data, opinion, prices

How do you talk about foreign buyers without being racist?

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309 Comments

A growing issue in Vancouver real estate is that of foreign buyers. Statistics Canada claims that non-resident foreigners own 7.6% of the value of homes within the city of Vancouver.

Now clearly it is possible to talk about this issue without devolving into racist generalizations and hate, but some commenters on this site have a very difficult time doing so.

There are a number of parties that have no interest in changes to the current market and these parties are served best by angry racist rantings.  What better way to distract from the issue at hand and paint any discussion of foreign buyers as racist?

So good job you knuckle-heads, those that profit in a run-away housing bubble thank you!

 

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Marcus Aurelius

“If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.”

In this case the key is to stop worrying about the charge of “racism” and get on with your life. Being called a “racist” is not the end of the world.

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trackback

[…] Southseacompany shared this article, looks like everyone’s mortgage is going to get more expensive: […]

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bullwhip29

Chinese-only bus ad leads to social media outcry
http://www.richmond-news.com/news/chinese-only-bus-ad-leads-to-social-media-outcry-1.23147598

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bullwhip29

>>> even more irritating is that this company, which appeared out of nowhere just a few years ago (a la New Coast Realty) appears to specialize in financial “consulting” for new immigrants yet prominently displays photos of blacks and caucasians on their Chinese-only website http://tenkk.ca/

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KickThemOut

Maybe those blacks & Caucasians can speak Chinese?! There are millions of ex-pats in China. It’s only in Canada & US where knowing only 1 language is considered a badge of honor.

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UBC in crisis mode

It promotes retirement home: Granville Gardens Retirement Residence at 49th Ave.
Not sure if it is licensed to sell insurance. We need Chinese speaking journalist to look into this.

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bullwhip29

pretty clear this is an ad for tenkk.ca which is not a retirement home

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bullwhip29

Vancouver woman learned new husband was already married after whirlwind romance and Vegas wedding
http://www.cbc.ca/news/canada/british-columbia/vegas-marriage-chinese-court-1.4491523

>>> what happens in Vancouver certainly doesn’t stay in Vancouver, does it?

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KickThemOut

And when did Vancouver ever claimed that?

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bullwhip29

Amazon Announces 20 Candidates for HQ2
http://phx.corporate-ir.net/phoenix.zhtml?c=176060&p=irol-newsArticle&ID=2327285

>>> Toronto is the lone Cdn city

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Dave

Surprised Vancouver didn’t make the cut, but with the Trump tax cuts, I don’t think Canada was going to get this.

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Sebastien

Agree. Canada is probably out. My bet is on Austin, TX.

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Dave

I’ll put my money on Denver.

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bullwhip29

bezos is a smart guy and will use this as a bargaining chip to appease the Donald, who will undoubtedly have a hand in the selection

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history

Yeab, it’ll go to Toronto.

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bullwhip29

you are being sarcastic, right? makes no logistical or financial sense to locate HQ2 in Vancouver

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Dave

Vancouver makes sense because of our immigration system, the $.80 dollar, the airport, the Port and good educational facilities.

What works against us is real estate and the Trump tax cuts.

If you believe Bezos wants to negotiate with Trump, then a swing state like Colorado is a good bet.

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Shut It Down Already

Vancouver makes no sense being a stones throw from the existing HQ.

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history

Do you throw stone in China shop?

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history

AmaZon provided the excuse for 238 communities to re design their cities to further the secret Fascist causes

Well Done globalist spooks!

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history

https://thetyee.ca/Opinion/2018/01/18/Housing-Crisis-Really-About-Globalization/

New Age Fascist land grabbing!

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bullwhip29

More B.C. home-sellers accepting Bitcoin
https://globalnews.ca/video/3972287/more-b-c-home-sellers-accepting-bitcoin/

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patriotz

Of course no seller has actually accepted Bitcoin yet. I still think it’s a publicity stunt. I hope the media can do a followup (with title search) if and when these properties sell. Remember no seller is required to accept any offer, even at list price, in whatever currency.

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Best place on meth

They’ve raped and pillaged their own neighborhood, now they’re coming to yours.

https://www.bloomberg.com/amp/view/articles/2018-01-17/huge-oil-spill-isn-t-china-s-real-offshore-disaster

Locusts….it’s what they do.

Be very afraid……

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KickThemOut

you mean BP and the Florida Horizons fiasco?

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Best place on meth

Seems like oracle isn’t around this week. ~wink, wink~

He must be enjoying his vacation in Japan. I hope he gets out of Honolulu and checks out some of the beautiful areas outside the city.

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KickThemOut

Everyone…here is proof positive why bears are just so f*king stupid and never gets ahead. Honolulu in Japan?

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southseacompany

“Canadian banks raise prime lending rate to 3.45% in wake of Bank of Canada hike”, Financial Post

http://business.financialpost.com/news/economy/royal-bank-raises-prime-lending-rate-to-3-45-in-wake-of-bank-of-canada-decision

“Last week all of Canada’s big banks raised their fixed mortgage rates”

” Canada’s biggest banks will hike their prime rate by a quarter of a percentage point on Thursday, putting financial pressure on homeowners with variable rate mortgages.”

“RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank (TSX:BNS), TD Canada Trust (TSX:TD) and Desjardins Group “

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Best place on meth

We now have the highest BOC rate in 9 years, and the highest 5 year CAD bond yield in 6.5 years.

And both will continue rising.

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YVR

2018 will be interesting for the indebted.

The biggest hurdle will be mortgage renewal. According to Bank of Canada analysis, half of all current mortgages will “reset” in 2018. What does this mean? It means 47% of mortgage holders will need to renew their mortgages. This surge of renewals will mean that these homeowners will have to make some tough decisions: Renew with your current lender and skip the mortgage stress test or shop around for a better rate and be subjected to the mortgage stress test.

http://www.moneysense.ca/spend/real-estate/canadian-real-estate-market-outlook-2018/

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YVR

I am sure all lenders will be offering their best rates upon renewal knowing the mortgage holder may not qualify with a new lender.

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history

Naughty thong!

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Funny how

the rich will get richer and the ones in debt will get poorer…..NO SURPRISE HERE

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KickThemOut

Rich people has more debt than poor people on average dumbass.

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oncebittwiceshy

I think, YVR, that the most interesting aspect might be how many of those renewals are people trying to refinance their lavish spending over the last 5 years.

It’s quite possible that a good percentage of these people are actually refinancing a higher mortgage or similar size mortgage that they took out 5 years ago when they didn’t have to deal with a stress test.

Refinancing triggers the OSFI stress test. Oooops

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Strata Hacker

Anyone who bought 5 years ago has massive equity. What are you talking about?

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bullwhip29

many people that bought during 2000-2010 wound up buying additional properties or moving up the property ladder. the conundrum so many local real estate millionaires face is that this wealth can never really be tapped unless they pick up and move far away or substantially alter their lifestyles during retirement

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Just me

Real estate companies top list of Vision Vancouver donors in 2017.

http://www.cbc.ca/news/canada/british-columbia/real-estate-companies-top-list-of-vision-vancouver-donors-in-2017-1.4491930

Dermod Travis, the executive director of non-partisan non-profit political watchdog Integrity B.C., pointed out developers rely on support from council to rezone contentious developments.

“Here, what you see is a political party that has a majority on city council with a day-to-day rule in approving building permits, zoning issues, the whole gamut, taking five-figure cheques from the very people who are going to be knocking on their door the next day as part of their business operations.”

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Just me

“I think it’s simply a campaign finance problem,” Travis said. “I think Vision Vancouver inherited what the NPA was doing before.”

More recently, the NPA also relied on corporate real estate donors last year. Some of its top contributors included Polygon Homes ($5,000) and Concord Pacific ($3,000), which also donated to Vision ($8,500).

But NPA Coun. George Affleck said his party has “never come close to the kind of money that Vision has raised in their time.”

“They have taken donations from corporations and unions to a level that I have never seen,” Affleck said.

CBC News reached out to Vision Vancouver, but no one from the party responded by deadline.

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kabloona

Love this from the comments section… 🙂 “John Michael The greatest achievement of Gregor’s time in politics was tricking the people of Vancouver into thinking that he was a progressive, well- meaning social democrat who is transparent and inclusive in the democratic process when nothing could be further from the truth. He is merely a business elite with liberal tendencies and a penchant for “green” living who gave Vision the veneer of progressive and social justice doctrine it needed to mask its true intentions while in power – doing the bidding of the real estate industry as they saw fit with a few “progressive” pet projects thrown in. All the while avoiding any accountability or responsibility for the housing crisis that has arisen in the city during their time in power. Yes other parties took RE donations but at least… Read more »

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Just me

Fully agree. Robertson has turned out to be a sour disappointment. Good riddance.

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Just me

This last bit is a tribute to David Eby, who introduced much needed campaign reforms:

“New campaign financing rules that went into effect on Oct. 31 place a ban on corporate and union donations and limit individual donations to $1,200.

“Vancouver residents should be very happy,” Travis said. “It’s the last time they’re ever going to have to see these types of numbers, in particular from these types of donors.” “

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Just me

That is, until a new BC Libs government decides to introduce further reforms to make campaign donations legal again.

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KickThemOut

January 1 of every year, the firm donates $1200 on behalf of every employee to the party of firm’s choice.

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paulb

New
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Price Change
29
Sold
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TI:7140

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 Friday to help keep them in the loop. No question to big or small. pboenisch@sothebysrealty.ca http://www.clivestevepaul.com

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Just me

Terry Glavin: How China’s dictatorship reached a student in Vancouver.

http://vancouversun.com/opinion/columnists/glavin-how-chinas-dictatorship-reached-a-student-in-vancouver/wcm/a7849758-0dc4-4a40-9c67-fb7a832f2375

It’s a story about the way the Beijing regime bullies people far beyond its borders, with a few amusing twists and several disgusting instances of corporate cowardice, but it begins innocently enough, with a 28-year-old student at the University of British Columbia and a post he put up on Twitter last Wednesday.

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Just me

Within hours, public security police were putting the heat on Zhang’s schoolteacher parents back home in Wuyi, in the coastal province of Zhejiang, just south of Shanghai. The cops wanted Zhang’s parents to tell their son to shut the hell up.

“It’s like they are holding my parents hostage there, so that I can’t say things,” Zhang told me. “It is not just Chinese, but many non-Chinese are under this censorship. People in Canada and the United States have to censor their own statements if they want to get business inside China, so they don’t say anything. They surrender to censorship.”

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DaMann

And everyone in the West is falling over themselves to do business with them! unbelievable!

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Doomcouver

A trade war is the only way to fix this. Let’s hope Trump is ignorant enough to start one.

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Just me

I only wish our Premier Horgan did not go there to kiss their arses. It seems every BC premier has to do the rite of passage of kissing the arse of the Chinese dictators.

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Best place on meth

It’s almost like presidents putting on a beanie when they go to Israel.

Sickening beyond belief.

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KickThemOut

Why haven’t you joined the no-China movement yet?

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Best place on meth

Ignorant enough?

You people still don’t have a fucking clue.

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Shut It Down Already

Why, he’s the least ignorant person you’ve ever met! Believe me! He’s like really smart!

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KickThemOut

Why don’t you start your boycott right now? Why wait for something that isn’t likely to happen? Join the no-china movement. I already it. If millions of lazy ass big talk Canadians like you actually did that, you wouldn’t need to be bitching, and hoping for a trade war with China would you?

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See Saw

Just another “sensational piece” by Ian Young (who is an immigrant and earns his money “off-shore”, but that doesn’t “count”). I’d trust anything he has to write about anything as much as I’d trust Uri Geller and his spoon-bending claims.

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Laibach

Says a loyal comrade disguised as a grasshopper…

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Just me

You are joking, right?
Ian Young is one of the best journalists around. He gave you a bunch of facts (all verified) and you dismiss the guy offhand?
You are cannot be for real.

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See Saw

He’s a phony through and through.

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Best place on meth

“Zhang refused to take down his tweet, and he does not expect this will result in any serious repercussions, for four reasons. The first is that he expects he will never be able to return to China, and hopes to obtain permanent resident status here in Canada after he graduates from UBC.”

This guy is cool, give him automatic citizenship.

Meanwhile, I need to get a t-shirt made up with a big Tibetan flag on it and parade around town when the weather gets warmer.

Accessories will include pepper spray for “locust control” and maybe a GoPro to record the hilarity.

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Just me

We should get more new citizens like young Zhang. And less millionaire emigres affiliated to the communist party.

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Best place on meth

Somehow this guy didn’t get brainwashed by the locust borg system.

What a treasure, put him at the front of the line.

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KickThemOut

6 figure salary from CIA will do that for you. You should try it sometimes.

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KickThemOut

Better yet, go to locustland itself and do that…bet you will get even more hilarious videos. Also, record some heart to heart conversations with the people in Tibet. Edit it all into a documentary film, call it Decade in Tibet, get Brad Pitt to narrate, and hello big money!!! Maybe even enough for a single detached house in Vancouver?!@

Wait, you aren’t doing it?! Why? Oh, right, you just like to sit on your stinking couch and be a keyboard warrior with one hand always underneath. This is why you are a sore loser…

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bullwhip29

SCMP: How is China persuading graft suspects in Canada to ‘surrender’? An embezzler’s disastrous deal offers clues
http://www.scmp.com/news/world/united-states-canada/article/2128730/how-china-persuading-graft-suspects-canada-surrender

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Just me

Without commenting on the specifics of recent returnees, Cannon said Chinese authorities could convince suspects to return by either offering them a deal for leniency or at least fair treatment, “or they do what they have always done, which is threaten family members and loved ones with consequences.”

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DaMann

Awe, boohoo. Poor Chinese crooks are not being treated fairly and were lied to by the Chinese Government. Oh the horror. These guys stole upwards of $100 million and then fled here. Send them back to rot

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Doomcouver

Yeah I don’t think you’ll find many sympathizers in Vancouver. They’re using dirty money to price locals out of the market. I’d personally like to see every dirty official that fled here sent back so they can rot in jail or be executed.

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bullwhip29

imho, a joint Calgary-Vancouver bid for the 2026 Winter Olympics is quietly picking up steam and that should make those living in this neck of the woods very nervous since the IOC seems to have very few viable alternatives. https://bc.ctvnews.ca/ioc-would-welcome-multicity-olympic-bid-including-whistler-1.3764157 the problems with doing this all over again would be as follows: – the marquee events would go to Calgary – more money would be spent on unnecessary riff-raff to spruce things up pre-2026 just because the powers that be can and will do so – should the economic situation in Alta take a turn for the worse after having committed to the event, we would be on the hook to shoulder the load – the 2026 games which will presumably be done on a limited budget, will follow no holds barred, over the top mega events in Korea (2018)… Read more »

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Diadora

Must listen on Jon Mccomb: Lawyer Sam Hyman estimates 200,000 Lower Mainland households do not report their income properly
https://omny.fm/shows/the-jon-mccomb-show/immigration-fraud-tax-avoidance-real-estate-scheme

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Diadora

Jon Mccomb “Mind Blowing”

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See Saw

Jon McComb? So? He likes to blow a lot of hot air like all the other Postmedia hacks.

BTW, did you listen to the show with guests Kathleen Tomlinson and Ian Young on Dec.3, 2017? Awful. A whole lot of yakking based on hearsay and supposition. Zero facts.

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Best place on meth

Oracle, fuck off.

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Fact

Most people I know don’t declare any rental income and have several houses and all claim the hog discount too….that’s about to bite many in the karmass as new disclosures and ties to cra will begin to see who’s been honest and who’s been naughty,. On another note listings exploding today, rate hike coincidence? Lol hahaha cheaters liars are about to get whacked

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Just me

Obviously, you are considered a rabid racist for pointing this out. We live in a world were breaking the law is OK, if a single large group does it.

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Shut It Down Already

Just me, king of the strawman argument. And you still won’t challenge those who use racial slurs.

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Best place on meth

King of the hypocrites strikes again!

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Shut It Down Already

Need a dictionary, dumbass?

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Best place on meth

Don’t need a dictionary to know what a hypocrite is, you’re here all the time to show us.

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Just me

I like honest people. And you are dishonest.

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Shut It Down Already

Once again you avoid the accusation that you support the use of racial slurs. Despicable.

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Just me

Summary of points raised by Sam Hyman the interview (strongly advise you listen to it in full): -1- the previous government knew what was going on but failed to act. -2- this case is not unique but sets the light on some common practices in Metro Vancouver (both in regards to immigration and money laundering in RE) -3- total neglect of immigration fraud by the competent Candian authorities; elaborate schemes to avoid complying with Canadian laws. False employment records, false paycheques, false residence records were part of the package provided by a real estate agent. -4- total neglect of tax fraud by the competent Candian authorities: RE titles did not report the actual owners, to avoid taxes and keep anonymity; -5- land registry system is being undermined by these practices: bare trust loopholes allows true owners to be invisible for… Read more »

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best place on earth

Obviously the government does know how to do anything, you do. So, run for the office on the next election, I would vote you if you dare!

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Diadora

“200,000 household in the lower mainland area reported less income than they paid on their property tax”

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Raincity

The NDP will be complicit if they don’t do something about this NOW!

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YVR

APRIL 26, 2017

Eby said house prices should correct in Richmond, in part, with measures his party proposes.
Eby wants to close a loophole whereby a home can be bought by a shell company
The NDP is proposing a two per cent annual property tax surcharge on “absentee speculators,”The speculators’ tax would be linked to a homeowners’ income taxes, with the likes of senior citizens being excluded, said Eby.
Eby is also calling for more advocacy from the province to prevent money laundering and ensure non-residents do not claim capital gains tax exemptions on home sales.
Eby said he wants to close loopholes with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

http://www.richmond-news.com/election-2017/housing-ndp-and-greens-tackle-money-laundering-and-tax-evasion-in-richmond-1.17102892

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Best place on meth

So if the Feb budget closes these loopholes, you’ll give Eby due credit, correct?

Of course not, look who I’m asking.

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YVR

If Eby does all of those things in the Feb budget I will buy him a “Make BC Great Again” hat and proudly wear one myself.

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Doomcouver

Least surprising thing I’ve read all day.

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bullwhip29

word out of at least a couple of the big 5 is that review and possible termination of foreign income program is now on front burner in light of recent coverage by msm and numerous allegations that the laundering of foreign cash through casinos, banks and other entities is more widespread than initially reported.

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history

New Age Fascism spores spread everywhere, the mold is enormous, covers practically every transaction. Good luck (s)winers

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Shut It Down Already

Link?

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southseacompany

“Everyone’s mortgage is about to get more expensive”, Maclean’s

http://www.macleans.ca/economy/realestateeconomy/mortgage-rates/everyones-mortgage-is-about-to-get-more-expensive/

“Get ready for a rate shock adjustment that is expected to accelerate in 2019”

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bullwhip29

yup and divide between fringe buyers and those carting around trunks full of cash only widens unless action is taken and more importantly, this does not do anything to fix housing crisis

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Joe Money

No smart business person or investor uses cash when borrowing money is almost free.

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backwardsevolution

Who would ever be so silly as to deny HAM? Garth Turner does. Is it because he has a vested interest? Does he have a lot of HAM investors that he advises?

Garth Turner is just another salesman, selling his favored toy to the FOMO crowd. If it’s not financial products, it’s real estate. If it’s not real estate, it’s Bitcoin. If it’s not Bitcoin, it’s gold.

Politicians sell themselves for bribes, and T2 sells out Canada.

Living the dream.

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Hyper-mega-Bull

patriotz and others.

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Just me

‘Let Customers Hang Themselves:’ RBS Memo Fuels Lending Scandal.

https://www.bloomberg.com/news/articles/2018-01-17/-let-customers-hang-themselves-rbs-memo-fuels-lending-scandal

This article refers to small business lending, but it might as well refer to mortgage lending in Canada. The principles are the same.

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bullwhip29

Local politicians have differing views on what to do with the political donations they’ve received directly, or indirectly, from fraudster Paul Oei
http://www.richmond-news.com/news/politicians-mull-over-fraudster-s-donations-1.23146375

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UBC in crisis mode

Raymond Wong’s update:

JAN 17, 2018 — I’d like to urge everybody who signing this petition who e-mail Premier John Horgan, Finance Minister Carole James, Attorney General David Eby and tell them about your concerns on the housing crisis and how it is affecting you, your family or somebody who you know, the future generation, etc. Also, meet your local MLA to voice your concern and bring your family. Re-schedule a follow-up. Remember your MLA works for you!
John Horgan E:mail: premier@gov.bc.ca Phone: (250)-387-1715
Carole James E-mail: FIN.minister@gov.bc.ca Phone: (250) 387-3751
David Eby E-mail: AG.minister@gov.bc.ca Phone: (604) 660-1297

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bullwhip29

Campaign finance filings show that 75 per cent of recent donations to Vancouver’s ruling civic party, Vision Vancouver, came from just one industry
http://www.metronews.ca/news/vancouver/2018/01/16/real-estate-provides-75-of-vision-s-campaign-donations.html

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Just me

How surprising!
Thank goodness voters have finally figured out the rotten behaviour of our elected officials. And they will demand change as time goes by.

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Just me

Prior to BCSC’s December decision Richmond-Steveston MLA John Yap described Oei, often seen travelling in luxury vehicles, as an active community member who was “generous.”

Notably, no law binds a politician to return such donations.

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Hyper-mega-Bull

voters are morons. average vancouverites are morons. just look at how they had their heads in the sand about HAM. look how they got all wet about the olympics and “inviting the world”. look how they want “worlds the best and the brightest” to come here. well, guess what mr and mrs vancouverite, you aren’t the world’s best and brightest. what do you think is going to happen to you when people with more money than you come here? this is what will happen, the next phase of sinoficiation: you find yourself in a store. the kind of store you’ve gone in thousands of times before. you wonder around looking for your items. but this time something’s different. you have an odd feeling, you’re body is telling you something. are you being followed? you quickly look around and notice that… Read more »

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Fact

Gregory also used his personal email for work purposes ie incoming etranfers from developers

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southseacompany

“Bank of Canada raises rate to 1.25%, but cautions on NAFTA”, Financial Post

http://business.financialpost.com/news/economy/bank-of-canada-raises-interest-rate-to-1-25-highest-in-almost-a-decade

“Canada’s central bank raised its lending benchmark a quarter point to 1.25 per cent, an historically low setting that nonetheless will seem high to anyone who got used to post-crisis borrowing costs that were closer to zero.”

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