I support my point of view with verifiable facts?

And the final paragraph really shows who you are and what motivates your opinions.

Just me
Guest
Just me
“And the final paragraph really shows who you are and what motivates your opinions.” Yes, it does. My opinions are that any people who take advantage of our tax and immigration system, to pursue objectives that are related to money laundering and tax evasions, should be persecuted and subjected to the rule of law. There is ample evidence that they are not effectively subjected to our legal system of checks and balances because of various reasons, including a fear to be labeled a racist. Country of origin should not matter, and policy should be based on behavior rather than ethnicity. However, it is a fact that a large influx of shady money from mainland China has been behind the massive money laundering taking place in Vancouver RE. As far as I am concerned, as I said many times, this is… Read more »
Shut It Down Already
Guest
Shut It Down Already

Unfortunately none of your posts are about fair application of the rule of law. You instead just spend all day trying to convince everybody that Chinese are buying up Vancouver RE no matter what counter-evidence is presented.

I’ll just have to assume you have difficultly with communications.

KickThemOut
Member
KickThemOut

You are stating / strongly imply everything millionaire immigrant from China is at best a tax cheat. That statement seem to contradict what you just said about not caring about country of origin or race.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Mike Smyth: It’s time to stop the madness of partisan government ads
http://theprovince.com/news/bc-politics/mike-smyth-its-time-to-stop-the-madness-of-partisan-government-ads

Oracle
Guest
Oracle

as an aside;

Heard through grapevine that that Kathy T journalist got the green light to publish ‘expose housing’ stories from people high up in the G&M who in turn got the go ahead from their supreme masters.

She would never have been allowed to publish without approval from her superiors. The news wasn’t anything new; what was new was that it was published at all.

Whats happening now is the supreme leaders in Ottawa are not happy with the BC Gov and the rising anti-immigrant sentiment they are creating with the housing crisis. The Bog corps need to keep the immigration machine intact at all costs (god forbid we elect an trump) even if it means trashing Christy in a national paper.

KickThemOut
Member
KickThemOut

You seem so well connected Oracle! Yet you don’t have much RE wealth or any wealth it seems. Are you just too ethical to use your connections and knowledge to enrich yourself? Or do you prefer the hermit sage lifestyle?

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

I’m hearing things too. Oracle is the greatest poster here. They sure know their stuff. You don’t need links. You need only believe….

Shut It Down Already
Guest
Shut It Down Already

Kathy T. Journalist doesn’t sound like a made up name at all. You’ve convinced me!

history
Guest
history

if people cant form families because of housing barriers, and it affects reproduction rates, the demographic hole will bight the govts ass all through the lifespan. A legacy like that can be traced to govt policy, and the politicians involved, and it wont be very favorable. Thats why this program gets MSM attention, and we see numbers from the Mop and Pail story.

KickThemOut
Member
KickThemOut

I thought a renting family is a happy family? No worry about leaking root, burst pipes, repairs, renos, or paying next month mortgage vs buying food for the kids, or never able to take a vacation?

I mean, hasn’t bears told us just how great renting life is? Fully stocked fridge, summer European vacations for culture, kids lessons for more rounded developments, less stress, money saving galore. All sound very conductive toward having a family?

Whistler or Bust?
Guest
Whistler or Bust?

I fit the above description.

Whistler or Bust?
Guest
Whistler or Bust?

In fact I just booked a trip with the family to Crete this summer. I can thank my Chinese overlord (who is an excellent landlord btw) for giving me a 5 yr lease on a house in Kerrsidale for a very affordable price. Not all overseas buyers keep their houses empty.

Polozi Scheme
Guest
Polozi Scheme

They rent for below market value so they don’t have to report rental income – no flags raised. The last thing they want is to be forced to report Chinese income which would probably present CRA with an economic dilemma for them under a Liberal Govt. David Ebi NDP has just today made it clear what the moral and economic right thing to do is for local Vancouver taxpayers. I’ll be voting NDP without a dought.

Newcomer
Member
Newcomer

How does renting below market value, or above market, or exactly at market value make any difference whatsoever?

SpacedOut
Guest
SpacedOut

that’s been my experience. $2,100/mth for a $950,000 house. How can you go wrong?

Oracle
Guest
Oracle

NDP will win election IF Green party supporters vote for NDP in 7-8 ridings in Lower Mainland.

Check the last election results. Convince Green people to vote NDP in order to oust Christy. Done deal.

NOTE: HAM areas vote Christy….wonder why!? Can break laws and launder launder launder.

http://www.theglobeandmail.com/news/british-columbia/map-bc-election-results-for-all-85-ridings/article11851364/

Dave
Member
Active Member

Don’t underestimate the number of Liberal voters that will go NDP.

I think the argument to make to right of centre voters is families. People aren’t having them because they can’t afford to live in BC and there isn’t enough opportunity here to off-set that cost. A vote for the Liberals is a vote to take us further down the road of importing millionaires and exporting families.

In theory, the Liberals should be ‘my team’, but I can’t ethically vote for more of the same.

If John Horgan wasn’t such a dork, the NDP would have this locked up by now.

Oracle
Guest
Oracle

The Liberal base is mostly home owners who are happy that their house price is going up and that they are getting further ahead others who are renters.

Otherwise, their world falling apart. These boomers will have no public care homes to go in retirement, huge icbc premiums for elderly after icbc collapses, increasing hydro bills to pay for site C…list goes on and on.

Polozi Scheme
Guest
Polozi Scheme

But they all have kids who’s future of living and working in Vancouver is currently slim to none. Unless their kids will raise their families in their parents basement. Vote NDP for hope on that front. The Liberals have shown no sympathy for these young people – other than give them 5 yrs of free money to buy a condo which of course has only driven up the mortgage they will have to carry and been put in the pockets of the developers in general, and Bob Rennie’s specifically.

Newcomer
Member
Newcomer

Adrian Dix was a regular guy, and yet they blew it with him.

Dave
Member
Active Member

I thought he was a dork too from Day 1. I didn’t think he would win at the time.

Imagine if the NDP had a Jack Layton or Glen Clark running. I think it would be an easy win.

Horgan is all over the map. He’s just another typical pandering politician. All things being equal, you might as well pick the candidate with the better smile if you don’t want substance, which would be Christy.

The NDP are so inept. They can’t even pick a good leader. But that’s why they might get my vote. I want inept because I want to see a good show and a housing crash would be fun to watch, even though I’d suffer through it and it would cost me big time.

Polozi Scheme
Guest
Polozi Scheme

They have a rising star in a very smart and straight talking shooter in David Eby who has been fighting the foreign money housing problem for months now. He will be the NDP leader on housing for their first team and no doubt the Premier if god-bless we get that far on this crusade to do be the party for the 99%.

squeak
Member
squeak

Oh well, I am not surprised. I am only expecting stupid stuff coming from the current government.
I guess they are trying to trick young people to stay in the province (Mortage) as they are leaving in droves. I really hope they not going to allow themselves to be fooled.

Just heard from an acquaintance, her son, a Dr., and his wife, a dentist, just left Vancouver a week ago for a better life elsewhere in Canada.

history
Guest
history

the very best family expansion criteria on BC coast, is that you arrive as a TFW, with corporate sponsoreship, yknow, the Pizza Huts and McDonalds. You are surrounded at work by your ethnic group, breeding is easy. Accomodation is often subsidised, as long as you play the game and allow part of your wages to flow back to the broker/lawyer and other skimmers in the country of origin. Once the babies come, milk every govt program available, naturally financed by Canadian taxpayers you are usurping.

KickThemOut
Member
KickThemOut

Is it the fault of people who want a better life and making use of programs available to them? Or the fault of gov’t that allows this to enrich their corporate backers, and the voters that continually to elect those gov’t?

I lay the blame at latter, not the former.

Dave
Member
Active Member

Smart move. The smarter move would have been to head south though.

Abdul Lahazi
Guest
Abdul Lahazi

Diplomats behaving badly: Detailing the crimes of those who can’t be punished.
http://www.680news.com/2017/03/27/diplomats-behaving-badly-detailing-crimes-cant-punished/
Dumb and naive Canadians continue to take this shit…

KickThemOut
Member
KickThemOut

Sounds like a lot of Caucasian males at a lot of poor 3rd world countries.

history
Guest
history

Caucasian males are on the slippery slope to oblivion

http://www.vox.com/science-and-health/2017/3/23/14988084/white-middle-class-dying-faster-explained-case-deaton

careful about kicking them while they are down.

btw, Space, what do you do for a living, ie, Income?

Best place on meth
Guest
Best place on meth

He distributes child porn.

KickThemOut
Member
KickThemOut

So bestplaceonearth is a lonely sad individual with his real estate, counting his monthly rental income.

Meanwhile, #1 poster BestPlaceOnMeth is an angry vengeful basement dwelling individual looking to invite US to take over Canada, nuke China, and basically pissed off at every stupid home owners and dirty corrupt immigrant that drove up housing price and priced him out of the house he so deserves, simply by born in Vancouver.

Hmmm….hard to say which one I prefer to keep company with. Maybe the cold & rainy weather does extra long term to those living below ground with extra dose of mildew and mold?

history
Guest
history

try keeping company with yourself. Care to answer my question? your career, income?

best place on earth
Guest
best place on earth

free money ??? what are you smoking?

Sebastien
Guest
Sebastien

What happened there?:

5320 Williams Road, Richmond
Dec 1:$1,926,000
Mar 27: $1,399,000
Change: – $527,000 -27%

Oracle
Guest
Oracle

Still don’t get it yet?

Oracle
Guest
Oracle

Saving the capital gains tax dude cause owned by non-resident who is now becoming PR…

Oracle
Guest
Oracle

$527K will be exchanged overseas. watch. it will be sold within 50 days.

Dave
Member
Active Member

Somebody gets how the game is played. Prices could drop on paper but mean nothing in reality.

Newcomer
Member
Newcomer

True. Nobody looks at comps anymore. Prices are whatever anyone feels like. That why prices have been going up so much.

Shut It Down Already
Guest
Shut It Down Already

Just about everything sells within 50 days, numbnuts.

Oracle
Guest
Oracle

Are your relatives selling it?

Shut It Down Already
Guest
Shut It Down Already

Yes, and there’s also an associated “buy 2 get 1 free” deal if you’re interested.

Shut It Down Already
Guest
Shut It Down Already

Assessed $1.57m

Sebastien
Guest
Sebastien

Is Burnaby the bellwether of the entire Lower Mainland ?:

2561 Stoney Creek Place, Burnaby
Oct 31:$1,698,000
Mar 27: $1,388,000
Change: – $310,000 -18%

Oracle
Guest
Oracle

Maybe you guys will figure it out in 2021 just before next election after its exposed by the G&M

Shut It Down Already
Guest
Shut It Down Already

Assessed at $1.14m

Oracle
Guest
Oracle
KickThemOut
Member
KickThemOut

I’m sure BPOM would do it for free…he loves to shoot Chinaman…especially short ones, right?

Best place on meth
Guest
Best place on meth

“The Chinese community in the 19th district of Paris — in the north of the city — spontaneously gathered on Monday evening demanding justice, but the demonstration was marked by violence coming both from protesters and the police.”

Translation: “chinese quickly gathered to denounce the shooting as racist and anti-chinese.”

It’s what they do.

BubbleTea
Guest
BubbleTea

BIV: NDP would expand B.C.’s foreign buyer tax.
Retroactive 2% tax would cover all B.C. homes owned by those not paying Canadian income tax.

Dave
Member
Active Member

I don’t think that goes far enough. The Province needs to do more to dissuade foreign buyers. They also need to focus on the supply side of the equation to get more housing built.

The best thing the NDP can do to fix housing is just get elected. That will hurt consumer confidence and jobs, which will take the housing market with it.

Sometimes you just need to hit the reset button. I think now is that time.

Newcomer
Member
Newcomer

We have 75 thousand homes sitting empty. That’s enough to absorb three years of growth if they stopped all building today.

But you are right about how the NDP can be useful. They will also actively mess a few things up, which will help as well.

Oracle
Guest
Oracle

LIAR.

Those homes are occupied by foreign students and 10 year visa holders. Look at the census definitions LIAR.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Yes. Oracle never lies. Very honest – the honestest.

history
Guest
history

Dave, are you suggesting a vote for the NDP? As leader of The None Of The Above Party, im a bit confused. Did you trade stocks today? you sound like a stockbroker, twirling in the wind. Supply if you have it, Demand if you have it. I have neither, and im pretty happy.

Dave
Member
Active Member
No stock trades today, but I do trade a lot. I’m not afraid to change my mind about things if and when things change. For all I know, the leader of the None of the Above Party will endorse the Liberals on May 8th. I might do that. Last week, I was None of the Above. This week I’m toying with the idea of NDP because that counts for two votes, instead of the one a non-Liberal vote would count for. I’m still leaning None of the Above though because I don’t think endorsing any of these clowns is a good move. If somebody comes out with something worth supporting, they might get me. I doubt it. The NDP are closest with the 2% annual tax. That gets me 10 or 20% of the way there. Long way to go.… Read more »
Newcomer
Member
Newcomer

Doesn’t the shake-up of the Liberal party offered by an NDP win do it for you?

Newcomer
Member
Newcomer

Link?

Shut It Down Already
Guest
Shut It Down Already
Newcomer
Member
Newcomer

Thanks. Stupid tax. It’s just an income grab and, being retroactive, is unfair. What we need is an annual tax, not a one time tax.

patriotz
Member

It is an annual tax. The article is referring to the NDP’s Housing Affordability Fund and Speculator Fee Act introduced last year, but neglects to point out the levy is annual.

Oh and for the information of any posters who doubt that the Act is still the NDP’s policy – it is.

Newcomer
Member
Newcomer

You know, I thought it might be annual, so I Googled it. I looked at 5 articles and could not find one that said it was annual. They need to get a new PR team.

PR aside, it’s a smoking idea. That would sort things out pretty fast.

YVR
Guest
YVR

Oh and for the information of any posters who doubt that the Act is still the NDP’s policy – it is.

That is great. You would think the NDP would get this message out. The only NDP policy announcement I like. I will be interesting to see how much revenue they will forecast this will create. That will tell the tale on how much impact it will have. I also can’t wait to see this get debated. For such a major policy it seems awfully low key.

Just me
Guest
Just me

The meter of the success of the new NDP housing policy is rather how little evenue it generates. If it succeeded to crowd out mainland China “investors” completely, revenue would very close to nothing.

This is the one single policy that has the potential to achieve the objective of reducing the level of prices.

YVR
Guest
YVR

The meter of the success of the new NDP housing policy is rather how little evenue it generates.

Well, if 90% of housing was owned by foreigners who pay no taxes, as you claim, then it would be $10s of billions in tax revenue in its first year. If they come up with like $20 million forecast in year one then they will be taxing like 500 x $2M houses – irrelevant to the market. Care to predict year one forecast revenue?

Shut It Down Already
Guest
Shut It Down Already

They’ll simply widen their conspiracy to explain why the numbers aren’t real – because nasty foreigners.

Just me
Guest
Just me

Hard to tell. Some China investors might hold during year one. It dpends how many liquidate short term.

Just me
Guest
Just me

This is an annual tax. And it is almost exactly what the UBC/SFU professors proposed.

Unlike Christy Clark one-off tax, this tax would jack up the carrying costs associated to using homes as gold bricks.

Shut It Down Already
Guest
Shut It Down Already

I’m not a lawyer, but my guess is that this would fail if it were tested in court if it even makes it onto the books.

Just me
Guest
Just me

Retroactive simply means that it would be applied to all homeowners, regardless of when they bought their place. It could be implemented like the UBC/SFU proposal: raise property taxes and then allow deductions based on local income tax files.

It would be totally legal, and hard to challenge. Retroactive is the wrong word to describe it. It is more like “universal”.

Bear Vancouverite
Member
Bear Vancouverite

Would be so amazing to see this come into play, it would make a huge difference.

Just me
Guest
Just me

This would be a massive improvement on the status quo, if true.
It would be reason enough to vote for them, as far as I am concerned.

Whistler or Bust?
Guest
Whistler or Bust?

Not enough for me.

A vote for the NDP is a vote for no Uber, a 2% tax increase and the unions running the show once again.

Newcomer
Member
Newcomer

I hate Uber and don’t mind the extra 2% in tax if it gets daycare for people. The unions I’m not so fond of but I’ll hold my nose.

southseacompany
Member
southseacompany

“Housing sales slow while prices refuse to budge”, Business In Vancouver

https://www.biv.com/article/2017/3/housing-sales-slow-while-prices-refuse-budge/

“While home sales and listings have returned to their 10-year average, prices across the region remain high in the wake of 2016’s record-breaking year, according to new Fraser Valley Real Estate Board (FVREB) statistics.”

Newcomer
Member
Newcomer
Patiently Waiting
Member
Patiently Waiting

Wow, that changed fast. Lots of down payments nullified.

Newcomer
Member
Newcomer

I think it’s mostly the mix.

Patiently Waiting
Member
Patiently Waiting

But the thing is, townhouses and condos will reach a maximum price level and dry up too. I don’t think that will take long.

It is kind of nice seeing a new listing for an old shack, thinking “oh great, another million dollar tear-down”, checking the price and seeing it’s only 800K. It’s now competing with townhouses.

Newcomer
Member
Newcomer

Indeed. You can buy lots of SFHs with decent lots in East Van for less than lots of middle-aged townhouses on the other side of Main Street.

Just me
Guest
Just me

The average price drops is mostly due to the fact that the composition has changed. A lot more condos, as a proportion of the total. Prices are still nuts.

oncebittwiceshy
Guest
oncebittwiceshy

You’re absolutely right. Prices are nuts but the drops in prices of detached homes are even more nuts. Year over year they range from 6% for a 2bd detached to 45% drop for a 6bd.

Just me
Guest
Just me

Basically, the range in which Chinese “investors” were most active has been hit. the rest is keeping course.

Shut It Down Already
Guest
Shut It Down Already

You mean locals are out-bidding each other across the majority of the market?

Shut It Down Already
Guest
Shut It Down Already

I suspect the low volume of 6 bed sales makes the signal very noisy.

Shut It Down Already
Guest
Shut It Down Already

Good job Zolo breaks it all down by property type then?

Doomcouver
Guest
Doomcouver

This is to be expected. Home owners are still able to service their debts and speculators still believe the market is just taking a break. Prices won’t crash until the paradigm of speculators changes or home owners start getting pushed into insolvency. It’s likely both will happen in the near future.

Newcomer
Member
Newcomer

Should be lots of insolvent owners in Calgary but that hasn’t impacted prices much. There must be just a ton of loose credit in the system. It must run out eventually.

Fomo
Guest
Fomo

There is a lot of modern day loansharking going on in Alberta right now.

Newcomer
Member
Newcomer

That would not surprise me.

Doomcouver
Guest
Doomcouver

Yeah the tmassive global credit party is not over yet. Calgarians have just gone further into debt to be able to maintain their lifestyle. Crashing of the oil price is not enough in itself to correct property prices. The shift won’t come until normalization of interest rates occur. Ironically Calgary will likely remain somewhat buoyant as the rest of Canada’s housing market burns out. I think it’s likely the oil markets will recover around the same time that interest rates start climbing.

Newcomer
Member
Newcomer

Tar sands won’t recover for at least 10 years. Too much shale.

bullwhip29
Guest
bullwhip29

Vancouver city councillor wants city signage to reflect region’s diversity
http://www.cbc.ca/news/canada/british-columbia/diverse-signage-vancouver-1.4043477

Doomcouver
Guest
Doomcouver

More worthless identity politics. I find it disturbing how politicians don’t bother focusing their attention on any of the various crises we have going on right now in housing, opioids, homelessness, etc. and instead care about what streets are called and whether it’s “inclusive” or not. Canada has a European culture, if you don’t like it there are plenty of other countries you can go to that are less European.

Newcomer
Member
Newcomer

May I point out that you are in the middle of focusing on worthless identity politics. They could name my street Pol Pot Rd. or ISIS Blvd and I wouldn’t care.

southseacompany
Member
southseacompany

“Toronto House Prices Are World’s Fastest-Growing”, Huffington Post

http://www.huffingtonpost.ca/2017/03/28/toronto-fastest-growing-house-prices_n_15662688.html

“Canada’s largest city saw the fastest pace of house price growth of any major world city in the past year, according to research from analytics firm CoreLogic, carried out for Australia’s Daily Telegraph.”

Doomcouver
Guest
Doomcouver

Anyone with a shred of objectivity should be able to see this is extremely unhealthy for the economy and will end badly.

Just me
Guest
Just me
From the BIV article. “Eby said that, under the NDP’s proposed Housing Affordability Fund and Speculator Fee Act, a foreign national who did not pay taxes in B.C on his or her income would be subject to a retroactive foreign-buyer tax on all B.C. home purchases, regardless of how long the properties had been owned. Eby said an NDP government would apply a 2% tax on the assessed value of all such property. The NDP would also close what Eby termed two “loopholes” in the foreign-buyer regulations: the use of trusts and other corporate vehicles to disguise home ownership and the exemption on transactions of pre-sale condo assignments. Currently, the foreign-buyer tax does not apply to any foreign national who sets up a company in B.C. as long as no more than 25% of the shares are owned offshore, said… Read more »
Combat roach
Guest
Combat roach

Enough for the vote but not yet enough to exterminate the locust (laundering, stashing and speculating), hence exclude the crap completely from the equation so-called “rational housing”.

KickThemOut
Member
KickThemOut

So what’s your big plan? I’ve seen a lot of repetitive talk, but no actions so far. Seems like talk is about as much efforts as you are willing to put into this crisis that is irking you so much. I would have expected more from someone as pissed off as you.

KickThemOut
Member
KickThemOut

@SpacedOut / Whistler or Bust – so why are a lot of bears on this blog so bitter about life in BC and how it is screwing the young families? Seems like renting would solve all the problems?

Newcomer
Member
Newcomer

It more or less does.

KickThemOut
Member
KickThemOut

So why all the bitterness about not able to own a coveted SFH? Seems like not able to own an extremely overpriced particle board box really destroy people’s standard of life here for some reason.

Newcomer
Member
Newcomer

I am in no way bitter. I think the problem you are having is that you see people only as groups. You saw a bitter bear, so you think all bears are bitter. You saw a dishonest Chinese person, so you think all Chinese people are dishonest, and so on. Generalization is a common reasoning error. You can avoid it by simply pausing and asking yourself if you know the thing you are about to say is actually true, before you say it.

Doomcouver
Guest
Doomcouver

I don’t think the vast majority here are bitter. They, like me, want to see housing return to normal prices based on local incomes as soon as possible. I think “extremely frustrated” is the word that best describes the mood of the Vancouver housing bear.

Whistler or Bust?
Guest
Whistler or Bust?

I think that most people have not wrapped their heads around renting. They have been raised in an area where home ownership is religion and renting is for “losers”. It will take some time for these attitudes to change.

The other side is that very few people can get a 5 yr lease like I did. Until the rules change to give renters a little bit more security it will be hard to convince them. The majority of people sign a 1 yr lease and then go month to month and are living in constant fear that they get kicked out with 3 months notice. Not the best circumstances to be raising a family.

Newcomer
Member
Newcomer
When you think of all the events that can disrupt family life, such as job loss, divorce (or simply a degraded relationship), illness, emotional/mental/addiction problems in any family member, kids falling in with the wrong crowd, accidents, etc. you realize that a pretty sizable number of families will be impacted by at least one of these sort of things. And they will deal with it. And when you compare any one of these issues to moving house (not moving cities, or even school zones, just moving to a new house), you will see that it is no big deal. It’s an inconvenience to be sure, and if you can avoid it great, but it is hardly something to plan your life around. Having to move from one house to another once or twice is no way a greater burden than… Read more »
YVR
Guest
YVR

The majority of people sign a 1 yr lease and then go month to month and are living in constant fear that they get kicked out with 3 months notice.

The only way you can get kicked out on month to month is if they sell or if direct family moves in. If you do a little research before renting there is no worry.

Newcomer
Member
Newcomer

Even if they sell, the buyer has to move in.

Bear Vancouverite
Member
Bear Vancouverite
I am firmly against the first time buyer program, but I think we’re reading a little too much into it. According to the article, only 270 people have entered into a contract to buy under the program. Paul’s stats show an average of 100-150 sales per day. So since introduction of the program on Jan 16th the total number of sales that took advantage of the program is less than 3% of purchases and likely much less than 3% of dollar value, yet we constantly hear posters say how this has “goosed” the system, and some of those same posters will argue that foreign buyers at 3% has no impact on the market. Some posters have argued foreign buyers at even 10% or even 12% have no impact on the market. Surely if both are at 3% they must have… Read more »
southseacompany
Member
southseacompany
You’d have to count the total applicants as a part of the total of sales below $750k to understand the impact more fully. According to Steve Saretsky; “Since the program began January 16, 432 applicants in Metro Vancouver have been approved. For context there were a total of 2106 apartment sales in Metro Vancouver in January and February combined, if those 432 applicants were successful in purchasing that would equate to 20% of the market” http://vancitycondoguide.com/bc-loan-program-adding-to-overheated-condo-market/ Steve’s compares the total applicants to sales of apartments – arriving at 20%. If we were able know the actual number of apartment sales less than $750k this % would, no doubt, be even higher. A quick look on the MLS map shows that 25% of apartments are listed above $750k. So the applicants could be easily buying 20-30% of homes under $750k. Consider,… Read more »
Shut It Down Already
Guest
Shut It Down Already

I’d say it’s unlikely that they all were successful buying given that they’re all competing against each other. Competition in that segment is fierce right now. Because, you know, it’s a good investment.

KickThemOut
Member
KickThemOut

Oh my…cement, caulking, tire sealant for butt implants! How crazy do people get for vanity?? Come to a clinic near you soon? I’m sure it will be so popular here.

https://www.washingtonpost.com/news/morning-mix/wp/2017/03/28/woman-who-enhanced-butts-with-glue-and-cement-gets-10-years-for-manslaughter/?utm_term=.c3e30e281f13

history
Guest
history

BC has become a Developers paradise. The shear numbers of humanity that wants to live here defies even Newtons gravity laws

So supply gets vaporized, and demand is a maiden with baited breathe, fantasizing her first rogering with History.

But History is none other than an Insurance mans mortality table. You know ho to read them? Space? Already? Newcomer, Traitorz?

Newcomer
Member
Newcomer

Were you aware that population growth and net immigration are at historic lows? BC in general, and Vancouver in particular, has rarely been as unpopular as it is now.

So, here you are, about as wrong as it is possible to be. How did this happen? I can’t be sure, but I am going to guess that you just wrote down what you were thinking, without checking to see if there was any evidence to support it. You should consider looking things up before you post.

history
Guest
history

You keep spouting The Soros Line, Mr. snowflake. We still dont know what you do for a living, your career.

Ive mentioned many times i live in my vehicle, and do mainteanence repairs on junk made in asianfactories.

Newcomer
Member
Newcomer

What is “The Soros Line?”

I have actually mentioned several times that I own small businesses here and in the States. I don’t, however, see how that is relevant to what we are discussing.

Does the fact that population growth is at historic lows change your analysis of the situation?

history
Guest
history

Did you miss the part on Peak Leisure travel, age 54?
dont think so.

what business? selling what? Original manufacturer, or is it like Avon, Amway or Herbalife?

Your company listed on an Exchange? provide a link

like pulling teeth, christ!

the deceiving shit this Coast attracts boggles the mind.

Shut It Down Already
Guest
Shut It Down Already

Are you some sort of stalker?

Newcomer
Member
Newcomer

It’s hard to understand what you mean. You seem to be in your own private world.

It’s B2B and unrelated to real estate, immigration or anything we ever discuss here.

Doomcouver
Guest
Doomcouver

Newcomer, what history is trying to say is he wants to get to know you better, in the biblical sense.

Oracle
Guest
Oracle

BS meter just exploded.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Yeah. I don’t believe anyone says… except Oracle.

Shut It Down Already
Guest
Shut It Down Already

Strong argument once again, Oracle. How about a link to some reliable source for once? It won’t kill you.

history
Guest
history

Fess Up Time

Newcomer does what? Works where? Income?

Already does what? Works where? Income?

Traitor works for the govt and cleans toilets in the Ottawa bathouse

Space is an agent of PRoC, but dates Chinese Canadian women that launder ‘clients’ money, in houses, up and down the coast.

Oracle
Guest
Oracle

Newcomer’s parents prob own multiple homes in Vancouver and pay no taxes here. Dad probably just renounced Cdn citizenship.

Yikes
Guest
Yikes

Cheapskate J Pattison making a measly 75 m donation to St Paul’s today, if he truly has a heart he would donate a billion to help with housing affordability, only reason for hospital funds is so he gets primo care in his old age. Old prick

Oracle
Guest
Oracle

He lobbied to get PST + GST on used cars instated. His new car dealers and used car lots made a killing after this. 100’s of millions. The Light rail terminus is going to end on his land most likely at 156/104 in Surrey. Land value probably went up by tens of millions. Skytrain wouldn’t have done that.

$75 million is cost of doing business. He is still way ahead.

Best place on meth
Guest
Best place on meth

Somebody has to fund health care since Krusty won’t do it.

Doomcouver
Guest
Doomcouver

I’m no fan of Christy Clark but why should she? BC is so overloaded with immigrants gaming the system to pay no tax and get free healthcare our healthcare system is groaning under the strain. We’d need to kick way more recent immigrants off of free healthcare before I’d support additional funding.

paulb
Member
Active Member

New
236
Price Change
46
Sold
164

TI:8291

Thinking of buying or selling? http://www.clivestevepaul.com

Doomcouver
Guest
Doomcouver

From these numbers I can see a lot of sellers still waiting in the wings. The seller paradigm is still that prices only go up, so they think they can time the market to get the price they want. I have a morbid curiosity to see what inventory numbers might look like closer to the summer. Chinese capital controls are starting to bite in most markets so we may see seller realization that Chinese capital is harder to come by now. Time will tell…

Newcomer
Member
Newcomer

Based on no evidence whatsoever, I am going to guess that both listings and the weather remain cool all summer. I think people have decided to sit a whole year out. That could change if, for example, Toronto or China started to crash.

Abdul Lahazi
Guest
Abdul Lahazi

More BC Liberal bribery and vote buying:

http://www.cbc.ca/news/canada/british-columbia/bc-government-spending-announcements-1.4027251

There were 107 separate funding announcements that went out during the period between Feb. 14 and March 13. 84 were for funds going to Liberal ridings, compared to just seven for NDP ridings and 16 that were for funding across the province.

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