Friday Free-for-all! October 27, 2017

Ah… Friday! 

As another week draws to a close, our thoughts turn to the weekend and another Free-for-all open topic discussion thread!

Here are a few recent links to kick off the chat:

whats the NDP doing about housing?

CRA to track presale flips

home ownership plunges

nation wide drop not seen here

empty mansions

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments section below and have a fantastic weekend!

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Oracle
Guest
Oracle
What does the NDP have to gain by changing electoral system to Proportional Representation? Nothing. Here’s why: 1. If ‘PR’ scenario were in effect the recent election where the NDP got 40.28% of votes, they would end up with 35 Seats. (less than the 41 they have now). Why would they do that? “To have a government that works for people? “. Hardly, as evidenced by their 180 on housing. 2. If PR happens next election, “throwing away the vote by voting Green” OR “I’m voting NDP to get rid of Christy” simply won’t happen. Thus, the percent of the vote the NDP would get would definitely be lower than 40.28%. My guess is it would be in the 35% range. This translates into 30 seats. Now why would the NDP do this? Especially when it is clear now that… Read more »
Oracle
Guest
Oracle

My ultimate conclusion is the backroom boys control all 3 political parties and put on a show to give the sheep an illusion of choice.

Bag it and tag it
Member
Bag it and tag it

And you’re too stupid to realize PR is the way to solve this…

KickThemOut
Member
KickThemOut

Uhm…no… actually it’s even better because perpetual minority and no party needs to really do anything or take any responsibility either since there is no worry of major defeat and wipe out.

KickThemOut
Member
KickThemOut

until there is meaningful repercussions for politicians who lies and cheat to get elected, and/or doing a terrible, nothing will change. Especially the sheeples who believe a ballot box and a vote for a different party will results in changes for the better. no it would NOT. Changing political party will only result in things being worse in a different way.

The only exception is the true 1% by wealth.

Just me
Guest
Just me

What is the NDP doping about housing? Short answer: NOTHING,

If they think that’s reforming rental regulations is enough, they are delusional. They need to engage fully and put in place regulations and laws that tangibly reduce the level of prices of housing. Anything short of death will be their political death sentence.

Most of the people who voted for them did it because of their promise to tackle high housing prices. They should not forget that.

Oracle
Guest
Oracle

They are having success by manipulating the less intellectually gifted here (Ex: BPOM) who keeps down voting. He’s throwing a temper tantrum whenever someone criticizes the NDP.

Best place on meth
Member
Best place on meth

No, I downvote you because you’re a serial liar and repetitive asshole.

I would imagine others downvote you for the same reason.

specuskeptic
Member

I know I do…

StupidityCheck
Guest
StupidityCheck

I would too if I weren’t too lazy to login.

SpacedOut
Guest
SpacedOut

That’s why I do it. And because he’s such a putz.

Diadora
Guest
Diadora

So disappointing that I have voted for the NDP (along with countless others) believing they will do something about the housing mess. Mark my words, the NDPs will loss big in the next election and I fear the liberals will be back, although I will vote for the Greens.

Just me
Guest
Just me

We are in the same boat. I feel exactly as you do. And I am planning to vote for the greens as they seem to have the(relatively) better plan for reducing house prices.

KickThemOut
Member
KickThemOut

You really think Green will be any different once they get into power and someone told them just how screwed economically they will be if they depressed housing prices by 25%?

But then again, they are greens who believe in stupid crazy ideas so who knows…

Just me
Guest
Just me

I am perfectly fine with some negative economic effects of lower house prices. In fact, I think they would be a small price to pay. Eventually, the economy will shift to different, and more productive, sectors and industries. All in all, short-term pain and long-term gain for most Vancouver residents.

You cannot make an omelette without breaking eggs. To some extent, any reasonable politician knows that reducing house prices will have some short-term repercussions. They also know that having ever higher home prices will transform Vancouver into a resort city for millionaires, where housing and other services for the rich (e.g. luxury car dealerships) crowd out all other productive industries. Essentially Montecarlo for the Chinese.

KickThemOut
Member
KickThemOut

NDP will do something for housing…by completely wrecking the economy and jacking up taxes like crazy. Mobility pricing is being floated again under the guise of congestion reduction. That’s the only thing NDP is good at, how do I raise taxes. I have never seen them coming up with anything that’s actually useful to the average citizen.

Lost...but not leased
Guest
Lost...but not leased
For sake of argument…..I’ll assume Oracles numbers re: how PR would shake down are correct. Then it seems to boil down to (2) choices: (i) If Weaver threatens a no confidence vote if PR is not on a referendum, then the NDP are forced to schedule one, knowing that the results may put the NDP in permanent opposition. (ii) NDP call Weaver’s bluff ..aka dare him…… Then what? My prediction is the quieter it gets re: PR, it ain’t gonna happen. At this point in time, The Voters kicked out the Liberals..but the second part of that equation is the NDP “obligations” to prove the voters made a good choice. Weaver and his 2 MLA underlings are probably enjoying the perks now….and realize they could be put into oblivion as well. Horgan, Meggs etc. have probably had meeting with Greens… Read more »
Diadora
Guest
Diadora

3 in 4 Vancouver Airbnb units run by commercial hosts
https://thinkpol.ca/2017/10/26/3-in-4-vancouver-airbnb-units-belong-to-commercial-hosts/
An analysis of 416 randomly extracted listings showed that 317 of them belonged to hosts who were offering multiple Airbnb units.

Just me
Guest
Just me

So much for the official line of defense of the AirBnb shills on radio and advertisements:…..AirBnb is about little families making ends meet, blah blah blah.

Just a scheme to squeeze every last drop of income from real estate investments.

Dude Chilling
Guest
Dude Chilling

And how much does Airbnb play in driving up condo prices when commercial interests start buying blocks of condos to rent out on Airbnb?

Shut It Down Already
Guest
Shut It Down Already

I bet a good chunk of these “commercial operations” are local individuals/amateurs who’ve gone all in with leverage on the basis that “real estate is a great investment that always goes up!”

Maybe one day we’ll find out.

KickThemOut
Member
KickThemOut

But what’s the real deal? How many are mainland Chinese scumbag? That’s the only useful piece of info any bear on this blog cares about. Without it, we can’t do anything about how to combat AirBnB.

SpacedOut
Guest
SpacedOut

The funny part is, most people on this blog agree with you in principal. They just think you’re a racist jackass from the way you present your argument, so they down vote you. This is why banning hate speech is such a bad idea. We wouldn’t know what a racist jerkoff you are.

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

I really found that intriguing….like WTF ????
So..is it logical to conclude they are flipper/ speculators ?

Why would one have several properties that are apparently left empty??? except to gouge tourists ?
Is Airbnb a major source of financing?

Maybe CRA should do some research and cross referencing of the titles…maybe the “Landlord” has several properties under different family members… scamming the system…..in my experience greedy assholes think they are” so smart”…but often make stupid mistakes

PS One thing I don’t get is why the hotel industry isn’t more vocal about this competition.

Bear Vancouverite
Member
Bear Vancouverite

I’ve used Aibnb extensively as a guest. Amongst our circle of friends we consider Airbnb as a hotel service alternative, and when searching for places to stay I rarely see any “primary residences” where the host is also living there. Yet Airbnb consistently claims that the “vast majority of hosts” are renting out their primary residences.

Diadora
Guest
Diadora

Adrew Weaver: When will the BC Government start dealing with our housing crisis?
Housing affordability is the single most pressing issue facing British Columbians.
http://www.andrewweavermla.ca/2017/10/26/continuing-press-government-commit-demand-side-housing-reforms/

YVR
Guest
YVR

Looks like the NDP have confirmed again they will do nothing on foreign onwership

Yesterday, Global News noted New Zealand’s approach to tackle their housing crisis and clamp down on offshore ownership and speculation. The story included a very disturbing comment attributed to government: “Foreign ownership of homes is not being considered as part of the budget”

Just me
Guest
Just me

At least someone’s making sense in Victoria.
Not Horgan or Eby though.

Madashell
Guest
Madashell

I hope the NDP remembered they did not win the election. It was the Greens that gave them the power to rule. Ignoring the Green or the election promises about housing will collapse the government sooner and prevent them from governing for a very long time.

best place on earth
Guest
best place on earth

why are you not taking charge of your own life? you first relied on the ndp to change your life. well, it did not happen as anyone would have known it. now, you turn to the green. you soon will realize that many years of your life go wasted. i will check back here in 10 years, and many of you will still be sitting here bitching how sucked life is.

Just me
Guest
Just me
Here is why. Straight out of question time from Andrew Weaver. “There’s a lot of foreign capital out there looking for a safe place to park money in these tumultuous times. Foreign investors have turned to our real estate sector, thereby turning our houses and land into commodities for investing in speculation, not living in or working on. Our residents are paying a social cost, as they can’t afford to live in the places that they work. Yesterday I also received an email from a rural farm and ranch realtor who had been approached on behalf of a limited company based in Hong Kong looking to purchase 35,000 acres of farmland in British Columbia. The stories are never ending. This government continues to focus on the supply side of housing. When will this government step in to clamp down on… Read more »
KickThemOut
Member
KickThemOut

So basically shouting and putting the onus on other people and trying to look good while not having to do anything at all! how about he comes up with some plans / actions and then stand to take responsibility for its success / failure and any collateral damage?

bestplaceonearth
Guest
bestplaceonearth

yep, they have good fingers pointing to others. they should have known that they have pointed up their own fingers to themselves while sitting.

Combat roach
Guest
Combat roach

I was patiently waiting for a usual dose of your deepness and enlightenment, and here it comes. We are extremely lucky to have such demotic philosopher and intellectual powerhouse contributing to VCI. You are simply a deity of traditional wisdom. It’s always goosebumps whenever you say something.

bestplaceonearth
Guest
bestplaceonearth

the truth hurts, does it not! good luck waiting for a hand out from the green. beside all the racist comments, bitching, whining, and anger, what have you contributed actually?

KickThemOut
Member
KickThemOut

What you suggested requires actual efforts and hard work. Do you honestly see anyone like BPOM willing to do hard work, take risk, or anything of the kind? Heck, I bet even reading a useful university level textbook is too much for him & his minions.

StupidityCheck
Guest
StupidityCheck

I take charge of own life! I leave last year! Vancouver no goot!!!!

Lost...but not leased
Guest
Lost...but not leased
ALR etc.. A few weeks back one of the greenhouse operations effectively stated that the greenhouse production of vegetables was not longer as profitable as it one was…ie margins were once 20% now 6%. Point is, there is no shortage of food as options are maximized. People don’t really have a clue re: ALR….it was once called the” Land Reserve”(LR). It has ZERO to do with protecting farmland, it is simply a Land Bank with restricted uses to keep the land DIRT CHEAP. What this has done is forced development UPWARD….and allowed developers to turn RE into speculation, like splitting a stock offering. This has allowed more foreigners to buy or launder via stealth means, as vacant SFH is more obvious. Point is..NDP has a lot to answer for via the ALR and what it has done to affordability
KickThemOut
Member
KickThemOut

So why are groceries still so damn expensive?

history
Guest
history

What’s that hollow sound?

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

Horgan, Eby and Meggs bumping heads

Taxis
Guest
Taxis

Heard they made a mint on the taxi file….

Lost...but not leased
Guest
Lost...but not leased
True story: A while back I contacted a person who had placed an ad re: ALR. He had a 10 acre parcel of land in the ALR….Kelowna area. What had happened is his neighbours had ALR land that was pulled out of the ALR. His land was kept IN the ALR because logistically it was needed for road infrastructure, so the City was going to expropriate the land at the cheapest price(ALR)…as opposed to what his neighbours received..and then build the roads. Look at Tsawassen Mills mall…built on ALR land…simply had uses frozen till the time was ripe. Much land is kept in ALR so that the Gov’t can expropriate it cheaply for new roadways. BC cannot provide food 24/7 365, we are reliant re food imports. Much of the land is used for the production of alcohol ie wineries.… Read more »
Just me
Guest
Just me

At least one very good thing coming out of this NDP government.

“B.C. Liberals fail to save secretive international tax rebate program”

http://vancouversun.com/news/politics/b-c-liberals-fail-to-save-secretive-international-tax-rebate-program

history
Guest
history

shows-canadian-real-estate-is-way-overpriced/

shows-canadian-real-estate-is-way-overpriced/

shows-canadian-real-estate-is-way-overpriced/

history
Guest
history
KickThemOut
Member
KickThemOut

Apparently China didn’t get the memo that this is 2017…again showing its sexist attitude by completely snubbing the contribution of females. All old men on the new standing committee. Wonder how many them are going to last the 5 year term.

http://www.cnn.com/2017/10/24/asia/china-standing-committee-xi-jinping/index.html

franko
Member
Active Member
franko

Ottawa pays over $31 million to 3 victims tortured in Syria.
http://nationalpost.com/news/Canada/three-torture-victims-receive-31-million-in-federal-compensation

Looks like Omar Khadr only set the stage for these windfalls.

Dude Chilling
Guest
Dude Chilling

Trudeau said we should be angry that these guys “rights” were violated. When I first heard that we should be angry I thought it was because we paid them $31 million …

history
Guest
history

Media -goo working Hegels dialectic. Torture Bullshiet isthe thesis, Animal on the barbie is the anti-thesis, BC PR woof and mutt party is the result

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

Seem to recall Justin’s Daddy Pierre invoked the War Measure Act back in early 1970’s?

Regardless……Trudeau’s are scum…done much irreparable damage to Canuckistan.

Even sadder is that many people still have this support/fascination of them goes to show the Stockholm Syndrome is alive and well and why we are such a dysfunctional ass backward nation.

patriotz
Member

Sam Sullivan plays the racism card against the NDP and Greens. First use since the election by an MLA as far as I know, maybe he should get a prize.

Sam Sullivan takes an even darker view, predicting that proportional representation would create an opening “for a racist party, speaking on the floor of the legislature.”

http://vancouversun.com/opinion/columnists/vaughn-palmer-leadership-hopefuls-united-in-fighting-electoral-changes

Just me
Guest
Just me

Sam Sullivan is a self-interested prick. He should relieve us all of his presence.
Parties represent opinions. Right now there is a massive disconnect between voters’ opinion and governments’ actions. Is that good according to Sam Sullivan?

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

Every time I hear of Sam Sullivan, I think of the movie Hannibal and that scene at the end where that rich guy in a wheelchair is pushed by his butler into the wild boars pen….

Best place on meth
Member
Best place on meth

Sullivan pushed down the stairs would be adequate, no need for wild animals or excessive drama.

Shut It Down Already
Guest
Shut It Down Already

Er, except it was you who “played the card” against them and not him.

history
Guest
history

PR is part of the NWO Script, divide and rule.

You heard it here first. The biggest PR fringe party with unshakeable 5% of the vote

history
Guest
history

Woof, where did my device’s 100 animal glyphs go?

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

PR is too late out of the gate…

In the infancy of the form of governance called democracy, the party system was not part of the original model.

Elected representatives were to act as independents. However, in due course, this model became co-opted by the Party system, which facetiously speaking is simply voting for the least worst, the party in power run by a dictatorial leader, and ultimately this charade is one step from communism.

Point is…if PR is not a foundation of governance at the start, to introduce it later likely results in dysfunctional fiefdoms of balkan states.

Short of revolution, democracy and its co-opted model is what we are stuck with..

history
Guest
history

Francis Bacon wrote a timeless article on Factions.

MONTY python made a skit

PR is being front run today by BigData. They have this province carved up already and juicy portions divied out.

We’ll get our financial wars until 2024, followed by a NEW form of government

Trust me on this, i read the stars but cant go into the detail here.

patriotz
Member

Since it’s one of the topics of the week I should acknowledge that my prediction that we would see a record high homeownership rate was wrong. It looks like the millenials are indeed backing off on purchasing. A falling rate is seldom seen together with rising prices. Note in the US the rate peaked around 2004, two years before the price peak in 2006, but otherwise they moved in the same direction.
https://en.wikipedia.org/wiki/Home-ownership_in_the_United_States

Just me
Guest
Just me

“A falling rate is seldom seen together with rising prices.”

Doesn’t this give you a little hint? Could it be that foreign ownership (often by non-permanent residents or non-citizen) is responsible for the runup in prices, while the share of owners is based on permanent residents and citizens?

Will you ever acknowledge that in Vancouver foreign money rules?

Shut It Down Already
Guest
Shut It Down Already

It’s a sign of move-up buyers borrowing against their old property rather than selling it because they think they’re astute investors. After all, real estate does nothing but go up!

patriotz
Member
“while the share of owners is based on permanent residents and citizens?” It’s not. The Statscan ownership rate is based on households, which are not limited to permanent residents and citizens, but any of the following. A dwelling is owner occupied if owned by any member(s) of the household. All persons who have their main residence at this address on May 10, 2016, including newborn babies, room-mates and persons who are temporarily away; Canadian citizens, landed immigrants (permanent residents), persons asking for refugee status (refugee claimants), persons from another country with a work or study permit and family members living here with them; Persons staying at this address temporarily on May 10, 2016 who have no main residence elsewhere. As to who is responsible for prices, my position has always been that every buyer is responsible for the price they… Read more »
Just me
Guest
Just me

Housewives and students are not necessarily captured in those stats. Especially if they sublet from beneficial owners, or make arrangements so,that the official owners is a company to which they pay “rent”. This arrangement is not unusual, especially on the west side.
Higher ownership rates cannot be measured appropriately by Statscan. Not with the stunted information they have access to (and that government keep refusing, due to political reasons).
Let’s make all info public and count again.The share of foreign based owners will stun you.
Even if it were true that buyers from abroad are only 10%:of the total, the fact that they hoard property indefinitely and keep adding to it means that the share of foreign owners out of the STOCK of total owners is continuously rising.
Simple math.

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

It appears that the rules, stats etc (ie permanent residents) are promoted as aligning with the interests of what we assume are actual classically defined citizens.

Unfortunately, every time one digs deeper, the criteria appears to be watered down as to be literally all inclusive.

Its pretty clear that offshore/foreign buyers set the pace,…..as without them(since 1986) there was no local driver to achieve such prices. Once the gov’t let them in, to stop a revolt, they had to massage the interest rates so the locals could enter the RE game.

I hate to say it, but I really can’t see the Gov’t willing or able to fix this, its 30+ years of foreign infestation.

Bear Vancouverite
Member
Bear Vancouverite
“Housewives and students are not necessarily captured in those stats.” There have been many news articles where land title searches found owners of homes to be students and housewives. You’ve quoted and linked to many yourself. There have even been news reports on TV where reporters knock on doors of mega homes and owner occupier “students” or “housewives” answer the door and don’t know what their parents or husbands do for a living. There was great uproar here about this. We also know or believe that empty homes are a big problem, and that locals cannot afford to buy anymore and instead must rent. The logical conclusion we can make is that most “students” and “housewives” are the owner occupiers of those homes and accurately captured by the stats. Stats are showing that homeownership is going down not because foreign… Read more »
Just me
Guest
Just me

I would argue what you wrote is partly correct. But with an important qualification. If housewives and students, as well as numbered companies, end up owning multiple homes, almost mechanically you have lower ownership rates.
Concentration works that way.
However I should say that on the west side what I wrote is correct. Ownership and residence are often unrelated, at least formally.

Lost...but not leased
Guest
Lost...but not leased
Rather sad the home ownership has been effectively co-opted into a trap. One wonders if Gov’t and Central Banks colluded re: interest rates but had some sort of studies and estimates as to how many would take the bait ? ( If the general public were able to vote re: going back in time and regrouping, would they? Alan Greenspan and his ilk have academic papers about seducing the public into housing as some sort of wealth- creation” money machine”….. like some “opiate du jour ” to the restless masses..as people had good reason/s to avoid the ponzi scheme called the stock market. In essence they are abusing the classic human nature desire for “security” ) Were their estimates correct?..or did an RE Frankenstein emerge that had even them sh*tting bricks. I met people from Europe visiting BC that at… Read more »
bullwhip29
Guest
bullwhip29

Mike de Jong, ex-B.C. finance minister, calls on NDP to release foreign buyer data
https://globalnews.ca/news/3829895/mike-de-jong-foreign-buyers-bc-real-estate/

“I do not know why the NDP government has decided to withhold that data…”

“…I don’t know if they’re trying to hide something…”

Just me
Guest
Just me

This is becoming absurd. A pro-housing and pro-investors BC Lib calling out the NDP provincial government for hiding foreign buyers’ stats. Do we really have to rely on Mike de Jong for the NDP government to behave appropriately?

The NDP is messing up big time the housing file. In a scale from 1 to 10, they score 0.5 so far. What are they so scared of? They are going to lose half their support within 6 months if they persevere with this nonsense.

Taxis
Guest
Taxis

The are rich already. Paid off handsomely. Watch their lifestyles and those around them in 10 years.

Best place on meth
Member
Best place on meth

Your new name is adorable, whoreacle.

YVR
Guest
YVR

“…I don’t know if they’re trying to hide something…”

YVR
Guest
YVR

They aren’t trying to hide it, they are hiding it. The want people to forget about foreign buyers when they eliminate the tax in the coming Feb budget.

Best place on meth
Member
Best place on meth

I totally trust Landlord Mike who introduced the foreign buyer tax that stopped just short of his investment properties.

Doesn’t everyone?

YVR
Guest
YVR

He introduced a foreign buyers tax for Metro Vancouver and started tracking foreign buyerd releasing the stats monthly to the public. On the other hand the NDP have introduced nothing to stop foreign buyers (or any other measure to cool housing prices) and then hidden foreign buyers stats from the public. Yay NDP! Meth loves you. Keep up the excellent work!

Bear Vancouverite
Member
Bear Vancouverite

YVR you need to be consistent. Over 50 of your posts in the past months said that all programs now are NDP programs. So the Foreign Buyers Tax should now be credited to the NDP, and in your own words, the Foreign Buyer Tax is 90% effective in reducing foreign buyers.

Using your own logic the NDP are 90% effective at reducing foreign buyers.

YVR
Guest
YVR

Actually the NDP have allowed foreigners to rent to own to avoid the tax which was approved by Carol James. They will eliminate the tax completely in Feb 2018 budget. They are also hiding the stats on foreign buyers.

Bag it and tag it
Member
Bag it and tag it

NDP should respond by extending FBT to Abottsford.

Dude Chilling
Guest
Dude Chilling

FBT should be province wide.

YVR
Guest
YVR

Horgan owns 2 houses in Victoria and Selena owns a second house in Victoria in addition to her house in Coquitlam. For sure will not be expanded province wide and will likely be eliminated completely.

Just me
Guest
Just me

NZ drops down China property buyer rankings.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11937272

Figures from Juwai.com – a top Chinese international property website – show New Zealand has dropped down to the sixth most popular country in the world for Chinese buyers after being in fifth place for the past two years.

patriotz
Member

The Juwai stats are simply for how many page views listings are getting, not actual buyers. Juwai themselves report this accurately. The story you linked also notes the change in rankings in NZ occurred before the change in government.
https://list.juwai.com/news/2017/02/juwai-reveals-top-10-chinese-buyer-picks-for-2016

Just me
Guest
Just me

Of cours. It could not be due to legislation yet to be introduced.
My point is that NZ was increasingly perceived as both expensive and inhospitable by Chinese mainlanders.
Our tax system and money laundering regulations should do just that: make Vancouver expensive and inhospitable to offshore “investor#”
That is the only way to,preserve our land base and quality of life.

Many Franks
Member
Active Member

Those of you who missed the city’s AirBnB hearing can watch it on http://civic.neulion.com/cityofvancouver/ (October 24th and 26th).

The first speaker on the 26th was Dr. Brock Smith of UVic, who introduced himself as an academic with a civic interest in Vancouver, but chose not to disclose that he’s received payment from AirBnB.

Just me
Guest
Just me

You have got to the hand it to the AirBnb higher echelons: they are smooth. They always try to come across as these simple and honest people, on the side of the little guy. But it is all accurately scented: they pay, bribe and lie like no others.
Corporate faking at the the most refined. How sophisticated! Insinuate doubt, introduce ambivalence, make it look like it is all coming from honest and reliable experts,

patriotz
Member

Like no others? How about Uber? Different market, same MO.

paulb
Member
Active Member

New
147
Price Change
59
Sold
115
TI:9786

Just listed: Rare 14 acre estate in N Van. 36M https://youtu.be/tJUZ5t0yFXE

kabloona
Member
kabloona
“Has ‘fixing’ Canada’s mortgage market made it riskier?” http://www.macleans.ca/economy/has-fixing-canadas-mortgage-market-made-it-riskier/ Tighter lending rules will send borrowers into the arms of ‘alternative lenders,’ posing a whole new set of hazards Joe Castaldo October 27, 2017 “Adam Farber has a practical, if slightly gory, view of his place in Canada’s mortgage mortgage. “You come to me with an open wound,” he says. “You’ve been beaten up. I’m your last option.” Farber, the vice-president of Corwin Mortgage Capital in Toronto, is a private mortgage lender. Borrowers who can’t get a loan elsewhere will sometimes seek private funds that bear higher interest rates. It’s a business that’s mostly unregulated—and set to grow. Ironically, one of the unintended—and potentially dangerous—consequences of regulators’ recent attempts to stabilize the mortgage market may be to push people toward riskier products. “My business is going to explode at this point,”… Read more »
Dude Chilling
Guest
Dude Chilling

Alt lenders have significantly higher interest rates than major banks or CUs.

history
Guest
history

So, since it’s MacLeans, the opposite happens.

People walk away from borrowing more money and constant refinaning. Yet… Interest rates crash and go negative
People hate there homes because it costs too much to maintain and the internet isnt free

Vroom, vroom, beep, beep

Just me
Guest
Just me

One last gasp for the Canadian residential market as rule changes cloud 2018 outlook
Realtors are predicting a busy Christmas selling season as homebuyers rush to beat the latest deadline designed to further cool the market

http://business.financialpost.com/personal-finance/mortgages-real-estate/one-last-gasp-for-the-canadian-residential-market-as-rule-changes-cloud-2018-outlook

Madness. Even after 10 years, I will never get used to this utter stupidity.

LS in Arbutus
Guest
LS in Arbutus

Totally agree. Utterly comical and crazy.

specuskeptic
Member

Tyee reports on Green pressure to end homebuyer subsidy. There’s some hope.

https://thetyee.ca/News/2017/10/27/greens-press-NDP-eliminate-homebuyer/

patriotz
Member

While the Green MLAs are highlighting areas where they’d like to see action, they also understand the government needs to move carefully, he said. “I think it would be easy to be critical that the government should have just jumped on a bunch of housing issues,” said Olsen. “It’s a big complex web out there. You do one thing, and other unintended consequences might happen.”

Olsen is the GP housing critic. “Unintended consequences”, of course, means politicians being blamed for a bust.

Just me
Guest
Just me

Olsen missed a great opportunity to shut his trap.

This is all so very depressing. They are not even embarrassed of saying they don’t want lower prices.
We see through them, clearly. They understand it, And yet they would rather keep house pieces where they are than being seen as the reason for lower prices.
Lower prices are a good thing. And whichever politician is willing to trigger them, will have long lasting recognition.

What a band of dwarfs on stilts.
We need lower house prices. And braver politicians. Not these opportunistic and cowardly idiots.
Lower prices are needed. There is no other solution.

Oracle
Guest
Oracle

Watch what happens to rents. I know people don’t like it but we just announced immigration targets. 300,000 min.

Metro gets minimum 50,000 of these. Plus the Quebec ones who aren’t counted in these numbers as they have a separate program.

Oracle
Guest
Oracle

Can you say dictatorship?

Just me
Guest
Just me

One more example of how easy money has generated asset inflation (for pretty much anything tangible).

Paul Newman’s watch sells for record $18m at auction The watch had been expected to sell for $1m .

http://www.bbc.com/news/world-us-canada-41787046

Oracle
Guest
Oracle

Steps:

Got to know a banker.

Take out huge loan.

Transfer money to another country.

Leave for another country.

Buy a house there.

Buy a White Mercedes SUV

Steal Pumpkins.

franko
Member
Active Member
franko

Regarding “steps”

May take a bit longer, but why not go for the motherlode?
-immigrate to Canada
-wait a few years
-get Canadian citizenship
-visit middle east
-get arrested
-sue Canada for $30 mil
-settle for $10 mil

history
Guest
history

and all faked, so that the insurance companies that paid out, can dictate new terms of Govt and Plebe behaviour

insurance is a favorite industry of the international dialectic classes, that govern based on court based rules

the whole thing set up, just like the thoroughly infiltrated CBC.

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

$18 million ..WTF? Its a small fashion accessory from a celebrity ???

Recall the high(exhorbitant) prices paid for art in the 1990’s…what apparently happened was the Japanese were encouraged by their financial advisors to pay top dollar for various assets. As we know, Japan’s economy took a major hit and hasn’t really recovered.

I’ve followed these inflated markets, and what appears to happen is some item is bid up by some person in what appears to be a suckers game……..example older radios from 1950’s. Its like a stock..the market starts to take off…till the last greater fool shows up..then the market collapses.

This Newmans watch is one to”watch”….my guess is Newman memorabilia will get hot. in what is another irrational rigged market.

YVR
Guest
YVR

The next NDP fast ferry debacle?

Surrey Light Rail will be one of Metro Vancouver’s worst transportation mistakes

http://dailyhive.com/vancouver/surrey-light-rail-skytrain-mistakes-underbuilt

patriotz
Member

“The next NDP fast ferry debacle”

What does it have to do with the NDP, except that the party has happened to become government after the project has been endorsed by Surrey, the mayors’ council, the former BC Liberal government, and the federal government. The project was first proposed by somebody named Dianne Watts.

YVR
Guest
YVR

If this white elephant goes forward it will be because the NDP have approved and funded it. It will also be the NDP responsibility for managing the project and all the cost overruns. I think it will be Selena overseeing this one which pretty much dooms it from day one.

patriotz
Member

If the NDP canceled the project all its opponents would accuse it of doing so out of spite against the BC Liberals and in particular against Dianne Watts who is one of their high profile candidates for leader.

Except you of course. 🙂

Lost...but not leased
Guest
Lost...but not leased
Reading this article in more detail,, it appears that the aim is to extend rapid transit to outlying Metro Vancouver cities. Apparently, light rail extended into the Fraser Valley decades ago. The article talks about light rail in a negative light, but is it implying by default that Skytrain is better? Skytrain is more expensive….then we are caught between a cheaper light rail with lower capacity versus a more expensive option with higher capacity. In addition, , given the light rail would ultimately bring passengers that would feed into the Skytrain system..is Skytrain capable of handling this added volume? IMHO existing Skytrain/Canada line routes will have increased ridership over time,that’s why developers and planners jumped into bed in an unholy alliance to build high density adjacent to these lines. Either choice….this has White Elephant written all over it.
YVR
Guest
YVR

If anyone wondering what all those soon to be vacant Sears stores will be used for?

7 towers up to 65 storeys proposed for Sears Metrotown site

http://dailyhive.com/vancouver/sears-metrotown-redevelopment-concord-pacific-october-2017

Oracle
Guest
Oracle

Same with Guildford. But more towers and a LRT station.

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

Same with 50 acre Lansdowne Mall in Richmond.

It seems Local Gov’ts can’t rubber stamp hi-density residential fast enough/ Why?
Seems no long term vision for other land uses…just go for the quick and sleazy condo -a -go-go $$$$

However, here is the big chance for NDP 3.0 ( ie Horgan and crew ) to use legislation at their discretion to demand social housing using a formula.

That’s how NDP 1.0 was able to create the ALR scam…they had a loophole that allowed them, a Provincial body, to usurp Local Gov’t zoning designations and create a ” Land Reserve” zoning that applied provincially.

C’mon Horgan Selena Meggs and Eby……..here is your time to shine ….ya useless #$@%

Bear Vancouverite
Member
Bear Vancouverite
Let’s put an end to the notion of OSFI B20 rules pushing buyers to alternative lenders with some facts and logic. The alt lender theory is pure fearmongering by vested interests who wanted to scare OSFI into aborting the B20 regs. It failed. 1) Alt lenders have limited capital to lend out, they aren’t going to be able to supply the funding that everyone failing a stress test needs. 2) Alt lenders are charging huge interest, often 7% or more. Recent articles posted here already say Canadians are having trouble after 2 minor rate hikes. 3) Suddenly we are expected to believe that people who cannot pass a 4.89% stress test can afford 7% interest rates. Uh huh. 4) Alt lenders admit they often lend with loose criteria because the rising equity in the homes protect them. If B20 triggers… Read more »
Oracle
Guest
Oracle

Immigration minister just announce immigration numbers for 2018. Ugh

300,000 minimum.

Bear Vancouverite
Member
Bear Vancouverite

Immigration is relevant to Alt Lenders how? Is your thesis that housing in 2018 will go up because 300,000 new immigrants will become Alt Lenders to help locals buy overpriced condos?

Oracle
Guest
Oracle

Get your IQ tested and then post. If you think immigrations is y directly correlated to housing prices and rents then you are sooooo lost.

Just me
Guest
Just me
I am general pro-immigration. But why do we have to have targets like 300k or 400k. Would it not be more reasonable allow infrastructure and housing to adjust before bringing in more people? What is wrong with immigration numbers of 150k or 200k? Gradualism does not mean to be anti-immigrant. It means to preserve the quality of life of current residents while remaining an open society. There is a tradeoff between speed of population growth and quality of life of the average resident. Can we take that tradeoff into account? It seems to me that the immigration targets are partly due to ideology (misplaced idealism in open borders) and partly pushed by vested interests which profit from it (RE developers, immigration-related businesses, employers looking for lower wages). Governments should be able to strike a better balance between different motives. Right… Read more »
Oracle
Guest
Oracle

Good luck trying to convince anyone here.

I suggest you start worrying about yourself rather trying to enlighten those who are too dumb to figure it out even when presented to them on a silver platter.

I’m sure ‘talking’ to airheads has been tried throughout history to no avail.

Just make sure to get a place where rents can’t shoot up (buy or?) and stay on this blog while rents shoot up to crazy levels for the naysayers.

history
Guest
history

Yum, flow through welfare for landlords

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