Tougher to get a mortgage in 2018

In the new year we’ll see a ‘stress test‘ added to all new uninsured mortgages, are you ready for that?

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, confirmed earlier today that there will now be a qualifying “stress test” for all uninsured mortgages, affecting consumers with downpayments of 20 percent or more.

Under current housing rules, only borrowers with a downpayment of less than 20 percent require mortgage insurance. This category of borrowers are already subject to a mortgage “stress test” that was introduced back in July 2016, amidst concerns about rising household indebtedness.

Right now, if you’re applying for a mortgage with a downpayment of 20 percent or more, the lender will assess if your financial situation is robust enough to afford a five-year mortgage qualifying rate, which currently sits in the range of 4.64 to 4.89 percent.

Under the new rules, OSFI will require that lenders use that same five-year mortgage rate plus two percent — essentially you’ll need to have income that qualifies you to afford an interest rate on a home loan of roughly seven percent.

Dave Madani says this is equivalent to a 17% reduction in the maximum mortgage people will be able to qualify for. Read the full article over at Vice.

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UBC in crisis mode
Guest

new BC Assessment, SFH are down 5-10%, e.g. this one down $1.8 million, and he was lucky to sold a few months ago.
https://www.bcassessment.ca/Property/Info/QTAwMDAwNERKWA==

Condos are up.

Boombust
Guest
Boombust

You certainly won’t be seeing THIS reported on Global anytime soon.

Lost....but not leased
Guest
Lost....but not leased

Intriguing will be how Local Gov’ts address mill rate for Residential class. SFH assessments are no surprise. Condos looming to be a big disaster. Question is…do SFH get some relief on property taxes and condos pick up the slack?

Gov’t policy has funnelled buyers into the condo market. which simply adds more fuel to create a bigger collapse.

You want haircuts?….those that bought condos at the wrong time will suffer decapitation !

Lost....but not leased
Guest
Lost....but not leased

Was reading a few articles on CARmageddon…that car sales were juiced using the same methods as the 2008 crash….creating a huge credit bubble with liar loans etc. The dollar volume for auto sales is on par with housing crash with many of these loans also packaged and sold off to suckers. Watch his car bubble close.

Specuskeptic
Member

CBC National Tonight: “What do new mortgage rules mean for Canadians?” Potential buyers interviewed about fewer competitors outbidding them… but they seem not to be thinking of the implications of what fewer competitors means for that very large investment. Odd. https://www.youtube.com/watch?v=IrrM7FDnfvk

bestplaceonearth
Guest
bestplaceonearth

this guy forgot the supply side issue from the move-up sellers. if a seller cannot qualify for what he moves up to, he just has to stay still and does not sell his current place. it does not help the supply side.

Confucius
Guest
Confucius

In your scenario, they also aren’t buying, so although it could restrict overall supply, this has no affect on the market. The move up buyers that can still move up, will have less to work with.

Just me
Guest
Just me

Given enough time a seller will accept lower prices. They will not hold onto a depreciating asset.
Lower prices breed lower prices. And we do need lower prices in Vancouver. Badly.

bestplaceonearth
Guest
bestplaceonearth

“If they can’t move up they won’t be a seller at all.”

which word don’t you understand? if you would just stop for a second and listen to other people, your life might have been better. I am sorry that your life is in the stage it is right now.

Shut It Down Already
Guest
Shut It Down Already

I was agreeing with you, dumbass.

Best place on meth
Member
Best place on meth

Oh no, dumb and dumber can’t seem to get on the same page.

Surprising!

bestplaceonearth
Guest
bestplaceonearth

and the smarts are cozy warm in dark and wet mama basement. great!

Shut It Down Already
Guest
Shut It Down Already

If they can’t move up they won’t be a seller at all.

Confucius
Guest
Confucius

They also aren’t buying, so it’s a moot point.

Best place on meth
Member
Best place on meth

New Year’s Eve performances on Parliament Hill cancelled due to global warming

https://ottawa.ctvnews.ca/cold-freezes-out-plans-for-live-new-year-s-eve-performances-on-parliament-hill-1.3738725

Other NY celebrations from Alberta to the Maritimes have also been cancelled in the face of this relentless threat that Al Gore warned us about from his enormous mansion/private jet well over a decade ago. It looks like things have gotten much worse since then.

I for one am making plans to head north to avoid certain death.

Shut It Down Already
Guest
Shut It Down Already

It’s cute how you echo his tweets.

Best place on meth
Member
Best place on meth

Says the worthless piece of shit hypocrite who emulates his dear leader by calling people “dotard”.

It’s amazing you never tire of being such a fucking hypocrite, one would almost think you’re G. Turncoat posting under an alias.

Abdul Lahazi
Guest
Abdul Lahazi

I think Christy told the peasants to move to Fort St. John …

Best place on meth
Member
Best place on meth

As 2017 draws to a close, we should congratulate the NDP-Green coalition on their successful year.

The incredibly corrupt liberals have been tossed out, corporate and union campaign donations have been eliminated, Christy is serving a life sentence in prison, election reform/proportional representation is on track for a referendum, a comprehensive housing policy is just over a month away which will address speculation, money-laundering, foreign buyers, shell companies (all related to locusts of course)…..

…..ok, one of these is not true.

Sadly.

Lost....but not leased
Guest
Lost....but not leased

FYI:

BE ADVISED….

SIDA (and other foreign locust wannabee cult members) have cashed in their bourgoise Canadian Tire coupons and converted them to proletariat negative votes…

Time to fire up the Enola Gay….

paulb
Member

New
29
Price Change
7
Sold
86
TI:7571

http://www.clivestevepaul.com

Oraclr
Guest
Oraclr

Thanks Paul for posting this information.

Best place on meth
Member
Best place on meth

These are the last stats of 2017.

As always, thank you Paul for being one of the good guys in the real estate industry for keeping us well informed despite the wishes of your overlords.

May you and your family have happiness, health and financial success in the new year.

Thank you so very much.

Lost....but not leased
Guest
Lost....but not leased

NOTICE:

Via Foreign Locust tax…it has been determined that many NEGATIVE posts originate at the INDIA- CHINA borders….aka any bridge X-ing the Fraser River…ERR..Flasel Liver by golly gosh….

PS any negative votes go to CRA….you #@$%^

Just me
Guest
Just me

From Douglas Todd’s brilliant article:

“New Zealand this fall is proving more bold than Australia to stand up for sovereignty, not to mention timid Canada. After a left-wing party topped the polls in September, it formed a coalition government that has banned selling any kind of housing to foreigners.

Crucially, the New Zealand government (unlike Australia) is also forbidding home sales to foreign trusts, foreign corporations and temporary residents, such as foreign students.”

patriotz
Member

““New Zealand this fall is proving more bold than Australia to stand up for sovereignty, not to mention timid Canada.”

As has been well documented in the media (and in this forum), NZ is adopting the same policy as Oz – restricting foreign buyers to “new” properties, a policy which has been proven to be ineffective in controlling prices. Getting something as well known as this wrong is not what I would call brilliant.

Boombust
Guest
Boombust

Just the usual spin expected by his Postmedia /RE industry masters.

Just me
Guest
Just me

Will Victoria increase the 15 per cent tax on foreign ownership? The B.C. Liberals turned the surtax into the housing story of 2016, even while it had limited effect because of its many loopholes. The NDP in office hasn’t show much public interest in banning foreign purchases.

The NDP, however, has instituted modest measures to ease rent gouging and make it harder for foreign owners to pretend they’re residents of Canada so they can avoid paying capital gains on houses they don’t live in. The centre-left party has also ended foreign, corporate and union donations to political parties, which might reduce the power of B.C.’s property development industry.

Lost....but not leased
Guest
Lost....but not leased

NDP ??? bwahahahahaaaaaaa

Nothing buTT the equivalent of the shit shovellers of the given political circus act.
aka the party of last resort …bridge the gap till these classic leftards fuck up within one election cycle.

Horgan(Whoregan) and company will be the last gasp for NDP…..their support will become increasingly disenchanted..even moreso when their razor-thin majority was based on flakey GREEN party and Weavers (3) MLA’s.

PS : This is not at all an endorsement for LIBERALS…..but the NDP either drops the ball every time or has ZERO balls.

Lost....but not leased
Guest
Lost....but not leased

(-) votes have been identified as”Clear and Presented Danger’ by the menagerie- a- trois of ;
(i)HORGAN
(ii)SELINA ROBERTSON(Svends ‘ wife)
(iii)WEAVER

ps you lying POS commies…
……..(hey John….is SIDA next in line if Selina and Horgan elope to Beijing ???? )

Just me
Guest
Just me

Douglas Todd: Vancouver’s housing crisis revealed by looking to China, Australia, New Zealand.

http://vancouversun.com/opinion/columnists/douglas-todd-vancouvers-housing-crisis-revealed-by-looking-to-china-australia-new-zealand

To understand Metro Vancouver’s housing market in 2017, and how B.C.’s politicians could ease the affordability crisis in the future, it’s necessary to look offshore — to China, Australia and New Zealand.

Just me
Guest
Just me

Nor does the CMHC report capture the purchases of well-off immigrants, many of who move their families to Canada and buy their homes with overseas wealth (which is normally not taxed in Canada), a trend outlined in a groundbreaking December study by UBC geographer Daniel Hiebert.

Just me
Guest
Just me

Roughly 20 per cent of newly built condos in Metro Vancouver were sold to people who lived outside Canada — adding that foreign nationals concentrate on buying the country’s most expensive dwellings.

But the CMHC data revealed only the tip of the foreign-capital iceberg.

CMHC did not explore how easy it is for those making millions outside Canada to buy into Canadian real estate through proxies, such as spouses, children, trusts or companies.

Just me
Guest
Just me

“Many Chinese use foreign real-estate purchases as a means to safeguard a portion of their assets,” said a senior immigration manager in China, as reported in the December edition of the newsletter, Lexbase.

“It is clear many heads of family have purchased expensive homes in Canada and installed their families there while they continue to work in China.”

Just me
Guest
Just me

Increasing supply isn’t enough

The evidence overwhelmingly refutes those in the real-estate industry and former B.C. Liberal government who argue that foreign capital and migration have only had a trivial influence on Vancouver and Toronto’s housing market — and that all that is needed to solve the problem is to add more supply, to build more housing more quickly and more densely.

An internal Canadian immigration department report from Shanghai is the latest to expose the vast amounts of foreign capital creating housing demand in the city, a factor which Vancouver Mayor Gregor Robertson publicly acknowledged this fall was hitting Vancouver “like a ton of bricks,” after years of playing down the phenomenon.

Just me
Guest
Just me

Indeed, this year’s move by China’s authoritarian leaders to severely restrict how much money they will allow to leave their populous country appears to be a key reason prices on high-end detached houses in Metro have this fall been dropping by 15 to 20 per cent, even if most of the public hasn’t noticed.

Just me
Guest
Just me

Profits made in China and East Asia, then invested in Canadian real estate, have been responsible for a significant portion of exorbitant housing costs in Canada’s big cities. Yet Australia and New Zealand are doing much more than Canada to face the same challenge. They’re openly reining in the offshore demand that is contributing to housing havoc for locals, many of whom are being forced to leave their cities.

UBC geographer David Ley, author of Millionaire Migrants, joins SFU’s Qiyan Wu in maintaining Chinese investment has become “a fundamental” of Metro Vancouver’s real estate market, up there with interest rates. National Bank of Canada economists estimate “almost $13 billion was spent by Chinese investors in Vancouver” in one year alone.

Just me
Guest
Just me

Douglas Todd is making sense. From the article:

“A clutch of real-estate industry and government officials in Canada still want the public to believe foreign capital and immigration policy have little to do with the sky-high housing markets in Vancouver and Toronto. But the evidence is pushing their vested voices to the fringe of the affordability debate.”

history
Guest
history

Millions of Canadians have enjoyed an uber Hedonistic lifestyle thanks to immigration front running, and mortgage fraud. The corridors of power and secrets runs thick with Denial

history
Guest
history

Here’x whats gonna happen in 2018 based on the numbers: China, USA and Oz are all gonna wipe out, especially in the 2nd half of 2018. OZ will laugh it off since they are used to it. New Zealand will be steadfast in what they started in 2017. Canada will do something different, so pay attention, because it will mark us for a loong time. For Russia it’ll be the best year in ages.

Abdul Lahazi
Guest
Abdul Lahazi

Douglas Todd must be wrong because it is all caused by locals. Amiright?

southseacompany
Member
southseacompany

“Anxious home buyers race the clock ahead of new mortgage stress test”, Globe & Mail

https://www.theglobeandmail.com/real-estate/anxious-home-buyers-race-the-clock-ahead-of-new-mortgage-stress-test/article37451866/

“Some realtors and mortgage brokers say they’ve seen an increase in activity among similar buyers who have rushed to get a mortgage before the end of the month.”

“Some realtors and mortgage brokers say they’ve seen an increase in activity among similar buyers who have rushed to get a mortgage before the end of the month.”

Shut It Down Already
Guest
Shut It Down Already

They must all be foreigners, amiright?

Just me
Guest
Just me

Not all. Just a very large chunk of those with real money to spend.

LS in Arbutus
Guest
LS in Arbutus

Unbelievable, but yeah, totally believable. Average person is pretty financially illiterate. Even those that should be literate, are not.

bestplaceonearth
Guest
bestplaceonearth

why is that financially illiterate person own real estate? and the financially literate people write rental cheques to landlord? i would rather be illiterate.

Best place on meth
Member
Best place on meth

” i would rather be illiterate”

mohican agrees 15 times. space agrees too.

Being illiterate is awesome!

Joe Condo
Guest
Joe Condo

Since it’s become cheaper to rent than to buy, why be illiterate and lose money by buying.

bestplaceonearth
Guest
bestplaceonearth

if you say 2100 rent for a bedroom unit is cheap, by all means! Rent!
who lose money by buying by the way? people are laughing way to the bank.

Joe Money
Guest

Only the financially illiterate would laugh on the way to the bank to pay their $800k mortgage.

I’m sure the it’s banks that are doing the smiling.

Abdul Lahazi
Guest
Abdul Lahazi

$2100 to rent or $4000+ to buy. Who’s laughing now?

Shut It Down Already
Guest
Shut It Down Already

Are you suggesting mortgage principal is an expense?

KickThemOut
Member
KickThemOut

Even sadder is they are still ahead and doing better financially than the bears – imaginative vacations to Europe notwithstanding.

southseacompany
Member
southseacompany

“Early Christmas for Canadian economy might mean rate hike sooner”, Financial Post

http://business.financialpost.com/news/economy/early-christmas-for-canadian-economy-might-mean-rate-hike-sooner

“Canadian economic bulls got some early Christmas presents last week, and that’s boosted – albeit only slightly – the odds of an interest rate hike in January.”

southseacompany
Member
southseacompany

“Fed could surprise markets with more interest rate hikes than expected”, CNBC

https://www.cnbc.com/2017/12/28/fed-could-surprise-markets-with-more-interest-rate-hikes-than-expected-.html

“Wall Street economists are warming to the idea that the Fed may raise interest rates four or more times next year, moving faster than its current forecast.”

BubbleTea
Guest
BubbleTea

Canada doesn’t really know how much foreign money is in the housing market
Anti-corruption group says it’s unclear who owns nearly half of Vancouver’s most expensive homes.
https://news.vice.com/en_ca/article/vbybj8/canada-doesnt-really-know-how-much-foreign-money-is-in-the-housing-market

Lost....but not leased
Guest
Lost....but not leased

IMHO……Canada was set up long ago to be a money – laundering hotbed.

We have this huge country with the majority of the population concentrated into relatively tiny geographic hovels…aka top 10 Canuckistan cities hold over 50% of the total population. The classic Canuck was a combination of multi- generational or old school immigrants..ie sponsored in..no public assistance.

Once Canuckistan Gov’t used these(mostly Caucasian) suckers for the first 100 years to build Canuckistan into 1st world country…they let the non Caucasians in and take advantage of what we had built through blood sweat and tears..

………..aka whose the REAL SLAVE…???

Boombust
Guest
Boombust

Prove it.

Lost....but not leased
Guest
Lost....but not leased

Bob Rennie……you are a dumb@$$

PS If I have a Beijing post office box..can you put me on the NON round eye pre – sale list ?

Best place on meth
Member
Best place on meth

It may be “unclear” WHO owns those homes, but we know where they’re from.

KickThemOut
Member
KickThemOut

Wow, you just know! Why are you not VPD’s best detective or CRA best auditor yet!?

Best place on meth
Member
Best place on meth

Oh, you didn’t know?

Whoever said chinese are smart was a fucking idiot.

bestplaceonearth
Guest
bestplaceonearth

well, if you are smarter than they are, why have you let them taken you over?

Best place on meth
Member
Best place on meth

Infestation doesn’t take intelligence.

If it did then rats and cockroaches would be looked up to as our superiors.

Lost....but not leased
Guest
Lost....but not leased

This rather juvenile discussion was settled in the documentary”Team America: World Police”

At the apex of intellectual discussion…a “foreign locust” shape -shifted into a cockroach….and exited the epiphany -drenched expose’ .

Best place on meth
Member
Best place on meth

Housing market psychology fragile as new mortgage rules loom in 2018

https://www.bnn.ca/housing-market-psychology-fragile-as-new-mortgage-rules-loom-in-2018-1.954757

Toronto is poised to post some ugly year-over-year home price comparisons in early 2018 which will likely “affect the psychology of the market” – even if homebuyers take the new stress tests in stride.

Average prices in the country’s largest real estate market have recently settled into the mid-$700,000s after hitting an all-time high of $920,791 in the spring amid a real estate frenzy.

As buyers and sellers take a wait-and-see approach after the stress tests kick in on January 1, the market will likely be off to a slow start, Scott Ingram, realtor at Century 21 Regal Realty Inc. and a chartered accountant, told BNN in an email.

BubbleTea
Guest
BubbleTea

Foreign home buyers spent an average of almost 50 per cent more per real estate transaction in the Toronto region than Canadians in recent months, according to previously unreleased government data.
https://www.theglobeandmail.com/real-estate/toronto/foreign-buyers-paying-almost-50-per-cent-more-for-properties-in-toronto-region-after-tax/article37451779/
Perhaps the government should increase the Foreign Buyers Tax to 50% to even the playing field.

Best place on meth
Member
Best place on meth

Raise it to 100% to tilt the field back in our favour and disadvantage the locusts to the point where they just fuck off out of here.

Oracle
Guest
Oracle

Looks like I’m being pummelled by HAM on this blog. Will any true locals come to my rescue?? Or will they stay quiet while their land is sold out from under them.

KickThemOut
Member
KickThemOut

I thought only crystal meth is allowed on this blog….as shown by the blog leader.

bestplaceonearth
Guest
bestplaceonearth

sorry man, talk only, no action.

Boombust
Guest
Boombust

Get lost, creep.

Oracle
Guest
Oracle

Notice how HAM attacks in mobs. Imagine 1.3 billion if they ever get an upper hand on the USA.

Hopefully USA puts them in their place soon. Soon.

KickThemOut
Member
KickThemOut

Always looking for someone to do your dirty work, just like Meth and rest of bears on this blog. Lazy asses…and you still wonder why you can’t afford a house.

Aren’t there 1.5 billion Indians just in India?

Lost....but not leased
Guest
Lost....but not leased

You mean around King George Highway and 64 th Avenue ?

Best place on meth
Member
Best place on meth

The price of oil is over $60 for the first time in two and a half years.

Should be good for the loonie, now if only the coward Poloz would grow a pair and raise rates.

Shut It Down Already
Guest
Shut It Down Already

Fortunately Poloz knows that the differential between WCS and WTI is widening.

Abdul Lahazi
Guest
Abdul Lahazi

and I know BS when I hear it.

Shut It Down Already
Guest
Shut It Down Already
Best place on meth
Member
Best place on meth

What a fucking spastic.

You should be in a mental institution, you chinese loving traitor.

Best place on meth
Member
Best place on meth

Sorry, did I say mental institution?

I meant shot by firing squad.

I don’t know what got into me, some sort of weird tolerance thingy that I hope never happens again.

Shut It Down Already
Guest
Shut It Down Already

Grow up, you unemployable dumbass.

Just me
Guest
Just me

Are you seriously suggesting Poloz is right in keeping the costs of borrowing at insanely low levels? Really?

Best place on meth
Member
Best place on meth

Don’t be surprised that the HAM denying scumbag thinks 1% is an appropriate BOC rate.

The hypocrisy is that he rails against locals for taking on too much cheap credit.

What do you do with such traitors? Hanging is almost too good for them.

Shut It Down Already
Guest
Shut It Down Already

What’s current inflation relative to the target?

Just me
Guest
Just me

Asset inflation has been running at over 20% per year. Housing even more.
Massive redistribution into the the hands of the rich, the gamblers and the foreign investors.

Shut It Down Already
Guest
Shut It Down Already

I’m referring to the parameters which are used to set interest rates. There’s more to a national economy than mortgages in one of its cities.

And if it’s redistribution that concerns you, don’t forget there are two parties to every transaction. One of those parties is receiving cash, the other gets a depreciating asset.

The TSX is hardly making 20% per year, either.

Basically everything you say is nonsense or at least close to it.

Just me
Guest
Just me

What a charlatan you are.
I just went to check on Yahoo finance: since mid-2015, when Poloza dropped the base rate to 0.5%, the S&P/TSX Composite has jumped by almost 33%. From 12500 to 16500 points. Massive runup.

As for the importance of measuring the correct inflation, there is now a healthy debate about the CPI that is routinely used is a correct reflection of the cost of living for most people. Canada is an urban society, most of the population lives in expensive areas like Toronto and Vancouver. Asset inflation has a direct and vastly negative effect on the cost of living for urban households.

You are basically spreading misinformation and should be ashamed of your behavior. Even worse, you want to make it sound plausible. Shame on you.

Shut It Down Already
Guest
Shut It Down Already

Dumbass, mid-2015 was 2.5 years ago. A 33% increase in that time period is not 20% per year or even close. It’s more like 12%, which when compared to the long term average of roughly 8-9% is hardly a big deal.

And no, most of the population does not live in Toronto or Vancouver. Not all large cities are expensive either. Montreal and Ottawa are obvious counter-examples.

Exaggeration and drama queenery is clearly your speciality. And you accuse others of spreading misinformation? Fuck you.

history
Guest
history

Hey munchie, Spread the Oil thick, on the rolling paper mon, we have lots of growth to weed out, while the markets adjust to glut.

Just me
Guest
Just me

Clients are identifying housing as having a major impact on their relationships, mental health and well-being, said Michelle Crowley, a counsellor with Family Services of Great Vancouver.

“We’re seeing more and more of it in recent years,” Crowley said. “It’s just been such a growing concern.”

http://vancouversun.com/health/local-health/b-c-counsellors-see-more-clients-struggling-with-housing-anxiety

Crowley said about 90 per cent of her clients now bring up housing as one of their struggles, whether they’re in a government-subsidized apartment or house with two working parents.

history
Guest
history

Housing pretty phuque up, eh? What i would do is show the Client how I live, get them in a van.. sell the fixed house and reduce all debts. DRIVE the message HOME

Houses are for speculators and asset stripping refi mortgage Infidels…

Vehicles are for living in

Just me
Guest
Just me

Even clients in a position to scrape together a down payment for a home are expressing sadness and frustration over the “generational issue” of not being able to afford property they way their parents and grandparents could, Sutherland said.

“The wish to have one’s own home — that’s a dying dream for people in Vancouver,” Sutherland said.

KickThemOut
Member
KickThemOut

Build the wall! Build the WALL!

Oracle
Guest
Oracle

Without a true fight, these relationships are going to fall apart. And the women will have to sell their bodies to make ends meet.

I know this may offend some people but enough is enough. Locals should realize that it’s time to organize. Just need a leader to follow. Time is right.

Shut It Down Already
Guest
Shut It Down Already

And as we all know, every housing affordability crisis worldwide in the last 100 years is rife with stories about how unusual it was for women to sell their bodies to pay the bills you fucking clown.

Lost....but not leased
Guest
Lost....but not leased

So….how much did you get…(.give or take a donkey rental or 2 from an approved NDP facility? )

history
Guest
history

Yet it is Unuzual and Unprecedented that women are the owners of gobs of housing stock, are overrepresented in the FIRE induatry, and have a peculiar addiction to thong wearing on Mexican beaches just days after refinancing the mortgage.
.

Lost....but not leased
Guest
Lost....but not leased

GT blog had a comment and( citing a study) that societies that allow women the vote tend to collapse. IMHO its not the vote itself per se…but the other issues that piggyback it it that ultimately make children and marriage a liability…which then creates a negative feed backloop that feeds the annual 300.000+ immigration.

Re: Real Estate…how many of these women are single…or single mothers.? We had a link to a story of a single mother leveraging her SFH into 2 condos …. one for each of her underaged children.

Would be interesting to see any stats that would show the impact of the aforementioned single women/single mother on RE….

Just me
Guest
Just me

For many families, the cost of rent — now more than $1,550 for the average two-bedroom apartment in Vancouver, according to the Canada Mortgage and Housing Corporation — eats up so much of their income that they must cut back on groceries and can’t enrol their children in after-school activities or replace their worn-out clothing.

“Even if someone says, ‘Yes, I’m securely paying rent every month,’ OK, well then, what else has had to be cut down because of it?” Crowley said. “There’s a whole cascade of problems that come from that one issue.”

KickThemOut
Member
KickThemOut

Free housing for everyone!!!

Oracle
Guest
Oracle

Anti immigrant party only solution at this stage of the game. NDP and Liberals all corrupt.

Shut It Down Already
Guest
Shut It Down Already

Is this why you pretend to be an immigrant? To make your anti-immigrant agenda somehow more palatable?

history
Guest
history

Is this the rigjt time to mention both India and Pakstan came into existence on the same day, August 15, 1947, and would by virtue of this calender value, share the same energy, and N*umerology? What exactly does this foretell for Canadass most glutonous slumlords?

paulb
Member

New
33
Price Change
11
Sold
96
TI:7678

http://www.clivestevepaul.com

KickThemOut
Member
KickThemOut

Remember those 15K party? 16K party? 17K party? yeap, I’m sure it will all crash any day now…just wait until it hits 6K!

Why is no one in party mood now?

Just me
Guest
Just me

Last week’s government data release, which was the most comprehensive study to date of foreign ownership of Canadian real estate, was just “the tip of the iceberg,” says the director of Statistics Canada’s new housing program.

http://vancouversun.com/news/local-news/foreign-ownership-data-released-so-far-just-the-tip-of-the-iceberg-statscan-director

Boombust
Guest
Boombust

“The tip of the iceberg”…meaning, there is more research to get underway, that’s all. So, quite trying to read more into this.

Just me
Guest
Just me

Another area where McCarrell hopes to shed light is overseas residents buying Canadian properties in the name of spouses or children.

If a foreigner buys a Canadian home with money generated overseas, and puts the property in the name of a child attending school in Canada, it would not count as foreign-owned in this initial StatsCan study. McCarrell said future CHSP research could compare tax filings and property title records to find, for example, certain neighbourhoods with disproportionate numbers of multi-million properties owned by “students” with no declared income.

Shut It Down Already
Guest
Shut It Down Already

And even when you have that data you’ll insist the picture is still incomplete and there are more foreigners hiding in the shadows. Alternatively you’ll focus on a single neighbourhood where the proportion of such buyers is high and try to imply that it’s somehow representative of the entire city/province.

Just me
Guest
Just me

Sorry. I forgot that there are no mainland Chinese buying in Kerrisdale, Mopunt Pleasant, Burnaby or Richmond. My bad. All long terms residents of BC pocketing million dollar mansions.
I do apologize..

Shut It Down Already
Guest
Shut It Down Already

Did I say there were none? No, I didn’t. Did I say you’re a dumbass? Repeatedly.

Lost....but not leased
Guest
Lost....but not leased

NOT FAIR 88888888
…..that SIDA algorithm spawn are allowed to vote via Beijing proxy….

Lost....but not leased
Guest
Lost....but not leased

Correct..the buyers are mutant Caucasians with flattened orbital orbs and jaundiced skin.

Best place on meth
Member
Best place on meth

Sounds like the buyers are some sort of mongoloids.

Lost....but not leased
Guest
Lost....but not leased

Mongols….????Yikes……better build a Great Wall of BC.

……maybe import some foreign workers to build it….the CPR did that 150 years ago and look what a great country Canada turned out to be !!!!!

Oracle
Guest
Oracle

I’ve been telling you guys this for years only to be downvoted. Only to be told immigrants and students are poor.

To late. Horses have left the barn.

Shut It Down Already
Guest
Shut It Down Already

Students are super rich. That’s why they share the shittiest accommodations with 4 or 5 of their fellow elite.

Just me
Guest
Just me

For example, a property owned by a B.C.-incorporated shell company with foreign owners would, for the purposes of this month’s release, count as Canadian-owned, McCarrell said. Eventually, StatsCan wants to determine how much Canadian real estate is owned by “resident corporations with foreign owners.”

Just me
Guest
Just me

The new year will bring the release of more data providing a deeper, broader, and “much more nuanced” look into Canadian property ownership, said Haig McCarrell, director of the Statistics Canada division overseeing the Canadian Housing Statistics Program (CHSP)….experts stated the true proportion of foreign-owned properties could be higher. McCarrell said StatsCan hopes future research will illuminate more details about certain kinds of property ownership arrangements.

BubbleTea
Guest
BubbleTea

StatsCan: a property owned by a B.C.-incorporated shell company with foreign owners would, for the purposes of this month’s release, count as Canadian-owned, McCarrell said. Eventually, StatsCan wants to determine how much Canadian real estate is owned by “resident corporations with foreign owners.”
Another area where McCarrell hopes to shed light is overseas residents buying Canadian properties in the name of spouses or children.
If a foreigner buys a Canadian home with money generated overseas, and puts the property in the name of a child attending school in Canada, it would not count as foreign-owned in this initial StatsCan study. McCarrell said future CHSP research could compare tax filings and property title records to find, for example, certain neighbourhoods with disproportionate numbers of multi-million properties owned by “students” with no declared income.
http://vancouversun.com/news/local-news/foreign-ownership-data-released-so-far-just-the-tip-of-the-iceberg-statscan-director
SO THE STATSCAN’S RECENT RELEASE ABOUT FOREIGN OWNERSHIP IS A JOKE!

Laibach
Member
Laibach

Lol, apparently, those fucks who kept saying it is all locals and the foreign factor is negligible were “right”. Are they complete morons or realtors with a mission?

Boombust
Guest
Boombust

You’re being played by The Van Sun/Global, etc. and you don’t even know it. There is a LOT of ad revenue and developer $$$ at stake. Don’t put it past them to play up the foreign boogiemen angle to scare locals into buying.

Just me
Guest
Just me

Yes. And earth is flat.
Have a walk in Point Grey some time and meet the local residents.

Shut It Down Already
Guest
Shut It Down Already

Ah, the classic “I see lot as of people who look Asian” argument. Anything to ignore the data, eh?

Boombust
Guest
Boombust

There IS a life past Ontario St., idiot.

Oracle
Guest
Oracle

You are a dumb fuck who thinks you can call anyone an idiot and think they are anonymous on internet. 😉

Boombust
Guest
Boombust

Because it IS locals driving the market, dumb ass. Locals drive EVERY RE market.

Shut It Down Already
Guest
Shut It Down Already

Foreigners always rescue/destroy local real estate markets (delete as applicable depending on prevailing trends).

Oracle
Guest
Oracle

The bears just might believe it. Again. And Again. Lol

Boombust
Guest
Boombust

Just more junk from The Sun/Global, etc. to get locals to buy because of the “Foreign Danger”. You’re being played and you don’t even know it.

There is a LOT of SSS at stake; ad revenues and development sales. So, don’t put it past them to try every trick in the book to keep this party going.

Just me
Guest
Just me

One can only assume that the people who understate the importance of mainland Chinese buyers are those who profit handsomely from those very buyers.

Governments (at all levels) must stop giving these people the upper hand in the market. Land is a scarce resource and must be protected from international speculation. Local income earners should not compete with international capital for housing and land. As simple as that.

Shut It Down Already
Guest
Shut It Down Already

How are governments at all levels giving foreigners the upper hand exactly?

Just me
Guest
Just me

Simple. OPur taxation system is set up in such a way that parking money in idle RE investments is beneficial.
Start charging taxes on idle RE investments by foreigners (by identifying sopurce of funds, not passports) and the market in Vancouver will adjust downwards. Long overdue in my view.

Shut It Down Already
Guest
Shut It Down Already

Dumbass, taxation policy favours those who use their RE as their principal residence. How can you even write your garbage with a straight face?

Shut It Down Already
Guest
Shut It Down Already

Hey Just me, why not come back and correct my “misinformation” to show how our tax system gives foreigners the upper hand?

Oracle
Guest
Oracle

Anything short of a coup or massive protests won’t change anything at this late stage of the game.

Boombust
Guest
Boombust

Why don’t you fuck off once and for all?

Oracle
Guest
Oracle

lol. Have you ever said those words t anyone in person? Look in the mirror tomoro and look at that physique. Hahaha

Shut It Down Already
Guest
Shut It Down Already

You sound like the true keyboard warrior.

BubbleTea
Guest
BubbleTea

How much real estate do foreigner investors really own? Statscan got it wrong
https://www.theglobeandmail.com/opinion/how-much-real-estate-do-foreigners-really-own-statscan-got-it-wrong/article37439665/
“Everyone will be wrong because in Canada, a foreign investor can pour money into Canadian real estate through a Canadian company they set up either federally, provincially or territorially, using a Canadian as a nominee director/shareholder/beneficiary, without disclosing the true beneficial owner.”

Shut It Down Already
Guest
Shut It Down Already

Except very very few people have reason to do this. But, hey, keep focusing on the outliers.

KickThemOut
Member
KickThemOut

Do bears on this blog even know what outliers mean?

Oracle
Guest
Oracle

http://vancouvercondo.info/2012/12/tulip-mania.html

5 years ago. I’m RealityCheck by the way. People trashing me and saying “troll!!” “That guy must be down voted!” “He is wrong!” “A RE Agent he must be!”.

Just read it. Especially you Specku. And see who was right. You may learn a thing or two.

Oracle
Guest
Oracle
I Like this reply to me: ———————————————————————– @RealityCheck: The thing is that, though you might not know it, the things that you said in at post are routinely said by people arguing that RE is a good investment. They were also said in the US before and during the busting of that bubble and in many other place as well. Those arguments have been successfully countered hundreds of times on this blog. So when you say them, though they might seem new to you, many people on this blog slap their foreheads and say, “Not again!” It’s not that people here don’t want to debate, it just that they get tired of having exactly the same debate again and again. ———————————————————————- HAHAHA. 5 years later and my predictions have came to fruition. Now I’m telling you that of the NDP… Read more »
Bag it and tag it
Member
Bag it and tag it

So you post 75 times per day and you hadn’t to go back 5 yrs to find a post you felt worthy of cherry picking?

Oracle
Guest
Oracle

It the highest per capita immigration rate in the world PLUS the highest intakes of temp residents anywhere in the world.

Millions have a 10 year visa now. Hundreds of thousands of rich foreign students. And a pathway to PR. Plus only country where you can immigrate parents and grandparents easily.

And lax money laundering laws.

Thats all you need to know.

Shut It Down Already
Guest
Shut It Down Already
Oracle
Guest
Oracle

http://www.cbc.ca/news/politics/canadian-citizenship-increase-changes-1.4456879

Hahaha. opening border wide open. Canada a laughing stock but for house prices.

Boombust
Guest
Boombust

Then why are they going DOWN, you idiot?

Oracle
Guest
Oracle

Fraser Valley detached doubled in last 24 months.

Name calling implies you have nothing constructive or intelligent to add.

Specuskeptic
Member

“Name calling implies you have nothing constructive or intelligent to add.” What does posting the same bullshit bellyaching and a seemingly infinite list of sock-puppet pseudonyms imply? Take your time to think his one through.

paulb
Member

New
38
Price Change
18
Sold
114
TI:7790

http://www.clivestevepaul.com

Strata Hacker
Guest
Strata Hacker

Wow. Thanks Paul. Sure looking like higher prices ahead based on collapsing inventory

Oracle
Guest
Oracle

Looks like it. When NDP in 44 days says nothing in budget, prices gonna rocket higher like never before IMO.

KickThemOut
Member
KickThemOut

Was Garth Turner a locust in his previous life? He seems to be obsessed with paying as little income tax as possible.

His top 10 ways to avoid taxes!
http://www.greaterfool.ca/2017/12/27/its-time-2/

Screwed
Guest
Screwed

That is his duty as a financial planner to educate people like you. Why pay more taxes if you have legal ways to avoid it? Sheesh

KickThemOut
Member
KickThemOut

aren’t people on this blog complaining about other people for not paying their fair share using loopholes, which are legal or else they wouldn’t be called loopholes? Or is there a double standard? Why should people in $5M+ not pay their fair share?

All-in
Guest
All-in

There is no double standard. The difference is legal tax avoidance vs. illegal tax evasion.

KickThemOut
Member
KickThemOut

You have evidence of the latter? Cuz CRA would love it since it would make their job so much easier.

Abdul Lahazi
Guest
Abdul Lahazi

Go to any chineeze cash only restaurant. That’s tax evasion.