Vancouver homes lost 49% of their down payment in one year.

Southseacompany pointed out this article at global news: according to zolo, Vancouver home prices have lost almost half of their down payment value in one year.

“Once considered Canada’s hottest locale for real estate, home values in the West Coast city took a beating over the course of a year, with the average home price dropping from over $1.1 million in February 2016 to $995,583 a year later.”

“Zoocasa calculated the loss (or gain) of return by taking the year-over-year change in average home prices and then dividing it by the down payment buyers would have had to make in February 2016.”

“By this measure, Vancouverites lost 49 per cent of the return on their down payments.”

Read the full article here.

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BubbleTea
Guest
BubbleTea

Finance Minister Charles Sousa admitted Tuesday there is a limit to how much he can do to cool off Toronto’s scorching house prices without help from the federal government.
“There are individuals that are going into subdivisions that are buying 10, 40, 50 homes – holding paper – and flipping it … and they’re crowding out families who are trying to buy,” the treasurer said.
“We can’t do that without the CRA,” he said, referring to the Canada Revenue Agency.
https://www.thestar.com/news/queenspark/2017/03/28/sousa-says-ottawas-help-needed-to-cool-real-estate-market.html
Perhaps start with foreign buyers tax.

Doomcouver
Guest
Doomcouver

Gotta love these politicians. Claiming failure without actually trying anything. It’s super obvious what direction they would like the housing market to be going and it’s straight up.

Newcomer
Member
Newcomer

FBT would do nothing to discourage flippers. FBs are rarely, if ever, paper flippers. That’s a boots on the ground game.

Bull Trap
Guest
Bull Trap

“When it rains, you get wet.”
-Neil McCauley

StrataHacker
Guest
StrataHacker
Sorry, but this is nothing but false hope for the bears. Prices have paused their ascent for the moment, but whatever… this is not the number that is important… $3.5 Trillion USD. That is the number that counts. This is the estimated pace of yearly credit growth in China. That is just China. The amount of money being created out of thin air and searching for safe harbour in the world economy is truly mind boggling. I am not that old, but I remember when “trillions” where unheard of. Only the US debt was tabulated in trillions. It took the US a couple of hundred years of existence to get to 20 trillion total debt. Now, China prints a significant portion of that out of thin air every year. And that’s without taking into account how much the US and… Read more »
Newcomer
Member
Newcomer

When one asset (or a group of assets) inflates, that is called a bubble and ends with the price correcting. If general inflation takes hold, it is a different story, but if general inflation takes hold, rates will go up and bubbles will pop.

StrataHacker
Guest
StrataHacker

You equate cpi and real inflation at your own peril. I trust what my own house is saying about real inflation more than I trust Poloz or Yellen.

Newcomer
Member
Newcomer

What is your salary saying about inflation?

StrataHacker
Guest
StrataHacker

The chinaman stole my raise, and the only way for me to get that money back is to sell him my grossly overpriced slice of real estate.

Just me
Guest
Just me

No kidding. Perhaps you should ask those millions of poorly paid people in the former rustbelt of the US. Their jobs vaporized within 10 years of China joining the WTO.

Joe Flation
Guest
Joe Flation

If salaries rise slower than inflation, then, in real dollars, salaries are dropping.

Bull Trap
Guest
Bull Trap

I agree that this is “the new normal” and “it’s different this time”.

I also agree that China will print Trillions per year every year forever, and it will flow into Vancouver continuously until our children are old and grey.

Thank you for the investment advice — and the shoe shine.

patriotz
Member

You cannot buy houses in Vancouver simply by printing a foreign currency. If you could, Zimbabwe would own all of Vancouver.

Chinese need dollars to buy RE abroad and printing yuan does not change the amount of the former they have.

Bull Trap
Guest
Bull Trap

Simply not true.

Everyone who knows anything knows that China has millions of billionaires and billions of millionaires.

That’s why every house in Vancouver will always be unaffordable even to Britney Spears.

Only those who got in on the ground floor know what they are doing. Confirmation bias doesn’t even matter when you’re talking real estate.

Stick to Malibu, Britney — at least until you study elementary macroeconomics like all the logicians on this comment thread.

Newcomer
Member
Newcomer

Hyperbole leads to sloppy thinking. Ask yourself if your premises are true before coming to conclusions.

http://www.cnbc.com/2015/10/13/countries-with-the-most-millionaires.html

Bull Trap
Guest
Bull Trap

Not recognizing sarcasm leads to sloppy commenting.

Newcomer
Member
Newcomer

Mia culpa.

Best place on meth
Guest
Best place on meth

It’s Mea culpa.

Perhaps you were thinking of Mia Farrow, who also cannot afford a house in Vancouver.

Newcomer
Member
Newcomer

Man, I stand corrected twice in a row. Nice!

StrataHacker
Guest
StrataHacker

Equating the yuan to Zimbabwe is silly and wrong. The yuan is backed by a massive trade surplus and trillions in foreign reserves. There are hoards of chinese lined up outside my office with hard $$$ in hand ready to buy anything and everything. Not so many Zimbabweans.

patriotz
Member

That is my point exactly. The buying power of China, or Zimbabwe, in Western countries derives from the amount of Western currency it holds, not how much of its own money it prints.

Just me
Guest
Just me

Patriotz, I think you are offline. The value of the yuan is also backed by the mass trade surpluses that China files with the rst of the world every year. There is very real and transferable wealth in China. It is no Zimbabwe.

Shut It Down Already
Guest
Shut It Down Already

Oh, hey Oracle!

Just me
Guest
Just me

StrataHacker I reluctantly agree with you. Unless measures are taken to contain the inflows of money from China, this is most likely just a pause.

Maybe we should all hold hands, sing kumbaya and vote for the BC Libs. We are in Lotus Land after all.

StrataHacker
Guest
StrataHacker

I cam e to this conclusion with great sadness and resignation. They have even found a way to buy Trump off (via the Anbang/Kushner deal). This is not going to stop for the next decade or two or three until a 1929 style crash. By that time we will have our first trillionaires, guaranteed basic incomes of 100+ thousand, a house in Surrey will be costing 6 to 10 million… and central bankers will still be claiming there is no inflation. My children’s only protection will be the house they inherit from me.

Newcomer
Member
Newcomer

I see there is no point getting degrees in economics or working in the field when just reading blogs and looking out the window can bring such insight.

StrataHacker
Guest
StrataHacker

It is not for nothing that it is known as the dismal science.

Just me
Guest
Just me

I am not sure what you are on about inflation. Things may be a bit more complex.
But I do agree with the basic statement that there is an inherent scarcity of valuable goods (like homes in good locations). You cannot create a middle class of 600 million people and expect that supply will adjust overnight to satisfy their demand (be it housing, holidays or fancy foods). These kinds of shocks take decades to work themselves out.

Bull Trap
Guest
Bull Trap

Why do you know that it will stop but it definitely will NOT stop “for the next decade”.

Nonsense. You do not know when it will stop. Nobody does.

If anyone did, they would become the richest person in the world.

That’s why market crashes are crashes: Because the market does not know that they are coming.

BubbleTea
Guest
BubbleTea

More China controls – can’t be good for Vancouver real estates….
China to punish firms for fake trade data, other foreign trade offences.
“Analysts say Chinese firms have used fake trade invoices as a way to move money offshore and avoid China’s strict capital controls.”
http://www.reuters.com/article/us-china-economy-trade-idUSKBN16Z0KM

Hyper-mega-Bull
Member
Hyper-mega-Bull

>Analysts say Chinese firms have used fake trade invoices as a way to move money offshore and avoid China’s strict capital controls.

oracle has been saying that this is happening for years. he knew it was happening before you even understood that such a thing exists.

that should tell you something.

Doomcouver
Guest
Doomcouver

One more pressure point on the global real estate bubble. I wonder what the final catalyst will be that pops it. The best odds are probably on mortgage rate increases.

Doomcouver
Guest
Doomcouver

This is why the number of listings are so low right now. Many recent buyers can’t afford to sell even if they wanted to. This is a healthy development for the market, but unfortunately housing bulls that got in at the peak are going to get slaughtered financially.

Newcomer
Member
Newcomer

I would imagine the supply coming from recent buyers selling is always minuscule. Almost all sellers in any market bought years ago, and those guys are ahead, so the situation does not explain the frozen market. I think it is frozen because people don’t want to sell in a dip. It is also worth noting the bottom end has been rising so downsizing appears particularly unattractive. Who would sell their SFH for 2M to buy a townhouse or a condo for 1.5?

Doomcouver
Guest
Doomcouver

You might be right, but what is the average time between a sale and a listing in Vancouver? I’d imagine in the middle of this real estate mania the time is shorter than you’d think.

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

I think that is the time between a listing and a sale. Different metric.

Doomcouver
Guest
Doomcouver

Yeah you’d have to pair the sales with listings for the same address. Not even sure if that’s a metric that is available.

YVR
Guest
YVR

I would imagine the supply coming from recent buyers selling is always minuscule.

It is not minuscule. I bet 20% of sales last year were 1 year or less flips and another 20% were within 2 years.

Newcomer
Member
Newcomer

40% of all properties sold were bought in the preceding two years? That’s a bold claim. Does anyone have an idea how we could find out?

Shut It Down Already
Guest
Shut It Down Already

It’s frozen because they can’t afford to buy the next rung up the ladder.

Newcomer
Member
Newcomer

That too. But less. The spread has been decreasing, not increasing.

Donald T
Guest
Donald T

Finance Minister Charles Sousa admitted Tuesday there is a limit to how much he can do to cool off Toronto’s scorching house prices without help from the federal government.

1. Property Taxes based on Taxable incomes
2. Negative Income Taxes.

2 ways can match local incomes to Property values (or Housing Rights).

patriotz
Member

Finance Minister Charles Sousa admitted Tuesday there is a limit to how much he can do to cool off Toronto’s scorching house prices without being blamed for a bust.

That’s better.

Doomcouver
Guest
Doomcouver

A perfect translation of politician speak to what he actually means.

best place on earth
Guest
best place on earth

you keep misleading the readers with all the headings. when will you grow up?

Bull Trap
Guest
Bull Trap

Good point. It’s probably a lot worse than that.

Headline should have read “at least 49%”.

After all, lots of people have lost hundreds of percent.

best place on earth
Guest
best place on earth

oh, so the market crashed by your stupid bears’ heading. are you taking the opportunity to buying in the dip at 49% off, or 100%? the freeloaders still wait for free hand out? You can finally buy in Yaletown for a two bed room unit for $400k now, at your 49% off argument.

Extra Old Stock
Guest
Extra Old Stock

You need to read the headline more carefully. It refers to a 49% loss of the downpayment – not a 49% drop in home prices.

Your spelling mistakes, lack of articles in your sentence structure, and incorrect conjugation seems to indicate English is not your first language. Perhaps this is the problem.

Or maybe your post is in jest and you are a local Canadian posing as someone who is misunderstanding our language. If so, good job, quiet funny.

Shut It Down Already
Guest
Shut It Down Already

49% loss of a theoretical downpayment that nobody makes. Many buyers of pricier homes have more than the minimum d.p because they’re move-up buyers.

Just me
Guest
Just me

Local people over-leveraging and home owners with loads of equity are those who blah, blah, blah…..

BubbleTea
Guest
BubbleTea
Just me
Guest
Just me
http://vancouversun.com/business/local-business/new-found-wealth-driving-vancouverites-to-high-end-vehicles “You’ve heard the saying that Vancouver is the supercar capital of the world right now, and it’s so true … It’s almost to the point where when you see a McLaren or a Lamborghini or a Ferrari, and nobody really even notices,” he said. Dickson sees international money, particularly from China, as a major driver of this trend: “I think it’s purely because of the amount of wealth — young wealth — in Vancouver.” Three thousand vehicles valued at more than $150,000 were insured in B.C. last year, according to ICBC. That’s double the number insured just three years earlier, in 2013.” However, mentioning millionaire migrants is still met with scorn and resentment, with the implicit accusation of lingering racism. There are no millionaires from China. And the few that are here are all law abiding citizen, who made… Read more »
Joe Market
Guest
Joe Market

Note, that the purchase of 1,500 additional +$150k luxury cars over the last three years hasn’t resulted in the price of a Ford Focus increasing. Quality adjusted, new car prices have remained flat in real dollars for a few decades.

As you can see, different markets are driven by different demand. Same with housing.

Just me
Guest
Just me

My point is not the costs of lower class cars. My point is that a wall of money has hit this city after the capital opening of China.
For housing the trickle down effect is obvious and I don’t want to waste time. Figure it out.

Joe Market
Guest
Joe Market
Trickle down economic theory? Didn’t that die out in the 80’s? Luxury home sales (+ $ 3 mil as tracked by Sothebys) amounts to 5%-7% of the 40k-50k yearly home sales in Metro over the last few ears. That small amount of ‘trickle down’ buyers (2k-3k) would be absorbed quite quickly into a sea of 50k sales and, obviously, not have an impact on their own. Wall of money from China? Why limit to that analogy to China? China’s central banks have been printing floods of money along with the US Fed, the ECB, and the Bank of Japan. That tsunami of conjured money has caused massive asset inflation, especially in housing. The China buyer is just another conduit for that money, as is the over leveraged local homebuyer. Your blaming a few drivers for the traffic jam, but everyone… Read more »
Just me
Guest
Just me

I think the line “you are traffic” is frankly overused.
The traffic I see at open houses is not locals (unless they never learned english in school).

Shut It Down Already
Guest
Shut It Down Already

How about quantifying that “wall of money” and comparing it to sales volumes? That might help your cause rather than this tiresome repetition of the same unsubstantiated claims.

Just me
Guest
Just me

I did it months ago. Go and read that post. of course, you tried to discredit it using the usual silly arguments.
The amount of money that is either directly from abroad or leveraged by foreign buyers through their proxies is quite amazing. Since you have some doubts, I invite you to contact people who work in the credit or real estate sector in BC.

Shut It Down Already
Guest
Shut It Down Already

You’ve never reliably quantified it, only guessed.

Just me
Guest
Just me

I gave you number based on realistic estimates of Chinese outflows. In fact, I gave you bith upper and lower bounds of the estimated Vancouver inflows. Bith were massive.
You have some vested interest to defend, so you keep denying the enormous effect that fireign money has in our market. Even the BC Libs seem to acknowledge that niw. You and a few others keep hanging to your ridiculous stories about locals overextending to buy multimillion dollars homes.
Get your heads checked.

Shut It Down Already
Guest
Shut It Down Already

You mean you made up two numbers rather than just one?

No vested interest here, by the way.

Shut It Down Already
Guest
Shut It Down Already

So let’s get this straight.

Foreigners buying luxury cars = an indication of foreign money buying RE

Locals buying luxury cars = an indication of foreign money buying RE

Got it. Out of interest what sort of observations would cause you to change your opinion? Any at all?

Shut It Down Already
Guest
Shut It Down Already

You missed the bit where the Regency Lexus guy all but says the buyers are local. Why did you omit that part?

Just me
Guest
Just me

Two reasons:
1) these guys have wised up. they don’t want bad press that makes people angry about foreigners.
2) who said locals are not benefiting from the massive inflows of money from China?

If you are willfully blind, it is your problem.

Best place on meth
Guest
Best place on meth

Third and most important reason why the Lexus dealership is different from the ultra-expensive European vehicle dealerships:

Chinamen don’t buy Japanese.

#stillbutthurtafter70years

Oracle
Guest
Oracle

Toronto prices are also being driven up by immigrant families having more kids. A family of 6 (4 kids) can get $850/month in Ontario. Thats $3400 tax free per month. Enough to pay a $700,000 mortgage !!!

The basement suite can be rented out to pay the utilities and bills.

Free living!!

The parents can work minimum wage or cash and still be ahead.

Wow just wow.

Oracle
Guest
Oracle

If i was a refugee with kids kids kids….wow i would go to ontario…

Oracle
Guest
Oracle

i’ll admit its happening in my culture as well. Have friend who has 3 kids ( all females but wants a boy lol). He just bough a house with the $1900/month coming in to pay the mortgage. Says he will be getting $2500/month to pay for the house when the 4th arrives.

This is just wrong. Maybe cut it off after the 2nd child otherwise you have no incentive for people to work at low-mid income jobs.

Combat roach
Guest
Combat roach

At some point in not distant future, Canada might apply “One Child Policy”?

Oracle
Guest
Oracle

Lol HAM here on this site busy downnvoting… hahaha

Shut It Down Already
Guest
Shut It Down Already

“The Ontario Child Benefit provides a maximum payment of $1,356 per child per year.”

http://www.children.gov.on.ca/htdocs/English/financialhelp/ocb/howmuch.aspx

Your turn!

Oracle
Guest
Oracle

http://www.cra-arc.gc.ca/benefits-calculator/

You’re out of your league son. Too bad anyone can post on a forum.

Put in 4 kids, Live in ontario and family net income around 25K.

Best place on meth
Guest
Best place on meth

“To begin estimating your benefits……”

What a sickening line to read.

Today’s immigrants from the 3rd world are well aware of what they can “get” for nothing by coming to Canada.

Shut It Down Already
Guest
Shut It Down Already

You’re right – the government should make this totally invisible so that nobody knows and nobody is accountable, just like the RE industry you despise so much. It’ll have the added advantage if preventing the most disadvantaged members of society from being able to make financial plans. Win win!

Newcomer
Member
Newcomer

It’s hard to understand why you would be opposed to people getting benefits. If you resent sharing because you are poor and want more money for yourself, you should be able to see that government benefits may one day help you. If you are not poor, you are already reaping the benefits of living in a big society and should be happy to share.

Oracle
Guest
Oracle

$33,600 tax free for 4 kids per CRA calculator. Parents earning around $25,000 per year.

Almost $5000/month tax free. Not bad. And working cash on the side probably…

Shut It Down Already
Guest
Shut It Down Already

$34K divided by 12 is $5K?

Oracle
Guest
Oracle

No dumbass. Add the parents income.

Shut It Down Already
Guest
Shut It Down Already

My result shows $2500/month child benefit with the remaining $900 being unrelated to children (GST rebates and so on).

Add that to the $2K net income and you’d almost be able to buy enough cat food to feed the entire family.

Newcomer
Member
Newcomer

More than Oracle has ever dared dream of, though.

Oracle
Guest
Oracle

Time for you to emigrate. We only want those here who put Canada first.

Oracle
Guest
Oracle

What’s $2500+900 equal to snartass?

$3400/month. Can’t get that in BC.

Shut It Down Already
Guest
Shut It Down Already

Er, I knew the totals were the same.

Shut It Down Already
Guest
Shut It Down Already

Ran the same numbers for BC, and it came to $30k. So effectively the same.

Are you suggesting that $4k difference drives up Toronto property prices, keeping in mind that people need 4 kids and a very low salary to get it (and are therefore unlikely to have a downpayment)?

The vast majority of the credit is federal. Source: your own link.

Just me
Guest
Just me

First, you day there is little money. Then, you change your tune and admit that there is a lot of money subsidies. Then you claim that, anyway, is not enough to pay a mortgage.

Your time is better spent getting an education.

Shut It Down Already
Guest
Shut It Down Already

I did not say there was little money in subsidies. I quoted a provincial source that verified that *Ontario* provides little in child subsidies and asked a Oracle to provide a link to clarify his point, since he was claiming Ontario is benefits haven for those with many children.

For the first time ever he did so, so I tried to work out what his point actually is and soon discovered he didn’t have one as usual.

Fear monger
Guest
Fear monger

What happened to Realtylink?

Sebastien
Guest
Sebastien

Foreign Buyers are only 5-10%. What is this then?: http://i68.tinypic.com/2hwdwg2.jpg

Sebastien
Guest
Sebastien

[IMG]http://i68.tinypic.com/2hwdwg2.jpg[/IMG]

Sebastien
Guest
Sebastien
Newcomer
Member
Newcomer

A picture of two people who will say anything to get an account.

patriotz
Member

“What is this then?”

Soliciting listings from locals based on the impression that the agents have special connections to “Rich Asians”, of course. Also there’s the message “we’re white people like you so you can trust us unlike those sleazebags you heard about”.

paulb
Member
Active Member

New
205
Price Change
34
Sold
226

TI:8218

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

Sebastien
Guest
Sebastien

Foreign buyers are back? :

1991 No 2 Road, Richmond
Oct 17:$1,598,000
Mar 29: $1,199,000
Change: – $399,000 -25%

Oracle
Guest
Oracle

Now think why would they drop the price by $400K.

Why not start with a $100K drop if not selling???

Sebastien = YVR trying a psychological experiment??

Shut It Down Already
Guest
Shut It Down Already

Assessed value…?

specuskeptic
Member

“Sebastien = YVR trying a psychological experiment??”

That’s… rich. Pot, meet kettle….

Sebastien
Guest
Sebastien

No, I’m not YVR. I don’t plan to buy once the perma-melt is over. I follow real estate for pure schadenfreude.

Hyper-mega-Bull
Member
Hyper-mega-Bull

we are at the point where a 40 year old rancher on a busy street in richmond is selling for 1.2 million…. AND WE CONSIDER IT A BIG PRICE DROP.

pause to and let it sink in and really think about what that means.

it’s time to realize that you guys have no clue what’s really going on. maybe you should adopt some of the beliefs of people who are right more often than you are? those people may be on to something.

Vancouver Review
Guest
Vancouver Review

Mar 29, 2017 Daily Review Vancouver Real Estate Housing Bubble News

https://youtu.be/UicSUzho9Lo

southseacompany
Member
southseacompany

“Goosing the Market”, Van City Condo Guide

http://vancitycondoguide.com/goosing-the-market/

“Yep ten years after the financial crisis the Canadian economy continues to struggle despite record low interest rates. A failed central bank experiment that has pushed real estate prices and rents into crisis mode.”

“Despite the Bank of Canada’s warnings back in 2012 the ability do something about it has come and passed and despite taking responsibility for inflating a housing bubble their policies remain unchanged.”

“Now the only hope remaining is to keep the market goosed long enough for the economy to miraculously recover”

southseacompany
Member
southseacompany

“Fed’s Rosengren wants four rate hikes this year”, CNBC

http://www.cnbc.com/2017/03/29/feds-rosengren-wants-four-rate-hikes-this-year.html

“If Boston Federal Reserve President Eric Rosengren gets his way, the central bank will be a lot more aggressive this year with raising interest rates.”

“In a speech Wednesday, Rosengren said he believes four rate hikes this year are appropriate, with the Federal Open Market Committee raising its short-term target rate a quarter point “at every other” meeting this year.”

Best place on meth
Guest
Best place on meth

He doesn’t have a vote.

Please read your own posts!

Oracle
Guest
Oracle

Maybe stop spewing propaganda south sea unless you have a comment about the article. Like is it factual or deceiving or ….,???

southseacompany
Member
southseacompany

“Hard landing or soft?: The question for Canada’s overheated housing markets”, BNN

http://www.bnn.ca/real-estate/video/hard-landing-or-soft-the-question-for-canada-s-overheated-housing-markets~1078204

“Frances Donald, senior economist, Manulife Asset Management discusses her outlook for the Canadian housing market.”

Newcomer
Member
Newcomer

So she says, “I’m calling the peak” and then one minute later says “I’m not going to call it until I see…” A drunk person at a bar would be more informative and coherent than she is.

Dave
Member

They need to fill that air time, so any old talking head will do. Actual knowledge of real estate or Vancouver is a secondary factor.

IMO… you can find better information from forums like this. I think there is a lot of power to collective discussion that incorporates broad input.

I don’t think the media will ever be able to compete with that. It’s not possible for reporters to properly research topics nowadays and most of them lack the brain power to understand the world. Good journalism is a rarity.

fomostyle
Guest
fomostyle

Met her at a dinner over a year ago. At that time she was not even aware there was any sort of high real estate prices in Vancouver. I’m not kidding. There was a lot of eye rolling at the table.

Hyper-mega-Bull
Member
Hyper-mega-Bull

lol, remember the last time we had the “hard or soft landing” debate. when was it? 2014? i can’t even remember.

bullwhip29
Guest
bullwhip29

Developer under fire for years of luxury short-term rentals in Vancouver without hotel license
http://www.cknw.com/2017/03/30/developer-under-fire-for-breaking-vancouvers-short-term-rental-rules-without-consequence/

Abdul Lahazi
Guest
Abdul Lahazi

The CoV will continue to “monitor the situation…”.
“The developer’s parent company, Arizona-based RPMG holdings is a big campaign contributor to both the B.C. Liberals and Vision Vancouver.”
So in other words, nothing will be done.

bullwhip29
Guest
bullwhip29

Here’s why you don’t want to run low on gas in downtown Vancouver
http://globalnews.ca/news/3345237/heres-why-you-dont-want-to-run-low-on-gas-in-downtown-vancouver/

>>> this Esso location is on the market too. congrats moonbeam, overdevelop the downtown core, get many tens of thousands to live there and soon force them all to drive an hour to fill up their tanks (at one of the remaining stations outside downtown) OR take transit OR drive an EV…which will inevitably lead to another problem when electrical grids become overloaded

patriotz
Member

Toronto Mayor Tory open to vacant house tax on speculators

As in Vancouver, this would need the approval of the provincial government. Both Toronto and Ontario have elections in 2018.

Doomcouver
Guest
Doomcouver

They need buy in to get data from Toronto Hydro or any tax will likely be mostly ineffective. The incentive to lie is huge.

UBC in Crisis Mode
Guest

What gives? If you cannot sell it , increase the price?

4682 W 6th Avenue, Vancouver

Feb 9:$3,199,999
Mar 20: $3,394,999
Change: 195000.00 6%

Combat roach
Guest
Combat roach

Sure, at least there are no fu.king 8s.

Sebastien
Guest
Sebastien

This is a classic move by realtors to trigger a bidding war. I’ll follow that listing to see what happens.

Combat roach
Guest
Combat roach

This is a joke compared to BC gang and the boss.

Former Montreal mayor Michael Applebaum sentenced to one year in prison for corruption

http://news.nationalpost.com/news/world/former-montreal-mayor-michael-applebaum-sentenced-to-one-year-in-prison-for-corruption

Best place on meth
Guest
Best place on meth

“Applebaum was found guilty of pocketing about $37,000 in kickbacks from developers and engineering firms through his former aide.”

Krusty took 50K a year from the same types but called it a salary top up.

Applebaum is an amateur, he should have smirked instead of promising to be a better person once released – dude wouldn’t last 10 minutes in the BC Liberal party.

Just me
Guest
Just me

One has to feel sorry for Applebaum: such a ridiculous amount of money that any self-respecting BC Lib would probably pity him for getting by on such “salary”.

Christy Clark made the bribes legal, and she even gets aggressive when someone mentions how inappropriate that is. I guess living in Vancouver has become so costly that our poor politicians have to make ens meet in some way.

If BC voters don’t see through her scam this round, there is no hope for this province.

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Burnaby
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Link doesn’t work. Garth wants the traffic.

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Best place on meth
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Best place on meth

Do you have a link in mandarin?

Doomcouver
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I think they’re going to have to financially nail a few cheaters to the wall before the honors system will work. Home owners have to be petrified about getting caught or everyone will claim their home is occupied even though it’s not. Still, if it’s at all enforced this is a great tax for locals looking to live in Vancouver.

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It’s not an honor system. A declaration has to be filed for every property — no declaration, you pay the tax. Lie on the declaration, you pay a penalty of ten thousand dollars a day.

http://vancouver.ca/home-property-development/empty-homes-enforcement-penalties.aspx

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I see what you’re saying, but if the city isn’t fact-checking all of the declarations then it is essentially on the honors system. Even if they audited 5% of the homes (I’m sure it will be less than that) it would still be on the honors system for the other 95%. Plenty of people already lie on their taxes and claim principal residence on more than one property, what’s stopping them from saying the property is occupied when it’s not? If I was a homeowner and wanted to leave a place empty I would be tempted to lie. The number of bylaw officers in Vancouver is painfully low from what I have heard. The chance of getting caught is likely fairly low. We really needed cooperation from the utilities to be able to better determine which properties are empty. Sure… Read more »
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That’s a bit like saying that drug trafficking laws, or parking meters are enforced by an honor system. If fact, I cannot think of any law that would not be covered by that definition of an honor system. Can you give an example?

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