Flipper sues buyer who sold at a loss

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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history
Guest
history

Nafta baby. Thats what matters. You got a lot of global middleman honking on this hobo.

The virtuous cycle is now a vicious cycle. I know this because im forced to live in my van.. and FIRE aint gettin to me.. i put it out.

FIRE burned the past few years in ways never before imagined!

Now the Man has arrived to kick dirt, the fire squeeks its last embers

Soon, we lock up.. followed by a great shake.

Regards
From
Costa Nostra Damnus

LOL
Guest
LOL

Hopefully Trump teaches Trudeau a big lesson. Guts Nafta. Then recession Canada causing massive anti Trudeau riots. This post national state bullshit has got to be stopped.

Burnabonian
Guest
Burnabonian

When it rains you get wet.

Just me
Guest
Just me

Over 20% of new condos in Vancouver and Richmond owned by non-residents.

http://www.cbc.ca/news/canada/british-columbia/vancouver-non-residents-statistics-canada-figures-1.4456657

Figures published Tuesday, in a joint project with the Canada Mortgage and Housing Corporation, showed that non-residents owned 4.8 per cent in Metro Vancouver — but the number is much higher when it comes to condos, especially newer ones.

“It’s quite substantial when you look at the numbers,” said Josh Gordon, an assistant professor at the Centre for Public Policy at Simon Fraser University.

Just me
Guest
Just me

More than one in five condos built since 2016 in Richmond and Coquitlam are owned by non-residents, with 19.1 per cent in the City of Vancouver.

“The main point when you look at the data is to distinguish the stock and the flow,” said Gordon.

“That means a huge share of the market, in terms of who is buying in recent years, is non-resident owners. And that will have a major impact in your market.”

Just me
Guest
Just me

Overall, a non-resident property owner in Metro Vancouver is more likely to own a more expensive property than the average citizen.

The median value of a single-detached house owned by a resident is $1.26 million, while it’s $1.62 million for a non-resident.

Boombust
Guest
Boombust

Who sez? Andy Yan on Global?

Just me
Guest
Just me

The data that you guys love so much. Read the article.
Money from China does matter, even if you wish it did not.

Bestplaceonearth
Guest
Bestplaceonearth

Ever think that sitting on your arse all days posting those links would not change you from a renter to homeowner? Oh I forgot, you are waiting for the NDP.

Just me
Guest
Just me

I noticed that the frequency if your annoying and silly posts has increased lately. Are you finding it harder to sell real estate to a Chinese mainlanders and profiting from the rest of us?

Combat roach
Guest
Combat roach

Imbecile, utter imbecile…

Shut It Down Already
Guest
Shut It Down Already

So you accept the parts of the data that you feel like then? Hilarious.

Just me
Guest
Just me

I never said the data is crooked. I did say that it measures only a subset of the real impact of foreign money, as it focuses on legal residence rather than origin of funds.
Clear?

ostritch
Member
ostritch

Can’t take these endless, dishonest, and too late studies.

Just me
Guest
Just me

A few comments on the article:

Grant Hibbs
Well we know what Richmond is all about – 1 flight away to safety from a Communist government. Canada is a safe place

Ghoris Gorman
I’d love to know if the 20% includes numbered companies – a favourite vehicle for offshore buyers to try to avoid taxes. I highly doubt it.

John Adams
Foreign Students and 10year visitor visas from China are not citizens of canada. 70 per cent of MacDonald Realty 2014 sales were all to Chinese Nationals. 70%.

John Smith
A crying shame that a lot of Canadians have been squeezed out of this housing market by rich residents of other countries and our elected officials don’t seem in any hurry to stop this.

Shut It Down Already
Guest
Shut It Down Already

I’m positively shocked that you’ve been able to find 4 more morons on the internet of all places.

Just me
Guest
Just me

Read the rest of the comments. They are pretty much the same. Are you the only smart dude left on planet earth? Is everyone who disagrees with you a moron?

Shut It Down Already
Guest
Shut It Down Already

No, but all those who ignore the plentiful evidence out there and fabricate their own reality are. That takes a special kind of stupid.

Either way the truth isn’t a democratic process. We have multiple sources of corroborating data now and you chose to reject all of them .. just because.

It’s time to grow up and stop blaming foreigners for your failure.

Combat roach
Guest
Combat roach

AIDS is compulsively obsessed with the Chinese and their ostensible supremacy therefore any criticism towards that group he takes personally, extremely personlly. Probably some kind of fetishism or weird role-play disorder that went totally wrong for him?

Raincity
Member
Raincity

What are we going to do about this?! We need action NOW!

best place on earth
Guest
best place on earth

you guys are taking action…keep recited the links…like Just Me is doing it.

patriotz
Member

“70 per cent of MacDonald Realty 2014 sales were all to Chinese Nationals. 70%.” Excellent example of mythology tenuously related to facts.

Macdonald Realty Ltd., which says mainland Chinese buyers in 2014 accounted for 70 per cent of the firm’s transactions of high-end Vancouver homes over $3-million. At the same time, however, Macdonald’s data show the influence of wealthy mainland Chinese buyers – a subject that stirs strong emotions here on the West Coast – declines in tandem with the price of the property. The firm said mainland Chinese buyers accounted for 21 per cent of the transactions last year in which homes sold for between $1-million and $3-million, and just 11 per cent of those in which the price tag dipped below $1-million.

https://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/data-reveals-chinese-buyers-making-mark-on-vancouvers-luxury-housing/article25932534/

paulb
Member

New
65
Price Change
20
Sold
177
TI:8342

http://www.clivestevepaul.com

Abdul Lahazi
Guest
Abdul Lahazi

Foreign buyers may not live in Vancouver, but their money sure does: StatsCan

https://globalnews.ca/news/3925822/foreign-buyers-vancouver-statscan/

“One of the revelations was that single-detached and condominium apartment units owned by foreigners were worth far more than those belonging to Canadians.”

>>> This discrepancy in property values between foreign and domestic buyers is what causes the affordability crisis we face because those foreign buyers overpaying at the top will pull up prices at the lower end so we all end up paying more.

Just me
Guest
Just me

The evidence is mounting……
I reckon roughly 2/3 of metro Van citizens by now recognize we have a serious problem with foreign money in the RE market and that some measures must be adopted to solve it.
Of the remaining one third, the majority knows the problem but ignores it because they profit from foreign money. Another small part of that group consists of people who feel that discussing our RE market crisis is racist.

Politicians better put their hear to the ground. People are angry and cannot be lied to for much longer. The time for action is now.

LOL
Guest
LOL

Massive recall campaign of current government would force them to do it.

Just me
Guest
Just me

The data has “given us a peek into the shadows, but there are still some major gaps,” Andy Yan said.

Asked whether the numbers understated the impact of foreign investment in Vancouver, Yan said the study was a “start,” and that it “begins a conversation, it doesn’t end it.”

For example, he said the data didn’t cover presales, which have been subject to significant flipping, Reuters reported last month.

Abdul Lahazi
Guest
Abdul Lahazi

and to add to this, all the churn that these high end properties endure also drives up their prices because it’s for the most part, speculators buying these high priced properties.

Shut It Down Already
Guest
Shut It Down Already

What churn? I thought foreigners effectively removed these properties from the market because they’re using them as a safe deposit box, no?

KickThemOut
Member
KickThemOut

Only when it suits bear’s argument…seems like the Chinese flip flop every time bears need some new justification and boogeyman reason after their last one gets demolished..

Abdul Lahazi
Guest
Abdul Lahazi

The evidence pointing to foreign ownership causing a major problem in Vancouver is now plain to see. Taxing foreign speculators has not worked. The only solution is to ban all foreign ownership outright.

Shut It Down Already
Guest
Shut It Down Already

Except it’s not “plain to see”, and you’re quite retarded if you think that Statscan data supports you.

Best place on meth
Member
Best place on meth

Some developer was hassling Kathy Tomlinson via Twitter over her scepticism regarding this new foreign buyer data.

He was being a condescending prick, sounded like that AIDS fucker.

WTF?
Guest
WTF?

Chinese restaurant prepare to make rat fried rice.

https://www.youtube.com/watch?v=pOuBo9oFPe4

best place on earth
Guest
best place on earth

In Vancouver? if not, not relevant.

Shut It Down Already
Guest
Shut It Down Already

It’s just part of their intelligent discussions about economic theory. Don’t worry, they’re not actually douchebags.

KickThemOut
Member
KickThemOut

And off course they know it’s true because if it is Chinese and makes Chinese look bad, it must be true. Kinda like those Trump supporters when it comes to Hillary, and vice versa….oh how we used to laugh at those stupid Americans..

ostritch
Member
ostritch

Good recipes travel.

ostritch
Member
ostritch

Wow. I just watched it. Par-boil the animal alive and still it’s not dead before you start removing the skin. Same as with the dogs.

bullwhip29
Guest
bullwhip29

more on the fun and games at the River Rock paper refinery…

Documents points to $5,000-chip problems at River Rock Casino
http://vancouversun.com/news/national/documents-points-to-5000-chip-problems-at-river-rock-casino

Abdul Lahazi
Guest
Abdul Lahazi

“there were “concerns from River Rock that they might not have enough $5,000 chips for the Chinese New Year, ”

>>> so we can surmise who the main culprits are in this scheme …

Best place on meth
Member
Best place on meth

Locals.

It’s always the locals.

bullwhip29
Guest
bullwhip29

B.C. Assessment Authority warns homeowners of outsized assessment increases
http://vancouversun.com/news/local-news/b-c-assessment-authority-warns-homeowners-of-outsized-assessment-increases

bullwhip29
Guest
bullwhip29
Best place on meth
Member
Best place on meth

When he filed his claim in 2016, Kargut contended: “This is Canada and we have to preserve our official languages. We have to be vigilant about this as Canadians.

“They are trying to build a monocultural community and hoping that people who don’t speak their language, and don’t have their cultural background, will move out.”

Yes, that’s how they operate. They would like to expand that model to the entire country.

Abdul Lahazi
Guest
Abdul Lahazi

Foreign buyer home purchases declining in Ontario region covered by non-resident tax :

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TC942&mobile=false

“… 1.9 per cent down from 3.2 per cent from the previous three months — a period that also saw a decline from the 4.7 per cent recorded in the first month the non-resident speculation tax was in effect.”
“The province has so far collected about $133 million from the tax”

>>> good on them. That’s $133 million they would not have had otherwise. IMO if foreign buyers want to buy here and speculate (which they should not be allowed to do) but if they are, then we should certainly charge them a hefty premium for doing so.

bullwhip29
Guest
bullwhip29
Just me
Guest
Just me

Yes. We do recycle and launder money just like Switzerland.
The main difference is that in Switzerland most people benefit from it. Here in Canada most of the law abiding citizens lose instead.

bullwhip29
Guest
bullwhip29

Lobbying to save Chinatown’s heritage
http://theprovince.com/business/commercial-real-estate/commercial-real-estate-lobbying-to-save-chinatowns-heritage/wcm/ce699d3d-cb58-42e8-b5bd-922f0bf1ed69

“There used to be all of these interesting mom-and-pop Chinese retailers…”

“… my childhood has literally become a construction pit…”

“It’s a place … where I went to Chinese school every day, where I learned Chinese dancing every weekend. It’s where I found my identity.”

Abdul Lahazi
Guest
Abdul Lahazi

Even the chineeze don’t like the chineeze …

bullwhip29
Guest
bullwhip29

When the sewer pipe behind Karen Smith’s Steveston home failed, the City of Richmond sent her and three dozen of her neighbours a notice stating they would immediately replace it — and then pave over about 330 square feet of each of their backyards
http://www.cbc.ca/news/canada/british-columbia/city-richmond-strips-residents-backyards-steveston-laneways-1.4457493

>>> the pertinent issue is that this land was never owned by these 36 people in the first place. perhaps not as extreme an example as that goof up on Deep Dene Rd in N. Vanc who decided to install bridges, patios, decking and all sorts of outdoor eye candy on city land adjacent to his backyard, these owners have no say whatsoever in how this land is utilized. if the city needs to do maintenance and cleanup (on the taxpayer’s dime), they are perfectly free to do so without interference.

bullwhip29
Guest
bullwhip29

but if this Karen Smith was a little more “entrepreneurial” like the other 52% (or thereabouts) of Richmond owners (but not neccesarily residents) she should have concluded that the installation of a back lane (paid for by everyone else) would give her more options when it comes to unlocking hidden value in her property. now she can build that double car garage/illegal coach home and provide more parking for tenants, hotel guests, inlaws or even go further and house someone in that space

bullwhip29
Guest
bullwhip29

a tin foil hat wearing nutcase might go so far as to speculate that Steveston, where the lots are smaller (therefore no side by side garages) and parking is an issue, may somehow magically at the urging of certain connected individuals who recently bought up much of this neighborhood, get rezoned to allow for coach housing or some other higher density format that currently isn’t allowed (at least legally) in other parts of Richmond

Abdul Lahazi
Guest
Abdul Lahazi

Ethics watchdog finds Trudeau vacation broke conflict rules:

http://www.news1130.com/2017/12/20/ethics-watchdog-finds-trudeau-vacation-broke-conflict-rules/

“the vacation “could reasonably be seen to have been given to influence Mr. Trudeau in his capacity as Prime Minister.”
“Dawson also concludes that Trudeau broke the ethics code when he travelled on the Aga Khan’s private helicopter.”

>>> but it’s okay for Trudoo to hang with Chinese billionaires who are buying his influence via political donations ???

Dave
Member

If Trump did that, people would be screaming for him to be impeached.

patriotz
Member

In fact the US president is not subject to any conflict of interest rules such as apply to the Prime Minster of Canada. Previous presidents have however taken steps not to appear to have a conflict of interest.

http://law.emory.edu/ecgar/content/volume-4/issue-special/essays-interviews/conflicts-president-law-trump-presidency.html

SilentBob
Guest
SilentBob

Didn’t you move to Ottawa like a decade ago?

Laibach
Member
Laibach

“…it’s okay for Trudoo to hang with Chinese”

Horror, it sounds like a little puddle puppy joyfully splatters with fucking crocodiles. And we know how that usually ends.

Laibach
Member
Laibach

Typo, it is a poodle puppy, not a puddle puppy.

Diadora
Guest
Diadora

More than 3 in 4 Metro Vancouver homes sold below asking in November
The data show 77% of single family homes in Metro Vancouver were sold for below asking last month, while only 17% commanded a sales price above asking.
ThinkPol also found that many properties had been delisted and relisted at a lower price, thereby hiding the price drop and days on the market.
https://thinkpol.ca/2017/12/20/3-4-metro-vancouver-homes-sold-asking-november/

Diadora
Guest
Diadora
The insider feels that ultimately, it is the government that is letting Vancouverites down. “I sometimes feel absolutely disgusting being part of the industry,” the source said. “But it’s even more disgusting that the government has allowed such an unscrupulous bunch who possess no moral compass whatsoever to deceive ordinary hardworking Canadians into making really poor financial decisions.” The whistleblower feels that Premier John Horgan’s new NDP government must address the housing crisis, which they blame on the BC Liberals, to stand a chance of re-election “The BC Liberal government had all the tool necessary at their disposal to bring prices down to more affordable levels, create the level of transparency the public desires, to punish tax evaders and money launderers, create rules that would prevent empty housing, create enforcement units, etc,” the insider said. “However, they chose to turn… Read more »
Abdul Lahazi
Guest
Abdul Lahazi

I have to wonder when people will wake up to the fact that the real estate industry is one big scam? With all their tricks and lies they can put even used car salesmen to shame.

history
Guest
history

Giant bucketshop, with plenty of high school dropouts.. perfect combination to do fraud.

ostritch
Member
ostritch

It’s true what you say but behind it all is a group of people who feel that once prices drop by double digits, there is money to be made regardless of a tax that they may be able to hide from.

Shut It Down Already
Guest
Shut It Down Already

Says the liar.

Just me
Guest
Just me

“Just the other day, my colleague bragged about how she got her client to come ten percent over asking by blatantly lying to them ‘you have to make that offer or you’ll regret it if you get outbid’ knowing that property had just been delisted and relisted to reset the days on the market,” the insider told ThinkPol. “This is the way the industry has been, bending and twisting the numbers, trying to show that there is no slowdown in the market whatsoever, and real estate prices will continue to grow as before, and toying with people’s emotions to get them to overleverage themselves.”

Hey, life is expensive in Vancouver. What is a realtor to do….

Shut It Down Already
Guest
Shut It Down Already

Must have been a foreign realtor, amiright?

Whistler or Bust?
Guest
Whistler or Bust?

This means absolutely nothing.

Until the major averages start dropping it looks like business as usual.

Boombust
Guest
Boombust

Sales dollar volumes are off.

bullwhip29
Guest
bullwhip29

that is given and has been the case for some time. the only thing that matters is whether the students and housewives will unload RE at severe discounts to what they paid (vs discount to fantasy asking price) in the open market (ie. not pre-arranged lowball sales to related parties or other shenanigans).

LOL
Guest
LOL

FV detached basically doubles in last 2 years.

history
Guest
history

Chinese bribe money goes into Pak, eventually wired to FV house buying conglomerates

Abdul Lahazi
Guest
Abdul Lahazi

Hello Oracle.

Whistler or Bust?
Guest
Whistler or Bust?

Everyone said the Westside is crashing. Can anyone tell us if the price of a building lot has changed?

bestplaceonearth
Guest
bestplaceonearth

just keep quoting rubbish. these bloggers cannot see past their zipper.

YVR
Guest
YVR

“More than 3 in 4 Metro Vancouver homes sold below asking in November”

It is normal for a property to sell below “asking”. Asking is supposed to be the best price you will get. The fact 1 in 4 is selling for full asking price or more indicates the market is still hot.

Just me
Guest
Just me

The real estate industry and RE agents in particular are the lowest of the low bottom feeders:

“Home sales data is kept secret from the general public by Canada’s real estate boards, despite the Federal Court of Appeal upholding a lower court ruling that those figures should be made publicly available”

LOL
Guest
LOL

They could fine them starting at $100,000 per day. Then $1 million per day starting after 30 days.

Lack of enforcement.

Abdul Lahazi
Guest
Abdul Lahazi

Oracle.

bullwhip29
Guest
bullwhip29
Just me
Guest
Just me

Rick Ilich is giving 50k to the city of Richmond. Big deal.

Imagine how large his bottom line is, as he considers 50k as pocket change.
Until we reduce the rents that the RE industry enjoys in Vancouver, the problem will not be solved. They should get paid for their contribution to new housing structures, not for the soaring land values that make them rich.

Real estate agents don’t even contribute to building the structures, so they are the lowest of the low bottom feeders….

history
Guest
history

Sorry Rick, i live in my vehicle now, cant buy or sell me anything. Maybe park on a street in Richmond overnight, try and be quiet, inconspicious, leave no waste, buy food from your business buddies..

KickThemOut
Member
KickThemOut

Still $50K more than what you have done.

southseacompany
Member
southseacompany

“Home prices to cool in 2018 as rates rise, mortgage rules hit: poll”, Globe & Mail

https://www.theglobeandmail.com/report-on-business/economy/home-prices-to-cool-in-2018-as-rates-rise-mortgage-rules-hit-poll/article37392392/

“Canadian home prices are expected to cool significantly next year as tighter mortgage rules come into effect and as further expected interest rate hikes are likely to dampen a market that has been stoked by cheap borrowing, a Reuters poll found.”

“Analysts said the impending mortgage rule changes imposed by Canada’s banking regulator are likely to have the biggest impact on the most expensive markets. “The rule change will be significant, but largely concentrated in higher-priced markets of Toronto and Vancouver,” said Michael Dolega, senior economist at TD Bank.

“Still, the impact in British Columbia may be diluted by the large number of credit unions in the province that are not subject to the rule changes, Dolega said.””

bestplaceonearth
Guest
bestplaceonearth

now the forecast calls for cooling. are the bears having money ready to buy? this is your opportunity.

Dave
Member

Stick to bitcoin. Less speculative and more upside.

Laibach
Member
Laibach

Another day, another brainchild, another pearl, you are unbeatable. Not only being devastatingly stupid you are a very rotten asshole and these two attributes usually don’t go together. A rare specimen, very rare one…

bestplaceonearth
Guest
bestplaceonearth

No wonder you bears are failing the battle even it has not started. you are angry, and like insulting others instead of fighting the real issue. How do you survive at these Christmas parties? Hiding under the table and reach out for the chips? For your information, any asshole, including yours, will be rotten in time, and it’s nothing to be proud off. You are devastatingly smart, why aren’t you millionaire alrealdy?
Having said that, are you ready to solve your own problem by reaching out to a realtor and a mortgage broker as you bears are cheering up for a 2018 crash?
By the way, the more your swear, the higher blood pressure you get, and it’s not got for the health care system.

southseacompany
Member
southseacompany

“The bond market hasn’t behaved this way since the Ford Mustang was new”, Bloomberg

https://www.cnbc.com/2017/12/20/the-bond-market-hasnt-behaved-this-way-since-the-ford-mustang-was-new.html

“the bond market woke up a bit this week, with yields ripping higher, amid talk of bigger U.S. deficits, more government debt, and Fed rate hikes. The 10-year yield has moved more than 13 basis points in three days and was at 2.49 percent Wednesday. The 10-year is key because its yield affects the rates of mortgages and other consumer and business loans.”

Dave
Member

2018 looks to be an interesting year. Is inflation on the horizon? Is that what bonds are telling us? I’m surprised our dollar is holding up through the yield spike. Our long rates are going to get pulled up if this continues, which I think will happen.

High debt levels + new mortgage rules + high prices + higher rates = pop?

LOL
Guest
LOL

Not Likely. Why?

because prices are so out of whack right now that they are totally unrelated to interest rates.

KickThemOut
Member
KickThemOut

Mussels, claims, shellfish with a side of plastic…thanks to who else but everyone’s favorite punching bag.
https://www.scientificamerican.com/article/plastic-found-in-mussels-from-the-arctic-to-china/

history
Guest
history

Complain if you like but that is NAFTA regs and other population control packaging requirements. You should be wise to switch from China-Canada commodity brokering, and move into the Civil Service. Unfortunately, massive post secondary education and compulsory debt servitude is necessary to get one of these jobs.

Best place on meth
Member
Best place on meth

Strange that mussels from china would contain bits of plastic.

I would have thought they would be entirely made of plastic.

history
Guest
history

https://wolfstreet.com/2017/12/20/what-will-the-tax-bill-do-to-the-housing-market/

im actually more interested in Richters story that precedes this one, for ‘timing is everthing’ purposes.

but, since this is a housing blog, The new US tax bill says HELOCs interest charges cant be deducted, so you know by this very change, that HELOCs in North America are not used for investments, as was the intent, but are a Hedonistic pursuit .. What was virtuous is now vicious.. in a manner of speaking

history
Guest
history

https://househuntvictoria.ca/2017/12/18/dec-18-market-update/

there’s a few interesting things on the latest thread. Look at the website owner “Leo” defends Soros’ ‘BetterDwelling’ website. He laps up Punwasi’s garbage. Im not winning friends here by saying this… sorry.

A study was carefully fed to the masses that SubPrime didn’t cause the USA crash, it was Speculators… ok, fine

And, by extension, as is the Canadian Way… the article and study is now being used as Ammo in Canada to Pre-empt any attempt at saying subprime capitulates the Housing here, and more importantly, as we look at a certain Ethnic and Cultural coalescence in the fraud.

follow me?

so… im Not buying it.

It’s more likely everyday, that Sub Prime mortgage fukery will take down the Housing in Canada.