Friday Free-for-all! Feb 16th 2018

It’s the end of the week, so let’s do another Free-for-all open topic thread for the weekend.

What are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

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BubbleTea
Guest
BubbleTea

Todays Globe: How shady lenders with drug-crime connections are using B.C. real estate to clean dirty money
Through millions of dollars in private lending and mortgages, people connected to the fentanyl trade are parking their illicit gains in the Vancouver-area property market – and using alleged threats, extortion and deception against homeowners to make sure they get their money back.
https://www.theglobeandmail.com/news/investigations/real-estate-money-laundering-and-drugs/article38004840/?utm_medium=Referrer:+Social+Network+/+Media&utm_campaign=Shared+Web+Article+Links

Best place on meth
Member
Best place on meth

I wonder which country these vermin came from….

…said nobody, ever.

Just me
Guest
Just me

“The Zhangs and others call themselves private lenders – issuing millions of dollars in registered mortgages and short-term loans.

Just as a bank does, they grant a loan, then register a land-title charge against the borrower’s real estate, equal to the value of the debt, plus interest. The charge, which gives them a stake in the real estate, remains in place until the debt is cleared. If the property is sold, the loan gets paid out from the sale proceeds, in clean money, all seemingly legal.”

Just me
Guest
Just me

“By combing through hundreds of lawsuits, foreclosures and property records, The Globe identified 17 such lenders, who have collectively claimed a $47-million stake, plus interest, in 45 Vancouver-area properties in recent years. The three Zhangs alone laid claim to at least $20.7-million of that, individually or through numbered companies.”

“Their target customers are wealthy Chinese newcomers or tourists – and their grown children – who’ve bought property in Canada and who want to use it as leverage to borrow large amounts of cash, as they might with a home-equity line of credit, for gambling or other extravagances. Some borrowers appear to use the loans to pay down other debts.”

Just me
Guest
Just me

“Typically, their wealth is in China – money that can’t easily be wired to B.C., because the Chinese government forbids its citizens from taking more than US$50,000 per year abroad. Most of the homeowners already have at least one mortgage with a Canadian bank, and may have maxed out their legitimate borrowing power in this country.

Enter the private lenders, offering quick, easy money – by word of mouth – through social and business circles.”

Just me
Guest
Just me

“ The private lending is also yet another scheme that may well be inflating sale prices, in a city where real-estate speculation has already pushed prices well beyond the reach of middle-class citizens and has ignited a national debate and a raft of responses from policymakers.

Many of the properties The Globe looked at sold, after the private loans were taken out, for much more than the owners had paid for them. Each time a real-estate investor cashes out like that, it sets the market price higher for all houses in the neighbourhood.”

See Saw
Guest
See Saw

Well! That’s odd because prices are going Down not Up. Where have you and Kathleen Tomlinson been?

Just me
Guest
Just me

“Richmond lawyer David Chen, who has represented some of the borrowers, agrees. “It could be one of the reasons we have such a jacked-up real-estate market in Vancouver,” he said. “If today our regulators had a way of managing and minimizing these transactions … you would have the money going somewhere else, not secured through real estate.”

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

Chen says this private lending” could” be one of the reasons we have such jacked up real estate in Vancouver?

19 of 45 homes noted in the article are in Richmond. IMHO, these cases is not “one of” rogue anomalies, but part of a co-ordinated attack by HAM to , as the saying goes “a rising tide floats all ships”. They rigged the market to establish new benchmarks so fellow foreign locusts could cash in.

Duly note that between 2015 and 2017 billions of Locust funds entered the market, and major increases in sale prices.

Just me
Guest
Just me

Yes. And this system allowed to effectively “move funds” from China bypassing the PRC regulations. In effect, these loans were repaid back in China.

A win-win for Chinese criminals and local home sellers!

Raincity
Member
Raincity

I think the citizens have FINALLY woken up. Now it’s time to wake up the politicians. The party that attacks this head on, no holds barred, will be the party voted in. Period!

Just me
Guest
Just me

That is certainly true for me.
If the NDP takes action I will vote for them again. If not I will vote any other party that commits to take action.

This is the biggest issue of our times.

BubbleTea
Guest
BubbleTea

Vancouver: How To Clean This City Up? This is a very important interview by Jon McComb and Terry Glavin.
https://omny.fm/shows/the-jon-mccomb-show/vancouver-how-to-clean-this-city-up

Bag it and tag it
Member
Bag it and tag it

great listen

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

Like no-holds-barred comments like China runs the biggest slavery show in history ………………………….and no Chinese are multi- millionaires without being corrupt.

Best place on meth
Member
Best place on meth

Again, the media is now openly discussing issues that we’ve been discussing here for ages.

It’s about time….

Just me
Guest
Just me

Agreed. Just a couple of years ago this would have been unthinkable.
They would be shut down using the race card.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I’m surprised no one has said that we should be bringing back the HEAD TAX.

Just me
Guest
Just me

From the new G&M article about drugs money recycling.

“Beyond the Zhangs, such private moneylenders in B.C. include Xun Chuang, who has a record of drug crimes; Vinh-Loc Chung, convicted for carrying a restricted firearm; Xiao Ju Guan, found storing ecstasy and other drugs; Ye Jin Li, convicted on drug charges; and Kwok Chung Tam, a long-time Vancouver lender who’s been convicted of drug crimes. Mr. Guan also ran a business wiring cash overseas.”

Just me
Guest
Just me

“Once a loan is secured, with real estate as collateral, paying it back, under the radar, is simple. One long-time customer told The Globe that he and most other borrowers make their payments via electronic transfer from their bank accounts in China to accounts that the lenders hold, also in China.

“I can pay the money online on my phone,” said the customer, whom The Globe agreed not to name, because he fears repercussions. He added that the lenders work in tandem with people who operate underground banks in China. “We all use our money in China to pay back … We don’t have money here.”

Those offshore payments are thus delivered to the lenders as clean money – beyond the reach of Canadian law enforcement.”

Just me
Guest
Just me
“Traffickers can import the fentanyl to Canada, where they can sell it on the street. They can then lend the cash to borrowers, collect clean repayments on those proceeds in China, and use that money to buy more product. And on it goes. The borrower who spoke to The Globe said that the loans he takes out are almost always in cash. “The money is probably not obtained through legitimate channels,” he admitted, before adding an obvious disclaimer. “But I also don’t want to delve too deeply.” “While The Globe was interviewing him at his spacious and secluded $3.8-million Vancouver home, he received a text message from a lender offering $50,000. “They always look for us,” he said. “They will ask us to take care of their business and borrow money from them … They have a social network in… Read more »
Just me
Guest
Just me

“Because the properties are not in the lenders’ names, their investments can’t be seized as proceeds of crime, even if police could prove a connection between the money they lent and the opioids they were allegedly peddling. Most of the homes the Zhangs had stakes in were sold just months after they filed their claims on the properties. As lenders, the Zhangs were then paid out by cheques from lawyers, the same way a bank gets paid when it holds a mortgage.“

patriotz
Member

“Because the properties (the article is referring to houses here) are not in the lenders’ names, their investments can’t be seized as proceeds of crime”

I think this is incorrect. A mortgage is itself property with its own ownership and it can be bought and sold independently of the real estate it’s registered against – which happens all the time. If the owner of the mortgage has financed it with proceeds of crime the government can seize it. In the Civil Forfeiture Act “property” means any kind of property, not just “real property”, see Section 14.02 for example

http://www.bclaws.ca/civix/document/id/complete/statreg/05029_01#part3.1

Just me
Guest
Just me

“Given that the various private lenders stand accused of making threats, trafficking in deadly drugs and laundering money, The Globe asked the RCMP for an interview for this story, but didn’t hear back. The Globe also tried to get in touch with the biggest lenders named here, but received no response.”

Just me
Guest
Just me

“Lawyers don’t have to report suspicious transactions to FinTRAC, regardless, because the Federation of Law Societies of Canada fought that requirement in the Supreme Court of Canada and won. The lawyers had argued that reporting on their clients would violate a solicitors’ obligation to keep matters confidential.“

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

Re Lawyers….that’s the problem.
There is solicitor/client privilege, but it appears the Lawyers want it as a “get out of jail free “card.

They would tend to be gatekeepers insofar as a frontline party that deals with these scumbag parties, and these lawyers cannot feign ignorance.

The laws have to be amended to put more of the onus on lawyers to determine if their clients funds are dirty, otherwise nothing will change. The status quo with lawyers could be the root of the problem.

Just me
Guest
Just me

If the NDP does nothing about this, they deserve to be kicked in the butt out of office.
This is too much. Even for a corrupt city like Vancouver.

Oracle
Guest
Oracle

Are you finally getting it?

Raincity
Member
Raincity

Exactly!

Oracle
Guest
Oracle

Few notes:

1) just me: Quit posting entire articles in 10 posts!!

2) Budget will dissapoint as NDP are corrupt as well. You will see in 3 days. However, skeletons will start coming out of the closet and NDP will be out by end of year. Guaranteed.

3) see you at the rally.

Oracle
Guest
Oracle

And someone keep a lookout for Specku, don’t want him bringing a gun and shooting every brown guy thinking it’s me. Serious concern.

Specuskeptic
Member

I actually LOL’d. Thank you. (I’m easy to spot by the way – exceedingly handsome, well coiffed, and without weapons)

backwardsevolution
Guest
backwardsevolution

That Globe and Mail article is just the tip of the iceberg.

These parasites Ponzied-up Chinese cities, and then they came over and Ponzied-up our cities.

Send them all back. Get rid of every single one of them.

They have added absolutely nothing.

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

Tip of Iceberg?
Agreed.

Chinese are not original thinkers…tend to rip-off any idea en masse.
High probability much more of similar tactics by other locusts to be exposed.

Interesting how the Globe and Mail “completes the circuit”. showing how illiicit funds ( ie fentanyl ) enters the laundered money cycle…helps people to understand.

Finally..CRA has had a lot of legwork done by Globe and Mail..how will they and useless RCMP act/react ? (after audits of waitresses and Starbucks employees.)

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Another racist steps forward!

Just me
Guest
Just me

In your view anyone who criticize the behaviour (again, behaviour)of a group of criminals is to be labelled a racist. Go figure.

This is about money, not race. People are finally realizing it.

LS in Arbutus
Guest
LS in Arbutus

http://www.scmp.com/business/companies/article/2132721/xis-war-shadow-banking-spills-over-threatens-stability-chinas

They’ve over borrowed to buy assets that don’t produce a decent return or cash flow. And now the asset they pledged to acquire that debt (their stock?) has depreciated as well.

This is what will happen with Vancouver real estate. Overvalued assets that don’t produce enough cash flow that will devalue and money will still be owed.

The really rich part is this, they can’t raise funds by issuing “asset management products” either. This is where companies and banks were taking demand deposits (a regular customer deposit) and investing it into asset management products. The problem there is that the client can ask for their money back at any time, but the illiquid sh*t that they bought with that money (real estate) can’t be sold. Or is sold for a deep discount.

Just me
Guest
Just me

“”B.C. to investigate how fentanyl dealers’ money is allegedly laundered through real estate”

http://www.cbc.ca/news/canada/british-columbia/fentanyl-real-estate-globe-and-mail-money-laundering-1.4540293

“”The nature of these allegations, that this money-laundering activity is actively influencing our real estate market and is connected to the sale of life-destroying fentanyl, underline the critical importance of addressing money laundering urgently and not ignoring it,” Eby said in the statement.”

Just me
Guest
Just me

The BC Libs and Christy Clark let this mess grow to enormous proportions. We are now like. A third world country when it comes to money laundering and lawless behaviour.

Every time someone raised doubts in the past few years about the behaviour of Chinese criminals, they were shut out and called racists.

Christy Clark even said that these people were “good for the economy”.

Raincity
Member
Raincity

Christy Clark….lock her up!

Best place on meth
Member
Best place on meth

Hang her up!

Oracle
Guest
Oracle

They can fix this in one day if they wanted to.

Think.

YVR
Guest
YVR

Let me guess. Eby will hire a consultant to study the issue? We have known about this kind of activity for years. Eby held many press conferences on it prior to being elected. It is time the NDP switched from opposition party (complaining about the other party) and started taking action and governing.

Oracle
Guest
Oracle

NDP loses next election. Guaranteed. its been almost 1 year now. Nothing.

Best place on meth
Member
Best place on meth

Oracle, it’s only 4 more days.

Can you just shut the fuck up for 4 more days until we see what they actually do?

Specuskeptic
Member

I’d be happy with the “just shut the fuck up” part. Fuck the four days. An infinite number of days of shutting up were promised but not delivered… similar to a refrain I hear from time to time from him when bitching about the new government. Things promised but not delivered.

Just me
Guest
Just me

B.C. budget: The NDP’s first fiscal plan will likely not live up to voters’ many expectations

http://vancouversun.com/news/politics/b-c-budget-the-ndps-first-fiscal-plan-will-likely-not-live-up-to-voters-many-expectations

Just me
Guest
Just me

“In Tuesday’s throne speech, the NDP also promised “legislation to crack down on tax fraud, tax evasion and money laundering in B.C.’s real estate market,” but provided no specifics.

It’s not clear if this plan is the same as one proposed in 2016 by academics from the University of B.C. and Simon Fraser University, which the NDP endorsed at the time as a private member’s bill. The academics called for an annual 1.5 per cent property surcharge on all residential real estate, with revenue distributed back to residents who file income tax, thereby targeting the owners of vacant properties or wealthy foreign investors who don’t pay local taxes. The plan also included exemptions for veterans, the disabled and seniors, and for owners of rental properties.”

Just me
Guest
Just me

“UBC professor Tom Davidoff, who helped draft the plan, said he’s hopeful the NDP will follow through. But he added a reasonable government has to worry about sparking a correction in the market that would lead to a downturn and wipe out equity in people’s homes.”

No, Tom. You are wrong. The only way to fix all these problems is to have LOWER house prices. Anything else is tinkering around the edges.
We can not waste any more time with cosmetic changes that leave house prices madly high. Just say the truth: we need lower house prices. Period.

YVR
Guest
YVR

“The only way to fix all these problems is to have LOWER house prices. Anything else is tinkering around the edges.”

If the action does not lower prices then it is by design. I expect nothing the NDP will do will have any impact on prices except up. A government funded supply solution will increase prices. It is more fuel (money) going into the fire competing for the same limited resources. Everything the NDP have done so far (or not done) has increased prices.

Just me
Guest
Just me

“A government funded supply solution will increase prices. It is more fuel (money) going into the fire competing for the same limited resources. ”

Funny you say that. It is exactly what Christy Clark and the BC Libs have been doing for years. But you were not as vocal at the time.

YVR
Guest
YVR

The NDP are in power now. They ran on “rapidly cooling the housing market”. The Liberals didn’t. But even with that the Liberals did implement the 15% foreign buyers tax and increased PPT tax which are demand solutions. They also started government regulating realtors. The NDP have done nothing on the demand side other than add fuel by not implementing the stress test for credit unions and legitimizing AirBnb with a meaningless PST. Prices have accelerated under the NDP. Time to quit looking in the rear view mirror. The NDP are in power and your partisanship is only enabling the NDP.

Specuskeptic
Member

“They ran on “rapidly cooling the housing market”.” Not true. Try again.

YVR
Guest
YVR

JUNE 1, 2017

An NDP government supported by the Greens would act quickly to cool British Columbia’s hot real estate market

https://www.theglobeandmail.com/news/british-columbia/ndp-greens-seek-ways-to-cool-british-columbias-housing-market/article35185394/

YVR
Guest
YVR

March 28, 2017: NDP Would Expand BC Foreign Buyers Tax

Eby said that, under the NDP’s proposed Housing Affordability Fund and Speculator Fee Act, a foreign national who did not pay taxes in B.C on his or her income would be subject to a retroactive foreign-buyer tax on all B.C. home purchases, regardless of how long the properties had been owned. Eby said an NDP government would apply a 2% tax on the assessed value of all such property.

https://biv.com/article/2017/03/ndp-would-expand-bcs-foreign-buyer-tax

YVR
Guest
YVR

The NDP would also close what Eby termed two “loopholes” in the foreign-buyer regulations: the use of trusts and other corporate vehicles to disguise home ownership and the exemption on transactions of pre-sale condo assignments.

YVR
Guest
YVR

Eby said the NDP would require that the owners of the property be disclosed and “whenever the beneficial benefit is transferred, through selling shares in the company, or any manner, the property transfer tax would have to be paid.”

YVR
Guest
YVR

The NDP would also move to police and tax transactions of sales contracts for pre-sale condos. He added that the NDP would require registration of all pre-sale contracts on new homes and the foreign-buyer tax would be triggered by the sale of such registrations, not just on transfer of title.

YVR
Guest
YVR

Eby was a good talker prior to the election. Not so good at doing any of his promises. Meanwhile Condos are up 27% year over year.

Whistler or Bust?
Guest
Whistler or Bust?

Crickets…

Specuskeptic
Member

Response is above ^

Specuskeptic
Member

“Act quickly to cool” and “rapidly cool” are twp VERY different things. Nice try. You must be dizzy from all the spinning you do.

Just me
Guest
Just me

Specuskeptic, you are clutching at straws. I voted for the NDP exactly because of the promises that YVR linked to. Stop denying something that is quite true. I don’t agree with YVR 99% of the times, but he is saying the truth on this.

They were pretty clear that the overall policy direction would be to cool down the housing market, and quickly so.

Being ideological, on both sides of the spectrum, only helps the corrupt mainland Chinese to take advantage of us. We should not vote for parties, we should vote for policies.

Specuskeptic
Member
Not clutching at straws. There’s a lot of projecting of what they think was promised going on among folks who earnestly want affordable housing. There’s what folks think or envision was promised (for whatever reason) and what was actually promised and that’s the point I’m trying to make. I’ll give the gov. a chance and criticise when (if) due. There will be a budget with some policy changes. I’ll wait and see what those changes are and IF they’re effective and, like Meth posted in the previous thread in response to Whistler, it won’t necessarily have to be everything on the shopping list. I’ll be happy with the tax on those non-locals who declare no income, a speculator tax, and an end to blind trusts… and they all don’t have to be in this budget. If none of these happen… Read more »
Just me
Guest
Just me

There is no projecting or envisioning. This is just good old plain English language. The quotes above clearly describe what they promised. One might find a few more with the same gist.
People voted for them because they talked tough on housing. Now is crunch time.

And no, I would not be happy with just one timid reform. Totally disagree with you on that.
At the very least they have to introduce the 2% tax of the UBC/SFU academics AND close the bare trust loophole. Either one alone would have a very limited bite.

Bottom line: the NDP has a clear choice. Nobody will be fooled by half-hearted gradual interventions. Their voters are waiting patiently for them to deliver what they promised.

Specuskeptic
Member

Your words: “And no, I would not be happy with just one timid reform. Totally disagree with you on that.”

My words: “I’ll be happy with the tax on those non-locals who declare no income, a speculator tax, and an end to blind trusts…”

See the difference?

Specuskeptic
Member

I clearly indicated a list of three items, not “one timid reform.”

Just me
Guest
Just me

This is childish.
I do not care what your preferences are exactly.
I stated what would be the bare minimum, in my view. Agree or disagree, I do not particularly care.

Specuskeptic
Member

I care that my words are not misconstrued or misrepresented.

YVR
Guest
YVR

“what was actually promised”

I gave you 4 direct quotes of 4 different promises by Eby. None have done.

YVR
Guest
YVR

“Act quickly to cool” and “rapidly cool” are twp VERY different things.

You are getting desperate. Just admit the NDP lied to you.

Just me
Guest
Just me

I think we need to wait until February 20 and see whether the government will adopt serious legislation with real bite. Until then your partisan claims remain unsubstantiated.
I still have some trust in Eby to pull this off and force the other guys to implement serious reforms.

Oracle
Guest
Oracle

Dummies, with their incredible smarts, can’t face the fact that they could be lied to by the NDP

Oracle
Guest
Oracle

Tom is a fake. Don’t let it take years for you to learn that. Ala Garth T.

Just me
Guest
Just me

Tom Davidoff cannot have it both ways: either we have lower house prices or the madness goes on.
A plateau in prices only helps millionaires and landowners.

Specuskeptic
Member

“Tom is a fake. ” Oracle, Romeo Jordan, and China One are all real.

Shameless. (And also paranoid, as it turns out.)

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

!.5% property surcharge ? across the board ?
.
Many home-owners will not be able to afford that…

NDP showing their usual delusional stripes…?!?

Just me
Guest
Just me

It is moot and void if you pay taxes in Canada. The 1.5% hits mostly who live in expensive homes while declaring no income.

of course, prepare yourself to many sob stories from millionaire homeowners. They are used to being treated to tax cuts, not tax hikes.

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

I’m reading it as pay first…..rebate later….

Whister or Bust?
Guest
Whister or Bust?

Hey Meth,

Still waiting for your list of NDP housing actions in the budget that will satisfy you?

Best place on meth
Member
Best place on meth

I answered on the last thread.

BubbleTea
Guest
BubbleTea

CIBC Kills Foreign Income Program, Makes Buying Canadian Real Estate Harder
https://betterdwelling.com/cibc-kills-foreign-income-program-makes-buying-canadian-real-estate-harder/
RBC, TD, etc….. are you listening?

YVR
Guest
YVR

“RBC, TD, etc….. are you listening?”

As long as the NDP exempt credit unions from the stress test what the banks do will make no difference to BC.

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

IMHO, we’ve had an RE price momentum killer…… at least re SFH.
Probably very healthy for this category of RE as a correction is long overdue.

Condos and apartments ?….gonna be the NEXT Titanic.
NDP will do next to nothing to stop this future wreck….market is still very active.
Delayed correction = off the charts price collapse…BET on it..

YVR
Guest
YVR

“IMHO, we’ve had an RE price momentum killer…… at least re SFH.”

We have had the $2 million plus SFH market stagnate and maybe even trend down. That was the foreign buyers tax that did that. The other 98% of the market has been going up including SFH in the Fraser Valley.

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

RE: Fraser Valley and area….

Andy Yan had a graphic showing the spread of ” $ 1 MILLION ” RE into the Valley over the past few years…quite amazing.

That is one’s” Early Warning ” when those prices end up in Maple Ridge, Coquitlam…Mission… even in Chilliiwack… a collapse is due.

I highly doubt HAM will invest there……hence the buyers are likely locals desperate to get into the RE market. Many of these outlying buyers would be your construction workers and other middle class dependent on this current building boom. They will add more capacity to existing infrastructure, making commutes a nightmare.

Avoid these areas like the plague,if at all, till the correction comes.

See Saw
Guest
See Saw

BS. You’re full of faulty data and shit, too.

Just me
Guest
Just me

Andy Yan is one of the few honest and reliable sources of data in this mayhem. certainly more reliable than industry-provided data and analysis.

I cannot believe you are slugging off such a good researcher and honest citizen.
Andy Yan is living proof that this whole mess is about money, not race.

See Saw
Guest
See Saw

Well! Looks who’s “on board” with the notion of a Titanic-sized RE collapse. Had a sudden epiphany have you?

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

See Saw…
….any updates on SIDA’ s Vijajay?..we usually get a weekly update.

….how about yours ? from which thou speaketh.

BubbleTea
Guest
BubbleTea

Forget about the 5 per cent foreign buyers.
“Any appraiser will tell you [foreign buying] is much higher, Mr. Sandhu said.
“It’s probably closer to 25 per cent in Vancouver, Burnaby and Richmond, even.”
https://www.theglobeandmail.com/real-estate/vancouver/steady-push-for-a-foreign-buyer-ban/article37960222/?utm_medium=Referrer:+Social+Network+/+Media&utm_campaign=Shared+Web+Article+Links

Dave
Member

That’s been my number.

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

My number is at least 50%…and likely higher.

Sandhu’s solution at first glance seems a bit onerous and impractical.
Sandhu and his BC Assessment colleagues are a bit late to be of much use.

IMHO, stop the “fuel”…aka flow of dirty money …..and then let natural market forces deal with it.
On bad stupid move by Gov’t and the “house” of cards will collapse precipitously.

Best place on meth
Member
Best place on meth

But that’s not what the official data says!

Shut It Down Already (original)
Guest
Shut It Down Already (original)

“Any appraiser will tell you” is surely a more credible source than the collective government stats we have available to us. And of course the appraisers have genuine reason to verify he nationality of the buyer, right? Oh wait.

Name
Guest
Name

“Mr. Sandhu is not keen on the idea of a foreign buyer ban because he believes it could burst the bubble. The extent of foreign-owned real estate is much higher than government has indicated”

well there’s the problem right there…

Just me
Guest
Just me

Yup. This is why politicians are shamefully scared to change course.
Yet their re-election depends exactly on changing course.

Again: I will vote for any party that triggers lower home prices. Any.

See Saw
Guest
See Saw

BS. You’re going to trust what a realtor has to say?

Best place on meth
Member
Best place on meth

Man killed in Kerrisdale shooting identified as Surrey realtor

http://vancouversun.com/news/crime/man-dead-following-targeted-shooting-on-vancouvers-west-side

He doesn’t look like a gangster at all.

Specuskeptic
Member

And Oracle posted today, so it’s not him LOL.

Best place on meth
Member
Best place on meth
Report says B.C. first-time home buyer loan had small impact on Metro Vancouver prices https://www.straight.com/news/1032171/report-says-bc-first-time-home-buyer-loan-had-small-impact-metro-vancouver-prices “The B.C. Real Estate Association (BCREA) has released a report about the impact of loans by the B.C. government to first-time home buyers. According to the report Tuesday (February 13), the program helped many new purchasers, but did not cause a huge increase in home prices in Metro Vancouver. The report noted that B.C. Home Owner Mortgage and Equity Partnership program was “not a significant driver of price appreciation in the Metro Vancouver housing market”. The report indicated that the home purchases enabled by the program, which the association refers to as the HPP, contributed half a percent increase in home prices. 1/2 a percent? Leave it to real estate comedian Cameron Muir to give us that cold hard data that we rely on to… Read more »
Bag it and tag it
Member
Bag it and tag it

“B.C. Real Estate Association (BCREA) has released a report about the impact of loans ”
That can only mean one thing….it’s had a huge impact. This is the same association that said foreign buyers had only a very small impact on house prices back in 2015…

Just me
Guest
Just me

This is the real estate lobby trying to sell the idea that the program is not affecting prices.

Take their word at your own risk.

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

Patullo Bridge replacement.

I see Horgan and NDP want to increase border traffic between India and China.

Not only do I see this as NOT a priority….it will simply send a signal for more development, ….which we don’t need.

New West will not be able to handle the extra traffic…new Patullo bridge will end up a parking lot.

Oracle
Guest
Oracle

New bridge is same size as old one.

Oracle
Guest
Oracle

Upgrade for large trucks only. They don’t care about others.

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

The news announcements refer to a new 4 lane(total) bridge?
WTF?..and may expand to 6 lanes in future ?

Over a $ billion dollars and no extra lanes?

YVR
Guest
YVR

That is the NDP. Always doing the wrong thing.

patriotz
Member

“That is the NDP. Always doing the wrong thing.”

What’s the right thing to do with the Patullo?

Best place on meth
Member
Best place on meth
Lost,... but not leased
Guest
Lost,... but not leased

Developer is delusional.
The last gasp for creating rentals was probably the MURB program in the early 1980’s.

Apparently, investors were attracted by tax incentives, as well as covenants the units could not be sold as stratas for 25 years.
Ultimately, the MURB program collapsed and many investors took a big hit,

Our overall RE market post MURB was stagnant till the Post Expo 86 HAM invasion.

New rental units will face the same backlash as container housing…people will protest ala NIMBY.
The economic metrics are so skewed I doubt many companies will invest in what is a long -term return, as opposed to market housing.

Unless the Gov’t starts providing incentives, its a No Go.

Shut It Down Already
Member
Shut It Down Already

I’m surprised none of the local toxic racists have posted this article that’s completely unrelated to real estate in a pathetic attempt to attack Chinese people.

With Blackface and Monkey Suit, Chinese Gala on Africa Causes Uproar

https://www.nytimes.com/2018/02/16/world/asia/china-africa-blackface-lunar-new-year.html

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

Hot dam…

I was just going to comment that with See Saw on the trolling prowl……SIDA can’t be far behind.

Best place on meth
Member
Best place on meth

A. It’ not racist when the chinese do it.

B. Only chinese can be victims of racism.

C. As the china man from the laundry detergent commercial said “You people are too sensitive”.

patriotz
Member

“I’m surprised none of the local toxic racists have posted this article ”

In fact it was posted in the previous thread (different source I think, but same story). According to the BBC (below) many Chinese people themselves attacked the program as racist. The responsibility lies with China’s Communist government which considers Aftica’s people, and China’s people for that matter, as pawns to be shoved aside in the pursuit of wealth and power.

Nonetheless, Chinese users on the country’s biggest social media website Weibo have condemned the programme. Comments included “it’s full of racism,” that “it makes me feel like I’m living in the last century,” and that “we are going to lose face internationally”.

http://www.bbc.com/news/world-asia-china-43081218

Best place on meth
Member
Best place on meth

It’s not just the communist government, it’s widespread throughout their culture, the same culture they brag about.

What kind of barbarians judge people based solely on the colour of their skin?

https://www.nytimes.com/2016/05/28/world/asia/chinese-detergent-ad-race-qiaobi.html?action=click&contentCollection=Asia%20Pacific&module=RelatedCoverage&region=Marginalia&pgtype=article

“Raymond Zhou, a columnist for the English newspaper China Daily, wrote an article in response to the episode, reflecting on China’s issues with skin color:
“Much of China’s simmering intolerance is color-based,” he wrote. “It is not an exaggeration to say many of my countrymen have a subconscious adulation of races paler than us. The flip side: We tend to be biased against those darker skinned. It’s outright racism, but on closer examination it’s not totally race based. Many of us even look down on fellow Chinese who have darker skin, especially women.”

Oracle
Guest
Oracle

Just wait till the get majority in Metro Vancouver. Hahaha

Whites gonna be screwed. And smug boomers in care homes have no idea what’s coming. Hahaha

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Pretty low thing to do – registering my handle and impersonating me….

I guess that’s how you pricks roll.

Best place on meth
Member
Best place on meth

The nerve of that guy, soiling your highly respected name and besmirching your anonymous blog reputation.

You have every right to be a sniveling crybaby, it’s such a terrible injustice perpetrated upon you.

Fake AIDS! Cut it out, already!

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It’s cute being called a snivelling crybaby by the entitled unemployable failure who’s spent literally a decade here moaning about how he can’t compete with foreigners.

Just me
Guest
Just me

Wow. You are truly hate-filled and full of rage. What happened in your life that made you so bitter?

If I had to bet, I would guess that BPOM has a much happier and relaxed life than you. You are just angry, and se evil in everything and everyone. A true hater.

Oracle
Guest
Oracle

Maybe they don’t like non Asians. I contacted a Asian new coast realty woman today. Saw I’m Indian and went full racist talking in demeaning way.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Liar.

Whister or Bust?
Guest
Whister or Bust?

What’s Indian?

Specuskeptic
Member

I’ll take “Things that didn’t happen” for $400, Alex…

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’re accusing me of being a hater for calling out the guy who spends his entire life spewing toxic racist hate speech? You really are a fucking hypocritical dumbass.

But you’re right – I’m sure he’s super happy with his $1400/month palace.

Shut It Down Already
Member
Shut It Down Already

Get fucked, faker.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

See that blue dot to the left of my name? Good. Now fuck off, imbecile.

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

Re Eby

While not an NDP supporter per se…I do think Eby is pretty upfront and sincere, a rare quality for politicians(often a political career death sentence).

I am not seeing a lot of support from his fellow NDP MLA’s ..to the pojnt he may be left out to dry..they are testing the waters and if Eby gets too aggressive on the Money Laundering and other corruption etc front..he may get reined in.

The last NDP Gov’t started with Harcourt,, who didn’t last long before the knives came out..we ended up with (4) Premiers in 10 years.
Horgan may be playing a different game re Eby and possible challengers.

Just me
Guest
Just me

I also suspect that a battle being waged within the NDP, with Eby genuinely trying to implement serious reforms. Others might be more reluctant, including Selina Robinson and Carol James. Eby needs to win this one, for the sake of the city. We have become like Gotham city, with criminals running amok and literally killing people with fentanyl and stashing the money in real estate.
We need to stop mainland Chinese millionaires from ruining whatever is left of the city.

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

Other than Eby,….. I can’t think of another threat to Horgan.

Eby was basically Horgans Lieutenant through thick and thin before they formed Gov’t .

Rest of NDP are lightweights…recall Carol James failed as leader.

Best place on meth
Member
Best place on meth

Two time loser. NDP should have tossed her out after the first loss.

Oracle
Guest
Oracle

There goes the teeth out of the empty homes tax.

First deadline extended to March. Now. Wait for it.

All owners who are unable to function as landlords (persons with disabilities, seniors, and people with language barriers) are EXEMPT!!

Wow wow wow.

I’m not surprised. Are you?

And don’t be surprised on Tuesday when NDP blows it.

Just me
Guest
Just me

Link, please.

Best place on meth
Member
Best place on meth

hahahahahahaaa!!

Oracle
Guest
Oracle

Jokes on you if you think I’m making this up. Read my post. NPA/Vision joint effort.

Twitter it.

Specuskeptic
Member

1) Select URL. (Click mouse key, drag over address bar in your browser)
2) Click Command/Control “C”
3) Click mouse in text field with your post.
4) Click command/control “V”
5) The link should appear with your post.
OR
1) Pull down pants (if not already down while engaging in other activities while in front of computer).
2) Reach deeply into rectum
3) Pull out whatever’s in there.
4) Click mouse in text field with your post.
5) Click command/control “V”

Both options are easy, but only one of them will have any kind of credibility….

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

I wouldn’t be surprised by Oracle’s prediction…

Empty Home Tax probably drafted in a vacuum…literally impossible to impliment and enforce given the dog’s breakfast our culture has become……which should have been accounted for , as VISION and Glegol Lobertson may get humiliated over this.

As I have said before…we are so infiltrated and conquered there is really nothing we/gov’t can do except let nature take its course.

Just me
Guest
Just me

I don’t think it is unenforceable. I think it requires more willingness to enforce than Gregor Robertson and his cronies are showing.
Of course, there are people screaming and complaining about it. Let them.

if true, this would be just the last in a long series of disappointing discoveries about Robertson and his cronies.

Oracle
Guest
Oracle

The NPA is presenting it and have an all party committe working on it “around the clock”. Vision and NPA will pass it March 5th. The day the declaration is due.

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

More foreign locusts info…

From conquered Richmond…

—Approx. 1000 international students
—Contributes approx. $ 17 million in fees
—-One in 20 students are international
—-Annual operating revenue is $192 million

53,000 students from China in Metro Vancouver

IMHO, the number is higher insofar as many Chinese have immigrated here, not counted as International.
Observe any Richmond school before and after school….White students are literally extinct.

Salaries gobble up approx 92% of the school district budgets.

International students ? do not lower taxes..they simply allow the Teachers to stay employed and this simply creates a vicious cycle that discourages native born students and is increasingly dependent on foreigners.

Just me
Guest
Just me

Low hanging fruit for universities. Look at what is happening at UBC without anyone batting an eyelid.
Academic standards are compromised. Some students can barely speak English, let alone write in it. Yet, they get admitted in exchange of a few tens of thousands.

Oracle
Guest
Oracle

They also have an advantage in that they are graded easier. Some born and bread non Asian kids can’t take certain classes because they would far surpass these privileged kids.

southseacompany
Member
southseacompany

“Canadian real estate sales just fell the most since 2008. Here’s why.”, Maclean’s

http://www.macleans.ca/economy/realestateeconomy/canadian-real-estate-sales-just-fell-the-most-since-2008-heres-why/

“The decline is one of the largest in Canadian history and will have an impact on both prices and the broader economy”

“Canadian real estate sales just fell off a cliff. Canadian Real Estate Association (CREA) numbers show a decline of buyers in January. The decline is one of the largest in Canadian history.”

southseacompany
Member
southseacompany
AngloMan
Member
AngloMan

Can you copy and paste the gist of this report please SSC? passed my five articles a month limit

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

Likewise…sick of that f’n paywall.

Whister or Bust?
Guest
Whister or Bust?

Do you think you should get something for nothing ? Are you two that broke you can’t pay $20 a month? People like Kathy T don’t work for free and don’t write in depth articles (that take months for work) exposing the corruption in our real estate market.

https://twitter.com/KathyTGlobe?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

You guys should be ashamed of yourselves.

AngloMan
Member
AngloMan

Ashamed? hahahahahahahahahaha

southseacompany
Member
southseacompany
Economists at Bank of Montreal and RBC had significantly different interpretations of yesterday’s report on a plunge in sales activity. BMO’s Robert Kavcic sounded a “wait and see” tone, “Canadian existing home sales slumped 14.5% in January from the prior month (seasonally adjusted), reversing five consecutive monthly increases to finish 2017. Note that sales rose a cumulative 11.3% in the final three months of the year as buyers pulled forward demand ahead of the new OSFI qualification rules (January 1st), so the latest decline is largely payback for that.” RBC’s view tilted more negative, “It’s too early to tell whether the new rules dampened homebuyer demand permanently or just displaced activity temporarily. We think it’s both… perhaps even more noteworthy was the fact that new listings plummeted by 21.6% in January to an eight-year low… Fewer homes being put out… Read more »
AngloMan
Member
AngloMan

thanks SSC

Specuskeptic
Member

https://www.bloomberg.com/news/articles/2018-02-16/canadians-can-t-stop-using-their-homes-as-piggy-banks
““It’s a rising risk factor because it’s something that reprices more rapidly than a typical mortgage pool,” said Gulberg, adding the risk is rising “in conjunction with the fact that it’s fueling overall consumer credit, which is considered to be an issue.”

Canadians have about 3 million heloc accounts and the average outstanding balance is C$70,000, the FCAC said, which also warned heloc borrowers are increasingly vulnerable to rising interest rates and a housing market correction.”

This is something that will add to downward pressure once the great unravelling begins. Not a problem …. yet.

Just me
Guest
Just me
Just me
Guest
Just me

You know what thes farmers are really worried about? They are worried they might not be able to sell their land to Chinese “investors” for as much money as they expected.

They want the shit show of Vancouver style real estate madness to go on. They have a god given right to become millionaires without working.

This is a clear example of the mindset of many Vancouver long term residents, which is ruining the lives of so many.

A small group might win, but the majority of us loses out, whenever these farmers sell their land for exhorbitant prices to the Chinese. It has to stop. Now.

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

Sorry..but you are being played.
I am very familiar wit this issue

Richmond has a small mob of idealogical zealots who spew subjective propoganda and people confuse it as fact..

Gov’ts love to beat up on ALR property owners., as this helps create land shortages and makes developers rich by building UP…not OUT.

ALR is a land bank..nothing more. Much of the Richmond ALR is peat bog ,,,the worst soil…only good for blueberries and cranberries.

City of Richmond already changed the bylaw last year to reduce house sizes in ALR which have been reduced drastically….now the mob wants the City to reduce it even further. That’s not democracy..that’s communism

Just me
Guest
Just me

Whether or it the ALR is a land bank, these farmers are worried about one thing only: whether or not Chinese buyers will pay them a lot of money for their land.
Exactly the same concern of all the other hypocritical and greedy homeowners in Vancouver.

Typical passive aggressive Canadian attitude: pretend the real reason for your concern is something else, try to get rich on the side.

Shame on politicians for allowing this to pass. Shame on the bunch of them.

Lost,... but not leased
Guest
Lost,... but not leased
Re Homes: ALR properties were once allowed to build at .6 FAR..which translates into 60% coverage..ie in theory on a 10 acre lot a house 6 acres… No one ever did this, but granted some very large homes were built LEGALLY under the old rules . The home sizes have been reduced to approx. 11,000 sq ft regardless of lot size for lots larger than 1/2 acre. Typically, that would be a 2 storey home…so say footprint of 5,500 sq ft. On large parcels that is barely a dent in the total area Now after about one year..the Mobs want it reduced even further. The point is catering to the Mob mentality. Homes in ALR were built based on the rules at the time, pure and simple. Homes are allowed under the ALC Act. This issue of home size is… Read more »