Bank of Canada attacks housing market

The most recent interest rate hike from the Bank of Canada is seen as an attack on the Canadian housing market in this article. Provincial governments are trying to walk a fine line of supporting housing markets in their current state without prices shooting up or collapsing over the next year.

Given the enormous price gains in recent years, the market remains hyper-inflated, and the four-month downturn into a bear market hasn’t even brought prices back to the year-ago level, with the average price for all types of housing up 3%, and the condo price up 21.4% year-over-year.

To cool a similarly nutty housing bubble in Vancouver, the government of British Columbia had passed a year ago similar legislation with a 15% nonresident foreign speculator tax. But worried about an outright implosion of the bubble, it has since been subsidizing with taxpayer money down-payments aimed at first-time buyers and condos, which has inflated the condo bubble and condo speculation to new heights.

Politicians – they’re desperately dependent on extracting property taxes from homeowners – don’t want the world’s most majestic housing bubble to implode. They just want it to remain stable so that taxes can be extracted from willing homeowners that have gotten rich off years of house-price inflation. But for now, the Ontario government is letting the market ride.

Read the full article over at Business Insider.

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YVR
Guest
YVR

According to the recent NDP budget they have included the first time home owners program for the next 3 years. Yes 3 years! 800 have bought and 800 approved so far and they project 9000 more to be approved under the NDP!

Two controversial housing policies from the former BC Liberal government have found their home in the NDP’s September budget update. This includes the BC Liberals’ Home Owner Mortgage and Equity Partnership program…
over the next three years due to “significantly lower” demand projections: 2,600 applications had been fielded at the end of June, with 800 individuals having purchased a home, and another 800 approved for one. The new government now expects to offer loans to 9,000 individuals.

https://www.biv.com/article/2017/9/mortgage-assistance-program-alive-and-unwell/

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U don\'t say
Guest
U don\'t say

Chinese couple with seven daughters ‘bought baby boy to carry on family name’

http://www.telegraph.co.uk/news/2017/09/12/chinese-couple-seven-daughters-bought-baby-boy-carry-family/

Best place on meth
Member
Best place on meth

I buy my chinese children in bulk on Alibaba.

You should see the discount you get when you order 1000 of them.

Best place on meth
Member
Best place on meth

Housing Bubble Symmetry: Look Out Below

Housing markets are one itsy-bitsy recession away from a collapse in domestic and foreign demand by marginal buyers.

http://charleshughsmith.blogspot.ca/2017/09/housing-bubble-symmetry-look-out-below.html

Central bank/state interventions in the market have drawn in marginal borrowers who are a few paychecks away from default, and speculators who are leveraged to the hilt to buy homes to “flip for quick profits–a strategy that collapses if qualified buyers become scarce.

TimeToGo
Guest
TimeToGo

Not sure why this tweet by John Horgan wasn’t an official statement, but it sounds like progress on housing.

@jjhorgan: We’re getting started on a comprehensive plan to make housing more affordable, close speculation loopholes & reduce $$$ laundering. #vanre

YVR
Guest
YVR

Carol James was on Global BC 6pm news tonight and she stated on camera the “comprehensive” plan will be coming in February 2018 including taxes, the renters rebate and any ideas people bring forward. I kid you not Feb 2018 they will update “the plan”. LOL.

http://globalnews.ca/bc/program/global-news-hour-at-6-bc

Dyugle
Guest
Dyugle

I want a 2% tax on the portion of a home that is over 3 times the average income for the area. Additionally the tax can be reduced by 3 times the amount of income tax that you pay to the government of BC. The reason for this is because housing cost reflects the amenities in the neighborhood. The amenities however are mostly financed through income tax. If the government is not collecting enough tax to support the schools, hospitals, universites and transit from the local incomes they need a source of local funds that will. It is not fair for people who do not have access to these amenities to pay for them. Thus we come full circle back to a tax on housing offset by income taxes to pay for the local amenities.

Bestplaceonearth
Guest
Bestplaceonearth

So a grandma who has lived in her house for decades would have to pay for the two percent , on her pension and oas? The owners also paid for amenities on cost of purchasing the property, passed on by developers, and levied by the city. You bears want hulkgan to be Robinhood. sorry, there is no free lunch to the freeloaders.

dyugle
Guest
dyugle

So you think that the billions of dollars that the university, sky-train, schools and hospitals cost the government to build and maintain and the wages drawn by the professors, doctors, teachers, nurses and all the support staff are paid out of property taxes, developer fees and land transfer taxes.
Do you seriously expect anyone to believe that?
Not paying income tax is a free lunch!!!!!

Off the top of my head here are two ways to address grandma’s concern;
1. An exception for people drawing C.P.P.
2. Using the original purchase price as the value of the property making them exempt.

Any other concerns?

Best place on meth
Member
Best place on meth

Grandma can sell the house and move.

Nobody has a right to live here, or so the real estate cheerleaders tell me.

Screwed
Guest
Screwed

Lots of responses from struggling people

Best place on meth
Member
Best place on meth

Not good enough!

This should have all been fixed already!!!

paulb
Member

New
333
Price Change
43
Sold
119
TI:9963

http://www.clivestevepaul.com

Screwed
Guest
Screwed

Wow are we reaching 10k?

Just me
Guest
Just me

We have an enforcement problem when it comes to housing in Vancouver. One has to conclude that politicians do NOT want housing prices to go down.

http://www.cbc.ca/news/canada/british-columbia/fairbnb-urges-vancouver-to-enforce-short-term-rental-rules-1.4285684

“The regulatory approach in Vancouver stops shy of actually ensuring that their policy will be enforceable. This is why we issued this report — to highlight this quite big loophole,” he said.

“It allows the city to put forward a regulatory framework that looks good, has all the right ingredients but it also allows Airbnb to further grow their unlawful listings — meaning multi-listing hosts and properties held by investors — without being held accountable.”

Are we now officially a banana republic, in which rules are proclaimed, publicized but not respected?

Combat roach
Guest
Combat roach

Talking about enforcement problem in general, this might be interesting to watch…

“The Trump administration threatened on Tuesday to impose further sanctions on China if Beijing doesn’t do more to shut down banks and other Chinese firms aiding North Korea.
If China doesn’t implement the United Nations sanctions regimen it has backed, “We will put additional sanctions on them and prevent them from accessing the U.S. and international dollar system,” Treasury Secretary Steven Mnuchin said on Tuesday at a conference.”

http://www.theaustralian.com.au/business/wall-street-journal/us-threatens-china-over-north-korea-sanctions/news-story/60f50a14c8aa488c010ed597f1a19f03?nk=ef30b957d4f286a640543139d49fcb5a-1505261054

Just me
Guest
Just me

We seem to live in a brave new world where people commit to do something, smile at you and then just do the exact opposite. It might have something to do with the emergence of a large, unregulated, undemocratic country….

Hyper-mega-Bull
Member
Hyper-mega-Bull

vancouver has an enforcement problem with everything, not just real estate.

there’s no point following the rules in this city. just do what you want. when you get caught play dumb:

“oh i’m so sorry, i didn’t know”

learn from people who are successful and get what they want.

Combat roach
Guest
Combat roach

“oh i’m so sorry, i didn’t know”, that’s too complicated to say. Just mumble “No English, no English…” and get cleared.

Abdul Lahazi
Guest
Abdul Lahazi

no speek engrish

Doomcouver
Member
Doomcouver

Enforcement is always harder than writing meaningless laws and regulations. They had decent enough laws before to shut down these illegal hotels, but they didn’t do it. Instead they had to waste taxpayer money making new “trendier” regulations for airbnb. Maybe enforce the laws you have on the books first. Bunch of worthless bureaucrats the lot of them…

KickThemOut
Member
KickThemOut

You know…if you donate more money to the government civic party more than all the other donors combined, they will make whatever laws you want them to make. Ban AirBnB? Done! Ban multiple ownership of residential properties? Done! Ban rental increases and fixed term lease? Done! Money talks…

And I guess you don’t believe in properties right either.

Combat roach
Guest
Combat roach

We are an advanced banana republic where applied political correctness and business incentives override the common law system and where the major minority takes democracy as a vehicle to do whatever they pleased in order to take advantage and get ahead.

KickThemOut
Member
KickThemOut

As opposed to majority sticking to the minorities like 3 wolves and a sheep voting what’s for dinner?

You are welcome to donate to the civic parties so that those who share your views are elected or run for public office yourself. But I guess both of those options take work, effort, and money which you are too lazy and too cheap to give.

bullwhip29
Guest
bullwhip29

Hongkongers are leaving for Canada – but 150 mainland Chinese replace them every day
http://www.scmp.com/news/hong-kong/article/2110817/hongkongers-are-leaving-canada-150-mainland-chinese-replace-them

KickThemOut
Member
KickThemOut

To be productive tax paying contributing members of Canadians society??

ahahahahahaha……that’s a laughing.

Owen
Member
Owen

1200 is the record? I would have thought it was the minimum.

Oracle
Guest
Oracle

Final post of day. Promise.

I’m hearing through sources that the next big surprise will happen in a little over a month.

Trudeau and McCallum will announce annual immigration targets for next year as required by law.

400,000.

And they will also officially announce the tripling of visa offices in China.

Hyper-mega-Bull
Member
Hyper-mega-Bull

and that’s how canada got the 5 billion dollar amazon development center.

Dave
Member

I think Vancouver is a good fit for this deal.

Our benefits are West Coast, close to Seattle, different immigration rules (opens who they can hire), close port to China (to import cheap junk they sell on AMZN), good labour prices and being in a different country helps anti-trust issues like MSFT had in the 90s.

Doomcouver
Member
Doomcouver

Hey Oracle did the voices in your head tell you that?

Oracle
Guest
Oracle

New Apple Watch 3 and AirPods.

Voices in head.

Lost...but not leased
Guest
Lost...but not leased

Methinks NDP may be distancing themselves from Weaver….in the sense that if an early election is called…voters will resent (3) greens =balance of power with guns to NDP head.

Weaver, in his kingmaker role, may become increasingly impatient on various issues not being done “yesterday”..creating greater friction

Really can’t see this coaltion lasting long.

KickThemOut
Member
KickThemOut

Hopefully Green will be wiped out and gone forever…a bunch of fucking lunatic morons who have no idea how modern society works…those lunatics wouldn’t be happy unless we went back to an agrarian 10th century economy, but somehow have 21st century modern conveniences as if by magic.

Dave
Member

In effect, that’s what they want. Bunch of loons. And they are about to hold the balance of power from here on out.

KickThemOut
Member
KickThemOut

Trump would not approved of the communists in disguise NDP, but for some reason Meth simply loves them. I guess taking meth really gets you. Maybe you should give opioid a try instead. Put away your misery fast.

https://beta.theglobeandmail.com/news/british-columbia/highlight-from-the-bc-ndp-governments-firstbudget/article36231573/?ref=http://www.theglobeandmail.com&

KickThemOut
Member
KickThemOut

First Ontario, next BC, thanks to brain dead NDP – $15 minimum wage.

https://ca.finance.yahoo.com/news/ontario-apos-minimum-wage-hike-150357203.html

Look out Abdul, Combat, & BPOM – you pigs might have to put down your cellphone and actually work for your pay, or be on the chopping block when $15 minimum wage comes.

Doomcouver
Member
Doomcouver

If wages could keep pace with the crazy increases in cost of living, then a minimum wage wouldn’t be necessary at all. Unfortunately wealthy a-holes have been doing everything in their power to depress wages, bust up unions, and generally exploit working people as much as they possibly can. All the while buying up housing on spec, and screwing the middle class as hard as possible.

Personally I think a minimum wage hike is way overdue. I don’t think our trade tariffs are doing enough to protect Canadians from dirt cheap labor overseas however. Without trade tariffs and offshoring restrictions then higher wages could lead to more job losses, though I think most companies that can offshore have done so already.

KickThemOut
Member
KickThemOut

Another economic moron makes an appearance on stage. Yeah, trade embargos and tariffs did wonders in resolving the Great Depression. And I’m sure McD is installing all those automated kiosks because they just love paying $15/hr minimum wage so much.

Combat roach
Guest
Combat roach

Fortunately, there is always the option to switch to the traditional type of businesses here and not to get disturbed by local authorities. Cash only eatery shitholes, tax cheat, massage parlors, black market tradesmen, selling false but cheap products (auto-parts & phones), smuggling, laundering, shark fins, rhinos, and other profitable Feng-fucking-Shui nonsenses.

Doomcouver
Member
Doomcouver

So…. Richmond?

KickThemOut
Member
KickThemOut

Care to share your experience?

Irma
Guest
Irma

They are the ones getting ahead.

KickThemOut
Member
KickThemOut
Owen
Member
Owen

I don’t know; we have the same problem but Mike Duffy’s not Chinese.

Doomcouver
Member
Doomcouver

Damn Norwegians and their Wok Kitchens. I can’t stand anyone from Norway they’re the worst.

KickThemOut
Member
KickThemOut

Russian & Swedes are the best….way prettier girls and they eat fat straight up.

bullwhip29
Guest
bullwhip29

Warren Buffett fails in bid to boost stake in Home Capital
http://business.financialpost.com/news/fp-street/newsalert-home-capital-shareholders-vote-no-on-second-tranche-for-buffett

>>> it would seem that these a-holes figure they can do just fine without Berkshire Hathaway’s involvement. pretty hilarious if you ask me. warren should just dump his entire stake and see where the chips fall…

Doomcouver
Member
Doomcouver

The preferred buy price they gave him was out of sheer panic, and in hindsight they got a little ripped off. I mean, Home Capital as a company was pretty worthless, but a chunk of their mortgage book was legitimately worth something. So not wanting to let more snakes into the hen house makes sense in this case…

That said when our credit bubble corrects, Home Capital investors may have wished they had taken his offer… They will need a ton of liquidity to weather this storm. Nobody is going to want to touch our alternative mortgage lenders when the market is correcting.

YVR
Guest
YVR

UBC Professor Tsur Somerville, an expert on affordable housing and real estate development, says this budget doesn’t adequately address BC’s housing issues. “It seems like a drop in the bucket on overall affordability. The spots for the homeless is important because those are the people who most suffer from situations in the housing market, but relative to the campaign promises, it’s pretty light,” he says.

http://www.news1130.com/2017/09/11/unions-happy-mixed-reviews-ndp-budget/

KickThemOut
Member
KickThemOut

Without poor people, how would NDP get any votes? It must make most of the people poor to be relevant in this BC and lucky for them, morons like Meth never learn, and will still be telling people to be patient come next election.

Irma
Guest
Irma

I wouldn’t just say poor people. Its also people who have been schooled into oblivion by the state; those people who wouldn’t dare use a cell phone while driving, those that wouldn’t drive over the posted speed limit, or those who would declare their rental income…etc etc. etc..

The only people getting ahead these days are those breaking laws and exploiting loopholes. So maybe you don’t want to awaken these people. Keep quiet and carry on…LOL Let these people buy the idea that ‘this was a first step on housing’ LMAO.

Doomcouver
Member
Doomcouver

You forgot to mention the main type of person getting ahead these days, wealthy people exploiting the working class. The fact that some of them are massive tax cheats as well is a side-issue.

KickThemOut
Member
KickThemOut

You are for distracted driving at outrageous speed? What kind of sicko are you? Do you seriously enjoy watching news story about family ruined by distracted driver who can’t wait to like that stupid Instagram post from Kim K?

Just me
Guest
Just me

No. You don’t tell me! And I thought I was crazy and impatient.
This is pretty much the same as we had with Krusty, but with higher taxes.

Oracle
Guest
Oracle

Fraser valley prices heading up a further 20% in my opinion. People now know that NDP ain’t gonna do shit. They are developers too.

And don’t even think about rents. They going to skyrocket too.

oncebittwiceshy
Guest
oncebittwiceshy

Oracle, when you take a jumbo mortgage at 2.5% and move it to 4.84% you have effectively met a brick wall.

https://www.cibc.com/ca/mortgages/calculator/mortgage-payment.html

Mortgages payments go up by 27% on a simple 2.4% move.”

Interestingly enough, that is exactly what the Bank of Canada qualifying rate is today. OSFI rules will shut down the fraser valley real estate market so you can get back in, buds.

Oracle
Guest
Oracle

LMAO

You really think gov would let rates rise above 4%? QE would be instituted and rates dropped.

Haven’t you learned anything about last decade?

oncebittwiceshy
Guest
oncebittwiceshy
Oracle, you have to quit glazing over comments and actually read them. First of all the bond market sets mortgage rates not the government and they are going up right now. Regardless of the bond market, OSFI will be setting the qualifying rate for mortgages starting this fall and no the government won’t intercede. Unfortunately, the financial system of a country is far more important than a crashing housing market. The Toronto housing market is the largest market in Canada and that crashing market hasn’t even given Poloz a second thought as he implemented another interest rate hike. You really think that the government is going to step in for Vancouver? http://www.msn.com/en-ca/money/topstories/toronto-houses-are-losing-value-at-a-rate-of-dollar100000-a-month/ar-AArohxk?li=AAggFp5 “Toronto Houses Are Losing Value At A Rate Of $100,000 A Month” Get used to headlines like this because the media is the bull’s best friend on the… Read more »
KickThemOut
Member
KickThemOut

Really? Bond market set the interest rates??? Seriously? Care to tell us why people buy negative rate bonds in Europe? Why 10Y JPY bonds can’t go above 0.1% in yield?

oncebittwiceshy
Guest
oncebittwiceshy
Let me help you to understand the bond market. First of all it dwarfs the stock market in size. Bond traders look for secure return or they look for stability depending on the political/economic status of the day. During the Global Financial Crisis, Canada was deemed to be a safe haven for bond traders because it “escaped” the GFC. Hundreds of billions of foreign dollars flowed into Canadian bonds for stability. Despite the Bank of Canada dropping interest rates the bond traders sought “safe return” at the time. This pushed and kept mortgage rates at all time lows. Now that things are recovering, those same bond traders are looking for return so if Canada doesn’t keep close to the U.S.A. in terms of interest rate increases at the fed level then those very bond traders that pushed our mortgage rates… Read more »
Oncebittwiceshy
Guest
Oncebittwiceshy

Bond market determines the mortgage rates. Bank of Canada determines the interest rates.

KickThemOut
Member
KickThemOut

You mean like in 08/09 when mortgage rates went from 3.5% to 5%-6%? That brick wall? The one that stopped bears & pigs on here stone cold while bulls kept going and doubled their RE wealth since then? That brick wall?

oncebittwiceshy
Guest
oncebittwiceshy

You are so cute when you’re trying to argue. As a matter of fact, if your memory serves you right, prices did hit the wall to the tune of 15% back then.

Now the more telling feature of your story was the drop in interest rates down to 1% shortly thereafter. You do understand that we don’t have that kind of room to drop rates this time, right?

KickThemOut
Member
KickThemOut

If I get a penny every time a bear sprouts that crap, I would own 2 west side houses by now…..this is so hilarious..no wonder bears are getting slaughtered.

Dave
Member

I think the bridge traffic is going to hurt the Valley market more than anything. I’m hearing Highway 1 has been crazy busy since the tolls were removed off the Port Mann.

Oracle
Guest
Oracle

Most buying in Valley are for investment purposes only. They using proceeds from sale of Vancouver homes.

And no one scared of evading cap gains.

oncebittwiceshy
Guest
oncebittwiceshy

Oracle, you have to stop talking past tense. $2.5 billion dollars taken out of the market from just last year.

http://vancitycondoguide.com/vancouver-detached-volume-down-36-year-to-date/

“Perhaps even more telling was total dollar volume (money spent) was down 36% this year. From $7,258,694,631 to $4,622,880,039.00.”

Owen
Member
Owen

I think Oracle’s right unfortunately. There has been a big spike in local investors buying up condos in Langley; foreign dollars have seen a commensurate drop. Sounds like locals will be the ones left with egg on the face.

KickThemOut
Member
KickThemOut

So widen the highway then….I’m sure NDP backers will be all over that now that big infrastructure projects are dead in water for a year or two now.

Dave
Member
My biggest surprise in this budget is the NDP did even less about housing than I expected, which was nil to nothing. I thought they would at least do a few superficial token announcements for the sake of optics and they didn’t even do that. Taxes are predictably going up, but not on the people who actually have the wealth and pay no taxes and yet consume services. It’s outrageous. So, here we are four months later and housing is getting more expensive and everybody’s income is taking a hit. This is going to be the future of Canada in my opinion. I think in the next 10 to 20 years people are going to get squeezed more and more. Asset prices will remain high and continue to grow because of all the things happening today with no government response… Read more »
bullwhip29
Guest
bullwhip29

chatter from some quasi real estate industry folks is that investors/buyers are using this period of indecision to do whatever the heck they want and aggressively circumvent any/all laws or regulations that MAY be proposed which in effect is forcing the govt’s hand. of course, by the time “something” actually happens prices will be at another level and NDP support will be in the dumpster as a result.

oncebittwiceshy
Guest
oncebittwiceshy

…. and not content with simply copying the american’s speculative mania, we insist on showing everyone we can even out do them.

http://vancitycondoguide.com/one-bedroom-vancouver-condo-inventory-plummets/

To highlight just how dire a situation the Vancouver condo market is in, the sales to actives ratio for one bedroom units is still a mind blowing 107%. A number that has never been seen recent history.

“One bedroom sales to actives ratio Vancouver
Sales to Actives Ratio for One Bedroom units hits 107%
A speculative mania has buyers bidding up condos at a rapid pace with little signs of slowing down”

Doomcouver
Member
Doomcouver

On economic matters like this Canada often seems the better part of a decade behind the Americans. The fact that we can usually “see the future” and do nothing to change it is just testament to how ignorant your average Canadian is. Greed is king and screw all other critical thinking.

I will have 0 sympathy for all the dumb millenials buying million dollar condos that are going to ruin their finances for most of their life. They’re sheep and they deserve what they have coming to them.

bullwhip29
Guest
bullwhip29

many millenials simply served up another glass of the coolaid to their parents who then went on to provide the DP. so, worst case is they lose face and maybe some furniture from IKEA but in actuality many of them don’t have much skin of their own in the game. it is their parents who wind up in the poor house as they head into retirement

YVR
Guest
YVR

“To highlight just how dire a situation the Vancouver condo market is in, the sales to actives ratio for one bedroom units is still a mind blowing 107%. A number that has never been seen recent history.”

Don’t worry the NDP housing minister Selena is currently studying this to see if action is necessary. Meanwhile Whoregan still has $500 per head tickets available for his Sep 23 fundraiser. Maybe buy a ticket to get access and bring it up?

Oracle
Guest
Oracle

NDP is done. They won because of housing in Metro Vancouver.

Next election, the NDP will lose votes and this will be split evenly between Greens and NDP allowing Liberals to win.

PR won’t pass as people now see the NDP as liars and Libs as corrupt. They won’t want these 2 in power forever.

I’m going to be campaigning against PR. I did a 180 like the NDP.

Dave
Member
The Greens will try to act as moderate and accommodating as possible in an attempt to show that PR can work. But that discipline will fall apart should PR ever come to pass. Our Province would be run by single issue special interests as they would hold the balance of power. What people don’t yet realize is that those groups exist on both the left and right. Does anybody want the Christian Heritage Party having the swing vote? I was happy to see Trudeau make that same point recently. He used the example of an anti-immigration party. I agree with him that our current system already enables compromise within a party. I think it’s preferable to have somewhat moderate parties, rather than extreme voices. Our current form of government has served us well since Confederation and has served the Brits… Read more »
KickThemOut
Member
KickThemOut

Right…because our government have worked so well for people in this province and hey, why mess with it, right?

Thank goodness venture capitalists & scientists don’t subscribe to your logic of don’t change anything that’s working. Otherwise, we will still be using typewriters…after all why changing anything if it ain’t broken?

Maybe, just because maybe, there is something better lurking around the corner.

bullwhip29
Guest
bullwhip29

Number of new CMHC-insured mortgages drops following tightening of regulations
https://www.biv.com/article/2017/9/high-risk-borrowers-hit-new-rules/

Doomcouver
Member
Doomcouver

This doesn’t surprise me. Housing is so expensive middle class people could just barely afford to get into the market before. With so many borrowers at the margins, even small changes are having big impacts.

bullwhip29
Guest
bullwhip29

Ontario, B.C. job markets won’t go bust from a housing correction, but risks remain: DBRS
http://www.vancouversun.com/ontario+markets+bust+from+housing+correction+risks+remain+dbrs/14645897/story.html

>>> so I guess we must live in a world where water only flows uphill since all these housing related jobs that have been created as the RE bubble continues to inflate will somehow remain intact if the market turns south. makes perfect sense…

YVR
Guest
YVR

The problem is half the jobs ‘not’ related to housing in BC are related to housing and/or the wealth effect of housing. Most of BCs manufacturing is directly for housing (cabinets, doors, trusses, windows, furniture, etc.) and the retail economy with things like restaurants and car dealers are related to the wealth effect from housing.

Doomcouver
Member
Doomcouver

Yes I agree pretty much everything is paid by sky high housing prices in BC. We’re facing the biggest recession in our province’s history when the market corrects.

bullwhip29
Guest
bullwhip29
Abdul Lahazi
Guest
Abdul Lahazi

http://www.cbc.ca/news/canada/british-columbia/surrey-limousine-crash-1.4284965?cmp=rss
“A Surrey family and their tenants… The family of four and their three basement tenants escaped the crash unharmed.”
Another Desi house in Surrey with illegal suites and tenants and undeclared rental income. Just like every other Surrey house.

Doomcouver
Member
Doomcouver

The city should be checking if they have registered these rental suites. I’m sure they aren’t though because most of these laws are unenforced and worthless. Even if the city can get off their collective asses to do something, at worst they will get a small fine, but probably just a warning. The warnings and fines aren’t working though, and they’re robbing taxpayers blind. We need to raise fines on illegal suites, or tack on some jail time for these crooks. The illegal hotel operators need to be arrested and jailed. I’m sick and tired of it.

KickThemOut
Member
KickThemOut

yes we should!!! Get rid of all unauthorized suites! Force owners to tear them out!

Oracle
Guest
Oracle

Gov condoned. Join the underground economy or be left behind. Days of being the goody goody citizen long gone.

Abdul Lahazi
Guest
Abdul Lahazi

Ontario, B.C. job markets won’t go bust from a housing correction: DBRS

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TB8400&mobile=false

The ratings agency says if house prices fall dramatically, other sectors of the economy should be able to absorb those jobs thanks to strong economic growth and steady population gain.

Doomcouver
Member
Doomcouver

I think they’re underestimating how much real estate money circulates through the economy. Systemic impacts are a real concern here.

Best place on meth
Member
Best place on meth

With Weaver being against $10 day care and against the $400 renters rebate, it makes me wonder how many other NDP promises are being held up by the Greens.

http://www.saobserver.net/news/ndps-signature-child-care-promise-put-off/

YVR
Guest
YVR

Andrew Weaver is the new David Eby. David Eby is the new Rich Coleman.

In particular, it is worrisome that B.C.’s economic growth remains so dependent on the housing market, the growth of which has priced many British Columbians out of their own communities.

http://www.voiceonline.com/demonstrates-governments-underscores/

YVR
Guest
YVR

Weaver is against the renters rebate and childcare program because they cost a lot of money. The NDP had no problem canceling the tolls which Weaver was strongly against. The NDP could easily cancel the first time buyer loan program. According to the article below it is the NDP holding out trying to keep the status quo on housing with Weaver pushing for a province wide foreign buyers tax and restrictions on farmland.

Green leader Andrew Weaver, meanwhile, is urging the government to ban non-resident purchases of B.C. farmland, citing obscene levels of speculation, and extend the Metro Vancouver foreign-buyer tax on residential properties to the whole province. The New Democrats have so far steered clear of endorsing such “populist” measures

http://www.coastreporter.net/opinion/editorial/housing-crisis-needs-royal-fix-1.22309939

kabloona
Member
kabloona
Meanwhile, Richmond City Council is cracking down….. err, maybe not. 😉 “Richmond city council passes policy encouraging 50% English on commercial signs” http://www.cbc.ca/news/canada/british-columbia/richmond-commercial-signs-english-50-sept-11-1.4284713 Richmond’s city council has decided the current approach to dealing with English on commercial signs will be formalized into a written policy. After months of debate, councillors unanimously voted to adopt a policy that encourages signs to be at least 50 per cent English. It means the city will continue to have no bylaws regulating language on signs. The city says a bylaw is not necessary, because “the educational approach to encouraging the use of 50 percent English on signs regulated by the City of Richmond has been 100 percent effective for all business signs,” according to a staff report. “I truly think we’re on the right track as far as this policy goes,” said Coun. Derek… Read more »
Combat roach
Guest
Combat roach

At least 50 per cent English… WTF! it should be 100% English and to forget about all other shit for once and all. Richmond isn’t Guangzhou or whatever they would like it to be.

KickThemOut
Member
KickThemOut

I guess BC is not Canada either as French is also an official language.

Oracle
Guest
Oracle

Wait 10-15 years. Mandarin only signs in Richmond.

YVR
Guest
YVR

Will the “Mandarin only” signs be in English?

Abdul Lahazi
Guest
Abdul Lahazi

The gutless wonders can’t stand up to the onslaught.

Oracle
Guest
Oracle

English going to rapidly disappear due to the millions with 10 yr visas. They don’t speak English.

Oracle
Guest
Oracle

Even Weaver said ‘that is exactly what i wanter to see in the budget”.

He was very happy that no $400 renters credit as it would have outed landlords accepting cash.

I think my original theory was correct in that all parties have been infiltrated by RE interests. They just play musical chairs and the sheep think they have a choice.

Abby homes are approaching $1 million. All under the NDP. At least the Liberals were known to be corrupt. These guys are liars.

Best place on meth
Member
Best place on meth

“These guys are liars.”

The irony of that comment.

Oracle
Guest
Oracle

How you feeling about the NDP action on housing? Focus your anger on that and not me.

Best place on meth
Member
Best place on meth

You’re absolutely right. The NDP have had 2 months to fix housing and they haven’t fixed a damn thing.

Let’s toss them and bring back Krusty!

DaMann
Member
DaMann
Meth, face it the NDP lied about housing and do not want to rock the boat. The quote above about the Greens being the ones pushing for housing initiatives says it all. Again, as I have said before, they can cancel tolls, cancel a $4billion dollar bridge project, raise ICBC rates, yet did not cancel the First time home buyer down payment program? The RE industry basically told them not to, that’s the only reason I can think of because it’s a no brainer that policy has to go and one that they essentially campaigned on ( Eby was very vocal about it). So without any housing action I have to disgustingly say this, I would rather have the Liberals back. The only plus to NDP is better education funding, everything else is geared to the very lower incomes. They… Read more »
paulb
Member

New
444
Price Change
81
Sold
154
TI:9810

http://www.clivestevepaul.com

Yikes
Guest
Yikes

444 triple death detach condo townhouse

Just me
Guest
Just me

Love the symbolism. May 444 augur well for the mainland China millionaires who make Vancouver their homes.

YVR
Guest
YVR

Whoregan gets on his knees again for another $500 per plate fundraiser.

now that he’s premier, NDP leader John Horgan is attending a $500-a-plate fundraiser scheduled for Sept. 22.

http://globalnews.ca/news/3734222/b-c-premier-to-attend-fundraising-event-promises-legislation-is-coming/

Just me
Guest
Just me

Horgan is scraping the bottom of the dignity barrel.
Get off your knees, man. You are embarrassing.

history
Guest
history

He’s vulnerable to deceit, that’s for sure. Any media clown can parade a convicted criminal in front of him, get a handshake and photo.

Lost...but not leased
Guest
Lost...but not leased

Old Horgan appears to be a bit nervous and unsettled,..oui?

Perhaps he wants to top up the NDP war chest for an early election call?????…..cuz Andrew Weaver is perhaps threatening a non confidence vote because_______?…..AND before the NDP legislates limits on political donations.

Oracle
Guest
Oracle

Hahahahahaha…..LMAO and any at being played at the same time.

Nothing about housing in Budget.

Kicked the can to February WHEN they will kick it down the road further.

Merry Xmas.

Unbelievable? Maybe not…Im sure they are set for life.

Lost...but not leased
Guest
Lost...but not leased
LETS BE BLUNT…..nothing they can do about affordable housing. absolutely F -all…its over Referring back to the late 1970’s /early 1980’s “boom” and before HAM….Richmond had several co-ops built during the MURB program. Since then…a few token high rise projects ……heavily subsidized rents.. Local Gov’t accept cash towards affordable housing in lieu of actual rentals. However..here is a beauty. In one development,. Richmond is allowing a higher density to assist affordable housing IF the developers incorporates a rental suite in each of the 60 townhouse units. Each unit would be approx. 1800 sq. ft..suite approx. 600 sq. ft…. total cost over a $1 million. WTF…Who in their right mind would pay such a premium for a townhouse with a suite included…plus all the problems that 60+ tenants in suites would create in such a dense strata. People in townhouses want… Read more »
history
Guest
history

I agree, Fixed Housing is gone

Vroooom, vroooom…