BC, debt, equity, presales, prices, supply

Flipper sues buyer who sold at a loss

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390 Comments

Here’s a Vancouver story if ever we saw one: A Flipper is suing a buyer who lost half a million dollars selling their condo at a loss.

The industry insider who tipped us off feels that this will end up being a nightmare situation for both Collins and Schomaker.

“When the buyer finds out that the property is now in the middle of a lawsuit, they will walk away and the sale will fall through,” they told ThinkPol. “Prices in West Vancouver keep falling, and seller will be lucky to even get $2 million in 2018. I expect both the flipper and the eventual buyer to lose a lot of money.”

The insider blamed the real estate industry’s unethical practices for putting many working Canadians into a tough financial situations.

“The sad part for me is ordinary Canadians are falling prey to number manipulation by the industry trying to keep up the perception real estate prices can only go up,” the whistleblower said. “The amount of deception, corruption and outright fraud in the industry is appalling and there is so much secrecy around the process of purchase and sale that the public is kept in the dark on just about every aspect of it.”

Read the full sordid tale over at ThinkPol.

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Lost...but not leased

http://variety.com/2017/film/reviews/the-china-hustle-film-review-1202553451/ With Gibney, Frank Marshall, and the 2929 Entertainment team of Mark Cuban and Todd Wagner on board, “The China Hustle” is assured a theatrical push and a long life on streaming, but its up-to-the-minute reporting could land a few headlines, too. Far from a postmortem, the film uncovers a scandal that’s still ongoing, with parties on one side bullish about promoting Chinese stocks and parties on the other looking for empty stocks to short. And as with the widespread malpractice that torpedoed the housing market in 2008, there are no rules or incentives for investment banks and brokers to stop perpetuating shady deals, so long as the commissions keep rolling in. MORE REVIEWS Film Review: ‘Kaleidoscope’ TV Review: ‘Black Mirror’ Season 4 on Netflix “There are no good guys in this story, including me,” says Dan David, the charismatic… Read more »

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Just me

Let’s hope this further complicates the complex’s transfer of funds from China for our own “resident” families.

“China Signals Slower Growth Is Acceptable to Tackle Debt, Smog.”

https://www.bloomberg.com/news/articles/2017-12-25/china-signals-slower-growth-is-acceptable-to-tackle-debt-smog

Wouldn’t it be great their Chinese lenders called in the loans deployed to buy Vancouver RE?

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Lost...but not leased

Ain’t gonna happen.

.IMHO China has been weaponized to take down the worlds economy. I don’t believe any BS about China doing anything that would slow down what is a corrupt and amoral society infecting other nations with the same zeitgeist.

Why would they stop now when they are closing in on victory?

Maybe watch 1997 movie ” Starship Troopers” to see an analogy of foreign locusts.

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Oracle

NDP making a deal to go ahead with the….. wait for it…Massey Bridge!!! Media told to not even mention issue until Site C uproar dies down.

Hahahaha… this is going to be fun…lets see how the NDP apologists react…

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history

In a FIRE world, the Deal is all that matters. A number of courtiers surround each Deal, wanting their Cut. The follow thru is always negligible, the crux falling to the intl slavelabour broker and her capability to leverage organized crime.

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Lost...but not leased

Seasons Greeting to all !

RE Massey Bridge….if the NDP gives it go ahead…not surprised…its been out of the public psyche for a while..why?

.Like Site C…too much invested to simply shut it down…and likely the Liberals have contract language that makes it literally a GO with NO STOP>…….

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Oracle

Yes. The work continues to this day. Buddy is set to work again on it on the 27th.

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Just me

Heading north, we find that Canada’s real estate market never collapsed in ’09 (Figure 24), an outcome often ascribed to the virtues of the country’s banking system. An estimated 7 percent of Canadians work in housing construction,154 and Canadians are using HELOCs like crazy.155 After Vancouver tried to burst a huge bubble in 2016 with a 15 percent buyers’ tax,156 Chinese buyers chased Toronto houses instead. Annualized gains of 33 percent with average prices of $1.5 million are pushing even the one-percentile crowd to remote ’burbs.157 Toronto authorities have now imposed the Vancouver-like 15 percent foreign buyers tax,158 causing a single-month 26 percent drop in sales and ultimately chasing the hot money to Montreal,159 Guelph, and even Barrie.

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Just me

The most interesting plotline and a smoking gun in Canada’s bursting bubble was failing subprime lender Home Capital Group (HCG). Marc Cahodes, referred to as a “free-range short seller” and “the scourge of Wall Street,” spotted criminality and shorted HCG for a handsome profit.161 HCG was so bad it was vilified by its auditor, KPMG.162 Imagine that. HCG dropped 60 percent in one day when news hit of an emergency $2 billion credit line at 22.5 percent interest by the Healthcare of Ontario Pension Plan.163 (The CEO of the pension plan sits on Home Capital’s board and is also a shareholder.) Cahodes was printing money and ranting about jail sentences when, without warning, the legendary stockjobber Warren Buffett took a highly visible 20 percent stake in HCG at “mob rates” (38 percent discount).164 The short squeeze was vicious, and Cahodes… Read more »

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Just me

HCG is, by all reckoning, the piece of crap Cahodes claims it is. Buffett couldn’t care less about HCG’s assets—Berkshire can swallow the losses for eternity. Warren may have bought this loser as a legal entry to the Canadian banking system, which is loaded with hundreds of billions of “self-securitized” mortgages. The plot thickened as a story leaked that Buffett met with Justin Trudeau (on a tarmac).165 When the Canadian real estate bust begins in earnest, Buffett will have the machinery of HCG and the political capital to feed on the carcasses of the big-five Canadian banks.

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history

HCG is Buffetts payback for thd Fed bailing him out years ago, when he sold his soul … HCG is also sheep shorn short, that was ready for clipping.

So… it’s the convergence of several points, both real and imagined, objective and subjective, right and left. HCG is a dark op, come to light.. if it didnt exist, it would of been invented…

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Oracle

David Eby just bought a new home in Victoria!!

Now you think he’s going to cause his equity to go lower now??

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history

How many psuedonyms does Eby use at VCI?
Does he talk to himself, like a person using his credit card, to make minimum payments on his other credit cards?

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Just me

China Central Bank Official Says Bankruptcy May Benefit the Country. Finance Ministry pledged to break expectations of bailouts.

https://www.bloomberg.com/news/articles/2017-12-25/pboc-official-says-local-government-bankruptcies-are-needed

This might get interesting.

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Abdul Lahazi

After rent-to-own nightmare, Maple Ridge couple returns home for Christmas:

https://globalnews.ca/news/3933483/after-getting-caught-up-in-rent-to-own-nightmare-maple-ridge-couple-returns-home-for-christmas/

Remember this guy? Kevin Bratch. Another predatory realtor.
Rent or own, but don’t rent to own.

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Just me

Some interesting end-of-year reading (and entertaining as well).

Dave Collum’s 2017 Year In Review: “The Bubble In Everything Grew”
Authored by Dave Collum via PeakProsperity.com,

http://www.zerohedge.com/news/2017-12-23/dave-collums-2017-year-review-bubble-everything-grew

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Just me

Excerpt:

We’ll take a crack at the housing market in its own section and simply note here that the cost of renting or buying normalized to income has never been higher. Approximately half of tenants spend more than 30 percent of their income on rent, doubling from a decade ago.39 A survey of 20 cities showed that housing costs are growing at a 6 percent annualized pace. Our paychecks are not. Housing is a bubblette and likely to offer fire-sale bargains again. What many fail to grasp is that the reduced cost of borrowing owing to low rates is offset by higher prices. When interest rates were 15 percent, houses were cheap.

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Whistler or Bust?

What many fail to grasp is that the reduced cost of borrowing owing to low rates is offset by higher prices. When interest rates were 15 percent, houses were cheap.

Remember this the next time an entitled Boomer tells you “We had 18% interest rates!” And a house on the Westside of Vancouver well under $ 1 mil in inflation adjusted dollars.

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history

What people fail to grasp is that they must revolt more substantially than cryin’ the blues over the internet.

Another thing they fail to grasp is the divinition quality from studying the stars.

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Oracle

No words or stories by journalists is going to stop the real estate sociopaths. All 3 parties in BC are run by the same people. Trudeau would totally open canadas doors if he could. You go to fight on the same level as your opponents. Otherwise internet warriors are being laughed at.

Stepp 1: Organize.

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history

You are talking about Organized crime, flow thru welfare…
Im talking about people moving into their vehicles, and parking overnight in hollowed out areas.

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Just me

Reading a few pages per day, I found this pearl:

“There are, once again, housing bubbles littered across the globe at various stages of expansion and contraction owing to central banks providing in excess of $3 trillion dollars of QE this year. Credit is fungible, so the flood of capital can come from anywhere and migrate to anywhere it finds an inflating asset.”

So true. Explains Vancouver.

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Just me

Fresh off the press from Reuters.

Foreign money driving top of housing market in Vancouver, Toronto.

https://ca.reuters.com/article/topNews/idCAKBN1EG280-OCATP

“…high prices and tight supply increasingly meant only foreign investors could afford to buy into the new projects, whose pre-construction prices are “out of this world.”

“What it has really become is essentially a safety deposit box for those with foreign money,” Fleming said. “Those buyers can park the money, whether they intend to flip it before it is finished or take possession and rent it.”

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Oracle

And those selling are buying multiple properties further out.

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Just me

Look at these beauties:

https://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/

While the BoC delays the inevitable, credit markets are of a different mind. Poloz is starting to fight a losing battle.

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Just me

“It will be much harder to qualify for a mortgage come January 2018”.

https://news.vice.com/en_ca/article/434qy9/it-will-be-much-harder-to-qualify-for-a-mortgage-come-january-2018

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Whistler or Bust?

Average 5 yr. at a major is 3.20%-3.40%. There are a few outliers but generally speaking the days of a 2.60% 5 yr. are in the rear view mirror

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Just me

A year ago I was offered 2.19% by a major bank. It barely covered inflation, even then. Free money.
I think that people with an inclination to gamble would find it hard to refuse.
The system is set up all wrong. And regulators have waited decades to start flexing their muscle.

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bestplaceonearth

And you did not have the brain to take the deal? Well, good luck to you, you need it.

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Spec

Ruh Roh… Will this raise the alarm? http://trailers.apple.com/trailers/magnolia/the-china-hustle/

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Best place on meth

A documentary about chinese fraud?

How do you fit something like that into just 2 hours?

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kabloona

Good editing….
😉

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history

https://wolfstreet.com/2017/12/22/what-will-the-tax-law-do-to-over-indebted-corporate-america/

You can key on a number of points in this article and the attached comments. To me it boils down to predatory lending by the banks. An ancient lineage that tends to get a hard look this time of year.

For instance, you are a state mandarin in a communist country. How do you get what you want in a Finance world?
Predatory lending… very simple.. this is how it works:
https://www.cnbc.com/2017/12/22/one-belt-one-road-china-loans-are-debt-bondage-says-brahma-chellaney.html

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Abdul Lahazi

Commie chineexe are very smart to take over the world not by force but by subversive efforts. They know that they cannot do it military so they do it financially and by the time people clue in its too late. It’s happening all around us and all around the world.

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Abdul Lahazi

And they use money we in the west gave them when we moved our manufacturing to asia. We sold ourselves out.

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history

I never sold out. Fucers tried to get to me. Resist!

Altho dont put it past them,..
They will flaunt their Organized global crime syndicate breeding colonies…. coming to VCI, patsy Main stream media link stooges

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Best place on meth

BC Liberals urged to return dirty donations from fraudster

https://thinkpol.ca/2017/12/21/bc-liberals-urged-return-dirty-donations-fraudster/

The BC Liberal party is being asked to return “dirty” donations once again.

Following fraud charges against prominent BC Liberal donor Paul Oei, the Liberal Party are being asked to return all of his donations.

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paulb

New
51
Price Change
13
Sold
85
TI:7950

http://www.clivestevepaul.com

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Shut It Down Already

7K party!

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Just me

Also known as Chinese new year!

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Shut It Down Already

What nonsense modification to your hypothesis is this?

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Bestplaceonearth

It’s called jealousy.

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Abdul Lahazi

Surrogate Mom Who Gave Birth to Biological Son Says Couple ‘Wanted Me to Buy My Child’

http://people.com/human-interest/surrogate-moms-jessica-allen-biological-son/

“the Chinese couple who paid her for the pregnancy wanted $22,000 to give back her infant once they realized the mistake.”

>>> so typical of the chineeze it is always about the money ….

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KickThemOut

And you people are always about rape of innocent women & young girls….fucking sick

http://www.zerohedge.com/news/2017-12-22/swedish-gang-rapes-hundreds-protest-after-third-attack-weeks-leaves-17-year-old-hosp

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Star

Approaching 8 months since election. Silence from NDP ….

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Abdul Lahazi

hello Oracle.

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bullwhip29

well they did manage to analyze, review, discuss the merits and shortcomings of the whole site c project and then magically vet all the contractors who bid on the site c work in what appears to be only a matter of days following approval of the project. this said, it appears this was all done in silence, in the dark of night…

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Confucius

And about 1000 alts by Oracle.

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Bag it and tag it

One of the most important changes in the history of BC politics was getting corporate money out. Plus any moron knows, save for you, that changes will be announced with the Feb budget. Now go back to wanking to chimpanzee porn.

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Just me

I do agree that getting corporate money out was a giant step. I imagine it did not go well among the higher echelons of the BC Libs, who have grown used to have their wheels greased by the very people they are supposed to overview and control.

As for the February budget, I am keeping my fingers crossed.
The NDP cannot afford to come up short on the measures curtailing foreign demand. For their own sake and future. If they did, the Greens would automatically take the higher moral ground and siphon off a massive amount of votes in Metro Van.

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YVR

“As for the February budget, I am keeping my fingers crossed.”

Better chance Santa shows up on the 25th with gifts. But keep those fingers crossed.

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Oracle

Are you fucking kidding me?? when will you get it??

They are playing you until the referendum happens. Whatever they bring in will be effective after the referendum. After referendum,, they can backtrack.

Vancouver is fucked if people can’t think for themselves.

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YVR

“One of the most important changes in the history of BC politics was getting corporate money out.”

Why? Because you like paying for campaigns with your tax dollars. The idea of no large corporate and union donations was supposed to bring change to things like the RE market. With no change all you have is you paying the tab. The NDP are laughing at you. Are all NDP voters this dumb?

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Best place on meth

You’re not even trying to make the slightest effort anymore to hide your extreme partisanship.

Nobody takes you seriously. You’ve become Oracle.

Actually, worse than Oracle.

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YVR

I call out lying scum no matter what party they are. You got lied to during the election and fell for it. Don’t blame me. I tried to warn you. You are trying to make excuses for the NDP now. That is partisanship where you can’t even admit what a poor job they are doing reneging on virtually every housing related election promise. Within a year from the election you will finally admit you made a major mistake and apologize. Just like you did with Trudeau.

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Oracle

Iim going to make sure NDP is destroyed even in Liberals come to power. Can not have those MLA’s ever again.

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Oracle

First step….Vote NO in referendum.

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Oracle

Your lost like the guy in the Matrix. Still can’t tell reality from fantasy. No changes coming in Feb budget…but…but…but…wait until after referendum.

FFS.

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Oracle

Don’t be so fucking naive. Cash money will flow via third parties to advertisers.

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bullwhip29

Potentially deadly health products sold in Richmond
http://www.richmond-news.com/news/potentially-deadly-health-products-sold-in-richmond-1.23128284

>>> why are these companies being allowed to operate at all? for that matter why are many of the food retailers in Richmond allowed to sell all these nondescript, improperly packaged goods from god knows where?

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Abdul Lahazi

The chineeze will do anything to make a quick buck. And it doesn’t matter who they hurt, injure, or kill in the process. Remember the melamine baby food and the tainted dog food? We shop a Costco and we see them buying mass quantities of stuff to sell overseas because even the asians know their own products are unsafe.

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Shut It Down Already

You can tell they plan to sell it overseas just by glancing at them? Good for you!

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bullwhip29

the goods they can’t flip overseas, online, in basement spas all over richmond or wherever are returned in bulk on the date of expiry. even better yet, costco seems willing to facilitate this by giving them the green light to backup range rover right into the front entrance, call out staff members to do the heavy lifting and promptly give them all their money back no questions asked. time permitting, the housewives will bring back shopping carts full of used $10 kids clothing to exchange for the latest in fashions from Kirkland in the next size up

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Shut It Down Already

bullwhip = liar

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Laibach

They are called locusts and vermin for reason, the hard part for the rest of us is to get used to their shit.

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Abdul Lahazi

Yes every scam in the book. They compare notes …

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KickThemOut

Looks Korean to me….not that it matters to you since all Asians are squint eyed yellow peril that needs to be cleansed.

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Bag it and tag it

Dont throw stones from your glass house. You’re the biggest racist on this site…can’t have it both ways.

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Best place on meth

Just because he approves of muslim boys being beaten senseless by Han mobs, or hostile strata takeovers by mandarins who ban whites from being on council – that doesn’t make him racist, does it?

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Shut It Down Already

Biggest? Hardly.

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Just me

KickThemOut is clearly a racist, in my view. More than the very people you routinely accuse.
I am not even going to copy and paste what he wrote up there. it is just a small sample of what he regularly blathers.

He rarely comments on RE, which is the point of this blog. Rather, his comments are always focused on race. Like the comments of SIDA. They never focus on the behavior of the different groups of buyers, but rather on their race. He clearly has unresolved issues.

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Best place on meth

Being raised by a tiger mom is an issue that can never be resolved.

Those bitches will fuck you up, bigly.

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Shut It Down Already

Typical Just me – defending racists when he agrees with them.

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bullwhip29

Aecon partnership named preferred proponent for Site C generating station http://vancouversun.com/pmn/business-pmn/aecon-partnership-named-preferred-proponent-for-site-c-generating-station/wcm/1cfa8cb8-2841-4f12-8739-46cf1b2215d9 >>> given how the “friendly” takeover of Aecon by CCCI was only proposed in Oct, then quickly shuffled through the various regulatory checks and balances (which equated to none) and just a couple of days ago got shareholder approval, it would seem that the powers that be surely can move at light speed when it is in their best interest to do so. seeing as this group appears to have an abundance of luck and timing, it is all but certain they will also be awarded the full contract early next year in addition to many more juicy contracts to refit our bridges, replace aging tunnels, build highly anticipated light rail lines and expand an already crumbling and woefully inadequate rapid transit system run by a company that has… Read more »

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Abdul Lahazi

and then will Aecon have to start hiring chineeze workers because there are not enough “qualified” Canadian workers.

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bullwhip29

i bet workers already hired, had money refined and RE purchased in advance (using FBT exemptions of course) while those of the more leisure-minded influence and opted for service plan B (fake job, immigration papers) are packing their bags as we speak

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bullwhip29

White Spot site on West Georgia sells for whopping $245 million
http://vancouversun.com/news/local-news/vancouver-real-estate-white-spot-site-on-west-georgia-sells-for-whopping-245-million

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Abdul Lahazi

“The two sites were purchased by Carnival International Holdings Ltd which trades on the Stock Exchange of Hong Kong. The company listed on the land title as the new owner is Champion Rainbow Holdings Ltd. One of its directors is listed as Chunning Wang at 18/F Everbright Centre in Hong Kong, the head office of Carnival.”

>>> so the chineese buy more of Vancouver to build condos for more chineese speculators. This stealth invasion needs to stop or they will end up with the whole city.

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Dave

It already happened. It’s 2017.

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YVR

Too bad it wasn’t 2016. David Eby would be holding a press conference with his outrage calling for a government inquiry. Now in 2017 Eby is in hiding at his new Victoria home he just bought.

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Doomcouver

Lack of government action is a moot point at this stage in the game, it’s just making the bubble bigger and more fragile. Our housing valuations are teetering on the brink of a historic correction like we’ve never seen before, there will be relentless rate hikes in the near future and the Chinese won’t be sticking around to hold onto the metaphorical bag of feces they bought for millions of dollars, they will hock it to the next rube that will catch a falling knife for them. Greed and house-lust will morph into terror and aversion to home ownership very quickly. Mark my words, this is inevitable.

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patriotz

” Now in 2017 Eby is in hiding at his new Victoria home he just bought.”

What’s the address, O Omniscient One?

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history

FRaud Enablecoin lookin pump and dumpy this week. Specs hoping to do somethin with their $19,000.00US coins but havent quite figured out what. Something to do with a Vancouver condo presale, but now with wondercoin at 12k… maybe plans will change.

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Oracle

On Tyee, they are having a vote on what issue they would like to have NDP tackle. Housing is way down the list. WTF?

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Just me

Can you spot a pattern? Justin Trudeau photographed again at a fundraiser with corrupt Chinese businessman.

Arrest of Chinese-Canadian businessman sought in fraud and money-laundering case. Case allegedly involved several hundred million dollars and tens of thousands of victims.

http://business.financialpost.com/news/fp-street/police-seek-arrest-of-chinese-canadian-businessman-in-fraud-and-money-laundering-case

Gong came to Canada in 2002 from China, where he was an opera director, according to a 2016 story in the publication China Daily. He established himself as a prominent businessman in the Toronto area, and was photographed last year alongside Prime Minister Justin Trudeau at a fundraiser.

Gong has donated to the Liberal Party of Canada, party communications advisor Elyse Surette-DiMuzio said Thursday.

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Just me

But John McCallum will argue we need more of these Chinese business people. For reasons yet undisclosed….

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Just me

In an interview with the China Daily last year, he spoke of the need to use his businesses, including a Mandarin-language TV station in Toronto, to support increasing economic and trade cooperation between China and Canada.

At one time, Gong owned a private school in Hamilton, Ont., called the National Art College of Canada, which catered largely to high school students from China. However, the school’s credit-granting authority was revoked in November of 2011, according to Ontario’s Ministry of Education.

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Best place on meth

Send them all back.

Arrest the Manchurian candidate in Ottawa.

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Laibach

Send them all back, confiscate to repay war damage and stop the holocust.

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Best place on meth

“holocust”

Clever.

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Just me

Meanwhile, on planet earth, new one-bedroom condos are being prepared for eager foreign buyers:”Vancouver real estate: White Spot site on West Georgia sells for whopping $245 million. ”

http://vancouversun.com/news/local-news/vancouver-real-estate-white-spot-site-on-west-georgia-sells-for-whopping-245-million

And politicians like Rich Coleman say that it is A-OK……weneed to preserve the hard-won equity of landowners in the city.

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Shut It Down Already

You’re totally right, they should build 2 SFH there instead. The additional supply should really help address the affordability crisis.

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Just me

No. They should build a high rise with 200 units and forbid sale to offshore buyers.
It would be 200 more units for local residents who work and live year all year long.
But of course, that is not the intention of the developers who bought the plot.

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Bear Vancouverite

This is an over simplification. Even if they built 200 units for locals nobody could afford them.

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Just me

Prices would be lower if you removed offshore demand. Significantly so.
The developer’s bottom line would suffer a bit. But prices would still be high enough for break even. Developers would,keep building.

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Shut It Down Already

Keep on telling yourself that it’s not your idiotic friends tripping over themselves to rush into a market they believe will never correct.

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bestplaceonearth

They should just build a high rise with 200 more units for locals, take out the granite counter top and other fancy stuff, add on full cabinet of clean drug and needles for some “unfortunates” to shoot up freely. Raise more taxes to other real homeowners to fund the emergency respond.
Meanwhile, the seniors with diabetic have to spend their own dime from their own humble pension/OAS to buy the needles and sugar test strips.
Welcome to the world of moonbeam and freeloaders.

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Woowwee

yet another sign that the top is in

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HHaHa

easy peasy way to move and rinse CHY in to CDN

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YVR

“And politicians like Rich Coleman say that it is A-OK…”

Coleman has zero power and influence on this. The NDP on the other hand do and this is all happening under their watch.

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Bear Vancouverite

I like how 6 months of price increases happening on the NDP’s watch is worthy of you posting 10 anti-NDP posts a day, but 16 years of rises under the Liberals don’t get much of a peep from you.

You are also on record as having said many times that governments cannot prevent a bust in this market, so according to you the NDP are irrelevant to housing, there’s no point bringing them up over and over again.

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YVR

The difference is the NDP campaigned and promised to “rapidly cool housing”. That is a big reason they were elected. They lied. It would be like me offering to buy you lunch and then not paying when the bill comes. Would that be the same as me not paying if I never offered to pay? Of course not. If you say you are going to do something you should do it. People like you who give the NDP a free pass on their broken promises are enabling these scammers.

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history

All the ingrediants are here….. dishonest politicians, political manipulation, insider trading, and the involvement of fraud crime rampant in FIRE industry….are whats keeping the foreign fed bubble growing

‘Cause

Stupid speculators.. and their TOOLS…

Deserve what they gonna get
..

Haha, plagiarized this from a book review
Devil Take the Hindmost by Edward Chancellor (love that title, eh code breakers)

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Just me

Canada’s immigration targets ‘a form of housing policy,’ says study.

http://vancouversun.com/opinion/columnists/douglas-todd-canadas-immigration-targets-a-form-of-housing-policy-says-study

“Metropolitan housing in Canada would, very likely, look totally different if the scale of immigration were to change dramatically in either direction. The recent decision to raise permanent immigration admission levels from approximately 270,000 in 2015 to 340,000 in 2020 will surely have a significant impact,” Hiebert said.

Most immigrants show greater determination than Canadian-born citizens to buy housing in Canada’s three major cities, said Hiebert, who also studied buying and renting patterns along ethnic lines.

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Just me

The elevated home-ownership rate among ethnic Chinese immigrants in the expensive cities of Vancouver and Toronto is “striking,” Hiebert said. “The rate of home ownership among individuals declaring Chinese origins is exceptionally high for newcomers: Over seven in 10 of those who arrived in Canada between 2006 and 2011 reside in households that own a home,” he said. The discovery that most new Chinese immigrants can afford to buy housing within a few years of arriving in Canada — at a rate higher than the overall Vancouver average of 69 per cent — supports numerous reports that have indicated new immigrants from East Asia are making their purchases with large amounts of capital earned in their homelands. Recent Chinese immigrants to Toronto and Vancouver have a home-ownership rate of nearly 73 per cent “and a propensity to dedicate a very… Read more »

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KickThemOut

So basically you are jealous of rich people from Asia because Asians should be poor and be glad to be your nanny, get a closet to sleep in, and obviously have to be young & pretty for your enjoyment, right? Pathetic….

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Just me

The peer-reviewed study by Hiebert, who frequently advises the federal government, enhances earlier research by UBC geographer David Ley, as well as the Conference Board of Canada, that has shown a strong correlation between rapid immigration and pricey housing in Metro Vancouver and Toronto.

Hiebert’s analysis of decades of Statistics Canada data confirmed two contrasting narratives about immigrants and housing — that well-off immigrants are increasing housing prices in Canada’s major cities, at the same time lower-income immigrants are struggling to pay for shelter.

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Boombust

It’s all about cheap borrowing co$tS, you dolt. THAT’S what got us into this mess.

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Oracle

I think the sheep are catching on now. Its too late. They can’t do anything about it now so no need to keep lying.

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Spec

“no need to keep lying”. And yet, you still won’t leave….. or stop lying.

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history

Remember Princess Diana? She was knocked off because she hung around with the wrong type of Asian dude saying the wrong things.

Sorta like what FIRE industry is now doing to Canada.

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Just me

Just heard Rich Coleman on CBC talking about housing.

(1) We should not “demonize” local people who want to sell to the Chinese’
(2) We should preserve the “hard won” equity that people have in their homes, the way forward is not lower prices.
(3) Allowing other people to enter the crazy housing market requires being creative. He mentioned extended families living in basements or something along those lines.

Is this junk still the official party line of the BC Libs? I am still very glad I did not vote for them. They did not change an iota.

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Boombust

A. He no longer has any “influence” and B. He cannot stop a housing price correction that is now UNDERWAY. So, talk is cheap.

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history

Living and working out of your van, i agree, considerably cheaper than Coleman. Wake up folks, dont need 90% of the FIRE industry.

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Best place on meth

If only Coleman could fit into a van.

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YVR

“Is this junk still the official party line of the BC Libs?’

Sounds identical to what the NDP have said. Horgan will protect home owners equity for retirement and Carol James welcomed “new comers” and said the NDP would not target them in the budget. The only difference is the NDP lied about what they were going to do prior to the election. Anyway, it will be the new Liberal leader who will decide what policy is, not Rich Coleman. The worst case scenario is the Liberals have same policy as the NDP. How could you do worse than what the NDP has done? Prices are up 20% since they took office.

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Whistler or Bust?

Coleman has no chance of being the leader so what he says means nothing.

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