No plan to prohibit foreign buyers

Bullwhip29 points out that BC Finance Minister Carol James has no plans to prohibit foreign buyers in BC.

Foreign buyers who want to buy residential real estate in Metro Vancouver pay a 15 percent tax.

Meanwhile, Finance Minister Carole James has no intention to outlaw foreign buying of B.C. homes when the NDP government introduces a series of policies in the next couple of months to address the high cost of housing.

James has said that there will be no ban like the one that exists in New Zealand.

B.C. Green Leader Andrew Weaver, on the other hand, has demanded an outright ban on foreign buying of residential real estate to curb demand. And he wants James to introduce this in her upcoming budget.

Read the full article over at the Straight.

101 Comments on "No plan to prohibit foreign buyers"

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Dave
Member

A more accurate headline for that article would be:

Finance Minister has No Plan for Housing

patriotz
Member
“James has said that there will be no ban like the one that exists in New Zealand ” Is that what she actually said or is that an interpretation. The last thing we need is a “ban” of the sort NZ has adopted which has proven to be ineffective in Australia. I wish the local media would get it straight over NZ and Oz and quit using them as some kind of example to follow. Here is NZ’s trade minister himself saying that their “ban” won’t result in lower prices: Parker told Radio New Zealand in an interview that the ban was unlikely to dent New Zealand’s house prices, which have soared 50 percent in the past decade, though growth has eased off recently. “It’s not going to collapse house prices and it’s true that this was more of a… Read more »
patriotz
Member

Unfortunately here is what Weaver said just days ago:

Foreigners are banned from buying property in New Zealand — Canada should do the same

And he links to the Dianne Francis article which incorrectly states “As of January 1, foreigners are banned from buying property in New Zealand”. Andrew, I expect better.
https://twitter.com/AJWVictoriaBC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Dave
Member

Andrew is a dirtbag from personal experience. That’s exactly what I expect from him.

bullwhip29
Guest
bullwhip29

Experts predict top-level interest in vying for mayor under Vision banner
http://theprovince.com/news/local-news/vision-vancouver-2018-who-will-run/wcm/407dbe05-29d4-4f3d-ac61-8f832428e663

>>> it will be interesting how this plays and whether any measures proposed or just recently implemented by Mayor Moonbeam will be shelved (or bent in the opposite direction) going forward. He did manage to finally finish the Burrard bridge, so I’ll give him that…

ostritch
Member
Active Member
ostritch

He’s planning f-ing bike lanes for the Cambie bridge now I hope that gets shelved. At this point, I’d vote anything other than Vision. It’s going to tak a decade to undo the destruction at City Hall. There’s no money for anything.

Abdul Lahazi
Guest
Abdul Lahazi

And maybe they won’t destroy the viaducts now.

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

NDP!
NDP!
NDP!
NDP!….
.
NNNN…DDDDD PEEEEEE!!!!!

Burnabonian
Guest
Burnabonian
It would be unenforceable anyway and they know it — a complete quagmire. Until we have a strong political mandate to register and publish beneficial interest there’s no point in banning purchases from one place or another. And we all know that there will never be a mandate in this city to prevent the obfuscation of beneficial ownership. After all if you published the beneficial holders of YVR RE, you would be responsible for a mini Panama papers. You would expose holdings of many Canadian and international elites. The wealthy. The criminal. Those in hiding. Those with conflicts of interest. His Worship King Prince Chancellor Mayor Moonbeam himself. Chaos would rule. You would also devalue the city as a laundry and devalue the “holdings” of all those groups dramatically. You would spit in the face of everyone at the same… Read more »
Lost....but not leased
Guest
Lost....but not leased

As many have likely suspected……the ” Vancouver Model” can be interpreted as the Metro Vancouver RE situation has been allowed to metastacize to such a critical mass it:
(i) cannot be stopped and/or
(ii) will not be stopped.

Carol James is simply leaving NDP piss stains as preamble to the provincial budget in 40 days…(sorta like Noahs Ark)
aka relief = SOL

ostritch
Member
Active Member
ostritch
Oracle
Guest
Oracle

Nope. Going to Hawaii for 2 weeks. I’ll think of you when hiking Diamondhead.

The one thing I’ve learned here is peoples heads are not open to accepting other peoples opinions. They, year after year, remain confused as to why nothing is going as they predict on housing. Remember all those false starts of the last decade?

The current on (Stress Test) isn’t going to make a dent. Enjoy ever rocketing rents.

Immigration (Temp & Perm) + Foreign money = BOOM! Everything else is window dressing. But your brains cant process this as trolls throw you off.

Shut It Down Already
Guest
Shut It Down Already

So we’ll not see you for the next two weeks then? … or will we?

Oracle
Guest
Oracle

I said Japan. Not China. Japan has internet.

Abdul Lahazi
Guest
Abdul Lahazi

Why not take a nice break from VCI ? You deserve it; you work hard here ….

Shut It Down Already
Guest
Shut It Down Already

You said you’re off to Hawaii. Can you even remember?

Best place on meth
Member
Best place on meth

Diamond Head is my favorite part of Japan.

It’s just a few canals down from Machu Picchu so you can see them both in the same day.

Bag it and tag it
Member
Bag it and tag it

For someone that lies as much as you do, you’d think you’d have learned to keep better track of them…you couldn’t even remember an hour later that your BS destination was Hawaii…so the real question is, what are you really doing for the next 2 weeks…we know you’re not going to Hawaii, or Japan for that matter…more likely your extended family from India is visiting and you’re moving into your garage to make space?

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

Time Machine…

Do we recall Japan as a major global force…especially in the 1990’s..buying up various North American firms, etc?

At least the Japanese did not send their citizens as on- site “piss- stain” conquerors buying up RE and flashing various forms of bling.

We should also recall that this once- mighty Asian force had a major collapse..cue ominous music aka COULD IT HAPPEN AGAIN ????

Oracle
Guest
Oracle

I went to the area between Mt Fuji and Tokyo-Yokohama. Actually flew around Mt Fuji…Majestic mountain! The people there are very happy. Stable population (or even net slight decline) has worked wonders. But don’t expect to hear that from the Financial elite.

Abundant education opportunities, Low cost housing is an option just an hour outside Tokyo (Try Abbotsford here Uggh), Transportation Infrastructure first Class as projects built under budget and cost effective (You really think it costs billions to build a skytrain line? lol) Great country.

Meaning Japanese that emigrated came back to their country. It is a great country for its people. And don’t believe for a moment they are not sovereign. Otherwise their borders would have been opened up by now by external forces.

Doomcouver
Guest
Doomcouver

The China collapse is coming, bet on it.

Abdul Lahazi
Guest
Abdul Lahazi

you know what they say about opinions …

Abdul Lahazi
Guest
Abdul Lahazi

Bill Good today is defending that we shouldn’t ban foreign buyers:

http://www.news1130.com/audio/minute-with-bill-good/

“We are a country of immigrants, Canadians want to buy property in foreign countries”, blah blah… I’d think he might be a real estate shill. Oh wait a minute …. CapitalDirect.ca

Dave
Member

Immigrants and foreign buyers are two different things.

New Zealand and Australia are countries of immigrants too. Although we are more a country of citizens than immigrants, so it’s not really true to say this.

Oracle
Guest
Oracle

Canada is a Post Nation State now. The Immigrants here have allegiances to motherlands first and then Canada. I know, sucks for locals.

Abdul Lahazi
Guest
Abdul Lahazi

Absolutely agree with you on this. I was surprised when I listened to him that he is using all kinds of red-herrings in his argument for allowing foreign buyers. IMO it was a very poorly thought out commentary.

Lost....but not leased
Guest
Lost....but not leased
Immigrants vs foreign buyers. Personally I don’t care about these designations..the devil is always in the details. First thing is we can dispense with the SJW/PC bromide of ” we are all immigrants” unless First Nations..even that can be challenged. Immigration used to be a valuable program….there was a net benefit to the given country. Immigrants were at the bottom of the totem pole , they had to be sponsored and not instantly eligible for the social safety net. That type of immigrant had net contribution. ENTER: D’arth le Vader aka Pierre Trudeau effectively a communist. He was of the Trotsky school of communism..aka infiltration from within.(.as opposed to Stalin brute military force). Trudeau policy became ,as a tactic..avoid White/English speaking immigration sources, but instead other Non -White countries. Communism in either school results in a nation so weak,so divided,… Read more »
Abdul Lahazi
Guest
Abdul Lahazi

Canada is basically at the point of “selling the furniture to pay for the house” with our immigration policy of letting in wealthy foreigners who use us as a doormat of convenience.

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

Worse…
……Canada is burning the front door as a means to keep the heat on..

Laibach
Member
Laibach

We are a country of immigrants but not a country of fucking locusts. Huge difference, former built and contributed to the county and later did nothing but destroyed it.

Shut It Down Already
Guest
Shut It Down Already

What have you done?

Best place on meth
Member
Best place on meth

Paid income taxes, motherfucker.

Shut It Down Already
Guest
Shut It Down Already

Ah, I see, now you’re making up CRA data. Got it.

Best place on meth
Member
Best place on meth

Commie shithead still playing dumb. Got it.

http://vancouversun.com/opinion/columnists/douglas-todd-vancouvers-ethnic-chinese-irked-by-inequality-tax-avoidance

Real Canadians of all ethnicities are disgusted with vile cretins like you, and the scum you defend.

Shut It Down Already
Guest
Shut It Down Already

Douglas Todd? Please.

Best place on meth
Member
Best place on meth

Garth, please fuck of and die.

It’s the right thing to do.

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

Bill Goode is increasingly resembling Jabba the Hut….

Bubble
Guest
Bubble

The property needs to sell at least 3 million to pay the employees’ wages.

“She said the ESB has been able to recover approximately $70,000 from asset auctions and seizing funds in bank accounts, and placed a certificate of judgment on a multi-million dollar property owned by Sun, effectively preventing him from selling or mortgaging that asset.”

https://thinkpol.ca/2018/01/10/unpaid-tech-workers-frustrated-provinces-slow-response-istuary-scandal/

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

Advice…

Forget it…employees are SOL
As per usual….LAWYERS will be the only beneficiaries.

PS maybe Glegol Lobertson can help after mayoral retirement.

history
Guest
history

gRegoR RobeRtson

That’s (4) number 9’s

Now go peel a banana… 😉

Shut It Down Already
Guest
Shut It Down Already

You two are made for each other.

history
Guest
history

This Headline is a bizarre cross between Greshams Law and Lycurgus(Spartus) decree that money should be large, heavy and difficult to transact.

southseacompany
Member
southseacompany

“ECB joins central bank chorus hinting at faster tightening”, Financial Times

https://www.ft.com/content/c276288e-f6d5-11e7-88f7-5465a6ce1a00

“The European Central Bank has indicated it is preparing to cut its crisis-era stimulus programme faster than anticipated, joining monetary policymakers in most developed economies in expressing increased confidence in the global economic recovery.”

ostritch
Member
Active Member
ostritch

So how do the Greeks, Italians and Spaniards pay back their debt at increased rates? Have they already paid a chunk down? I’m not aware.

southseacompany
Member
southseacompany

“BOJ tightening to begin sooner than expected, U.S. economist Allen Sinai says”, Japan Times

https://www.japantimes.co.jp/news/2018/01/11/business/financial-markets/boj-tightening-begin-sooner-expected-u-s-economist-allen-sinai-says/#.WlfnwyMZPWY

“Japan’s economy will exceed growth forecasts this year, prompting the central bank to tighten monetary policy by mid-year, said Allen Sinai, president of Decision Economics Inc.”

paulb
Member
Trusted Member

New
118
Price Change
21
Sold
71
TI:6886

http://www.clivestevepaul.com

Strata Hacker
Guest
Strata Hacker

This is scary low inventory for January. FV even lower after 25% price plump last year. Attached inventories almost non existent in FV except for dysfunctional strata. Price is going higher folks.

Burnabonian
Guest
Burnabonian

People think they are going to “wait it out”.

Har har.

As someone smarter than me said here, the markets can remain irrational for longer than you can remain solvent.

YVR
Guest
YVR

So much for “wait for the budget”. Nothing happening but a few more shipping containers. The NDP are Gregor Part Deux.

Finance Minister Carole James has no intention to outlaw foreign buying of B.C. homes when the NDP government introduces a series of policies in the next couple of months to address the high cost of housing.

Best place on meth
Member
Best place on meth

That was never part of their plan, YVRarcle.

You know that, liar.

YVR
Guest
YVR

Their plan was to take rapid action to cool housing. Seven months in what we got was a 20% increase in prices, endless studies and 73 shipping containers. Plus a promise to protect home owners equity and not target foreign buyers. Add to that was Carol James statement all new comers welcome! LOL could they have done worse if they tried?

YVR
Guest
YVR

Wait for the budget…

“A ban on foreign ownership of homes is not being considered,” James told Postmedia News columnist Dan Fumano. “British Columbians are proud to welcome thousands of newcomers each year who help strengthen our province.”

http://theprovince.com/news/bc-politics/mike-smyth-ban-foreign-real-estate-purchases-weaver-says

Best place on meth
Member
Best place on meth

Wait for the budget…

Oh yeah, wait for the budget says the only person in this province angrier than Bruce Allen who couldn’t wait for the budget if his life depended on it.

We’re all willing to wait for the budget, only you and whoracle can’t wait.

YVR
Guest
YVR

I guess we can count you as one of the British Columbians who “are proud to welcome thousands of newcomers each year who help strengthen our province.” Maybe that is the surprise in the budget. More wonderful newcomers!

Best place on meth
Member
Best place on meth

Why do you need to put words in my mouth, liar?

Just wait for the fucking budget and stop your shrill, insane bleating until it’s announced.

Go to Hawaii for a few weeks. Or Japan.

Oracle
Guest
Oracle

Dumbass racist: for the last time, YVR is not me.

Have you ever thought that others could have a similar opinion to mine?? Get that through your racist skull!

Attacking Chinese when you should be attacking your government. The NDP. NDP. NDP. How you like that??

Bag it and tag it
Member
Bag it and tag it

So YVR, could you please tell us what YOU want to happen? Would you like it if the NDP banned foreign buying in BC?
You keep complaining that the NDP have done nothing, so let us know what measure you would implement to cool off housing is you were in power? Oh yeah, I forgot, you’re a pumper that wants prices to keep exploding…hmmmm….so why exactly are you complaining that they’re doing nothing??

Dyugle
Guest
Dyugle

His complaints are two fold. One, prices aren’t as high as they would be if the Liberals were in and two, if there is a slow down in housing the NDP might not be able to respond as successfully as the Liberals. A bonus point is if P.R. passes you can kiss majority governments goodbye and no investor likes political uncertainty.

YVR
Guest
YVR

Bruce Allen’s reality check on Gregor. Sums it up perfectly. He will do one of these on Horgan in a few years.

https://globalnews.ca/bc/program/reality-check-with-bruce-allen

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

Glegol Lobertson has a very intriguing background…perfect Manchurian candidate.

He was raised in the San Fran Bay area by a very wealthy step-dad
He was assisted by Joel Solomon, another wealthy American tied to TIDES foundation……..a Geoerge Soros front.

Check out HollyHocks….very intriguing place up the BC coast….aka a recruitment/bootcamp for SJW., Libtards. etc.

history
Guest
history

In numerology, the letter R is 9, for endings. The letter L is creativity, speculation, fun, irresponsibility and manipulation

And it’s Glegol Lobelson, not Lobertson

The HAM manipulation aint gonna end till he’s gone… and we go back to pronouncing his name the way his Mother intended.

Abdul Lahazi
Guest
Abdul Lahazi

Check out Reality Check: Time to Ban Foreign Buyers

What a difference from Bill Good.

YVR
Guest
YVR

Yup Bruce Allen calls out the NDP for their love of the foreign buyer. Just waiting for the NDP cancel the foreign buyers tax because it is racist.

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

I see, via the usual evidence, the VCI TROLLS have escaped..

Best place on meth
Member
Best place on meth

Trump Slams Protections For Immigrants From ‘Shithole’ Countries

https://www.yahoo.com/news/trump-slams-protections-immigrants-apos-220242865.html?.tsrc=bell-brknews

“In an Oval Office meeting with lawmakers on Thursday, President Donald Trump described Haiti and African nations as “shithole” countries and slammed the idea of restoring protections for immigrants from those regions.

“Why are we having all these people from shithole countries come here?” the president said, sources told The Washington Post. Trump reportedly followed up suggesting the U.S. should welcome more immigrants from countries like Norway. ”

Norway! Are you fucking kidding me?

The most amusing part of this was the ambassador from Haiti being outraged that his country was referred to as a “shithole”.

YVR
Guest
YVR

Trump should welcome those newcomers from shithole countries just like the NDP.

Best place on meth
Member
Best place on meth

Always change the subject to the NDP.

Always.

Don’t ever change.

YVR
Guest
YVR

I didn’t change the topic. Both Trump and Carol James commented on new comers or immigrants from shithole countries. One questions why they should be brought in and the other welcomes them by the thousands. I guess you need to figure out which position you support. You seem to be confused.

Laibach
Member
Laibach

Meanwhile our politicians are either obsessed with or sucking up to the biggest “shithole” of all.

Bag it and tag it
Member
Bag it and tag it

I’m sure Turdeau is making a list of the 10 biggest shithole countries on the planet so he can broadcast to the world that they are welcome in Cananda…it’ll be a feel good moment that will warm all of our hearts.

Best place on meth
Member
Best place on meth

Nobody seems to be able to figure out why Moonbeam ain’t coming back although it should be pretty obvious.

No, Bruce Allen, it’s not because he left housing a mess. He doesn’t give a fuck, really.

It’s not really because his time was up and he couldn’t win again, he probably would. Well, under the old rules he could…easily, but that’s all changed.

In all likelihood, he saw the writing on the wall when the NDP banned corporate and union donations from provincial elections, and then followed up with the same ban on municipal elections.

No more money from his developer friends, or his real estate marketing friends, or CUPE, or the taxi union…..but mostly the real estate industry.

https://globalnews.ca/news/1658628/vision-vancouver-campaign-rakes-in-2m-in-donations-including-over-1-4m-from-corporations/

He may be a dishonest, manchurian candidate lowlife but he’s not stupid.

ZZTop
Guest
ZZTop

You really think Gregor was ONLY receiving money via official channels?

UBC in crisis mode
Guest

Corrupt Gregor‏
@CorruptGregor
Follow Follow @CorruptGregor

AMIT ALON, the speculator who bought ALR land for $2M, is trying to flip it for $7.7M, after getting a permit for a mansion. @jjhorgan @carolejames @Dave_Eby @malcolmbrodie @lanapopham @selinarobinson #VanRE

https://twitter.com/CorruptGregor/status/950192138129760261

YVR
Guest
YVR

Here is your answer:

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

Do you not want our province strengthened?

UBC in crisis mode
Guest

David Eby´s recent speech:

http://davidebymla.ca/wp-content/uploads/sites/14/2018/01/Transparency-International-Speech.pdf

When our premier John Horgan appointed me Attorney General, he gave me a special role in the government. The traditional role of the Attorney General is an important one, and a dual role. There is a political aspect – I am part of the executive committee, the cabinet, of our government. I participate with colleagues in political decisions on policy direction around the cabinet table.
However, I also have another important role. As Attorney General, it is my role to ensure that our government adheres to the rule of law. That government, as much as any other person or group in our society, must follow the law.
I interpret this important responsibility broadly.

Best place on meth
Member
Best place on meth

WHERE’S EBY!!??

SQUUAAAWWWKKKKKK!!!

Shut It Down Already
Guest
Shut It Down Already

Sounds like he’s writing his resume.

southseacompany
Member
southseacompany

“A major bank just hiked mortgage rates – and this time, it’s a big deal”, Globe & Mail

https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/rbc-just-hiked-mortgage-rates-heres-why-its-a-big-deal/article37584568/

“Canada’s mortgage-rate trendsetter, Royal Bank of Canada, hiked its posted five-year fixed mortgage rate Thursday.”

“RBC’s 15-basis-point increase to its posted five-year fixed rate could mark an epoch in Canada’s mortgage qualification rate. If a few more Big Six banks follow its lead (and I think they will), the qualification rate will jump from 4.99 per cent today to 5.14 per cent next week, making the stress test even harder.”

southseacompany
Member
southseacompany

“Mortgage rates shoot higher to begin the new year”, Chicago Tribune

http://www.chicagotribune.com/business/ct-biz-mortgage-rates-20180111-story.html

“Mortgage rates shot up this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.99 percent with an average 0.5 point.”

“The 15-year fixed-rate average grew to 3.44 percent with an average 0.5 point.”

wow... super gross
Guest
wow... super gross

The Making Of ‘Gutter Oil’

Most of China’s ‘gutter oil’ winds up in cheap restaurants and among street food vendors. Chinese eating garbage and sewage.

https://www.youtube.com/watch?v=vp92BlLLVEI

KickThemOut
Member
KickThemOut

Why do you even care?! Who would go to that “hell hole on earth” (BPOM tm)?

yvr2zrh
Member
Active Member

Something is very different with the market right now. We are not getting the rush of early January listings which we typically get. Thus – are we going to start the year with a market “freeze” and stalemate caused by the change in the mortgage rules? Perhaps nobody is listing because move-up buyers are trapped now and so they don’t list. Sales are still trickling in as they were likely completed before the year-end. However – inventory is not growing and the listings are very slow. Thus, there are no early indications of any market weakness now.

history
Guest
history

It is March 27, 1977 and a fog has enveloped the airport on Tenerife. Two fully ladden charter 747 lumber up the same runway…. The planes famous spiral staircases, denoting Infinity, are barren of people, as those people are strapped in their seats, ready for the final takeoff…..

Boombust
Guest
Boombust

“No early indications of of any market weakness now”?

What planet are you on? Did you not see the REBGV monthly report from last December? Just because the build up in inventory is a little slow right now doesn’t mean squat.

Oracle
Guest
Oracle

Get set for a boom after NDP inaction next month. Be prepared to buy without conditions the day after the budget.

Ridicule me all you want but can you imagine a inventory of 8K in the spring and 100,000 more Chinese offered 10 yr visas??

Boombust
Guest
Boombust

Yo’re an idiot.

Burt
Guest
Burt
As a move up buyer, in the market right now, I can without a doubt say this is true. The options are pitiful and the price points confusing. To elaborate; large condos and townhomes have shot up in price. Nicer large 2+bed, 2bath units are around a million depending on part of town. Townhomes are anywhere from a million to 1.2, depending on part of town. Teardowns are 1.3 depending on part of town. What does one do? We don’t want to buy another condo, pay much more, and be left with the same square footage only newer. Does one then browse the limited selection of absurdly expensive, but very nice, town homes and still live under Strata rule? Or do we dive into a ugly teardown and try to make something of it? Its very confusing – and the… Read more »
Shut It Down Already
Guest
Shut It Down Already

You could always sell, rent, and be ready to go when you see something you like. Also take the opportunity to try a new part of town (if you were thinking of buying elsewhere) to see how it suits before perhaps making a very expensive mistake buying in an area you’ve never lived and possibly end up disliking.

With inventory so low rushing in now would be a mistake either way. It’s like going to the grocery store before a major storm – no selection, lots of competition from panicked idiots, and temporarily ridiculous prices.

But if you want to buy $20 milk, go ahead.

best place on earth
Guest
best place on earth

A real life experience is still being voted down. what is wrong with the loser?

Boombust
Guest
Boombust

The CMHC has recently issued a survey showing VERY LOW figures for condo sales to foreigners throughout the Metro Vancouver area.

Oracle
Guest
Oracle

Troll

Boombust
Guest
Boombust

Go to the CMHC site yourself, asshole. Furthermore, it was posted on Ross Kay’s twitter site courtesy of the REBGV. and it shows the various subsections of Metro Van on that tweet.

Shut It Down Already
Guest
Shut It Down Already

Or, instead of calling names you could post a link:

http://www.rebgv.org/cmhc-releases-foreign-ownership-data-condos

wpDiscuz