Friday Free-for-all! October 6th 2017

What time is it?

It’s Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

Post your news links, thoughts and anecdotes in the comments section below and have an excellent weekend!

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bullwhip29
Guest
bullwhip29
Just me
Guest
Just me
Douglas Todd is becoming my hero. Here is an excerpt to his brilliant article: The West Coast of Canada and the U.S. has been the most popular destination for China’s elite, according to the Hurun Report. As Ley says, China has become a “fundamental” of Metro Vancouver’s housing market, along with factors such as interest rates. Even though Metro Vancouver’s 2.5-million population is small, the Hurun Report shows China’s moneyed class are more attracted to Metro than larger “gateway” cities such as Sydney, London and Singapore. Metro Vancouver’s real estate prices, Ley said, have gone up and down with China’s fluctuating economy since the 1990s. Chinese trans-nationals are drawn to Metro, Ley said, for its clean air, climate, trusted universities, relatively short flight times and for having a Chinese-speaking community that makes up one fifth of the population. That’s why… Read more »
bullwhip29
Guest
bullwhip29

National Bank of Canada economists estimate “almost $13 billion Cdn was spent by Chinese investors in Vancouver in 2015 alone. This represents roughly one-third of all home sales volume in that year.”

>>> simply more proof that the talking heads who previously stated that foreign buyers only accounted for a few % of total sales were blatantly lying

YVR
Guest
YVR

That $13 billion and one-third was bogus and pulled out of the air. Discussed here many times.

bullwhip29
Guest
bullwhip29

say what you want. this is more accurate than the official govt low ball numbers of low single digit %. that is beyond laughable especially considering the kind of numbers that have been tossed around in recent days regarding money laundering. if silver int’l alone is moving around many hundreds of millions (that authorities are presently aware of) who is to say that a ballpark of billions, maybe 10’s of billions isnt plausible? and how many other co’s like silver intl are busy at work in generic looking commercial space all over richmond? you’d have to be an idiot to believe this co acted alone

Just em
Guest
Just em

Of course, it is more accurate. How can the government quantify the flow of money coming from China? That money is passed seamlessly between the Chinese source and a permanent resident of Canada. If the child buys with money from the father, does that make the transaction suddenly legitimate?

Ulsterman
Member
I don’t know what the percentage of Chinese money is, but if 2015 Stat Can numbers are in any way representative (median family incomes 2015 $79,930), the majority of Van families live in poverty by any sense of the word in such an expensive city. I mean, imagine raising a family on less than 100k in this city? It must be grim. I also know a dentist who makes about 250k and he’s moving to the Island because he “can’t afford to own” here. OK, so who does that leave to buy all the exciting $2-3m suburban Burnaby houses or the $3-5m Westside houses? But selling they are, even if at a slower pace than before. Maybe it is all the fabled move-up buyers but given the low local incomes one suspects that the government is just being completely outwitted… Read more »
Just me
Guest
Just me

Exactly spot on.
Could not have put it any better.

Oracle
Guest
Oracle

So what are you guys going to do.

Organize. If being priced out of rents (which will happen) isn’t gonna light a fire under your asses then what will?

My out is incan move to chilliwack with a minimal mortgage and commute to work.

What’s yours?

Just me
Guest
Just me

Somebody should explain to John Horgan that the one and only reason he is sitting on the Premier’s chair is that his party promised to deal with the high prices and Chinese money inflows. If he thinks he can now pull off a 180 and start talking like Christy Clark (about defending the equity value of homeowners) he is delusional. He will become a political non-entity in no time. People are angry and demand action by the Provincial government. That is what the Provincial election was all about.
John Horgan is a liar.

b kalra
Guest
b kalra

When Mr Ebby was housing critic , they were criticising the loose housing policies of liberal Govt but now they have kept mum and no hue and cry from the public side too.

Doomcouver
Guest
Doomcouver

I’m hoping Weaver starts threatening non-confidence soon. The only thing the NDP fear more than a property correction is being tossed out before their 4 years is up.

Oracle
Guest
Oracle

That’s why you must vote NO in referendum.

Oracle
Guest
Oracle

Only way to force NDP or else get them kicked out.

Oracle
Guest
Oracle

Oh there is a cry. The NDP have made a deal with developers/MSM

Whistler or Bust?
Guest
Whistler or Bust?

Did you explain it to him?

patriotz
Member
“Somebody should explain to John Horgan that the one and only reason he is sitting on the Premier’s chair is that his party promised to deal with the high prices and Chinese money inflows. ” There’s way more to it than that. No party can win an election simply on the issue of housing prices because there are too many homeowners, outnumbering renters more than 2 to 1. Guess who said this? (hint: not Horgan or Christy). Q:Would you support policies that would lead to a drop in real estate values? A: People who already own homes would be unfairly hurt by a policy that would lead to a drop in real-estate values. If the current homeowner has taken out a mortgage for say 90% of the worth of their home, and values then drop by 10%, the homeowner has… Read more »
Just me
Guest
Just me

Why do you keep defending them, even in the presence of indefensible behavior? Obviously you are ignoring the basic fact that the NDP has been lying about legislating new taxes on housing.
The NDP said they would introduce a tax like the one proposed by UBC and SFU academics. Where is it?

You are obviously not 8n Vancouver. This is ground zero for Chinese colonization and house price disaster. It is plain and simple displacement. Every person I know who voted NDP, did so because of housing. Nobody cared much about the other (frankly stupid) policies. Raising taxes on the rich? Moronic. Everyone know who,the rich in Vancouver are. And they are not the doctors and the lawyers.

Stop making a fool of yourself.

Just me
Guest
Just me

And no, there is not way more to that. Housing was the one and only reason the NDP won the election. Even a large chunk of th homeowners is fed up with Chinese buying up everything.

Shut It Down Already
Guest
Shut It Down Already

Except we know locals buy roughly 95% of everything because we have the goddamn data, moron.

Just me
Guest
Just me

As usual, I have to point out what the statistics measure.

The statistics measure whether the buyer is permanent resident or citizen. This includes corporations which have legal residence in Canada.

The statistics do NOT measure whether the money used to acquire the real estate is coming from Canada or not. Example: a Chinese millionaire decides to buy a house on the west side. If his wife is a PR or the child a student at UBC, that money is accounted for as if it was local money.

Clear now, moron?
Please don’t keep rehearsing this argument. It holds no water and we all know it.

history
Guest
history

The Margin controls the price, and it’s Chinese, i assure you. This is not a slam of Chinese, the very fact that local Caucasians use Chinese buying to justify overall economic activity is reason enough. Wasnt long ago my ex said Helicopters from Vancouver were flying over Cowichan filled with Chinese and their money… she was right

The bar i vacate on Oct 25th is a perfect example.

Ulsterman
Member

Just Me, I agree with your sentiments but it doesn’t help the debate to tell Patriotz “Stop making a fool of yourself.” We are debating one another not hurling insults. I agree with you that in my opinion the #1 NDP policy that interested most voters was dealing with housing and they have been a total disappointment on that score. I still prefer them to the Liberals BUT i’m totally pissed off with their lack of action on the housing file. It’s all waffle and “more studies.”

Oracle
Guest
Oracle

Dude. Make it hurt.

Vote No in referendum and start a petition. It will hurt him and his MLA’s.

Think critically about it.

Voting YEs meAns NDP and Lib developers in power forever.

Simple Solution
Member
Simple Solution

not a liar… just a politician

bullwhip29
Guest
bullwhip29

Gregor Robertson proposes giving locals 1st shot at new condos
http://www.cbc.ca/news/canada/british-columbia/pre-sale-condos-vancouver-1.4344434

Time to go
Guest
Time to go

Give me a break. All of a sudden Gregor is concerned? This move is so transparent. Can’t wait to cast my vote for anybody else.

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

I think the locals should be given the first dibs on Gregor and his useless cabal of Leftie Liars

YVR
Guest
YVR

“The policy would favour anyone who lives and works in Metro Vancouver, no matter their citizenship, he added.”

LOL who does that leave out? People from Alberta?

history
Guest
history

Iow, Ist prerequisite: Gotta be in debt to the locals, be willing to refinance Yet Again to local interests, and owe MOARE money by the time mortgage closes.

history
Guest
history

Hey Gregor all i want is a parking spot

bullwhip29
Guest
bullwhip29

One-bedroom apartment listings in Vancouver now firmly stand at $2,000 a month
https://www.straight.com/news/977871/one-bedroom-apartment-listings-vancouver-now-firmly-stand-2000-month

KickThemOut
Member
KickThemOut

Thank goodness renters are still getting ahead every month and every rent payment just makes every bear so much happier.

history
Guest
history

It’s foolish to rent, i agree

Whistler or Bust?
Guest
Whistler or Bust?

I’m loving it.

A one bedroom might be $2000 but a mansion is $6000.

Oracle
Guest
Oracle

Its going to get like that in the valley soon with all the planned immigrants coming.

history
Guest
history

Indian immigrants to anywhere should pay attention to Currency conversions first… not the blabberings of over leveraged RE bucketshop operator trying to get slum fill orders.

bullwhip29
Guest
bullwhip29

Canada Revenue Agency targets more Vancouver pre-sale condo contracts
Telus Garden and One Pacific buyers under federal revenue agency scrutiny
https://www.biv.com/article/2017/10/canada-revenue-agency-targets-more-vancouver-pre-s/

Lost...but not leased
Guest
Lost...but not leased
Good scoop… The intriguing facet is WESTBANK developer..allegedly THE biggest developer in Vancouver …founded by round eye Ian Gillespie..who married the niece of Robert Lee…one of the main Go To persons for offshore CHINESE money to find a home for decades. While not a big fan of Gov’t and their minions..methinks CRA has some sort of agenda in play..as WESTBANK built that project at Cambie and Marine in South Vancouver..which is currently under major audit. Its not a stretch for CRA to smell a rat and pursue other WESTBANK projects… I also hear that Telus Garden has a lot of problems re: quality and workmanship..now this. If CRA goes after THE biggest Vancouver developer…you can imagine the other developers are shitting bricks (and drywall , granite counters, Miele appliances etc.). In addition, other collateral consequences is that the rare strata… Read more »
YVR
Guest
YVR

“Its not a stretch for CRA to smell a rat and pursue other WESTBANK projects…”

The fact Westbank did not cooperate and provide the list of buyers for CRA’s first audit of the Marine project pretty much seals the deal Westbank will get all their projects audited plus maybe their own books. CRA is one agency you don’t want to piss off.

history
Guest
history

We have crisis on our hands. The developer shenanigans has hollowed out the working class… look at Space as an example of the crap worker left over

KickThemOut
Member
KickThemOut
Well the lousy sucked, but at least we still got the Thanksgiving party. The deep fried turducken was excellent. We also got to taste wild games meat – deer, buffalo, and bear. Apparently, one of the Chinese girls know a group that hunting, and does wild game import on the side. Guy said he’s got a 200 lbs of bear meat stored up for sale. Got to say that bear meat, properly prepped & marinated, and BBQ tastes pretty good. The texture is both looser than beef but also chewer at the same time. It has a nice musky after taste to it, stronger than beef but not nearly as gamy and pungent as sheep. Anyone interested, leave your contact info and I will forward it to the girl. Bear meat goes between $9.99/lb to $19.99/lb depending on the cut.
KickThemOut
Member
KickThemOut

The lousy weather sucked…

bullwhip29
Guest
bullwhip29

sounds like you thoroughly enjoyed sticking meat of all of shapes, sizes, tastes and textures in your sausage hole…

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

Better check where the BEAR meat was sourced…..

Could be a scavenger bear that frequents dumps and you get bonus species like worms and other parasites..

Bear is related to pork..same thing the Picktons raised..

Bon Appetit

Best place on meth
Member
Best place on meth

Is there anything you fuckers won’t eat or flat out exterminate?

Nevermind, just let me know much your contact charges for a gall bladder and a couple of front paws.

KickThemOut
Member
KickThemOut

You can’t afford it and you aren’t on the list.

Just me
Guest
Just me

And this why I might never vote NDP ever again. Horgan now sounds like Christy Clark!

“Housing is a critical component in many people’s equity and their retirement prospects,” NDP leader John Horgan said this week, “and we want to make sure that we don’t adversely effect the market place. What we want to make sure is we get speculation out.”

Shame on you Horgan, Eby et co. Bunch of barefaced liars. Now you want to defend the hard earned equity of homeowning millionaires? Are we keeping the system of zero taxes on millionaires intact?

Just me
Guest
Just me

This is from the great Douglas Todd article, linked above. Horgan has gone bananas. He sounds like a reincarnation of Christy Clark. no difference between the two of them. She would have said the same exact thing.

YVR
Guest
YVR

All the time people keep making excuses for the NDP liars they are enabling them. This is the most blatant election fraud I can recall. That is saying a lot.

Oracle
Guest
Oracle

They are done. No question about it.

Now all efforts should be to get a NO victory in the referendum.

I only voted NDP for housing. I don’t want no raise in minimum wage or $10 childcare. Heck build the pipelines and bridges.

Assuming we get a 40% Liberal votes and 10-20 % of the exNDP vote, then these asses are finished for another 2 decades.

Spread the word. Renters vote NO!!!

Organize

Get 100,000 signatures

Send them to Weaver to force the NDP

If no action, vote NO and decimate the NDP.

YVR
Guest
YVR

LOL what is the point of getting speculation out if you want to keep the bubble inflated and prices high to protect equity? Like taking out speculation and keeping prices high helps anyone? This 100% confirms the NDP will not be taking any action to cool housing or lower prices. Horgan has just stated it in plain English. If housing corrects on its own he will take measures to protect equity and peoples retirement prospects by inflating it. If anyone still has any doubt then I have bridge to sell you. Your only hope under the NDP is to go on welfare and get social housing.

Just me
Guest
Just me

Unfortunately, I have to agree with you. This is the same logical fallacy that made me mad about Christy Clark: I want to reduce speculation and illicit money flows, but I don’t want the equity of homeowners to drop.
It is either one or the other. You cannot have both.
Is there anyone from the NDP reading this blog? If so, you better get your act together. Playing politics on this will cost you dearly. There is no doubt about that.

YVR
Guest
YVR

“I want to reduce speculation and illicit money flows”

He never said anything about illicit money flows. Just “speculation” which cannot be really quantified and is subjective.

Oracle
Guest
Oracle

Organize a NO campaign in referendum.

Shut It Down Already
Guest
Shut It Down Already

Good idea. I can’t imagine anybody else organizing such a campaign.

Joe Hair on End
Guest
Joe Hair on End

1. Since speculation has fuelled price rises “taking it out” will do the opposite. How’s Horgan going to pull that magic.

2. If the market isn’t adversely effected ( IE prices come down) what’s the point?

3. Relying on your home’s equity should NOT be a critical component of people’s retirement prospects and in the past it certain was not. My dad retired in 1989 sold his Burnaby home and my parents downsized to White Rock and made $50k in the difference ($90k in today’s dollars) You couldn’t retire on that. In the past you had to work, save and/or have a pension plan.

The fact that now Horgan, and a lot of other people, think that using your home’s equity as a retirement plan is some sort of norm… is fucking scary.

Just me
Guest
Just me

I think that Horgan is encouraging irresponsible behavior. People should save money, not fund their retirement through home price capital gains.
He has no shame, after what he said in the last election campaign. No shame whatsoever.

Bag it and tag it
Member
Bag it and tag it

It’s ironic considering he only came to power because of the votes of those that don’t own real estate…what about the retirement of those people?

history
Guest
history

I own a value investment that has done poorly the last 20 years. It is doing much better since the election and particularly well since the Eclipse…But im getting older, so retirement is on my mind…. Every day im reminded im the wrong gender, wrong skin colour and wrong age by the throngs of debt pigs that scurry about. They are addicted to Growth, and i scare the shit outta them

Shut It Down Already
Guest
Shut It Down Already

And maintaining policies that keep retirees in the very homes they were meant to be cashing out of is the icing on the cake.

YVR
Guest
YVR

“Horgan now sounds like Christy Clark!”

Except Christy Clark did not run a campaign on doing the opposite over the past 8 years including just a few months ago.

history
Guest
history

Do a survey of the NDP caucus and how many times they refinanced their homes during the liberal era… you’ll sheit Oracles already very crapfull underwear. Horgan is protecting himself and his cronies. It’s why rule changes are so very difficult. Horgan is saying he wants higher dollar and interest rates, when he pokes the eye of the ambigious Speculator, stop the Margin using gambler, with a Margin Call! the strong will survive, the weak will grovel to Soros Trudeau for that cargo of Africans or Indians and flow- through housing welfare for bucketshop slum lords.

YVR
Guest
YVR

“Do a survey of the NDP caucus and how many times they refinanced their homes”

I don’t know about refinance but we do know Horgan owns two homes and Selina owns two homes and most NDP caucus own multiple homes. Do the math on what Horgan is talking abut when he says preserving equity and retirement. He is talking his own book. A fool like Horgan could never earn a living in the real world. He needs RE speculation to fund his retirement at the expense of those who voted for him.

Just me
Guest
Just me

eBay is not a homeowner. He used to rent at UBC. But he seems to be OK with the ne owner-friendly approach, where taxes are kept low and we worry about equity being preserved.
He sold out already, in exchange of a good ministerial position? Hard to believe this makes sense at his age. But so it seems.

It is amazing what a difference 6 months make. I am so disappointed in Eby. He is the one who really makes me sad.

Just me
Guest
Just me

Eby is not a homeowner. Not sure about eBay….

YVR
Guest
YVR

Although Eby rents his apartment where he lives he does own a 1 bedroom condo where he formerly lived. Lower prices would help Eby personally since he needs a bigger place but he does have skin in the game. Most other NDPers are all in on RE with some owning 4 properties.

Just me
Guest
Just me

And that is, sadly, the root of the problem. Absolutely no decency from our elected politicians.
Then they go around preaching about poverty and taxing the rich.

I cannot believe I had to vote for them, just to get rid of that corrupt Christy Clark. I really wish we had a choice of better politicians.

Then people wonder why the educated end up voting for populist parties. This is exactly why.

Bag it and tag it
Member
Bag it and tag it

I think it’s time to put the pressure on Weaver via email. Tell him we’re planning to change our vote from NDP to Green in next election but only if he forces the NDP to expand FBT province wide and cancel the down payment scheme.

Oracle
Guest
Oracle

You can do that by organizing a “Ex-NDPrs voting NO” campaign.

This puts pressure on weaver to do something.

If nothing happens, PR fails and so with it the NDP.

Whistler or Bust?
Guest
Whistler or Bust?

You people actually think they care?

There will not be an election for 4 years because both sides know hey will be decimated.

franko
Member
franko

“You people actually thing they care?”

Not in the least.Their bumped up pensions alone will suffice to set them up for life.

Oracle
Guest
Oracle

He used his single mother upbringing to help him get elected. Quite the asshole.

Oracle
Guest
Oracle

Again. Voting NO and getting all renters to quash the referendum is the only way you will force their hand.

If people don’t get this then they are screwed. Last chance.

Whistler or Bust?
Guest
Whistler or Bust?

Oracle…

More posts does not mean people are going to listen to you more.

paulb
Member
Trusted Member

New
180
Price Change
46
Sold
178
TI:9867

http://www.clivestevepaul.com

Just me
Guest
Just me

How international students are filling funding shortfalls

http://vancouversun.com/feature/how-international-students-are-filling-funding-shortfalls

(Look at the pic in the article….a bunch of Chinese hanging around UBC — no other racer in sight, no diversity at all. We’re we not for diverse racial mix?). It has come to this, and you are even accused of being racist if you point it out, as if the lack of other races is OK if the majority is Chinese).

Oracle
Guest
Oracle

I’ve been saying this for years yet the dumb keep siding with the trolls.

Oracle
Guest
Oracle

Only one solution left. See my posts.

Best place on meth
Member
Best place on meth

Will it be a final solution?

Oracle
Guest
Oracle

Vote Yes and you will see what happens. Developers and foreign money in total control for decades.

Oracle
Guest
Oracle

17000 elementary and high school kids.

If anyone of your kids is in a portable, I’d be raising shit.

Just me
Guest
Just me

I actually never disagreed with you about the substance. It is the delivery that is lacking.

Oracle
Guest
Oracle

In my world, substance is all that matters.

I bet most think Horgan and Ebys delivery is awesome yet when the tide went out, we find there is no substance to them. But maybe there is?…Im sure foundations are getting padded somewhere.

history
Guest
history

So fcking what? It’s their time now! 100 Years ago, same place and photo op…. spot the asian or african? Dont see em, do you?

Give up, let em dance and parade around and shove their pride and bohome in your face, get it out of their system..

Simple Solution
Member
Simple Solution

its not racist… its REALITY

Just me
Guest
Just me

Many interesting comments to Douglas Todd great article in the Van Sun. But this one wins the day for me:

Alan Mittlestead
Mainland China has long been, by far, the world leader in illegal currency outflow, and B.C. politicians and the real estate industry have been knowingly lapping it up for years. It is nothing less than intellectual dishonesty to claim otherwise. Same goes for casinos and other businesses. Unless our government creates and enforces real laws that punish those accepting illegal funds, they will continue to sell out our country from underneath us. Greed rules these souless Canadians.

history
Guest
history

So? If you’re Chinese why should what this guy says mean anything? It’s a dog eat dog world, and China dog is dining large. They have every reason to, in their mind, look at the Censorship and Restrictions they faced 100 years ago. Same goes for India and any other country that fell under the yoke of European global imperialism, Philippines another good exaample..

Face it, immigrants to Canada the last 30 years especially dislike the country’s host people. Ive witnessed this first hand many times.

Another reason i live in my van… People gorging on private property debt… have at it.. A@@holes

Just me
Guest
Just me

And this comment is also pretty good, by none other than a homeowner who actually has some honesty left in him/her:

Alan Mittlestead
Mainland China has long been, by far, the world leader in illegal currency outflow, and B.C. politicians and the real estate industry have been knowingly lapping it up for years. It is nothing less than intellectual dishonesty to claim otherwise. Same goes for casinos and other businesses. Unless our government creates and enforces real laws that punish those accepting illegal funds, they will continue to sell out our country from underneath us. Greed rules these souless Canadians.

Just me
Guest
Just me
Wrong comment. Here is the correct one: Lyle Craver North Vancouver, British Columbia George Orwell in 1984 said that party members were expected to be able to say contradictory things at the same time. John Horgan with “Housing is a critical component in many people’s equity and their retirement prospects,” NDP leader John Horgan said this week, “and we want to make sure that we don’t adversely effect the market place. What we want to make sure is we get speculation out.” seems to be practicing hard. Bottom line is a home is not a good like a share of Apple Computer but rather something that people build their lives around. I’ve got mine so I’m OK but I don’t need a huge windfall profit if it means my children are condemned to be renters for life. For sure this… Read more »
YVR
Guest
YVR

“For sure this kind of real estate jiggery-pokery is anti-social behaviour and we shouldn’t tolerate this kind of thing for a moment. ”

The NDPs goal goal is to keep everyone at a low level economically which keeps them voting NDP. They talk the talk in the campaigns but in practice they know they want to keep their base poor. Creating prosperity would reduce their base. Too bad all those NDP voters don’t see this.

history
Guest
history

The modern day house is a debt trap, or debtors prison. It’s obvious.. QE, asset stripping, bringing reserves forward, call it what you want. This has been the hallmark of our times since 2010. Greed, Leisure Greed, frontrun by the 1%, with the aim of spoiling the boomer, and destroying their families in the process. It’s also called population growth rate control.

The home is poisoned for at least one or two generations, those born now, in 30 years, will give more credence to your Home as a way to Build A Family… it’s nothing of the sort now.

Oracle
Guest
Oracle

People can ridicule me all they want. But unless drastic action is taken, what’s coming will make these days look good.

Most renters will be priced out soon. That is 100% of their income will go towards rent. Then they will have to share rooms in condos or families will have to share townhomes.

Mark my words.

Organize.

Divided you will fall.

Shut It Down Already
Guest
Shut It Down Already

You think families would share condos before leaving the city? Such a dumbass.

Whistler or Bust?
Guest
Whistler or Bust?

Wow 18 of the least 25 posts by Oracle!

Glad you are moderating our posts.

I feel so much better.

history
Guest
history

Maybe he thinks it will help him with his Indian immigrant Flow-through Welfare for Landlords strategy?

I talked to the East indian i worked for for a few weeks this summer. His family owns 100 houses on BC Coast. So you know Greed has got these naval gazers by the Margin

And people wonder why i live in my van.

southseacompany
Member
southseacompany

“Canadian pension funds have amassed $188B in real estate assets. And they are hungry for more”, Financial Post

http://business.financialpost.com/real-estate/canadian-pension-funds-have-amassed-188b-in-real-estate-assets-and-they-are-hungry-for-more

“Are Canadian pension funds ready to gobble up even more real estate? New report suggests by 2016 they held $188 billion and will continue to increase their allocation”

southseacompany
Member
southseacompany

“Canada Revenue Agency targets more Vancouver pre-sale condo contracts”, Business in Vancouver

https://www.biv.com/article/2017/10/canada-revenue-agency-targets-more-vancouver-pre-s/

“The Canada Revenue Agency (CRA) is taking more developers to court for information identifying pre-sale condo buyers who assigned their purchase contracts before completion. The move comes after the CRA successfully obtained court orders in July against the companies behind Marine Gateway and the Residences at West.”

southseacompany
Member
southseacompany

“Mortgage carrying costs to rise 8% for new buyers next year, Scotiabank says”, CBC

http://www.cbc.ca/news/business/scotiabank-royal-bank-mortgage-rate-forecast-1.4344124

“New buyers can expect home ownership to become even less affordable next year as mortgage costs rise, while current owners will be largely insulated from higher rates.”

“Add it all up, and the bank forecasts that Canada’s housing market seems to have “peaked” and is expected to cool down from its recent breathtaking pace.”

southseacompany
Member
southseacompany

“Cost Of Owning A Home In Canada About To Jump, But Wages Won’t: Scotiabank”, Huffington Post

http://www.huffingtonpost.ca/2017/10/06/cost-of-owning-a-home-in-canada-about-to-jump-but-wages-won-t-scotiabank_a_23235100/

“The days of rapid house-price growth in Canada are likely over for now, Scotiabank economists said in a report issued Thursday.”

“Canada’s housing cycle has likely peaked,” they declared, because with interest rates on the rise and tougher new mortgage rules on the horizon, the cost of carrying a mortgage is on the rise.”

southseacompany
Member
southseacompany

Mortgage brokers getting pissed:

“Tougher mortgage rules would cause ‘substantial damage,’ says broker”, Toronto Star

https://www.thestar.com/business/2017/10/04/tougher-mortgage-rules-would-cause-substantial-damage-says-broker.html

“Mortgage broker Dominion Lending Centres ran full-page newspaper ads on Tuesday asking Prime Minister Justin Trudeau and Finance Minister Bill Morneau to change mortgage rules that Dominion Lending says have “reduced the average Canadian family’s purchasing power by upwards of 20 per cent.””

Just me
Guest
Just me

I read this article. This is simply an industry group that has their rent curtailed, complaining about the loss of profits.
‘The thing they did not mention is that additional lending results in higher prices and reduced affordability. Buyers end up with the same property at a higher price, hence more mortgage debt.

This mortgage industry is one of the reasons we find ourselves in this pickle.

history
Guest
history

But it is fascinating how deceiving and self serving the Federal Govt reacted to the crisis…. by raiding the Mortgage Brokers of their privilege to protect the interests of the banks. McLister was right pointing this out hysterically, the reason he got pulled from his own web site (shut up money)

Both McLister broker army and Federal Govt were Shocked by the same realization.. the famous correlation, HOUSE PRICES AND MORTGAGE REFINANCE RATES ARE POSITIVELY CORRELATED AT
0.82
0.82
0.82
0.82

southseacompany
Member
southseacompany

Easing for ever?

“Don’t rule out a world of perpetual quantitative easing”, Financial Times

https://www.ft.com/content/66e92f8c-a78b-11e7-93c5-648314d2c72c

“Central bankers find themselves in a quandary that is also inescapably political”

Just me
Guest
Just me

Really great article by John Plender. This guy can write very clearly, suggested reading for all (just google the title if you don’t have an FT subscription).

southseacompany
Member
southseacompany

“The great QE unwind”, Financial Times video

https://www.youtube.com/watch?time_continue=2&v=XJnBSkbzyPo

“Since the global financial crisis, major central banks have printed money and bought assets worth $12tn. But can we now return monetary policy to something like normal? FT economics editor Chris Giles examines the difficult road ahead..”

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

Makes sense….

Quantitative Easing was used to clean up the last big mess…so Quantitative Tightening is the latest bandaid to fix the mess Quantitative Easing created.

stagnate
Guest
stagnate

let’s not be confused about the ndp, basically a front for some of bc’s most repugnant unions. probably 90% of nurses and teachers are owners. are you going to bite the hand that feeds you? even the arch enemy liberals delivered huge income tax cuts and equity gains. the ndp is going to be vague and hope to get lucky.

history
Guest
history

NDP are and were dumbfounded by how immigration impacts the working class and unions. They only recently recovered by switching their co’op housing to strata, allowing refinance extraction. NDP rank and file are massively stupid dinosaurs. But there is hope, not too many people wanna work today, preferring the easy life of capital gains.

Oracle
Guest
Oracle

Union heads part of the 1%. The workers don’t even know what’s going on.

Serves them right.

history
Guest
history

Just learned my favorite watering hole in Mill Bay sold to Asians…. sometimes you gotta ride that tsunami, and pray you dont fall off the board..

history
Guest
history

I wont miss the watered down beer bar

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Unbelievable! All Van West buyers have trouble getting money out of China:

https://beta.theglobeandmail.com/real-estate/vancouver/vancouver-home-sellers-take-a-wild-ride/article36518216/

“We got a notice on Friday saying they (the buyers) were having trouble getting their mortgage. They need a mortgage for $3-million, and they couldn’t get it – they could only get $1.5-million. So they came back and said we can get our money out of China, but not until March. So now my closing date is March. That’s high risk for us, but it offered me a two-year rent back.”

Just me
Guest
Just me

That’s why we see price spikes every spring. January is reset time for money transfers. A few weeks to set the smurfs into motion and….voila!

Selling off Vancouver, brick by brick.

Oracle
Guest
Oracle

It’s gonna get much worse.

Don’t be worried about others. Plan for yourself.

130,000 foreign students here. Meaning about 40,000 graduate each year and theybfron wealthy families. Therefore, buying a detached or decent townhomes is only possible for local workers in the next year or two.

I was hoping the NDP assholes would create a temporary downturn but the ducks have been paid off. No prooof but kind of obvious.

So wait and see before I move south across the border. At least Trump looks out for his own people.

Just me
Guest
Just me

These numbers are not far from reality. Many of these students will have to be accommodated in some way. They are now entitled automatically to permanent residence, they are not going back home.

There is no free lunch. If we want their money there will be a price to pay. Are they all going to live in Saskatchewan?

Just me
Guest
Just me

Internal documents written between 2015 and 2017, and obtained by Postmedia, show that B.C. is an outlier on casino money laundering in Canada. They show that a tiny portion of ultra-wealthy VIP gamblers from China account for a significant part of B.C. casino revenues.

http://www.timescolonist.com/news/b-c/organized-crime-a-viable-threat-to-public-safety-in-b-c-casinos-gov-t-report-1.23058908

Documents say that BCLC believes a reduction in 2015 in suspiciously large cash transactions was because of efforts to shift high-roller Chinese VIPs into “patron gaming funds” and actions by the Chinese government to reduce capital outflows from China.

De Jong was warned money laundering concerns could open the B.C. Liberal government to criticism for deciding in 2009 to disband B.C.’s integrated illegal gaming enforcement team.

Just me
Guest
Just me
This sounds like the Vancouver real estate market. The patron is NOT the source of money: But problem gamblers appear to have found a way around the patron gaming funds. These casino deposits rely almost exclusively on bank draft deposits and a small number of whale gamblers. For the first half of 2016, the top 10 patrons — of a total 387 patron gaming fund users active in that period — accounted for 47 per cent of the $301 million total gaming fund deposits, the documents say. But nearly all the “new money” deposited to patron gaming fund accounts in 2016 was in the form of bank drafts, documents say, $185 million of the $186 million deposited. This is a problem because “the majority of bank drafts are accepted” by casino operators “without knowing whether the funds are coming from… Read more »
Oracle
Guest
Oracle

If NDP delays and that’s what I’m thinking, then Trudeau’s opening of the immigration floodgates and increasing foreign students + 10 yr visa holders over the 10 million mark will mean no gov policy will fix housing.

Sold out.

Locals are morons. Glad I’m leaving this country. We were here a generation. Glad. O allegiance to it.

Feel sorry for the causcasions who been here a hundred years. I would fight for this land.

Road Warrior
Guest
Road Warrior

I just left Canada this year. My permanent residency in my adopted country was approved, and “poof” I’m outta here.

KickThemOut
Member
KickThemOut

And you will be crying and blaming Canada for not picking you up when shit hits the fan in your adopted country, or coming back in your retirement to milk the social welfare system. Fucking leech.

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