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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LOL
Guest
LOL

Detached sales have tanked… must be condo crazies buying

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

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.

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.

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

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

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.”

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.”

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.

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

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.

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?

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.

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.

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.

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.

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.

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.

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!

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.

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….

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

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.