BC, Canada, data, economy, predictions, prices

Sales slow, but what about prices?

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An article over at the province says that real estate sales in Vancouver and Toronto have slowed, but don’t expect prices to follow:

“We’ll still have very lofty prices in Toronto and Vancouver. If we’re expecting the market to become instantly affordable that’s not going to happen. Given the low interest rates and rapid population inflow, they will still be expensive markets but we’re moving away, thankfully, from the days where there was incredible pressure for buyers to get in before prices grew another 40 per cent,” Bank of Montreal senior economist Douglas Porter said.

read the full article here.

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[…] –Condo market smoking hot –Rich Chinese would rather live in LA –Speculation tax –Just say no to LNG –Fed rate unchanged –New bank rules – […]

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Best place on meth

Behind an $18 Billion Donation to a New York Charity, a Shadowy Chinese Conglomerate

https://www.nytimes.com/2017/07/26/business/hna-group-billion-donation-new-york-charity.html

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franko

To anyone wondering why there are no LNG plants on the west coast of the US: About 90% of their nat gas reserves are located in Texas, New Mexico, Oklahoma, and Louisiana. Can’t imagine that anyone with a lick of common sense would expect them to build pipelines thousands of miles through the Rockies instead of the Gulf Coast.

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patriotz

Isn’t that a good reason why LNG exports from our own West Coast, which would require building pipelines thousands of miles through the Rockies, can’t compete with the US Gulf Coast?

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franko

Hate to break it to you, but the Montney field in BC, one of the biggest on the continent is on the WEST side of the Rockies, about 400 miles from Kitimat.

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franko

Oops, not exactly west, but neither is it through the most formidable part of the Rockies. The line may also be longer than 400 miles as it snakes through terrain. But thousands of miles, c’mon.

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Best place on meth

The natural gas pipelines are in red.

http://www.theodora.com/pipelines/united_states_pipelines_map.jpg

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Abdul Lahazi

Toronto housing market downturn to be short-lived, federal housing agency says:

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TB81005&mobile=false

This is the same CMHC that says strong evidence of overvaluation is seen in Vancouver, Victoria, Toronto and Hamilton.

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KickThemOut

Spotted VanGirl in the comments here! Bet she bought, that’s why she can’t show her face around here anymore…

Richmond retailer apologizes for ad seeking “Chinese” sales person

http://vancouversun.com/news/staff-blogs/richmond-retailer-apologizes-for-ad-for-chinese-sales-person

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KickThemOut

Looks like someone is so butt hurt, chasing after a 93yr old broken man. But if you are a former terrorists who was born in Canada?! You deserve $10M tax free!!

http://www.vancouversun.com/news/national/nazi+interpreter+stripped+canadian+citizenship+fourth+time/13897958/story.html

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Oracle

Canada is a Post Nation State now….

It used to belong to First Nations people…Thye were conquered.

Then it belonged to the British Empire….Civil war broke that up

Then the Caucasian descendants claimed it as their own…but the greedy within them sold it away

Now, a beachhead is established in the Lower Mainland. The Lower mainland will be Asian owned and will belong to the new owners in a few decades.

They (We) won’t ever give it up so easily.

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patriotz

“Looks like someone is so butt hurt”

They’re called Jews (and Gypsies, gays, etc.). He’s lucky the Israelis didn’t get him first.

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Best place on meth

“A Canadian is a Canadian is a Canadian.”

~ Prime Minister Bieber ~

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Time to go

Lot of good info about the Chinese real estate market and the local’s view of it. Hidden in some sarcasm, but still good info in between the jokes.

https://www.youtube.com/watch?v=MZ0xJ2oktpI

Ms. Chen and her husband legally divorced so they could get around government restrictions on owning a second home.

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Just me

Great link. Watched it all. I find what is going on that country utterly scary: it seems a system designed to generate unhealthy behavior. And a good share of that behavior is unfortunately transferred across the sea to us.
One has to wonder how much longer that circus can go on. Perhaps longer than many of us think, but certainly not forever.

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Oracle

This is defining moment for you born and raised here Caucasian Canadians. The economic class you end up in the next 5-10 years will stick around for generations.

People overseas have seen this happen generations ago when the land owner class came to be (they seized the land usually)…the rest worked on it.

Is no different here.

So don’t delude yourself. Those divorcing are doing it for their kids finanical security.

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CRA222

Horgan’s Mandate Letter to Housing Minister:

“Work with the Minister of Finance to address speculation, tax fraud and money laundering in the
housing market.”

http://www2.gov.bc.ca/assets/gov/government/ministries-organizations/premier-cabinet-mlas/minister-letter/robinson-mandate.pdf

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best place on earth

we all know how that works, the minister will have a plan to come up with a plan; and she will let the people know the plans.

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Dave

Yes, that’s exactly how a government that wants to play lip service to a problem would play the situation. There are no shortage of actionable things they could do today, never mind on Day 1 of the Legislature sitting.

Not going to happen though. The NDP will want to get into the “Goody Room”:

https://www.youtube.com/watch?v=sr9_GfeoCjk

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Best place on meth

What are some of those things the NDP could do today?

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Just me

If they manage to introduce some decent oversee of the capital flows from China, the consequences could be large.
The question is whether they will have the guts to do it. They should remember that the people who put them in power want that oversee, and they want it soon.
Come next election they might pay a heavy price for being weak on housing.
People are angry, and they don’t want to be fooled. I don’t think the NDP will have an easy way out of its promises on housing. Ignoring them would be political suicide.

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Oracle

Thye will get taken down by the end of the year if they don’t act on housing.

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Oracle

And how clear can it get Just me…..they aren’t going to do anything.

heck, they didn’t even repeal the loopholes in the FBT or the home buyers program.

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patriotz

“If they manage to introduce some decent oversee of the capital flows from China”

They don’t have the power to do it. What they can do is levy property tax surcharges on those not declaring appropriate local incomes.

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patriotz

It’s what I said before the election – the government is looking for a big boost in tax revenue from RE by cracking down on tax evasion, and I think they’ll do what it takes. They need the money.

Of course it will reduce demand from those who use RE for questionable goals.

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BubbleTea

Chinese buyers responsible for one-third of value of Vancouver home sales: National Bank
http://www.vancouversun.com/Business/11804486/story.html
Banned the foreign invasion of our country with dirty money and take back our country!

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Diadora

The NAR report followed the federal government’s budget announcement on Tuesday that it will give $500,000 to Statistics Canada this year find methods for tracking purchases by foreign buyers.

Must be a joke, .5 million to find methods to track hundreds of billion in foreign purchases.

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Combat roach

This is a drop in the bucket, almost nothing. Right???

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patriotz

This article is over a year old and was debunked on this forum when it came out. As noted in the article itself, the numbers are an extrapolation from NAR (!) data without using any actual local sales statistics.

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KickThemOut

Online P2P lending is suddenly a big topic among those Chinese pretend employees in our companies. Not sure how they work and such, but apparently you can make a lot of money investing in those and lend them out to buy RE. Seems a bit like Ponzi scam but it sure got a lot of them excited.

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Abdul Lahazi

This follows along with the get-rich-fast mentality that these people have.

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Shut It Down Already

And locals buying into an enormous speculative bubble close to its peak isn’t indicative of “get rich quick” mentality?

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Abdul Lahazi

Locals need a place to live; offshore Chineze speculators do not have that need.

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Shut It Down Already

Weak.

It’s possible to have a place to live without buying a place to live.

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Just me

You mean paying rent to Chinese absentee landlords? Yes, that is possible. In fact it has become prevalent on the west side. I don’t think it is a good thing.

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Shut It Down Already

As usual, you have no idea what you’re talking about and have nothing concrete on which to base your wild assertions. It’s just more xenophobic rantings.

Did all of you clowns get recruited from the same alt-right website?

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Just me

Elaborate. What is Xenophobic about being upset about paying rent to absentee landlord. Is it consequential whether such landlord is in China, Russia or Ontario?

I think the principle is all wrong: scarce resources like land should be sheltered from the speculative and money-laundering activities of far-away “investors”. You clearly have no idea what xenophobia really is.

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Shut It Down Already

You’re somehow implying that the majority of landlords are absent (by suggesting that’s the only alternative to buying), and you’ve already made it abundantly clear where you think the foreign owners originate. This is just more of your pointless derailment motivated by nothing more than an infantile desire to reply to every comment I post.

The fact remains that locals have a “get rich quick” mentality, as evidenced by their participation in (and mostly causation of) a speculative bubble.

I look forward to your next pathetic response.

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Oracle

NDP are going to take action “in a few years” and bring prices down to July 2017 levels.

What a bunch of morons. I’m more convinced they lose the next election in a landslide now. Who will come out and vote for them?

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best place on earth

election is just around the corner. rather waste $40 mil than years under the ndp/green marriage. .

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Dave

But what’s the trigger?

It’s possible that the Legislature is unworkable which will trigger an election, but I haven’t heard anybody make a compelling case for that. It sounds like the NDP is happy to make the speaker partisan.

I don’t think the Greens will dump the NDP until they get electoral reform. The NDP can use and abuse them until that time and if they’re smart, they’ll string them along and sabotage it.

I don’t think any NDP MLA’s are going to turn against their party.

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best place on earth

the ndgreen should not get too comfortable as the lib is watching like a hawk. no ndgreen mla is allowed to sneeze when it comes time to vote for a new bill.

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Oracle

Trigger is a scandal involving one or two of their rookie MLA’s.

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Dave

You suspect something is going to come up?

It usually takes a few years before people start dipping their hands in the cookie jar.

I think the NDP has some internal divisions and I think Horgan likely has a lot of internal enemies. Some of those people are probably deluded enough to try and push him aside thinking their group will take power.

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bullwhip29

Peeling back the onion layers in Richmond
https://www.theglobeandmail.com/news/british-columbia/the-mad-scientist-at-nine-dishes-and-cafe-1029-offers-an-eccentric-atmosphere-with-a-side-of-szechuanspecialties/article35776389/

“On a quiet side street beside Costco, there is a three-storey clad in pebbledash, red banners and assorted signage…”

“Last winter, about two years after the original Nine Dishes closed down without warning (the landlord apparently sold the building to a developer), Mr. Shen quietly opened in this new location….”

“And what about those empty offices upstairs? Was the restaurant a cover for an underground massage parlour?”

“As I later discovered, this is Café 1029, a Mainland Chinese crowdfunding club that costs $10,000 to join and has earned its own fair share of controversial notoriety. ”

“After ranting and raving about Vancouver’s real estate market – “It’s ruining the city and draining all the talent” – he excused himself, flipped on the TV and returned to the kitchen.”

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Hyper-mega-Bull

sinofication

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bullwhip29

Vancouver follows San Francisco’s lead to curb rent crisis
http://www.cbc.ca/news/canada/british-columbia/rental-crisis-vancouver-san-francisco-housing-shortage-evictions-us-canada-west-coast-1.4221225

>>> the powers that be running the show here are so full of themselves it isnt even funny. after decades of getting drunk on realtor spirits and bankster moonshine, they actually believe that they have firm grasp of the issue at hand. Vanc, with its only claim to fame being its housing bubble, is not a major world class metropolis like SF, LA, NY or London like they have been brainwashed to believe but rather a playground for money launderers, scam artists and various other entities looking to exploit countless loopholes . once you take this away, you are left with a rapidly deteriorating view of the mountains and oceans not something concrete and beneficial to society in general.

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Oracle

The immigration machine is way bigger than tech.

Rents are going to keep on rising. People don’t even want to talk about Foreign student numbers or the million 10 yr visitor visas issued in China last 2 years.

Then they won’t be able to do anything about it. Select few get rich though.

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Hyper-mega-Bull

tech and immigration are joined at the hip.

https://www.thestar.com/content/dam/thestar/business/2017/05/17/trudeau-attends-microsoft-summit-to-promote-canadian-tech-lure-foreign-investment/trudeau-microsoftjpg.jpg

tech industry relies on immigrant workers to make money. so vancouver is getting rich leisure class immigrants and well paid tech worker immigrants.

many of these well paid foreign tech workers are renting because even they are priced out now, and they are young and not ready to settle down or maybe don’t have permanent status ( i don’t know the details of how it works ).

so locals are getting it from both barrels.

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Owen

Yes, I think Vancouver takes its status entirely for granted. They could be building a globally important city, the city that Canada needs, but they have mostly chosen to take all the foreign capital and direct it towards boomers’ house values, land values and now subsidized apartments. People who actually work in downtown Vancouver have to commute from Maple Ridge. This dysfunction will harm the city long after the capital finds a new home or evaporates into thin air. In the short run, a housing crash would be devastating; in the long run, it might be the best thing that ever happened here.

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Dave

I think a lot of damage has been done in the last year or two and I don’t think the costs have fully sunk in yet.

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Just me

These graphs get prettier by the day.
http://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/
Buying RE in Vancouver right now is a losing proposition.

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Oracle

Yes, but upside is limited. The 5 year needs to more than double and then some to get to 2008 levels….and that 6 years into the boom.

Unless something is done to foreign money inflows, higher mortgage rates only hurt locals at the expense of the money launderers.

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best place on earth

yes, and the same said 10 years ago!

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Best place on meth

Foreign buyers drop off as Seattle housing market hits hottest tempo since 2006 bubble

http://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

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Doomcouver

The fact that foreign buyers are allowed to buy real estate here in the first place is abhorrent. If you’re not at least a landed immigrant then you should be forced to rent. The only reason they’re allowed to is because realtors, developers, and bankers want the foreign cash to flow here into whatever foreigners want. Just keep the money flowing and they’re happy.

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Just me

You forgot homeowners who cash in. Many of them have no income or wealth apart from their homes.

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Owen

Yes! Foreign money could be used productively, Canadian voters just happen to prefer a housing bubble.

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Shut It Down Already

What about all the Canadian money being used to pay interest on expensive houses? How productive is that?

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Oracle

They very rich now. Many have a leisure lifestyle now. Take a few days off work and cruise around Vancouver.

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Just me

Real estate agents (like SIDA) try to spin recent developments in a positive way. However, data speak for themselves. Have a look at Zolo and decide whether this is bullish like SIDA claims:

https://www.zolo.ca/vancouver-real-estate/trends

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Shut It Down Already

I never said it was bullish. You really are quite clueless.

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Just me

Spin as much as you want.
Is business brisk? Selling those SFH?

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Shut It Down Already

I’ll just have to assume that English isn’t your first language, as I’ve really lost count of the number of times I’ve said that I’m not a real estate agent.

As it happens Zolo was still showing that some Detached property types (and almost all other types) had YOY gains until yesterday despite the overall average being down 10%. Then it rolled over to the next reporting period, and now all Detached are in the red. But I never said I was bullish, just that Zolo shows a mixed picture – which it does, due to the change in sales mix. As I said – you’re clueless.

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Just me

Blah blah blah.
Guys, just go and see for yourselves.

If not realtor, mortgage broker?

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Shut It Down Already

I have no direct or indirect involvement or financial interest in the RE industry, aside from my stock portfolio which of course has exposure to the financial sector and REITs for reasons of diversification. Hopefully you find that satisfactory, Your Highness.

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Best place on meth

He’s many vile, disgusting, horrible things but realtor isn’t one of them.

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MarKoz

A lot depends on which segment you are looking at. The condo market is screaming hot.

http://vancitycondoguide.com/nearly-60-of-vancouver-condos-sold-over-asking-price-in-june/

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Just me

Yes. 800sqft condos go like hot cakes. Who cares/

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best place on earth

no one cares. except, the rent cheques will be getting bigger!

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YVR

Everyone knows by now the NDP dud of a housing minister with her “new file” and “ten year plan” is not going to get anything done on housing. Not all hope is dead. The NPD will kill housing the traditional NDP way. Kill the economy and chase business away.

Pacific Northwest LNG project will not proceed

Malaysian national energy giant Petronas and its partners scrapped the Pacific NorthWest LNG megaproject Tuesday, ending months of anticipation on the fate of what would have been one of Canada’s largest private infrastructure investments.

http://www.bnn.ca/pacific-northwest-lng-project-will-not-proceed-petronas-1.813258

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Just me

This thing was dead 6 months ago already. When Christy was in power she tried her best, she failed.

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Dave

The price of LNG is definitely a factor, but the political situation in BC is as well. And it’s not just the new government, it’s perpetual.

It takes years, if not a decade to get a project approved. There is a lot of blame to go around including the NDP/Green movement, the judiciary and the uncertain situation with First Nations. But what really sinks projects are when governments abuse the court system to shut down legally approved projects (e.g. Kinder Morgan). There is no certainty here.

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Just me

Investing in new LNG faculties in 2017 is a losing proposition. In BC and elsewhere.
If Krusty really cared about creating well paying jobs she would (i) give tax breaks to technology and high skill industries; (ii) do her best to make Vancouver desirable and affordable for workers in those sectors.

She was in cahoot with the resource sector and the RE industry. Old economy.

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Shut It Down Already

It sounds like you’re unaware of the generous tax credits given to the games and film industries.

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Just me

Those are not the jobs that will generate the real beef.

Computer applications and engineering,biotech, high end consulting….that is what we should be doing.

Not selling land to each other’s and to foreigners.

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bullwhip29

dont think this project was ever going to be economic. krusty and petronas mgmt sat on this PR until Horgan took over and singled out today of all days to sucker punch him.

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franko

The price of LNG does not seem to be much of a factor in the US. As Norman Levine explained on BNN Market Call today, projects are moving along quite smoothly there, and they will be quite happy to snap up opportunities that we can’t come to grips with.
He feels the Green coalition has pretty much killed any hope for other LNG projects.

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Dave

That’s the correct answer of course.

The only news I listen to is business news. It cuts through bullshit and spin better than anything else. They also only cover things that actually matter too.

The World is still building ports for natural gas. The reason BC isn’t going to do well is you can’t get anything approved here. It’s not worth the trouble. What changed isn’t natural gas prices, it’s that we’re now able to extract natural gas at economical prices in other parts of North America. We don’t have a monopoly on supply.

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patriotz

” governments abuse the court system to shut down legally approved projects (e.g. Kinder Morgan)”

Eby has just said the BC government will not do this.


B.C.’s new attorney general says province won’t delay Trans Mountain permits

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Dave

Horgan has said otherwise. I’ll believe it’s policy when he confirms what Eby said.

Regardless of their actual policy, the NDP have sent a terrible message to the resource sector and business community, which is that there is no legal certainty in BC.

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bullwhip29

i’m not entirely sure this was ever destined to get off the ground. imho this was more about optics, election promises and BS to put it bluntly. now that a new govt has been sworn in I find it pretty amusing the failure of Krusty’s pet project is now being blamed on the NDP and that the announcement from Petronas just happened to coincide with Horgan’s meeting with the PM today when it could very well have been announced at any time during the past year. (ie. before the election)

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Best place on meth

Of course BC LNG was dead a long time ago, the economics made ZERO sense.

Krusty was conning us the whole time.

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YVR

They are building new LNG in the US. Same price for LNG. We are in a better location to ship to Asia. This is all NDP. The largest infrastructure investment in Canadian history gone 1 week into the NDP being sworn in. What a disgrace. Those are high paid union jobs just flushed away. Add this to the renege on housing and this pretty much guarantees a Liberal majority next election.

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Just me

Building on projects approved years ago.

Blaming the NDP for Clark’s failure is ironic, to say the least.

BC limbs were in power 16 years. You are in denial.

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Best place on meth

“They are building new LNG in the US”

Are any of them on the west coast?

Because if not, guess where that LNG is being shipped to?

#notasia

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patriotz

“Are any of them on the west coast?”

Nope.

https://www.ferc.gov/industries/gas/indus-act/lng/lng-approved.pdf

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YVR

LNG plants go where governemnts are accomodative to them and where there is abundant natural gas. The US West Coast does not have either of those. BC did have both and now the accomodative governemnt is gone. The fact we have the best access to Asia, the largest energy market, is a bonus. The NDP blew it as they always do.

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Oracle

Are you that stupid?

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patriotz

Taib said the formation of a new B.C. NDP government — which previously opposed putting the plant on Lelu Island, located near important juvenile salmon-rearing habitat of significance to First Nations — wasn’t a factor in the decision.

He said Petronas looked forward to working with Premier John Horgan and would continue to look at other options to develop natural gas assets in Canada.

“We continue to believe that LNG can thrive in British Columbia with the right project at the right time,” Taib said.

Maybe he’s just saying that to be nice, but that’s what he said. IMHO this project has been dead for some time, and Petronas held off the announcement so as not to damage the re-election prospects of the BC Liberals, who they have contributed to.

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YVR

He wasn’t saying it to be nice he was saying it because they still have NG interest in BC and it would be stupid to insult the governemnt in power. Kind of like telling your boss when you quit you really liked working for him/her and you are leaving for other reasons.

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paulb

2 days:

New
612
Price Change
135
Sold
284
TI:9998

http://www.clivestevepaul.com

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Diadora

Happy 10000 tomorrow.

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history

come on in, the water is …. acidic

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history

https://www.canadianmortgagetrends.com/2017/07/wealthone-bank-canada/

McListers latest contribution to the website he resigned.

Calling all balance sheet people, hello, hello

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oncebittwiceshy

……. or perhaps more appropriately,

Ben Bernanke: (February 15, 2006) “Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”

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Screwed

Are you implying that the crash is imminent?

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Combat roach

As long as Chinese factor is off the table.

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oncebittwiceshy

Frankly, I don’t think this market will survive 6 months past the introduction of the new OSFI qualification rules.

The amount of non insured mortgages practically doubled after they brought in their previous qualification rules and not because everyone all of a sudden came into money, either.

That 20% line was crossed with subprime loans as well as mommy and daddy trying to ensure that their kids could qualify for financial perdition.

This one will be the nail in the coffin.

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YVR

One thing to add on the new OSFI rules coming that will be the nail. The number thrown around for qualifying is 2% above the posted rate. In fact it is MINIMUM 2% above the posted rate and may be higher than 2% for more at risk markets. Not sure if Vancouver was who they are targeting for at risk. Could be St John’s or Quebec City because Vancouver is different.

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Owen

I’m only skeptical because I strongly doubt Finance would deliberately engineer a crash in the housing market. That being said, these things do tend to happen very slowly and then all at once, so who knows.

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oncebittwiceshy

Perhaps, we should look at much smarter people than we are to give us some direction regarding the housing market.

Ben Bernanke: (May 17, 2007) “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable.”

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Sebastien

Zolo and myrealitycheck are showing a decline in prices…

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Time to go

Reality is all over the place however. Was watching a newer townhome in New West and it sold before first open house and over asking for 775K. Also saw an older 2 bed condo in kits reduce it’s ask by 70k. So there really is no sense to what’s happening out there. Or at least I can’t make any general statements about it.

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Kim

Higher end stuff is just sitting. Sellers don’t wanna reduce because they think their place is worth whatever they are asking. Fact is, right now, money from china has stopped. The only ones who can buy are people moving up but it gets progressively harder to move up past 1.5-2m, especially with rising rates, this is a financial risk I would not take.

I am also seeing developers, after getting permits and approvals to redevelop, selling and in some cases slashing asking prices. Spooked? Lack of fianancing from the banks?

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bullwhip29

i was told by my sister in law the underwriter that cibc and other banks closed the door on some more programs specific to self employed applicants NOT requiring income verification last friday. these weren’t as bad as US style ninja loans, but many took advantage of the super slack requirements as bank employees coached their clients on how to “package” the information so that no red flags went off allowing applicant (often with fake job not needing verification) to qualify for way larger mortgages they wouldnt normally be approved for through more conventional channels.

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history

i dont want to sound like a mysogonist, (i spell it wrong cause it’s a word i use infrequently… But in Canada, it’s my ~ feeling~ that a class has arisen called ‘Entitled Female’ which drives the West Coast RE shitstorm …

…. most than people realize.

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Yikes

Yup overheard a realtor saying the same thing today… at Subway

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history

Macphail applying gender parity to ICBC employment roles, is like a 1% interest rate hike.

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Yikes

With the Feds putting a end to Ccpc corps in the next year that too will sour the 1% ers bank balances

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history

the most significant thing that will sour the wealth of the 1% population, is if they lose their ability to leverage you, the worker.

Want to free yourself from the 1%? Dont go into debt, or get out of debt asap.

you are your own banker, your own union, and your own media. You are fully responsible and capable of housing youreelf without a loan or your Mother.

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Shut It Down Already

Zolo is showing a mixed picture. YOY average is down 10% but when you check the breakdown by property type almost all of them are up – some by a significant amount. I tend to ignore the 2 bed detached and 1 bed townhouses, as those numbers are quite noisy.

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Hyper-mega-Bull

when a sale is registered tax has to be paid. before it was the transfer tax, now it’s the foreign buyer’s tax.

know any ppl that like to evade taxes?

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Owen

No, every Canadian I know is a patriot who just wants to serve their country.

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Hyper-mega-Bull

white canadians don’t pay their taxes because their patriots. they pay their taxes because they don’t the cultural features that allow them to get away with evading taxes.

– strong kinship ties
– loyalty to family above all else. then larger clan group. then ethnic group. etc. state is way down the list especially if you are living in a “foreign” land
– strong in/out group belief. don’t trust or mix with outsiders.
– shame society: acting against the rules isn’t bad, getting caught and bringing yourself and family is what’s bad. versus canadian guilt society: it doesn’t matter what other people think as long as you know you did the right thing.

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Owen

You’re probably partly right. OTOH, if white people had a little shame they could have avoided electing Trump; technically legal but objectively despicable.

I’ll admit I’m worried about social cohesion. If it was up to me I’d remove subsidies from private schools that are in any way exclusive: express, implied, or in practice. Canada 150 celebrations are also a stark reminder of our lack of a common nationality. While I’m not against dual citizenship or immigration, I do also think we need to adjust government policies to avoid being taken advantage of; for once there should be a national discussion of the obligations of being Canadian and not just the entitlements.

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