Another Canadian lender concerned about confidence

Home Capital isn’t the only lender that’s worried about liquidity,  southseacompany points out that EQ Bank has secured a 2 billion line of credit from the big banks “just in case”.

“The crisis at mortgage lender Home Capital is putting pressure on other Canadian lenders, who have seen their share prices drop, and — in some cases — depositors withdrawing their money.”

“That’s been the case with Equitable Bank, known online as EQ Bank, which on Wednesday announced it had secured a $2-billion line of credit, just in case, from Canada’s “big six” banks.”

Read the full article here

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Dan
Guest

Timber!

Fomo
Guest
Fomo

Chinese credit moving sharply in reverse. (According to Pimco)

http://www.zerohedge.com/news/2017-05-03/pimco-warns-less-impulsive-china-brace-lower-growth

ostritch
Member
ostritch

If only this wasn’t in ZeroHedge

Just me
Guest
Just me

Do facts be ome irrelevant if you don’t like the source?
I have noticed that there is a lot of alternative facts being promoted lately by BC Libs sympathizers.

Best place on meth
Guest
Best place on meth

What’s the problem with ZH?

It’s not exactly Huffpo.

http://www.naturalnews.com/055961_Huffington_Post_epic_fail_Hillary_Clinton.html

Shut It Down Already
Guest
Shut It Down Already

Whats wrong with ZH? Apart from their diabolical track record you mean?

Fomo
Guest
Fomo

lol. Or you could just look up the pimco newsletter. It’s all there.

bullwhip29
Guest
bullwhip29
‘Bully bids,’ shortage push Victoria home prices higher https://www.biv.com/article/2017/5/bully-bids-shortage-push-victoria-home-prices-high/ “It is not foreign buyers but “bully bids” from frustrated locals competing for a record-low inventory that are driving Victoria home prices higher, according to real estate agents and analysts.” >>> total and complete BS imho coming from RE spokespeople who don’t want a FBT. i was just in victoria three weeks ago and it is a gong show from a RE perspective. even on a non descript run of the mill week day, the ferry traffic was still 50-60% asian. areas like gordon head and oak bay are wall to wall HAM now complete with lamborghinis, ferraris and the more cookie cutter mercedes and range rover suvs you see piled up in richmond driveways. i’d say very conservatively that victoria prices are approx 6-8 years (10 max) behind vancouver’s and… Read more »
Burnaby
Guest
Burnaby

Like my neighbors, HAM don’t need jobs an are only looking for a place to put up their feet so Victoria will work just fine for them. The rest of us get screwed.

Combat roach
Guest
Combat roach

Strange, if realtor says it is “locals” then it must be the locals. They know statistics and don’t pull information out of their rectums. All those Asians, Lamborghinis and Ferraris are random events and have nothing to do with housing prices neither in Vancouver nor in Victoria, right? Or perhaps they are actually all “locals ” but speak some ding-dong-jibberish and like expensive cars.

Slava
Member
Slava

If it is foreign money, they are not “locals”, Canadian Passport or landed immigrant status not withstanding. They are not Local Income Earners.

And this foreign money buying real estate with Canadian Passport Holders phenomenon is courtesy of the Canadian Revenue Agency, where it has been proven that they have willfully ignored this massive tax evasion, since the early 90’s

Slava
Member
Slava

Is in it time for concerned citizens to band together and launch a criminal lawsuit against the CRA for willfully neglecting their duties to the tax payer for well over 20 years?

patriotz
Member

It’s the tax payers who have duties to the CRA, not the other way around.

More generally, it’s the obligation of persons to obey the law, not of the Crown to enforce it. Even when someone has suffered a direct loss from failure to enforce the laws it’s difficult to collect damages.

If the people think that the government is not doing enough to collect taxes from any group they can elect a different government.

Slava
Member
Slava

It is quite logical, and you are attempting to complicate a straightforward situation. The CRA has a mandate to perform certain duties, one being tax collection. If they are found to be willfully negligent of this duty, there are consequences including legal remedies.
It is the same as if, for example a policeman, fireman etc, willfully cease to perform their duties, and purposely let a house burn down…

Burnaby Bear
Guest
Burnaby Bear

That’s not quite how it works. The Canadian tax system is predicated on voluntary self-assessment. The compliance duties of CRA are to ‘preserve’ public confidence.

http://www.cra-arc.gc.ca/gncy/cmplnc/menu-eng.html

In essence CRA is not obligated to check every return before it is assessed nor to audit every taxpayer.

Slava
Member
Slava

If you have read Ian Young’s expose with internal CRA documents that he published showing willful ignoration of CRA Duties when they ignored their own Burnaby auditors report highlighting massive tax evasion from then Hong Kong/Taiwanese Newcomers.
This has gone on to this day, now with Mainland Chinese Newcomers, and look at what it has caused and come to?
This has nothing to do with voluntary disclosure and random auditing.
Please don’t attempt to obfuscate a straightforward situation

Burnaby Bear
Guest
Burnaby Bear

Your initial comment was general in nature – and came across as if you were pointing to systemic neglect at CRA.

Now you are referring to a very specific issue. I doubt that there is any hope to convict someone of criminal negligence in the situation presented. Undoubtedly there was some sort of discussion that is not included in the documents. At the end of the article, it appears the writer of the original memo even says it would be difficult to successfully go after the identified miscreants as there was no tax treaty in place with Taiwan.

I’m not saying that CRA shouldn’t be conducting more audits, I think that would be a great idea.

ostritch
Member
ostritch

P, I have a hair that is like two segments at the end. What happens if I pull on it?

Just me
Guest
Just me

It is not splitting hairs.
CRA deliberately chose to ignore malfeasance because of fear to be perceived as racist. Several people have confirmed this over the years (previous employees, investigative journalists, even politicians).

Slava
Member
Slava

The reason the CRA ignored it had nothing to do with being perceived as racist. They were told to ignore, by higher ups that needed this foreign money to keep flowing. The “Racist” excuse they use is simply silly and ludicrous.

Their willful ignoring is actually racist against all Canadians, as these Han Chinese are exempted in following tax rules because they are Chinese and have money.

Shut It Down Already
Guest
Shut It Down Already

More of your typical nonsense. You don’t trust any stats from the industry but salivate over vague anecdotes of Ferrari sightings in a place you’ve probably never been to or even heard of before today.

bullwhip29
Guest
bullwhip29

lol…and it was locals driving up the vanc market too over the years? isn’t that what realtors and other analyst re schills were touting all along? imho the massive drop off in sales volume following rollout of fbt says everything you need to know…

Best place on meth
Guest
Best place on meth

Realtors will shout from the rooftops that chinese are buying everything until a foreign buyer tax is mentioned, then it’s suddenly all local buyers.

bullwhip29
Guest
bullwhip29

exactly…

Shut It Down Already
Guest
Shut It Down Already

Sales were dropping off before the tax was announced, and some property types are up 20% year on year according to Zolo (eg one bedroom condos). These inconvenient truths contradict your position. Locals are doing a fine job on their own of blowing their brains out

And you’re also wrong in suggesting that it was realtors claiming it was locals all along. It was realtors who were being mocked for claiming foreigners were buying RE from helicopters over White Rock if you’ll recall?

Best place on meth
Guest
Best place on meth

Guys, what are we going to do with the traitors protecting the scummy chinese money launderers when the time comes?

Firing squad or rope?

Oracle
Guest
Oracle

The liars like those on this blog will have left a permanent record.

Them and their families screwed for generations.

YVR
Guest
YVR

The only stat I know about Victoria is John Horgan owns 2 houses there. Can anyone think of a reason why he needs 2 houses in the same city? Nope not locals.

Best place on meth
Guest
Best place on meth

Is that on par with Landlord Mike owning 8 properties in Abbotsford?

Slava
Member
Slava

And just to clarify he is referring to BC Liberal and Current BC Finance Minister, Baby Boomer Mike de Jong.

YVR
Guest
YVR

Mike owns part of 8 Abbotsford condos. Add them all up and it doesn’t equal the value of one of Horgans Victoria SFH.

Horgan is a little bit of a hypocrite don’t you think? Why does he need 2 houses when according to him there is a shortage. Horgan is part of the problem along with the other 2/3 of the NDP who own multiple properties.

Best place on meth
Guest
Best place on meth

Here’s the difference YVR, and I’m pretty sure you won’t understand.

Horgan has one house to live in and one house to rent out. He probably bought the rental a long time ago when cap rates made the purchase a real investment rather than a speculative one , feel free to correct me if I’m wrong.

What really matters is that only one of these two people with more than one property are making the rules to benefit and enrich themselves.

Can you guess which one that is?

YVR
Guest
YVR

What really matters is that only one of these two people with more than one property are making the rules to benefit and enrich themselves.

Actually most of the rules that impact housing are made federally. But Mike D is not campaigning against high housing prices when Horgan is and Hogan and his fellow NDPers are a big part of the problem that created the high housing prices with their own actions. We have high housing in Toronto too. Is that the BC Liberals fault?

Fomo
Guest
Fomo

This is kinda like a choice between trump and Clinton. Neither are good.

Best place on meth
Guest
Best place on meth

Or Obama and McCain.

Burnaby Bear
Guest
Burnaby Bear

And you know for a fact that Horgan keeps his second property empty?

There’s no chance at all that he rents it out?

Your devotion to the diva of deflection is clouding your judgement!

patriotz
Member

Again, you know full well that de Jong is full owner of 3 investment condos and part owner of 3 more. It’s complete nonsense that Horgan’s personal residence is worth more than de Jong’s holdings.

Horgan doesn’t live in City of Victoria, he lives in Langford (Victoria’s Langley) and his house was assessed at $376,000 last year. Christy Clark’s Vancouver duplex was assessed at $1.73 million. See for yourself:

http://bc.ctvnews.ca/value-of-premier-s-home-up-160k-as-housing-affordability-woes-deepen-1.2726890

Slava
Member
Slava

Local boomers and others who sold out to foreign money from the Lower Mainland have been swarming to Vancouver Island as well as HAM/Foreign Money.
It is not locals or HAM/Foreign Money. It is is both.
Capisce?!

patriotz
Member

“The only stat I know about Victoria is John Horgan owns 2 houses there”

You know as well as I do, because you looked at the disclosures I posted, that Horgan owns his personal residence jointly with his wife and has 1/3 interest in another property. That totals 5/6 of a house, not 2.

Shut It Down Already
Guest
Shut It Down Already

So how are those foreigners managing to drive prices yet only show up as a tiny fraction of the sales stats? Wouldn’t they win a few more bidding wars if they’re all apparently capable of buying super cars and are considerably more wealthy than the locals?

Slava
Member
Slava

See below asshat. It is foreign money not citizenship status.
How do you suggest the stats to show foreign money?

YVR
Guest
YVR

Do you think John Horgan laundering foreign money to buy his houses?

Slava
Member
Slava

John Horgan is a baby boomer, and has taken advantage as has Christy Clark, etc.

David Eby is the hope!

Let’s vote for Change: Elect the BC NDP!

Best place on meth
Guest
Best place on meth

Preferably minority government, with the Greens making a 30% foreign buyer tax a condition of support.

YVR
Guest
YVR

John Horgan is a baby boomer, and has taken advantage as has Christy Clark

Christy Clark owns a half duplex. Horgan owns 2 Victoria SFH. You know Victoria the place where prices are rising faster than anywhere else in BC. I wonder why. Must be Chinese. Can’t have anything to do with people like Horgan who have the need to own 2 houses in the same city.

Slava
Member
Slava

Do you comprehend written English or just being facetious?
It is both Foreign Money and Locals driving up Vancouver Island. The locals are ones that sold out to foreign money in the lower mainland.
So foreign money is the ultimate culprit.

Shut It Down Already
Guest
Shut It Down Already

Every single piece of data we have disagrees with you.

Or maybe it’s rich foreigners who are driving up Canada’s debt-to-GDP ratio to unprecedented levels?

Slava
Member
Slava

Are you thick or insane?

Oracle
Guest
Oracle

His parents are HAM. PR. $ inflow

Shut It Down Already
Guest
Shut It Down Already

Oracle are you still pretending?

Just me
Guest
Just me

Common sense and empirical observation have disagreed with you for the best part of the last 10 years. But, if it makes you happier, it is all locals blah blah blah…

Slava
Member
Slava

Every time this turd troll posts, it embarrasses itself more and more.

Shut It Down Already
Guest
Shut It Down Already

Sorry, but “empirical observation” is just a hand-wavy term for anecdotes. Your common sense clearly knows better than all the stats we have at our disposal, you little genius you.

Just me
Guest
Just me

The only handy-wavy thing here is that figure saying that on;y 10% of the buyers are not residents. It is built to mislead and deceive, as the BC Libs have done over the past 16 years.

Just me
Guest
Just me

One bought, one inherited by a deceased parent. Good enough for you?
Did Mike De Jong inherit 8 addresses?
As for Kruelt Clark, she is nominal owner of a Point Grey duples, lives (for almost free) in. kerrisdale SFH owned bya developer and Liberal donor.
And she is likely the benficial owner of multiple units (whoch willbe come clear after she leaves politics).

ostritch
Member
ostritch

RE spookspeople you mean.

Slava
Member
Slava

The immediate Vancouver Lower Mainland has been colonized by Mainland Chinese by the blessings of the baby boomer establishment, who are the enablers.

The Vancouver and immediate lower mainland population make up is in direct contradiction to Multicultural Canadian Values. It is a majority Han Chinese Uni-Culture.
Is that what Canada has come to?

Meanwhile, in China you need to show two year local income taxes paid and job history before applying to ask for permission to buy real estate as a foreigner.

Lying, or profiting (from 20 year status quo), self deluded, cynical virtue signaling clowns like Shut it down expressing their “opinions”, are a factor in this journey to the present situation

Just me
Guest
Just me

In the previous thread there was an article about that dude from the mainland who made that mess with the acquifer.
It turns out this guy (currently a fugitive, probably back in China) is also the hidden beneficiar owner of three more million dollar mansions in Vancouver and Richmond.
Ofcourse, people on this blog insist that Chinese are not the root cause of the crazy valuations of SFH in Vancouver.
And people keep on voting the BCLibs, as they will keep the racket up. All so depressing.

Slava
Member
Slava

The BC Government Baby Boomer Establishment has in 20 years become a crack whore for foreign money mostly from Mainland China.
They have ran Vancouver Lower Mainland to the Ground and economically cleansed the local wage earners out of the lower mainland, which is destroying the economic health of the city.
A recalibration will eventually happen, but it will not be pretty for those who have been profiting from this as well as the ones trying to keep up with mortgages and loans up to their eyeballs.

Shut It Down Already
Guest
Shut It Down Already

The plural of anecdote is not data.

Just me
Guest
Just me

If you have credible data, by all means provide them. Please, not the old stat about people who are not permanent residents: we know that money has no residence cards!

Oracle
Guest
Oracle

Wait until all their care homes are owned by the Chinese. That’s when retribution starts.

Slava
Member
Slava

Clark, Weaver, Horgan, Trump, Clinton, Obama, Harper, Brodie, Corrigan are all from this toxic baby boomer generation. + 1 privileged effeminate Gen-Xer Justine Trudeau, who inherited a mess that he has no intention of fixing.

Slava
Member
Slava

We have have some sour baby boomers here who cannot put together a rebuttal as the truth is painful for them to hear…

Shut It Down Already
Guest
Shut It Down Already

A rebuttal to what? Did you even make a point?

Slava
Member
Slava

It is understandable that having your condition of insanity prevents you from utilizing reading comprehension. End.

Oracle
Guest
Oracle

He is HAM.

Rules and laws not known to him.

kabloona
Member
kabloona

“Effeminate Justin Trudeau”…. really….?

Why don’t you challenge him to a boxing match and find out….?

Didn’t work too well for Brazeau, but all he had was a black belt in Martial Arts…

😉

paulb
Member

New
271
Price Change
33
Sold
253

TI:8514

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

bullwhip29
Guest
bullwhip29

B.C. Liberals under fire for little-known program that gives tax breaks to wealthy foreign companies
http://vancouversun.com/news/local-news/b-c-liberals-under-fire-for-mystery-program-that-gives-tax-breaks-to-wealthy-foreign-companies

Simple Solution
Member
Simple Solution
Just me
Guest
Just me

Kruelty Ckark said, ina radio interview with the CBC, that she does not agree with the NY Times analysis.
Alternative facts?

Best place on meth
Guest
Best place on meth

She also didn’t agree on who “hacked” the Liberal website.

Or on whether or not Linda was an NDP plant.

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

…probably Linda “hacked” the Liberal website.

ostritch
Member
ostritch

Not sure misspelled cruelty is a great nickname. I don’t see that she’s cruel; it’s just that we don’t see or hear from her unless there’s a vote. She’s been in hiding these past 4 years and mostly useless. She’s scared of you nutters… #BearsRLinda.
Manufactured Linda.

Best place on meth
Guest
Best place on meth

You’re correct, neglect of half the population doesn’t equate to cruelty.

Corrupt Cunt® is more of a….damn…what are the two words I’m searching for to describe her?

Just me
Guest
Just me

She is cruel allright. That fake smile might deceive some, but she is a calculating, ruthless operator. And she relies on her lower instincts to get what she wants.

Sebastien
Guest
Sebastien

830 W 68th Avenue, Vancouver
Jan 12:$2,880,000
May 2: $2,288,000
Change: – 592,000 -21%
Assessment: $2,308,000

Best place on meth
Guest
Best place on meth

West side detached benchmark in April:

+1.0%

Best place on meth
Guest
Best place on meth

4 days later, the Corrupt premiere regrets walking away from Linda.

http://www.cbc.ca/news/canada/british-columbia/risky-business-the-challenge-of-chatting-with-voters-1.4094467

Didn’t it take her 4 days to admit she fucked up accusing Horgan of hacking her website?

She seems….I don’t know….kind of “slow”.

Just me
Guest
Just me

Not the sharpest knife in the drawer. But good enough to coalesce diverse interests and sell off the Province to the Chinese.

bullwhip29
Guest
bullwhip29

Home Capital’s credit rating slashed again after company delays earnings
http://www.theglobeandmail.com/report-on-business/home-capitals-credit-rating-slashed-again/article34892626/

history
Guest
history

earnings out after the BC election. Sounds to me they will be quite good. Coupled with a Christy win, and BOOM up we go. Trudeau opens the border floodgate with hungry home buyers.

Called it months ago. We@rentdone.yet

Fomo
Guest
Fomo

HCG is mostly a Toronto story. Not a ton of BC clients

bullwhip29
Guest
bullwhip29

but there are a number of similar companies based here catering to locals. you all know the spokespeople, the jingles and the forever streaming commercials

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

A “local” motherfucker…

Just me
Guest
Just me

They are all locals now, with the BC investors grants and federal support. All with passports and Canadian addresses.
The inly thing from abroad is the money.

Slava
Member
Slava

If you hand out passports and landed immigrant status like candy for the past 20 years, then everyone becomes “Local”

Shut It Down Already
Guest
Shut It Down Already

Talk to an immigrant and ask them if they felt that their passport was given to them “like candy”, then listen to them laugh at you.

Just me
Guest
Just me

Define immigrant. Someone who actually had to work to get in, or someone who used the “immigrant investor” program.
There lies the difference…..

bullwhip29
Guest
bullwhip29

it depends on where (and how) they got it in the first place

Best place on meth
Guest
Best place on meth

The vast majority of locusts slithering in through the IIP commited fraud on their applications, if not ALL of them.

These criminals should be removed from this country.

Slava
Member
Slava

Yes must be “local”. The data proves it.

Shut It Down Already
Guest
Shut It Down Already

You know that for every example such as this (which you all seem to spend your days trawling for) there are tens of thousands of law-abiding immigrants who have started businesses, contributed to their community, lovingly raised their families, and worked to make your life just that little bit better?

Do you also realize that you’re unlikely to ever hear about them in the news due to the way in which the news reports things which are considered to be newsworthy?

What exactly do you think you prove by posting these things over and over?

Just me
Guest
Just me

Nothing wrong with honest, law-abiding immigrants. But you are missing the point.
You live in la-la-land if you keep denying that immigration from mainland China over the past 10 years has made Vancouver effectively out of bounds for normal people, living on their labor earnings.
The west side is an empty area, sprinkled with a few single Chinese mothers (wives of millionaires). Prices for townhomes are out of bound even for professionals on decent salaries.
Foreign money rules, yet you seem to believe that it is nothing more than a hiccup. You are delusional.

Shut It Down Already
Guest
Shut It Down Already

The west side is empty you say?

I say you’re a liar. Have you ever even been there?

Just me
Guest
Just me

I say you have no idea what you are talking about. If only you knew.
In any event, i do not give a toss about what you think about me. Suffice to say, I have very good reasons to write what I do. And what I write is a fairly close portrait of how things are, when you have feet on the ground.

specuskeptic
Member

It’s the Gen Xers and not millenials voting with their feet. http://www.cbc.ca/news/canada/british-columbia/millennials-aren-t-fleeing-vancouver-but-older-siblings-are-1.4098269

These are my peeps. Can’t convince my wife leaving is the right choice though…. #trapped

Dave
Member
I bought some garage shelving last weekend from a couple. I noticed they were packing up their apartment (a rental) and I asked where they were moving thinking they got sucked into condo mania and were moving into a shoebox, No, Montreal was the answer and the reason was housing prices. Both were university educated Canadian born folks. If a young couple who do well in school, go to university, get jobs and can’t imagine a future for themselves, then we’ve failed them. Governments on all levels have broken the social contract. This is why I can’t support the BC Liberals. They’re not serious about fixing the housing problem. None of the parties are. Next Tuesday, I suggest you join with me and write, ‘None of the Above’ on your ballet. I think people need to realize politicians can’t solve… Read more »
Funkey Monkey
Guest
Funkey Monkey

Dave I agree with every thing you just said!
My wife and I see no future in Vancouver we haven’t for at least the last 4 years. A promotion that I got 4 years ago is the only reason we are here.
Now that I have put some time in my new job I am applying outside of the lower mainland.

Just me
Guest
Just me

You do have a vote for changing things. Vote out Kruelty Clark on May 9. Vote for the NDP.

KickThemOut
Member
KickThemOut

And add no more jobs in ADDITION to can’t afford housing market? Yeah, that’s real change alright. Make oneself even poorer, get the worse of both worlds! Woohoo!

Just me
Guest
Just me

Jobs don’t pay for houses in this city anymore. Your best bet is to reduce prices by limiting foreign money and government pumping of real estate.
What good is having a job if you live like a pauper? One does not need just a job: one needs a job that pays the bills and puts a decent roof over one’s head.

Shut It Down Already
Guest
Shut It Down Already

Are you speaking from experience?

Just me
Guest
Just me

Yes, I am. And I am mighty pissed off.
My one single reason for voting NDP is the housing situation. I can’t stomach 4 more years of welfare for the rich homeowners and for Asian millionaires who pay pennies in taxes, while I pay many tens of thousand each year.

Dave
Member
I agree on some level because no single level of government can solve the housing problem. I think in the short run though, less business and consumer confidence would be helpful because it can help break the mentality that buying housing is without risk. We desperately need a correction for that reason only. So voting NDP in my mind can be useful for that reason. I’m not going to do it because I can’t stomach my candidate and I don’t endorse any of these clowns. But, I can respect the rationale why somebody would vote NDP. If housing affordability is your biggest issue, then you can’t vote Liberal. One of the roles of central banking is price stability and preventing bubbles from occurring. The Bank of Canada has failed us in this respect too because they should never have cut… Read more »
Best place on meth
Guest
Best place on meth

Sure space, those are great jobs Corrupt Cunt keeps crowing about.

That’s why we have the lowest wages in the country, because smiley face is so fucking amazing at job creation.

Dave
Member

It’s never easy leaving a job and going to a new city. But I think it’s one of those things where you look back 5 years after the fact and are glad you did it.

patriotz
Member

“I think people need to realize politicians can’t solve our housing problem. ”

Both the federal and provincial governments, individually, have more than enough power to solve the housing problem. The problem is they won’t, not that they can’t.

And they won’t because homeowners, who comprise most voters, don’t want lower prices. If the majority of voters wanted lower prices you’d would have seen concrete action years ago.

bullwhip29
Guest
bullwhip29

yeah but at the same time these voters seem oblivious to the fact that they can never really cash in on their RE winnings (while maintaining a comparable lifestyle) unless they move way outside of the lower mainland or possibly out of the province altogether

YVR
Guest
YVR

they won’t because homeowners, who comprise most voters, don’t want lower prices

Wrong. They won’t kill housing because housing is the economy. Without housing we go into a depression. It is a massive loss of jobs and tax revenue they are trying to avoid, not pissing off someone due to a loss of equity. That is exactly why the NDP or any other government will not intentionally correct housing prices. We have to wait for the bubble to pop on its own. Like every other housing bubble in history.

Best place on meth
Guest
Best place on meth

Even if that’s the case, at least the NDP can in the meantime focus on building public housing instead of trying into induce every college kid to buy into the Ponzi scheme with free money like Corrupt Cunt does.

We need to get away from the ownership bullshit and build places for middle class people to live at a reasonable rate.

Jerry Boyle
Guest
Jerry Boyle

If you’re hoping for a real-estate correction, contagion is your friend.

The HCG collapse clarified how many of these alternative banks are basically subprime lenders. I had some money in EQ bank, for instance, and knew they were a mortgage lender, but didn’t realize they were basically a subprime outfit. I didn’t really think enough about it — and for a tiny interest premium, I was co-opted into helping fuel the bubble, providing funds for unqualified borrowers to enter the mortgage market.

One concrete action a bear could take to help deflate the bubble is pull out any funds on deposit with these alternate lenders, and make sure your friends and family are well-informed about how wobbly they seem.

Shut It Down Already
Guest
Shut It Down Already

Accounts are insured up to $100K so no need to worry unless you have more than that deposited with them.

bullwhip29
Guest
bullwhip29

you wont lose your money, but access to it could be restricted for some time if co is wound down. if you have definitive plans for the cash in the short to medium term, i’d move it out of there asap

Jerry Boyle
Guest
Jerry Boyle

Sure they’re CDIC insured, but that’s irrelvant to the point I’m making.

If you want real-estate prices to come down, then putting any money in these savings accounts is entirely counterproductive. It only creates more housing demand by fueling the subprime mortgage market.

I wonder how many housing bears have cash stashed in an EQ account, or an Oaken GIC.

southseacompany
Member
southseacompany

“Housing market jitters could be creeping in: Economist”, BNN video

http://www.bnn.ca/real-estate/video/housing-market-jitters-could-be-creeping-in-economist~1114386

“David Madani, senior Canadian economist at Capital Economics joins BNN for reaction to the latest Toronto housing data. As new listings see double-digit increases and sales dip in April, he says people might be getting concerned about the frothiness in the market.”

bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

“Fed to markets: June rate hike coming your way”, CNBC

http://www.cnbc.com/2017/05/03/fed-to-markets-june-rate-hike-coming-your-way.html

southseacompany
Member
southseacompany

“Will Canada’s housing bubble burst?”, BBC video

http://www.bbc.com/news/av/magazine-18155405/will-canadas-housing-bubble-burst

“Property prices in Toronto and Vancouver are soaring – but could Canada’s housing market face a US-style crash?”

Doomcouver
Guest
Doomcouver

This was a bullish piece on real estate disguised as bearish. The last statement “Real estate values will almost certainly be higher in 20 years.” . Says who? If we get back to original trend-line on real estate it will NOT be a higher price in 20 years. They’re spewing the “new normal” BS like every moron realtor around here.

KickThemOut
Member
KickThemOut

Again, someone who has absolutely no idea what they are actually talking about. Learn some basic high school math. Oh wait…forgot, the new high school math stops at the old 80s grade 9 level. No wonder local public high school grads are getting more stupid every year. Need more private schools to break up the cancerous BCTF and it’s mission to send K-12 public education into the tubes. Christy Clark is starting on the first steps, but not far enough to finish it though.

patriotz
Member

BCTF has no power whatsoever over school curricula.

Ulsterman
Member

“Need more private schools to break up the cancerous BCTF and it’s mission to send K-12 public education into the tubes.” That’s right, the new curriculum isn’t based on the best new research coming out of universities on effective teaching methods. No, it was designed in a secret, semi-darkened room by cackling evil teachers whose sole aim was the destruction of our kids’ futures and that of our country.

Sounds plausible to me.

Shut It Down Already
Guest
Shut It Down Already

My guess is that they’re making a reference to the last big Canadian crash, which I believe took about 12-13 years to recover.

patriotz
Member

“Real estate values will almost certainly be higher in 20 years.”

And so what? NASDAQ got back to its dot-com bubble top in less than 20 years. Does that vindicate buying at the top back in 2000?

YVR
Guest
YVR

I doubt housing will be higher in 20 years than today.

The NASDAQ is a poor comparison because the stocks that made up the NASDAQ in 2000 are very different than today. The index does not remain the same. 80% of the actual stocks in the 2000 NASDAQ are worthless or close to worthless today and not in today’s index. If you compared apples to apples the NASDAQ would still be close to all time lows.

Yellow Beaver
Guest
Yellow Beaver

Isn’t that video from a year ago?

bullwhip29
Guest
bullwhip29
Maria
Guest
Maria

B.C. Liberal party Leader Christy Clark has defended a little-known provincial tax rebate program that was expanded in 2014 to attract international banks and investment firms to Vancouver and is possibly linked to greater amounts of overseas cash coming into the local real estate market.

http://vancouversun.com/news/local-news/b-c-liberals-under-fire-for-mystery-program-that-gives-tax-breaks-to-wealthy-foreign-companies
B.C. Liberals under fire for little-known program that gives tax breaks to wealthy foreign companies

Combat roach
Guest
Combat roach

The liberal party run by Shitristy Clark acts like some secret society or fucking RE cult while following the best practices of mafia and cartels.

KickThemOut
Member
KickThemOut

Because tourism & hospitality jobs pay so much better than IB and banking, and support jobs?

Screwed
Guest
Screwed

http://m.huffpost.com/ca/entry/16409864?ir=Canada
Mortgages rates are changing in …2019

KickThemOut
Member
KickThemOut

Tangerine 5yr fixed mortgage rate is 2.69%

Shut It Down Already
Guest
Shut It Down Already

Who here remembers the poster called “2.79% 5yr never again”?

Bear Vancouverite
Member
Bear Vancouverite

All I remember is being skeptical that everyone claims interest rates will rise quickly. The Fed projects very slow interest rates increases until 2020. It could be years before interest rates pop this bubble, if that’s what it takes.

bullwhip29
Guest
bullwhip29

Metro Vancouver water restrictions to kick in May 15 despite 4th wettest April on record
http://globalnews.ca/news/3423542/metro-vancouver-water-restrictions-to-kick-in-may-15-despite-4th-wettest-april-on-record/

>>> maybe that 2 million litre/day leak in kerrisdale has something to do with it?

KickThemOut
Member
KickThemOut

Right, because our water supply comes from residential underground aquifer. Damn bears are so f*ing stupid….no wonder they are wrong 10 years and counting, and even an epic 50% crash isn’t going to bail them out.

Bear Vancouverite
Member
Bear Vancouverite

Hey space, I’m not an authority on the subject, but this link from 2015 is interesting:

http://www.vancouversun.com/Massive+underground+aquifer+helping+keep+Vancouver+green/11244495/story.html

“As Vancouver increasingly relies on an underground aquifer to water its street trees and the Langara golf course in the midst of this summer’s punishing drought, one hydrology expert is cautioning that we don’t know enough about how readily it can be replenished.

For more than 25 years, Vancouver’s parks department has used the city’s largest aquifer to irrigate its Langara golf course, taking pressure off the region’s treated drinking water supplies.”

So while drinking water might not come from aquifers, the city might use aquifer water in various ways. One must assume if the aquifers are depleted they’d have to use water that we normally would reserve for residential usage.

bullwhip29
Guest
bullwhip29
KickThemOut
Member
KickThemOut

This has to do with RE how??? Not even a famous brand / chain either.

bullwhip29
Guest
bullwhip29

indirectly related. just a reflection on the overall health of the cdn economy and yet another retailer gone belly up to add the pile of what now seems like a list of many dozens of names (and counting). dont worry thought, the vancouver locations of holts, louis vuitton and prada arent going anywhere anytime soon…

Shut It Down Already
Guest
Shut It Down Already

You mean people are spending so much on housing that they’re cutting back on discretionary spending? Shocking.

bullwhip29
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bullwhip29
Combat roach
Guest
Combat roach

Who is going to keep pumping housing prices if locals are gone? Or they will be just substituted with more capable “locals” to continue the RE shitshow?

http://www.metronews.ca/news/vancouver/2017/05/03/vancouver-continues-to-lose-children-census-shows.html

bullwhip29
Guest
bullwhip29

Highest priced houses in Metro Vancouver belong to the lowest income earners, study finds
http://www.cbc.ca/news/canada/british-columbia/highest-priced-houses-in-metro-vancouver-belong-to-the-lowest-income-earners-study-finds-1.4097036

“…the highest priced houses in municipalities Metro Vancouver are owned by those with the lowest median household incomes.”

“…Richmond has the lowest median taxable income, yet some of the highest house prices.”

Just me
Guest
Just me

Nothing to see here, they are all locals who bought 50 years ago and are now retired.
Or so SIDA seems to think.
Saying otherwise would be racist. Just accept it, and keep bowing your head, vote for the BC Libs.

Shut It Down Already
Guest
Shut It Down Already

Do you always misrepresent others opinions?

I’d say you’d find the same pattern all over the world. The truly wealthy tend not to need to hold down a 9-5 to make ends meet. It’s no surprise you’d find the very wealthy in the priciest homes, either. By all means conjure up imagery of those nasty foreigners evading taxes, though – it’s about all you’re good at.

Just me
Guest
Just me

You claim that in other localities the truly wealthy have the lowest (lowest!) taxable incomes?
I would take you seriously if you had told me that the rich have low labor earnings and higher capital income. But the lowest? You are the master of misrepresentation: in Richmond and Van West there are income levels that would all but guarantee food stamps in the US. You think that is the norm everywhere?
Go on, and vote for the BC Libs. They tend to agree with your misrepresentation.

Shut It Down Already
Guest
Shut It Down Already

They’re taking median incomes and comparing them to median house prices. That means 50% of the population are richer than the median (tens of thousands of people), but we don’t know how much richer. Median house prices could also be skewed downward by geography, density, and so on. They’ve introduced bias by selecting only houses rather than all dwelling types. They’re not looking at individual addresses and tax returns.

I’ll let you work the rest out on your own, but it’s basically a garbage methodology with innuendo instead of concrete conclusions.

Just me
Guest
Just me

Right.
Please stop making a full of yourself. This public display is embarassing.
Accept, for once, that you were wrong.

Best place on meth
Guest
Best place on meth

And yet you keep debating a fucking traitor who sides with the communist chinese criminals that infest and destroy our nation.

Shame on you for giving that piece of shit a voice.

Shut It Down Already
Guest
Shut It Down Already

Only reason you have a voice is because admin graciously provides you a platform for your vile hatred. You’d never dare voice your opinions in public, coward.

Shut It Down Already
Guest
Shut It Down Already

Um, even the article says to take it with a pinch of salt. But I can understand why a “full” like you is in love with the idea.

There are just so many alternate explanations. But for the most part it’s simply locals gorging on credit because “real estate is a good investment that always goes up”! Occam’s razor.

DaMann
Member
DaMann

HaHa. What a crock of shit. As has already been pointed out they would have less labor income but the rich have income, lot’s of it, that’s how they live in 10 million dollar homes. Dividends, interest earnings, capital gains, you name it . Those earnings are all part of your earnings according to the tax man. You can deny and bullshit all you want, but the highest priced homes belonging to the lowest wages? That’s pretty much tax evasion and a big big problem that needs to be addressed. Sure a small portion will be retirees who bought 40 years ago but they wouldn’t be the majority.

Shut It Down Already
Guest
Shut It Down Already

So what happens if I sell $10m in shares in year 1 and then use that cash for expenses and new investments over the next 4 years? How much income did I declare in year 3?

Bear Vancouverite
Member
Bear Vancouverite

I know people whose sole source of income is from selling shares they own, and they sell enough to support their lifestyle year to year.
Their taxable income is much higher than poverty levels and as far as I understand from talking to them they would not sell 3 years worth of living expenses in one go to finance the next 3+ years.

YVR
Guest
YVR

So what happens if I sell $10m in shares in year 1 and then use that cash for expenses and new investments over the next 4 years? How much income did I declare in year 3?

Not realistic. Why would someone sell taxable investments all at once unless they had to? Selling over several years lowers taxes. If they did have to sell all at once for some reason then they would obviously invest the $10M and get income in the following years. Nobody goes from $10M to nothing.

Shut It Down Already
Guest
Shut It Down Already

It’s just a thinking exercise by means of contrived example. In my my opinion you’d not expect the wealthiest to have as smooth an income as a salaried worker. I don’t have any evidence to support that, hence me saying it’s merely an opinion.

Combat roach
Guest
Combat roach

Right, a typical scenario with your Chinese locals, all savvy shareholders.

Shut It Down Already
Guest
Shut It Down Already

What on earth is that meant to mean?

Best place on meth
Guest
Best place on meth

We don’t have any mainland cockroaches who bought mansions 40 years ago.

It’s tax evasion, plain and simple – and that’s not the only crime they’ve committed.

Combat roach
Guest
Combat roach

Those are all local earners who are incredible savers due to the cultural background and saving habits spanning over multiple generations. They can, for example, be a student, a homemaker or a housewife, who can live on fresh air (very important, that’s why they live in Vancouver), a bowl of rice and a glass of water per day for decades and only spend their hard saved money on exotic cars and even more exotic homes.

Just me
Guest
Just me
From the article: ‘Homes not taxed fully’ Professor J. Rhys Kesselman at Simon Fraser University’s School of Public Policy says while there are methodological aspects of the study that are a “little weak,” he agreed with the idea we do not tax the wealth in homes fully. “If you had the same million or $2 million in the stock market and in bonds, you’d be paying on the interest, the dividends and the capital gains,” he said. “Put it in your home, and you don’t pay it either as current income, and you don’t pay it when you sell, if its been your principal residence.” His solution is a progressive property tax — one that applies depending on the value of your home and regardless of whether or not you’re a Canadian resident. In his proposal, anyone would be able… Read more »
Hyper-mega-Bull
Member
Hyper-mega-Bull

Canadians are the biggest chumps in the world.

Globalization won’t be kind to you fools.

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