Friday Free-for-all! May 19th 2017

It’s the end of another fabulous week in New York City, Paris, and Vancouver Washington. Also here too.

This is our regular 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:

–Bubble bath
–Scarce condo supplies
–HCG Worries
–Housing plan makes it worse
–Time to buy
–Raise rates
–Canada sales cool
–

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

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history

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Click to flag and open «Comment Reporting» form. You can choose reporting category and send message to website administrator. Admins may or may not choose to remove the comment or block the author. And please don't worry, your report will be anonymous.

https://wateroffice.ec.gc.ca/report/real_time_e.html?stn=08NM083

Okanagan lake water level

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Burnaby

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My new Chinese “neighbours” just showed up today to check out their empty house behind my rental. A whole flock of them parading around in the overgrown backyard gawking at who knows what and jabbering in loud Mandarin. Place has been abandoned since they bought it last spring and its slowly rotting into the ground. Burnaby needs an empty house tax.

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YVR

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“Burnaby needs an empty house tax.”

LOL Burnaby will need a new mayor first. Derek Corrigan and his NDP buddies would call an empty home tax that targets foreigners racist. They prefer kicking out low income renters to the street and letting their buddies build condos sold to offshore investors to solve the housing shortage. Burnaby is the worst of any city in Metro Van and FV.

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would-be buyer

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Now that CC has effectively killed the FB tax, they have returned and will knock it down and build a monster house to sell on the “market” next spring.

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Combat roach

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Have they smuggled a sea lion for the yard?

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squeak

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disturbing, if I was a neighbor I would not enjoy this.

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bullwhip29

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China thumbs its nose at rule of law by jailing Richmond winery owners
http://www.straight.com/news/913151/china-thumbs-its-nose-rule-law-jailing-richmond-winery-owners

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Doomcouver

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It sounds like they may have intentionally undervalued the wine they were trying to bring into the country, and got caught. The only way I’ll feel bad for them is if they actually reported the amounts accurately, but I have my doubts that they did. I’d consider a trade for Michael Ching though. Seems like a fair deal…

http://www.cbc.ca/news/canada/british-columbia/china-graft-corruption-bc-michael-ching-mo-yeung-ching-trudeau-liberals-canada-1.4091272

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squeak

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Under estimating the value? Really? I would think those that transport wine around know more.. I really do.
We are not talking about a single small piece of liver pate are we?

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Abdul Lahazi

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New West homeowners spar over heritage designation

http://www.cbc.ca/news/canada/british-columbia/this-isn-t-one-sided-new-west-homeowners-spar-over-heritage-designation-1.4125011

“Their biggest fear is that their property values will decrease,” said Maureen Arvanitidis, who proudly displays a sign that reads, ‘We Support Heritage Conservation’ just steps away from her front door.
I’ll bet these folks all voted for Christy.

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Abdul Lahazi

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A follow-up story on the Steveston sea lion adventure:
http://www.cbc.ca/news/canada/british-columbia/sea-lion-drags-girl-into-water-off-steveston-docks-in-richmond-b-c-1.4126203?cmp=rss
Family slammed for ‘reckless behaviour’ after sea lion drags girl into water in Richmond, B.C.
Robert Kiesman, chair of the Steveston Harbour Authority, said there are several signs posted at the popular tourist destination warning people not to feed the sea mammals that frequent the area. (me: the signs are in Chinese and English)
“You wouldn’t go up to a grizzly bear in the bush and hand him a ham sandwich, so you shouldn’t be handing a thousand-pound wild mammal in the water slices of bread,” Kiesman said.
No mention of the “family” being clueless idiot Chinese but I suppose that would be stating the obvious.

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squeak

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Disturbing, lack of respect for wild animals. Total lack of respect. Which should be disturbing for this country as it prides itself in the wild life, the love for it, and the beauty.

I don’t think it is about being clueless, but I smell arrogance.

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bullwhip29

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apparently the family is receiving offers from talk shows both in Cda and the US, which makes we wonder who the idiots really are.

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Abdul Lahazi

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People who watch talk shows are.

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history

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https://www.numbeo.com/property-investment/rankings_current.jsp

global refi mania has its center in China.

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Abdul Lahazi

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Sea lion drags girl into water off Steveston dock in Richmond, B.C.
http://www.cbc.ca/news/canada/british-columbia/sea-lion-drags-girl-into-water-off-steveston-docks-in-richmond-b-c-1.4125848
Clueless idiot Chinese were feeding and teasing a sea lion.

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Best place on meth

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They should stick to less dangerous ways to admire and respect nature.

http://static.fjcdn.com/pictures/Smile+you+here+we+see+a+chinese+nature+photographer_d74850_5132603.jpg

Well played Mr. Sea Lion. Well played.

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Abdul Lahazi

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The City of Vancouver has hired an American architect to help revitalize Hogan’s Alley, after the Georgia viaducts come down.
http://www.cbc.ca/news/canada/british-columbia/hogans-alley-community-plan-1.4124018?cmp=rss
So here we have the CoV that will remove a major traffic artery to replace it with a slum with the help of American architect. This just shows how screwed up Vancouver is.

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tom

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they did it so the Aqualini’s could build their condos. It makes no sense to take down the viaduct, which helps traffic.

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bullwhip29

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this is more about concord pacific’s plans but the aquilinis will cash in too

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YVR

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This is more about Gregor Robertson and Vision’s war on the car. Any excuse they can come up with to remove a road they, go through a bogus consultation process and then remove the road, they will do. Concord Pacific is the bonus that will pay for it all in this case. I bet their next move is replace roads with housing. Why waste a good crisis.

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Vanco

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Sometimes it’s better just to think less and buy your place. I see the same people here for years, hoping for a crash that never came. Even this year, condors went up 20% and sfh are going up. Maybe this time is different or maybe not. But if you bought when you had the chance, you could debate this in the comfort of your home, knowing that you won’t need to move.

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Confucius

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When the next recession hits, we’ll see how many “homeowners” will need to move.

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history

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home is where you park it

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Shut It Down Already

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Most people don’t think at all, how could they think less? That’s exactly why we’re in this mess – people entering bidding wars for properties they saw for all of 4 minutes whilst packed in there with 100 other financially illlliterate morons. But, hey, real estate is a “good investment” that “always goes up” and “you’ve got to live sonewhere” so “why pay somebody else’s mortgage” before you’re “priced out forever”?

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Vanco

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It may not be the best investment, but I see people on this board holding off purchase of their primary residence, hoping to get in at a price they want. The odds that your home will drop in the next 20 years is almost extremely unlikely.

Markets can stay irrational for longer than you can stay solvent. Or in this case, your affordability.

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Shut It Down Already

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I’d say the odds of a correction within a 20 year time frame are actually quite high. Who knows how interest rates will fluctuate over that time.

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bullwhip29

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definitely will be sooner than that now that the housing bubble has spread from coast to coast and seemingly every nook and cranny in between. not a chance current activity continues unchecked for decades.

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tom

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20 years, I don’t think most of us want to wait another 20 years. If you could afford it without financially constraining yourself it may be worth it to buy, I’ve been a huge bear for the longest time. I know it’s interest rates but the world governments don’t seem to eager to change the status quo.

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Shut It Down Already

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“Within 20 years” is not the same as “in 20 years”.

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southseacompany

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“Canadian Speculators, Not Foreign Money, Are Driving up Home Prices”, The Tyee

https://thetyee.ca/News/2017/05/20/Canadian-Speculators-Not-Foreign-Money/

“There’s a pretty straightforward reason why you can’t afford a home.

“Real estate speculators are snapping up properties and selling them once the price rises. They earn a huge financial return, pay little in taxes and price ordinary people like you out of your city.”

“The common wisdom in Vancouver — and increasingly Toronto — is that the majority of these speculators come from overseas. Yet recent housing data suggests many, if not most, speculators may be Canadian.”

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Just me

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Sloppy analysis, lack of research and facts.
I am always astounded by the poor standards of our local commentators.
Denying the critical role played by foreign money in the past 10 years is nothing short of criminal.
The country has been sold multiple times over to foreign “investors”. Christy Clark claims this is the only way to gave stable economic growth. Liars, the bunch of them.

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Shut It Down Already

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Where’s your evidence, liar?

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Just me

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My best evidence is you.
After what happened in the past 10 years, with entire neighborhoods being bought up by mainlan China investors and satellite families, you are still here debating that these guys are just a sideshow.
You, and people like you, are the main reason why there is no political will to fix the situation.
Evidence is a set of facts supporting an hypothesis: you are a data point in this mess we are in.
This is not about race, it is about money.

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Shut It Down Already

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You’ve clearly no idea how to form a coherent argument. We have the fucking data. Quit ignoring it, or stop pretending to be “following the money”. Locals have blown their brains out and it’s time to start realizing what the consequences of that will be.

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patriotz

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“You, and people like you, are the main reason why there is no political will to fix the situation.”

No, the reason is homeowners who want to get rich selling their houses, and don’t want the government to get in their way by introducing policies that may lead to lower prices, whether they target foreigners or the broader market.

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patriotz

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Aren’t the people who buy from the speculators ultimately responsible for the prices? Some non-speculator has to be at the end of the chain for the speculators to make money.

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southseacompany

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True. But, reading that 25% of condos in many of the new transit centred developments are empty, ‘expectation of gains’ seems to be a factor, too.

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history

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Prices arent driven by realtors, buyers, sellers, in the traditional sense. Prices are driven by mortgage refinancing. At age 54, there is a peak in leisure spending. This point covers a lot of ground. Not just trips to Cabo, but also the Chinese spending spawned from the shadows.

Globally, in the year 1962, Population rates went beyond Power Growth, on the auric scale. Only 4 times in the last 3000 years has this happened. Twice during the latter Roman Empire, and one time before Anno Domino… We are aided by Chinese stats, as they have pretty good demographic info from the last 2000 years, despite their bad record keeping in the modern era.

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Best place on meth

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Useless article and poorly written.

I’ve never heard anyone say that the MAJORITY of speculators were foreign, we all know that they’re not the MAJORITY.

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Burnaby

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Depends on how Canadian is defined.

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Shut It Down Already

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How would you define it?

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southseacompany

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“One country is dominating US home sales to foreign buyers”, New York Real Estate News

https://therealdeal.com/2017/05/20/one-country-is-dominating-us-home-sales-to-foreign-buyers/

“NAR March 2017 data from Realtor.com show Chinese buyers were absent from the list of top countries. Another country did top the list for almost every city though, Canada. Judging from Canadian buying behaviour from 2016, these aren’t snowbirds looking for a warm place to winter either. These are good ole fashioned, non-resident speculators.”

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oopswediditagain

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One of the dangerous side effects of this bubble is the homeowner’s extraction of equity (heloc) to purchase more property. Interestingly enough, again, Canadians are the new Chinese in the U.S.A, dominating foreign purchases of real estate in 5 cities.

Notably, 3 of those cities could be called B.C. purchases and the other 2 Ontario?

I know, I know, just because Vancouver and Toronto have the highest house prices doesn’t discount the possibility of other speculators from other regions.

It’s interesting the things we buy when we think we’re rich. The bears had better be wrong about this crash.

http://www.businessinsider.com/canada-is-dominating-us-home-sales-to-foreign-buyers-2017-5

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Abdul Lahazi

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B.C. winery owners facing life in Chinese prison for smuggling:

http://www.cbc.ca/news/canada/british-columbia/b-c-winery-owners-facing-life-in-chinese-prison-for-smuggling-1.4125177?cmp=rss

They need to bribe more officials.

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Ulsterman

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Friend of mine just had good real estate news this morning. Courts finally made a ruling on the Musqueam lands out near SW Marine, by Shaughnessy Golf Club. Lease expired in 2015 and they wanted to increase rent for land from $11,500 to $140,000/year – yes, you read that correctly. House owners offered $20k/yr and the court settled on $24k/yr. I think he will now be selling and getting the hell out of Dodge. It will be interesting to see what the houses sell for. Last year they were in the $650k range. With the uncertainty lifted i wonder will the price move up. Owners there still have to pay the COV property taxes based on the value of the house if it were on freehold, Van West land, so they are very significant.

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Vancouver Review

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May 19, 2017 Daily Review of Vancouver Real Estate Housing Bubble News

https://youtu.be/Us5Qv9o8kX8

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Bestplaceonearth

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Let change this blog name to “ihaterichpeopke”

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Just me

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No. Just rich, ignorant, retarded realtors like yourself.

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bullwhip29

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Richmond girl spirited away for protection after gangster dad received death threats from contract killers
http://vancouversun.com/news/local-news/richmond-girl-spirited-away-to-vancouver-island-for-protection-after-gangster-dad-receives-death-threats-from-contract-killers-court-ruling

>>> no further comment needed here…

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Best place on meth

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“The judge concluded that the threats likely had to do with the gambling addiction of the dad, a Chinese man who …….”

HAHAHAHA….there’s a good reason stereotyes exist.

https://www.youtube.com/watch?v=TwZwSIrMLmk

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Doomcouver

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Holy crap that Porsche is totalled. Why even bother to finish parking it. Just light it on fire and walk away.

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bullwhip29

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this looks like a three for one special…bad driver, probably fleeing crime scene (hit and run) and likely not insured properly…lol

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tom

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the dad, a Chinese man who for years has been subject to a deportation order back to China that Canadian authorities haven’t been able to enforce because Chinese authorities don’t want him either.

send him back, why does Canada have to keep him.

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Doomcouver

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If the Chinese don’t want him, dump him in the South China Sea and he can swim wherever he likes. It’s ridiculous how difficult it is to get someone deported.

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Best place on meth

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We have to keep him because we’re a bunch of over tolerant pussies who are easily expolited by scum from china.

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Shut It Down Already

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Then stand for office if you’re not a “p*ssy”? Oh yeah, you’d get laughed out of town all the way back to Merritt.

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paulb

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New
192
Price Change
53
Sold
279
TI:8481

We list and sell a lot of real estate on the North Shore & Vancouver. I’ve always appreciated the support of the VCI community. If you know of anyone thinking of buying or selling don’t forget us! TY Paul http://www.clivestevepaul.com

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Hyper-mega-Bull

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happy friday!

http://imgur.com/a/AHB8Y

I believe that’s cambie street.

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Best place on meth

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Someone took your advice and learned mandarin.

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bullwhip29

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Five years after Ottawa put the brakes on a surge of foreign investment, China is back.
https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chinese-investment-alberta-oil-deals/article35061644

“…investors and several go-betweens who scout out opportunities and enlist overseas capital guard their privacy closely and tend to look for deals that are below the value that would trigger a review …”

“…several have registered companies in suburban homes before taking up space in the sprawl of downtown Calgary real estate…”

“The influx of capital…is led by an array of small companies that share directors and addresses, including some in the British Virgin Islands, a noted tax haven – all with origins in China.”

“…some of the buying is motivated by a desire to transfer money into hard foreign currency beyond the reach of authorities in Beijing…”

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Doomcouver

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Oh man they called Canadian dollars a “hard” currency? Lately it’s a “flaccid” currency if you ask me.

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Best place on meth

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Compared to the Wonton, the Loonie is still pretty solid.

Although it’s probably going back to the 60’s.

REMEMBER THE 60’S?

SQUAWWWKKK!!!!

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KickThemOut

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Right up everyone’s valley here, maybe especially BPOM

China using facial recognition software to combat toilet paper theft…wow…who would have thought! Maybe there is some underground economy that uses toilet papers as currency? Kind of like bottle cap in those Fallout Games?

And where did they steal facial recognition software from? That’s pretty advanced stuff and we know Chinese software are lucky to run without crashing every other minute, given the general quality of made in China. Wonder how much they had to donate to Clinton Foundation to get access to it.

From China Uncensored
http://youtu.be/99-hGa2KRis

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Combat roach

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Those could be fake scanners rather entertaining basic hygienic customs.

It’s time for a Chinese toilet revolution

http://english.cctv.com/2017/01/13/ARTI2MBz6nb1NVjrS7RHGjnS170113.shtml

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HA HA

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How can facial recognition software work if the faces all look the same?

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CBM999

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LMAO with a capital L

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Doomcouver

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Oh man that is equal parts hilarious and racist.

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Best place on meth

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98.7% hilarious.

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bullwhip29

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make that 88.8%

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bullwhip29

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TransLink not considering English on its ads
http://www.richmond-news.com/news/translink-not-considering-english-on-its-ads-1.20044750

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bullwhip29

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Vancouver to escalate penalties against three luxury short-term rental operators
http://vancouversun.com/news/local-news/city-to-escalate-penalties-against-three-luxury-short-term-rental-operators

Guest

Best place on meth

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Don’t see any mention of death penalty.

Yawn…..

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KickThemOut

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The truth about Ontario’s 16 point housing market cooling plan comes out. it’s aint about cooling the market but rather lower costs for their developer buddies to acquire lands for further RE speculation.

http://www.thespec.com/news-story/7324525-updated-wynne-is-all-aboard-21b-high-speed-rail-project/

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KickThemOut

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So what’s your long weekend plans? How about a condo buying tour in a limo & champagne ala Ultra Rich Asian Girls style? Yeap, that’s the plan for the HAM visa prisoners at my workplace. They are going to go condo pre-sale shopping in style. Off course, this time they at least had the courtesy to invite the other Asian female workers, but needless to say, the HK and CBCs girls declined and disgusted. One CBC asked them if they plan to rent out the condo and they laughed in her face. They said this time they are aiming for high end luxury condos and who would want to live in an used condo. Maybe one or two as tem rental and for their parents / friends. The HK girls were having a firestorm in the lunchroom yesterday afternoon. Turns… Read more »

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Confucius

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Wow, you are such a loser.

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Doomcouver

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“Our greatest glory is not in never falling, but in rising every time we fall.”
— Confucius (6th/5th Century BC)

“Wow, you are such a loser.”
— Confucius (21st Century AD)

Vancouver Condo Info

Friday Free-for-all! May 19th 2017

Bubble? What Bubble?