Friday Free-for-all! November 10th 2017

Its the end of another week and that means it’s time for another Friday Free-for-all!  This is our regular end of the week news round up and open topic discussion thread for the weekend.

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

– can’t afford to work in Vancouver? 

Fed rate rises?

everything is fine

avert the next crisis

So what are you seeing out there?

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

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[…] has approved regulations around short-term rentals and announced […]

SoCalFUBAR_YOLO
SoCalFUBAR_YOLO
2 years ago
southseacompany
southseacompany
2 years ago

“Central bankers vow to wean investors off of easy money”, Globe & Mail

https://www.theglobeandmail.com/report-on-business/economy/central-bankers-vow-to-wean-investors-off-of-easy-money/article36970230/

“After pumping some $10-trillion into financial markets since the 2008 crisis – driving them to record highs – the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan are now trying to wean investors off easy money without causing an upset.”

history
history
2 years ago
Reply to  history

“According to the Greek Finance Ministry, property owners try to bypass the 3% commission to Airbnb and upcoming taxes by direct contact to customers via messenger or telephone. The payments are done cash at the arrival and not through the platform. In this way, property owners can bypass not only the commission but also registration of the rentals and future taxes. Just in case and even if one day, the Airbnb decides to hand over its Greek data to the tax authorities. For the time being it looks as the Greek goal to tax Airbnb properties has to be postponed.”

==

Is this the future?

The Unintended Consequence of Airbnb is the obliteration of the Govt and Skimmer Middleman? And doesnt that destroy the very purpose of large cities in the first place?

Just me
Just me
2 years ago
Reply to  history

But in the minutes of the Riksbank’s latest rate meeting, Deputy Governor Cecilia Skingsley suggested that monetary policy, “under certain circumstances, can be used to combat the effects of major household debt.” She also said the housing market “must be carefully monitored,” given the latest developments.

The same kind of moronic comments that Poloz and Wilkins have been making in Canada. What about futures stability? Can’t these central bankers see that they are only making the problem worse?

Accommodative monetary policy is like quicksands: the more you move within it, the more it sucks you in.

I suspect these bankers are simply trying to avoid to deal with the nasty consequences of higher interest rates during their mandates. They care about their own careers more than they do for society at large.

Oh NO
Oh NO
2 years ago
Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Oh NO

And that’s with a $100,000 price drop.

Best place on meth
Best place on meth
2 years ago

“Some short-term rental hosts criticized the proposed rules at a public hearing last month, saying the changes will deprive them of much-needed income.

Councillors from the opposing Non-Partisan Association echoed those concerns on Tuesday, with Coun. George Affleck warning that homeowners who depend on the extra income will be forced to leave Vancouver or lead “very challenging lives.”

Challenging lives my ass, fucking crybabies don’t know what challenging is.

Go ahead and leave. Take Affleck and the NPA with you.

Doomcouver
Doomcouver
2 years ago

Yeah who feels sorry for these clowns? If you can’t afford your mortgage without operating an illegal airbnb hotel, what the hell are you doing owning property in Vancouver? The mania has obviously made everyone greedy and brainless. I hope these morons are left homeless. Maybe then they’ll learn a lesson about not borrowing too much money, and how asset bubbles work.

paulb
paulb
2 years ago

New
347
Price Change
78
Sold
153
TI:9584

http://www.clivestevepaul.com

Best place on meth
Best place on meth
2 years ago
Reply to  paulb

The last time I saw a 300+ listing day in November, a unicorn ran through my yard in full football gear.

Just me
Just me
2 years ago

Long weekend. Two days into one number.
But if it keeps coming…

Super Oracle
Super Oracle
2 years ago

So far, nothing to affect affordability!

1) AirBnb legislation — legislation is laughable really
2) 2% tax – DEAD
3) FBT: closing loopholes – DEAD
4) Continuation of 1st time buyer loan. – will continue

plus Trudeaus scheme full steam ahead:

A) China Free trade agreement
B) More foreign students, 10 yr visa holders, and immigration

You guys see a pattern yet???

history
history
2 years ago
Reply to  Super Oracle

Flow through welfare for landlords,
Sacred untouchable policy

Oracle Sockpuppet Doppelganger III
Oracle Sockpuppet Doppelganger III
2 years ago
Reply to  Super Oracle

“4) Continuation of 1st time buyer loan. – will continue”

Source = department of redundancy department….. Credible.

Confucius
Confucius
2 years ago
Reply to  Super Oracle

I see the pattern. A guy with the patience and intelligence of a 2 year old keeps posting mostly crazy lies on a blog with a maximum of 12 readers in a sad and bizarre attempt to encourage someone to start a revolution.

Bear Vancouverite
Bear Vancouverite
2 years ago
Reply to  Confucius

He doesn’t want to start a revolution, he’d be the first one taken out in any serious uprising.

Best place on meth
Best place on meth
2 years ago

I’ll do it!

Bear Vancouverite
Bear Vancouverite
2 years ago
Reply to  Super Oracle

You could be complete one sided, or maybe you can include some of the risks: 1) Interest rates are now back to 2014 levels when 70% of Canadians said they couldn’t afford a 10% increase in payments from the 0.5% rates. 2) Interest rates are widely expected to rise twice more next year. 3) The new stress test will make all new buyers qualify at effectively 4.85% interest rate. 4) The Airbnb rules actually sound quite good to me, not watered down and a lot better than many feared it would be. 5) Empty Home tax will have some effect 6) CMHC just did a speach saying they are looking more closely at unregulated lenders and what risk that gives them. Immigration and foreign capital are still wildcards, but so far, all levels of government have been trying to tone… Read more »

ostritch
ostritch
2 years ago

These things are bearish for locals who earn locally and pay tax. For everyone else it’s business as usual.

bullwhip29
bullwhip29
2 years ago

Vancouver approves regulations around short-term rentals including Airbnb
http://vancouversun.com/news/local-news/vancouver-approves-regulations-around-short-term-rentals-including-airbnb

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

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

also passed amendment allowing short term rentais in secondary suites IF vacancy rate hits 4%

Vision
Vision
2 years ago
Reply to  bullwhip29

Huge Loopholes!

If you rent out your condo to me for $1 per year. Its my primary residence. But I’m not there most of the time so I AirBnB it and pass the proceeds to my brother.

🙂

history
history
2 years ago
Reply to  Vision

Face recognition technology?

Bear Vancouverite
Bear Vancouverite
2 years ago
Reply to  Vision

Oracle – always desperately trying to convince everyone that either it won’t happen or there are huge loopoholes. Here’re are a few thoughts about your loophole: – If the city collect a 3% tax on all Airbnb transactions in their jurisdiction, that will create a nice fat fund to pay for enforcement. Fines from enforcement will further fund that task force, it will pay for itself, create jobs, and nicely reduce this type of speculation. – Your condo will have to have more than 1 bedroom to be rented out. – The registered license you get will mean you have to declare income tax on your Airbnb, which will be at your marginal rate. It’s easy for Aibnb like platforms to associate total yearly rental $ volume on a per license basis and send those to if required/asked to do… Read more »

Just me
Just me
2 years ago

Brilliant post. Hope you are correct. Enforcement will be key.

bullwhip29
bullwhip29
2 years ago

and seriously how hard would it be check name on title and cross reference with the so called landlord? not hard, but will they actually do it is another matter altogether

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

also the $1 rent scheme would be subject to scrutiny by the vacant property gestapo if anyone ever asked to see rental agreement. the fact is that the principal residence exemption will be the first thing that would be audited and tenant can’t be seen to be linked to owner in any way

Yikes
Yikes
2 years ago
Reply to  bullwhip29

Watch for a flood of former airbnb property to hit spring market

ostritch
ostritch
2 years ago
Reply to  Yikes

Uh huh.

bullwhip29
bullwhip29
2 years ago
Abdul Lahazi
Abdul Lahazi
2 years ago

Defiant Hong Kong soccer fans boo China anthem at match

http://www.news1130.com/2017/11/09/defiant-hong-kong-soccer-fans-boo-china-anthem-at-match/

Everyone seems to hate China.

Shut It Down Already
Shut It Down Already
2 years ago
Reply to  Abdul Lahazi

Of course soccers fans are otherwise renowned for their racial tolerance….

Combat roach
Combat roach
2 years ago

Exactly it is all about the race. Hong Kong soccer fans and Chinese being of two different and conflicting races are renowned regarding their racial issues between each other.

Best place on meth
Best place on meth
2 years ago
Reply to  Combat roach

He already knew they’re the same race so he had to make it about soccer fans in order to continue his pathetic race baiting.

Just me
Just me
2 years ago
Reply to  Abdul Lahazi

If only someone could explain to me some obvious reasons why we should love it.

BubbleTea
BubbleTea
2 years ago

The Richmond company reeling from headlines about suspected money laundering by high rollers from China at its flagship casino wants a judge to stop the B.C. NDP government from releasing more documents to the media unless it is consulted first.
http://thebreaker.news/news/gcg-foi-release/
Now we know who is running the province

Diadora
Diadora
2 years ago
Reply to  BubbleTea

Their casino licenses should be suspended immediately and managers arrested.

Super Oracle
Super Oracle
2 years ago
Reply to  Diadora

The story will soon be buried and forgotten by the BC sheep.

BubbleTea
BubbleTea
2 years ago
Reply to  BubbleTea

Looks like there is a lot more dirt that is about to be released which the casino just covered up.

Abdul Lahazi
Abdul Lahazi
2 years ago

sort of like the shipping containers issue in Vancouver, they have this in Des Moines Iowa:

http://www.news1130.com/2017/11/14/tiny-houses-are-trendy-unless-they-go-up-next-door/

But do they have screaming locusts too?

southseacompany
southseacompany
2 years ago

“Home sales down in Metro Vancouver, but up in B.C.”, Vancouver Sun

http://vancouversun.com/news/local-news/home-sales-down-in-metro-vancouver-but-up-in-b-c

“The British Columbia Real Estate Association says 8,677 homes were sold last month in B.C., an increase of 19.3 per cent from last year, despite a housing supply crunch.”

However, in Metro Vancouver, the association reports sales dropped nearly 35 per cent over the same time period. As sales fell, prices continued to rise in Metro Vancouver, with the average price of a home jumping more than 20 per cent to $1,074,834 from $891,705 year over year.”

Just me
Just me
2 years ago
Super Oracle
Super Oracle
2 years ago

A little over 6 WEEKS left until Jan 2018!!!

BC legislature soon going to recess for the holidays. NO talk of any housing action. Do you really think these clowns will announce anything in Feb Budget? Lmao

They lied to you. Don’t get suckered the 2nd time around during next election.

Dave
2 years ago
Reply to  Super Oracle

It’s a bigger lie than the fudge-it-budget.

Of course there will be housing announcements, but it will mostly be small things for political gains. The NDP won’t do anything significant. In fact, they are busy deleting and shredding everything David Eby said and wrote in the last few years.

Super Oracle
Super Oracle
2 years ago
Reply to  Dave

Yup!

The MSM is writing the storyline as we speak right now. Basically that we are in this situation because of “clark” and the new NDP government can’t do anything about it.

Cant believe the sheep can’t see they are being played for fools by the NDP-Lib alliance.

Simple Solution
Simple Solution
2 years ago
Reply to  Super Oracle

“can’t” or “WONT”??? there is a difference

Super Oracle
Super Oracle
2 years ago

‘Can’t’

Fits the developers’ goals perfectly.

Dave
2 years ago

I’d say it’s pretty close to being the same thing in this case. There is simply too much money and power at stake, both of which have an interest in keeping the housing situation as it is. That’s all you need to know about why the NPD aren’t going to do anything substantial. The only thing that will change that equation is massive political pressure. I think the NDP view the current level of pressure as a minor irritant more than anything. Our housing market is like the ring in the Lord of the Rings. Horgan currently wears the ring. He knows it should be thrown in the volcano, but instead it possesses him. The BC Liberals are like Golem, trying to take it back. Neither of them are going to melt this stupid thing down. The rest of us… Read more »

Just me
Just me
2 years ago
Reply to  Dave

“Our housing market is like the ring in the Lord of the Rings. Horgan currently wears the ring. He knows it should be thrown in the volcano, but instead it possesses him. The BC Liberals are like Golem, trying to take it back. Neither of them is going to melt this stupid thing down. The rest of us are stuck living in this FantasyLand where the local hobbits are either too stupid to see what caused us to get here, or too greedy to care.”

So true. But I am still really disappointed in David Eby: for a passing moment, I thought he was different. I had no trust in Horgan, but I thought that Eby had the character to make real change.

Dave
2 years ago
Reply to  Just me

Horgan put him there for good reason… your AG can’t be very political. It guaranteed he would keep away from the housing file. Plus, being the head of Dork Court is the dream job for a lawyer.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Dave

Eby is a lawyer so it makes sense that he is the AG.

patriotz
2 years ago
Reply to  Dave

“The BC Liberals are like Golem”

The Lord of the Rings character is named Gollum. We could use a Golem actually.

Dave
2 years ago
Reply to  Super Oracle

The MSM is another failed institution. Look at the casino money laundering issue. How many people know that a Burnaby City Councillor got caught red handed with something like $100k in casino chips a couple years ago? That should have been front and centre for a long time. They buried it instead.

Just me
Just me
2 years ago

In 2015, as home prices skyrocketed in Vancouver, then B.C. premier Christy Clark and then trade minister Teresa Wat held intimate meetings with Hong Kong developers and donors who had billions invested in Vancouver property.

http://vancouversun.com/news/local-news/clark-wat-met-hong-kong-developers-while-foreign-investor-debate-roiled-b-c

Just me
Just me
2 years ago
Reply to  Just me

“Are you considering any policy changes in light of the recent property valuations and public concerns for affordable housing?” was one expected question.

The response prepared for Clark and Wat was: “Government would need to proceed very carefully before considering measures that would force down the value of people’s assets and prevent sellers from obtaining a fair market price.”

bullwhip29
bullwhip29
2 years ago
Reply to  Just me

it sounds very much like all parties not only had advance knowledge of future policy changes, they were also instrumental in conceiving and implementing the new measures too

Just me
Just me
2 years ago
Reply to  Just me

Back at home, meantime, public complaints about housing affordability in B.C. was so intense that Vancouver Mayor Gregor Robertson had released a letter urging Clark to take extraordinary tax measures to cool speculation in the market. Clark’s response said there was no reason to tax luxury housing because Finance Ministry data suggested little evidence that foreign investors made up a significant portion of the market.

Simple Solution
Simple Solution
2 years ago
Reply to  Just me

If mayor Gregor cares so much why doesnt he shut down Airbnb?

Super Oracle
Super Oracle
2 years ago

All these developer shills (Libs, NDP, Vision, NPA) are just playing the people. People too dumb to be helped. they keep drinking the koolaid.

AirBnb insignificant compared to foreign $$ and speculation.

Oh NO
Oh NO
2 years ago

Whats with Gregors hair-do these days? He looks like he hooked on meth or something

Just me
Just me
2 years ago
Reply to  Just me

However, notes for Wat’s 2015 Asia trade mission show a different “master narrative” for internal use only. Potential foreign investors were to be pitched with the argument that the “landmark … progressive and open-minded” sale of the Expo 86 lands to Hong Kong property tycoon Li Ka-shing, a massive transaction in 1988 for one-sixth of Vancouver’s downtown lands, “paved the way for the influx of capital that followed.”

The notes say potential Asian investors were to be told that, “the government’s willingness to permit a foreigner to own a significant portion of Vancouver … marked a significant turning point in the city’s development.”

Just over a year later, in mid-2016, government figures showed foreign investors were indeed driving up prices in some Lower Mainland cities, and Clark’s government brought in the 15 per cent foreign investor tax.

bullwhip29
bullwhip29
2 years ago
Reply to  Just me

surprised? i think not

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Just me

This type of collusion is what helped get Clark and the Libs. voted out of office. Clark should be tried as a traitor to the people of BC.

Super Oracle
Super Oracle
2 years ago
Reply to  Abdul Lahazi

You need to stop thinking of the NDP and Libs as separate entities. Think Critically!

Super Oracle
Super Oracle
2 years ago
Reply to  Just me

And why do you think they never added to the story? They could have added the NDP refuses to do anything after the fact. Ask yourself why?

MSM going forward with propaganda that the past clark gov to blame and now NDP powerless to do anything since the problem can’t be solved.

Don’t buy the BS.

Just me
Just me
2 years ago

Reasons why the Canadian property market refuses to fall: Don Pittis
So far low interest rates, a strong economy and large immigration are thwarting the doomsayers.

http://www.cbc.ca/news/business/realestate-canada-houses-1.4400092

Until politicians start making houses less if an investment and more of a dwelling, things won’t change. Action is needed to stop the slide into madness.

Oh NO
Oh NO
2 years ago

Sales detached hurting, buddy owns high end jewelry shop, says sales have vanished the past year, used to have daily mainlanders come drop 10K ln cash like they buying a candy bar/no dicker just point and pay. he is worried just built a new 3 mill house

Super Oracle
Super Oracle
2 years ago
Reply to  Oh NO

Like the vanishing car sales you reported. Who is this clown?

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Super Oracle

You are the clown. And you are a lying clown at that. Every word that comes out of you is a lie.

Super Oracle
Super Oracle
2 years ago
Reply to  Abdul Lahazi

didn’t i tell you you are not allowed to post until you develop critical thinking skills? Got it?

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Super Oracle

Now you are dictating who can and cannot post here? Goof.

Oracle Sockpuppet Doppelganger III
Oracle Sockpuppet Doppelganger III
2 years ago
Reply to  Super Oracle

You promised to leave a long time ago. Still waiting.

Super Oracle
Super Oracle
2 years ago
Reply to  Abdul Lahazi

Lie? Hey if the NDP can do it, why can’t people??

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Super Oracle

And I know how to spot a liar.

Super Oracle
Super Oracle
2 years ago
Reply to  Abdul Lahazi

I’m going to ignore you after this post.

Did you spot Horgan the liar too before you voted for him?

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Super Oracle

“I’m going to ignore you after this post. ”

And yet another lie …

Oracle Sockpuppet Doppelganger III
Oracle Sockpuppet Doppelganger III
2 years ago
Reply to  Super Oracle

I’ll take that clown as more credible than you any day of the week… which isn’t saying very much.

Yikes
Yikes
2 years ago
Reply to  Super Oracle

Let’s vanish Oracle… he keeps quacking…. quack quack quack

Oh NO
Oh NO
2 years ago
Reply to  Oh NO

Saw a line up out the door today at a cash advance loan place, some of them looked like they lived in Point Grey

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Oh NO

was there some free salt on offer?

ChinaFirst
ChinaFirst
2 years ago

https://biv.com/article/2017/11/china-first-policies-raise-bc-business-concerns/

If you think John MacCallum (& Trudeauuu) put Canada first before China, then read the article.

Just me
Just me
2 years ago
Reply to  ChinaFirst

My Callum is a geriatric with delusions of grandeur and with a knack for making the wrong calls, over and over again.

bullwhip29
bullwhip29
2 years ago

Saanich family may need $500K more to clean their property’s toxic soil
https://globalnews.ca/news/3859101/saanich-toxic-soil/

bullwhip29
bullwhip29
2 years ago
Reply to  bullwhip29

this goes to show you that if you plan on buying this sort of property and are basing at least part of your decision on legitimate disclosure in the PDS that the buyer alone is left with all the heavy lifting should something go awry

Super Oracle
Super Oracle
2 years ago

Where have all the NDP fan boys gone??

But But But NDP are going to come out with a plan…any day now. LMAO. Bring in lower taxes if nothing going to done about housing. User pay everything: Healthcare, seniors homes, education, etc. Thats why Liberals will win next election in a landslide.

NDP blew it (purposely?). They are going back to opposition for the next 16 years in any coming scenario.. Guaranteed.

Yikes
Yikes
2 years ago
Reply to  Super Oracle

Super Oracle of pimples , he keeps trying to pop em hoping they go away…but just keep growing back

Just me
Just me
2 years ago

Chinese real estate portal says investment in Vancouver ‘flat as a pancake’. But UBC expert says a price correction not likely to come any time soon

http://www.cbc.ca/news/canada/british-columbia/vancouver-housing-market-flat-1.4400858

kabloona
kabloona
2 years ago
Reply to  Just me

Tsur Somerville……ha-ha!

😉

“Vancouver real Estate NEVAH GO DOWN!!!!
Nevah!!!”

Oh NO
Oh NO
2 years ago

We’re writing to notify you that we have received a Federal Court order requiring us to disclose information to the Canada Revenue Agency (CRA) about PayPal Business account holders who sent or received a payment between January 1, 2014, and November 10, 2017. To comply with the order, PayPal Canada will make a disclosure to the CRA within 45 days of the date of the order.

I know lots o small biz in Vancouver who rack in PayPal and don’t report……….bahahahah