Your car insurance is going up.

BC Drivers pay some of the highest car insurance rates in the country while receiving the lowest payouts, and yet somehow ICBC is out of money.

A recent report from Ernst & Young painted a dire picture at the Crown corporation, concluding that rates must increase by 30 per cent by 2019 to cover costs. A separate forecast released last November by ICBC indicated rates would need to increase by 42 per cent over the next five years to make up for expenses.

McCandless pointed to a footnote in the ICBC report that an additional $1.5 billion is required in “capital from other sources” between 2017 and 2020. He calculated the cumulative rate hike to be closer to 117 per cent over four years.

ICBC says the problem stems from an increase in car accidents, other people blame politics.

Eby and other ICBC supporters single out the actions of former Liberal premier Gordon Campbell as marking the beginning of the corporation’s troubles.

Campbell required ICBC to keep much higher amounts of backup capital. The resulting stockpile proved irresistible to politicians in 2010 following the global financial meltdown, critics say, when the government began siphoning hundreds of millions of dollars of “excess capital” almost every year.

In all, the Liberals withdrew $1.2 billion from the lucrative optional side of ICBC’s business, and also transferred $1.4 billion to offset deficits on the compulsory side providing basic coverage beginning in 2012.

“The reason we’re in a bind right now is that there’s no more money left in the optional piggy bank,” said retired civil servant Rick McCandless, who has written extensively on ICBC.

“The music has stopped. You can’t play the game anymore. Somebody has to make some hard decisions. And that somebody is government.”

At least we have affordable housing!

Read the full article here.

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[…] –Student Housing Crunch –Imaginary debt crisis –Lumber stocks tumble –Millennials struggle –Value means flippability – […]

bullwhip29
Guest
bullwhip29

B.C. students caught in Vancouver’s housing crunch
https://www.straight.com/news/948551/bc-students-caught-vancouvers-housing-crunch

>>> again, in due course the primary obstacle from attending college here will be too many students buying up too few seats at the various institutions.

KickThemOut
Member
KickThemOut

Old news. student housing problem at UBC has been there since the 90s. It’s a problem that keeps on giving $$$ to people involved. Why would they want to actually fix it? Just like most other problems in this city & province. It’s more profitable to leave the problem and let it fester.

bullwhip29
Guest
bullwhip29

new problem is getting a seat in the class will soon be as difficult as getting VIP access to presales which makes the whole housing issue a moot point. assuming of course you weasel your way into getting acceptance using every possible angle at your disposal, your degree is pretty useless here if you cant speak mandarin.

bullwhip29
Guest
bullwhip29

Vancouver Chinatown advocates fight new development proposal at 105 Keefer Street
https://www.straight.com/news/948531/vancouver-chinatown-advocates-fight-new-development-proposal-105-keefer-street

>>> hypocrisy at the highest level right here in our own backyard…

Shut It Down Already
Guest
Shut It Down Already

They’re pushing for 100% social housing. Do you disagree with them?

KickThemOut
Member
KickThemOut

Oracle: “Do you search the internet for stuff like this? You are simply a racist. “

KickThemOut
Member
KickThemOut

Only rich Caucasians are allowed to practice NIMBYism?

bullwhip29
Guest
bullwhip29

get a clue…you watch what happens after beedie ultimately throws in the towel and sells to chinese monied interests.

bullwhip29
Guest
bullwhip29

As condo prices surge, millennials struggle to buy their first homes
https://www.theglobeandmail.com/real-estate/vancouver/as-condo-prices-surge-millennials-struggle-to-buy-their-first-homes/article36003318

>>> and with the many 100s of thousands of foreign students in the mix, not only is getting accepted into college or university (to get that supposedly higher paying job) more difficult, the costs of doing so, which include tuition and housing, are going up exponentially. sorry, who was it again that proposed making presales exempt from the FBT? anyone?…

KickThemOut
Member
KickThemOut

Rumour has it SFU is planning to stop taking all foreign students next year.

bullwhip29
Guest
bullwhip29
oncebittwiceshy
Guest
oncebittwiceshy
Whistler or Bust?
Guest
Whistler or Bust?

The graphs are truly stunning but its different here.

http://awealthofcommonsense.com/2017/08/the-canadian-housing-market-is-bananas/

oncebittwiceshy
Guest
oncebittwiceshy
Hmmmm it’s uncanny how this blog seems to mirror VCI … well except for the tangents on everything Chinese. http://www.mortgagenewsdaily.com/5172005_Housing_Bubble_2005.asp Robert on I dont expect to see the kind of appreciation we have been experiencing in so. ca (+20%/yr), but I do expect to see an appreciation of +3-6% a year for years to come. Barring a monumental catastrophy, I dont forsee any great loss of housing price (a drop of more than 10%?). Report This Comment Robert on I have been reading about the so called housing bubble for about four years now. We sold our house in 2000 (big mistake). I kept reading and listening to others speak about the looming bubble in So. Ca., so we waited to purchase a house. I expected the prices to fall in 2001, 2002, 2003 and finally after seeing that was… Read more »
KickThemOut
Member
KickThemOut

Probably because the site owner don’t believe in freedom of speech, like Turncoat Turner.

Shut It Down Already
Guest
Shut It Down Already

Freedom of speech doesn’t mean what you apparently think it does.

bullwhip29
Guest
bullwhip29

B.C. college faculty feel pressure to ‘pass’ foreign students
http://vancouversun.com/opinion/columnists/douglas-todd-b-c-college-faculty-feel-pressure-to-pass-foreign-students

“…foreign students’ emotion-filled emails and in-office appeals, often issued in jumbled English, invariably aim to cajole faculty at Langara College and other institutions into giving them a break…”

“…Peter Babiak and Anne Moriarty are among a small number of Canadian higher education officials who are ending their silence to raise concerns about the expanding business of international education, which now brings 130,000 foreign students to B.C….”

“…Babiak and Moriarty feel pressure to wave through the full-fee-paying foreign students, especially in mandatory first-year English literature courses, even if they lack fluency in English…”

“My classes have, in the past couple of years, been radically transformed into ESL catch-basin classes.”

“There is a booming industry dedicated to helping students jump through English-language hoops…”

“…many humanities colleagues fear if they fail foreign students there will be repercussions…”

Abdul Lahazi
Guest
Abdul Lahazi

They are paying good money so they should automatically pass, amirite?

KickThemOut
Member
KickThemOut

Oracle: “Do you search the internet for stuff like this?”

KickThemOut
Member
KickThemOut

Sounds like they are learning from local helicopter parents who threaten to sue schools for giving failing grades to their special kid.

southseacompany
Member
southseacompany

“Niels Veldhuis and Josef Filipowicz: Falling interest rates contribute to rising home prices”, The Province

http://theprovince.com/opinion/op-ed/niels-veldhuis-and-josef-filipowicz-falling-interest-rates-contribute-to-rising-home-prices

“A recent study points to yet another powerful, if-often-ignored, driver of home prices — falling interest rates.”

“Interest-rate declines reduce the amount that income borrowers must spend on interest payments, which gives them greater capacity to borrow with the same amount of income. ”

“When combined, falling interest rates and growing incomes vastly increase the amount of mortgage debt homebuyers can secure. Accordingly, the maximum mortgage for the average family in 2000 ($180,949) grew by 126 per cent to $409,078 in 2014.”

Screwed
Guest
Screwed

What’s new about it? Same old

Oracle
Guest
Oracle

BPOM :

David Eby didn’t even mention foreign money and money laundering today. Hahaha. Fucking liars.

What do you think?

paulb
Member

New
189
Price Change
60
Sold
135
TI:9883

http://www.clivestevepaul.com

bullwhip29
Guest
bullwhip29

Victoria considers 29-storey condo — island’s tallest — for downtown
http://www.cbc.ca/news/canada/british-columbia/victoria-considers-29-storey-condo-island-s-tallest-for-downtown-1.4249862

>>> to put this in perspective, this bldg as proposed would be roughly the height of TD Tower and the newly acquired Anbang (formerly Bentall) Towers in downtown Vancouver. It remains to be seen if this will be sufficient to house the many 1000’s of incoming foreign students this will almost certainly be marketed and sold to (FBT free) before the ink is even dry. The best part of all is this will look very much like a huge middle finger among the much smaller, heritage and character bldgs that make up much of sleepy Victoria’s skyline.

KickThemOut
Member
KickThemOut

Yes Developments are evil…we should stop all developments

Abdul Lahazi
Guest
Abdul Lahazi

Development should absolutely stop when they cater to the Chineeze.

history
Guest
history

i read this news in the Times Colon ist last weekend and the Very Same thing occured to me. Bosa, which is mentioned, is big on Air Rights.

This building is like a Probe being sent out into Space

hehehe

bullwhip29
Guest
bullwhip29
Doomcouver
Member
Doomcouver

I hope the NDP get a good lawyer. I’m sure the Liberal contracts for site C were poorly written and will be expensive to get out of unless they can poke some holes in the contracts. More terrible financial mismanagement by the Liberals here. The NDP have inherited a steaming pile of garbage disguised as a mountain of diamonds.

Dave
Member

The NDP might try to use this as a way to shut the whole thing down. That’s what their lawyers will be looking for. But in reality, they might not want this project to stop because there is no way they can go into the next election without being able to say they wanted something to get built in the Province. They already lost of billions in LNG, mines are backing off of work, Kinder Morgan is against the ropes… while they are generally against projects, they know getting nothing is going to kill them politically. Site C is the easier thing for them to allow because it’s a government project. Watch them find a way to get the whole project re-tendered such that unions get all the work.

history
Guest
history

i generally agree with your analysis. The problem with Site C is that it’s a railway to no where. Smart capital wants to develop mega projects that allow them the cream, ie. further development of crown land for housing, human brokering,….. so when Site C goes back to tender it’ll be sold to …. drum roll… Chinese, or maybe Mexican interests.

KickThemOut
Member
KickThemOut

BC Libs and media will ensure the voters know it is NDPs fault.

Dave
Member

It doesn’t look to be the fault of the NDP but I’m not sure anybody knows at this point what role politics played in this. It’s possible that the new government has affected the risk tolerance of investors in that company. Maybe some financiers pulled out. Why throw $25 million into something that has a potential of being shut down, when your return on a corporate bond is say 5%? Under a Liberal government, those investors know the project will go ahead. Under a NDP government, if there is just a 10% chance the project stalls, that’s a terrible risk for you.

history
Guest
history

Peace River South

9,707
Dan Davies – LIB

2,799
Bob Fedderly – IND

973
Rob Dempsey – NDP

884
Rob Fraser – IND

275
Jeff Richert – IND

looks to me like the Liberal era is now bankrupt.

Best place on meth
Member
Best place on meth

Those vote results are enough to make me want Site C cancelled, even regardless of the fact that it will be a money sucking boondoggle.

What a fucked up riding that is.

history
Guest
history

sorry, the riding results is from PR north
http://globalnews.ca/news/3383857/3383857/

bullwhip29
Guest
bullwhip29

Chevron sells 2 more Vancouver gas stations
http://bc.ctvnews.ca/last-gas-chevron-sells-2-more-vancouver-gas-stations-1.3548547

>>> this all leads to the inevitable question of when the presales start for new condo developments at 41st/Oak and 16th/Cambie? this is assuming, of course, that all units haven’t already been spoken for…

Abdul Lahazi
Guest
Abdul Lahazi

“Its locations at Broadway and Alma Street, West 4th Avenue and McDonald Street and West 59th Avenue and Cambie Street, remain listed.”

So it’s only a matter of time before these other stations will be sold as well.

KickThemOut
Member
KickThemOut

CoV has stated to be the greeniest city in the world and that means NO gas stations. They even floated the idea of forcing all gas stations to shut down a decade ago. Where have you been?

Oh wait, don’t answer that….don’t want you get arrested or put on CSIS black list.

Doomcouver
Member
Doomcouver

Don’t gas station sites have to vent gasoline vapor for at least a decade or so before they can be built on? seems like after a gas station demolition the builders would have to sit on a very expensive piece of land for a long time.

Combat Mao
Guest
Combat Mao

Chinese don’t care about that gas shit anyway.

DaMann
Member
DaMann

I’ve never understood this. Pretty much any of these sites will be a condo building anyways and what is the first thing they do when they build a tower? The dig out a massive hole. So all the dirt is removed anyway. So why do they have to wait years before they can build? The offending dirt is gone!!!

history
Guest
history

moving cotaminated soil lead to the defeat of funny money Monkey.

Greens Furstenau won in Cowichan on the basis of her victory against South Cowichan Aggregates moving contaminated earth from Victoria to Shawnigan. That third Green seat was crucial to changing the ~ landscape ~in BC politics.

Dig a little deeper on these Gas station sales. The philosophy around redeveloping these sites may go through a profound change,

history
Guest
history

ahem… the Legal bill is still outstanding. Go anywhere in South Cowichan and you’ll see grannies begging for money to pay the lawyers.

so I dont want to sound like a broken record, but the lawyers could be making a putsch on GasStations to pad their invoices and plan their future work schedule.

YVR
Guest
YVR

They don’t have to wait if they remove the dirt and dispose and then pass an environmental assessment. Those that wait are probably not building big towers which require a big hole. Anyway design, permitting , marketing, presales takes 3 to 5 years before the hole is started.

KickThemOut
Member
KickThemOut

They probably get discounts on the property taxes from CoV and maybe even no tax if they allow a community veggie garden on site.

history
Guest
history

“There are lots of little guys assembling portfolios of 10-100 homes. And I like to buy these guys out because they have much higher funding costs than us.”
https://www.sovereignman.com/trends/the-new-american-dream-rent-your-home-from-a-hedge-fund-22246/

KickThemOut
Member
KickThemOut

BlackRock is the biggest landlord in US with 2M+ houses. This is OLD news! At least 5 years old. but then your name is history, so guess only using rearview mirror suits you.

history
Guest
history

Do you have an opinion or an analsis on the strategy of conglomerizing houses? packaging them into 10 to 100 unit portfolios, in order to sell them as a parcel to someone elses higher up the pyrimid?

i met a Chinese woman from Calgary, who traveled to California to buy houses for oversea clients. The Blackrock link reminds me of images in her rear view mirror.

Owen
Member
Owen

Blackrock is the world’s biggest asset manager; they own iShares, for example. BlackStone is a private equity group, the one discussed in the article. Easy to get them mixed up, I know.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Ecuador detains Chinese boat with endangered sharks

http://www.bbc.com/news/world-latin-america-40944886

Best place on meth
Member
Best place on meth

3 years in prison for this kind raping and pillaging that they’re well known for is a joke.

Vermin should be summarily executed on the boat and then sink it.

Send china a bill for the bullets.

Shut It Down Already
Guest
Shut It Down Already

Would you say the same about Japanese whaling?

Stratahacker
Guest
Stratahacker

Probably not. Which confirms BPOM is not a racist since Japanese and Chinese are the same race. You are just not smart no matter how much you pretend to be.

Shut It Down Already
Guest
Shut It Down Already

Are there any more of you about to climb out from under that rock to defend the indefensible?

You post about once every two months and chose this to be your contribution… Interesting.

KickThemOut
Member
KickThemOut
Dictionary.com and common English usage disagree with you: race: noun: 1. a group of persons related by common descent or heredity. 2. a population so related. 3. Anthropology. 3.a. (no longer in technical use) any of the traditional divisions of humankind, the commonest being the Caucasian, Mongoloid, and Negro, characterized by supposedly distinctive and universal physical characteristics. 3.b. an arbitrary classification of modern humans, sometimes, especially formerly, based on any or a combination of various physical characteristics, as skin color, facial form, or eye shape, and now frequently based on such genetic markers as blood groups. 3.c. a socially constructed category of identification based on physical characteristics, ancestry, historical affiliation, or shared culture: Her parents wanted her to marry within her race. 3.d. a human population partially isolated reproductively from other populations, whose members share a greater degree of physical… Read more »
KickThemOut
Member
KickThemOut

Oracle: “Do you search the internet for stuff like this? You are simply a racist. “

Oracle
Guest
Oracle

Are you even old enough to post?

KickThemOut
Member
KickThemOut

Awww…you aren’t flattered that people are quoting you?

Doomcouver
Member
Doomcouver

His Mom says he’s old enough to do whatever he wants.

Screwed
Guest
Screwed

1603 1045 quayside drive new west just sold for $980 k, 2 bdr condo…are they out of their mind?

Funkeymonkey
Member
Funkeymonkey

Guaranteed the second bedroom will be rented out.

Doomcouver
Member
Doomcouver

Knowing how detached from reality the market is I bet both bedrooms will be rented out on airBNB. Honestly home buyers can’t even do somple return on investment calculations anymore. I’ve crunched the numbers and factoring in property tax, strata fees, and maintenence and my landlord is probably making about 2% annual ROI. Hedging against a housing market implosion has never been cheaper from a rent price standpoint. If you can find a place to rent that is…

history
Guest
history

Ive read a few books on the Tulip bubble, and it was a similar story
https://www.thestar.com/business/2017/08/12/home-sellers-struggling-with-closing-complications-after-big-chill-hits-market.html

It is pretty Two Lippy in Ontario right now, and one hand on the Horgan in BC

Doomcouver
Member
Doomcouver

I hope the NDP get a good lawyer. I’m sure the Liberal contracts for site C were poorly written and will be expensive to get out of unless they can poke some holes in the contracts. More terrible financial mismanagement by the Liberals here. The NDP have inherited a steaming pile of garbage disguised as a mountain of diamonds.

Doomcouver
Member
Doomcouver

Oops wrong link. I must have had too much to drink at work again.

KickThemOut
Member
KickThemOut

Oracle would be so proud and can’t wait for Canada to adopt.

Widow branded ‘witch’ forced to eat faeces and beaten to death by own relatives
https://ca.news.yahoo.com/widow-branded-apos-witch-apos-062758603.html

Oracle
Guest
Oracle

Do you search the internet for stuff like this? You are simply a racist.

There is a distinction between people who are critical of immigration policy (like me primarily concerned with housing/jobs) and people who are inherently racist (like you).

Best place on meth
Member
Best place on meth

As you can see Oracle, Garth’s pet monkey ONLY pipes up when the perceived racism is against chinese, and chinese only.

Never a peep out of that worthless fucker when it goes against any other ethnicity.

Total silence from the race-baiting scumbag.

Shut It Down Already
Guest
Shut It Down Already

“Perceived”? Please.

Shut It Down Already
Guest
Shut It Down Already

Ah, the Double Standard Troll in his natural habitat.

Best place on meth
Member
Best place on meth

Trump’s tax reform agenda might include eliminating the mortgage interest deduction.

http://www.reuters.com/article/us-usa-tax-individual-idUSKCN1AU15I

The real estate industry is freaking out.

bullwhip29
Guest
bullwhip29

LOL…watch Trudeau and co propose the opposite…wouldn’t that be a kick in the teeth?

history
Guest
history

more like getting run over by a muscle car.

The engine (housing) was designed around cheap fuel (low borrowing costs).

one of my favorite socio-historic-economic analogies.

“For 1970, Chevrolet offered the Chevelle SS 454… base price of US$3,800. Its 454 cu in (7.4 L) engine was rated at 450 hp (336 kW), the highest factory rating at that time. Car Life magazine wrote: “It’s fair to say that the Supercar as we know it may have gone as far as it’s going.”

history
Guest
history

In many ways Trump is the lead RE representative in the USA. Surprised Gary Cohn isnt mentioned in that article, although it’s Reuters. Medicare and RE is broken in the USA, so they’ll flip flop tax policy. It’s easy… Only hard for people that are in debt, idiots.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

China’s Xi is killing Van West sales:

April 2017: 140
May:163
June:98
July:48
Aug:20 (predicted)

Oracle
Guest
Oracle

But what about benchmark prices? Are prices too high for even the money launderers?

The valley detached are still on fire. Wheres this $$ coming from?

bullwhip29
Guest
bullwhip29

exactly. money is still rolling into the various catagories of RE that are FBT exempt.

Best place on meth
Member
Best place on meth

The tax ends at Abbotsford.

Thanks, Landlord Mike!

Shut It Down Already
Guest
Shut It Down Already

May is almost always the yearly peak.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

These are SFH sale numbers. Median Price $4.5 millions, 750 houses for sale.

Best place on meth
Member
Best place on meth

Suddenly $4.5 million for an average house looks really stupid when the money launderers are absent.

Just me
Guest
Just me

Correct.
Also, as the opening poster wrote, the drying up of SFH sales is not due to our politicians or to the ridiculous FB Tax. It is mostly the effect of capital flows tightening in China, and to Xi Jinping’s capital controls.

It is a major belimish on our political class that they did not raise a finger to stop the mainland Chinese buying up there limited land available in the lower Mainland.

Abdul Lahazi
Guest
Abdul Lahazi

Crispy Clark, DeJong etc. should hang their heads in shame but they have no shame. Traitors.

bullwhip29
Guest
bullwhip29

i wonder if we are still be being billed for her 24/7 security detail, limo(s) for her and the idiot son and the various safehouses she has located all over BC?

Oracle
Guest
Oracle

They should be sent to jail..white collar crimes should not go unpunished.

history
Guest
history

interesting hate speech from Urban Dictionary ‘Langford’, Premier Horgan’s riding. To be fair, many of these definitions are written during the high velocity mortgage refi years, But you can see the dislike towards the working classes, presumably written by todays Heloc classes, i dunno. There are no soup kitchens or homeless shelters in Langford, now called Westshore. The shithole has become Victoria. Just to point out how things can change very quickly.

File under Real’tard, ‘location, location, location’

http://www.urbandictionary.com/define.php?term=Langford

paulb
Member

New
248
Price Change
51
Sold
94
TI:9894

http://www.clivestevepaul.com

Screwed
Guest
Screwed

Can’t believe my eyes

Dave
Member

Ya, sub 100 is a good bearish number.

Best place on meth
Member
Best place on meth

Detached inventory on the west side is piling up fast.

Today, 18 listed, 1 sold. This is becoming typical activity.

Oracle
Guest
Oracle

Garth thinks house prices are falling like crazy in Vancouver. Read his latest post.

LMAO.

How can someone propagate lies like that?

Best place on meth
Member
Best place on meth

I read it, didn’t see any such claim made.

This part was bizarre though:

“That twenty-four grand is considered income in Devon’s hands, and lumped on top of his regular, working-dude wages. If he earns the average (about $80,000) his marginal tax rate is 31.5%”

The average person in Toronto makes $80,000?

Shut It Down Already
Guest
Shut It Down Already

He likely knows his age, and possibly other information that he chose not to publish (profession?) which means Devon not simply an “average” earner.

Confucius
Guest
Confucius

“How can someone propagate lies like that?”

Hahahahahahahahahahahaha. You’re the best troll ever. Classic.

Shut It Down Already
Guest
Shut It Down Already

Maybe he checks the numbers on zolo.ca?

Hyper-mega-Bull
Member
Hyper-mega-Bull

i wonder how many kids will go blind looking at the eclipse through chinese made counterfeit glasses.

Hyper-mega-Bull
Member
Hyper-mega-Bull

guys, when’s the crash going to happen? ( or are we crashing right now?)