Friday Free-for-all! April 7th 2017

April 7, 2017 VCI Admin

It’s the end of another work week and that means it’s time for another Friday Free-for-all! This is our regularly scheduled end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

–Hot housing market could drag down Canada
–A 2% tax for owners who don’t file income tax
–REBGV stats for March
–Wide open for money laundering
–Sales down 31% over previous March
–BMO: the solution isn’t more tulips
–RCMP reviews swap of $130m land for $15m
–

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments section below and have an excellent weekend!

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history

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the Rate of Refinancing has blown up in Canada. Here is your Tulip, Porter.

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bullwhip29

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‘A peak year for travel into Canada’: Hotel sector investments hit $4B as weaker loonie attracts Chinese capital
http://business.financialpost.com/news/property-post/a-peak-year-for-travel-into-canada-hotel-sector-investments-hit-4b-as-weaker-loonie-attracts-chinese-capital

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Hyper-mega-Bull

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Film industry is also booming and international high tech companies are highering like crazy

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bullwhip29

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How big money corrupts politics
http://commonground.ca/big-money-corrupts-politics/

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bullwhip29

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Richmond Chinese election ads slam ‘moral destruction’ in East Vancouver
http://vancouversun.com/news/local-news/richmond-chinese-election-ads-slam-moral-destruction-in-east-vancouver

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bullwhip29

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MacLeans: Canada’s housing bubble looks disturbingly familiar
http://www.macleans.ca/economy/economicanalysis/canadas-housing-bubble-looks-disturbingly-familiar/

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southseacompany

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Also picked up by Canadian Business magazine;

http://www.canadianbusiness.com/economy/canadas-housing-bubble-looks-a-lot-like-the-u-s-around-2007/

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bullwhip29

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All 3 levels of government to meet over Toronto’s hot housing market
http://www.cbc.ca/news/canada/toronto/it-s-a-date-all-3-levels-of-government-to-meet-over-toronto-s-hot-housing-market-1.4059490

Lu Han, a Petro-Canada Associate Professor of Business Economics, says government should be “very cautious” about any policies it may adopt.

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bullwhip29

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Top loonie forecasters see weakness ahead on more Fed rate hikes
http://www.theglobeandmail.com/report-on-business/top-loonie-forecasters-see-weakness-ahead-on-more-fed-rate-hikes/article34626758

“The Canadian dollar will weaken in the coming months, as the Federal Reserve is expected to continue increasing rates while the Bank of Canada is bound to stay put, according to the currency’s highest-ranked forecasters.”

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bullwhip29

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B.C. to complete purchases of land along Vancouver Island trail
http://vancouversun.com/news/local-news/b-c-to-complete-purchases-of-land-along-vancouver-island-trail

“The government said Thursday it intends to purchase 83 hectares along the trail from Marine Trail Holdings, but will not disclose the price until the deal is final. ”

“…this is just a tiny portion of the land that the government deleted from the tree farm licence to be sold to private interests in 2007…”

““If this is the same parcel, then this is a case of our government buying back a clearcut that it handed over to be destroyed for corporate profit in the first place, and then spinning it for positive publicity a month before the election.”

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Shut It Down Already

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Different government.

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bullwhip29

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Why political campaigns in B.C. are sometimes waged in court
http://www.straight.com/news/892296/why-political-campaigns-bc-are-sometimes-waged-court

“There’s nothing stopping the developer involved in the land deal, B.C. Housing officials, or even the minister responsible for B.C. Housing, Rich Coleman, from launching their own defamation suits to determine who told the Sun that an RCMP investigation was indeed underway.”

>>> such a manoeuvre would be right up Krusty’s (back) alley…

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southseacompany

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“‘Cease and desist’: Bay Street calls on Poloz to drop rate cut talk and take aim at housing”, BNN

https://www.bnn.ca/cease-and-desist-bay-street-calls-on-poloz-to-drop-rate-cut-talk-and-take-aim-at-housing-1.718186

““The BoC should cease and desist with talk of possible further rate cuts, which simply fuel the sense that rates are never going higher, and instead start warning that rates will someday rise,” Doug Porter, chief economist at BMO Capital Markets, told BNN via email.”

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Sebastien

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Burnaby loves the 8s:
7456 Pandora Drive, Burnaby
Mar 1:$2,399,999
Apr 6: $1,888,000
Change: – 511,999 -21%

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Sebastien

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Follow up on Richmond:

2-7600 Gilbert Road, Richmond
Oct 20:$768,000
Apr 6: $599,000
Change: – 169,000 -22%

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southseacompany

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“How Canada completely lost its mind over real estate”, Macleans

http://www.macleans.ca/economy/realestateeconomy/how-canada-completely-lost-its-mind-over-real-estate/

“Canada’s out-of-control real estate market has now gone totally mad—and there’s no turning back”

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Combat roach

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How Canada completely lost its mind over real estate?

A result of a pandemic infectious mental disease caused by organisms brought directly from China without any control and under the unprecedented support and orchestration from the governments and bankers.

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history

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Chinese leisure travel for RE buying jaunts, really isnt all that different from Canadian homeowners lust to wear thongs in Cabo.

but i understand your frustration, Chinese buyers control the RE margin. Fire a few missiles symbolically, or slam a cyclone into their Margin suppplier of coking coal, if you want their attention.

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Shut It Down Already

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So you didn’t read it then?

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history

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never any deep, penetrating, forward insight. Mostly rear guard and flank from U. We tromp over Europe in the employ of Napoleon, we both do good, until i take a vacation in Holland. You stay with the megolomaniac and try flank into Russia, until u realise NO Mountains

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squeak

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Re: “and there’s no turning back” What does that mean? It is going to crash? Or the house prices are going up forever? If, Going up forever: Then no Canadians can live in BC anymore (unless they choose to live in microsuites, aka closets, and work in minimum waged service jobs) , BC will be sold off to the foreign country. If not already done… I bet on the former, b/c nothing goes up forever, but crashes seems to “happen” now and then. At least that is what I have noticed, but then again, with this current spinny system, if there is a crash, a lot of euphemisms will come out of the woodwork and the “crash” will be “reframed”, redefined, reworded, reinvented, re- this, re – that. Whatever it takes to keep the boiling frog happy and the people… Read more »

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history

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pretty good post, but what are we really frustrated about? Women between 20 and 40 hoping to get in the family way on BCs coast may need to take a hard look at themselves and decide if thats what they want, they may want to move to Where The Men Are. Try North.Manitoba, and North.Ontario mining aeas.

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squeak

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Eh? Huh? What?

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Shut It Down Already

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Don’t do drugs, kids.

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talked to a woman today who is trying to get the family mojo going, while living in a tiny basement suite. Good luck sweetheart, Why not marry a Kenora gold miner?

I know there’ a few info gold miners on this forum, carefully snatching the interesting nuggets of knowledge, but when they come up with Pyrite info, they scream and make insults… Already, Newcomer, ostrich, to name a few. FU

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Newcomer

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That true. You can’t really get pregnant without at least 1500 sq ft. Just look a cities in East and Southeast Asia. Nobody gets pregnant there.

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Best place on meth

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Now THAT is some decent sarcasm!

Well done, space.

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“THAT is some decent sarcasm”

Actually it’s unintentionally un-sarcastic. Many of these cities rate among the lowest birth rates in the world.

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history

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sniveller has the ulimate handle on demographics, reproduction and fertility, taught at the UN school of clusterfuck (war) demographic transition. Dont be fooled why our country is spoiled by soros rapefugees, its bathouse fcks in ottawa doing his bidding.

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fomostyle

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BEIJING: China’s new rules on overseas currency transfers are not capital controls, the official Xinhua news agency reported, even as some banks told customers that purchases of foreign currency for property, securities and life insurance were not allowed. Capital outflows have been a growing concern for the government in the past year as it attempted to put the economy back on track and keep the currency stable without exhausting its foreign exchange reserves, which tumbled to $3.052 trillion in November, the lowest in almost six years. Starting in July 2017, banks and other financial institutions in China will have to report all domestic and overseas cash transactions of more than 50,000 yuan ($7,201), compared with 200,000 yuan previously, the central bank said on Friday. Banks will also need to report any overseas transfers by individuals of $10,000 or more. The… Read more »

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^ this outta fix things. From $50 per year down to $10 k a year. 4 friends/family would have $200k cash for DP, now $40k

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Best place on meth

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Demand for smurfs increases fivefold.

Smurf wages go through the roof.

This is inflationary for the Locust Republic.

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Newcomer

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And those smurfs have got to live somewhere. They’d be living ten-to-a-room in Surrey and driving rents through the roof.

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Best place on meth

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Your Oracle impersonation is mediocre-to-lame, you should stick with your space impersonation which is frighteningly spot on – really scary, actually.

It’s so real.

That being said, you should never go full retard.

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New
152
Price Change
47
Sold
91

TI:8175

https://www.instagram.com/clivestevepaul/

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Just me

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Less than 2/3 sell/list on a Friday? Now, that is some good news.

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Shut It Down Already

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It’s a meaningless ratio when you look at a single day – the listings might have been today but the sales lag.

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Just me

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Still better than staring at a 159% figure.

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history

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http://www.zerohedge.com/news/2017-04-07/david-rosenberg-bubble-historic-proportions

once again, a media mouthpiece is found hacking at the Housing Beast branches.

while Your VeryOwn VCI ‘history’ has vanquished the minotaur, slayed the medusa and crunched the kraken. It is me, history, that eviserated the belly of bullsheit artists on this forum to come up with the Real Bubble in Housing and its Cause.

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Best place on meth

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Krusty’s commute

https://www.youtube.com/watch?v=995e1ZC2dEQ

Also, NDP launched a brutal attack ad about her corruption. If they keep hammering her on this day after day she’ll lose.

That’s all they need to do, be vicious,merciless and relentless about her corrupt, morally bankrupt character.

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Just me

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She does not earn enough to pay for her own car.
We should be grateful she is still willing to do the job for such insignificant salary.

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Just me

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I know it is getting boring with this stuff, but just for shows.

Millions in political donations prompt call for review of B.C. mining regulations

http://www.cbc.ca/news/canada/british-columbia/millions-in-political-donations-prompt-call-for-review-of-b-c-mining-regulations-1.4058998

I can’t keep pace the number of bribery allegations….information overload.

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history

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rest your mind and vow never to read another CBC. link. They dont speak for Canada, or Canadians. Garbage link

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Doomcouver

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Yeah I can’t watch CBC anymore. There isn’t even a veneer of objectivity left, they have gone full liberal mouthpiece at this point. It makes me sick my tax dollars fund this liberal garbage propaganda.

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YVR

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“That’s all they need to do”

They need to do more when all they get is 75 views on a youtube video.

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Best place on meth

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That wasn’t the NDP video, their ads are on TV getting plenty of viewership.

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Vancouver Review

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Apr 7, 2017 Daily Review Vancouver Real Estate Housing Bubble News

https://youtu.be/oO2ZYU5ElNk

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ostritch

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It’s Friday is anyone looking at what sold in Kits? Kits is GONE. Prices ridiculous.

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Just me

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What are you on about? There ismalmost zero supply in Kits right now. Unless you want to live in a shoebox.

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ostritch

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Are you unable to read? Gone as in completely unaffordable. What are you on about? 1970s-80s North of 4th at about $1000/sq ft.

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Just me

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It has been like that for almost two years now. It is not news.

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history

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Kits residences have a new govt. the pilot that takes them to the South Seas, after tri-annual refinancing.

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ostritch

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Not true. Two years ago crappy 70s 80s sweat boxes were not getting $1K/sq ft.

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southseacompany

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“Pressure is growing for the Bank of Canada to raise interest rates”, Macleans

http://www.macleans.ca/economy/economicanalysis/pressure-is-growing-on-the-bank-of-canada-to-raise-interest-rates/

“Bank of Canada Governor Stephen Poloz insists the economy is weaker than it appears, but that argument is now in trouble”

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Newcomer

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He’s right in the same that he would be right in saying that taking the smack away from a junkie could be bad for him. Take away the free money, and things might not look so rosy.

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YVR

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Yup, either way it ends badly. The only question is who’s watch it ends badly under. They prefer to let the junkie die if it can happen under someone else’s watch.

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Just me

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Agree with the diagnosis. I would add that Poloz has made it clear tgat Canada should have a weak dollar to thrive. It’s his mindset. He will do whatever he can to depreciate the currency.

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Doomcouver

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Higher US interest rates will start pushing our mortgage rates up regardless, so it may not matter what the overnight rate is at the BoC. A lot of Canadian banks have loans in other countries including a lot in the USA so they will demand higher interest rates from Canadians if they can get better rates from the USA. The real problem will be dollar inflation is going to start pushing overall inflation in Canada. We’ve already seen it happening with gas and food, but if we start hitting historic lows on the CAD to USD (low-60 cents) it will force the central bank’s hand and they will have to raise rates to avoid our dollar becoming too worthless. I think they’re better off raising them now and taking the hit than letting inflation ramp up and making the real… Read more »

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Garbage link and analysis. Rates may spike down now so the LOOOSERS have one last chance to refi, WITHOUT extraction… then you know its over… i’ll be busy using crapped out Asian factory waste to build debtors prisons, if you havent figured already out you’re an Insolvent slave

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ostritch

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Bad move on your part Van Girl wherever you are.

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YVR

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The S&P 500 has returned 270% since 2009 with dividends. In the same period Kits condos are up about 50% at best plus about a 2% return per year for net rent or a 70% total return. SFH did a little better but still nowhere near the S&P 500. I think I will take the 270% of the S&P 500 without managing tenants, plunging toilets and worrying about collecting rent cheques.

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history

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Kits dont care about rents. False analysis. Extractable (liqiudity) to the refi broker. SPX is built on share buybacks so that American silver spoon punks like newComer can move to lalaland and look for cheap labour to exploit. FU…wander out of your Vcr hotel lobby at your peril

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ostritch

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Did she sell and put 100% of her money in the S&P in 2009? No. What a dumb thing to compare it to. She also missed out on the tax-free exemption of selling it in today’s market. Burn. And now she’s at the mercy of some landlord in Richmond. Bad move.

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LS in Arbutus

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I’ve never given a political donation before, but I am thinking I should *at least* throw $100 David Eby’s way. After tax it would cost me $25. A $200 donation would cost you $75. A $500 donation would cost, after tax, $225. People need to start donating if you want a different government. Political Contribution Tax Credit The political contribution tax credit is for individuals who make eligible contributions to registered B.C. political parties, registered B.C. constituency associations or candidates for an election to the Legislative Assembly of B.C. The credit is calculated as the lesser of: The total of: 1) 75% of contributions up to $100 50% of contributions between $100 and $550 33 1/3% of contributions in excess of $550 2) $500

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LS in Arbutus

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I got that wrong. Must be old info. I just went to donate. $500 costs you $150 after tax. $400 cost you $100. Do it!! They need $$$. All Canadians with taxable income receive generous tax credits when they donate to Canada’s NDP. For example, a donation of $500 costs you just $150. All donations received before December 31 are eligible for tax credits in the new year. You get back 75% for the first $400 you donate. 50% for the next $350 you donate. 33 1/3% of the rest up to a total tax credit of $650. You can give a maximum of $1,550 a year to Canada’s NDP. You can also give a maximum of $1,550 a year to all local campaigns, riding associations, or nomination races combined. And you can also give a maximum total of $1,550… Read more »

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LS in Arbutus

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Sorry, correct the first time. The first one is the tax credit regime for PROVINCIAL donations, the second (and more generous tax credits)for FEDERAL donations.

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Interesting history of money laundering (and stashing it in real estate) in the New York Times:
https://www.nytimes.com/2017/04/07/opinion/offshore-money-bane-of-democracy.html?_r=0

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Diadora

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Vancouver Pre Sale Condo Ponzi Scheme By Steve Saretsky
http://vancitycondoguide.com/vancouver-pre-sale-condo-ponzi-scheme/
This is crazy. why is Krusty and Justin allowing this? Thank you Steve.

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Best place on meth

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Eby proposal to close this loophole, but it just shows how pathetic the supply-side argument is which is really the developers talking.

“Just build more”, they say.

What’s the point when the offshore vermin are playing their usual locust games?

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YVR

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But, with the 15% FB tax (plus other completion costs such as GST, PPT, legal fees) these foreign buyers will be put in a must sell situation prior to completion. In a year or two when these places are about to complete they may have to be sold at a massive discount to avoid the 20% plus in taxes and fees. There is also the empty home tax coming which will go on top of that if they complete and let it sit empty. If they rent it the resale value drops. How many locals want to buy condos for $1200 to $1800 per foot to live in? Not many that is why foreigners are the only ones buying them now. If foreigners do end up holding most of the presales that is actually very bearish going forward and sets… Read more »

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LS in Arbutus

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That’s a good point.

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The’ll have to sell prior to completion but in the meantime they’re flipping the pre-sales around at ever increasing prices before they finally sell it to a deseperate local at a huge markup. Saretsky referred to Tomlinson’s original artice: “Realtor Steve Saretsky contacted Rennie staff recently and said he was told most of the units in The Ellsworth, a new low-rise building in East Vancouver, have already gone to family and friends of the developer. When sales opened Monday at 8X on the Park, also marketed by Rennie, Mr. Saretsky said all the studio and one-bedroom units had been sold privately. “I think we are being deceived,” he said. “I think it’s giving local people a false hope – that if we keep building and building and building, it’s going to help them to find a home.” There is so… Read more »

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YVR

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“before they finally sell it to a deseperate local at a huge markup.”

I will believe it when I see it. Locals buying at $1500 to $2000 per ft after mark up? Don’t think so. If it was such a sure bet developers would keep the units until completion and then sell them at the higher price to the locals themselves.

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Joe Condo

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Developers couldn’t get financing to build and keep the units until completion. They need to pre-sale the vast majority of units in order to get financing from banks. The whole system would fall apart without investors taking on the risk.

There really isn’ a ‘mark up” anyway. The pre-sale buyers buy at a discount, more so if they buy more units. They pay less than re-sale prices in order to entice them to buy so that the developers can get the financing to build. It’s like the pre-sale investors are a middle man, buying wholesale and then reselling at retail.

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Shut It Down Already

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Bingo.

Either way what’s the problem with selling on something you own?

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ostritch

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The Spot on Cambie. Every studi and 1-bed sold to family and friends.

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bullwhip29

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i think it could be a bit presumptuous to say the FBT will still be in place in the coming months/years.

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BubblyTea

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Exactly. This is why Krusty and her merry band of thief have to go. Housing is not a commodity but a human rights issue..

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That’s it for me. I tried engaging you and making sure that you were aware that what you were doing was wrong. There is no question but that you are fully aware. You are, nonetheless, unwilling to stop referring to people who are members of an identifiable group by birth as vermin, insects, etc. and calling for discrimination against them. To participate in this blog while you are participating is to promote hatred of an identifiable group, and I will not do that anymore.

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Shut It Down Already

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He’s a simpleton who happens to have been afforded a forum for his hate speech by the site admin. It’s even more hilarious when he claims that people who call out his vile behaviour are “playing the race card”. Like Trump, he thinks he’s smart.

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history

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You are Nothing wihthout playing the Refi card. I’ll match and exceed you on personal productivity… after i jam your device up your ass. Want a battle of Survival? bring it on.

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Shut It Down Already

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Meth is bad, mmm’kay?

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not that i support his views or actions, but trump actually has an incredibly high IQ and just wants his voters to think he’s a simpleton. imho, newcomer is doing the complete opposite

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What makes me doubly happy about Trump’s win is that I get to remind the Trump haters that it’s the blowback against their political correctness and attempts at mind control which is responsible for Donald J. Trump now being the most powerful man in the world.

The condescension, the harassment, the race-baiting, the tut-tut finger wagging tell us we must be tolerant even as we’re being ass raped by horrible people from barbaric countries….

In other words, it’s people like me getting fed up with people like newcomer that led to a Trump victory. The PC idiots are responsible for what happens next.

Sweet.

And now we don’t have to be subjected to fake newcomer’s bullshit anymore.

Double sweet.

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Shut It Down Already

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Is this the same Trump that had a secret plan to defeat ISIS in 30 days, was going to repeal and replace Obamacare, promised that he’d be working for the people rather than playing golf or on vacation, accused a former president of an illegal act without a shred of evidence (and suggested something interesting would show up in 2 weeks when it did not), put a moron in charge of education, promised to declare China a currency manipulator before backing down and otherwise didn’t accomplish a single one if his “first day” promises?

People like you are fucking idiots.

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Shut It Down Already

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We don’t know Trump’s IQ, he just claims that it’s high. But we know what other things he’s claimed, so….

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ostritch

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Bye bye.

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Just me

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Yes, the Eby legislation would take care of this scam in one clean swipe. The fact that anti-flipping measures have been kept at bay by the BC Libs is concrete indication that they fully understand they would stop the practice if assignment selling. And this is not desirable because this system allows developers to offload part of the risk and puts pressure on buyers.
Developers bankroll the BC Libs, and probaly will hire Christy Ckark post-politics.

By the way, I was drving in the west side today and I saw one of thise billboards about the climate of open corruption among the BC Libs. I think they are very effective.

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” it’s easy to avoid capital gains tax as nothing ever registers in land titles office.”

Proceeds of flipping pre-sales are regarded as business income by CRA (i.e. 100% taxable income) not capital gains. Doesn’t inspire confidence in the article.

As Joe Condo pointed out, the ability to flip pre-sales is necessary to get most pre-sale investors to buy in the first place. It is not a bad thing. However evading taxation is a bad thing.

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Oracle

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Show me how much they collected in the last 5 years Mr Ottawa man. Show me the stats.

close to ZERO

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Want to see how America is changing? Property taxes hold the answer

http://www.marketwatch.com/story/want-to-see-how-america-is-changing-property-taxes-hold-the-answer-2017-04-07?mod=MW_story_top_stories

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history

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Property taxes are just Prrof you dont really own your house. the Rule in Canada is that prop taxes can be deferred, until death.

It’s a war over your BALLS and OVARIES

Bubble? What Bubble?