Much better description. It’s a good idea. But I can’t see it being popular with people who vote.

First paragraph should be enough to seal the election in a normal world. “Immigration lawyers and Opposition politicians are pressing the province to start an information-sharing system that would make it much harder for house sellers to evade capital gains taxes by claiming they are “residents of Canada for tax purposes,” when they are not. Some critics estimate the tax loss at hundreds of millions of dollars.” BC Libs have passed on a massive amount of money easily taken from offshore speculators and money launderers who have no rights in BC, can’t vote here and shoudn’t even be allowed to buy real estate here. In return, we local wage slaves get to pay taxes on their behalf and provide free services for them while systematically being evicted from our city as home prices and rents make it impossible to stay… Read more »

Buying 20 condos and leaving them all empty seems like a much more discrete way to launder money.

So in a nutshell Poloz’ argument is that speculators would speculate regardless of the interest rate they have to pay. What incredibly flawed logic. The BoC keeps rates low to incentivize businesses to borrow, but when asked if housing speculators are being incentivized to borrow as well their answer is that no, that definitely isn’t happening. What a tool…

That’s odd. He knows better, so it almost seems as if he is not being entirely honest.

I can only imagine that, as he feels he cannot cut, he is just trying to get as many dovish soundbites as possible out there.

“When you’re borrowing money to buy a house and you think you’re going to make 20 percent over the next year, I don’t think it’s going to make a difference if the interest rate you’re paying is 2 percent, 4 percent or 6 percent,” Poloz said.”

A small, retarded child knows otherwise.

Thank you Polozer, for showing us how doomed we are under the leadership of idiots.

Match that with Poloz’s statement today and looks like CAD will be going on sale.

If politicians really cared about their constituents housing would be for living in first and as an investment second. All governments have been treating it the other way around with no anti-speculation, anti-flipping, or anti-empty homes measures in place for decades as the bubbles grew. We’ve seen these measures starting to be implemented now simply due to voter anger, however it far too late. There will be no preventing the bubble now, it’s just a matter of how big it gets before it pops.

This is a BS statement from the BoC. Interest rates have been at rock bottom for the better part of a decade, and the only effects have been Canadian businesses hoarding cash, and massive real estate speculation. Low interest rates have failed to produce the desired effect. These Keynesian central bankers need to get their heads out of their backsides and realize that Keynesian theory is deeply flawed, and by leaving interest rates this low for this long they are causing MASSIVE distortions in other parts of the economy. This is a case of the medicine being way worse than the cure.

“That’s why I think it’s wise to take profits at or near the top of the market.”

Wow, that’s thinking outside the box.

Timing the market is almost impossible. However limiting your exposure to assets that are extremely overbought is prudent investing. For some reason Canadians feel totally comfortable with a heavily leveraged, illiquid and fundamentally overpriced asset aka. their home being their only investment. If my stock portfolio crashes through the floor my maximum loss is 100%. For someone who puts 5% down on a condo their maximum loss is 2,000% of their principal (slightly more if you factor in realtor fees/legal fees/condo fees/taxes/etc.) . It’s like house horniness overwhelms the part of the brain that can do math…

Of course, it hasn’t been posted. It’s got diddly squat to do with real estate.

What’s gong on with your English? Did you know that the government offers free classes?

Not a crash, but we might be in the beginning of a perma-melt.

Interest rates are still at rock bottom prices. Don’t expect a meaningful correction until they normalize.

That’s the definition of a bubble. Everybody involved is very emotional. The opposite would have surprised me.

“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.

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

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