Canada, data, economy, opinion

Vancouver leads nation in low income families

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80 Comments

We’re number one when it comes to inequality and percentage of low income families!

The study was released following recent discussion in the Lower Mainland about the under-reporting of income for tax avoidance. There are areas in north-west Richmond that are sharp anomalies, with very low-income levels despite high home values.

But, Yan emphasizes, the study also highlighting pockets of low-income populations throughout Metro Vancouver and, increasingly, the suburbs, where there are higher levels of poverty compared to the rest of Canada.

Others who have looked into the census data agree that both dynamics are at play.

Read the full article here.

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[…] –what happening with housing policy? […]

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Oracle

OK folks, here is the scenario for the next 24 months.

Nothing is to be done on housing. Low end will probably go up by about $100,000 even with rising rates as foreign money continues to seep in.

The bigger issue is rents. Expect them to rise 50% in 24 months. there will be a crisis i kid you not. You will see exponential rises as soon as all units are accounted for.

You can hate me but math says thats whats going to happen.

On NDP watch.

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bullwhip29

Vancouver mayor blames ‘glitch’ for delayed release of agreement signed with Shanghai
https://globalnews.ca/news/3775553/vancouver-mayor-blames-glitch-for-delayed-release-of-agreement-signed-with-shanghai/

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Combat roach

Instead of signing a fucking agreement with Paris, London, Stockholm, Boston, Vienna, Madrid, Tokyo or whathever, our moonbeam-mayor-retard picks the ubër shithole to sign a “whatever agreement“. Unbelievable, fucking unbelivable how low we fail…

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Just me

The future?

Hong Kong’s Kids Are Turning to Parents for Home Loans

https://www.bloomberg.com/news/articles/2017-09-29/hong-kong-s-worry-more-kids-turning-to-parents-for-home-loans

In particular, officials observe that some young buyers are financing home purchases using proceeds from “remortgages or top-up mortgages” of their parents’ properties. No official data exists on such borrowings, although a rising number of owner-occupied properties without mortgages might be one indication that young buyers are turning to their families rather than banks, HKMA data show.

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Shut It Down Already

The future? The present!

https://globalnews.ca/news/3175232/down-payment-help-what-parents-kids-should-know-before-money-is-gifted/

Those greedy greedy locals don’t want to miss out! After all, RE is a great investment that only goes up!

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Just me

More proof you are a moron (as if we needed any).
The article linked does not refer to parents gifting a down payment to their kids. The article describes a situation in which the full value is mortgaged against the equity in the parents’ home. This is not a regular occurrence (yet) in western societies. And is a very risky thing, which saves you some interest costs but puts much bigger value at stake.

Chinese greed trumps fear.

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history

This whole business about inequality really bugs me. When are we going to have our first VRI meeting? Im willing to take the ferry over to Vcr. Anyone on the Mainland willing to take the lead?

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paulb

New
174
Price Change
52
Sold
152
TI:10,185

http://www.clivestevepaul.com

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Just me

And they keep buying.
Smaller homes, perhaps apartments and whatever their reduced ability to smuggle money out of the country will allow.
But they keep buying.

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Best place on meth

Locusts know their country is doomed.

And now, thanks to them, so is ours.

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Shut It Down Already

You make me feel sorry for Clive and Steve.

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Best place on meth

“I feel sorry for realtors in Vancouver”….said nobody ever except for one filthy traitor who sides with communist crooks.

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Just me

SIDA is a realtor himself. Not as nice as Paul, though.

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Best place on meth

Please don’t compare a cockroach to Paul.

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Shut It Down Already

Everybody who disagrees with you is either a realtor or Chinese, apparently!

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Just me

You forget the third option, that might apply to you. A moron.

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Shut It Down Already

You mean those greedy locals who think that RE is their lottery ticket and retirement plan? You know, like the fucking data tell us?

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Just me

Yes. Exactly. All those greedy “locals” ( students, housewives) who keep buying real estate as if they had won the lottery. No income but loads of cash in hand.

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Shut It Down Already

It’s funny that you extrapolate a couple of newsworthy cases as if you think they’re somehow representative of the norm. This is why your analysis is always so shit.

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Just me

A couple of newsworthy cases? Have you been to UBC and Point Grey lately. Or in a parking lot around the university?

I can only think you have a vested interest in spreading lies and misinformation. If you are doing it pro-bono, it means you are really blind.

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Best place on meth

A couple of cases…..what an asshole.

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Just me

Just published on Bloomberg.

Chinese Money Is Still Leaking Into the World’s Housing Markets. Citizens bypass curbs to pump money into overseas property. Demand rises for cheaper homes amid tighter currency controls.

https://www.bloomberg.com/news/articles/2017-09-28/chinese-money-seeps-through-cracks-into-world-s-housing-markets

Shanghai restaurateur David Hu said he’s nervous about wiring money to Australia for a home purchase because of China’s crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase.

Hu, the restaurateur, said he and a relative used their $50,000 annual quotas to convert yuan into Australian dollars last year. Now, his desire to avoid regulatory scrutiny — and fees — has encouraged him to move the money by hand, a tactic that comes with its own risks, such as potential penalties in China and Australia for moving undeclared cash.

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Just me

The impact of the increased currency scrutiny has been on the size rather than the quantity of deals. At real estate portal Juwai.com, the average price of overseas properties Chinese buyers inquired about dropped to just over $292,000 this year from more than $356,000 in 2016. Still, developers continue to count on demand for prime luxury housing from the wealthiest Chinese buyers. On Monday, a crowd gathered in a Beijing hotel as the first 16 apartments from the towering 125 Greenwich Street project, being built close to One World Trade Center in lower Manhattan, were offered up at prices from $1.2 million to $12 million. “It’s about how determined home buyers are to get their money out, and whether their resolve is strong enough” to risk punishments for breaking the rules, said Lam. He acknowledged that growth would have been… Read more »

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Just me

Three months ago, standing near an advertising display in Beijing for luxury apartments in Vancouver offered by Canadian developer Westbank, sales agent Regina Li was asked by a reporter how people get their money out for purchases. “Clients all have their ways,” she said. It turns out that the traditional routes still apply: faking explanations on bank documentation for money transfers; borrowing the bank accounts and foreign-exchange quotas of friends or relatives to make multiple small transfers that move a large sum, an illicit method sometimes called “smurfing”; or shifting money through underground banks, according to agents and buyers who spoke on condition of anonymity for fear of drawing government scrutiny. For buyers like Shanghai restaurateur Hu, the appeal of overseas property lies in part in the fear that China’s decades of robust growth could come to an end. “China’s… Read more »

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Combat roach

The only way to deal with housing and social disasters across the globe is to “ground” Chinese and literally stop their physical and monetary penetration into the West and South. The overall struggles of humankind will continue if not increase. However it isn’t their fault they don’t know other but to trick, cheat, scam and exploit to get ahead and take advantage while they can. Just look 30 years back, the World didn’t have such shitshow in every corner of the planet and life was optimistic, progressive and fruitful.

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Best place on meth

Chinese Exclusion Act of 2017.

You know it’s the right thing to do.

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Shut It Down Already

There were as many shitshows 30 years ago as there are today, if not more. Cold War anybody? Apartheid? Japanese bubble?

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patriotz

Iran-Iraq war, the deadliest conflict ever in the Middle East.
Angolan civil war. Other African conflicts.
Soviet block collapsing.

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Whistler or bust?

PR will be a disaster for BC and ensure one issue parties like the Greens hold the balance of power forever. The NDP and Libs will never form a collation.

We need to make sure we get out to vote in the muni elections! If the turn out is 20% it makes it far more important.

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Best place on meth

Good.

This province has been run by fucking idiots for the better part of a century.

I’ll take gridlock anytime.

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KickThemOut

Is this any surprise?? Going by the standards of this blog, pretty much everyone just want stuff handed to them with minimum efforts, and thinks rich people are freeloaders would should donate everything to them.

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Best place on meth

I think people should have to save up a 20% downpayment for a house instead of HAVING STUFF HANDED TO THEM WITH MINIMUM EFFORT, like ultra cheap loans for 95% of the vaule and government policies that give them loads of freebies and benefits.

But that would bring prices down a lot.

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Lost...but not leased

Is it too late??
I tell a few opened minded people that the issue boils down to importing cultures whereby its dog- eat- dog and corruption is the norm…the whole thing is a mestasticized cancer. The offshore money comes from a communist country where 99.9% of the citizens are exploited and kept dirt poor.

That is what we are up against.

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Combat roach

Well said. It looks like the Candian ruling clique is thrilled with this model and is now copying it at a high speed by frantically importing originals.

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Whistler or bust?

The ‘root stock’ of Canada is changing and it will have widespread undesireable effects on the Canada we know.

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Combat roach

Speaking of effects… Hopefully, winter is going to be mild so society can avoid witnessing the savage fight over the street salt abduction.

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Best place on meth

Are you kidding?

That’s by far the best form of entertainment during winter.

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Lost...but not leased

Another issue that will exacerbate the housing issue is that many low income parties migrate to BC GVRD area due to its mild climate.

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bullwhip29

Peter German, a former deputy commissioner of the RCMP and Correctional Service Canada, will conduct review province’s policies and practices to prevent money laundering in the gambling industry
http://vancouversun.com/news/local-news/expert-on-money-laundering-appointed-to-review-practices-in-b-c-casinos

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Abdul Lahazi

Toronto and Vancouver among global cities at greatest risk of housing bubble: UBS

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TBDJHH1245&mobile=false

ZURICH – Toronto has topped the list of major global cities most at risk of a housing bubble with Vancouver ranking fourth, according to a new report by UBS Group AB.

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YVR

“Risk” of housing bubble. LOL.

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Abdul Lahazi

Ya I know. They are a little late.

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Just me

I am trying to have a mature conversation about the NDP housing policy (or lack thereof).

Unfortunately this seems impossible due to the the presence of Oracle and his aliases, which clogs the blog with nonsense. Administration should restrict access and stop this poster.

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best place on earth

it was too late now that you realized the No-Deal-Party is just…cheap talk and no action.

By the way, do you call your mom every time you don’t like your surrounding?

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Just me

If I did that every time you write a comment, I would be calling my mum a lot.

Your posts are just noise, there is no genuine signal in them. I have learned to accept you are not that smart.

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Combat roach

Human rights and democracy, imbeciles are given access to the internet and public forums to express their opinions, it comes with the overall progress.

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Oracle

Mature conversation?

You’re still in denial about the NDP. Wake up for fuck sakes.

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ChinaOne

Many cousin still coming and we buy 4 house now. NPD help us and we buy. Baw we pay em good to. We buy cheap house now townhouse condo. Soon all my cousin buy everything here.

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Abdul Lahazi

I have you beat in the number of “cousins” department.

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stagnate

this isn’t groundbreaking news, vancouver has for decades had dysfunctional labour markets and economics. the ethnics are smart enough to take what’s made available. expect a continued disconnect with the ndp; teachers and nurses need to be looked after.

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Oracle

Has nothing to do with teachers and nurses. All do do with foreign $$, Immigration, and developers.

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Just me

Repost. I just listened to Selina Robinson on The Early Edition CBC Radio. To say she was evasive is an understatement. After repeated questioning about legislation to reduce housing speculation, excessive investment by foreigners and locals, improper use of housing by non-residents, she came up with answers like: — these are exciting times to craft policy (she said that multiple times)…. — we are considering many options but we have not taken any decisions….. — I don’t expect we will make decisions any time time soon…. — there are multiple needs across the province, and we have to balance those needs….. And then the one the only takes the cherry for me: — homelessness is the critical issue, and we are bringing 2700 rental units to the market this Fall….. Why the hell these fake politicians confuse the housing crisis… Read more »

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Lost...but not leased

Tide has gone out…we see the NDP for what they are….opportunists for the protest vote.

People are still awestruck from the Toll removal , SiteC and grizzly bear hunt isssue…but the novelty will soon wear off.

Lets be real…The NDP never had a practical policy for housing…people were just to hopeful in the impossible…. like believing in Santa Claus.

Sarcastically speaking,..who needs limits of campaign contributions…the more homeless the NDP create/allow…the more votes they expect to get…duhhhhh

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Just me

The housing market is the only reason the NDP was voted in power.
If they do nothing of consequence, the housing market will also be the reason why they lose power.

So far they do not seem to realize this simple fact.

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Oracle

Why be silent. Be proactive.

Start brainstorming how to get these assholes out of power. And Just me , don’t be afraid to call them assholes. You can do it.

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bullwhip29

wait until the current administration fumbles the ball on the FBT class action suit and winds up having everyone from former/current Libs to many of the folks who voted for them crawling up their a$$es after previous measures have to be rolled back. the ultimate kick in the teeth will be the additional compensation awarded to those who paid the illegal tax courtesy of ma and pa taxpayer who will be shut out of all real estate entirely in the banana republic of greater vancouver.

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Oracle

The Greens are pro-housing as well. Their ranks been infiltrated by developers as well.

The NDP are just morons. One term government guaranteed. And PR won’t pass now because of their ineptitude. The housing votes just won’t go out and vote for that after this charade.

We live in a dictatorship now. Same backroom boys control the NDP and Libs.

The only thing worse is people like EBy and Horgan lieing with a straight face. And one of them is ATtorney General. Ugh.

Banana Republic BC.

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Dave

Why won’t PR pass? The NDP organizers are DEEP into municipal politics. They have a lot of control because the turnout is so low that they can mobilize a lot of their activists and supporters. That’s why the NDP want to put PR during the municipal election…. so they control the outcome.

So, we’re going to toss out hundreds of years of Parliamentary Democracy with turnout by 20% of the population. Ironic that these dummies support PR… hypocrites. The reality is they only support it because they see it as enhancing their power.

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Dave

This isn’t complicated. There are lots of things they can do. If the argument is that foreign money isn’t a factor, then nobody should have any concerns about the government investigating and cracking down on it. Worst case, we all learn something. The NDP doesn’t want to act because they know a housing correction will take them down with it. Don’t expect leadership from politicians. It’s a very rare thing. That’s why their lack of action was completely predictable to me when they seized power. I predicted incompetence was the best we could hope for. The only thing I got wrong was that I expected the NDP to at least announce a few empty promises purely for optics and they haven’t even done that. If Selina was serious, she would be talking the market down. That tells me Horgan has… Read more »

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C.Junta

“incompetence was the best we could hope for”

That was my thinking too. I said to myself, “If NDP wins there will be two possible scenarios”.

A. They act on housing (via restricting foreign money, raising property taxes, fighting subprime lending etc). I am a realist, so I didn’t think the chance of this would be high.

B. They act as an elephant in a china shop (no pun intended) and bring down everything: economy, jobs, and, in a few years, next government will get a public mandate to introduce unpopular measures to fix the housing crisis.

So far, I cannot see any A-type activity, and very limited B-type stuff (eliminating bridge tolls won’t kill BC economy). Ok, let’s wait.

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YVR

The problem with B is the Greens have veto power. The Greens have already vetoed the $10 child care and renters rebate for example. They have stated they will prevent the NDP from making it easier to unionize a workplace. The Greens will only let he NDP be so incompetent. You need an NDP majority if you want a full on NDP incompetence and crash of the economy.

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YVR

Ultimatley the lack of action on housing is Horgans call and was his plan from day one. That is why they put a no name like Selina on the file. It has nothing to do with her. She is being told not to do anything. Horgan is a complete scum bag and liar. The sooner you and others accept that and move on the better. Time to start thinking about recall.

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Just me

“Horgan is a complete scum bag and liar”

That might turn out to be true. But Christy Clark was way worse. Ask you BC Lib friends to select somebody who does not take suitcases of cash, and perhaps next time I will try and vote for them.

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Dave

I’m glad I voted for the None of the Above Party. All three options in my riding were terrible.

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YVR

Horgan is taking the same cash as the hypocrite he is. At least the Liberals brought in the foreign buyers tax and didn’t make a bunch of intentional fake promises they would correct housing. Just waite until the NDP remove the foreign buyers tax which I predict is coming.

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C.Junta

“NDP remove the foreign buyers tax which I predict is coming”

What would be the rationale behind this decision?

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No Money Down

Do-Nothing Selina

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BubbleTea

Letters to the Sun: Tax fraud explains ‘low income’ in Richmond
Under-reporting of family income by residents of Richmond is a fact of life understood by anyone living in our city. The travesty is that the CRA, other government departments and politicians allow the fraud to continue instead of enforcing the rules or introducing new regulations that will stop previously undiscovered tax avoidance schemes. The same residents who under-report their incomes utilize our health care and education systems costing those programs money while at the same time not contributing to health and education budgets.
http://vancouversun.com/opinion/letters/letters-tax-fraud-explains-low-income-in-richmond

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Dave

Some of it is tax fraud, but the biggest problem is the legal part. We’re allowing people to come here, inflate the real estate market and sit on their assets, while collecting the benefits of living in this country. We’re taxing the wrong people. The Liberals want to tax the wealthy, but they have no clue who that really is.

If you don’t own real estate already, you’ve been totally screwed over by the government. You’re basically subsidizing the people who are creating the housing bubble, all the while not participating in it. It’s lose, lose.

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Just me

Amen.
Sad by totally true.

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Dave

Would it kill you to give a brother the thumbs up? 🙂

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Combat roach

Can’t if not logged in, unfortunately. Admin had to disable that feature due to voting frenzy frequently demonstrated by blog’s hooligan space889 who is also a great supporter of those in tax-avoiding question.

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Just me

I would. But Combat Roach pointed out the capability to do it had to be removed because there are too many clowns manipulating the voting.
If I ever become a member, I will vote you up when I agree. And in this case, I agree 100%.

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No Money Down

There Dave feel better?

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Best place on meth

Dave, we don’t pander for votes here.

Leave that to the politicians, please.

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YVR

The BC NDP are also targeting the local working class. Their only tax increase has been to increase taxes on those reporting over $150K in income. Note those who report $150k are already paying massive taxes and in most cases have less wealth than all those people making poverty level incomes in Van West, West Van and Richmond. Remember all those David Eby press conferences about students owning multi-million dollar houses. Did that problem go away now the NDP are in power? Where is Eby now?

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Shut It Down Already

Except we know that 95% of transactions aren’t by “people coming here”.

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Dave

Funny how every real estate brochure I get in the mail is mostly in Mandarin.

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Just me

It must be all locals who dabble in foreign languages!

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