Empty home tax hurts those with second homes

People who own seconds homes in Vancouver are suffering under the new empty home tax:

The Unfair Vancouver Vacant Homes Tax Coalition describes its purpose in the name. The group is calling on the city to do something as the Feb. 2 deadline for the empty home tax declaration approaches.

Rainer Borkenhagen says the group is made of members that are mostly retired and live across the country, but still own homes in Vancouver.

Borkenhagen himself lives in Gibsons, but owns a condo in Vancouver.

He said he tried to rent his condo once, but it turned out it was more practical to keep it and use it whenever his family needed it.

Read the full article here.

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ChinaOne
Guest
ChinaOne

Stop empty home tax. Keep everything tie to income reported. My cousin love Canada. We poor low income and we like policy.

MSP Premium Assistance
No Phramacare deductible for low income
Maximum OAS and GIS for grandparent for low income
Free BC Hydro for low income people
Free grant for student at ubc for low income people
Cap upper limit icbc insurance for my corvette. 7 accidents. We can pay that.
Free recreation pass at recreation centre for low income people.

My cousin want:

Road tolls so less traffic. We want go out and eat at restaurant.

NO EMPTY Home Tax. My cousin already buy 6 and other cousin buy 4. He buy one more. 4 unlucky.

ChinaOne
Guest
ChinaOne

And you 9-5 worker not smarttt. We smart. You pay more tax and we use. We buy house though and rent to you.

YVR
Guest
YVR

Don’t worry newcomer. The NDP welcomes you and will protect your hard earned equity. You strengthen our province. Now Horgan is back from your homeland he will be able to participate with you in the Sino festivities.

specuskeptic
Member

Holy fuck Oracle are you a loser…. and a liar.

ChinaOne
Guest
ChinaOne

You rest for work. No holiday until next Saturday. Keep tax coming in for my cousin.

Work work wok. Higher rent rent rent.

Name
Guest
Name

a loser…. and a liar.
and a psycho…

kabloona
Member
kabloona

Bring back down-voting….. 😉

Just me
Guest
Just me

No please. Downvoting just makes this blog a mess. there are childish individuals (Sketchy/Boombust and aliases) who spend hours downvoting everything and making it look like a total wrangle. Cannot identify which posts are genuinely good unless I read them all! And I really don’t want to read all the junk.

Shut It Down Already
Guest
Shut It Down Already

Then stop copy pasting entire articles across six posts in random order if you want to be free of junk.

Just me
Guest
Just me

As I said, if you feel my posts are junk you can skip them. I certainly don’t get any benefit from you reading them, my target audience consists of reasonable people. That leave you out of the set.

Shut It Down Already
Guest
Shut It Down Already

Yeah but I cannot identify which posts are genuinely good unless I read them all! Right?

Just me
Guest
Just me

Actually not. I do focus on upvotes. Most of the times it works well.
However when these childish posters vote multiple times the signal of an upvote is lost.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Oracle is neither a loser nor a liar. He is the wise seer of things yet to come. I come to this from an honest side observer point of view.

ostritch
Member
ostritch
Lost,... but not leased
Guest
Lost,... but not leased

NDP Housing strategy comes to Richmond..
Richmond News article states Selina Roberston and Richmond Mayor announced 40 units will be provided, its quite vague till you read more and see it will be modular…aka containers.

The site will be City owned land at 7300 Elmbridge …..,immediately East of the ICBC building.

This should get VERY interesting, as this is near many hi rise residential developments, both new and under construction.
Recent news reports stated Richmond is over 50% Chinese……

Maybe Dragon Lady ” Stan Lee Pak” will make another grand appearance.
Get your video camera!!!

YVR
Guest
YVR

That should help impoverished Richmond. These shipping containers are gong to make the fast ferries look good when they are sold off for scrap in a few years.

Just me
Guest
Just me

“Empty home tax hurts those with second homes”.

Exactly as it was meant to be (and should be, in my view). if you want the luxury to hold empty a very scarce resource like housing in Vancouver, you should pay dearly for the privilege.

If anything, I suppose the tax is a bit too low.

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

True….but lots of lame to go around…
IMHO the root of the problem could be your Local Gov’t..

Feds let in the foreign locusts…but there was no legal obligation to re-zone existing land and allow hundreds of thousands of condo to be built.

Empty Home Tax….Glegol Lobertson and VISION’s rather pathetic limp- wristed attempt at fixing ie deflecting a problem they are knee deep in will ultimately have many parties falling through the cracks.

bestplaceonearth
Guest
bestplaceonearth

freeloaders love higher taxes. it means more benefits for them. so, why not!

specuskeptic
Member

*Freeloaders love higher taxes for others. There fixed that for you. It’s a harder for them now because it’s harder to bribe and grease palms to have authorities approve their projects or give land to them well below market value. Now they have to find legitimate ways to do business. #sad #won’tsomeonepleasethinkofthepoorcorrupttycoons

dyugle
Guest
dyugle

ELITIST. That is the definition of a person with a second home. The government should look for ways to tax elitists. This is a start. Too bad most of the politicians are themselves elitists.

Testo
Guest
Testo

We are making a bunch of rules to deal with symptoms. We know what the root cause is, so why not kill the snake by cutting off its head.

Best place on meth
Member
Best place on meth

It’s illegal to cut heads off mainlanders.

Otherwise I’d be doing it all day, every day.

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

“Head” tax ???

Oracle
Guest
Oracle

Ya, too bad you are just a sorry loser who just can’t do anything about it. I’m surprise you are still around, meaning life is actually not that bad for you.
You and you loser friends are like the Alt-Right of Vancouver, turning this site into breibart of Vancouver. Keep doing it and you will remain a Fxxking loser!

specuskeptic
Member

Great piece on debt from the G & M https://www.theglobeandmail.com/real-estate/the-market/remember-when-what-have-we-learned-from-80s-interest-rates/article24398735/

“In the early 1990s – as far back as the Statistics Canada numbers go – Canadians, on average, owed between 87 and 95 per cent of their annual disposable income. Since 2012, that ratio of debt to disposable income has risen to 163 per cent.”

That load’s a bit top-heavy and unprecedented. Odds probably not in favour of a soft landing when this is considered – esp. in the frothier markets.

specuskeptic
Member

… Hit “post” too quickly.

Original article published in 2015 and updated June 2017. Seven months ago, they saw fit to include this peach of a passage, “Fortunately, it looks likes rates won’t be turning upward for some time yet. Mr. Porter notes that the long-term bond market has adopted the view that lower rates are here to stay for a very long time. ”

Well, the worm has definitely started to turn. Insane spending down south will almost guarantee a boost in rates over the two or so points warned about in the article (yet dismissed as not likely).

Two to three more rate hikes this year + the new rules effectively put us on that threshold. Interesting times.

xhistory
Guest
xhistory

Yeah right… where is the mortgage demand coming in the future?

https://www.investing.com/rates-bonds/pakistan-government-bonds

The Pak or Ind yield curve explains Oracle, and his pseudonyms, better than anything else.

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

Simple economics..
Since the US Federal Reserve was created…the USD has lost 97% of its value due to inflation etc.

Many people are unaware that one was able to take a $20 Bill, go to the bank and redeem it for $20 in Gold…that ended when they de-linked Gold and USD and tied it to the OPEC petrodollar.

Going from 87% /95% to 163% debt ratios simply means we are ever deeper into a fiat currency …(which originated in China over 1000 years ago),,and history has shown all fiat currencies are doomed to collapse.

Name
Guest
Name

that’s the bankers for ya… a dance with the devil.

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

My crystal ball sez like 2008..the fiat currency fuelled spekkers orgy will have another collapse in the near future….it expanded globally….many will suffer the consequences…SHTF..another purge..and QE will assist the reload to perpetuate another rigged boom then bust cycle.

Anyone who sees what compound interest based on fiat currency has done realizes that unless a Jubilee is established(aka debt forgiveness)…each successive QE will ravenously chip away at the Global population till the top 1% control the other 99% that are left.

xhistory
Guest
xhistory

I have two vans, both are operable, insured, licensed . I live in one. The other one was a working van, but I’ve given it to a homeless person to use and get a leg up.

Not bullshit, true story

xhistory
Guest
xhistory

Population growth control takes many forms. The methods are financial, by and large. But in Syria it was civil war, and emigration. Venezuela it’s hyperinflation. That part of South America is the example for the others to reign in their populations, lest the same thing happen. In developed countries, the banks gnomes use Assets inflation, and debt penalty is subjective, depending on the satisfaction of the PrimeDirective.

Now, go take a walk, sit under the Sun and meditate on the message of Elon Musk and Tesla. Imagine yourself the recipient of the news, back in 1915 that you are getting a big raise and can now afford the Ford you assemble on the line. How does that make you feel? It should be exactly the opposite of how you felt last weekwhen you saw the Tesla Roadster floating in space.

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

IMHO Elon Musk must have foreign locust blood….one of the biggest scammers with overhyped bullsh*te technology.

Oracle
Guest
Oracle

Too much money on world. The 1% investing in anything and not afraid to lose it.

bullwhip29
Guest
bullwhip29

Douglas Todd: Vancouver’s rental and housing markets pressed by ‘temporary’ residents
http://vancouversun.com/opinion/columnists/douglas-todd-vancouvers-rental-and-housing-markets-pressed-by-temporary-residents

ChinaOne
Guest
ChinaOne

100,000 ten year visas given per month. Probably 30,000+ for Vancouver area. Plus 150,000 foreign students here already.

Name
Guest
Name

Oracle again

Bag it and tag it
Member
Bag it and tag it

This time he forgot he was signed in as China One

Best place on meth
Member
Best place on meth

Ok, Oracle.

You’ve convinced us. “students” from china should be banned from Canada on national security grounds.

They’re mostly spies and thieves anyways, hardly worth the 20K in extra tuition they bring in to this third world province.

Best place on meth
Member
Best place on meth

“Ten years ago, our post-secondary system enrolled about 28,000 international students. Now it’s around 130,000. At Vancouver’s Langara College, international students are now 23 per cent of its student body.”

https://thetyee.ca/Opinion/2017/03/22/BC-Post-Secondary-Before-After-Liberals/

Just me
Guest
Just me

This is the new face of millionaires’ migration. We sell ourselves cheap again, for a few thousand dollars of tuitions and the money that comes with their real estate investments.
This is a massive scam that benefits few and damages many.

Hyper-mega-Bull
Member
Hyper-mega-Bull

yet another thing Oracle was right about. no wonder he gets so much crap from the peanut gallery.

Best place on meth
Member
Best place on meth

“People who own seconds homes in Vancouver are suffering ….”

Sorry, lost me right there.

Nobody who owns two homes in Vancouver is suffering.

Doomcouver
Guest
Doomcouver

Yeah, what a bunch of rich assholes. Belly aching about how much tax they’re paying because they own two homes. I hate the baby boomer generation. Pretty much everything bad about Canada is their fault.

Just me
Guest
Just me

I wished they were suffering. The tax is way too low for them to feel any pain. We could easily make twice as much money from these leeches.

Bestplaceonearth
Guest
Bestplaceonearth

The NDP brother and sister continue their school yard fight. And their followers continue to pray for free housing. What a bunch of destroyers.

bullwhip29
Guest
bullwhip29

Some members of Vancouver’s Chinatown said the community is being left out in the Northeast False Creek plan which goes before council on Tuesday
http://vancouversun.com/news/local-news/chinatown-leaders-left-behind-in-northeast-false-creek-plan

>>> here we go again…

Just me
Guest
Just me

With all due respect China town looks like a dump. Nothing against it, but perhaps a bit of development would make it nicer. It looks like the dodgy part of Hastings right now.
Anyway, it is so politically charged that everyone arguing against these local groups will be branded a racist, even if the arguments are anything but.

Best place on meth
Member
Best place on meth

Chinatown could use a bit of a facelift, but not much.

It’s authentic, unlike Richmond.

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

Seems every City in Western Culture kisses Chinese @sses re: local Chinatown…they build that elaborate facade that spans streets…really can’t think of any other culture that gets such poop shute puckering.

I mentioned a while back re: Victoria’s Chinatown…maybe 2 blocks long…mostly cheap trinket shops and restaurants.

Should we give a shite if they go down ?

Hyper-mega-Bull
Member
Hyper-mega-Bull

sinophiles gonna sinophile.

Just me
Guest
Just me

Richmond is not a city. It is a strip mall. It should be in textbooks on how not to do development.

bullwhip29
Guest
bullwhip29

in 20-30 yrs Richmond will be another Macau or Vegas

bullwhip29
Guest
bullwhip29

this isn’t what they are debating. the issues are whether on not they should get a slice of the land adjacent to chinatown and how the rest of the land will be utilized in their best interests

Harry Kerry
Guest
Harry Kerry

First they demand that their neighbourhood be kept Chinese and free from invading Caucasians.

Now they are telling the rest of the city how to do things.

Just hand them the Province. Everyone is obviously powerless to stop them. What a joke.

bullwhip29
Guest
bullwhip29

dont forget, they will be handing us the bill for the Chinatown restoration…so that is something. this said, they may chime in once again when it comes time to deciding exactly how (and which) taxpayers will be bearing the brunt of the costs despite the fact that so many of them don’t seem to pay any taxes in the first place.

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

Chinese that are established here for decades pre HAM don’t like HAM….. and vice versa.

HAM looks down on more established Chinese…with such derogatory terms as Railway Workers.

Joe Money
Guest
Joe Money

Chinatown’s various interest groups are very disorganized. They were invited to the stakeholder process at the outset and failed to get involved. Now, after three years of planning and stakeholder engagement, and after seeing the black community come out of nowhere and get heavily involved in Hogan’s Alley, the Chinatown folks are only now speaking up.

Three years of sitting on your ass and then you finally show up as the plan is about to be approved? You snooze – you lose.

ostritch
Member
ostritch

If we didn’t have insanely egregious over-purchases of 2nd, 3rd, 4th, 5th, 6th, 7th to 11th homes in this city then I would agree with making fun of these people or portraying them as greedy. Many people in Canada live in the city and have chalets or island homes. It was the way it used to be and countryside living has long been part of Canadian family life. Never caused insane price increases until now. Maybe look for the recent causes and deal with those.

Just me
Guest
Just me

By recent causes you mean China money, right? While low interest rates are certainly to blame for some of the froth in Canada, Vancouver is a fairly different story. I suppose that is evident to most people by now.

Shut It Down Already
Guest
Shut It Down Already

I bet your friends who just bought “won” a bidding war…..

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

SIDA…..how’s the OB/GYN diagnosis…????

Hope all is well.
…..we were worried.

Best place on meth
Member
Best place on meth

Low interest rates had nothing do do with prices increases after 2011.

From that point on it was all capital flight from china, especially 2015/16.

xhistory
Guest
xhistory

It is only relatively recently that houses as Currency have entered our consciousness, and how that plays upon the tenants in Greshams Law.

We are seeing the Canadian Kinder, Gentler version of the 1933 Executive Order 6102 ” United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States”.”

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

Commie FDR let his richer cronies like Bernard Baruch retain gold…rules etc were only for the 99%.

He also allowed the cronies to buy gold at a discount and then flip for a profit.

Lost,... but not leased
Guest
Lost,... but not leased
Back in the day the system worked well…many people had no interest in owning even though they may have been able to afford it, so renting was a preferred lifestyle. A while back, ( mid 1980’s ) had a Chinese co-worker who was an autobody painter. He apparently owned several properties. starting in the 1970’s . He was not alone,many average people with middle class wages did the same. If one had some extra cash, one could put down a downpayment and the rent covered the mortgage. With inflation, one could lever the equity in homes one already owned into purchasing more. People who did the aforementioned before say the 1980’s did very well..many of them leveraged into buying apartment blocks.I knew several of these old school landlords. After 1980s RE crash..then HAM..this is no longer possible. We entered era… Read more »
patriotz
Member

NDP MPs past and present mull bids for Vancouver mayoral election

Two prominent NDP politicians say they are seriously considering a run for mayor of Vancouver in order to unite progressive parties against the centre-right Non-Partisan Association and tackle the city’s extraordinary housing crisis…

Over the weekend, former NDP MP Libby Davies and current NDP MP Don Davies – not related – both said they are talking to a wide range of people about how best to unite the centre-left and left-wing vote among Vision Vancouver, the Green Party, the Coalition of Progressive Electors (COPE) and OneCity.

Decades ago I used to ride the Broadway bus on the way to work. Sometimes I’d see Libby and her young son on the same bus on the way to City Hall. She’s the real thing.

YVR
Guest
YVR

Yes Libby Davies is responsible for the current state of the downtown eastside. The real thing. On top of that Vision has done such a good job on housing so far we should definitely elect them in again. That coupled with the provincial NDP who are doing even better. Green light on Airbnb, no stress test for credit unions, continuation of the first time buyers loans, no foreign buyers tax increase and not keeping any of their housing related election promises. But we do have the shipping containers! Go Libby go. She would love these.

specuskeptic
Member

“Yes Libby Davies is responsible for the current state of the downtown eastside.” Ludicrous on its face. Congratulations on setting the bar even lower.

Oracle
Guest
Oracle

How old are you?

I’m guessing most here are 30-35.

Name
Guest
Name

I’m guessing you are wrong.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Oracle’s always right. He’s very smart, handsome, and good looking too.

backwardsevolution
Guest
backwardsevolution

“Borkenhagen himself lives in Gibsons, but owns a condo in Vancouver. He said he tried to rent his condo once, but it turned out it was more practical to keep it and use it whenever his family needed it.”

Yeah, I just bet he’s keeping his condo in Vancouver for the convenience of using it once in awhile. Riiiiiight! Couldn’t have anything to do with capital appreciation, could it?

When prices start to fall, watch how fast this man will try to unload his condo. “Convenience” will be thrown out the window in a split second.

patriotz
Member

I was going to ask why he doesn’t just sell the Vancouver condo and buy one on the North Shore, which is closer to Gibsons anyway. You suggested the answer – big capital gains tax hit.

Oracle
Guest
Oracle

No one pays the capbgains tax. That’s why you gov people never release their stats on how much collected each year.

Name
Guest
Name

“No one pays the capgains tax”

so you know everyone?

Oracle
Guest
Oracle

No one I know. They add and delete names off title by simply visiting a lawyer.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Paying capgains is for suckas. Yeay Oracle. Right again. Keep up the good work.

Doomcouver
Guest
Doomcouver
The nearly complete lack of jail time for tax fraud in Canada is incentivizing your average resident to lie as much as they think they can possibly get away with. Own 8 houses? Put each of your 8 family members as the primary resident on all of them. Don’t want to pay tax but also want to be a landlord? Put in an illegal suite and ask for cash under the table. I hate to say it, but the main thing that’s exacerbating the situation is immigrants from poorer nations are often the worst offenders when it comes to skirting laws and illegally evading taxes. Brand me a racist if you like, but the cultural norm among many Indian and Chinese communities is if you can screw someone over and be rewarded monetarily for it, you should do it. If… Read more »
realist
Member
realist

from Canadian Press via Yahoo Feb 12/18: “Seattle eyes taller, denser in affordable housing proposal”

https://ca.finance.yahoo.com/news/nimby-vs-yimby-housing-battle-064056785.html

“Seattle’s booming tech industry has brought a massive influx of new residents with big wallets to the city. But an ensuing housing crunch has led to skyrocketing rents and home prices that have strained middle- and working-class families and deepened the city’s homelessness crisis…As the city has grown, “there’s a real sense of some folks winning and some folks losing as part of that growth,” said Seattle Councilmember Rob Johnson, an urban planner who is sponsoring the housing proposal. “

bullwhip29
Guest
bullwhip29

CMHC: A Quarter Of Vancouver Real Estate Price Increases Can’t Be Explained
https://betterdwelling.com/city/vancouver/cmhc-quarter-vancouver-real-estate-price-increases-cant-explained/

Shut It Down Already
Guest
Shut It Down Already

There’s really no mystery if their model assumes an emotionless market, which appears to be the case.

Name
Guest
Name

“a quarter of Vancouver’s real estate price increases can’t actually be explained.”

just look to the chinese why is that so hard?

bullwhip29
Guest
bullwhip29

one could easily argue that HAM is/was a significant factor in the other 75% of the price increase that could be “explained”, so stating that 1/2 or more of total price increase from 2010-16 is either directly or indirectly due to HAM seems pretty reasonable imho. of course, this all got started way before 2010.

patriotz
Member

“A Quarter Of Vancouver Real Estate Price Increases Can’t Be Explained”

The explanation for any price is that someone was willing to pay it, and that’s not a wisecrack.

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

maybe pot will make living more tolerable for all the bears that are forever pushed out of vancouver, or living in substandard housing because rents are so high.

maybe your local corner store will be converted into a “cannabis den” where you can come and smoke away your troubles with other downdraught renters and not disturb your landlord.

Doomcouver
Guest
Doomcouver

Seems like the perfect time to live in an RV and hot-box it.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

I suspect a number of members here are already into what you describe. Anyone who criticizes Oracle, for example.

Doomcouver
Guest
Doomcouver

I wish I was high every time I’ve had to interact with Oracle….

Oracle
Guest
Oracle

7 days to go….

Although today’s throne speech will talk supply supply supply.

Dave
Member

And to point out the obvious, the Province is almost powerless to effect supply. What we need is a demand based correction, which means taxing foreign buyers and their proxies. They are kind of powerless on that front as well because the foreigners are two steps ahead of Revenue Canada.

patriotz
Member

” the Province is almost powerless to effect supply”

Supply is the number of properties for sale at a given price. There is plenty the Province can do to get speculators to sell.

Dave
Member

Bring in a pre-sale flipper tax and speculators will hold until completion instead…. less supply.

I was mostly referring to new supply and construction. The Province can’t do anything in the short or medium run.

The people holding empty units are just parking their money here. There isn’t much the Province can do to squeeze money out of those people at this point. The municipalities can tax them more for having empty homes, but that’s not Provincial.

What do you think would work?

patriotz
Member

“The municipalities can tax them more for having empty homes, but that’s not Provincial.”

Please. All municipal powers are delegated from the Province. Why do I think the NDP will level such taxes? Because they need the money to pay for their program promises, and no government is going to pass up on a popular tax.

Eby said rather than make changes municipality by municipality, the province should administer the tax for all of Metro Vancouver and parts of southern Vancouver Island. “I am just astonished that the finance minister with all the tools in front of him, with every power that he has as the finance minister can’t come up with anything better than we will give the data to the City of Vancouver and see what they can do with it,” added Eby.

Dave
Member

We can find lots of Eby quotes that the NDP have since thrown in the trash. Add this one to the pile.

I bet they won’t bring in an empty home tax, but will rather leave it to municipalities.

YVR
Guest
YVR

LOL just another broken NDP promise.

I am just astonished that the NDP with all the tools in front of them do nothing. Even less that what Eby was complaining about. But I guess as long as there are people dumb enough to support them they will continue along doing nothing.

Oracle
Guest
Oracle

They’re not stupid. They know exactly what’s happening. But they won’t address demand.

In a democracy you need to only convince the 33% who can’t think for themselves to win a majority.

Example:

Right wing 33%
Left wing 33%
The Stupid 33%

Only need to brainwash the latter.

Just me
Guest
Just me

I disagree. The supply would immediately grow if you increased carrying costs: many people would sell if their little quick-money scheme were not profitable enough.

Doomcouver
Guest
Doomcouver

Exactly, speculative demand gobbles up a lot of inventory where there’s no real underlying demand there. Squeeze speculators out and a massive amount of supply would flood the market.

Dave
Member

You guys are right. That was a dumb statement on my part.

Their plan to increase property taxes and then have a tax deduction would work in my view.

Doomcouver
Guest
Doomcouver

It wasn’t that dumb. It’s pretty easy to confuse powerlessness with unwillingness when it comes to the government. The provincial government has a TON of things they could do to make things cheaper and choke out speculation and foreign demand, they’re just not willing to do most of them because they’re extremely bitter pills to swallow. For example, banning foreign ownership would make things way cheaper, but then what odds would you give of that government getting re-elected when the market collapses? Not great I’d say.

Dave
Member
We’ll find out in the next couple weeks if the NDP makes a play for an election this Spring or Summer. I’m of the view they would win a majority right now because the Liberals are weak with a new leader, the party is a bit split and the public is mad about ICBC. And Horgan is relatively popular because he’s in the honeymoon period. I think if they had an election a lot of normal Liberal voters would either vote Horgan to prevent a Green minority or stay home. But either way, I think the NDP would pick up a bunch of seats. I think their posturing on Kinder Morgan is consistent with an election play. But they need to find a way to lose in a confidence vote. We’ll see if this is more of an election budget… Read more »
Oracle
Guest
Oracle

And housing would be on next leg up.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Yeah! Buy now or be priced out forever. Not making new land. Mountains. ALR. STOOOODENTS!

Oracle
Guest
Oracle

FYI. We are already priced out. This blog is a venting platform.

Doomcouver
Guest
Doomcouver

I’m confident I could easily afford a crappy micro condo in Walley if I was as house-horny as everyone else in Canada.

BPOM Roommate
Guest
BPOM Roommate

Hi everyone, just drop in to let everyone know Best Place on Meth might be extra cranky for the next few days. Think he got some pus & sores on his man part. Heard some surgery might be required if cream doesn’t help. He’s a bit extra depressed recently due to people constantly slagging NDP, and was out at night late a lot. Already blew through his $1K annual bonus he got this month. So everyone just take it easy on him…he’s been under a lot of stress recently.

btw, anyone got recommendations for good man massage, let him know. He’s been talking about getting good hard massage quite a bit this month. The T-“girls” he’s been seeing just isn’t doing it for him anymore.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Hi Oracle. Buddy! er ahh, oh yeah. I don’t know you.
Yes. Immigrant students by the millions. NDP will do nothing. Buy now or be priced out forever. My pressed cardboard shack will sell for 3 million dollars. Right, ChinaOne?

Oracle
Guest
Oracle

Lol. Not me. I was thinking YVR.

But what do I know.

Oracle
Guest
Oracle

And Specku, why you have 2 member profiles?
Take your anger out on NDP. Not me.

I’m just a messenger you want to shoot up.

Doomcouver
Guest
Doomcouver

This is getting interesting….
http://vancouversun.com/news/local-news/river-rock-vip-host-investigated-for-alleged-anti-money-laundering-violations

“Lisa Gao, the employee deregistered by B.C.’s gaming policy and enforcement branch, has worked with VIP gamblers at Richmond’s River Rock Casino since 2012, according to her LinkedIn profile.”

If she’s found to be complicit we could see criminal charges as well, but that’s just speculation. If so it’s likely her predeccesor(s) were involved as well. Hopefully David Eby and Peter German can see this through to the end.

Shut It Down Already
Member
Shut It Down Already

What does this have to do with real estate?

Shut It Down Already 2
Guest
Shut It Down Already 2

Get fucked, faker.

SIDA
Member
SIDA

You’re both fake. Get a life loser.

Just me
Guest
Just me

Many investigative journalists have documented, with proof, that much of the money laundered in BC casinos was later used to acquire homes in the Vancouver area. This was known to some as the “Vancouver Model”, and our AG has often used it to describe a rotten system in which several parties colluded to allow mainland Chinese nationals to deploy funds into our local real estate market.

Is this connection enough for you?

Doomcouver
Guest
Doomcouver

Yes anyone who claims money laundering at our casinos doesn’t have a huge impact on our real estate prices is either trolling or a total fool. I’ll let everyone decide for themselves which one SIDA 1, 2, and 3 fall under.

bullwhip29
Guest
bullwhip29

LOL…

AngloMan
Member
AngloMan

What does this have to do with real estate!!!!???? OMFG hahahhahahahahahaha. I’ve heard it all on VCI now!!!
Washed deposits quite obviously…………..

bullwhip29
Guest
bullwhip29

how much do you want to bet that she has already fled the country? and with money she skimmed from her employer too?

YVR
Guest
YVR

“If she’s found to be complicit we could see criminal charges as well”

Consultants can’t hand out criminal charges.

Oracle
Guest
Oracle

Day of reckoning is here. Not Budget day. That is for details.

Let’s see if NDP was for real. Let’s see if they mention words FBT and Spec tax. If not….Game Over!

Oracle
Guest
Oracle

What a FAIL!!!!!!!!!!!!!!!

Fail!!!!!!!!!

Now you guys believe me????? No mention of spec tax, blind trust, FBT, $400 rebate.

Wow wow wow.

But but but wait till after the referendum now. Right BPOM, Specku, etc????

Fail. up and away for real estate now.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Fail. Just like fast ferries. Raaawrk!

Raincity
Member
Raincity

HELLO GREENS!

Oracle
Guest
Oracle

My protest is to vote NO in referendum. Screw the Greens. They hold all the power right now and fail to act.

40% Liberal vote and 10/60% NDP/Green vote means referendum fails. People pissed off at no housing action will be 10%+.

Game over.

YVR
Guest
YVR

“No mention of spec tax, blind trust, FBT, $400 rebate.”

Is anyone really surprised? It is the NDP after all.

Oracle
Guest
Oracle

Steps on housing :

New tenant eviction guidelines.
Supply to build new units.

That’s it.

For the last time, threaten the Greens with a NO vote in referendum unless they make housing a confidence vote issue.

If you don’t believe me, then that’s fine. You will be priced out forever and so will your kids.

Just me
Guest
Just me
Go read the speech: The NDP government will introduce “legislation to crack down on tax fraud, tax evasion and money laundering in B.C.’s real estate market,” read the speech. The party campaigned on a two per cent speculation tax, which would generate an estimated $200 million a year for housing affordability projects including a plan to build 114,000 new units. The NDP also endorsed a plan by academics to raise property taxes and refund the money to those who pay income taxes in the province, thereby penalizing absentee owners and wealthy foreigners who purchase real estate but don’t contribute to the B.C. treasury. The throne speech did not make clear the extent to which those specific promises will be translated into next week’s budget. “Safe, decent housing is a right that is under threat by speculators, domestic and foreign, who… Read more »
Oracle
Guest
Oracle

Unless there is a spec tax, expansion of FBT and ending blind trust, then FAIL. They didn’t mention these words.

But keep believing. It will become clear to you next week. Then what’s the plan?

Dave
Member

If they raise property taxes and then have a refund for tax payers, that’s a GREAT start.

People are investing in BC because the holding cost of real estate is very low. In Monopoly they call that square Free Parking. In Vancouver, it’s Free Money Laundering and Parking. Then collect $200,000 from ICBC for a neck injury as you pass ‘Go’, aka… Bridgeport Road. Nobody ever goes to Jail in Vancouver Monopoly. Bring your own money and you can’t lose.

Just me
Guest
Just me

You nailed it on the head.
Vancouver housing lends itself to launder and park money at zero cost nor any risk.
If we make the carrying costs of housing a lot higher, you will see speculators dropping out.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Oracle’s not lying. It’s an honest oversight – an error by omission. There’s no manipulation or deliberate spin. He’s a straight shooter. (Am I doing well, Oracle?)

Burnabonian
Guest
Burnabonian

+1

bullwhip29
Guest
bullwhip29

3 vehicles in West Vancouver impounded in single night for excessive speeding
https://globalnews.ca/news/4023299/3-vehicles-west-vancouver-impounded-excessive-speeding/

>>> I impound three and my partner impound another three…

Just me
Guest
Just me

Two of the vehicles were being driven by someone with only an ‘N’ designation, while the other driver had a similar impound about two years ago.

bullwhip29
Guest
bullwhip29
Oracle
Guest
Oracle

BS article. It’s foreign money.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Yes it’s BS. Bullwhip provided a link to an article with verified sources. I trust the sources Oracle talks to. His sources are real and reliable and need not be questioned. There’s no irony in Oracle calling BS.

Oracle
Guest
Oracle

Good luck. Future gonna be tough for you if you can’t move out of here. But keep wasting your time taking anger out on me.

bullwhip29
Guest
bullwhip29

New B.C. Liberal leader questions whether empty homes are ‘a problem that needs to be fixed’
http://www.metronews.ca/news/vancouver/2018/02/13/new-bc-liberal-leader-questions-whether-empty-homes-are-a-problem-that-needs-to-be-fixed.html

Just me
Guest
Just me

“In a sit-down interview with Metro’s newsroom, Andrew Wilkinson talks housing—and why he favours incentives to build more housing rather than demand-side restrictions”

“Like his B.C. Liberal colleagues Mike de Jong and Rich Coleman, Wilkinson thinks the answer is more housing supply across Metro Vancouver. ”

“Wilkinson says he is sceptical of demand-side interventions. Of Vancouver’s new empty homes tax, Wilkinson said it remains to be seen whether the effort to collect the tax will be worth it.”

What a joke. This is a very bad start for the ‘new’ BC Libs.

Dave
Member

This isn’t an ‘and/or’ situation. The situation is such that action needs to be taken on both supply and demand.

Housing is already the biggest industry in BC and construction is going ahead full steam as it is. No matter what they come up with, it’s not going to increase new construction beyond our current level for many many years, likely 3 to 5.

So in the meantime, the only way to improve the situation is fixing the demand side.

If anything, we should be concerned about putting even more eggs in the economic basket that is real estate.

Doomcouver
Guest
Doomcouver

Agreed, the supply-side only morons don’t seem to understand that if you only increase supply without fixing the overheated demand, the speculators will buy up the majority of any excess supply you can possibly pump out. The concept of housing as primarily an investment vehicle is incredibly toxic if affordability and sustainability are the actual goal in a housing market (and they should be). The endgame is approaching, and it won’t be pretty.

Just me
Guest
Just me

Again, fully agree with the call. Talking about supply right now is just a way to deflect attention and delay any much needed measures.

patriotz
Member

“Andrew Wilkinson talks housing—and why he favours incentives to build more housing rather than demand-side restrictions”

That is, he favours subsidies to developers over taxes on speculators. Well I will give him credit for being consistent, that’s what his party has been saying all along.

YVR
Guest
YVR

You mean credit him for planning to do something rather than what the NDP have done which is nothing (other than lie).

Just me
Guest
Just me

Let us solve the tulip mania by making more tulip bulbs available. Sounds brilliant!
Wilkinson is too smart not to realize what is going on. He has every intention to make Vancouver more profitable for his corporate donors (who will be able to give him money again when he fixes the legislation to that effect).

If you vote for him, you vote for the same policies of the past 16 years. Good luck!

YVR
Guest
YVR

“same policies of the past 16 years”

Actually it is the same housing policies for 17 years now. Did you miss the policies have not changed under the NDP other than AirBnb has the provincial green light and BC credit unions have looser lending standards than banks now. But there are those 78 shipping container homes to that keep the dummies like you thinking you are getting something.

YVR
Guest
YVR

“What a joke. This is a very bad start for the ‘new’ BC Libs.”

Can you point out the differences between this and the NDP’s current policy? The only difference is the NDP have not even done anything on supply. And zero on demand as well. The NDP are worse.

YVR
Guest
YVR

Didn’t think so.