Vancouver has approved regulations around short-term rentals and announced fees:
new rules take effect April 1, 2018
owners can rent out part or all of their principal homes; no secondary homes, secondary suites and laneway homes
must pay $49 annual license and one-time $54 activation fee
transaction fee of up to three per cent will be levied by AirBnb and remitted to the city
Read the full article here.
“‘Scalpers of real estate’: Blistering Vancouver condo market sparks local, foreign flipping frenzy”, Financial Post
“Prices for preconstruction condo units, or presales, are not public but a new Urban Analytics report provided to Reuters shows they have nearly doubled in downtown Vancouver since the end of 2015. Resale condo prices have risen 33 per cent nationally in that time.”
“The hottest segment consists of small units that appeal to first-time buyers and investors,”
The hottest housing market in the world is facing a reckoning
http://business.financialpost.com/real-estate/in-toronto-worlds-hottest-housing-market-starting-to-boil-over
I don’t think Toronto is the worlds’ “hottest” housing market.
It has the hottest airport for receiving immigrants and refugees
POP QE
Mortgage changes not expected to impact housing prices:
http://www.news1130.com/2017/11/16/mortgage-changes-not-expected-impact-housing-prices/
“In the context of these price rises, the real estate lobby staunchly promotes population growth (population quantitative easing or PopQE) to further stimulate housing demand. Ironically, while government and industry claim high housing prices are due to a dwelling shortage, they keep on supporting PopQE.”
https://www.lfeconomics.com/analysis/australian-housing-negative-carry/
In Canada the policy is called Flow Thru Welfare for Landlords. Australia has a name for it too PopQE
This is more than a hypothesis. This is a political choice that has already been made by the elites of some Anglo-Saxon countries.
Why would you justify immigration rates that add millions of residents over small time periods?
Some people will get rich from it. The rest of us will get brutally screwed.
New
174
Price Change
55
Sold
128
TI:9546
B.C. government considers extending foreign buyers tax beyond Metro Vancouver: premier
While you’re at it Horgan, how about an outright BAN on foreigners buying pre-sales?
No exceptions, not even for Turdeau’s donors.
Is that better than studying it?
Of course. They can “consider” many things, whilst they only have capacity to “study” one.
We all want to solve homelessness – just not in our backyard
https://www.theglobeandmail.com/opinion/we-all-want-to-solve-homelessness-just-not-in-our-backyard/article37001288/
>>> you not live here, move to STAH LEE park, ok?
“”Right idea! Wrong location!” (One woman suggested the would-be tenants be housed in Stanley Park instead). “Kids’ Safety First” some of their signs read. At least no one had the gall to wave a placard that read: “What about our property values?” Because for many, that is the real issue.”
It would have been a brilliant idea if some troublemaker (I wish I had known about this protest in advance) had shown up with just such a sign.
18 per cent of Vancouverites living in substandard housing
http://www.vancourier.com/news/18-per-cent-of-vancouverites-living-in-substandard-housing-1.23097008
18% doesn’t make any sense given the current situation against those benchmarks. Must be the significantly higher percentage.
“Adequate housing is described as not requiring any major repairs; affordable housing costs less than 30 per cent of the total before-tax household income; and suitable housing has enough bedrooms for the number, and make up, of the people living there based on National Occupancy Standard requirements.”
The 2017 Coal Harbour Photo Contest was organized by Sam Huang and Andy Hsu, a successful real estate team specializing in Coal Harbour
https://www.realestatecoalharbour.com/2017photocontest/
>>> what a clever bunch these realtors are. how much would it have cost to hire professional photographers to shoot all these photos (which they will keep for their own use)
Home ownership is key to national housing strategy, report urges
Now who would encourage more ownership when the rate is almost at an all time high, and house prices and household debt are at all time highs?
The report is written by Macdonald-Laurier Institute senior fellow Sean Speer, who held senior fiscal policy positions in the Stephen Harper Conservative government, and Jane Londerville, a retired University of Guelph professor who specialized in real estate finance and affordable-housing issues.
Maybe start reporting on the governments who are in power and are doing nothing rather than the ones who left power years ago (when prices were much lower).
‘Artistic twist’ on Vancouver’s housing crisis comes to the stage
http://www.cbc.ca/news/canada/british-columbia/new-play-satellites-brings-vancouver-s-housing-crisis-to-stage-1.4406105
“Satellites” tells the story of an activist author trying to stop offshore buyers purchasing local property — only to discover that her teenage neighbour is a “satellite kid” from China, left to fend for himself in a mansion
Is there a happy ending? Have they ship him back home and burn the house?
Why even bother with the first part?
And I’m sure all the performers have an investment condo thanks to a downpayment gift from mom and dad, without any sense of irony whatsoever.
“Vancouver condo rush sparks local and foreign flipping frenzy”
https://ca.finance.yahoo.com/news/vancouver-condo-rush-sparks-local-200229123.html
No, really…?
🙂
“VANCOUVER (Reuters) – The condominium market has turned red-hot in Vancouver, with agents saying local and offshore buyers are snapping up units that are not yet completed, even as a foreign buyer tax has sent detached home sales plunging.
Condo prices have escalated so quickly that some owners are flipping their units before construction is finished, a move that allows foreign buyers to capitalize on price gains without having to pay the province of British Columbia’s 15 percent levy implemented last year for Vancouver real estate transactions.
The flipping fever is a sign of creeping speculation in the city’s condo market, a trend experts say further chips away at affordability and could lead to a crash if market conditions change….”
Funny how all those things the NDP said they would address if they were elected have gotten much worse since they were came to power. How many press conferences did Eby hold on this very topic with all those solutions he had ready to implement.
I think they’re finding that drafting the legislation is much more difficult than just talking about it.
Stink over ‘huge, smelly outhouse’ blocking lakeviews simmers in New Denver B.C.
LOL this is a sh!tty predicament for this home moaner.
From Lynda Steele’s twitter yesterday:
“Fun fact. Turns out @Dave_Eby asked to take both Attorney General portfolio AND housing but @jjhorgan gave housing to @selinarobinson instead.”
https://twitter.com/steeletalk/status/930960083395084290
Source was Eby himself during their chat at the studio.
as i said, housing is just the tip of the iceberg and Eby will have his hands full with plenty of other matters which are arguably more important. remember, sky high RE prices are the “result” of a number of other flawed policies and oversights
That’s ok, Eby will be holding Selina’s hand every step of the way.
Maybe she’ll learn something if she ever stops mumbling incessantly about “pieces”.
All those darn “pieces”, they have to be moved around and put into place.
“That’s ok, Eby will be holding Selina’s hand every step of the way.”
What is he doing coaching her on how to evade, NDP style?
NDP lesson one: say you just got the file.
NDP lesson two: say you are studying the issue.
Hey your right those are the same answers Eby gave to evade on the Casino money laundering.
SUPER BREAKING NEWS:
Horgan has just announced that a review of housing will be done prior to “NEXT ELECTION” and then measures will be brought in.
Wow wow wow.
Before you downvote. Go see the details on twitter. People are pissed is an understatement.
No action guaranteed for a few years now.
Why the downvoting? Must be the dumb people.
Twitter is lit up right now. Check it for yourself.
Admin: can you ban the person doing all the downvoting. Posts are being downvoted multiple times in a matter of minutes.
A few throw temper tantrums every time someone posts something that doesn’t align with their total correct view of the world.
Protip: People aren’t downvoting because they don’t agree with you, they’re downvoting because they don’t like you. You can post scans of Christy Clark’s offshore bank records and still be downvoted by everyone on the site.
Admin, can you ban the person posting with multiple identities who lies in every single one of his 30 daily posts?
This is known as “spamming”.
How Canadian homes became debt traps:
http://www.news1130.com/2017/11/16/canadian-homes-debt-traps/
“the reality is Canada hasn’t been in this situation before, and the outcome is impossible to predict”
Bosa Waterfront Office Tower, sold out within 3 weeks at $2,000/sq feet! Mostly Asian buyers. Another way to wash their money. It could be $5,000/sq ft, and it would still sell out. Vancouver has becoming a Bank, where these guys can make a deposit of their ill gotten wealth. Guess who’s paying the price? We are like sheep!
Looks like your friendly NDP is giving a GREEN Light to Site C!!!
Wow. Business must be good. Hearing Geof Meggs Vision calling the shots.
See the story on Tyee website. Saying they will release news at Xmas. That’s why the delay.
BPOM? Comments?
Maybe it’s true that Libs and NDP run by same people behind the scenes.
The Tyee says nothing of the sort.
The Facts Are Piling Up Against the Site C Dam
https://thetyee.ca/Presents/2017/10/02/Site-C-Piling-Facts/
Ask Weaver. And you shall know within 6 weeks.
Don’t be surprised at the announcement. Only 2 options on table now.
1. Cancel at cost of $4 B
2. Build at cost of $10 B
No pause proposal anymore.
Pretty tiring tactic of yours, this “well, let’s see who’s right at a time that’s far enough in the future that everybody will have forgotten about what I said by the time it comes around”. Straight of the Trump playbook.
John Horgan speaks to development community today on housing affordability. Horgan will be speaking to the Urban Development Institute at 12:30 p.m., along with Housing and Municipal Affairs Minister Selina Robinson.
http://www.cbc.ca/news/canada/british-columbia/horgan-udi-talk-november-2017-1.4404369
Six weeks ago, Horgan acknowledged his party was taking longer than expected to put forward policies to deal with housing affordability.
“Housing is a critical component of many people’s equity and their retirement prospects, and we want to make sure we don’t adversely affect the marketplace,” he said.
This is what Andrew Weaver had to say about housing (again, from the article). Green Party Leader Andrew Weaver also said he believed Horgan would discuss supply-side issues with the UDI. While Weaver was complimentary of government changes to rental policies, he said it had been “average” on supply issues and was critical of its lack of movement in tamping speculation in the region’s real estate market. The market does need to be corrected. We have a generation of people, the millennials, who will never be able to afford a place to live, and the market needs to be tempered …The reality is, you need to take really, really significant steps now. It’s out of control,” he said. “We’re seeing a lot of money parked here, in our housing and rental and land stock … in order to protect money… Read more »
Visit a large city in Asia or South Asia.
It’s the workers who are the poorest.
That trend is just starting here.
Except millennials are still buying despite the fact that they cannot afford to. But that’s ok, because real estate is a good investment that only ever goes up, right?
They are buy s-holes. Boxes in the sky.
We need land to get cheaper. That will only happen when we stop money from China.
Can the Liberals really nab $25B in its tax cheat crackdown?
https://globalnews.ca/news/3864529/tax-evasion-canada-liberals/
The Bank of Canada gave its most detailed explanation to date about why policy makers have become more cautious about the interest rate outlook
http://business.financialpost.com/news/economy/wilkins-gives-most-detailed-explanation-yet-for-bocs-caution
They don’t want a higher loonie.
They want to help RE.
Rest is Bs.
This paragraph in Josh Gordon’s letter applies equally well to recent Canadian monetary, fiscal and housing policies.
“If the policy is so obviously fair, why hasn’t it been introduced? The best I can tell, there are some administrative kinks to deal with, and governments are concerned that such a move would reduce property prices, by curtailing foreign ownership, and this might lead to economic turbulence.
While I am sympathetic to such concerns, this is tantamount to saying that the B.C. economy is somehow dependent on tax avoidance.”
And yet our ongoing fuckup continues, wreck the country that once had a chance…
U.S. Congress urged to crack down on Chinese investment as Canada opens door
The sellout of Canada continues and it will grow over the next few years.
Naive Trudeau likes to cozy up to the communists while failing to see their danger.
No other country in the world courts China like Canada does.
He’s not naive. He’s just not working for you. Check his foundation payments lately?
Mr. Oei, a prominent immigration consultant and philanthropist, ran an elaborate fraud scheme, pocketing nearly $6 million from investors, including many Chinese citizens led to believe their investment would help them secure permanent residency in Canada. Instead, the authorities say, he spent the money on luxury cars, beauty pageants and donations to the British Columbia Liberal Party.
https://www.nytimes.com/2017/11/16/world/canada/canada-immigrants-fraud.html?platform=hootsuite
NY TIMES: He Promised Riches and Entry to Canada. Now He’s the Subject of a Fraud Case in Vancouver
https://www.nytimes.com/2017/11/16/world/canada/canada-immigrants-fraud.html
Do you get a better marketing pitch for attracting and bringing all kinds of scummy locusts here? This one says it all.
“Mr. Oei has denied the accusations, but even if he is found to have committed fraud, he will face financial penalties only, not jail time.”
Just a small risk of the increased cost of business. Governments and authorities, do open fucking gates even wider, we need more of those shit!
Why do we have to read this in the NY Times? Where is our local press (Vancouver Sun!) when it comes to covering this sensitive topic. Are we so scared of being perceived as racist that we avoid dealing with serious crimes?
Fraud is a part of the mainland Chineeze culture. This is well known and it is surprising that the Chineeze have any trust in each other. I guess their greed goes before their common sense. That whole country is built on a fraud and a sham.
You could see that cultural pattern long time ago in the old Jackie Chan movies where all action and point is in screwing and taking advantage of each other in the most dumb, ordinary way. It is their operational folklore.