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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Lost,... but not leased
Guest
Lost,... but not leased
Garth Turners latest blog article” Orange Crush”.. Lots of interesting stats from realtor Angell Hasman and how the West Van/ North Van/West Side Vancouver market has literally collapsed. Examples: West Van January sales average 54 down to 3 North Van monthly sales average 88…down to 11 Van West 121 to 18 —Detached is down approx. 24% via 10 year January sale average —attached sales up 14% —-apartment up 32% If above stats are true…suckers are still lining up to buy condos , the RE market with a huge downside given the volumes already built and continually built….soon you won’t be able to give them away. Word is NDP budget will be a speculation tax, based on a fix % of a properties value if it is sold before a certain time period FBT and PTT are having impacts… Appears the… Read more »
Strata Hacker
Guest
Strata Hacker

In Garth’s world the crash has been occurring since 2008. How many lives have been ruined by his worthless advice?

Teranet just showed prices are up in January in all segments including SFH. Including Vancouver proper. In FV sfh is through the roof. Condos starting at 500k in Chilliwack.

And you want to listen to Garth who denied foreign buyers until this day? No hope for you.

See Saw
Guest
See Saw

You obviously don’t know how badly flawed and delayed the Teranet HPI is for measuring prices, do you?

Strata Hacker
Guest
Strata Hacker

Says who? You and Garth. Like I give a fu$k what you losers think. Teranet has been right all along and you and Garth have been wrong. Now go eat $hit and die.

See Saw
Guest
See Saw

Thought so, You’re just another ignoramous posting on this site.

Strata Hacker
Guest
Strata Hacker

Tera net is perfectly reliable. It’s been right all along. Garth is the ignoramus and you are just a punk wannabe.

Specuskeptic
Member

“You and Garth. Like I give a fu$k what you losers think. Teranet has been right all along and you and Garth have been wrong. Now go eat $hit and die.”

Are these the words of a confident real estate tycoon secure in the solid decisions he’s made in his life? How about someone in a rational state of mind? The psycho posters/posts count is through the roof and TO THE MOOOON! Leading indicator? Time will tell.

Strata Hacker
Guest
Strata Hacker

I’m not a tycoon a$$hole, just a regular working joe with a wife and kids that’s sick of being lied to by basement dwellers who deny reality.

Specuskeptic
Member

Why do you hang out with ba$ement dweller$ then? Go hang out in place$ where you’re not lied to. Ea$y.

Strata Hacker
Guest
Strata Hacker

Hangout? I stop in every once in a while to defend truth and reality for its own sake as is the tradition of Western Civilization.

Aren’t you the loser who was too afraid to buy in 2006 cause you thought prices were too high even then?

I definitely don’t come here to hear what you say about real estate.

I come to defend reality and truth and hopefully prevent others from following your awful discredited advice.

Specuskeptic
Member

You’ll forgive me if I find it odd that someone comes on this board with such hostility calling people “losers”. Had I bought, I sure as fuck wouldn’t be posting on here. You’ll also have to forgive me if I suspect there’s more to your motives than to “defend reality and truth” LOL.

And also, no, I sold in 2008 and never re-bought. Living in a much better arrangement renting than I could afford buying.

To clarify a point of fact, I don’t ever offer advice – discredited or otherwise. You have me confused with someone else.

Just me
Guest
Just me

Sad but true.
Investment advisors would rather get your money to invest than see it gone into a downpayment.

Just me
Guest
Just me

Today on the CBC:

http://www.cbc.ca/news/business/crea-home-sales-1.4536604

“…sales were up year over year in B.C.’s Lower Mainland and Vancouver Island, the Okanagan Region, Edmonton, Montreal, Greater Moncton and Halifax-Dartmouth.”

“Kavcic said Vancouver, much like Toronto, has a “deep rift in conditions” between its detached-home market, which has falling prices, and its condo market, which he described as “extremely tight” with prices up more than 27 per cent year-over-year.

He also cautioned against reading too much in the January report.

“We’d maintain that most of the national housing market is well balanced, with local markets responding appropriately to varying fundamentals and policy shocks. In the [Greater Toronto Area], the detached market is still absorbing additional measures taken at the provincial level, while condo markets in Vancouver and Toronto are still heated.”

Just me
Guest
Just me

It seems volumes are down at the top (SFHs) because sellers expect demand to come back. They are still demanding what they got from mainland China buyers in 2016.

Hence, the answer is simple: unless the government (provincial and federal) intervene forcefully to lower prices, nothing of consequence will happen. There needs to be serious legislation that makes RE investments unprofitable and increases carrying costs. Short of that, I would not be surprised to see a repeat of the appreciation of SFHs once Chinese money starts flowing again because of weaker capital controls.

Oracle
Guest
Oracle

BS. They are doing this to influence NDP so it doesn’t bring in new policy.

KickThemOut
Member
KickThemOut

I thought Garth is not reliable. Why are you quoting him?!

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

Be realistic…
I didn’t endorse Garth per se…I simply commented on information he provided..

BTW prices are down, not just sales.

KickThemOut
Member
KickThemOut

You are endorsing him by giving him free advertising on this blog and spreading his misinformation.

bullwhip29
Guest
bullwhip29

sales volume has collapsed, not prices. if a crash in prices is to occur, we will need to see a massive and sustained surge in listings not by just those looking to test the market with a fantasy asking price, but sellers who have painted themselves into a financial corner and have to liquidate immediately. of course, the dumping of anything bought recently with next to nothing down won’t achieve the desired results but may make monthly cash flow statements for those involved less bad

Strata Hacker
Guest
Strata Hacker

There’s simply nothing of quality to buy out there. Just the sloppy seconds no one wants is all that’s left to buy. Yuk.

Doomcouver
Member
Doomcouver

An interest rate shock from the new OSFI rules coupled with the low sales volumes may be enough to push some marginal sellers over the edge. We’ll have to see in the coming months how this plays out, definitely not willing to call a crash yet, our housing bubble is exceptionally resilient due to buyer sentiment.

Oracle
Guest
Oracle

Sales mean nothing if prices not affected.

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

Prices are down..not just sales,,at least for SFH

Strata Hacker
Guest
Strata Hacker

What evidence do you have off prices being down as you claim.?

bullwhip29
Guest
bullwhip29

that’s not entirely true. those realtors and bankers don’t have much to do these days. in the coming weeks, it will interesting to see how they decide to drum up some business.

Best place on meth
Member
Best place on meth

I expect to see my next New Locust flyer to be offering handjobs to everyone who attends an open house.

May as well do what the chinese do best, next to lying. cheating and stealing.

southseacompany
Member
southseacompany

“Bond yields spike after hotter inflation signals Fed could be hiking rates for longer than expected”, CNBC

https://www.cnbc.com/2018/02/14/bond-yields-signals-more-fed-rate-hikes-after-biggest-cpi-jump-in-13-years.html

“All it took was one hot inflation report to convince the bond market that the Federal Reserve might really raise interest rates three or more times this year and several more next year.”

Just me
Guest
Just me

“OSFI B-20 regulations may be more effective than a non-resident speculation tax, and China’s capital controls combined. That is, if other banks follow with similar regulations, and the government doesn’t add another measure to improve demand.”

Yes, the big unknown is the government: in the past they would step in and bail out the market every time there were signs of lower prices. Will they do it again?

YVR
Guest
YVR

“That is, if other banks follow with similar regulations, and the government doesn’t add another measure to improve demand.”

Already done here in BC. Credit unions are exempt by order of Horgan. Until you see a sign on the doors of credit unions stating “sorry we are out of mortgage money – no new mortgage applications accepted” it is game on for HAM.

Doomcouver
Member
Doomcouver

A bailout from the government would have to be relaxing mortgage standards and dropping the BoC interest rate. I can’t see either of those things happening in the near future. They’ll sit on their hands until we’re well into the correction. By the time they make policy changes the sentiment will have done a complete 180.

southseacompany
Member
southseacompany

“CIBC Kills Foreign Income Program, Makes Buying Canadian Real Estate Harder”, Better Dwelling

https://betterdwelling.com/cibc-kills-foreign-income-program-makes-buying-canadian-real-estate-harder/

“CIBC is the first bank we’ve received details for, but sources at two other Big Six banks confirmed similar rules are being discussed”

Hopefull
Guest
Hopefull

Our East Van house sale just fell thru today….Asian buyers couldn’t get financing … coincidence?

ostritch
Member
ostritch

Get buyers with better connections

Raincity
Member
Raincity

Joined Juwai to see how the locusts operate. I told them I wanted to sell my home. This is how they responded:

(“If you are worried about how Chinese investors transfer funds to purchase real estate, here’s top 5 ways:”)
They go on to list 5 main ways:
-Pooling
-Private Banking
-Money shops
-Offshore businesses
-Overseas acquisition
Unbelievable!

ostritch
Member
ostritch

Can you post how to join Juwai and which threads to watch?

Raincity
Member
Raincity

Go to their web site:Juwai.com

Just me
Guest
Just me

That money is paying for the golden retirement for many baby boomers in Vancouver. Holidays in Hawaii and Christmases in Europe. All thanks to mainland China money. Of course, younger speculators are making a killing as well.

The big losers are the younger and/or income-earners who need to live and work in Vancouver. They are paying the price of this utter madness. Life in Vancouver is close to impossible if you are on a normal income and do not already own.

Doomcouver
Member
Doomcouver

You can almost hear the noose tightening on marginal borrowers…

bullwhip29
Guest
bullwhip29

mentioned this almost a month ago…
http://vancouvercondo.info/2018/01/how-do-you-talk-about-foreign-buyers-without-being-racist.html#comment-316953

I was also told that this won’t wind up being a simple “wax on, wax off” situation as some initially thought but more like a change in the type of wax used where the foreign income program will replaced by two other programs targeting “newcomers” to canada and “high net worth” clients. so, in essence, things still waxy, but maybe less “sketchy”…

Should be lots of new work for the accountants and lawyers…

Doomcouver
Member
Doomcouver

If someone calls you a racist, just tell them you’re not racist you’re an “ethnocentrist”. Often they’ll be too ignorant to know what that means so it’s win-win.

Best place on meth
Member
Best place on meth

If someone calls you a racist, spit on them.

Just me
Guest
Just me

“The old system at CIBC was amazingly easy for foreign buyers and international students to get a mortgage. If you had a deposit above 35%, it was good enough to get an uninsured mortgage, without your income being verified in many cases. For the bank to be at risk of a loss, the buyer would have to immediately stop paying their bills, and prices would have to decline by 35%. A highly unlikely scenario, in my opinion. This process wasn’t a secret, some branches even had signs advertising it.“

bullwhip29
Guest
bullwhip29

River Rock Casino’s top VIP hostess no longer at the casino following de-registration
http://vancouversun.com/news/local-news/river-rock-casinos-top-vip-hostess-no-longer-at-the-casino-following-de-registration

Whister or Bust?
Guest
Whister or Bust?

Where are the criminal charges?

YVR
Guest
YVR

This is all being handled by a ‘consultant’ Eby hired. Consultants cannot charge people. I wonder if Eby will start hiring consultants to look into drug dealing then just tell the dealers to go find a new place to deal when they are caught. Is this a new way to run the AG office or just for money laundering?

Doomcouver
Member
Doomcouver

I would hope criminal money-laundering charges are pending. If I was her I’d consider leaving the country.

Oracle
Guest
Oracle

She’s part of the elite.

bullwhip29
Guest
bullwhip29

A defamation trial between a WeChat blogger and a politically connected Chinese-Canadian businessman, Miaofei Pan, will resume Friday in Vancouver
http://www.metronews.ca/news/vancouver/2018/02/14/blogger-faces-off-against-politically-connected-businessman-in-vancouver-court.html

Just me
Guest
Just me

“Pan had received $2,000 a month in Canadian child tax benefits for his four daughters, which would normally only available to people making less than $30,000”.

“Pan had bought his way into leadership positions in two Chinese-Canadian societies with donations in the amounts of $400,000 and $50,000, implying that these positions helped Pan get access to Canadian politicians”.

“December 2016, the Tyee and the Globe and Mail reported on a controversial $1,500 a plate political fundraiser Pan held in Vancouver for the federal Liberal Party, which was attended by Prime Minister Justin Trudeau”.

Name
Guest
Name

“His accountant, Allan Yang, testified and produced Pan’s tax returns, showing that while Pan did report a very low income — under $25,000 for both 2007 and 2010”

but yet this guy can donate hundreds of thousands of dollars to various causes as he sees fit…. another typical scummy mainlander.

Just me
Guest
Just me

Politicians will shake hands and welcome him at fundraisers. After all, he is making them rich.

This is what undermines institutions in the long term: why would normal people pay taxes if the very politicians we voted into office are condoning tax evasion?

bullwhip29
Guest
bullwhip29

and apparently had enough cash to buy millions in real estate on a students income not to mention the fact that had he not been a whale donor trudeau wouldn’t have given him the time of day.

patriotz
Member
Doomcouver
Member
Doomcouver

This definitely closes an avenue that a lot of Canadians use to manage their debt-loads. They’ll be stuck with a lot more credit card debts and other loans they won’t be able to roll into their mortgage. If we get 2 or 3 more rate hikes in 2018 that could finally be the beginning of the end for the great Canadian debt bubble.

Best place on meth
Member
Best place on meth

Question for the pair of hyper-partisan morons, YVRacle, who seemed to be joined at the brain and mouth like a pair of extremely unfortunate Siamese twins.

Give us a list of what you want to see the NDP do in their budget, point by point.

YVR
Guest
YVR

Mike Smyth: Middle class still waiting on Horgan’s big promises

Then’s there’s affordable housing, on which the government promised more breathtaking spending: “The largest investment in affordable housing in B.C. history,” the throne speech said. But the speech indicated the spending will focus on “social housing, student housing, seniors housing, Indigenous housing and affordable rentals for middle-income families.” Targeting spending on the most needy is laudable, though I wonder how many middle-class families will be left disappointed with a real-estate market that will still be unaffordable and out of reach for non-millionaires.

http://theprovince.com/opinion/columnists/mike-smyth-middle-class-still-waiting-on-horgans-big-promises

Oracle
Guest
Oracle

And people should not be afraid to call Horgan a motherfucker.

Bag it and tag it
Member
Bag it and tag it

You’re a motherfucker. Practicing for Horgan.

Oracle
Guest
Oracle

That’s the thing. Many will want their votes back. Who the hell wants higher taxes and no change in housing. Plus higher icbc, Hydro etc.

NDP is done for. Jut watch. Assholes must go.

Sebastien
Member
Sebastien

This is what happens when you don’t vote Green.

Bestplaceonearth
Guest
Bestplaceonearth

Green will make it worse in my opinion. But if you like them, who to say that you are wrong.

paulb
Member

New
274
Price Change
47
Sold
149
TI:8159

http://www.clivestevepaul.com

Just me
Guest
Just me

“CRA raids locations in Toronto, Calgary and West Vancouver in Panama Papers probe. Agency discloses unprecedented details of criminal investigation prompted by huge leak of records”

http://www.cbc.ca/news/politics/cra-panama-papers-raids-vancouver-toronto-calgary-1.4535565

“The CRA’s investigation identified a series of transactions involving foreign corporations and several transfers through offshore bank accounts used, allegedly, to evade taxes,” the agency said.”

Just me
Guest
Just me

“West Vancouver police confirmed two of its officers were involved in executing a search warrant there, in a supporting role to CRA agents. The force would not divulge any further details.”

“Last month, CBC News reported that while a dozen governments around the world say they’ve recovered a combined $500 million in unpaid taxes so far thanks to the huge leak of financial records, the CRA has so far not collected a penny.”

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

CRA not collect a penny?

Why is this not a surprise….unless its working poor and waitresses tips…those are the real cause of our housing crisis.

Bag it and tag it
Member
Bag it and tag it

time to start confiscating homes

Oracle
Guest
Oracle

Quit the quotes FFS. Post a link. Are the that obtuse?

Bag it and tag it
Member
Bag it and tag it

rather rich of you to complain about a lack of supporting link….glass house

Bear Vancouverite
Member
Bear Vancouverite

The quotes are useful to me anyway, as long as properly quoted. Funny though, that the one person who never links to anything in his posts is asking for links.,

Specuskeptic
Member

Solid point BV. Boracle is shameless.

Oracle
Guest
Oracle

I’m not here to make friends.

Bag it and tag it
Member
Bag it and tag it

finally you succeed at something

Best place on meth
Member
Best place on meth

Your not here to make any valid points or credible arguments either.

Never mind the friends.

Specuskeptic
Member

That’s pretty obvious. What’s still a mystery is why you are here.

kabloona
Member
kabloona

$500K is no longer enough to buy a new condo in Vancouver, survey finds”

:-O

http://www.cbc.ca/news/canada/british-columbia/500k-vancouver-condos-1.4535072

😀

“A national condo survey was unable to find any new condos selling for less than half a million dollars in Vancouver.
The survey, conducted by Atlus Group, compared what $500,000 would buy in new condo markets across Canada in 2017. Vancouver was the only city in which researchers were not able to find any units at that price point or below.
“Buyers would need to go into nearby markets like Burnaby to find projects offering one-bedroom units at this price point,” reads a release from Atlus.
In Burnaby, the survey found $500,000 would net buyers a new 450-square-foot one-bedroom condo…”

YVR
Guest
YVR

Looks like the new NDP government is doing well. If you are a real estate speculator.

Laibach
Member
Laibach

Why that would be a surprise, it the same as city center of New York, London, and Paris. Totaly in line with “LOCAL” high incomes. It has nothing to do with the offshore shit.

Oracle
Guest
Oracle

It is in eyes of the 1.3 Billion Chinese. And only country where you can bring your parents and grandparents in.

Bear Vancouverite
Member
Bear Vancouverite
I see that YVR has now taken to fearmongering about Credit Unions taking up all the slack that B20 has created, exactly the same tactic that Oracle has used in the past which have been thoroughly debunked. Let me point out 2 huge holes in this theory. 1) The 2 biggest credit unions in BC are applying a form of stress test. 2) The smaller credit unions don’t have the capital to take up the slack. The 2 Biggest credit unions by far in BC are Vancity and Coast Capital Savings. Someone has noted that Coast Capital has to abide by B20 because they want to expand to Ontarior. Vancity has also informed the press that they are voluntarily increased their the stress tests. “Vancouver-based Vancity Credit Union has voluntarily increased the stress test its members must meet to qualify… Read more »
YVR
Guest
YVR

Problem is their stress test is not the same. HAM can still get a mortgage with no income. If it was no big deal why is NDP the only provincial government not mandating the same stress test?

Rick Sielski, Vancity’s senior vice-president of risk, would not disclose the mechanics of the stress test

Bear Vancouverite
Member
Bear Vancouverite

You are right, it’s not the full B20 stress test at Vancity, but supposedly the test has been made “more”. I also agree with you that the government should require BC Credit Unions to apply the B20 stress test, and have shared that with the relevant ministers. You should write them too.

YVR
Guest
YVR

From ” fearmongering” to “I also agree with you that the government should require BC Credit Unions to apply the B20 stress test” all within a couple of hours.

Oracle
Guest
Oracle

Just give up. No cure for naivety. Let it go.

Specuskeptic
Member

“Let it go.” Take your own advice. Under at least two different handles, you promised to leave. Still waiting….

Laibach
Member
Laibach

Our “locals” must be different than other Canadian locals considering irrelevant foreign (locust) factor as somebody mentioned earlier?

http://www.huffingtonpost.ca/2018/02/14/house-prices-falling-in-majority-of-canadian-cities-as-new-rules-kick-in_a_23361508/

Just me
Guest
Just me

This is for those morons who keep posting claims that the Vancouver market is crashing. There you go, enjoy:

“It’s a different story in Vancouver, where the market appears to be up to its old tricks again — rapid house price increases. The city’s price index is up 1.2 per cent on the month, and up nearly 17 per cent over the past year.

Detached home prices in the city are up 13.5 per cent over the past year, while condos have soared by 23 per cent.

Without Vancouver, the national house price index would have dropped for the fifth month in a row, National Bank senior economist Marc Pinsonneault said. But with Vancouver included, it rose 0.3 per cent in January.”

Just me
Guest
Just me

“”The fact is that Vancouver’s home resale market remained tight even after the introduction of a tax on acquisitions by foreigners,” Pinsonneault wrote in a client note Wednesday. ”

This guy Pinsonneault must be an RE shill, right?

Bag it and tag it
Member
Bag it and tag it

they forget prices were in free fall post FBT until Crooked’s down payment helper scheme.

Just me
Guest
Just me

I agree that volumes are lower. Especially at the high end. But prices are not budging. I have no sense that SFHs are cheaper than two years ago, certainly not in any significan5 way.

It is almost as if owners are unwilling to part with houses unless they get what Chinese mainlanders were willing to pay two years ago. Even if there is not many mainlanders with that kind of money right now.

They must think this is just a lull and the appreciation will. Resume soon. That is the only explanation.

Just me
Guest
Just me

By the way, if what I wrote above is not off the mark, then our only chance of significant price drops is a structural change in the political and tax regime for housing. That is, we need governments to step in with the clear intention to trigger lower prices for homes.
Anything else will not do it.

Oracle
Guest
Oracle

Just Me:

FFS stop the quotations. Add a link. We will read if we want to.

Just me
Guest
Just me

This has already been posted by bullwhip. But here is a refresher if you missed it.

” How Canada became an offshore destination for ‘snow washing’.
The country’s opaque jurisdictions allow owners of private companies to remain anonymous and the firms to remain in the shadows.”

https://www.theguardian.com/world/2018/feb/14/canada-corruption-snow-washing-investigation-private-companies

“Canada is one the world’s most opaque jurisdictions when it comes to identifying the owners of private companies and trusts, according to anti-corruption campaigners who say that more rigorous checks are required to obtain a library card than to set up a company in the country.”

bestplaceonearth
Guest
bestplaceonearth

What are you doing to do for your own sake with that $65k in saving of yours? You whined back then in 2015, and you still whine in 2018. Nothing changes!

Name
Guest
Name

most people are in debt up to their eyeballs and if someone has $65K in savings i’d think they should be commended not mocked.

Oracle
Guest
Oracle

Only people you know. I dont know any in my circle. Most are well off.

bestplaceonearth
Guest
bestplaceonearth

You don’t know the stupidity of it: sitting on $65k in 2015 and did not buy a place while price did not move anywhere. Fast forward to present time, still sitting on the fat saving and fat arses whinning about the world, and tax more to the rich. so, commended or mocked?

Oracle
Guest
Oracle

They can buy a subdividable lot in Chilliwack. Live there. If current trends continue and prices double there, then your one lot is paid for.

Name
Guest
Name

How do you know what they did with the money? Do you realize there are other investments besides dumping the cash into an overpriced money sucking condo? Actually you have such a one track mind so you don’t.

Just me
Guest
Just me

“This opacity – described in a recent Transparency International report as the “getaway car of financial crime” – has become the perfect vehicle for “snow washing”: the use of Canada’s positive image to tout the country as an offshore destination where suspect transactions can be legitimised.

In 2014, G20 members – including Canada – vowed to improve transparency around the ownership of legal entities.

Britain was among the first to act, setting up a public database of owners and those who control companies. Member countries of the European Union soon began to follow suit, as did Australia and South Africa.

In the US – believed to be home to more shell companies than any other country in the world – a bipartisan group of lawmakers has repeatedly tabled legislation aimed at addressing the issue.

In contrast, little has been done in Canada. “

Just me
Guest
Just me

“Other impacts are more subtle. A 2016 report found that nearly half of the 100 most expensive homes in Vancouver – which ranks among the world’s least affordable housing markets – were bought using shell companies, trusts or nominees.

“Is it a wealthy person who earned that money? Or is it the Hells Angels?” Johnson asked. “An Iranian or North Korean under US sanctions? We have no idea.”

Files from Mossack Fonseca, leaked in 2016 as part of the Panama Papers revealed another consequence, said Transparency International Canada’s James Cohen. “Canada is being sold through snow washing by foreign intermediaries, who are telling their clients that you can bring your illicit finances into Canada and they’ll be cleaned like the pure white snow.”

Just me
Guest
Just me

“Canada’s lax penalties for financial crimes burst into public view in 2005, during the trial of a Toronto lawyer.

The court heard that Simon Rosenfeld – who was jailed for money laundering in 2009 – had bragged to an undercover officer that Canada was a “la la land” where white-collar crime goes unpunished.

He said he knew of five lawyers in Vancouver who were laundering as much as $200,000 a month through trust accounts, adding that it was “20 time safer” for a lawyer to launder money in Canada than the US.”

bestplaceonearth
Guest
bestplaceonearth

Please spare the peoplekind from your quotes.

bullwhip29
Guest
bullwhip29

Should Richmond city council allow cannabis stores?
http://www.richmond-news.com/community/your-voice-should-richmond-city-council-allow-cannabis-stores-1.23172280

>>> imho, city of richmond will cave into pressure and will wind up bogging legit businesses down with all kinds of red tape, fees, taxes etc thereby forcing owners to relocate elsewhere. meanwhile, illegal grow ops will inevitably sprout up in every nook, cranny, blueberry farm and pumpkin patch and be allowed to exist unchecked. it remains to be seen what will prove to be more fruitful…the hijacking and rezoning of dirt patches to residential OR the incorporation of added medical weed operations into all those home-based b&bs/hotels/spas/massage parlours/money refineries/document forgers currently being run by those poor destitute housewives and students?

Shut It Down Already
Member
Shut It Down Already

You toxic racists seem to be in good company. The fascist totalitarian dictator Trump and his secret police seem to agree with you wretches.

The director of the FBI says the whole of Chinese society is a threat to the US — and that Americans must step up to defend themselves

FBI Director Christopher Wray issued a dire warning about China’s growing influence during a Senate Intelligence Committee hearing on Tuesday.

He said there were a variety of ways China was implementing a plan to replace the US as the foremost global power, including by infiltrating academia.

Recent reports have suggested that while China’s Confucius Institutes are ostensibly language-learning centers, they often serve as vehicles for Chinese propaganda at universities around the world, including the US.

Intelligence experts have also cited Chinese cybersecurity threats as a major concern in 2018.

http://www.businessinsider.com/china-threat-to-america-fbi-director-warns-2018-2

Bear Vancouverite
Member
Bear Vancouverite

SIDA: You don’t have to be racist to have concerns about the rising power of China. The Chinese government has shown complete lack of regard for many values that most of us in the “Free World” share.

Chinese Cybersecurity is also a definite threat to us. Overall, China’s rise in hard and soft powers should be a concern until they prove to be more responsible and trustworthy players on the world stage, and we should continue to pressure them to be better leaders in those respects.

Best place on meth
Member
Best place on meth

“…until they prove to be more responsible and trustworthy players…”

Never gonna happen until the commie vermin are overthrown, lined up and shot by the millions.

After that, it will take at least a generation or two for the population to become un-brainwashed and behaving like human beings again.

Laibach
Member
Laibach

It is sarcasm, someone is mocking SIDA with the valid facts.

Oracle
Guest
Oracle

Time to isolate that country by limiting immigration and cancelling all trade talks. Canadian politicians need to be held accountable to treason. Hopefully the USA will teach Trudeau a lesson he will never forget.

Just me
Guest
Just me

What exactly is racist about pointing out strategic threats from rising powers like China? I would be surprised if the didn’t have a plan to acquire more powers through soft and hard methods.
If anything, I think western powers are being too lenient with China because of its growing economic leverage.

patriotz
Member
Oracle
Guest
Oracle

A post from Macallums apprentice.

Specuskeptic
Member

The biggest voice of ass-hattery mocking one of those who bring actual value to the board. Will wonders never cease?

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

Make Canada Great For The First Time Already Before Shit Hits the Fan !!!!

Name
Guest
Name

google “rcmp sidewinder” the chinese threat has been known for decades.

Just me
Guest
Just me

From Terry Glavin’s brilliant new article linked above. Glavin is on a roll. Great summary again:

“Vancouver’s old establishment property developers and real-estate companies fed the frenzies and made a killing. Along the way, they greased the skids by pouring buckets of money into Gregor Robertson’s now-dying Vision Vancouver civic party and Christy Clark’s Liberal Party. Robertson is now a sad figure, his legacy a shambles, his term up in October, and even his celebrated relationship with his glamorous girlfriend, the Chinese pop star Wanting Qu, fell apart last year. Qu’s mother, a Communist Party official in Harbin, remains on trial on charges of embezzling $70 million in a land swindle.”

Just me
Guest
Just me

“ “So you had these whispers about racism being used to shut down a dialogue about affordability and the kind of city we want to build here,” Andy Yan explained. “It’s a kind of moral signalling to camouflage immoral actions. It’s opportunism, and it’s a cover for the tremendous injustices that are emerging in the City of Vancouver and across the region. It’s a weird Vancouver thing. It’s very annoying. It’s kale in the smoothies or something.”

Just me
Guest
Just me

“Christy Clark is history, too. Her government was toppled last year by John Horgan’s New Democrats. With at least 60,000 Chinese immigrant investors sloshing their money around Metro Vancouver real estate over the past few years, federal politicians, too—Liberals, mainly—have been more than happy to rake it in at cash-for-access soirees and in generous donations to election campaign war chests.”

Hyper-mega-Bull
Member
Hyper-mega-Bull

people like patriotz lied and manipulated all of you for more than a decade.

Oracle
Guest
Oracle

Who would you blame? Him or the naive.

I blame the naive. They still didn’t get it after being told.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Naive definitely deserve a lot of blame.

YVR
Guest
YVR

But wait. The NDP budget is coming. Should be good for another laugh.

Just me
Guest
Just me
“In these ways, in Vancouver’s political circles, and in polite company, one simply didn’t mention the way the city’s housing market was being restructured to serve as an offshore investment bolthole for billions of dollars’ worth of shadow currency being spirited out of China, Iran, Russia and other such kleptocracies. But back in 2015, when the profoundly caucasian Mayor Robertson attempted to dismiss Yan’s findings—“I’m very concerned with the racist tones that are implied here,” Robertson said—it was a smear too far.” “White real estate moguls and politicians like Robertson persisted in proclaiming their anti-racist bona fides and purporting to be the champions of Vancouver’s Chinese community by shutting down public debates about the region’s housing catastrophe. Brandon Yan, a civic activist and volunteer on Vancouver’s planning commission, put it best: “Let’s leave it to the rich white dudes to… Read more »
Just me
Guest
Just me

“While the politicians and their friends in the property industry were making speeches about diversity and the importance of having sensitive feelings, foreign ownership grew to account for more than $45 billion dollars’ worth of Metro Vancouver residential property. Within Vancouver city limits, 7.6 per cent of all residential properties are now owned directly by individuals “whose principal residence is outside of Canada,” by the definition of the Canada Mortgage and Housing Corporation. Roughly one in ten Vancouver condos are owned by non-residents. And that’s just the owners we know about.
Transparency International reckons that perhaps half of Vancouver’s most expensive properties are owned by shell companies or trusts, with the nominal owners commonly listed as student, housewife, or homemaker.”

Just me
Guest
Just me

““I’m always careful about using biomedical analogies,” Yan told me the other day, “but what was like a little skin ailment, if you will, over the last 10 or 15 years, has become a full fledged cancer.”

Just me
Guest
Just me

“With short-term AirBnB rentals swallowing up long-term rental inventory, Yan was less than impressed with James’ solution, announced last week: short-term rental outfits will now pay the eight per cent provincial sales tax, and two or three per cent in municipal taxes. “That’s like taxing cigarettes to pay for lung cancer treatments,” Yan said.”

Just me
Guest
Just me

“ “We need to go back to civic virtues.
“We need to talk about the sacrifices we are willing and we need to make for the greater good of the community. We need to have a discussion about what the public good is, and what we are willing to sacrifice to make it happen.”

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

Time to fire up the Enola Gay !!..then we can start fresh.

bullwhip29
Guest
bullwhip29

Loan program for 1st-time homebuyers has had few takers, little impact on market
http://www.cbc.ca/news/canada/british-columbia/first-time-homebuyer-loans-b-c-1.4534426

>>> well, someone has some explaining to do. maybe it is time to come clean and admit that rapid price increases in this particular segment of the market was largely driven by overseas buyers exploiting the FBT loophole on presales?

patriotz
Member

“overseas buyers exploiting the FBT loophole on presales?”

As I’ve noted before, presales and assignments of presales don’t go into the REBGV statistics.

bullwhip29
Guest
bullwhip29

“Our analysis indicates that the [program] was helpful to many homebuyers, but not popular enough to cause a significant impact on market conditions…”

>>> REBGV stats aren’t the focus here. my question is, what is driving the boom in the lower end of the market, particularly presales if this so called first timer program isn’t all it was cracked up to be?

patriotz
Member

“REBGV stats aren’t the focus here. my question is, what is driving the boom in the lower end of the market”

Well then, where are you getting the numbers telling us about this boom?

Name
Guest
Name

Throne Speech focuses on housing

http://www.news1130.com/2018/02/13/throne-speech-focuses-housing/

“The government is also pledging to crack down on tax fraud, tax evasion, and money laundering within the real estate market. More intricate details will be released in next week’s budget.”
Green Party leader Andrew Weaver says he’s encouraged by the Speech from the Throne, saying his and his party’s shared values are well represented. “I am glad to hear the government acknowledge that the first step to solving the housing crisis must be to address demand and speculation, both foreign and domestic.

This sounds encouraging and it’s far more than those BC liberal thieves ever did in the last 15 years.

Just me
Guest
Just me

1, 2, 3…..cue YVR with his hateful posts about the NDP.

bullwhip29
Guest
bullwhip29
Name
Guest
Name

“In 2009 the Royal Canadian Mounted Police estimated that as much as C$15bn was being laundered each year in Canada”

and that was in 2009. imagine how much it is now.

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

Yes…RCMP….
Spend millions of tax dollars on investigations, which sit on the shelves gathering dust, kiboshed by the politicians who we elect to allegedly represent us.

RCMP are simply gatekeepers..

bullwhip29
Guest
bullwhip29

A Richmond city official is trying to flip a condo within a year of buying it at twice the price she paid for it
https://thinkpol.ca/2018/02/14/richmond-city-official-flipping-condo-2x-within-year/

Just me
Guest
Just me

“The flip was brought to Thinkpol’s attention by another City of Richmond official, who claimed that this was more common that people thought.

“If you ever wondered why the City of Richmond is doing less than even City of Vancouver to crackdown on rampant speculation, now you know why,” the official told Thinkpol on the condition of anonymity. “Richmond officials are profiting off this criminal enterprise.”

The whistleblower added that the city officials were turning a blind eye to money laundering and tax evasion running rampant in the city as they were profiting from illegal activities.

“It’s their personal cash cow,” the official added. “They know there’s a guaranteed return on investment. Endless supply of global criminals keep pumping proceeds crime in the market driving property prices up.”

patriotz
Member

“The whistleblower added that the city officials were turning a blind eye to money laundering and tax evasion running rampant in the city as they were profiting from illegal activities.”

City administrations don’t have anything to do with enforcing laws relating to these activities.

bullwhip29
Guest
bullwhip29

but does this give them free reign to ride on the coattails of the folks conducting these activities, which in some cases are not legal?

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

patriotz…..its called insider info…

I agree its not against the law for civil servants to buy RE….but the whistleblower seems to be hinting at something IS amiss or why would ThinkPol even bother writing the story ?

Lets’ be blunt…with all that offshore cash coming in, it’s hard to believe many forms of systemic
corruption do not exist at City Halls.

There is a notorious club in North Richmond where Politicians and Asian businessmen meet…it is the defacto Richmond City Hall…….. will get the name asap.

Just me
Guest
Just me

“The official claimed that the City of Richmond officials involvement in speculation explains their reluctance to take action against speculative development in the Agriculture Land Reserve where farmland is being converted into mega mansions[2].

“They don’t give two hoots about the Richmond taxpayers who pay their salaries ,” the whistleblower said. “It’s all about lining their pockets through playing the real estate market on the side.”

“When you get to write the rules, you always get to win,” the official concluded.”

bullwhip29
Guest
bullwhip29

Toronto And Vancouver Real Estate Showing “Excessive Exuberance” Shows CMHC Indicator
https://betterdwelling.com/toronto-vancouver-real-estate-showing-excessive-exuberance-shows-cmhc-indicator/

Strata Hacker
Guest
Strata Hacker

Wait. Garth and his band of merry renters claim we have been crashing all along. What’s going on?

bullwhip29
Guest
bullwhip29

Hated by politicians, speculators and money-launderers, Andy Yan’s data on Vancouver housing has earned him the right to say, ‘I told you so’
http://www.macleans.ca/economy/realestateeconomy/andy-yan-the-analyst-who-exposed-vancouvers-real-estate-disaster/

Just me
Guest
Just me

Go Andy go!
Keep up the good work. Being criticized by politicians, RE pumpers and speculators is the greater accolade for your work. It means you are doing something right.

Keep the pressure up.

Just me
Guest
Just me

“Fast forward three years. The weirdness that Yan documented in Point Grey, Dunbar, Kerrisdale and Shaughnessy has rapidly spread southward and eastward, decoupling the bonds linking incomes with housing values across Burnaby, Richmond, Coquitlam, all the way out to Surrey and White Rock on the Canada-U.S. border. Metro Vancouver’s real estate market is now a dystopian tableau of panic buying, tax fraud, property flipping, overseas pre-construction condominium sales, stone cold speculation and elaborate, multiple-account money transfer rigmaroles that are the conduit of choice for drug cartel tycoons. Not even the heaviest regulatory hands at the controls of the Chinese Communist Party’s surveillance state seem capable of shutting the networks down.”

Laibach
Member
Laibach

Right, locust fucks mastered all the skills and now scavenging what is left of BC.

Just me
Guest
Just me

“Three years ago, Yan was anxious to get a handle on the role foreign capital was playing in Vancouver’s weirdly convulsing real estate market. At the time, Yan’s main gig was his work as an urban planner with Bing Thom Architects, on contract as an urban planner. When Yan published the results of his research in November, 2015, it came as a shock, for two main reasons. It seemed to conclusively prove what everybody knew but nobody was supposed to say out loud. And it broke a taboo that was enforced so absurdly that Vancouver mayor Gregor Robertson resorted to dismissing Yan’s research as racist.”

bullwhip29
Guest
bullwhip29

Liberals speed up foreign spouse reunions, tackle application backlog
http://www.cbc.ca/news/politics/spousal-sponsorship-hussen-progress-1.4533439