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!
[…] –CRA targets more presale buyers […]
Latest & greatest China military technology? I guess they never heard of a helicopter or airplane….
so pathetic, but still scary to the tough talking bears on here.
If they declare war North Korea will be a smoking crater. Their military is ridiculously ill-equipped to fight the USA. I do feel that Kim Jong Un may be stupid enough to do it, but the war will be over very quickly.
“The war will be over very quickly”….where have I heard that before?
Another victim of the Chinese invasion: https://www.thestar.com/business/2017/10/10/sears-canada-going-out-of-business.html
Outside of Vancouver and Toronto, the Chinese have very little effect. It’s actually just the fear of wealthy Chinese investors that is pushing Canadians to make very poor decisions. When the house of cards topples, it will become very clear that domestic activity was messing with the Canadian economy, not the Chinese. The Chinese that were here speculating will run as fast as they can back to China or to the USA, like rats abandoning a sinking ship. As for Sears, they have been barely scraping by for years now. Unlike what the MSM tends to say however, Amazon and online shopping is only one piece of why Sears was pushed out of business. I feel most Canadian retailers are struggling due to how overstretched your average Canadian consumer is right now. Canadians have MASSIVE debt thanks to ridiculous housing… Read more »
Apparently the Chinese scums are at it again, this time turning a black woman into white using soap. Don’t they ever learn?
The commercial was created for Dove which is owned by Unilever. Why are you blaming the people the product was marketed for and not the retards (likely caucasian retards) at Unilever for coming up with such a stupid marketing idea?
jesus, where have you been this last 10 years. The only people who can create and show this type of ads are the Chinese. This has been proven time & time again by experts on this blog. Why do you keep insisting on defending the indefensible? Why are you siding with Chinese locusts over fellow real Canadians and mountain of evidences just on this blog alone?
Vancouver’s ethnic Chinese irked by inequality, tax avoidance
http://vancouversun.com/opinion/columnists/douglas-todd-vancouvers-ethnic-chinese-irked-by-inequality-tax-avoidance
Douglas Todd is on a roll. Thanks for the hard work! I am sure you take your fair share of accusations for telling the truth. It takes some guts.
From the article:
Although Yan said “under-reporting of income is hard to measure,” the fact many Metro neighbourhoods with expensive housing are reporting low incomes may relate to “the perils of wealth-based immigration.”
A few months ago David Eby was pounding the table saying this has to be addressed. Now silence and acceptance. It is one thing for politicians to play dumb and pretend the problem is not there. Completely another to point out the problem, tell people if elected you will address it, and then do nothing once elected. Eby and Horgan should go to prison. These guys represent the worst of politics.
These guys worse than Liberals. At least we already knew they were pro developer/money laundering.
Easy to make decisions because you knew what they stand for.
Now with NDP, this is a historical moment. Basically lied to get elected. I would have voted Lib if I knew this before.
Now must vote NO for referendum. If we can convince 20% of NDP voters, then referendum done and NDP done.
Let’s kick Eby and Horgan out before they start padding their foundations.
It’s in NDP’s interest to vote down Proportional Representation. They will lose about 20% of their voters to the Greens and eventually new parties will be created that will siphon off votes. In a good year, the NDP can pull above 40% support. That will never happen again after PR. If it passes, Horgan will be remembered as the guy who destroyed the NDP.
If you are somewhere in the middle of the political spectrum, then PR isn’t best for you. It empowers the fringe parties and fringe ideas.
“It is one thing for politicians to play dumb and pretend the problem is not there. Completely another to point out the problem, tell people if elected you will address it, and then do nothing once elected. Eby and Horgan should go to prison. These guys represent the worst of politics.”
Ha. I am not going to pretend for one scintilla of a moment that the conduct of the NDP on the housing file has been acceptable. But the line-up for the prison conversation and who represents the worst of politics and worst behavior on this file starts squarely AFTER Clark et al.
If I recall Clark did not make any promises to quickly cool the housing market but did implement the 15% foreign buyers tax which did cool the market. The NDP make like 20 major housing promises and have done nothing except keep all the bad policy of Clark and then approve a rent to own loophole to the foreign buyers tax for help foreigners avoid it. The NDP are laughing at you.
Tax Cheats are tax cheats, no matter what ethnicity they are, they affect all people in Vancouver and Canada and has to go after by the CRA rigorously. They can not hide under racism! I hope Diana L knows that and frankly, she is doing such a crappy job and should be canned ASAP.
Today the Nobel prize was awarded to Richard Thaler, a behavioral economist most famous for his argument that people should be judged towards the socially preferable choice. Perhaps there is a lesson to be learned by our elected officials: stop giving he wrong nudges to our housing market. Start to nudge people to NOT use homes as vaults to store money; nudge them to sell if they get old and don’t need a whole block to live on; nudge them to truthfully reveal their tax liabilities when paying house taxes: nudge them to live in their homes or rent them out, not leave them empty; nudge them to not buy and sell homes as a way to make a quick buck; nudge them to not Buse our liberal, honor based rules on first home taxation; nudge them to reveal the… Read more »
“Help Wanted: Employers struggle to fill food service, entry level jobs”, Vancouver Sun
“North Vancouver’s iconic Tomahawk Barbecue has closed for dinner four nights a week while owner Chuck Chamberlain tries to find kitchen help.”
““In almost 25 years in this business I’ve never seen it this bad,” said chef Robert Belcham, owner of Vancouver’s Campagnolo, Campagnolo ROMA and Monarch Burger. “
Maybe if government policy hadn’t eroded affordability in the region so badly people could afford to work a food service job. I hope our politicians choke on their own hubris when their coffers run dry because housing-mania ends and the economy is completely hollowed out in the retail and service sectors. The greed of our elected officials and market participants makes me sick, and I’m ashamed to be Canadian because of it.
Work doesn’t pay enough. More than half of Londoners in poverty are in working families. https://www.theguardian.com/society/2017/oct/09/more-than-half-of-londoners-in-poverty-are-in-working-families Study finds 58% of city’s residents living in poverty are in working households compared with 28% two decades ago. The high cost of housing in the capital largely explains the higher rate of poverty in London (27% of Londoners, compared with 21% across England). The rising cost of rents and the lack of availability of social housing mean that more people in poverty now live in the private rental sector than in any other kind of housing tenure, nearly 1 million; the number of children living in poverty in this sector has tripled over the past 10 years. At some point we will have to ask ourselves: can we keep treating houses as stock shares? Or shall we tax them so that they are… Read more »
“Study finds 58% of city’s residents living in poverty”
Didn’t we have studies here which showed the highest poverty rates were in Richmond and West Vancouver? Of course we know that is not true and more often than not these studies are bogus.
Whether it is your hypothesis, or whether these studies are correct, the basic fact that remains true is: we need to tax housing wealth significantly more.
Politicians who refuse to do this will be, in due time, removed from power. it is astonishing that they still appease the constituency of homeowners: even many of the homeowners want to see higher taxation, especially of multimillion-dollar abodes.
Politely disagree..
The “Tax Them” simply lets Gov’t off the hook…..
The average citizen at the best of times is caught between a rock and a hard place ..treading cesspool of Gov’t laws policy regulation 24/7. People are continually under the gun to adapt to the ever changing playing field.
Gov’t not only opened the door to this offshore invasion, its turned a blind eye to it and the ever unfolding collateral corruption.
Tax = more money pissed down the rat hole…..and there are a lot of ratholes..
Things are getting so dire that it may need a revolution to remedy.
The choice is between taxing and finding are other ways to reduce the attraction of RE speculation to locals and foreigners. What are the other ways?
You can disagree as much as you want. But the options are limited.
Townhouses in the worst areas of Surrey are. Ow approaching 650,000. Wow.
People basically priced out of townhomes in metro Vancouver now.
Condos in Surrey rocketing higher and only affordable option left.
Watch rents skyrocket in the next 24 months. All under NDP watch.
People, throw these people out. Otherwise they will throw you out on the streets along with your wives and kids.
Your wives will have to sell themselves to pay for rent. I kid you not.
Doesn’t sound good but that’s the truth. Watch what happens in the next 24 months. All courtesy of the NDP MLAs you believed.
Will wives selling themselves be before or after multiple families sharing condos, drama queen?
They can try to sell themselves, but seriously, who would want to buy them? All hairy and round like a big bowling pin?
Oh wait…Oracle & maybe BPOM….
http://www.aldergrovestar.com/news/consumer-alert-issued-about-langley-condominium-project/
Consumer alert issued about Langley condominium project
Get a lawyer, Office of the Superintendent of Real Estate advises buyers of units in the Murrayville House project
“Murrayville House builder Newmark Life owned by Mark Chandler”
This guy is a known scammer both here and in the US. I recall a Chandler project in Vancouver with the same issue about 6 years ago. As it turned out he sold half the units to friends and family at way under market value then claimed bankruptcy. All the friends and family units were taken back by the court and resold at market value. The FBI is trying to extradite him right now. I wonder how this guy can still operate as a developer in BC.
US authorities are trying, as they have been since 2015, to secure Chandler’s extradition to face allegations he ran an investment fraud scheme involving a proposed Los Angeles condo development.
Because simply put, we have very lax regulation of the real estate industry. And that little regulation we have, it is not strongly enforced.
Why do you reckon the Chinese scammers and money launderers choose us to recycle their dirty money? Certainly, they are not stupid.
Fucking Chinese scum strikes again.
Consumer alert issued about Langley condominium project
Get a lawyer, Office of the Superintendent of Real Estate advises buyers of units in the Murrayville House project
I thought our housing market jumped the shark when that guy started living in a storage locker, guess it’s got more insanity left to show us all:
Notes from underground: Vancouver man finds ‘home, sweet home’ in bunker:
http://www.cbc.ca/news/canada/british-columbia/bunker-underground-vancouver-1.4345255
Note the contrast. This poor guy digged a hole in the ground to sleep. However, as shown in the G&M article on Chinese buyers, they talk about million dollars transactions as if it was peanuts.
This will go down in history as one of the most extreme cases of societal displacements ever occurred. A few people will benefit handsomely. While the majority will be shafted.
We are back to the Middle Ages. There is no rich or poor. There is landed and landless.
That’s cause the sheep here have been schooled and dumbed down.
This would never happen in my motherland. We would never cede our land. Too bad your people have sold you out.
“The bubble economy is set to burst, and US elections may well be the trigger”, South China Morning Post
“Andy Xie says the failure of central banks to focus on asset inflation has led to rising inequality on the back of mistaken stimuli. More than interest rates, it will be political tensions in the West that will burst the bubble”
Green is the new orange. Green party leader reintroduced a bill to ban foreign buyers from building on farmland last week.
http://www.cbc.ca/news/canada/british-columbia/mansions-richmond-alr-land-1.4345399
But but but…I thought that these ALR investments were a critical component in many people’s equity and their retirement prospects and we should make sure that we don’t adversely affect the ALR market place…..
Right, MR Horgan? Aren’t you concerned about the retirement prospects of these honest and law-abiding landowners?
This is like Mayor Gregor Moonbeam kissing up Asian @ass with his alleged relative ancestor Dr Norman Bethune.
WTF?
Bethune is heralded as some sort of saint..when he actively sided with one of the most brutal regimes in history (aka Communist China) ? OMG…
Pretty clear the left wing nuts are grooming comrade Gregor to be a viable Provincial NDP leader.
Gregor is a Bethune? well hot damn…
that explains a lot, but more importantly, maps the future.
Check him(Gregor) out…via WIKI
Gregor Angus BETHUNE Robertson
Like many politicians…they seem to be parachuted in…like from another planet
Old school politicians seem to have some sort of blood trail..ie old roots old money.
Now we have Obama and Clinton types …….try to do a bio and hit brick wall !?!
…..many seem to be quasi Manchurian Candidates
Gregor Step Dad was a wealthy Californian…politically active family .
Gregor ” Happy Planet”business was tied in with a wealthy American Joel Solomon(check them out as well as “Tides Foundation” and the political grooming cult in BC called HollyHocks)
Ya gotta realize…our political leaders come from some sort of political FRANKENSTEIN labs..no such thing anymore like grassroots /earned it…we are into bloodline dynasty mode
The NDs won’t have him. He ditched them mid-term and they won’t forget that.
These NIMBY assholes that support the land bank called the ALR should look in the mirror, ESPECIALLY if they live in West Richmond…as in all likelihood they live on EX Farmland. These people are dangerous in their lack of logic. In 1956 Richmond hired its first City Planner…a drunk named Bob Kerr…and they unilaterally zoned 1000’s of acres of THE best farmland in (West) Richmond to residential…effectively following the post war (WW2)USA Levitt town model…whereby large tracts were mass developed with few design options. Best farmland is often one foot of loam over clay..also equals best(cheapest) land for housing..as opposed to low quality and DEEP PEAT acidic soil in the rest of Richmond that were placed in the ALR…only good for blueberries and cranberries..where many of these large homes are built. Banning foreign ownership is a red herring..it solves nothing… Read more »
Where is this Canadian obsession with China and Chinese coming from. Is it just about bloody money or there is more to it? Could Canada have made a better choice instead of laying in the bed with the worse of the worst.
It is money. 100%. Nothing more and nothing less.
This is about money, not race. Don’t believe who tells you otherwise.
Money it is, but even then is there at least someone to ask is it too good to be true? Is this drunk prostitution worth getting the worst social and other kind of infectious diseases? Should we fuck up entire country and destroy future for generations in these regions for the few bucks so some can retire and some can run their dirty businesses. Shame…
Our World War veterans are rolling in their grave. To think some of them lied about their age just so they could help defend our once great country. Today, if we were being invaded, I’d take the first flight out…not worth defending this current culture of greed.
Metro Vancouver is. It yours. Within 10 years we can vote to separate from Canada.
Nothing you can do. Your causcasian buddies sold you out.
Not yours
Why not leave now? You seem unhappy here.
Youve Drank the country
Koolaid.
No countries. These guys are making money to last generations and enjoy good life.
They don’t care about a country 150 yrs old.
Place to make money.
“Green party leader reintroduced a bill to ban foreign buyers from building on farmland last week.”
Horgan will order this voted down by the NDP caucus. He will claim the bill is racist since it targets foreign Chineeze who are buying farmland to build mega mansions and hotel/rub and tug parlours. Besides I hear NDP leaders love their rub and tugs.
Make yourself useful.
Make sure the referendum fails. Vote NO campaign.
Otherwise you’re aiding and abetting liars.
What you gonna do?
Backlash against Eby and the NDP is growing on Reddit.
Lets throw these asses out!
Ya gotta wonder re: some political parties in power(ie Libs)and at some point in their tenure they not only realize they have a shelf life….but welcome the purge and simply rebuild for the next time. NDP 1.0 (Barrett gov’t in the 1970’s) basically set the record for passing legislation,…..most of it looney leftie..and they even admit their election was a fluke and they were turfed in the next election. NDP 2.0 earl1990’s-2000’s was another protest election, and again, the NDP used the victory to pass more loonie leftie pet projects(Fast ferries.lol) and legislation. NDP 3.0…as usual,NDP are sponges for the protest vote but this time around are deer stuck in headlights….. The Libs strategy seems to be to lay low..let Greens and NDP duke it out…NDP are either forced to sh*t or get off the pot….breeding discontent amongst their naive… Read more »
They are already done.
They holding onto power to get YEs vote. Don’t let it happen.
Vote NO. Otherwise renters doomed.
Think.
I have been duped by the NDP. I thought they were different from Christy Clark on housing, and I voted for them. I think I have learned not to trust them. However, I suppose they won’t last in power much longer. The housing situation is getting out of hand, and you cannot last 4 years in power without addressing the massive displacement issues. Opportunistic politicians might smell the possibility to leverage it again. I am eagerly waiting for a populist party to vote for. At this point, I don’t care what they stand for in terms of left or right issue. As long as they commit to suppressing Chinese demand, I am OK with it. We need demand suppression policies. Any supply-side intervention just makes developers richer. Without suppressing the massive inflow of money from mainland China the problem of… Read more »
Don’t be afraid to vote for an anti-immigrant party.
meaning a party with sensible immigration targets. Not targets made by developers, banks, and corporate stock values.
Housing is just fine out here in the parking lot. Ponzi money Capitalists love you because your cost of living is cheap, thus appealing to their deeply entrenched need to exploit you. If Vancouver is hollowing out, restaurants and shops closing down, put up more links on this, I’d like to see the politicians reactions and game strategy. Surely a business man can run a staff all living out of their vehicles, And Be Successful! Hooray!
BLAME THE NDP 1.0(…aka Barrett Gov’t) Name ONE NDP legislation that didn’t negatively impact future generations. ICBC is nothing but a scam…I’ve had my drivers license since mid 1970’s and had ZERO claims…..yet I am supposed to feel all warm and fuzzy because I get some pro- rated discount??? Since ICBC was created, its been used by subsequent BC gov’ts as a revenue streams via rate manipulation. Turf ICBC???…well apparently the Private Sector is of the view that screw them once…the precedent of the barn door is nailed open to further shafts by Gov’t ie the line was crossed ONCE = never to be trusted again. Next = ALR. …..which effectively stole property rights of private land owners without compensation via the previously UNprecedented comprehensive provincial zoning which usurped the previous purvue of Local Gov’ts. ALR has ultimately manifested itself… Read more »
Let’s face it, duping you isn’t much of an accomplishment. Perhaps you should have done your homework before the election? Just a thought.
nothingburger!
whereas JM serves it up fresh and filling, everyday
The truth is out there for everyone to see. The Chinese are buying up the city with illegal money. It is because of people like you that we cannot have a honest conversation about it.
And yes, I tend to vote for those who show signs of doing the right thing. It did not work this time. I am ready now to consider openly anti immigration parties, if that is what it takes. I don’t love it at all, but I have not much of an alternative.
You can have an honest conversation about it. But when you start assigning derogatory labels to a billion people then you’ve lost all your integrity. No surprise you’re looking to vote alt-right. You’ll probably whine that you made a mistake afterwards, too.
I never assign derogatory names on anyone. Prove otherwise.
As for Alt-Right: I am trying to vote mainstream. it is not not my fault they renege on their promises. The biggest upheavals in democracy happen when main stream parties ignore the little people and side with the big interests. Right now, the mainland Chinese are the ones who are brining the cash and no politicians seems willing to stop it.
I dislike Alt-Right. But normal parties are pushing me to vote for people I dislike. It is their fault, not mine. We need to suppress housing demand from mainland China. Any party who can do that is my party.
“In China, fraud is the modus operandi. A rule of life. You teach your children about it.”
This is your idea of “honest conversation” then?
Where is the insult?
Not sure who wrote that, but it sounds about right. In fact, we have a wealth of evidence this is the case. Cheating is endemic. The first to say so are people who come from China.
There is no insult meant when politely stating the truth.
The problem is exactly that we cannot report the truth because people like you take offense from it.
I would argue that many of the honest Chinese want to migrate exactly because they cannot accept how that country works and want out.
Time to surpressnis long gone. I’ve been warning you guys for years only to get ridiculed.
Sorry. Welcome to the new world.
Schooled and dumb. Sorry.
Anti-immigration party is about numbers. Not racism. Sigh.
Dude, your are out to lunch like 60% of Caucasians.
Hahahahaha. Sorry Just me.
But it’s true. Most causcasians think grammar is more important than substance.
And without proactive action, nothing gonna change.
You vote Green and they will do same thing.
Start by voting NO. But now you’ve been so schooled you think that it’s wrong or someone trying to deceive you.
If you can’t critically think, just vote NO if you don’t own real estate. Trust me.
You should get out of GVRD for a while…an area that represents less than 1% of BC land area and less than half of its ridings.
G&M article about latest shenanigans by Chinese buyers in Vancouver’s Westside. Amazing. Make sure you read it, it is an eye opener. Thanks Kerry Gold for digging up all these gems. Before Deborah Scott put her 1927 Kerrisdale house on the market in September, she had heard that accepted offers on houses on the west side were falling through. She soon discovered the buyers are there, but the offers are not so straightforward and not always sincere. Within days of the agents’ open house, she received five offers, including some from foreign buyers and others from Canadian citizens with undisclosed addresses. She accepted an offer subject to financing. The offer fell through that night because the buyer’s bank wasn’t willing to provide a third mortgage, she says. She accepted another offer a little less than asking, for $6.288million, which gave… Read more »
Yeah I saw this. If you don’t have a subscription to G&M, get a library card and read it through the VPL. The Chinese also borrow and finance. The ones with all cash deals are few and far between. Chinese aren’t dumb, leveraging will buy them more so they will do it, until the banks shut them out.
This is the latest trend: Christine Duhaime, a lawyer and anti-money-laundering expert, says she’s seeing a couple of new trends that are complicating the Canadian real estate market. People from China are increasingly buying properties in the names of companies. “I think part of it is easier to move money out, but also it’s that much more difficult to find out who’s behind it, who owns it,” she says. Foreign buyers or people with money outside the country are also using digital currency to make purchases, she says. “I also noticed recently that bitcoin has become a big way to move money out of China,” she says. “It’s instantaneous and no one knows at either end [where it came from]. It shows up as bitcoin in Toronto, say, and you cash it out and go buy a house here. “People… Read more »
All happening on Horgans and Ebys watch. They could stop it in one day if they wanted.
Agreed. They have multiple ways to make the activities of these mainland Chinese “investors” effectively impossible. Starting from: — a ban on corporate ownership of residential real estate, except in a few exceptional circumstances. — implementation of the UBC affordability plan, with marginal housing taxes set on the basis of other income taxation; — increase taxation of income from the transaction of second residences; make it contingent on holding period (that is, if you sell within one year of buying, you pay a lot more taxes); — increasing foreign buyers tax and add regulation that makes it harder to transfer title to PR wives, kids and relatives; — transfer information from RE transactions to the CRA, with automatic revelation of all details pertaining to ownership structure; — help in the implementation of a empty home tax; There is a lot… Read more »
Unscrupulous fucks keep destroying everything and yet nobody wants to talk about it and let alone to stop them.
Of course, why buy one home with cash when you can use that cash for a downpayment on many homes. Smart businessmen use as little of their own money to finance investments – they use other peoples money.
Again, the cheapest money in history is the source of all our woes.
Indeed, the cheapest money in the past 5000 years…how extreme our financial circumstances, a creation of our central bankers, cannot be exaggerated:
http://ftalphaville.ft.com/2015/06/29/2133245/5000-years-of-dread-charted/
New foreign buyers tactic ? Years ago, my neighbour put his sportscar up for sale. He had 3 inquiries and lined up appointments to show it. The first person came. looked it over…never called back. The second person came..looked it over…same thing. Now my neighbour was getting concerned if his car would ever sell ?!? Then comes the third party..who comes in , offers a lower price, which my neighbour accetpted. Later, my neighbour talks to another person he knows about his experience. This person chuckles and says he knows these guys that work as a coordinated team to purchase various items….the tactic is for the first (2) to go in separately…create frustration by the sellers…and the 3rd person uses this to grind the price and complete the sale. This seems to be the tactic these foreign buyers are using.… Read more »
Should also mention sales ” subject to inspection “..
That could be a major game changer…given in a hot market with multiple bids/over asking price..many people waived this so it would not impede the deal..aka “no subject to”
****** IF NOT ALREADY AWARE,,,STRONGLY RECOMMEND THIS WEB SITE
——————————–you can do a “search ” for a developer or specific strata and read comments from strata owners.Really have a good look at “ONNI”
It’s almost a given in the hot pre-sale etc market that qualilty will suffer, but when the market corrects the buyer will have more leverage and weed out the good from the bad..morseo how the developer deals with deficiencies. I foresee some real disaster out there as this thing unwinds.
What’s wrong with that tactic? Or you believe the only ethical purchase method is to pay what seller’s ask?
Thanks for posting complete article, I couldn’t read it behind the paywall and I don’t always buy the Globe….
😉
Enjoy. But I should warn you: it makes for some depressing reading. They are buying everything up.
Trumps surprise announcement.
One House per person over age 14, non transferrable, no grandfather clauses. Loophole tight.
Sounds like the latest thing is they are essentially buying options on Vancouver real estate, with the cost of the option being the deposit. The longer the closing date, the better. If price hasn’t gone up, walk away. If price goes up, then close.
Boohoo…cry me a crocodile tear…bitch is getting $6M+ and now she’s worried she might get a little less. geez…what a fucking sense of entitlement. Oh, and buyer can’t torn down your house AFTER they bought it?
Maybe she should a month with the truly unfortunate people in our society and donate some of her ill-gotten gains to help those people instead.
Gambling enforcement documents also break down the backgrounds for major B.C. casino gamblers. A July 2015 “Cash in Casinos” report says the top 45 patrons of B.C. casinos in 2013, by total deposits, were all Asian and 55 per cent represented “Chinese-based wealth.”
Despite all the red flags, in 2015 the gaming enforcement branch advised B.C.’s government to tread carefully because of the potential to cut government revenue.
“The impact on high-value patrons will need to be taken into consideration in the development of any additional measures to enhance the anti-money-laundering due diligence,” documents said.
“tread carefully because of the potential to cut gov’t revenue’
There you have it….the 10 deadly words that say it all. and the sell out of citizens by Gov’t on ALL counts..whether it be housing, gambling, 100,000+ foreign students., birth tourism..etc etc. any dollar is a good dollar..no such thing as a bad dollar.
The message should be taken, at minimum that gov’ts don’t think its own citizens are capable of driving the economy(were we even given a chance) versus the more obvious handcuffed and hogtied .
One has to ponder say, in the early 1980’s , if someone had told them that 30 years into the future what would unfold as noted above, who would’ve believed them????…so surreal
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.
I just left Canada this year. My permanent residency in my adopted country was approved, and “poof” I’m outta here.
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.
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.
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.
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 »
Unbelievable! All Van West buyers have trouble getting money out of China:
“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.”
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.
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.
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 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..
I wont miss the watered down beer bar
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.
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.
Union heads part of the 1%. The workers don’t even know what’s going on.
Serves them right.
“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..”
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.
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”
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).