Vancouver is reminding home owners that they have the responsibility to fill in tax forms on any vacant homes they own by Feb 2nd or face a fine. A lack of declaration nets a $250 fine and a false declaration nets a $10,000 fine.
It affects any property that is not a principal residence and is not occupied for six months a year.
Robertson says property owners can expect to receive instructions in the mail starting this week on how to make their declarations.
Read the full article here.
Numero uno is Number One!
Numero Uno is Number One !
proving home was NOT occupied (at least on paper) for the minimum 6 months will be next to impossible
This is discrimination. If I have a 10 yr visa and can only stay in the country for 5 months 29 days, then what? City won’t have access to border entries and exits so people will just declare they were here for 6 months. Therefore no tax.
10yr visas allow stays of 2 years. The only reason you’d want to remain in Canada for less than 6 months is to not be deemed resident for income tax.
Maybe it would be less impossible if the CRA cross references against current or historical of T4 reporting incoming from those claiming to reside in the units.
worst case for owners is having to pay tax on 6mos of lowball rent (less deductions) which would be peanuts compared to what the vacancy tax would be. two owners can just swap kids/students/family member who theoretically rent out the houses for 6 months at slightly below market rates, turn on the heat, utilities etc and call it a day. all this can be written off too. aside from doing in person spot checks at 1000’s of properties unannounced which would be incredibly time consuming, expensive and borderline illegal, there is no way city can prove this is a scam
You are probably right that there are ways to ‘fake’ the rental. Spot checks seem unlikely, but I will bet that there will be a tip line where people can report empty units/houses. Checking based on tips would be far more efficient. As to coming to a property unannounced, I don’t see that there is anything “borderline illegal” about that. You can walk up to anyone’s house right now an knock on the door.
if owner can prove property is rented out for the required period of time it makes no difference when or if the tenant is actually home. while nosy neighbors can be on the lookout for apparent lack of activity, they will not be able to provide anything concrete to support claims that property is truly vacant, it would be illegal for city to repeatedly step onto an owners property and bang on the door on nothing but a hunch or a tip and going so far as to peer through windows and doors with cameras would most certainly be crossing the line. but as you say, there is nothing specifically wrong with knocking on someone’s door. the point is that if no one answers, the rental gestapo are out of luck
Not Going To Happen. Loophole will be left open before media publicizes it in a year or so.
I don’t think CRA has any part of assessing or collecting this tax.
Perhaps…
…but COV , after the Vacancy tax paperwork comes in, may have a data base that CRA may find useful to cross reference and who knows what nuggets could be mined?
CRA took developers to court over pre sale assignments,right ? An example may be a foreign locust that now rents out their previously vacant house house but does not claim the income.= red flag waived.
Or, if the City backs off AirBnB…will SFH owner be able to claim ArBnB rental qualifies as a NON Vacant home?
As usual, bandaid solutions make things worse.
Squatter ordered off Alberta landlord’s driveway
http://www.ctvnews.ca/canada/the-system-does-work-squatter-ordered-off-alberta-landlord-s-driveway-1.3667445
This guy’s a quitter. A real squatter would keep squatting until the landlord abandons their house.
Or else what if someone doesn’t declare? Just pay off the appropriate people at city hall and voila!! This isn’t Kansas anymore. There will be enough pressure from developers that nothing punitive happens.
Or….and without trying to be sarcastic, in 10-20 years all levels of Gov’t will have predominantly locust spawn on Councils, Mayors, MLA’s Premiers, MP’s/Prime Minister…..so corruption will be rampant..no need to comply with laws, rules, regulations etc.
Going over some details
The REB states that vacant residential property will be subject to the tax ?!?
Also: I wonder how confidential the information is….could someone hack into the data base and find which homes are admittedly vacant..start rash of B & E’s
China’s ambassador to Canada hopes for ‘achievements’ during NAFTA talks
“NAFTA is very effective to regulate the trade relations between these three countries,” Lu said through a translator.
>>> why is this guy who can’t even speak Engrish chiming in about NAFTA?
canada is in china’s “sphere of influence”. AKA the sinosphere.
No, Quality allowed Chinese to move to Vancouver to experience what its like to live among a higher civilization, clean, relatively pollution free, so that you could go back to China and begin the process of raising your civilization to our standard.
This isnt bullshit
.you may not like the Delivery, but
Your sino navel is a disgusting mess, you know that now, now gety’all back to Chine and fix n clean up your shithole.
You do realize Canada is one of the worst polluters per capita.
https://www.desmog.ca/2015/04/16/the-faulty-logic-behind-argument-canadas-emissions-drop-bucket
Most people realize it’s not safe to swim in Vancouver waters. Imagine if we had 20 million people living here. The ocean would be glowing neon green.
Canada is fortunate to have enough space to shit all
over the place. No, we’re not special.
You can’t compare Canada to China on any level. Canada is a civilized country with environmental controls and the rule of law and order with the citizenry acting in a (more or less) civilized manner. China, not at all. China actually causes air pollution in North America. Think about the level of pollution belching out from that country.
Always the wholesaler, never the retailer. There is an Army of human waste involved in planetary middle man work. Systems can be easily implimented to ditch Middle Man cultures, and so they watch these trade deals to act fast protecting, or exploiting, Margin between manufacturer and consumer.
No likee flied lice?
Be gone, racist.
Experts see some relief for Vancouver’s tight housing market by late 2018
https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=VGB71025&mobile=false
Yet again a real estate association is pushing for more inventory as the solution:
“But it says a significant increase in the supply of homes can help keep a lid on climbing rents and house prices.”
“Yet again a real estate association is pushing for more inventory as the solution:”
That is the same solution the NDP is pushing. Except you pay for the extra supply the NDP will build but have no chance of living in it.
Recent stories in the news have indicated some empty homes are now being rented out, ostensibly due to the fear of the tax. I’ve started looking around and do see some good rentals coming up at reasonable prices.
Critics have stated it’s impossible to police and some people will just lie (by omission) to avoid the tax, but there will always be some who would rather try to rent it out than risk the fines. Regardless of its flaws, I’d like to see this program or some similar empty home deterrent rolled out across the entire Lower Mainland.
“some people will just lie (by omission) to avoid the tax”
If you don’t declare by Feb 2018 then the property is automatically deemed an empty home for tax purposes. You must declare to avoid the tax but if you lie you are subject to the penalty which is substantial in addition to the tax. Property taxes go on title and are payable before a mortgage. I suspect lenders are going to be very interested in which homes they have mortgages on that are an “empty home” and may be subject to huge fines and/or taxes which could make the lender lose its collateral. Note Air bnb is automatically deemed an empty home so lenders would be not want a mortgage on an Air bnb rentals.
People are not afraid. Real estate is above the law. Look at how people openly don’t declare capital gains on real estate. Nor do they declare rental income.
And with the city of Vancouver you think they will? Never. The developers have their backs. The machine backs the paradise papers people too.
If you don’t declare are you automatically charged the vacancy tax or just the regular residential tax?
If it is the later then don’t declare.
not a chance the vacancy tax is charged upfront. it will be up to the city to determine who is lying using whatever tools it has at its disposal, which i think is limited. this said, anyone that simply fails to submit the completed declaration (regardless of whether they were truthful) is an idiot.
to clarify, if you don’t file declaration i think they will assume home is empty and send you additional vacant home tax bill along with your property tax notice. but as i said, why one would not bother to send in paperwork (particularly if they are lying) would be beyond me. clever and creative prop mgrs are already on the case of getting these affairs in order for clients.
My bad the answer was in the article.
“Those who fail to declare by Feb. 2 will have their property deemed vacant and will be subject to the tax plus a $250 fine, warned Robertson.”
this is mainly a cheap cash grab by the city. if they really cared about rents and affordability they would have policies that get more apartments built. some will just pay the tax no questions asked, the city will gladly accept that money. I don’t expect the city to put much resources into the program.
Cash grab.I .agree, but its typical ” eat the rich ” cheap stunt by Vision.
The foreign locusts,as is their nature, will figure out all sorts of scams to keep homes vacant and deceive COV.
PS recall this doesn’t apply to condos…when vacant condo should be COV focus…the tax is inconsistent thus doomed to fail.
Be gone, racist.
Begone Glegol Lobertson !
“PS recall this doesn’t apply to condos”
Better get your memory checked, it applies to all individually titled residential properties.
http://vancouver.ca/home-property-development/empty-homes-tax.aspx
Really?
Did you review stratas ( BTW which include duplexes) that have” NO RENTAL” policy……quite common ?
No rental policy is actually very rare. It may become popular going forward though.
It’s too late to do anything now. Damage is done. Why bother occupying these vacant houses now? You’ve moved on to alternative living. Most of the time you’re on your device is when you’re in your vehicle. May as well stay in it overnight.
Trump did his punitive West Coast housing Tax, and now it’s Vancouvers turn. Should of saw it coming Real Estate speculators. You can Loophole and Game your Time-Visa-Home occupy the best you can. Get together in your Fuck-over-Canada chat rooms and plan strategy, but you are marked. Xi will have you shamed and blamed yet.
True….
…..the question is what degree of hollowing out has occurred.
People see the writing on the wall and adjust accordingly.
IMHO it may be irreparable.
Irreparable is the key word here. Vancouver has very likely been hollowed out of most economic activity, aside from real estate speculation, for the rest of most of our lifetimes. Anti-speculation measures were needed 2 decades ago to dodge this bullet, but now we’re in it, and will have to face the music when it implodes. The local recession will be historic, and destructive.
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Do you still believe the BS? It’s unenforceable. Has loopholes built in. And do they want to make foreigners that live here 5 months here angry? I don’t think so.
Don’t fall for the BS again Just me. Again.
Hearing Rumours that that Saretsky guy gets first dibs on presales as long as he posts the idea that the housing bubble is related to local people’s debt and it is coming to an end. Unbelievable that’s he’s already got a following. No helping the sheep.
Is that what the voices in your head are saying now?
I’ve talked to Saretsky…
Seems pretty sincere, and see no reason for him to compromise his reputation with cheap backhanded stunts that would come back to haunt him.
That’s because the housing bubble IS related to people’s debt, you moron.
I’m also hearing rumours of the same thing. It must be true.
I’m hearing rumours that whoracle is a house pumping Liberal shill.
Oh wait, that’s not a rumour.
City of Vancouver holds off on Airbnb crackdown
https://globalnews.ca/news/3849462/city-of-vancouver-holds-off-on-airbnb-crackdown/
Glegol Loberston is a laycist !!!
Lack of enforcement = banana republic.
People will lose faith in instututions, only fail states admit they cannot enforce. Vancouver in 2017 is a failed city.
“City of Vancouver holds off on Airbnb crackdown”
You’d never know Vision are NDPers. It would be hilarious if it wasn’t so sad how anyone who is associate with the NDP backtracks on ever housing related promise they make.
Same with Burnaby City council. Mayor Corrigan and his crew are as far away from their NDP roots as they can get.
No rush guys. It’s not like we’re in the middle of a crisis or anything…
Developers shocked city turned down Chinatown development
http://vancouversun.com/news/local-news/developers-shocked-city-turned-down-chinatown-development
“…real estate consultant Michael Geller doesn’t think there was any overt political interference in the board’s decision, but said having hundreds of people oppose the project had an effect, as did the city’s recent apology to the Chinese community for historic racism…”
Silly round eyes…
Not bribe with enough pumpkins….
Must incorporate facets of Chinese culture..such as Birth Tourism, Whale Gamblers/Casino money laundering….. pre- sale assignment flip…..
Fuck the chinese community.
You’re Canadian or you’re not Canadian, if you want to identify primarily as some other race or culture and expect never ending apologies from every generation of Canadians you can fuck off back to where your forefathers came from.
Fuck the bitter unemployable racist losers.
Accusation of “racist” are always amusing…the finger generally points backward.
Funny how people of European ( dare I say WHITE ) extraction in general don’t seem to indulge in hive/herd mentality with massive protests about their ancestors getting F#cked over. They seem to focus looking forward, not back.
This was Trudeau’s master plan..bring these 3rd worlders over, pamper them, foster and endorse multiculturalism,keep the hive/herd mentality alive, then one has these whiners programmed as block votes. See, works well..nothing has changed, in fact it gets worse.
We have 3rd and 4th generation Chinese still whining, when the reality is if their ancestors had not come here, they would still be subsistence farming in a rise paddy under a Communist Gov’t.
Racist….is another way of saying the truth hurts.
You must be living in a cave, and sounds like a nostalgic old imperialist still dreaming about the good old colonial days! Visit any major Asian cities and u will realize who is actually living under subsistence farming!
The cruel reality of today is: if not for foreign money and people keeps pouring into Vancouver, this place may actually still be subsistence farming/mining
Looking forward, this trend will only continue! Vancouver needs people, money to keep coming in to sustain its totally not competitive economy.
So, get use to it!
You must be beaming from Mars…
These foreign locusts have much to thank Western Civilization for…..they are not innovators but blatant rip-off artists. They may have entered the 21st Century,but they are still the same dog eat dog culture they bring with them.
Pierre Trudeau set the downfall of Canada with his policies, its insulting to say we need foreign capital when our gov’t continue to betray us as they continually handcuff us and leave us open for exploitation..
You are such a pathetic loser! Whether you ‘re Canadian or not Canadian, it is prohibited by the Constitution to discriminate based on race. Wake up or you will always be a loser!
and if you don’t like what you see now, you can fuck off back to where your forefathers came from, too! fucking loser!
Bend over for Glegol Loberson !(or is that redundant?)
you re with us or you re with the terrorists-GB
Looks to me like it’s the old Cantonese community, whose historic home is Chinatown, who were doing the opposing. These were the people who came to Canada to work.
I don’t see any sign that the newer PRC arrivals gave a hoot. There isn’t a “Chinese community” in the first place.
Sounds familiar?
Children’s education drives Chinese demand for UK property. Post-Brexit decline in Sterling has also increased Chinese buyers’ appetite.
Maybe someone has an answer.
Costs of Post secondary education used to be reasonable/affordable…a decent summer job was enough to pay for tuition, books etc(,.mind you I am talking about 1970’s early 1980’s. )
When we were invaded by rich foreign locusts, starting around 1986, did all our taxpayer subsidized institutions like UBC etc .convert to a corporate “quasi- free enterprise” model whereby they jacked up tuition because the locusts and their spawn were ready willing and able to pay for it, which subsequently impacted those born here without rich locust parents ?
YES!!!
SIDA has called other posters “racists” 3 times already in this thread of 59 posts. I think that’s a new record for it.
I’m sorry that you think it’s acceptable and part of some imaginary reasonable debate on immigration to use racial slurs. But I’m only sorry because your inability to understand this implies that you’re a moron.
The moronic thing is to call people racists even though they criticize behaviour rather than ethnic origin.
If someone absuses the letter and spirit of our laws, shall we condone it just because the p[erpetrators are mostly from one country?
Pointing out bad behaviour is not racist, it is just honest.
You don’t debate anything. Your posts are just calling everyone a “racist” how is:
“Fuck the bitter unemployable racist losers”
or:
“Be gone, racist.”
any kind of a useful debate?
You are the only poster here who consistently calls everybody a racist when you don’t like what they say. It is a sign of a weak mind with no reasoning capability.
AIDS the clown still doesn’t understand what racism actually means.
But I don’t expect a sell out traitor giving cover to money launderers to actually have a meaningful dialogue with anyone.
You still think you’re not a racist, dumbass? Pathetic. Own it.
Not “when I don’t like what they say”, but “when they say racist things”. Big difference, dumbass.
Best place on meth
“Fuck the chinese community.”
Lost…but not Leased
“When we were invaded by rich foreign locusts,”
These sound to me are racism, why don’t you criticize them?
How about gravy sucking cockroaches?
You sound to me like that worthless poster known as AIDS.
Because he’s an uneducated imbecile?
5 charts showing Metro Vancouver’s affordability has become worse despite the foreign buyers tax:
http://www.cbc.ca/news/canada/british-columbia/foreign-buyers-tax-affordability-charts-1.4392059
“In fact, based on some metrics, things have become much worse.”
Hopefully the NDP higher echelons are reading this as well.
Fixing rental and tenancy is NOT the only housing reform we need.
Gov’ts typically attack a problem via “taxing” it.
For some strange reason this seems to appease the SJW Leftards , who consistently lack any sort of practical solution.
Not sure what COV “vacancy tax” revenue projections will be, but its likely F#ck all with respect to creating housing. (Maybe Glorious leader Gregor will re-enact the Komagata Maru incident,…..?)
Hong Kong is another expensive City..but apparently has housing in place for their working class. About 30% of Hong Kong residents live in High Rise Public Housing. Others do live in shoebox apartments,,and the wait list is approx. 5 years.
Then again, Hong Kong is basically ethnic Chinese, citizens much easier to “herd” via homogeneous culture.
Vancouver in comparison is a totally different situation…again multicultural…which simply makes a solution for more difficult, if not bluntly impossible.
Given FBT and Vacancy Tax, I am wondering if foreign locusts strategy will be to flip more frequently or try some sort of Title assignment amongst family members or business partners.
Ie doesn’t the tax apply to Owner “X” and 6 + months of vacancy ?
If Owner “X” somehow delegates ownership to another party ever y 6 months , the COV will be chasing its tail.
Also: Foreign locusts web of deception often involves having both a Chinese name and an Anglicized version.
No mention of Christy Clark’s teaser loans.
Convenient.
Tsur is full of BS…the LEAP in foreign buyers from 2.5% to 5% is due to completions/registrations of projects bought two years or so ago. Anyone with a brain knows that SFD are falling hard in the suburbs, Just go to “My Realty Check” and see for yourselves. Condo-mania will soon be hitting a wall and flaming out just as SFD have done. LOTS of new completions are in the wings; condos will be a dime a dozen.
Tsur also forgets to mention that in the CoV alone,, median prices are off quite markedly and so are overall dollar transaction volumes.
As for the “bell weather” SFD market, sales for that market segment throughout the REBGV area for October only accounted for 30% of ALL sales. So, that is a 70% FAILURE RATE.
” LOTS of new completions are in the wings; condos will be a dime a dozen.”
Have been hearing this since the Olympics. Yet all that new inventory on 2nd between Cambie and Main got absorbed very quickly.
You would have been lucky to even sell one of those condos a few short years ago.
BTW, back to “pricing” for a moment, particularly with regard to SFD.s Compared to a year, ago a buyer can NOW get a nicer, newer and better-located home for the smae money. spent So, a house MAY still be asking $1M but that same money goes a lot further now. And, THIS is how many price drops have been “masked”. Down she goes.
If you are right, this is more evidence we need to stem the flow of money from Asia.
Stop that money flow and observe what happens to prices in Vancouver.
As simple as that.
What a chump. That HAM left quite some time ago.
If condos were to implode, I would just leave the country and go back to the motherland if the banks wanted anything from me. Let the local authorities figure it out…it was their doing in the first place. Canada is a post nation state as Trudeau has said…knowing that, no one should have allegiance to a pseudo country. If a post nation state offers you something, then get it. If it wants something from you…run.
Exactly.
“My realty check” is cherry-picked examples, not whole market data.
Not true. If you compare the listing price changes the EXACT same price changes show up on Zolo.ca.
You mean if I compare the cherry-picked examples?
What are you talking about? They monitor ALL of it. Don’t be so stupid.
Happy Anniversary! Its been exactly 6 Months (half a year) since the election. What have the NDP done with housing? What loopholes did they close? LMAO
And only 11 months to go to referendum. “But But but wait until the February budget..” LMAO. “Its not foreign money but locals taking on debt, we finally get it. Again.” LMAO. “But but but wait until the fall update..” LMAO
Oh what? Referendum failed? LMAO
See a pattern here guys?
And the NDP has just backtracked on another promise. Will keep BC Ferries a Private company.
https://thetyee.ca/News/2017/11/08/Horgan-BC-Ferries-Review/
And Vancouver city council did a complete 180 on AirBnB!!! LMAO
Free for all.
Same WILL happen for empty home tax (unenforceable to begin with). But sheep thinks its a ‘game changer’.
How many IPs you logging in from? That’s not suspicious at all….
The NDP has held off on any legislative changes because this bubble is now imploding even faster than they thought possible. There is no Plan B in place, so they are trying to buy a little more time and are desperately looking for other options. THAT’S why, you dumbass.
With 25% of the BC economy tied to RE-related jobs, the future doesn’t look “bright” once this thing finally rolls over once and for all.
Imploding? You mean the new all time high in condo prices? The still massively low inventory? No implosion what so ever yet
CONDOS? Are you kidding? What a laugh. Mostly locals flipping their brains out. And, you’ll be seeing a lot of “accidental landlords” when that segment hits a wall. They’ll be begging for tenants to try to staunch their cash flow bleed WHEN they are unable to dump them in time, that is.
Until they sell them for half what they paid, prices are too high.
If you have hard evidence of that happening, please share. It would make my day.
I said, “WHEN it hits a wall” and goes in reverse. Duh. Do you actually think they’ll go up forever, BTW? You must be one of those flippers out there with a lot to lose.
Normally, my answer would be no. They should not go up forever.
But in practice, the only thing that can stop them is a crash in China. When that happens, and Chinese mainlanders are scrambling for cash, then Vancouver will implode.
The other option is that our elected officials decide enough is enough and they stop the cash flows from China. Do you see that happening right now?
The Chines have already cut off the flow of money or didn’t you know?
No, he didn’t know – Just Me is a clueless twat and his bullshit “theories” have no predictive powers.
He just claims that the Chinese have done whatever suits him to explain any variation in prices.
Boom bust is not a genuine poster. Read his posts prior to election. Developer shill that doesn’t want NDP action because the markets is already imploding. Don’t buy his bs
“Don’t buy his bs” Wise words from the irony-challenged. That’s just rich.
“not a genuine poster”
More comical irony from the most prolific puppet master this board has ever had to endure.
They cite “benchmark prices”; those are lagging indicators and on par with that useless Teranet HPI.
Are you on drugs? Shacks are selling for 2 million CAD$ on the east side. Condos for 1.5 million and up all over Vancouver.
What adjustment are you talking about? If there was a tick down in prices, it probably brought us back to late 2015 valuations. Is that a crash to you?
Not so…besides, I;m talking about the REBGV area, twit. It’s not always about just Vancouver you know. There is a like out there past Main St and even Boundary Rd. for that matter.
I am not trying to pick a fight with you. Nothing would make me happier than you being right about this.
the issue is I have absolutely no hard evidence of that happening, neither in Vancouver nor in its outburbs.
Prices and volumes are marginally lower than at peak madness. But for all practical purposes, we are still in insanity mode.
SFHs are not selling like hot cakes, true. But those that sell are still going for multiple millions.
For me, a crash is something that brings prices down at least at the level where well to do professional can confidently buy something decent on the west side. At the moment, that is not the case.
2 million dollars or up for a poorly maintained home on Main street is not my definition of a crash.
What we have seen is this………..hockey stick run up/peak/blow off top, April, 2016…….FBT…………….slowdown…………………..Dead Cat Bounce/Clark’s FBT Plan……….run up with lower end/condos…May, 2017 Dead Cat Bounce Peak……………Downhill….lower median pricing/ dollar transaction volumes…..nowhere to run/hide as BoC/OSFI raise rates….BoC out of monetary bullets, high household debt, Chinese capital controls, buyer exhaustion, yada yada………..final .POP.
It’s following a perfect bubble pattern.
Yes. It is.
“BoC out of monetary bullets”. I tend to agree, but gov not out of potentially inflationary policies. I’ve seen this movie before and other things (vested interests) can fuck things up. I was pleased as punch in the fall of 2007/spring 2008 as things were looking great… until they weren’t. Any market shudders and bets are off.
What makes you think the’re that “clever”? If they were, we wouldn’t be in this mess in the first place, would we?
Do you really think that prices will remain so high here that a “professional” can’t afford to buy? Give your head a shake.
The bubble will pop. But that clearly has not started yet. The bubble is still inflating thanks to the NDP. People need to quite apologizing for them.
It started quite some time ago. What did you expect to see, big flashing signs?
When a bubble pops you will see higher inventory, lower sales and lower sale prices. That has happened to SFH over $2 million but everything else (90% of the market) has lower inventory, higher sales and higher prices. The weakness in stuff above $2 million was due to the foreign buyers tax. After the initial dip that has leveled off. If you have data to prove otherwise lets see it.
It might not pop. Nobody is calling to stop the flow of foreign money. That’s the biggest problem.
Of course it is. Take that money out of the system and the whole thing implodes.
“The scariest part about that is our Housing Minister had no clue that the previous government made a feeble attempt to measure it. That’s about 4 months into her job.”
Incompetence, liars or both? I say both.
Celina is incompetent. Horgan and Eby are liars.
The problem is the mainland Chinese. Advertisements for housing (agencies, agents) are all in Mandarin.
Only blind people and those with vested interests disagree.
Great post. Fully agree, line by line.
Only people with stats and data disagree, you mean.
No. Only liars like yourself. Flat earth believers.
China, according to you, is only a marginal driver of Vancouver RE prices. That speaks for itself.
Define professional.
In Vancouver, even if you bring home a family income of 300 or 400k, you can hardly buy great housing on the Westside. Even on the east side is iffy.
If you don’t believe me, ask young doctors and similar high earners.
Of course, you can buy a 1200sqft shoebox in the sky. That is not the point, though.
What is it that you’re “missing”? If people like THAT can’t afford to live here…guess what? It’s a bubble of monumental proportions, Bub.
Or it’s based on fundamentals….in China.
Somebody with 400K income could safely take on $1.2m mortgage, plus downpayment, and you’re saying they can only afford a shoebox? Ridiculous exaggeration, as we’ve come to expect from you.
Have you seen what you buy with 1.5 million dollars? Can families live comfortably in a central area with that money?
The answer is no. You are a RE industry pumper. For you, we live in the best possible historical juncture, Vancouver is great and life is easy.
Liar to the bone. But we know that already.
I have no connection to RE or the industry, for he millionth time you utter buffoon.
Can’t believe you’re debating someone with ulterior motives.
Boombust has prematurely called several busts already. I think he has prematurely called this one as well.
I still believe there are significant headwinds ahead for real estate prices. I would not advise anyone run out and buy a $1200/sq ft presale condo on Kingsway today.
Why not if there is so much “upside”?
He didn’t say there’s “upside”, he said there are headwinds but no sign of a coming bust yet.
He must be deaf, dumb and blind, then.
You’re seeing what you want to see, and partying before the music’s even started. This is the type of presumption that gives the rest of us bears a bad name. YVR explained already what a bust looks like:
“When a bubble pops you will see higher inventory, lower sales and lower sale prices. That has happened to SFH over $2 million but everything else (90% of the market) has lower inventory, higher sales and higher prices.”
If anyone here is being suckered into “benchmark price rises”, think again. Those phoney stats are lagging by at least 4-6 months. No one else uses them except for the BCREA. Median prices are the best indicator, overall.
So says a BC Liberal Troll.
The market is not imploding.
Don’t insult me, you moronic piece of shit.
Don’t feed the trolls. Even if it’s Oracle the king of the trolls.
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The metaphorical noose is tightening on middle-class debtors across the developed world. Canada was lucky enough to dodge most of the fallout from the 2008 crisis, we won’t be so lucky on the next one as it will be global. The end result is wealthier rich people, and more poverty for everyone else. Protecting housing from commodification and speculation is the easiest way to avoid this, but politicians are either too willfully blind or stupid to see it.
Politicians profit from this racket. They get elected, the economy goes well for a long spell, they take credit, donors bring suitcases of cash as gifts (ask MS Clark for confirmation).
ASll in all, politicians only look as far as their re-election is concerned. However the NDP is miscalculating: they don’t realize they will only get re-elected if there is a housing crash. Homeowners vote Liberal in metro Van.
They’ve got the same people in the backrooms. Everyone will be taken care of in the NDP-Lib alliance.
Yeah I agree with you. The chances of the NDP getting elected post-correction are much better than the NDP getting elected if the crisis continues. They’re probably thinking short term though. They’d like the party to keep going for the 4 years they have power and will probably start worrying about the next election at the last possible moment. If they can’t stop the mania, they’ll be a one term government, period.
“but politicians are either too willfully blind or stupid to see it.”
Trust me. They are none of that. They making big $$$.
Canada didnt’ “dodge” anything from 2008. The can was merely kicked down the road to where we are now and that is why this correction will be 2x more severe.
more like 5X at a minimum given overall increase in RE valuations, consumer indebtedness and widespread feelings that 2008 is in the rearview mirror and that powers that be would never ever allow such a crisis to occur again
It’s the metaphorical equivalent of watching a huge car pile-up on the highway in the rear-view mirror while driving into a brick wall. Good job on avoiding the 2008 crisis, and don’t worry about Canadians being way more in debt than the Americans were before 2008… I’m sure it’ll be fine…
Ahhh, you’re like the posters here of 5 years ago before all the xenophobic turds arrived.
C’mon just say it: RACIST RACIST RACIST
Sure, post some more racial slurs and I’ll happily oblige.
Whatever you say gweilo.
I see your most recent post qualifies, racist.
We actually did “dodge” something. We temporarily dodged the consequences of loose monetary policy, and high consumer debt. Dodging these economic consequences is completely separate from actually fixing them however. The reckoning is still on it’s way, and won’t be so easily dodged the next time.
“dodging” would imply that problem is in rear view mirror and can’t come back to bite you in the ass, which is certainly not the case
Stealth colonialism?
Like I’ve been saying, caucasians are going to priced out of rentals first. Mark my words.
well you should come to richmond where it is par for the course that any job applicant (let alone tenant, presale buyer, money refiner) must speak mandarin to be even considered for employment
Please provide evidence of a Canadian pre-sale which required buyers speak mandarin.
Nevermind that, plenty of companies in Richmond hire without Mandarin being a prereq, including the ones my neighbours and friends work at.
If you expect to work in a Chinese restaurant or jewelry store then you will be expected to speak Mandarin.
Or maybe we can go to the gym bullwhip29 goes to and ask how many of the trainers and staff tere speak mandarin, since 40% of them aren’t even Chinese I’d be curious to know.
it goes way beyond chinese restaurants numbskull. for starters, you pretty well have no chance getting a decent job at a bank or other financial institution if you dont speak the “language”. no, this will not be stated in job desciption, but your application will get overlooked
the issue with the gym was a different matter entirely where I effectively had an ESL student telling me to keep the noise down to appease the residents in the building, who for all intents and purposes are far less than model citizens themselves when they go out in public. secondly, i thought it was rather amusing that despite the gym being close to empty and all other businesses not yet open that almost all of the “free” parking reserved for this purpose were already occupied.
you’re right, “required” is maybe too strong a word, but considering buyers from china get front of the line access, i would say it is recommended to even have half a chance at getting on the playing field.
So I’ve no idea why you felt the need to exaggerate. Perhaps it’s because your point wasn’t as strong as you wanted it to be so you figured mistruths would help you out?
You are a fucking hopeless piece, unbelievable…
Good question…
I don’t think it is illegal, nor violation of BC Human Rights code as it doesn’t discriminate via race. Technically if a non Chinese person spoke Chinese, they would be “eligible”.
However, the ad in all likelihood is a less than subtle hint Chinese Ethnicity only.
This ad is in contravention of the BC Human Rights Code which states someone cannot be discriminated against based on their ancestry.
Yeah there’s no article directly preventing language discrimination, so they might be able to get away with it. I remember a story a couple years ago where a Chinese company was hiring mine workers, and Mandarin was a requirement. I don’t think it was found to be illegal they were just flogged by public opinion.
You’d have to plead your case to the Human Rights Tribunal and hope they determine you have a good case for an ancestry / race discrimination complaint.
On a side, but related note, the NDP are restoring the BC Human Rights Commission after it was killed by the Liberals 15 years ago. Hopefully they can do something about all the anti-Canadian discrimination going on.
Looks like this forum has been hijacked by the developers trying to confuse the masses. Don’t buy it Just Me.