We have a very special Friday free for all to kick off the new year. This is our regular end of the week news round up and open topic discussion thread for the weekend, but this ones special because it comes on a Saturday!
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
HAPPY NEW YEAR to ALL !!!!
Yeah even you…..$%#@…. and *&^%….. as well as #@)( ///……..and ” _____”
I’ll send a printed copy of this trial to my MP my MLA. We should do that: http://www.courts.gov.bc.ca/jdb-txt/sc/18/00/2018BCSC0009.htm#_Toc502670584
The vermin even do their illicit money transfers in 8’s.
Claiming being in Canada was an “immigration jail”
Hope the CCP take note of this and show them the CCP jail.
Hi everyone! Feel free to join my new FB site, “Metro Vancouver Housing Collapse” to share “News and views” about the RE bubble throughout METRO Vancouver.
I began the site on Nov. 11, 2017 and it has now grown to 239 members since then.
BTW, be sure to read the site description if you are interested in joining; there are certain “requirements” involved.
No thanks!
No shit.
Wrong, you’re still here.
oh boy, another sky-is-falling-site. Trying to sell ads and subscription for a living, aren’t you!
Nope Just trying to help people negotiate their way though this mess and help them prevent personal finaancial ruination if possible.
Help yourself first. What makes you think people need help from an anonymous internet source?
You mean like this one?
Link?
……………..Can’t find it.
You have to go on assbook, which I refuse to do, ever.
assbook?
LOL……No thanks…..that’s for 4Qtards.
Does this ever look familiar: “Rich Kids of Tehran”
http://www.businessinsider.com/iran-protests-rich-kids-of-tehran-2018-1
“When the occasional Maserati roars through the crowded streets of Tehran, past crowded buses and shabby domestic sedans, pedestrians sometimes unleash streams of curses in its wake,”
Unlike in china where the ordinary people gaze at them adoringly as they speed by, hoping that they too someday will become filthy rich pricks who can shit on their fellow countrymen and leave them choking on their dust.
Ever watch the movie “GoodFellas” ?
There is a scene in a bar right after a big heist.
Some of the crew start to flaunt their ill – gotten gains and the DeNiro character tells em to back -off…they will attract attention.
This is something the foreign locusts should take note of.(…………..or maybe not….let them hang themselves when CRA asks how they are claiming welfare while owning multimillion dollar home/s and $100,000 car/s.)
Too important piece so repost: Damning piece in The Economist about the ease of using shell companies in Canada for ‘snow washing’ dirty money. Our domestic problem is globally recognized!
https://www.economist.com/news/business/21734034-identity-checks-obtain-library-card-are-more-onerous-those-form-private
Its official, we are the money laundering capital of the world.
Globally recognized but locally ignored.
Turd has never talked about this problem and doesn’t care. These shell companies are run by his offshore donors.
Eby wants to change this, I don’t even know if he has any power to do so without federal action.
One of the articles noted that only 10% of these companies register at the national level.
If so, then the Provinces would appear to have free reign to lure laundered money errr…foreign investment.
Eby? IMHO he has the power and the tools. …but not the guts…..as at minimum he could pull Turds head out his ass and rub his nose in the mess.
Eby has the guts.
If the power is in his hands to deal with this locust shell company bullshit then the hammer is about to come down.
Antennae and mandibles will be smashed to pieces.
Of course Eby can do it. He just doesn’t want to and could care less about what he told you prior to the election.
You’re right.
This is a job for Rich Coleman.
HORGAN apparently going to China in the next few weeks…
…( maybe that’s why they cut the tolls on the Port Mann bridge ????)
I’m not sure it is totally ignored. It certainly figured prominently at Financial Ministers meeting in December. Not very well reported though; most of the news was about the agreement on sharing tax revenues from pot…
FYI:
…..just came across this party via Thinkpol called ” Corrupt Gregor ” who has a Twitter account.MUST SEE !!!!
Has a loooooonng list of parties who are effectively flipping properties they purchased recently ( ie 2017 ).
Check the names….vast majority are Asian names,and EI’s
Well, we know Turd and Morneau don’t care about rampant speculation in Vancouver’s housing market and will not do anything to stop it.
https://thinkpol.ca/2018/01/03/ottawa-vague-helping-city-vancouver-curb-housing-speculation/
ThinkPol asked Finance Minister Bill Morneau for his take on the Housing Vancouver strategy.
In an emailed statement, Chloe Luciani-Girouard, spokesperson to the Minister of Finance, said:
“We know that for many middle class Canadians, their home is the most important investment they will make in their lifetime, as such it is critical that this investment be protected. That’s why one of the first things we did in December of 2015 was increase down payment requirements to address pockets of risk in Toronto and Vancouver.”
The investment MUST be protected. Got that?
Makes you wonder how many overpaid government officials ‘Back East’ have their Snouts in the Trough of Vancouver real estate speculation…………….
I went to school with (3) current Metro Vancouver area Councillors…( hint: next to YVR )
——I used to have faith in one….till I found out they run a BnB out of their home…
——Another is married to a big time developer..and she is Chair of Planning Committee ? WTF ???
——The other is a realtor who often excuses himself from Council votes on rezoning as he is a partner in many Condo projects in their own City.
Local Gov’t elections have evolved from 1 year terms…..to 2 year…….now we are stuck with these pricks for 4 years.
PS: It should be clear I am very disillusioned…rare is the politician that does not have” insider “self- interest as Numero Uno.
The talk is “this investment be protected”, but the walk is “increase down payment requirements”, which we know decreases demand and results in lower prices than if not implemented. They’ve been taking similar measures such as the stress tests which just went into effect.
Do you expect him to say “We want lower prices so we have increased down payment requirements” ? No politician is ever going to say they want lower prices. Focus on the walk not the talk.
The swagger in Ottawa is different when on the way to the airport, the catwalk to the plane, carryon luggage shimy… Flordee or Mexicon, Lost Wages, bon voyage … protect the holy hedonic lifestyle is Snivellers mantra… if the free money doesnt come out of houses, it’ll be Gargantun wage increases these Heloc Narcisist Fascist Bureaucrats give themselves.
JFK tells a story of a guy that came to him one day with a solution, but Kennedy would always ask “Is it Politically possible?”
One day he was shot. So, you know, that made a bunch of big family men loose their dicks. 9 months later the Beattles played SanFrancisco in front of thousands of screaming 14 year olds,…. and the baby boom was over.
You don’t think JFK and Beatles were tied together?
Read Dave McGowans’ work.
I feel the two are connected, without reading McGovens work. I have created and read McHistory tho, and think his theory that they held the Beatles back a few years, exactly to the day the Baby Pipeline cleared, 266 days after JFK bullet, So contrary to a lot of other theories about JFK, in terms of Results, it’s obvious JFK bullet was used to end the Babyboom… In todays world Beatles are like Quantitative Easing. The breakup of the Beatles is similar to QE ending. You can even vector Yoko Ono entry into the scene, to the Japanese version of ending QQE. Check out the QQE story at Wolf Richters site to get a sense of Timing
Well Done…
At time of JFK assassination….Boomers(1st wave born in 1945) were entering adulthood.
Prime generation for co-opting/programming with Cultural Marxism.
BEATLES First North American appearance was rigged with screaming teenagers brought in by bus….power of the media later magnified by Ed Sullivan.
McGowan research unwittingly discovered many of the 60’s music stars had military intelligence in their family roots..ultimately concluding that the 1960’s were simply a major Psy-Opp to counter Anti- War protests.(which would impact Military Industrial Complex) .
End result was rather hedonistic leading- edge of Boomers…which helps explain where we are today.
It’s my turn to say Well Done. An image of discontent Beatles being ferried around in limousines circa 1970 is one of my earliest TV memories, where i actually remember hearing the commentary. Soon after that sad story wrapped up, my parents purchased a brick home for 17,000$ in one of the oldest parts of Galt Ont. A year later bread went from $0.17 loaf to $0.51, and damn near gave my Mother a heart attack.
Suggest one GOOGLES “Capt. Al Hubbard”…and ” HollyWood Hospital’ (which was in New Westminster).
Hubbard..a member of the OSS(pre- CIA)… was deemed the Johnny Appleseed of LSD….Hollywood Hospital was actually used as a clinic to deal with various mental issues using LSD till shut down in the 1970’s. The complex was torn down in 1970’s and converted to SF Homes.
Hubbard worked for the Reifel family(original owners of Casa Mia mansion on Marine Drive) during Prohibition..later Hubbard worked for Dr. Ross McLean (who bought Casa Mia) who prescribed LSD to patients.
Hubbard was tied to many famous people ie Aldous Huxley..Timothy Leary..Stanley Kubrick…etc. etc.
Fascinating stuff….
Tinfoil hat much?
No, but i recommend hearing protection when you listen to Yoko’s singing in Toronto, c.1970.
Painful, very painful,..
What this little Japanese tart did to Lennon, the Beatles, and Music in general, is the legacy of QE or QQE, in the not too distant future.
China’s Foreign Reserves Extend Rising Streak Amid Capital Curbs.
Still, the prospect of higher U.S. interest rates and the reset of a $50,000 cap on how much foreign currency Chinese individuals can convert each year have the potential to bolster capital outflows from China.
The yuan strengthened 6.8 percent against the greenback last year. The U.S. currency weakened 8.5 percent versus leading peers, according to the Bloomberg Dollar Spot Index.
That time of the year again! It is reset time! Smurfs at work, moving the 50k allowance to Canada.
Is there a prediction buried in that?
They need 5 times as many smurfs now, as the capital controls implemented a year ago require reporting any overseas transaction over $10K, along with a declaration as to what the funds are being used for.
Buying real estate abroad is not permitted.
But there’s always Bitcoin.
The federal, provincial and municipal governments have all made recent, big-ticket promises to tackle the housing crisis in B.C. — promises that span from reducing homelessness at one end to making family homes more affordable on the other end. But how where and when will this plans become reality, and how much is the combined price tag?
“We are now in a situation that is entirely unprecedented,” said Patrick Condon, a professor of urban design in UBC’s architecture school. “That is that (average) worker salaries are not adequate to buy or even rent homes, and that is the first time we’ve seen this in Canada for a long time. We don’t have government policies designed to deal with this.”
Another concern, Horgan said, is that any taxes or other financial changes to try to curb high real estate prices are done “without disrupting the markets and without putting fear into the minds of homeowners who believe that their equity might vanish overnight.”
Ultimately, the decisions made by governments will not make everyone happy, Harcourt noted. “It is a question of clashing goals. You can’t preserve heritage, be green and affordable, all at the same time.”
Larry Benge, with a neighbourhood advocacy organization, argues that communities should have more influence over planning at city hall. He doesn’t believe that simply building more condos and townhouses is the solution to affordability, and fears density without better planning will wreck the character of local communities.
Horgans inbox is full of messages from crybaby HELOCers begging for support, the Horgan Put, the want it!
Bloviating helocers sitting on sandy beaches, tiny thongs stuckup their hard drives as they type furiously on their tablets. The Govt Back Home is gonna Hear about my distress. I tell you! Come back from my vacation to disappearing equity?!? Not gonna stand for that!
Does this not imply the WARD system ( which once existed in Metro Vancouver)…which may or may not be tied to Proportional Representation ?
Not passing judgement , but NIMBYISM would flourish under the aforementioned.
“We’ve had 10 years of where we have built tons of new supply and it hasn’t made any dent in the rise of real estate prices. … Is the problem supply or is the problem that these units are being sold to people who are not occupying them?”
And still they keep coming here, to our wonderful spliritual palace by the oceous ocean. The close encounter with the History kind, driving people into a frenzy…
However, many are not able to complete the personal transformation, and resort to pursuing a life of constant tourism, fed by HELOC enterprise. They scream in pain down the halls of the Mortgage Refinancing offices, as they come down from the drug.
Withdrawals a Bitch
The “problem” has been the cheap credit that has led to all of this.
NO. full stop.
Quit the BD. Edmonton prices don’t match Vancouvers.
*BS.
Kick this clown outta here.
“Kick this clown outta here.” Un. Real.
Truth is that from 2000-2013 Edmonton home prices rose 178%, while Vancouver’s prices rose 159%.
While Vancouver’s home price are higher, since they started out higher, Edmonton’s prices actually closed the gap during that time.
http://www.torontocondobubble.com/p/canadas-housing-bubble.html
From 2000-2013 home prices rose in ALL 20 major Canadian centres – many at a higher rate than Vancouver.
This was a Canada wide phenomena.
Great. Let’s now compare absolute value changes. After all, we pay prices in real dollars, not proportional dollars.
To justify the increments observed in Vancouver, credit is clearly not enough.
That only covers up to 2013.
How did Edmonton compare to Vancouver from 2015, when china cracked down on corruption?
The chart doesn’t lie, the two cities diverged spectacularly.
“From 2010 to 2013 there were 2,045 suspicious transactions filed in BCLC casinos. In the same time period B.C. realtors only reported 13 suspicious transactions. And there were 65,920 large cash transactions reported in B.C. casinos from 2010 to 2013. Only seven were reported in B.C. real estate transactions.”
Ask yourself why all levels of government always look the other way.
Luxury and exotic auto sales in Vancouver have been on decline the last 6 months, December was a disaster at most dealers worst in over a decade storms a brewing watch out below
I don’t doubt this, but any links?
I had mentioned earlier Carmageddon…whereby car financing was following the same path as housing collapse.
No link – it’s Oracle.
“B.C. NDP government must deal with both cost and public trust issues in new housing policy”
“Of all the issues that B.C.’s NDP exploited to gain power, none was more important than its pledge to do something about the high cost of housing.”
https://www.theglobeandmail.com/opinion/bc-ndp-government-must-deal-with-cost-and-public-trust-issues-in-new-housing-policy/article37516444/?utm_medium=Referrer:+Social+Network+/+Media&
It’s not just the NDP, it’s all levels of our government and institutions. They have all failed the public. BC is a banana republic. It’s an easy place to launder money because those in power are completely incompetent. And that’s being generous because a lot of that incompetence is actually corruption.
Just more hollow phrases with nothing to back up what you’re saying.
Look at prices and incomes. That’s all the evidence a thinking person should ever need.
Dave, some of these guys don’t want to accept that you are right and that Chinese money is running this horror show. Even if you could show it to them in slow motion, they would still deny it.
Nobody is as blind as the person who does not want to see……
5%, asshole.
That’s about as legit as your thumbs up and a piece of evidence that our government is inept that isn’t lost on you.
So, everything StasCan reports is “bogus”? Including the recent jobs report?
Only the bits that don’t agree with their prejudices. But, hey, they saw an Asian-looking dude driving a McLaren once so that supports everything they say.
Fuck off, Garth.
Hush now, you angry irrelevant racist.
Both your tone and behavior line up with those of the people who are ruining the city of Vancouver: a patronizing, self-assured expression of political correctness that only serves the purpose of making even more money for the millionaires who sell to Chinese money.
This is about money, not race. And the money is coming, to a large extent, from outside Vancouver. The stats you mention are not worth the paper they are written on. And even the Stars Canada people have acknowledged that (eg DR Mc Carrel).
There is no data to support what you say, dumbass. That makes you the flat-earther.
That’s why it’s called a “bubble”.
Boombust, with all due respect, here is a hint: do you realize that most of the upvotes you are getting are from that disturbed reader that calls himself Mohican? This should give you a hint about how reasonable you sound.
Now you’re just mimicking BPOM. How adorable!
Another great TWITTER site is ” brettdrC” .
Sam Cooper and Douglas Todd post here.
Cooper is aware of that court case cited here aka speculators vs ponzi scheme involving Asians
Recently posted is a POLL re: NDP Feb. 20 budget and if they agree the NDP should take strong measures to curb speculation…even if it impacts equity..so far 82% say YES.
Also: someone named Clara Jeffrey posts that in 2015 , Chinese Billionaires , eager to park capital, spent $13 BILLION in Vancouver, 33% of all residential sales. As a result, house prices jumped 40% that year
Where is the proof of this?
You never asked for proof when the situation was reversed. Why? What’s your goal?
Sounds like “National Enquirer” tabloid stuff…”A Top Doctor Says”…”It has bee Reported That….|
“The proof” for the run up in prices was cheap interest rates. Thats all over now, though. This correction will be massive.
The correction will hopefully be massive. But you are grossly mistaken about the causes. At least in Vancouver.
Clara Jeffrey is quoting Paul Roberts, author of an article in MotherJones (she’s the editor) which does not provide a source for those figures. However, they do seem to lean heavily on Andy Yan’s report so presumably hats where they got it from. Nothing new.
The fact you don’t believe it is all the proof positive needed.
Speculator attempts to flip Richmond condo for nearly 3x within 6 months
“How can a honest hardworking Canadian family compete with corrupt officials who steal billions from the poor people, harvest organs from prisoners, traffic children for sex and sell weapons to terrorists organizations?” Corrupt Gregor asked.
“We can’t consider Canada a civilized country for as long as we allow these ruthless sociopaths to speculate in our real estate market with proceeds of crimes against humanity,” the twitter account added. “Not only is the corrupt real estate industry destroying families here in Canada, they’re facilitating the destruction of families around the globe.”
https://thinkpol.ca/2018/01/06/speculator-attempts-flip-richmond-condo-nearly-3x-within-6-months/
This flipper can “ask” whatever he likes. What he “gets” is another story.
http://www.cbc.ca/beta/news/politics/immigration-parents-grandparents-sponsorship-1.4442456
Fed NDP wants to open it completely. Why does the party even exist? It will destroy pensions and remaining healthcare.
Fed NDP finished. Before they started.
We need a Nationalist Party for the people. Soon.
We had an unusual twist and dissolvement to Goodfella type Fascism 30 years ago. We see the results of it today, with immigration hackjobs owning 100s of houses each, shrugging their shoulders at party politics because they know it’s Bullshit.
@corrupt gregor should get a medal… maybe the Order of Canada for reporting locust flipper scum to the CRA… or as s/he calls them: “ruthless sociopaths”.
Very meritorious work indeed. Will the CRA follow up? Or will they claim hardship and lack of resources, while pursuing local wage earners?
The CRA is a spineless Jellyfish who will only go after the easy prey eg. waitress who are making min wages. Going after the flippers are too much work and they are fearful of calling a racist by the Norwegians.
One has to take several steps back from the RE equivalent of Chernobyl…
Then one demarcates which side of the equation they(Civil Servants like CRA) exist ie” THEM” vs “US”.
Civil Servants are meant to serve who…US ?? or THEM ???
Yet another stupid comment.
Boomboobs:
What Gov’t dept do you work at ?
…oh ……………….that’s what we thought…..
Boomboobs..
Its full count…need I go further?
Capisce? DUHHHHHH
Boomboobs
Hahahaha
He’s a fucking troll who is deflecting attention from foreign money.
5%. Can’t you get that through your head? And before you claim it as a “fake” number, does that also mean the recent StasCan employment numbers are also fake along with any other figures they publish?
It will be the latter.
“Prepare for higher interest rates as early as next week”, Globe & Mail
“Should Monday’s outlook show strong optimism among Canadian businesses, the writing may then be on the wall for a Jan. 17 rate hike of one-quarter of a percentage point.”
“People’s Bank of China may raise interest rates “in the short term””, China Economic Review
http://www.chinaeconomicreview.com/peoples-bank-china-may-raise-interest-rates-short-term
“State-run newspaper China Daily said on Monday that there is now agreement among the People’s Bank of China’s top researchers at that higher rates would “help to squeeze asset bubbles and restrain debt expansion”
“UK faces borrowing squeeze amid central bank tightening”, The Telegraph
“The global asset bubble will burst – the only question is when, and how bad it will be”, South China Morning Post
“Andy Xie says we are seeing little concern about the swollen asset bubble, even though stock prices are higher than just before other crises and China is looking to slow the credit expansion that has propelled growth. It’s time to watch for signs of a coming contraction”
Often overlooked is the fact the Vancouver housing bubble is part of a much larger credit-fueled asset bubble globally. It is starting to look like Australia will likely be the first to suffer a housing price collapse. Thanks to globalism, it only takes one country for this to happen, and international investors will get spooked and push all their speculative capital to another asset class. That in turn will spook local investors, and the fear will spread throughout the housing market.
Vancouver is nothing more than one of the symptoms of the greatest macro imbalance in the history of the world.
Which is to say that the herpes is in your blood, not just on your pecker.
That weeping sore is not the cause, nor is cutting it off the cure.
This is why I am no longer angry: Because we didn’t cause this situation and there’s not much we could have done to avoid it.
It is also why I am no longer worried: Because $233T debt bubbles cure themselves.
(Possibly by killing the patient, but at least it will be nice to have some certainty after 15 years of wondering.)
Yes I agree we’ll likely get to see what a truly global depression looks like. The wealth destruction in China alone will be staggering. Their credit market is the most frothy, and on paper appears to be the largest credit bubble ever created. Sadly we have globalist Americans to thank for the siphoning of GDP to Asia to buy cheap consumer goods and services, and to grow the hungry monster: the Chinese debt bubble. I think on the other side of all the misery there might be some good outcomes though. Even though many products will be harder to find, local trade will be bolstered. Also the cost of living will inevitably be forced to come down to earth. We’ll have to see how it all shakes out though. We’re in uncharted territory.
Another bear fantasy that will never come to pass.
Many fuerdai are now hiring people to go get a diploma or degree for them. Just impersonate them and pass all the tests. Just make sure you finish the diploma in their name.
$200,000 cash per year. $400,000 for a diploma. That’s just chump change. Super car change.
Why would they do this? To fool their parents back home into thinking they’re going to school?
Sam Cooper: B.C. Lottery Corp. casinos rely heavily on large transactions from Asian “whale” gamblers, but revenue connected to this high-roller group could be affected by factors including China’s hunt for alleged financial fugitives, documents obtained by Postmedia News show.
Look at the beaming smile of Christy Clark on those slides!
In one slide titled, “BCLC net income” Alderson shows that from 2013 to 2016 in B.C., BCLC casinos netted an average of $921 million, while lotteries brought in under $300 million on average. A beaming picture of then-premier Christy Clark is shown beside the casino revenue graphs.
Another slide about revenue shows a picture of Gordon Gekko, the famous character from the 1987 film Wall Street, who proclaimed “greed is good.”
And in “reputation” slides, Alderson shows a number of B.C. newspaper headlines from the past several years, such as this Vancouver Sun 2014 report: “Despite tougher rules, reports of possible money-laundering up in B.C. casinos.”
“The Vancouver Sun”? You would actually cite them as a reputable source of info?
From the comment section:
Andy Nelson
It’s sad China is more concerned with Money Laundering here than our local provincial and federal government.
The NDP still have done nothing major to overhaul the money laundering process in BC casino’s. Put them on par with banks.
Im tired of hearing about the River Rock, Canadian Gaming, and BCLC aiding and abetting this activity every five years with NOTHING ever happening just a couple weeks of bad PR and off to the races again.
Why are banks fined hundreds of millions up to billion dollars for this very same activity? Either ramp up the casinos protocol or roll back the banks.
As the letter says, “I am tired of hearing…” . Make that two of us.
All speculation and hearsay. Not an ounce of proof; zero prosecutions let alone any charges being laid.
Shut the fuck up.
Present proof otherwise. Moron.
Bingo! We have a government and bureaucracy aiding and abetting foreign criminals. The sovereign country of China is trying to stop it but our officials throw roadblocks.
Prove it, Sam. Otherwise, it’s just more tabloid journalism.
No. You prove otherwise.
A guy like him puts it out there; the onus is on him, Anus.
The article uses the word “alleged” countless times. In your case, Oracle, there is PROOF that you are “allegedly” stupid.
No one cares what you think Boombust you are always wrong like Garth, lol.
Montreal’s real estate market sizzled in 2017 with sales hitting 10-year high
“Cardinal said the number of foreign buyers, particularly from China, has grown but remained marginal overall. They were mostly concentrated in wealthier neighbourhoods and the downtown core.
He said Montreal is attractive for foreign buyers because the city provides a high quality of life, affordable housing, low pollution and a university system that contributed to it being named last year as the best city in the world for students.
Direct flights to two major Chinese cities have also made it easier for family visits.
>>> locusts again …
Chinese buyers are very good at making themselves invisible. After all, the keyboard reason they buy RE in Canada is to hide wealth from their government and fellow Chinese.
So, you know more than the CBSA, the RCMP and the CRA?
Why so defensive? Vested interests??
Vested interests? Me/ Sure, to counter RE shills like you. Along with you phony stats.
What phony stats. Oracle doesn’t need or use stats. He hears things. People tell him things. He’s special.
You have done a very poor job of countering him so far. Every thing you say Boombust, turns out opposite. You have the Garth touch., lol.
Yes, because buying a Lamborghini is a sure fire way of hiding your wealth and not drawing attention to yourself.
Exactly, the Chinese are actually horrible at hiding their wealth but FINTRAC and the RCMP are nearly powerless to stop international money flows of dubious origins.
A Lamborghini does not count as documentary evidence, unfortunately.
In the actual records that count for FINTRAC and CRA, those kids come out as clean as a whistle.
The article said they were minimal at best. So, put your glasses on.
Don’t expect intelligent analysis or even fundamental reading comprehension skills from the dumbass racists. This is the guy who reads certain far-right websites, remember? Who lies about what others have posted about him? He’s a toxic uneducated buffoon.
Quit the lying and deceiving ways. Or is that part of your makeup?
Horgan again mentioned “people’s hard earned equity” again on the radio this morning.
But let’s ignore it since this is the dumbest blog out there.
Yeah, “hard earned”. What he means is the government were sitting HARD on their asses as housing got more expensive. I’m mostly talking about the Liberals though. Oracle you remember the Liberals? That political party that inflated our housing bubble for 16 years before the NDP took power? You seem to get amnesia as soon as you start Horgan-bashing.
The difference is the Liberals promised to boost housing via their policies. They never lied.
Whoa whoa, did you just say the BC Liberals never lied? Are you on drugs right now?
Link?
Nope, it’s whoreacle.
Immigration scams, tax evasion and mortgage fraud: Court case reveals Vancouver foreign buyers’ dirty tricks
“Fu vs Zhou”
1. Scheming to deceive Canadian immigration authorities
2. Parents knowing about the scheme to deceive Canadian immigration and colluding in it
3. Declaring questionable worldwide income in tax returns
4. Falsifying income on a mortgage application
5. Using company employees to get around China’s capital controls
6. Hiding the true beneficial owner
7. Putting property in another person’s name for tax advantages
https://thinkpol.ca/2018/01/08/immigration-scams-tax-evasion-mortgage-fraud-court-case-reveals-vancouver-foreign-buyers-dirty-tricks/
Should this people be in jail right now or deported back to where they came from?
I’d recommend jail, followed by deportation.
All assets confiscated, tarred and feathered, publicly humiliated, spat on, neutered……then deported, unless I forgot something.
They will be guests of honour for Liberal Party Trudeau traitor fundraisers.
There are some winners and some losers for sure. Going forward, I think these flows hurt us more than they help us. Small businesses are starting to close down in Vancouver because costs are too high (property tax, wages) and fewer and fewer people have disposable income because it’s all going to housing.
Young people are choosing to leave the City, so we’re in the early stages of a “brain drain”.
If we stopped that money overnight, it will definitely hurt the economy even more. But, in the long run, it’s much needed medicine because we build ourselves real economic activity. It’s similar to “Dutch Disease”.
You will always be able to find examples of businesses closing. What source(s) are you citing by stating that there’s an ongoing trend?
Anecdotal and observational, which is unscientific to be sure.
The benefit was high when houses were much cheaper. Right now, every extra dollar of investments in RE from China induces large economic and social costs that are not carried by those who benefit the most from that money.
Chinese money flows are redistributing wealth in a way that is killing the local productive economy and rewarding idle rents.
“Chinese money” is NOT interested in investing in a now-correcting market. There are other places and types of investments that would probably interest them a lot more than some damp, rain forest of a city.
Exactly. Everyone including the strongest Bears forgets that real estate is cyclical.
Capital inflows and “snow washing” money laundering feeds our economy. It is probably why a large percentage of posters here have jobs. Yes, it also temporarily boosts house prices.
But then prices reset. Because prices ALWAYS reset.
It is literally a wealth confiscation scheme orchestrated by the victims of the scheme.
No, I am not saying that investing is not a bare knuckled sport.
No, I am not saying that you don’t have to be informed, keep your own counsel, and step lightly in order to prosper.
But do I cry salty tears for you when you scream “Waaaaaa my strategy was bad. Someone owes me a house.” Not at all.
Play your own cards, make your own luck.
I’M NOT SAYING IT’S GOOD
But it happened and that’s a fact.
Suckling at the teat of capital inflows has allowed Canada (and BC in particular) to sidestep the Great Recession. One of the only countries in the world that did.
It also allowed people who were paying attention to do okay.
If you expected everything to be handed to you, you lost. I am sorry that happened to you and I recommend that you think of it as tuition.
Recall that Canada in recession is a gruesome thing. It’s easy to forget how much hurt it brings. The poorer the family the greater the suffering.
For better or for worse, we did a deal with the devil and here we are.
I would suggest getting your head around that and making yourself a plan.
We side stepped the great recession for now anyway. The fireworks released by a delay will be going up in peoples faces pretty soon
Foreign capital inflows have happened in virtually every Western country. Try again.
It is not the same everywhere though, we have developed the Vancouver Model. Here it is, we are world-class in money laundering. Excerpt from Eby’s talk at UBC:
“ And there is surely more to come. For example, in one of the more disturbing moments of the many briefings I have received on this issue, I was advised that the particular style of money laundering in BC related to BC casinos is being called quote, “the Vancouver Model” in at least one international intelligence community. I’d like to underline this point. The previous adminstration’s lax attitude towards this issue means British Columbia has apparently developed its own, internationally recognized, model of money laundering. This has a major and serious consequence for our international reputation, and also for the encouragement of whatever illegal activity might be generating these proceeds of crime.“
WHERE’S EBY!!???!!!??!!?!?!?
~cough~