NDP to review BC first time buyer loans program

The recent BC first time buyer loans program announced by the liberal government has successfully driven condo prices higher by handing out interest free loans from tax payers to first time buyers, but it sounds like David Eby and the NDP want to ruin that party:

“We were told by economists at SFU, UBC, CMHC that the impact of the program would be to increase the cost of the housing stock,” says Eby.

“Essentially a transfer of money directly to developers and people selling their existing homes, and put people further into debt. So if that is truly the impact of the program in Metro Vancouver, then that’s something we want to review and make sure there’s not a better way we could allocate the $700-million that’s been allocated to that program.”

Read the full article over at News 1130.

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patriotz
Member

With the market being red hot you would think the NDP would at least try to talk down the market rather than not mention a peep about any of their housing policies that are supposed to cool it.

Yesterday’s spin from the house NDP hater. Awaiting today’s spin.

Shut It Down Already
Guest
Shut It Down Already

Do you work for the NDP?

YVR
Guest
YVR

Pretty obvious he is affiliated in some way.

Best place on meth
Guest
Best place on meth

And there’s todays spin.

Shut It Down Already
Guest
Shut It Down Already

Of course you know better.

YVR
Guest
YVR

“that’s something we want to review and make sure there’s not a better way we could allocate the $700-million that’s been allocated to that program.”

Something they want to review on how to allocate the money? Wow pretty tough talk. In a previous interview Eby said he wanted to expand the program.

patriotz
Member

Australian Politics Is Open to Foreign Cash, and China Has Much to Gain

Many Australians view good ties with China as critical to their future prosperity, and Australia is an especially enticing target for Beijing because of its strategic value in the Pacific — and because foreign donations are both legal and difficult to track in its loose, opaque campaign finance system.

By contrast, such donations are largely banned in the United States, Canada and throughout most of Europe.

Like I said, if BC were a country, it would be Australia.

bullwhip29
Guest
bullwhip29

SCMP: The Conference Board of Canada has issued a report that recommends a new immigrant investor program – and says concerns about real estate prices in Vancouver must be ‘placated’
http://www.scmp.com/comment/blogs/article/2097212/can-canadas-immigration-industry-bring-federal-millionaire-migration

Dave
Member

I’m sure our government will get right on that.

bullwhip29
Guest
bullwhip29

Did developer intend to give overseas buyers first shot at Vancouver project?
http://www.news1130.com/2017/06/06/developer-intend-give-overseas-buyers-first-shot-vancouver-project/

Best place on meth
Guest
Best place on meth

David Eby: “We have to get away from a housing market where we’re building absentee owners and investors, and into a real estate market that prioritizes families who live, work and pay taxes here. Because we’re building a community. We’re not building a giant safe deposit box for international money.”

Yet the developers keep telling us we need to build more (so they can sell them offshore).

We need to have the foreign buyer tax raised to 30%, extended to presales and made province wide.

YVR
Guest
YVR

At some point Eby has to stop complaining and put forward what he plans to do. So far they have had no problem saying they will halt to Site C dam, increase carbon taxes and fight the pipe line in court along with other non priority policy. Silence when it comes to housing except for a review of how the first time home buyers money will be allocated after saying they will expand the program. Maybe the NDP plan to expand it to new immigrants which are currently exempt?

Best place on meth
Member
Best place on meth

Eby can’t do anything with you constantly yelling at him.

bullwhip29
Guest
bullwhip29

City of Powell River halts Olive Devaud renovations
http://www.prpeak.com/news/city-of-powell-river-halts-olive-devaud-renovations-1.20446148

>>> another occupation, more of the same shenanigans. but why powell river of all places?

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Cdn Lawyer Magazine: Tracking dirty money
http://www.canadianlawyermag.com/6460/Tracking-dirty-money.html

southseacompany
Member
southseacompany

“Canada must go further to reduce risk from expensive housing: OECD”, CBC

http://www.cbc.ca/news/business/oecd-canada-housing-risk-1.4149347

“Warns against impact of ‘speculation-fuelled price increases'”

Combat roach
Guest
Combat roach
We need more offshore people for this city to thrive… “Roadhogbc • an hour ago Vancouver is doomed. Eventually, the greed of property owners and the lack of rental property for low paid workers will mean that many businesses like this restaurant will have to close. Rents are not the only problem because business owners have to contend with ever increasing property taxes from the city. In my last year of business down there I had a 16% property tax tax hike, so that I was paying over $17,000 a year for a 1200 sq.ft. unit. Between the greed of the city and the greed of the (mainly offshore) owners, no small business can survive. If you want a part-time worker in Vancouver they will likely have to come in by bus from Richmond or Coquitlam because there is no… Read more »
Dave
Member

Small retail businesses are going to die off for those reasons. The only ones who will make it will be the multi-nationals. And as you point out, some types of stores will probably disappear altogether, not unlike Blockbuster.

That’s a lot of rent. The taxes from the City are also $12,500 per month for that restaurant. Imagine their costs of Day 1 before selling a bowl of pasta between rent, taxes, wages, utilities, equipment, ingredients, etc…

I think the future looks more and more like consumers and businesses constantly getting squeezed. As time goes on, it’s going to get harder and harder to get ahead.

It’s another symptom of our housing crisis.

Doomcouver
Guest
Doomcouver
This is endemic of the short term distortion that residential real estate mania is creating. Essentially it’s a feeding frenzy on residential properties, and due to the relative ease of getting property rezoned from commercial to residential (or mixed use) landlords place little to no value on commercial spaces. Landlords are essentially being deincentivized to lease commercial space because instead of doing that they could throw up a poorly constructed condo, and make millions. After all, why wait decades for your commercial leases to give you 6 figures when you can get a half-empty condomoninium to net you the same amount in months. The 180 degree turn will come when all the residential insanity ends; At that time commercial spaces will be viable financially again. This is because condos will become unpopular, and rental inventories will be much higher than… Read more »
Shut It Down Already
Guest
Shut It Down Already

It’s the greed of the local owners which transfers the property tax burden away from them and onto businesses.

Combat roach
Guest
Combat roach

Reason must be the low rates and local’s financial abilities, but why particularly here and at those levels compared to the rest of the western world?

“B.C.’s housing-affordability crisis has reached the suburbs and is now affecting residential areas located far from the City of Vancouver’s urban core.”

http://www.straight.com/news/920596/affordability-study-finds-bc-home-buyers-face-rapidly-increasing-prices-deep-metro

squeak
Member
squeak

Crisis for years, but main stream media has chosen to keeps its mouth shut, for certain interests.

In a way I am hoping things will keep getting worse till Vancouver/lower mainland implodes, create a clean slate, maybe then Phoenix might rise.

Doomcouver
Guest
Doomcouver
The bubble is everywhere right now. Anyone still talking about the bubble only in terms of Vancouver and Toronto is still living in 2010. Thanks to the CMHC and rock bottom interest rates, the price of real estate is at an all time high for overvaluation country-wide. The only province I’ve seen that is relatively unchanged is New Brunswick. All other provinces including ones with historically low housing prices (Manitoba, other maritime provinces, etc.) have been joining the long bull run on housing. For example, Manitoba house prices went up 5.6% last year, while their GDP only increased about 1.7%. in 2016, and they’ll be lucky to get 2% in 2017. When your housing is consistently going up at approximately 3X the rate of GDP growth, you have a problem, and they’re just a base case. BC had a home… Read more »
Best place on meth
Guest
Best place on meth

Kerry Jang will be celebrating the People’s Republic’s 68th birthday instead.

Time to go
Guest
Time to go

Ross Kay discussing fake stats from REBGV and TREB. He’s claiming that prices are actually down, way down, when both organizations claim the opposite. He makes some salient points and has some warnings for buyers in the market right now. Also discusses NDP/Green’s affect moving forward.

http://www.howestreet.com/2017/06/05/vancouver-toronto-real-estate-prices-dropping/

Worth a listen.

Doomcouver
Guest
Doomcouver

Ross Kay sometimes has some interesting perspectives on housing, but other times he’s basically shilling the purchase of real estate. I’ve actually heard him make the argument that millenials should buy property in Vancouver right now. He’s a good example of the mental gymnastics that intelligent realtors must have to do to justify getting people into the market right now.

Dave
Member

I got almost nothing out of that half hour. It was all innuendo. He’s saying real estate is already off 40% in places which is just straight up dumb. Sure, you might find one or two properties that were listed way too high and dropped their asking, but on average, it’s nowhere near that. It’s also a meaningless statistic without a baseline to compare it to. Even in a bull market, asking prices can drop. What’s the norm? And where are we now?

Doomcouver
Guest
Doomcouver

Yes if someone listens to him they’ll likely end up catching the falling knife….. and getting their whole metaphorical arm chopped off in the process.

patriotz
Member

Worth a listen if he gives us actual examples of repeat sales which show price drops. It’s publicly available information, so there’s no excuse not to if he actually knows something.

xyz
Guest
xyz

@ Patriotz

Check his Twitter feed

bestplaceonearth
Guest
bestplaceonearth

i have a farm or two to sell you. wanna buy? you have too much time in your hand to listen to this kinda dumb shite.

Best place on meth
Guest
Best place on meth

There is no way prices can be down when MOI stands at about 2.

Prices are up sharply the last 3-4 months.

Shut It Down Already
Guest
Shut It Down Already

It depends on your time horizon.

Hyper-mega-Bull
Member
Hyper-mega-Bull

South Korea Suspends Deployment of U.S. Antimissile System

South Korea’s newly elected president, Moon Jae-in, has suspended the deployment of an American missile defense system, an apparent concession to China and a significant break with the United States on policy toward North Korea.

https://www.nytimes.com/2017/06/07/world/asia/south-korea-thaad-missile-defense-us.html?_r=0

paulb
Member
Active Member

New
276
Price Change
55
Sold
210

TI:9071

http://www.clivestevepaul.com

bestplaceonearth
Guest
bestplaceonearth

wow, 9k! it’s crahsing!!!

tom
Guest
tom

wow 210 sold, market still going crazy

Best place on meth
Member
Best place on meth

wow…….

No statement to make, just wanted to sound like a ‘tard who says “wow”.

bestplaceonearth
Guest
bestplaceonearth

wow, it’s not like you today! usually a racist or angry comment.

Bag it and tag it
Member
Bag it and tag it

Listings are definitely starting to surge. Will be interesting see what happens with sales over the next few weeks. I wouldn’t be surprised if there is a final push from those wanting to take advantage of the first time buyer program before it gets canned.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Women picks, eats, and puts cherry seeds back in bag at Price Smart

https://youtu.be/rnXWuAbADUc

Best place on meth
Member
Best place on meth

Then she drove to IKEA and fell asleep on a display bed.

Combat roach
Guest
Combat roach

It is a traditional aproach to healthy eating to avoid stress caused by high cost of food, especially cherries. Costco will soon start playing traditional music for sampling people so they can enjoy the process organically.

Abdul Lahazi
Guest
Abdul Lahazi

She thought they were the free samples…

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Canadians keep up long-running credit binge in first quarter of 2017
http://www.cbc.ca/news/business/transunion-first-quarter-2017-1.4151237

bullwhip29
Guest
bullwhip29

Poloz in the hot seat today…
http://www.cbc.ca/news/business/bank-of-canada-poloz-1.4151272

>>> given what has transpired in recent weeks/months, he will have to confirm to public that he is either a total liar or completely incompetent

bullwhip29
Guest
bullwhip29

moron fund mgr at CIBC bought HCG in the 20’s before recent collapse, then sells at massive loss
http://business.financialpost.com/news/fp-street/home-capitals-second-biggest-shareholder-cibc-trimmed-stake-when-stock-rebounded

southseacompany
Member
southseacompany

“Canada becoming more vulnerable as rising debt and hot housing get worse, bank warns”, Financial Post

http://business.financialpost.com/news/economy/canada-becoming-more-vulnerable-as-rising-debt-and-hot-housing-get-worse-bank-warns

“Canada’s financial system is becoming increasingly exposed to economic shocks as household debt levels continue to climb and major housing markets remain red hot, the Bank of Canada said Thursday.”

southseacompany
Member
southseacompany

“The one housing-market fix that Canada hasn’t tried”, Globe & Mail

https://www.theglobeandmail.com/report-on-business/economy/economic-insight/oecd-sees-higher-interest-rates-as-the-housing-market-remedy/article35241615/

“the real attention-getter was what it had to say about the prospect for higher interest rates from the Bank of Canada. “Raising interest rates will reduce overheating in housing markets, which poses economic and financial stability risks and has made housing increasingly unaffordable, especially in Toronto and Vancouver,” the report said.”

“This isn’t the first time the OECD has drawn a link between Canada’s low interest rates and its surging regional housing prices and high household debts. But never before had it so strongly and clearly championed higher rates as a big part of the solution to Canada’s housing excesses. “

southseacompany
Member
southseacompany

“Indeed, the OECD projected that the Bank of Canada will need to start raising rates “towards the end of 2017” – anywhere from three to six months ahead of where most other forecasters put the first rate hike. If it’s right, we’re only a few months away from a splash of cold water on the Toronto and Vancouver housing markets.”

Abdul Lahazi
Guest
Abdul Lahazi

Poloz is under intense pressure to raise rates; interest rates he should not have lowered in the first place. Even a 1/2 precent increase this year putting us back to 1% where we were before the latest housing run-up took place would kill the real estate market.

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