Whether you celebrate Christmas or not, here’s hoping you’re having a good relaxing holiday.
As we start to wind down 2017, what are your hopes for 2018?
36 Comments
The $fraud in the mortgage$ market cant be rectified by politics or law enforcement. It’ll have to correct under its own weight, if it does at all.
The world has witnessed explosive financial industry, aided and abetted by technology. The explosion has been nuclear, look at a Fed Chart from 2008 or 2009 to see it.
The structure of the chain reaction is well known, you can compare it to Bitcoin
Capricious media sending out smoke signals just about everyday…
Another Chinese SOE in the News for all the wrong reasons….. 😉 Former Baha Mar owner sues Chinese contractor over ‘massive fraud’ https://ca.finance.yahoo.com/news/former-baha-mar-owner-sues-chinese-contractor-over-224343680–sector.html By Tracy Rucinski (Reuters) “The original owner of the Baha Mar Resort, BML Properties Ltd, has filed a $2.25 billion lawsuit alleging a “massive fraud” by the Chinese contractor of the luxury hotel and casino project in Nassau, the Bahamas, that opened its doors in April after years of delays. The 259-page complaint, filed in state court in Manhattan on Tuesday, accuses Chinese state-backed contractor China Construction America (CCA) of running a self-enrichment scheme that led to the failure of the $3.5 billion mega-resort project in 2015. CCA, a subsidiary of Shanghai-listed China State Construction Engineering Corp Ltd, did not return requests for comment. The largest-ever Caribbean resort project, meant to be an economic driver for the… Read more »
BC Condo Homeowners Hit With Whopping Tax Increase
https://www.howestreet.com/2017/12/26/bc-condo-homeowners-hit-with-whopping-tax-increase/
Foreign Buyers Own $45.25 Billion Worth of Vancouver Real Estate
https://betterdwelling.com/city/vancouver/foreign-buyers-45-25-billion-worth-vancouver-real-estate/
Numbers from Statistics Canada (StatsCan), Canada’s national statistics agency, confirm this. The agency led with a substantial rate of non-resident buyers, but the numbers seemed much lower than people were expecting. A closer look at these numbers however, reveals a much more complicated story. Substantial portions of new construction are being consumed by foreign buyers. This places much more pressure on today’s buyers, that have to compete with deep pocketed investors looking for second homes.
“Complicated”, my ass. The overall number is 5% for the REBGV. Got that?
Isolating properties built from 2016 to 2017, really highlights how foreign buying became out of control. Vancouver CMA saw 1,943 of the 16,188 homes go to non-residents during the period, a rate of 12%. The City of Vancouver more specifically saw 768 of the 4,451 homes go to non-residents, a rate of 17.25%. Richmond saw 425 of the 2,189 homes go to non-residents, a rate of 19.42%. Turns out Vancouver might be building a decent amount of supply, but up to 1 in 5 units gets bought by non-residents.
“Vancouver CMA saw 1,943 of the 16,188 homes go to non-residents during the period”
Assuming each presale unit is worth an average of $1 million that means there a total of $300 million in foreign buyers tax due upon completion of those units unless they are sold to locals prior. Unless Horgan cancels the foreign buyers tax which is “under review”. Rumor is Horgan will get rid of the foreign buyers tax completely in the Feb budget and give all the foreign speculators a free pass.
Now, no one’s really quite sure how much is an acceptable amount of foreign buyers. However, I seriously doubt almost 1 in 5 new builds is an acceptable number. Best case scenario, this means up to a fifth of the new housing supply is being consumed by those wealthy enough to own a second home. This is before we include any domestic speculators, that are adding another layer of pressure.
Tired of this statistics battle..
REmove the Chinese factor …the RE prices tank.
The End.
Absolutely, you should see them today at the boxing events, pestering on “deals” like there is no tomorrow.
Still talking about the same thing like a dementia person… it’s almost 2018.
Still not visiting you in your house, this year or 2018
That case requires a special treatment, but it’s coming.
“Old” data by now. Not in “real time” at all.
‘Unbelievable’: parents of slain cyclist outraged accused killer not criminally charged:
“Wing Sing Fan — who was allegedly behind the wheel — charged with driving without care and attention”
More chaos caused by another killer chineeze driver in Vancouver…
Not defending the driver, but that stretch of road is very dangerous..especially for cyclists. It is very windy, many blind spots and adjacent to large ditch.
The driver with a valid DL should be able to handle driving conditions. Also not necessarily everyone should be given driving license. Perhaps Driver Medical Examination Report (DMER) should require some serious revision given the recent history and experience with the new sort of drivers in BC.
https://www2.gov.bc.ca/gov/content/transportation/driving-and-cycling/driver-medical
https://youtu.be/F9_MglZVPSo
House price is made up?
“The ‘everything bubble’ is about to burst, but is the world prepared?”, National Post
http://www.nationalpost.com/everything+bubble+about+burst+world+prepared/16313602/story.html
“The tectonic plates of the world economy are shifting in opposite directions. China is winding down fiscal stimulus very quickly and will be in soft-slump conditions by the middle of next year; the U.S. is on the cusp of overheating.”
“We will learn in 2018 just how much tolerance there is for an aggressive Fed and a dollar squeeze in a global economy where debt ratios have risen to a record 327 per cent of GDP, up from 276 per cent a decade ago, and this time emerging markets have been drawn into the quagmire as well.”
“My guess is that tolerance will be low. It is hard to see how the “everything bubble” could survive 100 basis points of rapid tightening.”
Broddy Herr……stoopid Irriot
Competition for Glegol Lobertson
In case you missed it….
Canadian Inflation Is Heating Up, And That’s Bad If You Have A Mortgage – Interest rates could be going up sooner rather than later.
🙂
“The case for the Bank of Canada to follow the Federal Reserve in hiking interest rates is building,” TD Bank senior economist James Marple wrote in a client note.
That could be bad news for Canada’s mortgage holders, because when the BoC raises interest rates, the major mortgage lenders quickly follow. That’s what happened this summer, when the BoC twice raised its key lending rate. The next opportunity to raise the rate again is next month…”
Polos will hold. Is irrationally dovish. He wants a weak CAD$ and low running costs for borrowers. He has shown these are the two things he is willing to bet the house on.
Worst BoC governor in living memory. Polos will go down as the guy who introduced systemic risk in the boring Canadian mortgage market. We are all going to lay for his gutless actions.
Poloz has to be reactive..he is in no position to lead.
Caving to the LNG lobby, lowering rates to help out the overextend AB Quantitative Easing swine… BoC and their global ilk.. maggot food.
Inflation is heating up because the economy is doing well. That’s good for everyone.
B.C. premier says housing top issue for 2018, but much more on NDP to-do list.
Foreign Buyers Tax:
The government is reviewing a 15 per cent tax on foreign real estate buyers in Metro Vancouver and an interest-free loan program for first-time home buyers. Horgan says February’s budget will include measures to dampen speculation in the real estate market.
Money Laundering at Casinos:
An independent review of B.C.’s policies to prevent money laundering, conducted by a retired RCMP gaming crime expert, is due in 2018. The review was commissioned after a report concluded a Metro Vancouver casino had taken in $13.5 million that police said could be proceeds of crime.
Hey Hey hey..
Who put the “Whore” on Horgan
…..err WhoreGan
Oh great…re casino investigation
Retired RCMP = double dipping DUDLEY DO-RIGHT disciple “white- wash”
..one of the most corrupt law enfarcement agencies–err …what is effectively a Private entity … sanctioned via Ottawa/Hollywood/Disneyland …..that contracts its services to gullible/incompetent Local Governments
Good holidays reading for all:
http://www.zerohedge.com/news/2017-12-23/dave-collums-2017-year-review-bubble-everything-grew
Dave Collum’s 2017 Year In Review: “The Bubble In Everything Grew”
Merry Christmas….
Looking forward to the magic show to beat A-L-L magic shows…ie all the NDP promises being kept !!!
Its only been almost 8 months since the election. Give them time. I am holding out hope that they will pass something after the next election. LOL
For the first time ever, in 30+ years… I never voted in the 2017 provincial election..and likely will never vote in any election again.
I don’t wish to participate in what amounts to the perpetual perpetuation of a sick pathetic joke.
That way, I can sit back and laugh at this joke and the suckers it attracts……morseo via the desperate NDP cult members who have swallowed the Kool-Aid that the system can be changed via the ballot…when the NDP has historically f*cked things up whenever given the baton……..except this time when they clearly will do f*ck all via their attempt to sit on the picket fence so firmly planted in their ( and GREEN’s )collective asses. NDP ers gonna try recall ?
aka Bottom of the ninth…bases loaded….2 out…full count…what does the NDP do?
Answer: PUNT !
If you didn’t vote, then you have no right to complain.
Tired of that old bromide….
Why participate and choose the lesser of 2 evils..some choice.