Special Monday Thread

By special request of commenter Bubble – a Monday thread!

Of course Bubble doesn’t offer any topic suggestions, so this one is wide open: speculation tax? Mortgage fraud? Condo inventory? It’s up to you! (And Bubble)

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BubbleTea
Guest
BubbleTea
Doomcouver
Guest
Doomcouver

This article is confusing. It says they lowered their risk rating due to evidence of mortgage fraud, but the scale is 1 to 10, 1 being no risk and 10 being the most risk. Shouldn’t they have said they RAISED their risk metric?

BubbleTea
Guest
BubbleTea

Anger over “overseas owner” flipping empty condo in Vancouver
https://thinkpol.ca/2018/02/26/anger-overseas-owner-flipping-empty-condo-vancouver/

patriotz
Member

“The condo, which the seller originally bought for $490,000 three years ago, is being sold vacant for $920,000.”

I think that should be “is being listed vacant for $920,000.” Also the buyer’s laywer should know that the buyer is responsible for withholding tax.

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

Does vacant at time of listing mean vacant for the previous 3 years?

KickThemOut
Member
KickThemOut

Wonderful how CRA is turning ordinary citizens into private investigators and tax collectors with hundreds of thousands of potential liabilities. Be prepared for plenty of poor me cry stories in years to come. Off course bears will not be affected since they are so smart and stayed out of the housing market permanently.

Whistler or Bust?
Guest
Whistler or Bust?

If they paid their taxes they would have nothing to fear.

Laibach
Member
Laibach

“Overseas owners flipping empty condos is not sitting well with the residents of a city plagued by a housing crisis, where speculation has been linked to the money laundering in the fentanyl trade, and Vancouverites are publicly expressing their anger.”

Despite being a civilized society, expression of anger should be much more extreme. Considering the locust’s impudence and unprecedented damage being done it comes clear why those voracious parasites had selected Canada to be their victim.

stagnate
Guest
stagnate

bottom line on all this is the ndp has done a 180 back to old school. being “liberal lite” wasn’t working for them or they didn’t feel comfortable with it any more. tax and spend, social engineering and at least they’re willing to acknowledge renters are the new hard done bys, not teachers and nurses. in the short term will toss a lot of rentals and for sale properties into the mix. developer’s aren’t going to trust this government going forward. this looks a bit like the 90’s

Doomcouver
Guest
Doomcouver

Soon it’s going to look like the ’80s. Jingle mail anyone?

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

Admin:

I think this topic is too long….time to change..dammit !

paulb
Member
Active Member

New
269
Price Change
54
Sold
131
TI:8362

http://www.clivestevepaul.com

rockerguy
Member
rockerguy

I’m too lazy to check whether inventories are rising above trend.

yvr2zrh
Member

Now we are up over last year 3%. At end of January, we were down 5%.

rockerguy
Member
rockerguy

That doesn’t seem statistically significant – not that I’m backing up this statement with any actual stats. Does anyone track these stats daily on a chart?

Bag it and tag it
Member
Bag it and tag it

We should have a good idea of the listings impact of the new legislation by next Monday…

Bear Vancouverite
Member
Bear Vancouverite

Dave mentioned in a previous thread that it will take a long time for condo prices to weaken with only 1.5-2MOI in Burnaby.

While I think that’s true, as SFH prices drop the overlap between SFH and Townhouses will push Townhouse values down (people just move into homes), and then it trickles down from there.

My expectation/hope is that the measures in the NDP budget will “encourage” more inventory since we finally have something to combat FOMO.

Dave
Member

The SFH market froze up with the 20% down rule for homes over $1Million. The condo market is hot because that’s where speculators and FOMO buyers went. No idea what the proportions of each are, but surely it’s a mix of both.

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

SFH has had its judgement day….in the context of time…the TOTAL inventory is relatively stable.

Multi family?….False sense of security.

As I have stated numerous times….this facet of RE seems to have an endless supply of greater fools, apparently backed/encouraged /baited by Gov’t and a serious lack of oversight.

Tens of thousands of units are built annually…aka orders of magnitude above SFH.

Can’t end well…

KickThemOut
Member
KickThemOut

So population is decreasing? Supply of single homes are increasing? Really?

Bubble
Guest
Bubble

Van West SFH sales: 90 for Feb. 2017
Maybe 30 for Feb. 2018? Still a lot if not local money.

bullwhip29
Guest
bullwhip29
backwardsevolution
Guest
backwardsevolution

Anbang is going down.

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

Is “anbang” Chinese for Gangbang?

KickThemOut
Member
KickThemOut

Sicko pervert…that’s all you ever think about? Bringing the blog down to a shithole level thanks to the likes of you!@

Bag it and tag it
Member
Bag it and tag it

Not while Chinese gov is in control…which doesn’t mean they won’t be selling off most, if not all, overseas investments.

bullwhip29
Guest
bullwhip29

imho they will end up selling some assets, but the question is whether or not this will be done in a transparent fashion. ie. will Xi and his team of cronies basically turn crisis into opportunity and seize the properties for a fraction of what acquisition cost was? will these assets be moved from right hand to left hand ie. into a newly created holding co that is perceived to be 100% solvent while all the toxic waste is left on Anbang’s balance sheet. will some other player actually buy these on the cheap because Anbang has to sell? or will other sovereign wealth funds (incl parties linked to Fed Liberals) quarterback sweetheart deals (partly subsidized by taxpayers) for the Chinese govt to maintain the illusion of market stability?

Bag it and tag it
Member
Bag it and tag it

I think the Chinese gov are now effectively owners and their main goal is to ensure that honest investors get there money back so as not to create panic and contagion. So they will not be using the opportunity to benefit themselves…in fact they will more than likely be using state funds to make investors whole, after the sale of foreign assets.

bullwhip29
Guest
bullwhip29
Lost,... but not leased
Guest
Lost,... but not leased

As I intimated previously….NDP is either incompetent or deeper in bed with the vested interests…

Lots of loopholes for the alleged targets…and lots of parties unfairly targeted.

bullwhip29
Guest
bullwhip29

as it stands i am giving Eby high marks for drafting something that appears to cast a wide net but in reality might only catch the worst of the worst.

xhistory
Guest
xhistory

We need a thread on this bizarre thing called House Sitting.
https://en.m.wikipedia.org/wiki/House_sitting

Was there such a thing as house sitting before all this willy nilly Heloc traveling?

bullwhip29
Guest
bullwhip29

and for a little comic relief…

A Richmond real estate lawyer, who’s currently under investigation regarding the disappearance of $7.5 million from her company’s trust fund, may run for mayor in the upcoming election
http://www.vancourier.com/news/richmond-lawyer-being-probed-for-missing-millions-mulls-mayoral-bid-1.23185378

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

Yeah..welcome to sino foreign- locust clusterf#ck.

These locusts are shameless……no sense of ethics/morals/ honour.
The mess happened under her watch…even more incredulous is her ability to whip out $7.5 milion on her RE portfolio

….how the F*k did she build such a portfolio..?
…….hello Eby!!!!squaakkkkk

Best place on meth
Member
Best place on meth

It lies, it steals, it cheats, it plays the victim, as an added bonus it considers itself “a hero in the Chinese community”.

What is it?

Mainland vermin!!

Specuskeptic
Member

SO many stories around this topic and they are getting more and more mainstreamy. This time from The Tyee “How the Chinese Government Took Control of BC Seniors’ Homes”

https://thetyee.ca/Opinion/2018/02/26/Chinese-Government-Control-BC-Senior-Homes/

What i find interesting is that The Tyee is generally a lefty PC ish publication. Stories like these really give the current government cover/political capital to enact policy that may have been until now vulnerable to charges of racism. If lefties/progressives are worried about Chinese gov’t influence, that pretty much has everyone on board except vested interests.

Very curious to see what might come out of the fed budget. I’m not expecting anything around housing or Chinese gov’t involvement in our economy.

Interesting times…

patriotz
Member

“What i find interesting is that The Tyee is generally a lefty PC ish publication.”

The Tyee has been running similar articles for years, for example the one linked below is over 5 years old. Also “lefty PC ish” types such as trade unions, human rights groups, and environmental groups have been the PRC’s biggest critics for a long time.

Chairman Harper and the Chinese Sell-Out

bullwhip29
Guest
bullwhip29
Name
Guest
Name

West Vancouver Mayor Michal Smith ““If someone works hard and pays their taxes and wants to buy a $5-million house, we live in a free society,” he said, adding those buyers shouldn’t be considered “societal outcasts.”

or more likely locusts speculators laundering cash and not declaring their income for taxes. This guy is really out of touch with reality.

bullwhip29
Guest
bullwhip29

“My calculation indicates based on property values in the adjacent vicinity, that these units will eventually be selling for, give or take, $5 million apiece . . .” she said. “So you’re not selling to the local workforce. No one I know gets paid that much.”

Bag it and tag it
Member
Bag it and tag it

“If someone works hard and pays their taxes and wants to buy a $5-million house, we live in a free society,”
OK, he is describing 10% of West Van sales….and those he’s describing are not societal outcast…the other 90% don’t meet the requirements of his IF statements, and deserve to be outcasts.

southseacompany
Member
southseacompany

“When it comes to Vancouver real estate, millennials don’t appreciate comparisons to the 90s”, CBC News

http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-90s-ballance-1.4553070

“Empathy gap between homeowners and renters is growing and telling folks to consider the suburbs rarely helps”

southseacompany
Member
southseacompany

“Domestic bank loans are also to blame for red-hot real estate: study”, Global News

https://globalnews.ca/news/4048183/domestic-bank-loans-are-also-to-blame-for-red-hot-real-estate-study/

“Study co-author and BCGEU treasurer Paul Finch said while foreign capital and its connection to speculation and lack of supply is often discussed, bank lending is also part of the problem.”

““When banks lend out higher amounts of money, it’s to get a higher return from compound interest on a mortgage,” said Finch. “What they’re trying to do is the more prices are bid up, the more speculative activity there is in the market, the higher the real estate loans they give out, the more money they make.””

southseacompany
Member
southseacompany

“Evidence of mortgage fraud in Canada raises red flag at credit rating giant”, Financial Post

http://business.financialpost.com/news/fp-street/mortgage-fraud-prompts-sp-to-lower-canada-bank-risk-metric

“S&P Global Ratings warns it expects to see more evidence of fraud in Canadian residential mortgages amid high home prices and high household debt”

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

NDP loopholes…

Apparently…condo flipping of pre- sale assignments not taken into account..
Also…..buyers that attain Permanent Residency and Passports are not caught in NDP RE net

Sebastien
Member
Sebastien

Locusts with their “maple leaf cards” can avoid the FBT, yes, but not the spec tax. If they lie on their income to avoid the spec tax, then they’ll pay income and payroll taxes.

Locusts will need to register any of their assignments, not cool if you want to launder fentanyl money.

bullwhip29
Guest
bullwhip29

will presales that are assigned before this fall slip through the cracks? or will registration be required on a retroactive basis?

bullwhip29
Guest
bullwhip29

pretty hard to rent out something that hasn’t been built. this catagory of RE must be subject to greater cap gains scrutiny, however…

patriotz
Member

“this catagory of RE must be subject to greater cap gains scrutiny, however…”

Proceeds of assigning pre-sales are taxable as straight income, not capital gains.

bullwhip29
Guest
bullwhip29

right now, many flippers are paying no tax whatsoever. if presale registry is not retroactive then expect a lot of activity (ie. epic volumes) in the next few months. James could let many off the hook is govt simply imposes a set date (in the future) after which all transactions would have to be registered. i suspect a major fight to obtain all data from say last 5-10 yrs will erupt if the plan is do more than this.

KickThemOut
Member
KickThemOut

I don’t think CRA cares about what deadline NDP sets. They can go back 7 years and fine the shit out of flippers if they wanted. But they don’t, despite a few show trials a few years back. Why?

patriotz
Member

“i suspect a major fight to obtain all data from say last 5-10 yrs will erupt if the plan is do more than this.”

CRA has for some time been going to court to get developers to disclose pre-sale data. Nothing the BC gov’t does is going to let flippers off the hook. The registry will make things a lot simpler for CRA going forward of course.
http://www.cbc.ca/news/canada/british-columbia/cra-takes-developers-to-court-seeks-information-on-pre-sale-condo-flippers-1.4223488

bullwhip29
Guest
bullwhip29

the onus will be on the govt to track these tax evaders down even if they get access to all the data. remember many of these purchases may have been thru shell co’s making it more difficult to trace beneficial owner. even after all is said and done, what if the (former) owner has picked up and left the country? or was never here to being with?

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

Re: Anbang and retirement homes.

It appears that the Chinese Gov’t “taking over” Anbang is a moot point.
Via Chinese constitution..ALL CHINESE COMPANIES are de- facto/de- jure extensions of Chinese Gov’t.

I postulated this a while back….these foreign locusts in our midst are simply sino-agents whose role is to conquer and colonize western nations via economic sabotage.

Laibach
Member
Laibach

Right, but the shitload of idiots still doesn’t get it while peddling their corny racism bullshit.

Hyper-mega-Bull
Member
Hyper-mega-Bull

interesting how the world seems to have shifted towards me. the impact of HAM and ever growing influence of china over vancouver and canada seem to be topics that are getting more attention.

it’s just too bad that that people didn’t wake up sooner. it’s too bad that people like patriotz and jesse spread so much misinformation. such is life.

Oracle
Guest
Oracle

Patriots works for the fed gov. Immigration dept.

Oracle
Guest
Oracle

Senior position now in Ottawa. Immigration propaganda.

Sebastien
Member
Sebastien

Here are my price change predictions for The Lower Mainland for March 2020, in order of decline

Massive Collapse, Financial Mad Max (-60% or more):
– Point Grey
– Other areas close of UBC
– West Vancouver

Big Crash ( around -50%):
– Tsawwassen
– Downtown Vancouver
– Anmore & Belcarra
– Richmond

Crash ( around -40%):
– White Rock
– Metrotown Area Burnaby
– Burnaby Heights (SFU)
– Most of Vancouver
– North Vancouver

Severe Correction (around -30%)
– Most of Burnaby
– New Westminster
– Coquitlam
– Port Coquitlam & Pitt Meadows
– Delta
– Ladner
– Bowen Island

Correction (-20% or less)
– Most of Surrey
– Maple Ridge
– Most of the Fraser Valley
– Langley

Meh… ( Same as now)
– Hope

Where am I wrong? Did I forget somewhere?

See Saw
Guest
See Saw

I think you have it all backward. The suburbs/exurbs will be whacked the hardest.

See Saw
Guest
See Saw

And…it will all happen much sooner than March, 2020, too.

Sebastien
Member
Sebastien

Good point.

Sebastien
Member
Sebastien

Locusts didn’t buy a lot in the suburbs.

Name
Guest
Name

lots of locusts around the metrotown area though… they love the mall.

bullwhip29
Guest
bullwhip29

really? your kidding, right?

patriotz
Member

Bring out the violins, it’s another sob story:

Mark and Debra Hunter bought their one-bedroom home on Pender Island in 2012 for $211,000…
Their annual property tax is currently $1,800 dollars. With the government’s newly imposed tax increase, he said it will balloon to nearly $9,000…
“We’re going to have to find a way for everyone in this situation to unite,” Debra said. “We will take it to the Human Rights Commission because it is a complete violation.”

Take a good look at those numbers. The speculation tax would add an extra $7200. That’s 2% of $360,000 assessed value. That’s a 70% increase over what they paid in 2012. Lots of bitching from Kelowna too. All the out-of-province owners have to do there is move outside the Kelowna and West Kelowna city limits to avoid the tax.
http://www.cbc.ca/news/canada/edmonton/speculation-tax-british-columbia-alberta-property-1.4550097

Name
Guest
Name

“We will take it to the Human Rights Commission because it is a complete violation.”

??? because taxing property is a human rights violation…???

KickThemOut
Member
KickThemOut

Discrimination based on a recognized charter ground is.

Name
Guest
Name

what’s the discrimination ???

patriotz
Member

“what’s the discrimination ???”

Against ALBERTANS, of course. 🙂

Doomcouver
Guest
Doomcouver

Point to the item in the charter of rights and freedoms or the human rights act that is being violated. You can’t, ergo they have no case. They’re yet another couple of delicate snowflakes that don’t know what their actual rights are.

bullwhip29
Guest
bullwhip29

“All the out-of-province owners have to do there is move outside the Kelowna and West Kelowna city limits to avoid the tax”

– this sounds incorrect. the proposed speculation tax is to be province wide but areas outside of kelowna + w.kelowna would not be subject to the FBT (which these folks from Alta wouldn’t have to pay anyway)

patriotz
Member

“– this sounds incorrect. the proposed speculation tax is to be province wide”

The speculation tax will initially apply to the Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts, and in the municipalities of Kelowna and West Kelowna

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

bullwhip29
Guest
bullwhip29

oh $hit…my bad. LOL…

in many articles such as this one this important detail was not mentioned,
https://vancouverisland.ctvnews.ca/budget-2018-foreign-buyers-tax-speculation-tax-introduced-to-victoria-and-nanaimo-1.3811745

bullwhip29
Guest
bullwhip29

another example. cbc even goes so far as to highlight “province-wide”… were they all wrong in their interpretation or did James lead everyone on? maybe other things she “said” will be misinterpreted as well,,,
http://www.cbc.ca/news/canada/british-columbia/ndp-government-introduces-new-speculation-tax-eliminates-msp-premiums-in-its-1st-budget-1.4543544

bullwhip29
Guest
bullwhip29

this said, the spec tax should be made prov wide. this doc indicates tax will apply to those regions “initially”… if the govt truly wanted to clamp down on the BS and other shenanigans that will surely ensue as a result of this, they wouldnt have approached it in this way (unless of course the plan is to draw in more HAM to tax free (spec + FBT) regions then wham them over the head again)

Name
Guest
Name
bullwhip29
Guest
bullwhip29

Ottawa ‘screwed up’ when it greenlit sale of B.C. retirement homes to Chinese company
https://globalnews.ca/news/4049411/anbang-retirement-homes-bentall-centre-chinese-government/

Name
Guest
Name

“… do we have to approach it with a degree of mistrust?”

uh, yes…

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

Re: Anbang and seniors homes

The concern should be at what ” kicks in ” from the periphery…much like how Aecon purchase by Chinese, Site C Dam and how international trade agreements can usurp domestic laws, regulations etc.

Was Anbang simply one of those entities that grew too fast , and no asset was beyond their grasp ? (like Japan in the 1980’s )
OR…did Anbang intend to increase profits by literally using cheap TFW etc…..or fellow Chinese ?
OR was Anbang looking at the RE portfolio of the senior homes…?
OR all of the above in some sort of multi- level extortion ?

This comes full circle to my premise that all Foreign Locust companies are simply agents/ soldiers for central locust hive of COMMUNIST CHINA

Doomcouver
Guest
Doomcouver

It will be interesting to see if the Chinese government is capable of preventing insolvency for the large number of Chinese companies cooking their books and using sketchy loans to make things look good on paper. Many of them are essentially Ponzi companies with investors being promised 10% or higher returns per year where the underlying business is poorly managed and hemorrhaging money.

It’s my opinion that the Chinese credit market is one of the biggest bubbles in human history, and the government will be unable to prevent the crash, but time will tell.

ostritch
Member
ostritch

It’s impossible to say you are wrong even though it’s equally impossible to prove you are right. Only time will tell but if we wait we will be f-kd. Today Trump compared US politicians to the high School football team playing against the Patriots (Peesident Xi and his new limitless power). And BC politicians are of an equal magnitude of hokey compared to US politicians. We are fkd even with these new regulations.

bullwhip29
Guest
bullwhip29

so many potential tax related ramifications if this speculation tax is rolled out as advertised, detailed home owner data is collected properly and rules are enforced even to a reasonable extent…

bullwhip29
Guest
bullwhip29
who hear thinks that even a small % of owners of vacant homes have somehow been using these addresses as their principal residence illegally? and what happens if they are caught? if authorities get involved i figure that any reassessment would at a very minimum result in owner having to reclassify their properties as secondary and/or rental with ACB reset right back to date of purchase with owner now having to rent out property to avoid spec tax not to mention face possible fines. alternatively, regulators might opt for change of use at time of reassessment, look the other way on the false declaration but require them to rent out long term (to avoid spec tax). in the second scenario owner might get a free pass on the tax fraud aspect but will have triggered a sale and thus be… Read more »
Dave
Member

The more tax that we can extract from ill gotten gains, the better. If people have lied about the principal residence, they should pay the full price, and then some, back to the government.

We desperately need to remove money from the real estate market. If the taxpayer gets a cut of that, then great.

bullwhip29
Guest
bullwhip29

imho those clever owners will try to convince an auditor that scenario #1 is most appropriate, that it was only an honest mistake from day one in order to dodge the change of use which would trigger a huge cap gain. they could also argue that since they wouldn’t have sold, there wouldn’t have been a capital gain in the first place (and therefore nothing to gain by claiming principal residence). then, to deal with Carol James, all that is required is to put place up for rent or make arrangements to create illusion that it is rented out.

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

The average taxpayer has demonstrated that they’re simply incapable of allocating their money effectively. Whatever extra they have they want to blow on more real estate.

ostritch
Member
ostritch

Aren’t we trying to fry bigger fish? Sheesh. It’s so frustrating. They should have said WE WANT TO STOP HOT FOREIGN MONEY ENTERING THE REAL ESTSRE MARKET. PERIOD.

bullwhip29
Guest
bullwhip29

if owner does not hear any rumblings from CRA or other govt agencies, but might have a nosy and unfriendly neighbor will he/she continue to leave home vacant? remember, for these owners who have been lying all along about claiming certain properties as principal residence, putting the place up for rent might keep onlookers happy will trigger a sale due to change of use.

backwardsevolution
Guest
backwardsevolution

The government is intent on finding them now. That’s the difference. It’ll be back to China on the first boat.

Best place on meth
Member
Best place on meth

They don’t use boats anymore, they use inferior mainland airlines.

bullwhip29
Guest
bullwhip29

imho, the documentation provided does not clarify exactly how the tax credit offset would work. for example, would one of those satellite families who declare zero income/pay zero tax be let off the hook if they can somehow generate sufficient income by renting out a suite in their home? or would this income not qualify for the tax credit? and since these owners are apparently not being allowed to use the principal residence exemption (but might have declared property as such in prev tax yrs), would it be correct in assuming there would be no change of use for the portion they decide to rent out?

patriotz
Member

First of all don’t confuse principal residence exemption for CRA with principal residence exemption for spec tax, they are not the same thing.

Suppose I have a $3 mil house. That’s $60k/year spec tax. To avoid paying that I have to pay (or have paid) an offsetting amount of provincial income tax. Clearly I can’t rent out a suite to bring in enough income to result in that much provincial tax which is around 10% of income. And if I just fake the income the province gets the money anyway and the Feds get much more.

bullwhip29
Guest
bullwhip29

i get what you are saying. needless to say, all the criss-crossing of info on tax documents, purchase contracts, loan docs etc will undoubtedly make the juggling act even more tricky

i suppose one bold move could be to rent out the whole house (while still living there) and exempt oneself from the spec tax entirely. the way the ndp has outlined things it appears as though long term rental exemption applies to all owners, not just locals. please correct me if i am wrong…

bullwhip29
Guest
bullwhip29

“Suppose I have a $3 mil house. That’s $60k/year spec tax. To avoid paying that I have to pay (or have paid) an offsetting amount of provincial income tax”

>>> this hasnt been put in writing yet and contradicts what James said the other day when she suggested local owners earning income here would effectively be exempt from the tax even if they leave their places vacant. even if you use an example with a more modest $1M property (with $20k in spec tax/yr) an owner would still have to earn many hundreds of thousands to offset this. more likely this would translate into additional taxes which would dwarf their current property taxes. without trying to sound like a dick here, i think there is very possibly something missing in how you have thought this through…

patriotz
Member

“James said the other day when she suggested local owners earning income here would effectively be exempt from the tax”

I just used a 1:1 ratio for the example, but there’s no official ratio to date. Clearly they’re going to pick a ratio that’s going to exempt the ordinary household with an ordinary house, but not a satellite household (i.e. little or no declared income) with an expensive house.

Strata Hacker
Guest
Strata Hacker

Clearly patridiot is spouting bs as usual

Diadora
Guest
Diadora

BC First Time Buyer Loan Program to End by March 31, 2018
http://vancitycondoguide.com/bc-first-time-buyer-loan-program-to-end/

bullwhip29
Guest
bullwhip29

this should have been canned same time as FBT changes. cue the lineups…

patriotz
Member

“BC First Time Buyer Loan Program to End by March 31, 2018”

This is to allow buyers who have already signed off to close using the loan. Unlike foreign buyers, they vote.

bullwhip29
Guest
bullwhip29

what about deals that close well after Mar 31?

KickThemOut
Member
KickThemOut

Bank of Bears.

backwardsevolution
Guest
backwardsevolution

I don’t think they’re concerned about closings. Those with late closings will probably just forfeit their down payments and walk away when prices start to tumble.

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

Walking away and losing your downpayment in a falling market also comes with the risk of being sued by the seller for the difference between your offer they’d accepted and what they eventuallly sell for. That could be tens or hundreds of thousands. Otherwise, awesome advice…..

backwardsevolution
Guest
backwardsevolution

Thank goodness it’s ending. 1,400 families will have bought at the top of the market. I’m sure when their investments fall by half, they’ll be thanking Krusty Clark (not!)

KickThemOut
Member
KickThemOut

They will thank the NDP and the bears

Fullfrontalabotomy
Member
Fullfrontalabotomy

Yep. The bears brought this market down. *eyeroll

backwardsevolution
Guest
backwardsevolution

KickThemOut – they will learn a valuable lesson: what goes up must come down. It’s one of the laws of nature. Of course, the laws of nature were circumvented by governments who were propping things up. Yes, I’m pointing directly at the B.C. Liberals!