Friday Free-for-all! January 25th 2018

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

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

A prediction
Why people who can buy don’t
Less income that property taxes
FOMO drives condo sales
Victoria 2nd least affordable in Canada
Rate hikes warn on debt binge

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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southseacompany
Member
southseacompany

“I see ‘irrational complacency’ in Davos, and asset ‘bubbles everywhere’ — billionaire Jeff Greene”, CNBC

https://www.cnbc.com/2018/01/26/jeff-greene-sees-irrational-complacency-and-lots-of-asset-bubbles.html

“The titans of global finance at the World Economic Forum are too optimistic about the stock market and the economy, American billionaire real estate investor Jeff Greene told CNBC on Friday.’

“The titans of global finance in Davos are too optimistic about the stock market and the economy, the American developer says.”

“You get some inflation. You get higher interest rates,” Greene says. “That’s where the game is over.””

Hyper-mega-Bull
Member
Hyper-mega-Bull

bear logic: “I’ve never heard of Jeff Greene or followed his comments, but if what he’s saying agrees with what I already think then it must be right!”

xhistory
Guest
xhistory

the name “Jeff Greene” is code

He’s been rolled out as the spokesperson for Davos to give us the script.

The world as we gnow it, is ending.

The Madness of Crowds
Guest
The Madness of Crowds

Bubbles are driven by the expectation of gains. The more stories there are in the MSM challenging on the expectation of gains the better.

Confucius
Guest
Confucius

Bear logic: American billionaire real estate investor Jeff Greene knows more than small time condo investor HMB.

Yikes
Guest
Yikes

The consumer price index for the final month of 2017 was up 1.9 per cent compared with the same month a year earlier. That compared with a reading of 2.1 per cent in November.

bullwhip29
Guest
bullwhip29
Hyper-mega-Bull
Member
Hyper-mega-Bull

ALR land, another thing that all these pro-density ppl don’t want developed, and now HAM is coming along and turning it into their personal playground.

the irony!

do you want density or not? bunch of dummies.

bullwhip29
Guest
bullwhip29

BC Green leader to prod government into seizing homes of money launderers, tax evaders, real estate racketeers
https://thinkpol.ca/2018/01/26/bc-green-leader-prod-government-seizing-homes-money-launderers-tax-evaders-real-estate-racketeers/

Whister or Bust?
Guest
Whister or Bust?

Is he going to make more empty threats of bring the Gov’t down?

What a LOAD of shit. He will do nothing before the PR vote. He also knows this is likely the high-water mark for the Greens.

The NDP could sign 5 agreements to build LNG plants and he would do nothing.

He’s a boring windbag.

Repo Man
Guest
Repo Man

We repo a 2016 MB S550 from mainland Chinese house in Point Grey today tisk tisk no make payments…. she says thank you thank you as we drove it on the ramp truck.

Best place on meth
Member
Best place on meth

High water mark for the Greens, eh? Let’s see, they got 8% in 2013, doubled that to 16% last year and….hold on, what’s this?

https://www.straight.com/news/1022456/poll-shows-ndp-has-opened-nearly-five-percent-lead-over-bc-liberals

A poll by Ontario-based Mainstreet Research shows the B.C. NDP has the support of 38.5 percent of respondents.

That’s significantly above the 34 percent support for the B.C. Liberals and the 27.6 percent who back the B.C. Greens.

bullwhip29
Guest
bullwhip29
Lost....but not leased
Guest
Lost....but not leased

This is why housing prices are so high…
Having a toilet and shower are simply luxuries..not needed…

KickThemOut
Member
KickThemOut

When Oracle says his cousins are coming, did he tell them that they can’t force marry child brides here like they do back home?

Forced Marriages Are Driving Women to Murder in Pakistan and India
https://www.brides.com/story/forced-marriages-are-driving-women-to-murder-in-pakistan-and-india

Best place on meth
Member
Best place on meth

Look, the fact is that both your country and his country are cesspools.

But at least India is free and democratic while your country is a despicable, totalitarian den of thieves with the 2nd vilest culture on earth after ISIS.

The whole world despises your shithole of origin.

KickThemOut
Member
KickThemOut

Right up Abdul’s alley – the kind of values he wants Canada to adopt. Someone neglect to tell him that BPOM & his disciples are alt-right white supremacy only.

The Islamic Brew of Racism, Apartheid, and Slavery http://www.americanthinker.com/articles/2017/12/the_islamic_brew_of_racism_apartheid_and_slavery.html

Yikes
Guest
Yikes

ADMIN: are racist postings by this person KickThemOut tolerated on this site? This person should not be allowed to post garbage like this.

KickThemOut
Member
KickThemOut

Do you believe in forced marriages? Child brides? Slave trade? This is not what Canada stands for, and if you believe in any of that, you should get the fuck out.

Yikes
Guest
Yikes

What does any of this have to do with real estate? Are you mental? Get some help.

KickThemOut
Member
KickThemOut

It’s Friday Free-for-all, open topic day. Geez….
you are the mental here for supporting people like Oracle & Abdul with their disgusting agenda and goal of turning Canada into a shithole country.

Just me
Guest
Just me

@kicktemout: you are sick in your mind. Seek help asap. This is an RE blog. Only discuss the behavior of specific groups in the context of RE or related issues (money laundering, speculation), please.

Shut It Down Already
Guest
Shut It Down Already

What a joke you are.

VanRant
Member
VanRant

Todd Douglas, Vancouver Sun: Will B.C. close a notorious tax-avoiding real-estate loophole, which could be shortchanging government coffers of hundreds of millions of dollars?
For years, the B.C. government has failed to follow the lead of the Ontario government, which closed the so-called “bare-trust loophole” more than three decades ago because too many property buyers were abusing it to avoid paying various taxes.
The loophole, routinely exploited by investors wanting to obscure the fact that they are the real owners of B.C. real estate, opens the way for purchasers to avoid paying B.C.’s property transfer tax, the 15-per-cent foreign-buyers tax and various federal income taxes.
http://vancouversun.com/opinion/columnists/douglas-todd-will-b-c-close-a-notorious-tax-avoiding-real-estate-loophole/

patriotz
Member

“to avoid paying B.C.’s property transfer tax, the 15-per-cent foreign-buyers tax and various federal income taxes”

An issue with terminology. Tax avoidance means setting up a structure under which taxes are not legally payable. The PTT applies to change of title only so someone who transfers ownership of a trust does not pay PTT (for now). However income taxes are payable in any case so it’s a matter of evasion not avoidance.

Just me
Guest
Just me

True. it would be great if CRA actually paid some attention to that. They seem a bit “distracted”.

Doomcouver
Guest
Doomcouver

Distracted by the $250 million cuts to the CRA budget by the previous Conservative government maybe. Thanks Harper, good job on letting your rich a-hole buddies evade tax more easily.

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

I’ve heard of this bare trust loophole and that Ontario shut it down in 1983…which means waaaaaayyy before HAM.

WTF…why is it allowed…seems like BC is hell bent on trying to become the most corrupt RE market in the world…is there some award
????

Best place on meth
Member
Best place on meth

The award goes to Christy Clark.

Worst premiere of any Canadian province in history.

See saw
Guest
See saw

Lots of juicy changes in asking prices on My Realty Check today!

bullwhip29
Guest
bullwhip29

Douglas Todd: How Canada’s most expensive municipality grew alert to foreign capital
http://vancouversun.com/opinion/columnists/douglas-todd-how-canadas-most-expensive-municipality-grew-alert-to-foreign-capital

Just me
Guest
Just me

“At open houses for the most expensive properties, observed Booth, Cameron, and realtors, up to four out of five potential buyers were speaking Mandarin or Farsi, with some at times each buying two or three houses. Livable homes and decorative trees were being mowed down, replaced by “big, square monstrosities” that often went empty or under-utilized, Cameron said. A recent count revealed 1,700 detached homes in West Vancouver are unoccupied, about one-tenth of the entire stock.”

Just me
Guest
Just me

“We could observe all this happening before our eyes. You’d have to be hiding your head in the sand not to see it. We are a microcosm study of the housing issue at the high end,” said Booth.

For Booth, the battle began in 2014, when an Asian realtor in West Vancouver came to her with three years worth of data she had collected on how the housing market was rapidly skewing in the hillside municipality, where residents routinely elect centre-right provincial and federal politicians. The realtor provided evidence that buyers with non-Anglicized Asian names were dominating the market.”

Shut It Down Already
Guest
Shut It Down Already

Copyright isn’t a thing in your world then?

Just me
Guest
Just me

“To Cameron, however, the affordability predicament — with its attendant problem of wealthy speculators engaging in various tax-avoidance schemes — “is not a right-left issue.” As a card-carrying provincial and federal Liberal party member, he has been disappointed by the B.C. Liberals’ approach to the crisis.”

Just me
Guest
Just me

“Even the fiscally conservative mayor of West Vancouver, Mike Smith, has tried to cool prices for the past two years by asking the former B.C. Liberal government to allow municipalities to charge higher property taxes for non-resident owners. After all, Smith says, as a Canadian, he has to pay higher taxes than Americans on his vacation home in Hawaii.”

patriotz
Member

“asking the former B.C. Liberal government to allow municipalities to charge higher property taxes for non-resident owners. ”

That of course would allow them to charge lower property taxes for their wealthy resident owners. Such taxes should be levied by the provincial government and directed toward affordable housing.

Just me
Guest
Just me

Don’t be silly. One could have the provision that baseline taxes are set by the Province but local municipalities could, if they want, charge extra taxes to disincentivize property speculation by wealthy foreigners and keep the extra revenue. Simple and effective.

patriotz
Member

“keep the extra revenue.”

Keep it for what? Municipalities are required to run balanced budgets. Either they spend the extra money on the locals or they reduce taxes for the locals. Do you think West Van would use the money to build affordable housing?

Just me
Guest
Just me

They would be free to use the extra revenue whichever way you want. What is your (partisan) point here?
As long as they pay the Provincially mandated taxes, they are free to charge extra as they please.

patriotz
Member

“What is your (partisan) point here?”

Wealthy municipalities will benefit more because they will have more non-resident owners with more expensive houses, as the article points out. I suppose that’s “partisan” if you think it’s OK for the wealthy to benefit disproportionately.

Just me
Guest
Just me

You are really stretching my patience now. As I already pointed out, any additional tax on wealthy foreigners will be in addition to whatever is the mandated (and common across municipalities) tax rate set at the Provincial level.
In plain words, take the system as it is today and add an extra layer of taxation that may be set (or not) by municipalities on specific owners. What is the big deal? that they would extract surplus for themselves from rich absent millionaires?
You let your feelings about equity interfere with your judgement.

Just me
Guest
Just me

Poll-topping Cameron is also free to speak out because is not beholden to powerful outside interests. He has financed his own electoral campaigns, unlike most elected officials throughout Metro Vancouver who have long said yes to large donations from the real-estate industry.

According to Integrity B.C., a watchdog organization, West Vancouver councillors accepted about $4,000 in donations from corporations, all from the property development industry, in 2014.

That’s lower than the $62,000 in real-estate money hauled in by candidates running in the nearby City of North Vancouver, and a pittance compared to the $2.3 million in developers money recently accepted by mayoral and councillor candidates in the City of Vancouver. Cameron applauds how the new B.C. NDP government last fall stopped union, corporate and foreign donations to politicians.”

Just me
Guest
Just me

“Cameron and Booth launched another bold effort. In 2016, they went to the Union of B.C. Municipalities with a resolution that asked the then-B.C. Liberal government to “give local governments the powers under the Community Charter to implement measures to address (foreign capital in the housing market), such as the power to introduce a non-resident property tax rate, as exists in other jurisdictions.” After some rigmarole, the UBCM executive eventually endorsed their resolution in 2017, but its fate remains up in the air.”

Just me
Guest
Just me

“Meanwhile, Cameron and Booth both point to how traffic congestion has become the most recent manifestation of West Vancouver’s housing crisis. Traffic jams have become severe on the North Shore in part because few people who hold jobs in the region can afford to buy or rent homes in it, forcing them to make bridge-crossing commutes every day. Many small businesses are reporting they may have to leave.

“At the rate we’re going,” said Booth, “we’ll soon end up as a resort town — or a ghost town.”

See saw
Guest
See saw

They have moved on, Todd. Get it through your head.

Best place on meth
Member
Best place on meth

“According to Integrity B.C., a watchdog organization, West Vancouver councillors accepted about $4,000 in donations from corporations, all from the property development industry, in 2014.

That’s lower than the $62,000 in real-estate money hauled in by candidates running in the nearby City of North Vancouver, and a pittance compared to the $2.3 million in developers money recently accepted by mayoral and councillor candidates in the City of Vancouver. Cameron applauds how the new B.C. NDP government last fall stopped union, corporate and foreign donations to politicians.”

Gee, I wonder why Gregor is quitting?

Just me
Guest
Just me

What a disappointment Robertson has been as mayor. He seemed to genuinely care. But he is just a narcissist with a preference for money and a sweet life.

Burnabonian
Guest
Burnabonian

Have said before; will say again.

1) person smurfs ill-gotten gains to Canada due to apparently lax controls and ignorant political class
2) person pays millions to a Canadian for a crap house in crap city (economically speaking)
3) person finds out that crap house is only worth hundreds of thousands
4) Canadian (and Canada) benefit

It. Is. Wealth. Confiscation. Pure and simple.

Nobody who would know thinks that our soggy little city will keep costing more than New York and Beverly Hills and the Hamptons and Monaco indefinitely.

They’re just pretending that it might because they need to plead ignorance when the last phase kicks in.

There’s lots of free cheese in a mousetrap.

Doomcouver
Guest
Doomcouver

This is the thin silver lining to the entire housing crisis that many RE bears don’t consider. Wealthy foreigners were funneling huge amounts of wealth from mainland China to Vancouver/Toronto. Apart from making housing unaffordable for locals, this actually benefited a lot of Canadians over the short-term. The value of the houses can and will plummet eventually, but the full amount was already paid out to builders, realtors, bankers and homeowners that cashed out. Essentially many Canadians got rich selling foreigners crappy run-down shacks, and the foreigners get to hold the bag when the whole thing implodes on itself.

Just me
Guest
Just me

“Apart from making housing unaffordable for locals, this actually benefited a lot of Canadians over the short-term.”

That is for sure. Inequality has been established along housing lines. You can be a surgeon, but if you don’t own housing you might be poorer than a nurse who bought 30 years ago in Point Grey.

“The value of the houses can and will plummet eventually.”

I am glad to hear it. It would also be good to know if most of us will still be alive when that happens.

Burnabonian
Guest
Burnabonian

Correct.

Yes, you will be alive.

Unless the butterfly fart that triggers the next global fucktastrophe has the words “Cascadia Subduction” in it… in which case you may be dead.

In the end, something always happens.

This does not go on forever.

Just me
Guest
Just me

You sound so self-assured that I suspect you are totally clueless.

Burnabonian
Guest
Burnabonian

All economic systems work in cycles. Of that I am assured.

patriotz
Member

“the foreigners get to hold the bag”

Any way you want to measure it, even with the highest estimates of foreign ownership, the locals are holding the bag far far more than the foreigners. The transfer of wealth to the RE industry has come far more from locals than from foreigners.

Burnabonian
Guest
Burnabonian

The majority of people experiencing significant declines in paper wealth will be Canadians.

Just like we were the ones who benefited from the majority of the runup.

When it rains, you get wet.

Just me
Guest
Just me

If they are pretending, they are doing a very good job at that. It is almost 15 years that house prices have started a run that made absolutely unaffordable to all working locals.
I think you are deluding yourself. Reversion to the mean will not occur unless we stop money flows from mainland China.

Burnabonian
Guest
Burnabonian
You addressed your own concern: “Reversion to the mean will not occur unless we stop money flows from mainland China.” The free flow of capital around the world via anonymous and obscured routes is itself absolutely temporary. People forget that Crypto is the opposite of anonymous: It publishes every transaction that has ever happened for everyone in the world to see. People also forget that every major government is currently developing a blockchain currency. Your money as “portable via suitcase” will soon seem as quaint and ridiculous as a spitoon on the floor of a bar. Your money as “nobody’s business but your own” will also be phased out rapidly and without fanfare. They will say that it’s to fight ISIS or to fight organized crime or to fight inequality or to fight alternative currencies, which are all true. First… Read more »
Shut It Down Already
Guest
Shut It Down Already

Your ridiculous argument is effectively that foreign buyers are idiots and will pay any price. Have you any idea how stupid that sounds?

Just me
Guest
Just me

For once I am in full agreement with SIDA. Life is strange…..

Best place on meth
Member
Best place on meth

Why wouldn’t crooks looking to get stolen loot out of china pay any price?

It’s not their money.

Laibach
Member
Laibach

Right on, asap stuck it in something concrete possibly far away and before party and friends figure it all out. Who gives a shit for price when speed is crucial? Just look at the rats, how they function when situation is sticky.

Just me
Guest
Just me

These mainlanders are anything but stupid.

Shut It Down Already
Guest
Shut It Down Already

So you’re predicting never ending price increases then?

Laibach
Member
Laibach

“Nobody who would know thinks that our soggy little city will keep costing more than New York and Beverly Hills and the Hamptons and Monaco indefinitely.”

What if “persons” have chosen our soggy little city to become their “New York and Beverly Hills and the Hamptons and Monaco” because they couldn’t find better or didn’t have access to the real ones and decided to create equally expensive and “real” one especially for themselves and from scratch? And now they have their “New York and Beverly Hills and the Hamptons and Monaco” artificial one but who cares, “persons” are comfortable with fakes and artificial, they learn that well from where they came from. For them is a real “one” and what’s the most important, it is the most expensive one.

Burnabonian
Guest
Burnabonian

Could happen. I wouldn’t hold my breath.

Recall that those other places have wealth, climate, or both.

All that we bring to the table is being apparently clueless and helpless about illicit capital inflows.

Making us an apparently great place to hide ill-gotten gains because we a) won’t notice them coming in, b) will not hinder the major methods of obscuring or laundering them, and c) will not take the necessary action to prevent the negative effects on our own society.

That all ends though because of course it ends.

After which we go back to being a sleepy backwater in the wrong corner of a modest country.

Not fucking Monaco.

Best place on meth
Member
Best place on meth

They’ve chosen our soggy city to launder money because it’s easy, BC has very few barriers to this kind of behaviour and even Ottawa is way behind the curve in preventing trans-national crime.

It’s Eby’s job to clean this shit up and let the vermin know we are no longer going to be a first world locale with third world regulations.

Whistler or Bust?
Guest
Whistler or Bust?

We are holding our breath.

He has one chance with this budget.

paulb
Member

New
128
Price Change
26
Sold
72
TI:7315

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

xhistory
Guest
xhistory
The anthropology and cosmology of The VCI Issue, can be best expressed in a parable The failure of the manmade migration of the Moose to Vancouver Island. Have you studied this? The Moose, as is gnown, enjoys spending copious amounts of time in swamps, and watery courses, feeding. It was moved to Vancouver Island by the well meaning humanoid, perhaps for altruistic reasons, but also to be observed for Insight regarding our collective earthly experience… and it sure Didnt disappoint Upon alighting from their watery labour onto land, the Moose will often find itself in dry conditions, such is the climate in most of Canada. This is a good thing. Except, that is not the prevailing condition on the Watery west coast. The unfortunate transplanted Moose on Vancouver Island, it was found, was never able to keep its Hooves dry,… Read more »
Just me
Guest
Just me

How does laundered cash shape B.C.’s economy? Report due in March
Report will highlight the extent to which dirty money may have influenced the real estate market

http://www.cbc.ca/news/canada/british-columbia/how-does-laundered-cash-shape-b-c-s-economy-report-due-in-march-1.4506523

An investigation into then extent of money laundering in B.C. casinos will also pull back the curtain on whether dirty cash is linked to the province’s booming real estate market.

Just me
Guest
Just me

“There’s no question that money was made as a result of this activity in B.C. casinos,” said Eby at a news conference on Friday.

“It’s important that our economy is based on integrity, and that we don’t have an international reputation as a scofflaw,” meaning a jurisdiction where the rules do not apply to white collar crime, fraud, tax evasion, and money laundering, according to Eby

See Saw
Guest
See Saw

And, rightly so, If you don’t have “laws” you end up with “scofflaw”.

Just me
Guest
Just me

The attorney general launched the review after reading a report commissioned by the previous Liberal government about the River Rock Casino in Richmond accepting $13.5 million in $20 bills in July 2015, which police said could be proceeds of crime.

The July 2016 report — which was shelved by the previous government — says the majority of the cash is being presented by people commonly referred to as “high roller Asian VIP clients” and that River Rock was known to have accepted single cash buy-ins in excess of $500,000.

Just me
Guest
Just me

In a speech delivered to UBC’s Allard Law School and the International Centre for Criminal Law Reform, Eby said he was astonished once initially briefed on the volume of suspicious cash flowing through B.C. casinos.

“We knew there was something strange going on, but, my God, we had no idea it was this big,” read transcripts of the speech that were published earlier this month.

Just me
Guest
Just me

Eby also pointed to a glaring discrepency between real estate values in Metro Vancouver and the taxable incomes homeowners report to Revenue Canada as cause for concern.

“The question that flows from this economic reality is quite simple. Where is the money coming from?” he said.

Shut It Down Already
Guest
Shut It Down Already

So anybody who bought over 10 years ago and saw falling interest rates over that time period is somehow now suspicious for not having an income that’s compatible with today’s prices? Quite ridiculous.

Banks are also willing to lend current buyers higher salary multiples than the historical norm. This is another characteristic of a credit-fuelled bubble.

Oh wait. You were expecting the answer to be “nasty foreigners”, weren’t you?

Just me
Guest
Just me

The glaring discrepancy between incomes and home valuations is not explained by the change in interest rates over the past 10 years.
If you use that argument, then we should have price/income ratios of similar magnitudes across Canada. We do not.

See Saw
Guest
See Saw

Vancouver has ALWAYS been a bubbly city. There have been booms and major busts in the past but THIS one has gone on the longest due to a long run of cheap credit. Now that is coming to an en end. What don’t you get about that?

Shut It Down Already
Guest
Shut It Down Already

We have a nationwide obsession with credit and clear irrefutable data which shows Canadians have blown their brains out to the point we’re in a more precarious state than the US before their bust. So it’s fucking obvious where the money is coming from to anybody who hasn’t already decided the answer before looking.

Just me
Guest
Just me

Sure, whatever you say. Vancouver RE prices are just about Canadians borrowing beyond reason. That gigantic, unstable country across the ocean has nothing to do with our house prices.
You are truly a brilliant mind.

See Saw
Guest
See Saw

Oh, good. Then we can all put the matter to rest.

Best place on meth
Member
Best place on meth

Insights West: Anxiety Over Housing, Homelessness and Poverty Rises in British Columbia

“The level of concern about housing, homelessness and poverty in British Columbia has reached an extraordinarily high level, the Insights West “BC Government Report Card” has found.

In the online survey of a representative sample of British Columbian adults, half of residents (50%, +15 since the pre-election survey conducted by Insights West in May 2017) say housing, poverty and homelessness is the most important issue in the province.”

https://insightswest.com/news/anxiety-over-housing-homelessness-and-poverty-rises-in-british-columbia/

Other findings:

NDP/Horgan – 53% approve, 31% disapprove, 16% no opinion

Greens/Weaver – 45% approve, 32% disapprove, 23% no opinion

Liberals/interim leader Rich Coleman – 19% approve, 32% disapprove, 49% no opinion on his leadership but say he’s way too fat.

Conservatives/interim leader Scott…. somethingorother…..no data

Just me
Guest
Just me

But but… the BC Libs and Christy Clark said that we have never had it so good.
They said that they would fix our housing market because it was not broken!

Polozischeme
Guest
Polozischeme
Best place on meth
Member
Best place on meth

Douglas Todd’s best article yet, he keeps getting better.

A greedy man converted to the good side.

Thank you, Mr. Todd!

Just me
Guest
Just me

Douglas Todd is the best opinion maker in Canada. Period.
Each article is a gem. Thanks Mr Todd.

“Richard Wozny has produced 1,200 studies for the public and private sectors on more than $100 billion worth of real estate projects.

But the Vancouver-based commercial property analyst became acutely aware of the harsh indirect consequences of Metro Vancouver’s real-estate investment boom while being treated for non-smoking lung cancer at Lions Gate Hospital in North Vancouver.”

Just me
Guest
Just me

When the nurses, aides and doctors asked what he did for a living, the president of Strategic Site Economics Ltd. would tell them with a smile: “’My job is to make sure everyone makes the most of their real estate. That means ensuring the top one per cent make ever more money.’”

Given his open demeanour, hospital staff would soon start telling Wozny about their own housing difficulties — about not being able to live comfortably in Metro Vancouver, regardless of their income. Even relatively well-paid doctors were struggling.

Shut It Down Already
Guest
Shut It Down Already

Copyright isn’t a thing in your world, then?

Just me
Guest
Just me

Inspired by the philosophy courses he studied in university, Wozny wants, in the time he has left on the planet, to give something back to health care providers, who to him in turn symbolize Canada’s valuable middle class.

He has started by producing a groundbreaking report for government officials and the public, titled Low Incomes and High House Prices in Metro Vancouver.

Its main finding is that a “large, mysterious, untaxed pool of international capital” is being converted into speculative investment in residential real estate in Metro Vancouver.

Just me
Guest
Just me

And much of that investment capital, Wozny discovered, is being subsidized by tax avoidance and evasion: It gives housing speculators an unfair advantage over average taxpaying citizens.

“I think the creation of the middle class is one of the greatest achievements of the past century,” Wozny said.

“And taxes are what makes it possible. Taxes are the price we pay for civilization.”

Just me
Guest
Just me

Despite his difficulties, he still has the energy to do the research to support the position that real estate investment, which he calls “speculative demand,” needs to be controlled by stricter regulations, and increased taxes and fees.

A second-generation Vancouverite, from the Kerrisdale neighbourhood, Wozny says he’s a fiscal conservative who believes the best way to support B.C.’s middle class is by having everybody pay their share of taxes.

Metro Vancouver has become a place of radical inequality, he said. There is no longer any realistic connection between the city’s average wages (which are low by Canadian standards) and real estate prices.

Just me
Guest
Just me

“Housing in this dysfunctional market has become a reflection of unequal rights and obligations. Government intervention is obviously required,” Wozny said in an interview, during which his friendly, energetic demeanour belied his grim medical prognosis and treatment regimen.

The immense volumes of foreign capital finding their surreptitious way into Metro Vancouver’s residential real estate, he said, are largely “unaccounted for, untaxed and unregulated.”

Just me
Guest
Just me

Unlike the stock market, Wozny said, residential real estate “is not meant to be an investment vehicle.”

What does that mean in the context of Metro’s housing affordability crisis?

“It means governments are supposed to protect our freedom to strive for our own personal goals. By allowing real estate prices to escalate to absurd levels, governments are allowing the middle class to be turned into ‘mortgage slaves,’” Wozny said.

Just me
Guest
Just me

“The middle class then becomes nothing more than means to other people’s ends. Their primary utility is reduced to enhancing the wealth of those who already have wealth. Since every capitalist understands that the market cannot solve every problem on its own, we obviously need to rely on regulation to fix market failures like this.”

One step toward fairness, said Wozny, lies in the recommendations of scholars who have been proposing certain property tax reforms, based on precedents from other jurisdictions.

http://vancouversun.com/opinion/columnists/douglas-todd-a-smarter-tax-would-ease-vancouvers-housing-crisis

Just me
Guest
Just me

“This is my client work now. I am going to do what I can for them in the time that I have. So I can feel better about going. I’m not doing this as penance. I just feel there is a terrible injustice being done.”

KickThemOut
Member
KickThemOut

Right up BPOM & disciple’s monkey butts?

Even China’s cloned monkeys have a political message for the world
https://qz.com/1189181/chinas-cloned-monkeys-have-a-hidden-political-message/

Best place on meth
Member
Best place on meth

Who cares about chinese monkeys? Richmond is full of them, they’ve been trained to sell real estate on behalf of new coast.

The names are so cute though, but in the name of accuracy they should consider Anglicizing them to “Lie-Lie”…..”Cheat-Cheat”….”Fraud-Fraud”….. and “Launder-Launder”.

Just me
Guest
Just me

@KickThemOut: are you capable of writing a normal post, without sexual innuendos and vulgarity that has nothing to do with RE? If you need therapy, pay for a shrink.

Bestplaceonearth
Guest
Bestplaceonearth

A bit of double standard here, ain’t we now!
And the NDP would hand over you a key to free home in point Grey next month, you are entitled to it. Don’t worry about the money, the homeowners foot the bills, as they already funded the drug users.

Combat roach
Guest
Combat roach

Is this how writing looks like when moron drinks cheap alcohol?

bestplaceonearth
Guest
bestplaceonearth

it’s cooking wine from T&T. I wonder what the landless-self-entitle-elite people drink? I read somewhere, as they have their heads in the sand all the time, they drink sea water.

Just me
Guest
Just me

The only self-entitled moron here is you. Everybody else has a real job that contributes something to society.
As Douglas Todd article pointed out, when nurses and doctors have to beg people like you to rent a place, society is in a serious crisis.

There is a big difference between productively working and exploiting real estate rents.

Just me
Guest
Just me

After that inspiring article by Douglas Todd, here is a more mundane report about our own idiot central bank Governor. Who put this guy in power? (Ah, wait a minute, it was Stephen Harper….it all starts to make sense).

“Canada’s Poloz Says It’s Not Really the End of Easy Money”

https://www.bloomberg.com/news/articles/2018-01-26/canada-s-poloz-says-it-s-not-really-the-end-of-easy-money

kabloona
Member
kabloona

What is that dullard Poloz doing in Davos, anyway…?

Is he some kind of Genius Financial Prognosticator…? Maybe an elected Head of State…? A Big Wheel of some sort…?

Or just a Legend in his own mind….?

😀

Polozischeme
Guest
Polozischeme
xhistory
Guest
xhistory

Me? I think it’s Just Marijuana journalism

backwardsevolution
Guest
backwardsevolution

What’s hiding under the rug?

Bloomberg: “China’s bad-loan data, which analysts and investors have long regarded to be understated, was thrown into question again after the banking regulator uncovered faked reporting at a local lender. Shanghai Pudong Development Bank Co., the nation’s ninth-largest lender, illegally lent 77.5 billion yuan ($12bn) over many years to 1,493 shell companies to take over bad loans at its Chengdu branch, the China Banking Regulatory Commission said… The branch, which had reported zero bad loans, inflated its earnings and faked other operational data to improve performance and evade compliance, the CBRC found.”

Polozischeme
Guest
Polozischeme

Brad Barrett took over the Vancouver Is Falling Facebook page a year-and-a-half ago, when there were around 80 members. Now with 2,300 members, it’s the go-to group for the Vancouver housing conversation, a more civil respite from Twitter, where the conversation often erupts into a melee. Today, the membership includes citizens of every occupation, including members of the media, politicians and bureaucrats.

https://www.google.ca/amp/s/www.theglobeandmail.com/amp/real-estate/vancouver/vancouver-vigilantes-take-housing-matters-into-their-own-hands/article37716250/

Beefsteak
Guest
Beefsteak

Looks like you can find it here.
Over 2700 in it now. https://www.facebook.com/groups/vanfalling/

See Saw
Guest
See Saw

I don’t quite get the title of that group. It’s more of a SJW-type site from what I have seen.

Shut It Down Already
Guest
Shut It Down Already

Hi Oracle!

Best place on meth
Member
Best place on meth

Isn’t this the guy who was on VCI last week promoting his crappy, censored facebook blog?

No thanks.

Specuskeptic
Member

Different dude. Also, there’s nothing “vigilante” about what Smecher is doing. If he were a vigilante, he’d be burning those illegally rented suites down… or something. Reporting illegal suites to authorities ≠ vigilantism. I wonder if that turn of phrase betrays a bias of sorts on the journalist’s part….

patriotz
Member

Ghost towers: half of new-build luxury London flats fail to sell
There are only so many rich buyers out there. Even for London.

Just me
Guest
Just me

It is XI Jimping’s capital controls. The capital is there, but it is finding it harder to make it through the border.
Given the size of China the money flows could last several more years.
The dictator XI Jonoing managed to do what our own politicians refused to do. That is, constrain the tsunami of Chinese money hitting our shores.

patriotz
Member

“It is XI Jimping’s capital controls. ”

Don’t look at the whole planet at though it was Vancouver. Chinese have never been predominant in the luxury property market in London. According to the writer, who I’m sure knows more than you or me:

The total number of unsold luxury new-build homes, which are rarely advertised at less than £1m, has now hit a record high of 3,000 units, as the rich overseas investors they were built for turn their backs on the UK due to Brexit uncertainty and the hike in stamp duty on second homes.

Just me
Guest
Just me

Of course international capital is not only Chinese. But the sheer size of that country makes it the largest contributor.
And yes, these people respond to incentives:if you enforce taxes on them, they go somewhere else.
I repeat: the only one who is acting with some measure of success in limiting capital flows is Xi Jinping. Our Federal government looks at those flows as good for the economy. I am not sure anymore how the NDP considers them, but we will soon discover.

Many Canadian have totally lost their moral compass.

Shut It Down Already
Guest
Shut It Down Already

Notice how he always uses capital controls to explain the past but had never once used them to predict the future. It’s a deliberate strategy to always appear to be right without ever once having to demonstrate that his nonsense has real explanatory powers.

Just me
Guest
Just me

I don’t project capital controls into the future because they are not set in stone. The moment Xi Jinping decides that he has had enough restricting his countrymen from moving money abroad, we are back to square one.
This is exactly why we should put in place our own capital controls: we need to stop money from flowing into Vancouver real estate. We cannot rely on the whims of the current Chinese dictator. There is no rule of law in that country.

Shut It Down Already
Guest
Shut It Down Already

How convenient.

See Saw
Guest
See Saw

Just ignore this paid shill, SIDA. He isn’t worth the trouble.

Duh.
Guest
Duh.

Russians don’t want to bring their money there only to have their assets frozen obviously.

UBC in Crisis
Guest

Low Incomes and High House Prices in Metro Vancouver
SITE ECONOMICS LTD.
http://siteeconomics.com/wp-content/uploads/2017/04/High-House-Prices-and-Low-Incomes-April-2017.pdf

Just me
Guest
Just me

“The problem is not the general public but rather inadequate governance by federal, provincial and municipal politicians who have not updated tax regulations
to be fair or to re ect the modern economy.”

Just me
Guest
Just me

Housing speculation a big debate topic — unless you want to lead the B.C. Liberals. It may be biggest issue in province, but it’s rarely brought up by those looking to replace Christy Clark.

http://www.cbc.ca/news/canada/british-columbia/bc-liberal-race-housing-affordability-1.4506150

Just me
Guest
Just me
When the six candidates for leader of the B.C. Liberal Party met for a debate last week — the last one before members choose a winner next Saturday — there was plenty they argued about. It wasn’t until 80 minutes into the debate that a question was posed about the price of housing in Metro Vancouver — not surprising, if you’ve been following the campaign. “We can be bold,” said Mike de Jong. “Let’s extend our transit networks out into the [Fraser] Valley … and rezone and build up and provide the homes that people need and get them into our major population centres.” Then he and fellow candidate Sam Sullivan, who asked the question, talked for another minute about how it was important to put pressure on local governments to increase density. And that was it. Less than five… Read more »
xhistory
Guest
xhistory

Provincial Liberals got a wicked Hockey stick. Scores every time. Can be used as a weapon too.

Just me
Guest
Just me

The exchange was indicative of how the B.C. Liberals have approached housing through the campaign: a topic brought up only occasionally, and nearly always framed in the context of having to build more units.