We’re super-addicted to real estate fees

This is just kind of sad if it’s true, an analyst says that the associated fees for buying and selling real estate (commissions, taxes, legal costs and fees) make up a stunning 1.9% of GDP.

That’s more than agriculture, fishing, forestry and hunting combined.

Doyle points out that the U.S. was relying big time on home ownership transfer fees in 2005, when its real estate market peaked. But even then, those fees made up only about 1.5 per cent of U.S. GDP. Now, years after the U.S. housing market crash, transfer fees make up less than one per cent.

In Canada, upcoming data will likely show those fees have already started to fall, as the number of home sales across the country fell in June by the most in seven years.

Doyle says Canada’s increased reliance on real estate fees can be blamed on years of ultra-low interest rates, worsened during the oil price slump when the Bank of Canada cut rates even further.

“I think they felt that the lesser of two evils in that situation was to cut interest rates,” Doyle said.

But that fix has helped put Canada in another tricky situation, where the economy relies to an unusual extent on home transactions. That could have particularly negative consequences as the central bank begins to raise rates again.

“The drag on the economy that’s going to flow from [higher rates], I think, will prove to be much more severe than it’s been in the past,” Doyle said.

Read the full article here.

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patriotz
Member

Keep in mind the 1.9% figure is just for turnover. That’s how much of the economy buying and selling alone represents – not building, or maintenance, or spending money borrowed against RE.

Canada’s cooling experiment

Of course RE has been one of the most actively regulated sectors since CMHC was created at the end of WWII. But most commentators only recognize regulation when the goal is to limit prices.

” proposals that have cumulatively turned residential real estate into one of the most actively regulated sectors in the economy.”

bullwhip29
Guest
bullwhip29

the 1.9% figure barely scratches the surface. even a sustained timeout for RE price escalation that we’ve become to accustomed to would result in a reverse wealth effect as highly leveraged consumers grow more and more cautious as reality sets in. if a moderate to severe housing correction were to unfold the knock on effect would be devastating for the Cdn economy

bullwhip29
Guest
bullwhip29

15% of secondary rental suites in Canada are illegal according to Square One Insurance
http://news.morningstar.com/all/canada-news-wire/20170802C2783/square-one-finds-that-15-of-secondary-rental-suites-in-canada-are-illegal.aspx

>>> should the noose finally tighten on highly indebted homeowners/landlords, I wonder if we’ll see a spike in insurance fraud and a corresponding push back from insurance co’s who will cite “improper coverage” as an excuse to deny these claims?

squeak
Member
squeak

I do not doubt this. If people are willing to get into debt way over their heads, which by my standards is not ethical, I have no doubt they will do whatever it takes, legal or not, to keep their ship floating, including fraud of whatever kind of their “liking”.

The moral fabric in Canada has weakened.

Just me
Guest
Just me

Just heard Selina Robinson on the radio. She said speculation is not the main reason for high house prices and they have no immediate plans to introduce speculation tax as promised.
More generally, there was a lot of noise about housing for homeless and social housing. But no real mention of the wider issue of housing prices for ther general population and of the non-resident investors moving money from abroad.
Is this going to be the biggest about face of recent times? If the NDP ignores housing they will be wiped out at the next round of elections.

history
Guest
history

naw, the best card Dippers can play is to implement gender parity in the Govt service corps. They would gain seats in the interior.

Housing they have to tap dance around. Thats why Selena.

They could also do more for gender neutral types, as the demographics support this, This cohort is humongous. Anyone who has a spade or neutered mutt knows what i mean. ie, Debt pigs living of their Line of Credit, with a fixed pet in the house… go to the front of the line!

BubbleTea
Guest

John Horgan better step in if the NDP wants to stay in power or win another election.

YVR
Guest
YVR

LOL. Win another election? They never won the last one and the next one they will be down to 2 to 3 seats. The Greens are quietly laughing as the NPD self destruct.

YVR
Guest
YVR

“Is this going to be the biggest about face in recent times?”

Yes. At least in the last 16 years since the NDP was in power last. The. NDP are liars plain and simple. You may not agree with the Liberal policy but at least they tell you what they are going to do then try to do it All I can say is I told you so.

Burnaby Bear
Guest
Burnaby Bear

Absolutely – like when Campbell said no HST. Or when Christy said there would be 4 LNG plants by 2020. Or that BC Rail was not for sale. And I guess you agree with their paying the legal fees for Basi and Virk.

I’m not sure which is more disturbing, your intense hatred for the NDP before they even took power, or your blind worship of the BC Liberals.

Both are political parties which by definition will do almost anything to get power and to maintain it.

patriotz
Member

“You may not agree with the Liberal policy but at least they tell you what they are going to do then try to do”

I guess you didn’t hear their Hail Mary throne speech, which mostly contained what the NDP had promised, not the Liberals.

Bear Vancouverite
Member
Bear Vancouverite

Very disturbing.

Do you have a quote of what she said, or can you tell us what station she was on so we can see if we can find it?

Hyper-mega-Bull
Member
Hyper-mega-Bull
Abdul Lahazi
Guest
Abdul Lahazi

This is kind of funny though because if it’s only the Chineze (most likely) that are doing the dumping then why any need for a sign in English?

history
Guest
history

perhaps it’s a flanking move? Draw the attention to Core Loophole, before pulling a NapoLEOn. You’re weakened by thinking Richmond is becomig more civilized, then WHACK, l ocust army moves enmass into new territory

Shut It Down Already
Guest
Shut It Down Already

Because you’d bitch and moan like a Nazi if it wasn’t in English?

Best place on meth
Member
Best place on meth

“The signs will be reposted sometime next week,” said Canadian Tire Communications Advisor Ceilidh McMeekin, by email, offering no explanation as to why the signs only targeted Chinese-speaking people.”

No explanation is needed, sir!

We know why.

franko
Member
Active Member
franko

Selina Robinson: “BC foreign buyers’ tax and first time buyers loan are under REVIEW”
Hello! Whatever happened to all their criticism of the first and their outrage over the second, along with all their grand ideas and promises that they were chomping at the bit to implement during the election campaign?

But fear not, Moonbeam and Bambi are on the case.
God help us.

YVR
Guest
YVR

The foreign buyer tax will be recinded and the first time buyers loan will be expanded. This is the NDP. They always do the oposite of the right thing.

Abdul Lahazi
Guest
Abdul Lahazi

The ONLY reason I voted NDP was because of their housing and real estate platform promises to target speculators, flippers, and other such miscreants. If they back peddle on these issues I won’t be voting for them next time and I suspect a lot of other voters will dump them as well.

Time to go
Guest
Time to go

I second this. And so do a lot of my peers.

Just me
Guest
Just me

Ditto. I frankly do not care for half of their program. I voted them because they seemed to be more serious and determined in tackling foreign money flows and high house prices.
If they show signs of backtracking, I will vote for someone else in the next round. Hopefully, some politicians will see an opportunity in the discontent of many voters and offer a serious platform with curbs to foreign RE investment.

Oracle
Guest
Oracle

How much more info do you need that if ‘you see signs of backtracking’? LMAO

They just said they are going to ‘study’ the situation. LMAO

That means nada.

Those affiliated with the NDP are buying buying buying. No joke.

history
Guest
history

Warren Buffet has a message for you, from his urban Toronto CMG loft, looking down the strip all the way out to the airport…… Bend Over

1% will decide on fixed land housing.

would-be buyer
Guest
would-be buyer

I second that. How disingenuous of NDP not to realize that they won on housing. I voted against my interest in my vote for the NDP. The ONLY reason I voted NDP was to stop this nonsense in our housing market. If they don’t take serious steps to tackle this issue I will vote liberals back in.

CBM999
Guest
CBM999

Me as well. It’s against my interest to have the NDP in power but I voted for them based on taking on this issue.

Doomcouver
Guest
Doomcouver

I 100% agree on this point. I think the Liberal’s luke-warm response to the housing crisis is the main reason why they lost power. If the NDP don’t deliver on some of the housing market reforms they repeatedly promised I won’t be voting for them (or the Liberals) next election. Considering I don’t like the Green’s either I guess I might not vote? We’ll see how it goes…

If they try to fix everything with a primarily supply-side solution it won’t help affordability, and quite frankly they’re no better than the Liberals.

YVR
Guest
YVR

If they try to fix with a supply side solution it will make things worse. More demand for land, construction and permitting resources. The government will be competing with the private sector. The first housing unit built by the government will be 5 years out and it will go to s

YVR
Guest
YVR

…the new gov housing will go to low income, drug addicts, refugees, etc. Regular working people will get nothing but higher prices. Land owners, construction companies and union workers will get rich. Tax payers will pick up the tab.

Doomcouver
Guest
Doomcouver

We’re in agreement on that. We need a predominantly demand-side solution to fix the problem. If the NDP try to fix affordability without forcing prices down they will fail miserably.

YVR
Guest
YVR

You got sucked in. Just remember the NDP will never change.

Just me
Guest
Just me

A simple rezoning policy on the Westside would go a long way towards reducing price per sq foot.
The Provincial and City government have to show some balls and take on the NIMBYs who keep vetoing denser construction on the west side of Vancouver.

Building good (concrete) apartment units should not be relegated to main arteries.

My main fear is that the NDP will refocus the whole discussion on social housing alone. That is not the key problem any more! We live in a city where doctors and lawyers struggle to buy anything decent.

Whistler or Bust?
Guest
Whistler or Bust?

Yep!

Burnaby Bear
Guest
Burnaby Bear

I had an NDP sign on my lawn. I will be contacting the MLA who won in my riding to explicitly tell her they will lose my vote next go around if they back off on the housing issues.

Oracle
Guest
Oracle

There you have it. So much for the NDP to do anything about housing. They are lining up heir buddies to develop the ‘114,000’ housing units. But number will never be that high.

Some relatives of these MLA’s buying like crazy in the valley.

A recall of an MLA could do wonders here. Who? And let’s get this baby organized.

history
Guest
history

link?

oracle
Guest
oracle

Are you that stupid you want a ‘link’? This is not a dumb reddit blog!

history
Guest
history

stinky Lemurian, fix your plumbing and clean your house

Shut It Down Already
Guest
Shut It Down Already

No, it’s much worse.

Best place on meth
Member
Best place on meth

Asking Oracle for a link is like asking Justin to stop saying “uhh”.

Oracle
Guest
Oracle

Target and take down an MLA with a Recall Campaign.

Someone needs to start the process.

CBM999
Guest
CBM999

MLAs cannot be recalled until at least 18 months following a general election unfortunately.

Best place on meth
Member
Best place on meth

That a relief, because the people here can’t even wait 10 minutes for everything to get fixed.

YVR
Guest
YVR

There is a difference between things getting fixed and the government taking some action or even stating they intend to take action on election promises. Making a statement other than we are studding it and we just got the file is a joke. Case in point Trump. He has not backed off on at least trying to get his election promises through. The NDP clearly have no intention of doing any of what they said.

franko
Member
Active Member
franko

Housing???
They’re far too busy looking to cancel any real revenue producing projects to keep their green buddies on side.

The housing market will get hammered alright, but that will happen because of higher rates and a ruined economy under the NDP.

oracle
Guest
oracle

i disagree.

With at least 60,000 people moving to metro Vancouver each year ( permanent migrants, Supervisa holders, 10 yr visa holders and foreign students), i think nothing can be done if government won’t do anything.

In 3 years time, thats almost 200,000 people. no wonder prices for detached in valley are quickly rising to a million bucks.

southseacompany
Member
southseacompany
Abdul Lahazi
Guest
Abdul Lahazi

Thousands of this is Albertans moving here for construction jobs.

Shut It Down Already
Guest
Shut It Down Already

Which means fewer foreigners then?

Shut It Down Already
Guest
Shut It Down Already

You get no credit for proving Oracle wrong using facts. I mean, it’s pretty easy. Next step is that he declares all statistics “fake” and, optionally, calls you “naive”.

oncebittwiceshy
Guest
oncebittwiceshy

Well, I found someone that agrees with you, Oracle.

https://en.wikipedia.org/wiki/United_States_housing_bubble

“Among other statements, the reports stated that people “should [not] be concerned that home prices are rising faster than family income”, that “there is virtually no risk of a national housing price bubble based on the fundamental demand for housing and predictable economic factors”, and that “a general slowing in the rate of price growth can be expected, but in many areas inventory shortages will persist and home prices are likely to continue to rise above historic norms”.”

Just me
Guest
Just me

I don’t want to be pessimistic about the NDP policies on housing.
But one clearly worrying sign is that they do not appear in any hurry to introduce stricter legislation to disincentivize foreign buyers (as well as local speculators).

Many people voted for them with housing policies in mind: they cannot be so stupid to ignore them, right?
By the way, where is Eby in all this? Has he become a big shot now, and he does not care about the little housing problem?

history
Guest
history

all those years critisizing housing and he realized law and lawyers are the best way to challenge global house finance debt fiasco. im a brilliant star man, cant go too deep, but theres a reason he’s AG and why the header post attacks the holy grail of lawyerdom, The Precious Invoice.

Oracle
Guest
Oracle

Condos at record prices now. $880,000 in vancouver and rents also at record levels. And rising.

Gonna have a huge underclass here in vancouver that will resign to the new lifestyle.

Just like in cities in Asia. The haves with real estate and those without.

YVR
Guest
YVR

“Where is Eby?”

He is laughing at those of you who voted NDP. At least you are starting to figure out you where lied to.

Just me
Guest
Just me

This round, the alternative would have been even more pro-housing. Christy Clark plainly said on TV she would fight to preserve the “hard-won” equity of homeowners. So, I don’t regret my choice. It might trigger a rethink among BC Libs. They needed a big shakeup anyway.

Oracle
Guest
Oracle

More pro housing? Eby did a 180 that moron.

YVR
Guest
YVR

Lets see how you feel once the NDP rescind the foreign buyers tax and raise your taxes to pay for social housing you will never get into.

Shut It Down Already
Guest
Shut It Down Already

Eby has a public office. Why not make an appointment?

Just me
Guest
Just me

Surely a few people will go and complain with him if he does an about face. But it is important that the issues are discussed also in public forums like this one.

southseacompany
Member
southseacompany

“Vancouver home sales drop in July, prices continue to rise”, Reuters

http://www.reuters.com/article/canada-housing-vancouver-idUSL1N1KO1O1

“Sales fell 8.2 percent last month from July 2016, the Real Estate Board of Greater Vancouver said in a report on Wednesday. Compared with the month before, sales were down 24 percent. Sales were slightly higher than the July average over the past 10 years.”

Oracle
Guest
Oracle

And?

Condo prices in Vancouver $880,000 now.

Bears debating all these years probably have prices themselves out of even condos.

Watch rents outpace incomes. Unless you cram into condos like foreigners will, expect to be priced out from rentals within 5 years.

If NDP is gonna take half ass measures, only solution is to turn anti-immigrant.

Otherwise good luck living in an underclass and your kids will thank you for it.

Doomcouver
Guest
Doomcouver

Oracle, you’re just butthurt that rents are based off actual incomes. Rental yield, and rent prices will be relatively low in Vancouver until the purchase price to income ratio becomes less unbalanced. You and the other moron real estate pumpers are just bitter that your “investments” are cash flowing about as well as a crummy savings account at a major bank. Renters can always leave the province, while you’re stuck with a massively overpriced, shoddily constructed liability in an economically 2nd tier city. Troll harder you simpleton.

Oracle
Guest
Oracle

Renters can always leave??? lol

careers? etc?

Doomcouver
Guest
Doomcouver

Vancouver isn’t the center of the universe there are better jobs elsewhere. Our wages are very poor compared to other cities in Canada. If the oil patch picks back up again you’ll see a tsunami of young labor moving to the prairies again.

Oracle
Guest
Oracle

Sales mean shit. Why are they even posted?

Bear Vancouverite
Member
Bear Vancouverite

So now stats are useless, but your sources will give you the inside scoop, and you’ll tell us the word out on the street is that 60,000 foreigners with minimum wages will push rents up towards the roof, right?

Shut It Down Already
Guest
Shut It Down Already

His sources are nothing special, he just wants to pretend that he has insider knowledge. He likes to pretend a lot of other things, too.

Oracle
Guest
Oracle

Watch your rents increase. I don’t really care as long as i have a roof over my head.

stagnate
Guest
stagnate

the ndp will not be enthusiastic about anything that decreases cash flow in. there are election promises and union paybacks on the table. not enough people understand or care about what Eby was saying prior to the election for it to be an ndp concern.

Oracle
Guest
Oracle

Too bad for them. Means next election voters will migrate to Greens and hand Liberals a majority.

Get set for a ‘me me me’ Vancouver. To hell with the widowed seniors, the poor, and the like. Pay to play for everything. Just like Asia.

Take what you can.

Doomcouver
Guest
Doomcouver

If they’re smart the NDP will care about keeping as many of the housing promises they made during the election as they can. Otherwise I can’t see them being able to maintain power. The Greens had even more draconian anti-speculation curbs in their platform, so the NDP will be getting pressure from the voters and the Greens to do something substantive.

Losing the support of the Greens could lead to another non-confidence vote, and then we’re headed back to the polls. Most people, myself included, don’t give a rat’s ass about anything else in the NDP platform other than curbing our out of control property market. The lack of a better option, and rhetoric from David Eby is pretty much the only reason I voted NDP.

Abdul Lahazi
Guest
Abdul Lahazi
YVR
Guest
YVR

The whole NDP affordable housing thing was down the drain once Selena was given the job of housing minister. Horgan put in the no name to take the fall. No one else would have taken the job knowing the NDP was going to renege on EVERY productive housing initiative they promissed. At least we have the incompetent NDP economic plan which may have the same effect and kill housing anyway. Man I would sure would feel foolish if I voted NDP. Maybe people around here are too young to remember what scammers the NDP are. I bet you never forget and get sucked in again.

Just me
Guest
Just me

Why would you feel foolish voting NDP? The BC Libs would have been even more pro-housing lobby. This will trigger at least a renegotiation between factions in that party.
Plus, we are not done yet with the NDP: they will realize that they were put there to take action on housing. And I don’t mean social housing only!

Oracle
Guest
Oracle

Don’t be a fool.

Do some research on who MLA’s immediate family is.

Combat roach
Guest
Combat roach

Election was choice between two evils where some voters naturally became tired of the current one, which over many years while in power morphed into ugly monster.

Shut It Down Already
Guest
Shut It Down Already

YVR, shhhhhhh, she’s only just been given the file that explains what platform the party campaigned on.

Just me
Guest
Just me

What worries me most about Selina Robinson is that she is an homeowner (twice over). And homeowners in this city seems oblisvious to the issue of housing: in fact, they secretly all think that prices should NOT adjust down. When I saw her appointment, my heart dropped. It is a sign the will to impact this market significantly might not be there.

Oracle
Guest
Oracle

No offence Just me but you are sick a sheep. Harry Mains MLA brother builds houses for a living.

Many there’s too.

Snap out of it.

Oracle
Guest
Oracle

YVR. You are correct.

But it would be better if the NDP just said they weren’t going to do anything.

Better for people to make decisions.

Now, NDP are far worse than Liberals. If Libes won, I would have bought right away.

Oracle
Guest
Oracle

Don’t get me wrong. I’m. Or priced out. Putting half million down just upsets me.

Fuck the NDP

Oracle
Guest
Oracle

Not*

Shut It Down Already
Guest
Shut It Down Already

Haha, now you want us to believe that you’re waiting for the right time to by despite ranting here all day about prices going to the moon? And people say I’m the realtor.

Clown.

Oracle
Guest
Oracle

Go situate yourself on one of those artificial islands in the south China sea so Trump can blow you up.

paulb
Member
Trusted Member

New
189
Price Change
61
Sold
144
TI:9742

http://www.clivestevepaul.com

Oracle
Guest
Oracle

Inventory going down on NDP sitting on their behinds doing nada.

Best place on meth
Member
Best place on meth

Actually it went down due to month end expired listings.

Almost everyone here knows this.

Owen
Member
Owen

Wow, that 10,000 party didn’t last long at all.

franko
Member
Active Member
franko

Has anyone even heard of Selina Robinson before her appointment?
Maybe Horgan thought he was getting Svend.

franko
Member
Active Member
franko

Laugh about it shout about it, when you’ve got to choose, every way you look at it you lose.

CBM999
Guest
CBM999

It was an Employment Equity appointment to ensure that his cabinet was 50% women. She isn’t very qualified compared to other candidates, but that’s how the left wing works.

Oracle
Guest
Oracle

No such thing as left wing right wing. Only you moron sheep believe in such concepts.

kabloona
Member
kabloona

Christy Clark says the housing problem was not her fault…it was because of the Mayors….

🙂

http://www.peninsulanewsreview.com/news/video-i-am-done-with-public-life-says-christy-clark/

“…Clark also addressed what some critics have seen as her party’s failure in Metro Vancouver. The Liberals lost seats throughout Surrey in May, as the NDP campaigned hard on rental affordability, nixing bridge tolls and reconsidering the Massey Bridge.
“There are only two things that the government can do to affect housing affordability in the Lower Mainland,” Clark said. “One is to get the mayors to build more houses. The second is to slow the economy down so that people stop coming to the Lower Mainland and buying houses.”

😉

Just me
Guest
Just me

So says the woman who chose to sell the city to Chinese money. The economy of Vancouver is apparently so good that we have prices higher than LA, Seattle and so on.

BS all the way. Liars will lie.

Owen
Member
Owen

She’s over-stating her case but she’s not really wrong either. I mean, she’s ignoring her own Foreign Buyer Tax and the better proposal for a property surtax with income tax credited against it, but really prices are high mostly because permitting is constrained by zoning and process, and affordable building is basically illegal. Right now I’m not sure the construction industry can build any faster, but if they would have been allowed to ramp up supply years ago, we would not be in this quagmire.

Just me
Guest
Just me

Zoning issues exist also in Seattle. Their economy is an order of magnitude better than ours. House prices are half what we have here. How is Christy Clark right? In which fantasy world?
The benchmark just passed 1 million dollars. What economy is she on about?

Owen
Member
Owen

Seattle’s a natural comparison because of proximity but maybe not the most apt. Is their zoning really as restrictive as Vancouver? Have they had the same population/household formation pressures? One obvious difference is that the oil bust had a much larger effect on Canada as a whole than the US, and the US had a huge housing bubble in ’08; Seattle may yet be on its way to the same place as Vancouver.

Oracle
Guest
Oracle

Supply? LOL

patriotz
Member

Christy is dead wrong, more that that she knows it. The provincial government has the power to take RE prices down as much as it wants. Here’s a real life example. The reason governments don’t take truly effective measures is that they’re afraid they might work.

Ontario tried a speculation tax on property, and the market ‘collapsed overnight’

Abdul Lahazi
Guest
Abdul Lahazi

“I was 27 years old and I owned 53 houses the day (speculation tax) came in.”

And he still doesn’t understand why this tax was brought in? Newsflash: It was because of 27 year old’s speculatively owning 53 houses…

Best place on meth
Member
Best place on meth

“only two things that the government can do to affect housing affordability”

Holy fuck.

There are only two things she could possibly be, a moron or a liar.

Doomcouver
Guest
Doomcouver

Clark is either disingenuous or stupid, maybe both. There are a ton of ways to curb runaway house price growth. A punitive anti-speculation tax would be a good start. I guess her finance minister told her that would negatively affect his 7 houses he has as investments.

Oracle
Guest
Oracle

Went by he tent city in north Surrey. People begging. Told them to steal if it meant putting food in themselves.

Stupid not too.

off topic
Guest

You should have bought 15 minutes of fun from a white girl for a case of beer.

history
Guest
history

the tent cities on Vcr Isl are mostly inhabited by Native people. I visited one a few monts ago. At the end of the day, the whole scheme was an exercise in employing lawyers, and padding lawyer invoices.

Just me
Guest
Just me
Just me
Guest
Just me
I loved this in the comment section: for what it’s worth, Hong Kong has had a foreign buyer’s tax at 15% for decades and they increased it to 30% a couple months before ours was imposed. Like here it’s primarily aimed at Mainland Chinese buyers and the provincial government would do well to look at what HK does to avoid tax evasion by use of presale contracts, proxy buyers and other tax avoidance schemes. Governments impose taxes for 3 reasons (1) to raise $, (2) to punish behaviour deemed anti-social and (3) to encourage investment in areas where new investment is desired. While being thoroughly capitalistic I do think residential real estate is not just any old good – and government policy needs to be oriented towards promoting homes for people to live in and punishing owners who buy for… Read more »
Oracle
Guest
Oracle

NDP is a bunch of assholes. Write to them and tell them to fuck off after supporting them.

Best place on meth
Member
Best place on meth

Mixed results because the tax was working so well that Krusty had to quickly implement exemptions followed by a new welfare for first time buyers program.

Shut It Down Already
Guest
Shut It Down Already

Those crazy Norwegians, eh?

https://www.theguardian.com/world/2017/aug/02/bus-seats-mistaken-burqas-anti-immigrant-group-norwegian

This is a great example of people only seeing what they want to see. You know, like the morons here who go into a fit every time they see a Lamborghini.

Just me
Guest
Just me

You had too much to drink? What are you on about?
Sometimes Inwonder if you hear voices in your head and then write your posts here.

Shut It Down Already
Guest
Shut It Down Already

I’m not surprised it went over your head. Carry on.

Abdul Lahazi
Guest
Abdul Lahazi

Only when the Lambo is driven by a chineze teenager with no visible means of support and smoking a Camel.

Just me
Guest
Just me

I quite liked this comment as well:

As the Vancouver housing graph at left clearly shows, the market suddenly took off in 2002…prices doubling by 2006. The reason for this was that border security resources were taken from RCMP units dealing with money laundering after 9/11. (google ‘kim marsh rcmp 9/11) I would suggest that a housing market won’t increase 500% in 15 years because of “poor management and growth” but it certainly will if you put out the welcome mat for foreign criminals looking for a safe haven for their ill gotten gains.

Combat roach
Guest
Combat roach

Now wait for usual imbecile to tell you it has nothing to do with locusts it is locals who like to launder money for fun.

Best place on meth
Member
Best place on meth

I laundered money once, but it was purely by accident.

Also, it was only a $10 bill.

Shut It Down Already
Guest
Shut It Down Already

Nothing to do with 0/40 mortgages then, you racist prick?

Oracle
Guest
Oracle

Are you fucking kidding? It has everything to do with illegal chinese money.

People breaking Chinese outflow laws should be hanged. Ask Xi.

Best place on meth
Member
Best place on meth

Xi should also be hanged, but saved for last.

patriotz
Member

“the market suddenly took off in 2002…prices doubling by 2006”

Just like most US markets.

Just me
Guest
Just me

Attention was shifted away from money laundering also there. The difference is that eventually they got back o checking. We did not.
If they catch you with 5 million dollars at the airport in YVR, you pay a fine and get your money back. If they catch you in the US you lose the money. That is a big difference.
Canada is a joke for money laundering.

Best place on meth
Member
Best place on meth

Trumps war on china begins Friday.

To anyone who doubted him, fuck you.

And as always, fuck china!!!

https://www.cnbc.com/2017/08/02/trump-set-for-friday-speech-to-sign-memo-on-chinese-intellectual-property-and-trade-practices.html

Owen
Member
Owen

I’m sure he’ll unleash a truly devastating tweetstorm. Not even The Great Firewall, nor grammar and spelling conventions will be able to stop it.

Oracle
Guest
Oracle

Trump wants to cut immigration to 500,000.

Thats the equivalent of 60,000 here in Canada with no Supervisa’s, 10 yr visitor visas, or floodgate of foreign students. What an effect that would have on vancouver Real Estate.

Need Populism here!

http://www.washingtonexaminer.com/trump-goes-big-on-immigration/article/2630496

And also, thousands crossing the border here illegally because Trudeau welcomes them. Wait until Quebekkers turn…

http://montrealgazette.com/news/local-news/how-to-help-refugees-and-asylum-seekers-coming-to-montreal

Abdul Lahazi
Guest
Abdul Lahazi

Toronto home sales tank 40 per cent, prices down nearly $175,000 since April:

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TB87000&mobile=false

Same thing is happening here but it is under reported by the media.

Doomcouver
Guest
Doomcouver

The sales mix is different in Vancouver. The dumb locals are continuing to devour condo inventory, while the top end of the market is imploding due to lack of foreign buyers. This is making the market seem healthy on paper. It seems likely however as the high end of the market completely crashes it will start smashing into the lower rungs of the property ladder, and may create a cascading collapse on the way down. There’s panic starting to set in in Toronto, there is no panic yet in Vancouver but it seems close. We’ll see…

Just me
Guest
Just me

Condo sales through the roof were the parting gift of Christy Clark to developers and marketers of RE. That is now the main economy in our city. Bob Rennie and his ilk rule the province.

Combat roach
Guest
Combat roach
Combat roach
Guest
Combat roach
Oracle
Guest
Oracle

Prices are at March 2017 level.

Hardly news.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Grammys cleans up act in bid to enter Chinese market…

Only promote artists with ‘positive and healthy’ image…

http://news.trust.org/item/20170803114640-dbr95

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