Friday Free-for-all! January 19th 2018

It’s the end of another week and that means it’s time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Scary low inventory
Will prices flatline instead of crash?
Foreign income program rumors
Market freeze
40% of BC $200 away from not being able to pay bills
RE provides 75% of donations to Vision Vancouver
Rate hikes a big deal?

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

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eddy
Guest
eddy
UBC in crisis mode
Guest

There are 1100+ people signed, but not enough for NDP to do anything.
It should have been 10 times of that. Maybe only few voters care.

franko
Member
franko

While Ottawa insists on turning a blind eye on gazillions of untapped revenue from foreign tax evaders, rampant money laundering and birth tourism, we allow the CRA to target the lowest of our low, long term disabled Canadians to support their voracious spending appetite and to throw tens of millions to opportunists like Khadr, Nureddin, Almalki, Elmaati, and probably Boyle.
Here’s what they have been trying to stoop to:

http://www.cbc.ca/news/politics/cra-may-memo-committee-1.4439173
…and there are several examples on the Macleans website that are truly despicable.

The CRA has never been more incompetent and dysfunctional under the leadership of our clueless puppy-dog PM and self-serving finance minister.

Dave
Member

Ya, the CRA is a complete mess. They are incompetent for the reasons you point out and many others. Terrible.

history
Guest
history

It’s gotten to the point only Newfoundland can save us.

Dave
Member

Where’s that?

history
Guest
history

Only a Newfoundlander would understand the despair our country is facing, having lived through their own, a combined explosion in population and economic collapse. So its natural for us to seek them out, for spiritual guidance and leadership. A good place to find our next PM

franko
Member
franko

Sadly, the CRA witch hunt is not just confined to diabetes victims, but is focussed on all manner of invalids and mentally disabled that are the least able to defend themselves.

http://www.macleans.ca/politics/ottawa/long-term-savings-plans-are-in-jeopardy-for-Canadians-with-disabilities

The CRA needs to be gutted and rebuilt from scratch.

history
Guest
history

I think part of the problem with CRA during the QE years is that they didnt really want to institutionalize Synthetic money, or rather, they knew it was a one decade shot. This money serves multiple purposes worthy of a book. I’pointed out a few of them and have others. Houses as Money, Hedonic spending as Vengence, Combating Deflation. One purpose that hasnt gotten much consideration, but stands there, in the open, and obvious. IS The Payout to Industry and Persons formerly operating in Secret, namely, marijuana….

Diadora
Guest
Diadora

John Horgan June 2016: ” NDP will target foreign owners in fight for housing affordability”
http://www.metronews.ca/features/vancouver/vancouvering/2016/06/10/ndp-to-target-offshore-investors-on-housing-affordability.html
John Horgan Jan 2018: “I don’t believe we should be curbing people from coming here…I’m a child of an immigrant and virtually everyone I see here is a child of an immigrant”
The issue is housing affordability and foreign ownership, not immigration!

patriotz
Member

BC Green Party’s Andrew Weaver threatens to take down NDP over LNG

Contrary to what some people think, the BC NDP has always been in favour of LNG providing it meets certain conditions and their election platform said this plainly. In addition, there is nothing in the NDP-Green confidence and supply agreement about LNG.

More grandstanding from Weaver. The difference this time is that he is preaching to the choir on this one. Nobody else is really opposed and he may drive what remains of his party’s small support in the Interior and North to the NDP.

Just me
Guest
Just me

Weaver is going to steal many MPS votes on lower mainland. Housing is the key.

patriotz
Member

Any election prior to Fall 2021 will be under FPTP. The Greens are so far behind the NDP and LIberals in metro Vancouver (mainly because of their non-existent support among ethnic groups) they have little hope of gaining any seats, but may give NDP seats to the Liberals. A Liberal majority means goodbye PR for good.

As for Fall 2021, we have no idea what the state of the housing market will be, or about other issues for that matter.

Just me
Guest
Just me

Patriotz, I would really appreciate if you were a bit less partisan. Horgan is slowly repositioning himself on housing, and that is bound to have major consequences in the Lower Mainland. I for one would vote for the Greens next election if housing measures are not strong enough. Obviously, that would benefit the BC Libs but it would be a self-inflicted wound.

Many people fully realize that they would put in place the BC Liba by voting Green. But what else can you do? Hold your nose and vote for Horgan, who caters to homeowners all over again. At least we would get lower income taxes.

I still have some hope the NDP will do the right thing and put in place serious demand curbs. If they don’t they should pay the price for that.

patriotz
Member

What exactly am I being partisan about? I don’t think Weaver’s stands on foreign ownership (which he has changed from the election without explanation) or LNG are credible and I have explained why. If the NDP fails to deliver on its promises in the budget you will certainly hear about it from me.

Just me
Guest
Just me

I think the NDP is sticking to its program about LNG. I give them credit for that, and i think they are being serious about it.

However, I have doubts about their behavior regarding housing. To make things clear, since you appear to know very well their election manifesto, could you summarize in bullet points what their promises for housing were? These should include official statements of their housing critic (David Eby) during the election.

Looking forward to seeing your bullet point list.

Dave
Member

I think the NDP would be crazy to try and survive to Fall 2021 and let PR come into play. Their party will never see greater than 40% support again and likely in the low to mid 20’s after a few elections with fragmentation of their party.

With a two party dichotomy, you are guaranteed to govern. If you do a reasonable job, they’ll re-elect you.

I don’t think the Greens will ever win in the Lower Mainland and not just because of the minority vote. I think there are far fewer kooky people in Vancouver than the south island.

Best place on meth
Member
Best place on meth

You’re wrong, Dave.

BC is a left of centre province, and the NDP would greatly benefit from PR as they would forever be a part of government – most of time as the leading party of a coalition.

Without PR they would be powerless 75% of the time as usual.

The not-really-liberal Liberal party would be the loser, they would likely never govern again.

Trust me on this.

Just me
Guest
Just me

I think BPOM is correct. Long-term the NDP benefits from PR. Big time. The BC Libs would be the sore losers of such a system.
Long overdue.

Bag it and tag it
Member
Bag it and tag it

FIrst, they would never take down the NDP prior to the referendum, and 2nd, why would it be ‘goodbye to PR for good’? …as long as they’re in power, yes.

YVR
Guest
YVR

You are hilarious. The NDP have been criticizing LNG since it was first pursued by the Liberals. The NDPs current policy is way closer to the Liberals election platform than their own.

patriotz
Member

To ensure BC benefits, we will require LNG projects meet four conditions:
› › Projects must offer jobs and training for British Columbians, especially jobs for local people.
› › The people of BC must get a fair return for our resources.
› › Projects must secure full partnerships with local First Nations.
› › Projects must complete a made-in-BC environmental assessment, and achieve the highest environmental standards while respecting our commitments to combating climate change.

This is from their election platform and Horgan has stated these points again within the past few days.

If you want the Liberals to hire Chinese to do the work and give the gas away, you can have them.

YVR
Guest
YVR

Why exactly is Horgan heading to China?

patriotz
Member
YVR
Guest
YVR

I thought he may be trying to hire Chinese to do the work and give the gas away like the Liberals. My mistake.

Best place on meth
Member
Best place on meth

I’ll bet he’s not going there to sell residential real estate like that fucking cunt, Christy.

Diadora
Guest
Diadora

Mike Smyth: Premier Horgan flunks foreign real-estate file
Weaver: “The problem is not immigrants coming here to live and work,” Weaver said. “The problem is the people who don’t come to live here. It’s about speculators outside of Canada using our real-estate market to park offshore capital, driving up prices for those who do live here.”
http://theprovince.com/news/bc-politics/mike-smyth-horgan-flunks-foreign-real-estate-file

bullwhip29
Guest
bullwhip29

Douglas Todd: Here’s how to end migration scams by the global rich in Canada
http://vancouversun.com/opinion/columnists/douglas-todd-heres-how-to-end-migration-scams-by-the-global-rich-in-canada

Canada could crack down in many ways on the scams performed by “ghost immigrants” who avoid paying their share of Canadian taxes while driving up housing prices in Vancouver and Toronto…

doody
Guest

no mention of a head tax.

Just me
Guest
Just me

Douglas Todd: Here’s how to end migration scams by the global rich in Canada

http://vancouversun.com/opinion/columnists/douglas-todd-heres-how-to-end-migration-scams-by-the-global-rich-in-canada

Canada could crack down in many ways on the scams performed by “ghost immigrants” who avoid paying their share of Canadian taxes while driving up housing prices in Vancouver and Toronto.

Just me
Guest
Just me

“The problem is that there is large-scale immigration of relatively wealthy people to Canada who are not contributing significantly, if at all, to the Canadian tax base,” said David Lesperance, a specialist in Canadian tax and immigration law.

“They have bid up the housing markets in Vancouver and Toronto. They are also receiving the benefits of Canadian permanent resident status, including excellent schooling, free medical care, security and (eventually, as citizens) an excellent visa-free passport.”

Just me
Guest
Just me

Lesperance and Kurland maintain their proposals would be especially helpful in dealing with the increasing number of trans-national “astronaut” migrants who use Canadian real-estate primarily as a place to park their capital and sometimes their offspring.

The specialists would especially target the rapidly growing number of would-be Canadians who are renouncing their permanent resident status, which some are using as a way to avoid paying taxes in Canada while still visiting often on 10-year visas.

“Unfortunately, the perception of too many (wealthy) immigrants is that cheats are not sought after or detected” by Canadian tax or border officials, said Lesperance. To eliminate the problem of ‘ghost immigrants,’ the Canadian Revenue Agency must change this perception.”

bullwhip29
Guest
bullwhip29

Douglas Todd: Why most suburban Metro Vancouver politicians are mum on foreign ownership
http://vancouversun.com/opinion/columnists/douglas-todd-why-most-suburban-metro-vancouver-politicians-are-mum-on-foreign-ownership

Just me
Guest
Just me

Most municipal politicians are quiet about foreign investment in Metro Vancouver real estate, in part because they accept it as a ‘Faustian bargain,’ says West Vancouver Councillor Craig Cameron.

Sell your soul to the devil and see how that works out for you after a few years….

Just me
Guest
Just me

lmost all these elected suburban officials quietly make decisions that open the gates for tens of billions of dollars, much of it from offshore, to each year pour into commercial and residential real-estate projects.

With rare exceptions, we’ve heard only silence from the region’s mayors and councillors, whether of the political right or left. Indeed, some mayors have openly denied foreign capital is even an issue.

patriotz
Member

“lmost all these elected suburban officials quietly make decisions that open the gates for tens of billions of dollars, much of it from offshore, to each year pour into commercial and residential real-estate projects.”

Would you rather they just put a freeze on development?

Just me
Guest
Just me

No. I would be satisfied if they put an end to illegal money flows from China, and they taxed heavily those ones that make it to our shores.

patriotz
Member

“I would be satisfied if they put an end to illegal money flows from China, and they taxed heavily those ones that make it to our shores.”

Well you will remain unsatisfied, since municipalities don’t have the powers to do these things and never will.

Just me
Guest
Just me

Of course they can do it. Indirectly. The empty tax, mill rates and a miriad of other ways are available.
Make a different tax class for foreign investors.

patriotz
Member

“Make a different tax class for foreign investors.”

This cannot happen without legislation from the provincial government. As I’ve said before, if the province is going to enact this type of legislation, it’s going to want to keep the money for itself and not allow municipalities to set up a patchwork quilt of tax regimes. There are also obvious problems with regard to trade agreements if such discriminatory taxation was applied to commercial properties.

The exception is the empty home tax which I think the NDP would be willing to extend beyond Vancouver if municipalities want it.

Best place on meth
Member
Best place on meth

“Richmond Councillor Harold Steves, a politician for more than four decades, shakes his head at the many times builders have tried to intimidate councillors, including those of Asian heritage, by calling them “racist” and “xenophobic.”

It’s a nasty tactic the real-estate development industry perfected in the 1990s to silence community opposition to the rush of Hong Kong and Taiwan money entering Metro Vancouver real estate…

Cameron, who topped the polls in West Vancouver, echoed that many politicians are “concerned about ‘political correctness, or more specifically, about being perceived as racist for singling out a problem that is driven predominantly by investment from one country (China).”

There are many empty lamp posts that need decorating.

LOL
Guest
LOL

Detached sales have tanked… must be condo crazies buying

Just me
Guest
Just me

1. Group Think

The belief that the only solution to rising house prices is to build more housing units more quickly is emphasized so insistently by powerful real-estate industry lobbyists that many local politicians seem to blindly accept it as an article of faith.

Just me
Guest
Just me

2. Political manoeuvring

“Some councillors may think the benefits of increased foreign investment are worth the drawbacks. It’s a Faustian bargain,” said Craig Cameron, a member of West Vancouver’s city council, which has arguably done more than any other in the region to raise alarms about foreign capital.

Many municipal politicians think it enhances their reputations to publicly emphasize how rapid housing construction can create jobs, hike business revenues and bolster tax coffers, but they are usually mute on the bigger issue: Most locals can’t afford the new dwellings.

Just me
Guest
Just me

3. Fear of being accused of being racist

This may be the biggest censoring factor. Richmond Councillor Harold Steves, a politician for more than four decades, shakes his head at the many times builders have tried to intimidate councillors, including those of Asian heritage, by calling them “racist” and “xenophobic.”

It’s a nasty tactic the real-estate development industry perfected in the 1990s to silence community opposition to the rush of Hong Kong and Taiwan money entering Metro Vancouver real estate, UBC geographer David Ley said in his classic book, Millionaire Migrants.

Laibach
Member
Laibach

“calling them “racist” and “xenophobic.” An ultimate political weapon of the most notorious scumbags and criminals. Those motherfuckers should be imprisoned for a long time.

Just me
Guest
Just me

4. Ties to vested interests

It’s a relief the new B.C. NDP government last fall overruled longstanding B.C. Liberal policy and forbid provincial and municipal politicians from accepting hundreds of millions of dollars of donations from corporations, unions and foreign nationals, says West.

“Obviously, the real-estate industry was very active in making political donations.”

But the new legislation doesn’t mean the cosiness won’t remain. “Some politicians may still be reluctant to say anything because they have ties to the development community,” said Cameron.

In addition, West has more recently become discouraged by how more municipal politicians are opening themselves up to undue foreign influence by accepting trips to China, subsidized by the People’s Republic.

Best place on meth
Member
Best place on meth

“West has more recently become discouraged by how more municipal politicians are opening themselves up to undue foreign influence by accepting trips to China, subsidized by the People’s Republic.”

I thought this was illegal.

WHAT….THE….FUCK….?????

patriotz
Member
Best place on meth
Member
Best place on meth

That was sickening to read, what a banana republic we are.

On our way to becoming one of those “shithole” countries thanks to corrupt politicians working for china.

ostritch
Member
ostritch
I prefer to be focused on the future and not the past. Right now there is a lull in foreign buyers in our market, whatever the multiple reasons: bank capital reserve ratios, net restriction on outflows to 20K/citizen, FBT, other hotter markets with more momentum, local NDP government not seen as biz friendly. Good chance there is a decline in prices from both the top and bottom of markets in the next year or two. But what happens after that. Once prices lower, it creates the perfect breeding ground for momentum buyers like HAM to start bidding prices up again. So globally speaking: Trump economy creates more buyers of Chinese goods. Stet for European economies now on the mend This year, Chinese economy rebounds to 6.9% or somewhere thereabouts minus the fibbing. http://www.bbc.com/news/business-42727781 2018 could be a banner year for… Read more »
Best place on meth
Member
Best place on meth

“Trump economy creates more buyers of Chinese goods”

First of all, “chinese goods” is an oxymoron. There is nothing good about them, they produce garbage.

Secondly, Trump is going to drop the hammer on those cheating vermin in a couple of weeks.

And once the Olympics are over, Fat Kim is back in the crosshairs.

Buckle up.

ostritch
Member
ostritch

That would make 2018 a banner year for sure.

oncebittwiceshy
Guest
oncebittwiceshy

You’re too cute. The Chinese speculators buy into rising markets not markets that are softening/correcting/crashing. They will be the first to bail as they realize that the market is faltering.

Oh, hang on, perhaps they were here in 2008/2009 as prices were dropping by 10 – 15%. Nope.

How about after interest rates were dropped to emergency rates and everyone with a pulse was buying a house….. when prices were rising. Oh yeah, those damn locusts showed up then, didn’t they.

There won’t be a lull. There will be a correction/crash, unlike anything you’ve seen, as people that had no business buying are suddenly caught in the cross-hairs. They will have to bail with their luxury cars, boats, atvs, and 82″ T.V.s, all courtesy of helocs that are all of a sudden impossible to payoff.

But … good luck. Perhaps, I’m being optimistic.

Strata Hacker
Guest
Strata Hacker

Sure Garth any day now.

Burnabonian
Guest
Burnabonian

You sound like you’re from the reddit.com/r/bitcoin echo chamber.

“Yeah but the million-to-one confluence of circumstances that caused our current bubble COULD happen again”.

That is not a reason to panic buy at the peak of a peak of a peak of the largest speculative bubble in the sector in the history of the planet.

Laibach
Member
Laibach

Apparently, the usual imbecile is having downvoting sex as the weekend is kicking-in. What a moron…

franko
Member
franko

Testing for vote hacker:

We need more Asian immigrants to keep the bubble going

franko
Member
franko

Testing for vote hacker:

Asian buyers should be banned and deported.

Best place on meth
Member
Best place on meth

mohicunt does his vote hacking based on the poster, not the post.

Hey mohicunt…..FREE TIBET!!!

Bestplaceonearth
Guest
Bestplaceonearth

No need to test . Either way, you are screwed.

Bestplaceonearth
Guest
Bestplaceonearth

You are just like elementary school student in the public system, always ask for medal just for showing up. Does up and down vote affect your sexuality? Get a life, really.

Just me
Guest
Just me

I feel sorry for Mohican. He has serious mental issues, spending valuable time downvoting other people’s comments. There is no obvious gain to him or anyone else from doing this.

The funny thing is that everybody knows that the voting system does not indicate the true opinion of readers of the blog, so nobody really cares about votes anymore.

Bestplaceonearth
Guest
Bestplaceonearth

The fact is that you just mentioned it made it hard to believe nobody cares. Why do you contradict yourself all the time? Take a stand!

paulb
Member

New
127
Price Change
21
Sold
56
TI:7196

Readers, if you ever want info on sales or listing activity in your hood or area of interest shoot me an email. I send many users weekly updates each Fridays to help keep them in the loop. No question to big or small. pboenisch@sothebysrealty.ca http://www.clivestevepaul.com

Best place on meth
Member
Best place on meth

Sales seem to be declining as the late reported December sales become a smaller share of the total.

Bestplaceonearth
Guest
Bestplaceonearth

Does it matter? Your mama basement is too cozy for you .

Best place on meth
Member
Best place on meth

I’m sorry, I don’t speak retard.

yvr2zrh
Member
[stuck in moderation?] I am seeing the same thing now re – sales. On the flip side – the listings and inventory have been evaporating (even on a January-Seasonally adjusted basis). Since December on a Y/Y basis – we have gone from Inventory +10 percent to flat and now we are down a bit. Thus – on an inventory momentum basis – we have lost 10% in 2 weeks – that’s huge (“yuge”). We are now however starting to see the sales really stop. This could be interesting because we will basically go into some type of “Freeze” now with no lists and no sales. Inventory is however not likely to spike. One has to remember that the majority of inventory and listings come from people who want to move (and of course also investor transactions). First people list and… Read more »
oncebittwiceshy
Guest
oncebittwiceshy

It will also be interesting to watch the extend and pretend crowd who have lived the “luxury” life over the last 5 years and have to renew this year. Apparently, 40% of Canadians are renewing their mortgages this year.

They are/were undoubtedly hoping to move all that debt into their mortgage and will realize that refinancing triggers the stress test. They will also be shocked to learn that their HELOC is a demand loan. Financial literacy doesn’t seem to be the strong suit of many people.

We just might see more listings than you thought.

bestplaceonearth
Guest
bestplaceonearth

Another fear mongering post. You forgot to take in consideration of how much principal these mortgages have been paid down over the last five years; stress test does not apply if renewal at the current big bank lenders or move to a credit union; rate increases can be offset by different amortization at renewal; and if you credit is in order with prompt payments, lenders just don’t call back the loan. You have lived in fear. Are you afraid, when you are sleeping on your bed, that the light might fall off from the ceiling too?

Oncebittwiceshy
Guest
Oncebittwiceshy

Oh look, another dreamer. The principle paid down doesn’t do jack for you when you can’t pay your heloc. 40% don’t pay anything on them. They fold them into their mortgage. Kinda negates that doesn’t it, especially considering the average heloc is $70,000.

The point is, they can’t fold that heloc into their mortgage without triggering the stress test…..and they can’t pay their heloc.

Ask your daddy what happens next. Sheesh.

Strata Hacker
Guest
Strata Hacker

Garth already told me what happens next. Thing is you guys are always wrong. Wrong for years. Wrong about every single mortgage change. Everyone renewing today has massive equity. Way more than 70k. Your little bear meltdown fantasy is a joke.

Oncebittwiceshy
Guest
Oncebittwiceshy

You are definitely proving my theory on economic ignorance. Get this through your head. That equity doesn’t mean jack when you’re sitting in a $70,000 heloc that you can’t pay and you can’t fold into your mortgage without going through the stress test. Wow.

Strata Hacker
Guest
Strata Hacker

You obviously have no clue what you are talking about. If your house has doubled in value in five years you really think 70k heloc is an issue? Van and TO have almost nonexistent default rates. You think a stress test is a problem for someone whose house has doubled in value over the last Five years? Just keep renting then. I am sure you believe you are winning. Another Garth groupie who will be shedding bitter tears soon.

oncebittwiceshy
Guest
oncebittwiceshy
Okay, you are really cognitively challenged. Follow closely. Your nice house is now worth a million dollars. Your mortgage is only $600,000. which you obtained at 2.8% , 5 years ago. You can afford those payments.You have enjoyed the high life thanks to your heloc and you told your wife it isn’t a problem because you will pay it off when you renew. Are you with me? Now, Mr. Banker says, “if you want to refinance, you’ll have to go through the stress test. Oops, you fail. You say, ” but I have all this equity. “ Mr. Banker says, “you haven’t paid anything on your heloc and the bank wants their money.” You say, “but I have all this equity. What am I supposed to do?” Mr. Banker says, “you can’t make the heloc payments but you do have… Read more »
ostritch
Member
ostritch

Banks never look to push a debtor to insolvency especially when you are talking about multiple debtors and a portion of their portfolio of mortgages. Think like a big boy who heads a national bank and sits down with other bankers.

oncebittwiceshy
Guest
oncebittwiceshy
Uh huh, so I turn to my fellow banker and say, “so you’re not going to collect on any of your helocs, either, eh? That’s good, I thought it was just me. Hopefully, the shareholders or OSFI don’t care either.” Perhaps if most of these mortgages weren’t covered by CMHC your comment might make a minimal amount of sense. Besides, with all of that equity, nobody is going to be pushed into insolvency, are they. Lol. http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/b20_dft.aspx “While some borrowers may elect to repay their outstanding HELOC balances over a shorter period of time relative to the average amortization of a typical traditional mortgage, the revolving nature of HELOCs can also lead to greater persistence of outstanding balances, and greater risk of loss to lenders. As well, it can be easier for borrowers to conceal potential financial distress by drawing… Read more »
bestplaceonearth
Guest
bestplaceonearth

No need to ask my daddy as there are many mortgage professionals and financial advisers. Pity for those who spread fear mongering and take advise from the fear mongering. Sky is falling every second now! Hide!

Just me
Guest
Just me

Wow. That is a lot of BS even coming from a RE agent.

I would advise anyone thinking of buying today to wait at least 6 months.

bestplaceonearth
Guest
bestplaceonearth

taking advice from a landless? you must be joking right?

history
Guest
history

US Govt has shutdown on Trumps one year anniversay in office. Sharpen your pencils stardudes and starbunnies.

Diadora
Guest
Diadora

Anti-corruption group Transparency International Canada called the StatsCan numbers flat out wrong, adding anyone who tries to come up with an accurate number will also be wrong. Their reasoning: foreign investors can buy Canadian real estate through companies or Canadian citizens without disclosing the true beneficial owner.
https://www.bnn.ca/finance-officials-fretted-over-foreign-ownership-data-as-housing-heated-up-documents-show-1.973055
JT and Horgan, are you listening, change the law so the actual residential owners can not hide under a company.

Just me
Guest
Just me

What we have been saying for years. You cannot measure the flow of foreign money unless you introduce legislation that forces buyers to disclose the source of funds and the true beneficial owners.

Of course, doing that would be considered racist by some on this blog. For reasons unclear,

bestplaceonearth
Guest
bestplaceonearth

Keep blaming your failure to others! Government policy is your rescue eh!

Raincity
Member
Raincity

Unfortunately no one is listening!

See Saw
Guest
See Saw

Old “News” from 2015. That was then and this is now.

MarKoz
Member
Sorry for the off-topic post, but hidden amongst the big ticket items like LNG and housing, the coming budget hides a nasty little secret that will affect virtually everyone on this blog. Christy Clark bilked ICBC out of $1.2 billion so she could “balance the budget” without raising taxes. Problem is, ICBC could’t afford it, and now they are in financial trouble. The proposed solution is to introduce “caps” setting out a maximum amount of money that can be paid to an injured person regardless of the impact that injury may have on their life. Caps protect bad drivers because they are not held accountable for their actions. Under a caps system, bad drivers will even be entitled to the same compensation as their injured victims. Caps don’t work. Ontario has had them for years and they have the highest… Read more »
history
Guest
history

(Cap)ricorn…the sign of limitations. Dont worry Caps are working as we speak. They rule finance, operate under ground, and thus are rarely seen. They rule bankers and structures.

“God, grant me the serenity to accept the things I cannot change, Courage to change the things I can, And wisdom to know the difference”

Lost....but not leased
Guest
Lost....but not leased
ICBC should be disbanded…it is one of many bad legacies of the NDP when they fluke their way into power via the protest vote. Its genesis was to assist young drivers(under 25 years old ) who the NDP claimed were being discriminated against via high insurance rates aka they were deemed a risk pool via actuaries. So what happened? Its gotten worse….I have a spotless record since the 1970’s, yet even with all the discounts my rates keep going up. I am sick of seeing accident scenes with the usual suspects and their higher end late model vehicles. I choose to drive older vehicles, have never bought a new one. ICBC also seems to be a cash cow for injury lawyers. ICBC is also used as a cash cow to help BC Gov’t budgets. People do not realize that ICBC… Read more »
Lost....but not leased
Guest
Lost....but not leased

Anecdote:

Family member was in a parking lot backing out. Near them was another vehicle also backing out, driven by some Asian dude.
They “collided”, at some extremely low speed. There was no damage.

The Asian dude said don’t report to ICBC, and the family member didn’t.

THEN, a while later…ICBC contacted the family member and said the other party was filing an” injury” claim.

F$cKing Locusts….

bestplaceonearth
Guest
bestplaceonearth

Well, it was your family member’s ignorance. Any kind of accident, you report to your insurance and let the company decides. Would your family member eat dirt if people told him/her to?

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

Hey @sshole…the family member is an 82 year old born in Canada widow…

Say hi to SIDA…moron…

Best place on meth
Member
Best place on meth

Anyone claiming personal injury from a parking lot incident should be charged with fraud.

Then deported.

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

Many parties agree to settle without reporting to ICBC…one is NOT obligated to report if there are no injuries. This avoids possible premium increases.

ICBC policy is ,in essence, if it happened, but not reported…ICBC regards it as non- existent = non- claim.

Unfortunately…..Many scammers are aware that ICBC can be scammed via bogus injuries that cannot be disproved…so ICBC simply writes cheques.

(Scammers=Keep that whiplash collar handy!!!)

Best place on meth
Member
Best place on meth

ICBC was a great idea until the Liberals got their hands on it, raping and pillaging it for their own benefit.

YVR
Guest
YVR

Any money taken from ICBC went into general revenue which pays for government services. In other words all it did was reduce the deficit by the same amount. If the NDP does not think that was a good idea all they have to do is give money that was taken out of ICBC back to ICBC and you have the same result. It is just a numbers game. No need to continuously whine about it.

MarKoz
Member

The money was taken from motorists/ICBC and put into general revenue. That has left ICBC in dire financial straights. It made Christy look like she could “balance the books” without a tax hike when, in fact, she could not. Now they want to take away your right to fair compensation as a result. It is not just a numbers game, harmlessly shuffling funds from here to there. It has created a great deal of harm and will create even more if our rights have to be curtailed as a result of Christy’s cash grab.

YVR
Guest
YVR

“Now they want to take away your right to fair compensation as a result.”

That is the NDP changing the compensation. You seemed confused at to who is causing the problem you are complaining about. The NDP could easily give the money back to ICBC that was taken out and then make no changes to compensation.

Just me
Guest
Just me

Which part of “Christy Clark over-spent and tried to look good” did you not get? She was playing a lying game, like for everything else she ever did. And you fell for it because you are an hyper partisan.

You are to the BC Libs what Patriotz is to the NDP. The only difference is that Patriots makes some intelligent arguments when defending his side.

YVR
Guest
YVR

Are you really that dumb to believe the NDP spin? It is like when you go out for dinner. You can pay cash or you can pay with your credit card. It makes no difference. If you pay by credit card you can later use the cash to pay it off. Either way you end up paying the same. Same as them taking the money from ICBC to reduce a deficit. I get it you are not the sharpest person around here but surely even you can understand that.

MarKoz
Member

It is not like going out to dinner and paying with a credit card while you leave your cash at home. The cash is gone – spent. As Collin Hansen said, “Those dollars are then available to pay for the education programs, the health care programs and all of the other services that all 4.5 million British Columbians depend on being provided.”

There is nothing there to pay the credit card with. You could increase the deficit to put the money back, but that is like paying one credit card down with another.

http://www.vancouversun.com/business/Vaughn+Palmer+Ratepayers+damned+ICBC+become+valuable+cash+unrepentant+Liberals/8875836/story.html

YVR
Guest
YVR

All I can say is NDP voters obviously don’t understand finance and political spin. I guess that is why you vote NDP. You are ignorant.

Just me
Guest
Just me

Again, there is a big difference between general income taxation and revenues raised from motorists and cars.
(1) Using revenue from ICBC penalizes disproportionately people who need to drive to work.
(2) Reduced ability to compensate injuries means that we are lowering marginal tax rates for the rich and foregoing compensation for the working poor.
(3) ICBC was put on a path to self-destruction: the system was not stable as you claim. Every additional year was being financed with more debt from ICBC, and the current insurance revenues were not sufficient to cover these debts. Effectively Christy Clark was over-borrowing through ICBC, without most voters knowing it. Then she would claim in public that we were reducing debt: you see the problem now?

YVR
Guest
YVR

All that is fine but the NDP could reverse this decision with a stroke of a pen. Just pay the money back to ICBC. Why don’t they?

MarKoz
Member

See my reply to Lost…but not Leased above.

MarKoz
Member
ICBC has a long history of being well run and providing well-priced insurance for the public… until Christy. See this article by Vaughn Palmer: http://vancouversun.com/opinion/columnists/vaughn-palmer-heres-betting-victoria-finds-a-way-to-duck-icbc-questions-till-after-election “The B.C. Liberals came into office with hostile designs on the Insurance Corp. of B.C.. threatening to subject the auto insurance monopoly to greater competition. New premier…Campbell recruited Nick Geer, a former executive with the Jim Pattison business empire, to take charge at ICBC and prepare the company for competition. Geer put the company on a more sound financial footing, reducing operating costs and staff by 25 per cent. But along the way he became a supporter of public auto insurance, seeing it as good public policy and a mechanism for holding down rates. He also fell in love with ICBC: “I believe in this company. I believe in its people. I believe in the… Read more »
YVR
Guest
YVR

All the new system does is cut lawyers out of it. Good for everyone but personal injury lawyers.

MarKoz
Member

If you believe that people will still receive fair compensation for their injuries and the only people harmed will be personal injury lawyers, talk to some Albertans who have been injured. Whiplash injuries lasting from 2 months to 4 years all get the same stingy award because legislatively, they are all classed as “minor injuries”.

YVR
Guest
YVR

90% of whiplash claims are exaggerated.

Just me
Guest
Just me

I am not shedding my tears for the injury lawyers.

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

Admin:

What happened…as of this posting we were at 103 comments…now it lists 94.?

specuskeptic
Member

Weird. SIDA’s posts have been wiped (from what I can see).

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

We are now down to 91 posts….

specuskeptic
Member
Weird things going on. I’m not convinced it’s Mohican doing the vote vandalism, for example. It could well be, but wow, that’s just weird. Someone else may have his credentials or be spoofing them. Some posters (<-plural) have claimed being tech savvy and have espoused the use of VPN, etc. etc. That might be a good place to look for the source of the problems. I've lurked here for years (don't post often) and also over at RE talks until ETB got the run of the place and made the place boring. Some also have an exaggerated view of the effect a forum like this has on general public opinion. They're also more likely to be motivated to vandalise a site like this. Of course there are as many reasons there are to post here as there are posters… Like… Read more »
specuskeptic
Member

Of course there are as many reasons to post here as there are posters.
*Fixed

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

Update:

As of this point….
…97 posts…some of SIDA’s are back but under moderation

Best place on meth
Member
Best place on meth

“Some also have an exaggerated view of the effect a forum like this has on general public opinion. ”

You might be surprised, we’re way ahead of the curve here with the things we discuss.

Stuff you read about here becomes water cooler talk at offices, then eventually shows up in the mainstream media months later.

One reason for that is here we don’t give a shit about being culturally sensitive or tiptoeing around certain behaviours that are offensive to us, but which some people may feel uncomfortable talking about because they’ve been trained not to say anything.

specuskeptic
Member
“Stuff you read about here becomes water cooler talk at offices, then eventually shows up in the mainstream media months later.” Yes, but I doubt there’s that much of a cause/effect relationship between this specific forum and that meme being in the general public consciousness. RE forums as a collective probably do affect reportage – no denying that. It’s a general topic of interest. I can’t believe how often the topic of conversation comes up in the public sphere, but I avoid it like the plague and get my fill on this forum and a couple of others. Of course I try to avoid the topic at work as colleagues have their home ownership closely linked to their identities and any suggestion of a crash is taken by some as a deep personal insult. It’s an easy trigger. Also, there’s… Read more »
history
Guest
history

Very thoughtful post.
Japan allegory gets the treatment around here once in a while. Deflation is practically unheard of in NA, but Hedonic indicators are very well understood. Wolf Richter says we should worry about inflation. Hedonics is a function of demographics.. ahh, ok.. where’s the inflation again?, if Fed, ECB and Japan is unwinding, as well as the attempts in China to get that country of the growth hopium, where is the Inflation??

Thats what you talk about around the cooler: Find out where the Hedonic inflation is.

And the answer isnt Find Inflation in the Govt. USA is now shut, taking 0.22%/wk off of annual GNP. They can only take this a few weeks deep, but as a modern day financial war tactic it’s worthy of gameboy.

Just me
Guest
Just me

Inflation is in assets.Their valuations, especially housing, are nuts. Our obsession with CPI is driving us all into a precipice.

In which way is housing costs not a major living cost? In which way does it not affect our everyday expenditures? Some MP should ask this to Poloz and Wilkins.

history
Guest
history

And children are our most precious asset, but not according to Lyndsey Easton. Our children are being forward priced for deflation. Im surprised no one’s picked up on this 😉

Best place on meth
Member
Best place on meth

What children?

All I see in Vancouver is dogs.

All-in
Guest
All-in

Asians ?

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

Japan was and is a very respected Asian country. Being an Island nation allowed it to develop into a quasi first world nation( and not be held back as 3rd world like most of the Asian mainland).

Laughable” court historians” claimed Germany was supremacist / racist….when in fact they were WW2 allies with Japan.

Japan was suckerpunched and baited into WW2…….if the US had not literally stolen Hawaii…..WW2 may never have happened.

Lost....but not leased
Guest
Lost....but not leased
Wasn’t it NDP MLA..now MP “Jenny Kwan” that admitted ‘Her Tribe” goes to great lengths to be secretive.. about their dealings,,especially economic/fiscal….which implies this cultural nuance trumps the law. aka her message seems to be …… “‘ F*ck you round -eyes…none of your business..its our right to buy multi-million dollar homes in YOUR country, …not declare income and demand welfare..only racists dispute this”. Fine…okay…on the one hand…lets be politically correct libtards deem this under ” anthropologically” an accepted custom in a given Tribal homeland. However, unfortunately, once you allow this cultural norm into a foreign host country it DRAMATICALLY compromises the host, not unlike a disease imported into a country with no immunity…the difference being that the host country could deal with this political issue via simple laws…notad nauseum bend over capitulation. Race, per se has nothing to do with… Read more »
Best place on meth
Member
Best place on meth

The parasite analogy is accurate and yes, Kwan has made excuses for unacceptable locust behaviour on the grounds that it’s “cultural” and we should just accept it.

She’s in my riding. It was her refusal to discuss chinese money laundering prior to the last election that made me vote Green.

The liberals also put up an ethnic chinese who refused to discuss money laundering so I wrote him off as well.

I had always voted NDP federally before, Libby was a class act.

Lost....but not leased
Guest
Lost....but not leased
Was at the Radisson Hotel a few years back….on this town hall “language” issue. Kwan was there, and so were other Non NDP politicians. THE issue is many of us grew up in an ENGLISH SPEAKING society….regardless of our individual ancestry. Canada would NOT even exist if we applied these new multicultural rules 100 years ago ( which we never voted on..simply imposed ). Clear to most of us there we had traitors in our midst…simply indoctrination of the Sino- conquerors. Kwan is simply double dipping..solid MLA pension…now after MP pension. Like many of their ilk..simply one dimensional ..”their race is their only asset” Now that we of European descent created a First World society for Canada’s first 100 years…seems like they are hell bent on either allowing freeloaders in and/or collapsing Canada in less than a generation. We didn’t… Read more »
patriotz
Member

“Kwan is simply double dipping..solid MLA pension…”

Former BC MLA’s with enough service can start collecting a reduced pension at 60 and a full pension at 65. Kwan is 50. You might also find this interesting:

In 1996, the NDP provincial government implemented a pension plan where, for every $1 the MLA put in, taxpayers would put $1 in as well. But in 2007, the ruling B.C. Liberals brought in a pension plan where for every $1 an MLA contributes, taxpayers contribute $4.

http://www.cbc.ca/news/canada/british-columbia/taxpayer-advocate-rips-b-c-mla-pensions-1.1224045

Just me
Guest
Just me

Jenny Kwan lives almost across the road from Kits secondary. She made more money from owning her home than from politics. She will never favore policies that reduce home equity.

Some people might not believe such crude arguments. But then again, these people should think what they would do if they were sitting on 4 million of notional money, that could materialize if a dude from mainland China shows up on their doorstep.

Hint: they would roll out the red carpet, the world be damned….

All-in
Guest
All-in

same with Mike Harcourt. He made a fortune with a Kits flip a few yrs ago.

Just me
Guest
Just me

Yes. Harcourt’s case is even more embarrassing (and frankly repugnant): he basically doubled his money when our great mayor Gregor Robertson decided to close and pedestrianize Point Grey road. Harcourt and his son sold their land for something above 10 million dollars., as far as I remember when the case was discussed in the press.

Amazing how our own politicians have personally profited from the utter disaster that is our housing market. Normal working joes are being sacrificed on the altar of quick profits by selected few. Sad but ultimately true.

bestplaceonearth
Guest
bestplaceonearth

…And you still rely on the politicians to make policies to change your life? Your thinking is failing you. Wake up, rely on yourself only! Your parents did not do a good job teaching you this. Self-reliance is the key to success. Act now and thank me later.

Best place on meth
Member
Best place on meth

Could it be…..VCI is finally AIDS free?

Dear god, please let it be so.

bestplaceonearth
Guest
bestplaceonearth

there is no way vci can be aids free. there are always different deceases as there are too many freeloaders around.

Best place on meth
Member
Best place on meth

I already told you, I don’t speak retard.

Shoo!

Bestplaceonearth
Guest
Bestplaceonearth

Didn’t your mama teach you not to use the word retard? It’s disrespectful. Go hide. In mama basement.

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

Fraud alert..
“BPOE “uses different avatars……see above

Just me
Guest
Just me

Meager takings on your listings? Go sell a shoebox in the sky and leave us in peace.

history
Guest
history

It’s possible NDP has been muted on housing action because of the byelection, West Kelowna, Feb 14. Thats the vote that will count imo. They will have plenty of time to reward or punish the Okanagan in time for the Feb 20 Budget.
https://www.castanet.net/edition/news-story-216806-101-.htm#216806

BubbleTea
Guest

The NDP is scare of popping the housing bubble. They do not want to get blamed for the bubble that the Liberals inflate for many years,
No spine in this government to do the right thing.

history
Guest
history

Thats the set up going into the by-election. Survival. There are tens of thousands in OK on Heloc life support. To these sad Vengeful swineSows, govt is the Welfare prop because of past conditioning. You can be sure the NDP watch the polls very closely for the Heloc addicts going off hedonic, then the vote goes to them, and they can be more aggresive with an Egalitarian policy.

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

Unlike previous NDP in – BC Gov’t disasters(redundant), the current one is either
(i) Shite-ing its pants
OR
(ii) playing it” cool”,or impression thereof.

Other than throwing a few bones to the great unwashed( aka cancelling tolls), seems that the status- quo is the norm…..aka allowing foreign locusts to rape and pillage our now ex -sovereignty….Site C….etc. etc.

There is no doubt the Liberals stacked the deck to corner the NDP, but the NDP are less than sincere not being more upfront and candid.

NDP Budget?????…
ONE MONTH AWAY….!!!

Just me
Guest
Just me

I think they do realize they have no choice but go hard on housing. Anything else would be political suicide. A battle is probably being fought within their party. Hope Eby wins it, for the sake of the Province (and of the NDP as well).

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

Unlike GT..I do think Metro Van market is unique and has to dissected obectively/analytically.

Once we agree HAM ,at minimum, sets the benchmark…….we can have an intelligent discussion……aka if HAM never existed..totally different scenario/ discussion.

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

IMHO, next few weeks will become very indicative.
I agree with GT that many “house horny” parties will either be excluded from buying pool or will not be in the bidding pool.aka they will not be driving up shitholes in Slurrey past $million

Then what?

How does HAM react?
Are they dependent of flipping?..or can they simply park the money and sit for months..even years?
From example…I know Hong Kong HAM bought and held since 1980’s, and will have done well.

Thus, the patience /desperation?of Mainland China HAM could be THE main parameter re Local Real Estate.

All-in
Guest
All-in

they always want the fast buck or yuan.

history
Guest
history

https://www.gensqueeze.ca/bcbudget2018

Dont implement one thing this Lyndsey Easton person wants, and you are a ok fascist and demographic transformist….

LOL
Guest
LOL

Open House Today, across street new listing, only one showed up was realtor

zzzzz
Guest
zzzzz

Check your calendar,

All-in
Guest
All-in

calendar says 2018

See Saw
Guest
See Saw

What does that tell you? Looks like the bubble popping is well underway/

Strata Hacker
Guest
Strata Hacker

Sure Sketchy/Boombust/Garth jr. any day now… the renters shall inherit an earth full of cheap ocean front property… any day now chumps.

Best place on meth
Member
Best place on meth

British Columbians want the government to go after money launderers, tax evaders, speculators and other fraudsters operating in the province’s real estate market, public responses to the governing NDP’s 2018 budget consultation show.
Premier John Horgan’s government is scheduled to deliver its first full budget on February 20, and the NDP sought public input to on what to include in it

https://thinkpol.ca/2018/01/20/go-money-launderers-illegal-real-estate-flippers-scammers-tax-evaders-%E2%80%92-british-columbians-respond-budget-consultation/

Many citizens publicly shared their responses to the NDP’s request for consultation, and corruption, speculation and impact of foreign buyers on the housing market seemed to concern many.

“Pass a law no one can buy land or houses unless they are Canadians and jumped up prices will fall,” Dave Devitt of Chilliwack, BC, wrote. “When our kids can’t buy million dollar houses somethings wrong!”

Just me
Guest
Just me

“British Columbians want the government to go after money launderers, tax evaders, speculators and other fraudsters operating in the province’s real estate market, public responses to the governing NDP’s 2018 budget consultation show.”

Good old Christy Clark would have said that these very people were the engine of our economic growth. She ignored the will of the people. Where is she now?

The NDP better be careful what they write in that budget law.

history
Guest
history

The Moon is Void of Course Feb 20, unti about 11:15am. LOL Sun on the cusp of Pisces, Moon on the Cusp of Taurus, Kajeeeeses! THIS HAS HOUSING WRITTEN ALL OVER IT

YVR
Guest
YVR

“Good old Christy Clark would have said that these very people were the engine of our economic growth.”

Actually we have a more recent comment by the current finance minister:

British Columbians are proud to welcome thousands of newcomers each year who help strengthen our province.” – Carol James

Just me
Guest
Just me

You make a fool of yourself. There is a massive distinction between that statement and saying that money launderers and investors should be protected.
Christy Clark effectively implied that we should give a free rein to the scammers. This is not even close to what Carol James said.
Try to be a bit more objective, apportion blame where it belongs.

YVR
Guest
YVR

You are just too dumb to understand politics. We will leave it at that.

patriotz
Member

” You are just too dumb to understand politics.” Says the guy who offered this brilliant analysis:

The only way David Eby will gain any power is if he crosses the floor to the Liberals. That would get him a cabinet post and much of his proposals implemented. If he was smart he would be negotiating this right now and ditch the 5 time NDP losers. Otherwise he is an opposition critic for life with no power.

http://vancouvercondo.info/2017/05/friday-free-for-all-may-26th-2017.html#comments

specuskeptic
Member

Nice catch! LOL.

YVR
Guest
YVR

I was correct that Eby has no power as an NDPer. If Eby has power then why has there been NONE of his housing promises implemented? Or is he just a liar?

Best place on meth
Member
Best place on meth

YVR was also sure that the Greens would form a coalition with the Liberals.

Dave and Oracle agreed.

Hilarious.

specuskeptic
Member

Both the bad leadership and its enablers need to be held accountable for what they say and do. Sometimes it’s hard, because reading their drivel…. is difficult.

YVR
Guest
YVR

What is hilarious is watching you squirm as Eby and the NDP continue to do the opposite of what they promised. It is quite fun to watch. How is Horgan’s trip to China going? LOL

Best place on meth
Member
Best place on meth

Sorry YVR, but anyone who predicted a Liberal-Green coalition is a fucking joke.

REMEMBER THE 90’S??!!!!

SQUUUAAAWWWKKKK!!!!!!

YVR
Guest
YVR

ALL NEWCOMERS WELCOME!

Carole James spoke to CBC News on Thursday, after it was revealed her ministry had found no legal issues with the Vancouver Rent-to-Own … He said the program simply gives newcomers more time to obtain permanent residency or a work permit,

Best place on meth
Member
Best place on meth

Gregor’s Vancouver city hall has become like communist china with its army of social media monitors.

https://thinkpol.ca/2018/01/19/city-vancouver-staff-asked-talk-pr-team-responding-citizens/

City of Vancouver staff are asked to talk to the city hall’s army of well-paid spin doctors before responding to citizens on social media, according to information released through a Freedom of Information request.

The City’s communications team monitors Facebook, Reddit’s Vancouver subreddit /r/vancouver, Daily Hive, and a few other blogs, the FOI request reveals.

Mayor Gregor Robertson’s Vision Vancouver has come under heavy criticism for expanding the communication team from just seven employees to 33 workers, including 12 managers and coordinators, and seven public engagement officers[1].

All-in
Guest
All-in

do they monitor VCI

Dave
Member

The City has triple the number of staff when compared to Surrey, which has the same population.

This is paid for by the real estate bubble. When it pops, and people figure out this whole scam, those ‘communication’ jobs will be pretty quick to go.