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)
259 Comments
[…] to clear up the debate the city has put some numbers to the word ‘affordable’ in their guidelines for rentals built under a city incentive […]
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http://www.news1130.com/2018/02/28/government-bailout-icbc-possible-not-imminent-debt-mounts/
Looks like income taxpayers will bail out HAM drivers declaring $97 income and living in million dollar mansions says EBY.
Need a revolution here and fast.
“Eby feels bad drivers simply don’t pay enough in this province.”
A (ICBC) killer combination. Locust’s driving abilities combined with the price of cars those same locusts fucking drive, as simple as that.
Any worker who pays tax is gonna subsidize these assholes driving. Not on my watch.
Some interesting info and comments from The Tyee article: ” How the Chinese Gov’t took control of BC seniors homes”
—-In essence,,the COMMUNIST PARTY is at the top of a pyramid of the dogs breakfast of pesudo private companies again…all Chinese companies are extensions of the COMMUNIST PARTY.
—–This would/could translate that ALL property purchased by Foreign Locusts is ultimately property of COMMUNIST CHINA
aka “Mrs I buy 3 my husband buy 3” and Mrs “Stah lee Pok” RE are owned by COMMUNIST CHINA
—–There is NO private ownership of land in China…NONE…one can only obtain rights to use the land..effectively LEASE for 70 years re residential use.
—-Foreigners cannot be landlords
—-NO property ownership by foreign companies and individuals
Bingo!
“When Vancouver needed a leader to confront the housing issue head-on, roll up his or her sleeves and use every tool in the kit to solve the crisis, we got a mayor who instead played the blame game with the province. The single biggest tool in the city’s tool box, land use and permitting what would determine whether housing is scarce or abundant, was barely touched in any meaningful way. ”
https://thetyee.ca/Opinion/2018/02/28/New-Generation-Vancouver-City-Hall/
Glegol Lobertson and VISION….disaster…..( probably good foreshadowing of what the NDP will be like ).
Typical Left Wing..all talk no action…disappoint supporters..stir and repeat.
Instead of using the biggest tool ( land use planning) they ended up as THE biggest tools.
ICBC’s minimum capital reserves suspended, raising questions of government bailout
http://www.cbc.ca/news/canada/british-columbia/icbc-capital-reserve-minimum-suspended-1.4556013
“The reason we are doing this is because currently ICBC has about 54 cents in the bank for every dollar in outstanding claims,”
“It does raise the possibility of what seems a lot to me like insolvency,”
Thats right NDP never touch a sacred cow birthed by NDP…
…..what the Liberals did or didn’t do is not the issue…the fact that the public monopoly called ICBC even exist is the problem.
Exactly. Why are we paying for this? So body shops and Autoplan brokers get rich??? Privatize insurance. Let the market decide who drives !
Parents of cyclist killed in Richmond crash turn to B.C. attorney general for justice
https://globalnews.ca/news/4054196/brad-dean-cyclist-crash-justice/
Of course, when Richmond Provincial Court shamelessly encouraged locusts to do whatever they’re pleased because it is not only good for the economy but different ruling, in this case, could raise some racial questions.
Blame it on City of Richmond for not following in Gregor bike lane massacre
Anecdotally, it seems there are a lot of SFH rentals available lately. I just recall searching about a year ago, and there were nearly none. Does anyone track rental listings over time to see whether this is just bullshit or real?
This should be the case. Many speculators in Vancouver that don’t want to sell but want to avoid the vacant property tax are highly incentivized to rent it out. Hopefully more detached in the rental pool will push down rental prices in townhouses and apartments, but we will see.
some of these are likely properties that were previously rented out short term. this all said, there should be spot checks done on these ads to see that they are genuinely being rented out and that the ad is not just for show (as we have witnessed with some really odd lowball asking prices on various properties that seem to switch hands instantly). in this scenario that I am describing, an owner might advertise the place so that there is a paper trail, then do some rental workaround with a relative or associate as I have described in past posts.
Yup. It’s on like Donkey Kong.
Actually, this spike in SFH rentals started in the summer…had a friend that rented a nice house on the west side for $3K per…said there were lots of listings and I’m sure it’s been increasing ever since.
Entitled ex-UBC Prof with 6.5 million dollar home didn’t like paying taxes back in 1993, either….. 🙂 http://theprovince.com/news/bc-politics/mike-smyth-ndp-wallops-owners-of-pricey-homes-again 😉 “….Do the math and it means Tha could defer the taxes for 20 years and then owe $250,000 on a $6-million untaxed capital gain. No wonder the government thinks most people won’t be too upset at the injustice of it all…. ….In 1993, then-finance minister Glen Clark raised the school tax on homes assessed at $500,000 and over. He also scaled back the homeowner’s grant on properties assessed at over $400,000. The reaction was swift and furious from homeowners who threatened a tax revolt. An angry crowd of 5,000 people rallied in Vancouver and called for Clark’s head. Guess who was leading the angry mob back then? It was David Tha, the same Point Grey homeowner, who had bought the house… Read more »
It turns your stomach just reading about it.
These new taxes must be upheld and implemented swiftly. This time we should not backtrack.
Millionaires complaining about paying a small tax on their idle gains. Shameful..
I think the problem is these rich a-holes have no shame. House worth 6.5 million and complaining about a $12k school tax per year? That’s a “let them eat cake” moment if I’ve ever heard one.
If you dirtbags don’t like the tax, sell your house and move to a mansion on 20 acres in Arizona. Otherwise pay the damn tax and shut the hell up. The voting public is sick of these rich people reaping all the benefit of the housing bubble and carrying none of the burden.
these rich a-holes are freeloaders of the highest order …
The Pacific by Grosvenor: At Pacific and Hornby downtown Vancouver:
1) 1 bed , 1 bath from 564sf, $890,900.00
2) 2 bed,2 bath, from 884sf, $1,475,900.00
3) 3 bed,2 bath, from 1,236sf, $2,875,900.00
4) 3 bed, 3bath, from 1,590 sf, $3,625,000.00
5) Sub Penthouses, from 2,683sf, $9,750,00.00!!!
Come on in Locusts!
we are creating taxes that inevitably will hurt normal people who just want to work and live their life, and everyone’s happy about it.
meanwhile we still can’t talk about the real root problem.
Glen Clark’s new deck added millions to his property value !
locusts panic amidst perceived toilet paper shortages. tp prices may increase up to 30% so they panic buy to save a few cents… typical locust behaviour.
Confucious say…….wipe ass with pumpkin
Two issues for next election:
1. China’s takeover Canada (economically and politically);
2. Privatization of CMHC to reduce tax payer’s risk of bubble bursting;
If conservative start working on these, they will win (NDP and Liberal will fight for 20% and 30% of votes).
re. item #1 – the horses have left the stable already
in order for #2 to occur, taxpayers would have to take a major haircut given where we are in the cycle. i would suspect some reorganization of this frankenstein entity would also occur where for lack of a better expression, the wheat would get separated from the chaff. i’ll leave it to you to deduce which part will be left on the govt’s balance sheet
You do realize that it was under the last conservative government that CMHC mortgage insurance ballooned? It peaked at 563 billion in 2013 — almost double the 291 billion in force when Harper became PM in 2006. I’m no fan of the federal Liberals, but they have been progressively reducing CMHC exposure by tightening qualification guidelines. Total was down to 484 billion by the end of 2017. https://www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/data/upload/housing-finance-3-mortgage-loan-insurance-highlights-2002-2017-q3.xlsx The federal Conservatives were the architects of the domestic phase of the real-estate bubble. They inflated the market even while the US was crashing. They did not care about the future downside, as long as it helped them secure a majority in the short-term. You might also remember it was Harper that signed the Chinese FIPA to lock us into horribly one-sided trade rules for the next 35 years. What rational voter… Read more »
Interesting to see that CMHC exposure shrinking. You don’t happen to know of any reports that looked at insurance-in-force data for private insurers do you (e.g. Genworth)? Given they’re still 90% backed by the government/ taxpayers, it would be interesting to see which direction those numbers have moved. (This article from 2015 said that Genworth had $365B in insured loans: http://business.financialpost.com/personal-finance/mortgages-real-estate/cmhc-goes-from-insuring-90-of-new-mortgages-to-only-50-and-thats-as-low-as-it-plans-to-go)
You have to add in guarantees-in-force and I think you find it adds to a trillion give or take.
https://www.cmhc-schl.gc.ca/en/corp/about/core/upload/securitization-business-supplement-september-2017.pdf
Nice little graph on page 3 shows the total going from less than 50 billion to over 400 billion under Harper.
What bubble??
” Privatization of CMHC to reduce tax payer’s risk of bubble bursting”
The Con government actually talked about this, it was discussed here, and nothing happened. Here’s why. If you have a CSB, can the government make a deal with XYZ Inc so that the latter is supposed to pay you and they won’t? No, that’s a default, it would bring on a 3rd world financial collapse. CMHC’s outstanding guarantees are likewise Crown obligations that can’t be handed off to someone else.
As for future mortgages, there’s no indication that the private sector would be willing to take on future risk. Remember the Feds back up Genworth etc. So any “privatization” would result in the taxpayers continuing to hold the bag and private companies making more profit.
Oh and I should also mention this – the Cons always denied there was bubble, so they are hardly going to admit now that there is any risk of it bursting.
“China’s takeover Canada (economically and politically)”
In 2015 the only ethnic ridings that the Cons held onto in metro Vancouver and GTA were those with large Chinese populations. No way are the Cons going to risk losing them with such a platform.
The conservatives have a lasting reservoir of votes from the Chinese.
The recent Chinese imigrants grom the mainland are socially conservative and fiscally opposed to redustributive programs, which they see as handouts to lazy Canadians.
Even in BC this is apparent in the electoral map.
“The conservatives have a lasting reservoir of votes from the Chinese.
The recent Chinese imigrants grom the mainland are socially conservative and fiscally opposed to redustributive programs, which they see as handouts to lazy Canadians.”
You’ve just perfectly described VCInfo spaz “KickThemOut” to a T.
Peculiar time to be digging up Harper to dump on after the gong show dumbass Justin has just put on for us in India. At least we could always rely on SH to conduct himself with dignity instead of offending his host and embarrassing us. But then, it’s quite understandable that paid partisans like Patriotz need to find a way to deflect attention from the Trudeau circus.
As for suck-holing for Chinese votes, we’ve been through that ad nauseum, and it seems to me that it would be more constructive to go after the current government than the past.
Harper usually got caught in the loo while everybody else was lining up for the group photo shoot….
🙂
Anyway…..
Fast forward six months from now; people will be having a hard time remembering just what happened on the India trip…..something about a Sikh guy with a record…..who was that guy….?
What was his name……some guy who got jailed 30 years ago and then got his invite to a party cancelled…?
What was that all about anyway….?
Meanwhile, I guarantee that subject of legalized weed in Canada will be crowding out every other bit of news on TV, in the papers, on the interwebs, and in the funny papers….
LEGAL WEED, baby!!!!
😀
What India story….???
😉
It is so confusing, they are fine with handouts going to the poor poor people living in the wealthy neighbourhoods though…
GST refunds, child tax benefits and so many more given to housewives with very low worldwide income. Just to clarify – these handouts are seen as ok by Chinese immigrants?
if you think chinese canadians want china to takeover canada
China bans letter N from internet as Xi Jinping extends grip on power
kind of like how some people here want to ban discussion of HAM.
so all those photos of supercars with N stickers get wiped from the internet then?
Xi is a canary in the mine….
China is one big ponzi scheme which is about to collapse….. question is the collateral damage elsewhere.
One reason Xi is flexing muscle is that China is about to implode..and he does not want to be caught up in the same power play and face prison, so he has made his move before others do.
Look for high probability of foreign locusts exiting China en masse and overwhelming Metro Vancouver
It should be obvious China is and always will be COMMUNIST..Xi will make that abundantly clear
Lost – I agree that China is “one big Ponzi scheme which is about to collapse”.
But the U.S. and China are NOT Communist NOR Capitalist.
These countries are “Oligarchies”. The definition is: a small group of people having control of a country, organization, or institution.
Call their forms of government whatever you want, but they ARE both being run on behalf of the elites (the 1%). It is to their benefit that all laws are passed. The people have never mattered, not really. Look at the U.S. – spying on its citizens, seizing property without warrants, etc. I could go on and on.
The only thing that matters to both governments is the 1%.
All engineered, manufactured, steered, massaged for the 1%.
what will the 500,000 canadian citzens living in hong kong do if china collapses?
What would 300,000 Icelanders do if there was a major seismic event there? Methinks it is straws you clutch Hypermegabullshit. Nice try at fomenting fear, though. Gotta give credit for trying. LOL.
you’re just confusing everyone with your nonsense. are you actually trying to make a point or just verbally sharting onto the blog?
Come back and buy more houses. But you of all people know that already.
Banning a letter? Now THAT is interesting.
This is China’s way of saying to the world they acknowledge there is an Alien encroachment into our Solar System. And where it is happening.
Guidelines for rentals built under a city incentive program now define that for Vancouver: affordable rent is $1,750 for a one-bedroom and $2,505 for a two-bedroom apartment
https://biv.com/article/2018/02/citys-affordable-one-bedroom-rent-defined-1750-month
Affordable…
…..WTF ? .
…for who ???
way to go VISION-less
What are you talking about? Gregor Robertson could totally afford that. Mission accomplished!
a 1 bdrm can house up to 7 ppl if needed and command far more than 1750/mo if the envelope is pushed to extremes:
4 in bdrm – 2 sets of bunk beds
2 on sofa bed in livingroom
1 in closet
if some use the washrooms located in the gym downstairs, this arrangement is workable. while this might sound extreme, it is common for as many as four students to share a one bdrm unit at $500-750 per person.
I’m sure there’s a rec room, have a few people squat in there. Set your granny up with a bed in the stairwell and your kid’s room down in the lobby as well. Seems too affordable to me, they should probably raise the rent.
Exactly why prices for VanRE will not fall much. A new reality for money.
Critics say new Vancouver policy will change city skyline ‘as we know it’
https://www.theglobeandmail.com/news/british-columbia/critics-say-new-vancouver-policy-will-change-city-skyline-as-we-know-it/article38142321/
We should stop all changes in Vancouver period. Vancouver is a special gem that should be preserved in time like a time capsule.
first came fixer uppers, subdivision, then rebuilds, then land assemblies and rezoning. next up…”air” assemblies with speculators snapping up anything and everything that they believe can and will be built higher after twisting the arms of CoV. and that skyline everyone is so worried about, well that was sold to offshore investors too..
I think protecting the skyline is more important now than ever. If there was fundamental need to build higher it would be one thing, but most of this construction is so speculators can purchase them and leave units empty. When the air comes out of our real estate market, and we can get back to housing being for utilitarian purposes again, it will be obvious that destroying the view was completely unnecessary.
Laurentian Bank may need to buy back more loans as review of problem mortgages continues
http://business.financialpost.com/news/fp-street/laurentian-bank-continues-to-review-problem-mortgages
Canada might have our own version of the “savings & loan crisis” soon. All the moronic Canadians with a misplaced superiority complex said that Canada was “different”, and that our banks were just too careful to be like the dumb Americans. The reality is we’re no better than them, our banks are just better at burying their poor underwriting standards. The next recession is coming, and it should be a big one. This is when all these sketchy marginal lenders in Canada could be wiped out.
Lawyer and offshore investor petition for private hearing on Chinese bistro-case settlement
http://vancouversun.com/news/local-news/lawyer-and-offshore-investor-petition-for-private-hearing-on-chinese-bistro-case-settlement
>>> another day, another sketchy RIchmond based business arrangement…
Fuck’em, like living in the “world class” cesspit while being saturated with prominent Chinese shit on a hourly basis. Aren’t they fucking annoying?
So you admit you live in a cesspit that is Vancouver. How patriotic of you.
I bet he lives half a block west of Boundary.
F U
Welcome back.
F U
People, keep up the pressure on twitter so NDP does not water down the spec tax.
War going on there right now.
New B.C. tax makes Seattle attractive to Chinese buyers
“An increased tax on foreign buyers in British Columbia may create more demand from wealthy Chinese investors and homebuyers who are looking to purchase property in Washington state.
B.C. Finance Minister Carole James announced a 20 percent tax on listing values for foreign buyers. It’s an effort to loosen the demand and make it easier for domestic purchasers to get into the housing market and create more affordable living.
The side effect of the new tax makes other west coast cities like Seattle a more intriguing option. But many worry that will only put further strain on the housing market where supply is already well short of demand.”
You can’t immigrate your entire extended family to the USA.
It’s extremely difficult to immigrate yourself even to the USA.
Canada an open doormat where grandparents flood the market. That’s why a free for all here. The suckers who pay the most taxes keep everything afloat.
Oracle – the U.S. also has a program whereby rich investors can get into their country. “Come on in, buy high, and then when the bottom falls out, so sorry.”
Why don’t you just start posting in Mandarin you twit.
Still can’t bring your extended family. And the numbers for this are small and capped.
That’s incorrect. There are way more immigrants to the USA for family than for economic purposes. In 2013 66% of the immigrants to the USA were family, while only 24% to Canada were family. The Canadian government is greedy, so they try to get as many immigrants as possible, but mostly want those that will come and pay taxes.
The US receives over 3x as many legal immigrants from China annually as Canada does (in 2015, 74,558 versus 19,532). The average qualifications of those accepted by the US are probably higher than those accepted by Canada, but they can’t be next to insurmountable.
They have 10x the population. So you fail in making the point you tried to make.
What does the U.S. population have to do with where the Chinese prefer to go? Chinese are the number 1 foreign buyer in many States and Canadians are number 2 or number 1 dependent on the State.
If you don’t understand what population ratio has to do with immigrant absorption then that is your problem.
Immigrant absorption suggests that the host country has assisted in the economic, occupational, social, and cultural integration of immigrants.
Seriously, if you have been reading this blog for any length of time you should realize that all of the chinese immigrants are rich, powerful, crafty crooks that buy up a country’s houses, displace the citizens and create economic chaos.
Well, at least in Canada, or British Columbia, or Lower Mainland … fine Vancouver, anyhow.
Bullshit.
China is number #3 source country. And #1 in foreign students and 10 yr visas.
You are truly a treasonist fucker who twists stats.
What is not available in Seattle is free healthcare, subsidized car insurance and tax free living….
Washington State has no income tax and as a result has much higher property taxes than BC. So this is a disincentive for people who want to hide income and own expensive houses.
apparently you get the best of both worlds by living here. pay little to no taxes, free this and that yet shoppers continue to cue up at border crossings for gas, groceries, clothes and even building products which are way cheaper in the US and apparently duty and tax free regardless of qty purchased upon return to Cda. meanwhile half of Robson St is for lease and tax after tax is being offloaded onto regular joes to plug the various holes in the govt’s rapidly deteriorating finances…
of course there are also those uber successful co’s based in Seattle, SF etc that have turned virtually every employee into multi millionaires who don’t have the time, inclination or need to spend 24/7 worrying about real estate
I feel it’s likely Washington could implement a similar tax that BC is getting. Americans don’t put up with as much crap as Canadians do, and Seattle residents are fed up with foreigners speculating on their real estate.
Hong Kong’s Aoyuan has big plans in Vancouver, Toronto
https://renx.ca/aoyuan-mixed-use-developments-vancouver-toronto/
Aoyuan was founded in 1996 and was the first developer in China to integrate residential real estate with sport and recreation amenities. It has a land bank of more than 200 million square feet and 100 residential and commercial properties in more than 30 cities across China, Australia and Canada.
The company opened its downtown Toronto office, which has 10 staff but is expected to continue growing, last summer. Aoyuan wants to lay down roots and establish its brand name in Vancouver and Toronto before considering a move into other Canadian cities.
So are you in support of this locust invasion or not?
Until they see how hard our market crashes and they back slowly out of the room….
Long live Emperor Xi of the Dog Face Dynasty!
Admin, next topic should be “the wall of sham”, listing people responsible for ruining Vancouver RE market.
Name/ misdeed / effect
Harper / investor immigration program / large foreign money flow in
Bubble – great idea: a complete list of every program that was implemented in order to prop up and maintain this bubble (federal, provincial, city and municipal), along with the politicians who peddled these programs, how much money they received in campaign contributions and from whom. The Bank of Canada needs to be included, along with OSFI (Office of the Superintendent of Financial Institutions), and let’s not forget that wonderful institution whose shelf life is past its due date – CMHC. Let’s include the Census too, because that was changed to hide the fact that the country was being sold to foreigners. How about the Land Titles Office? The rules were changed there too. A lot of players were steering and engineering the destruction of a city, a country, and they could give a sh*t about what they’ve done. The… Read more »
Christy Clark / Fake Smile / Herpes for Everybody
Don’t forget the HAM denying, race-baiting scum like AIDS and GT who did their best to give cover to the money laundering vermin by screaming “RACIST” everytime anyone mentioned them.
There’s a very special place in hell for those traitors.
In a few years you might realize what a moron you are. But I doubt it.
He is defending his land. He’d be stupid otherwise not to. Too bad his kind are traitors to themselves.
Does your Chinese made crystal ball tell you you are a know nothing moron NOW SIDA? I doubt it.
Try again, but please use a grammar checker next time.
I am surprised GT is not in jail. He openly lies about foreign money
And RE and gets people to sell RE to invest with him.
Isn’t that punishable?
That is wrong about Harper. Pure bs. That program was devised by the China loving federal bureaucracy who loves and supports only the Federal Liberals.
Harper was a badass on China. Spit in Xis face by not showing up at the Beijing Olympics. One of the only world leaders to do it. Chicoms funded little potato’s campaign as revenge.
Learn history before you speak.
” Chicoms funded little potato’s campaign as revenge”
The next Canadian election after the 2008 Beijing Olympics was in 2011, where Harper won a majority against Ignatieff, who stepped down as Liberal leader. Did the Chinese engineer Ignatieff’s defeat so that JT could take over and beat Harper next time around? Why that’s just diabolical.
Patridiot,
Do you think Chicoms were not able to wait 4 years to execute their plan? Really? Just stop. You are not really good at this at all.
Speaking of history, Harper signed the Chinese FIPA, locking Canada into horribly one-sided trade rules with China for 35 years, without an exit clause. Such a badass. Even conservative commentators were baffled at how bad the deal was.
Bullshit. You obviously are just a leftist gibberish spewing bot. FIPA was under negotiation for 20 years with China. Harper did not invent that. Again that is the Federal bureaucracy at work. Harper even held out as long as he could for better terms. He was under massive pressure to ratify the agreement from Canada’s corporate masters. At the time is was the best treaty China was ever held to. You are just so full of shit. From Wiki: “The FIPA is noteworthy in that it provides important safeguards to Canadian investors in the Chinese economy, and it is one of China’s first investment treaties with such comprehensive dispute settlement provisions.” So, Selective Memory, you are just a liar. Harper was not perfect by any means by he certainly was not a sell out to China. Oh by the way,… Read more »
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“Remember when the RCMP and CSIS accused the Chinese government of purchasing real estate in Canadian urban centers as a method of threatening Canada? No? That’s because the recommendations from a former classified program called Sidewinder was abandoned. All documents were ordered destroyed, and buried in 1997 by the Liberal government. Turns out we were as anxious to build ties with China then as we are now. Despite our national spy services advising the government that, well…this would happen to real estate. […] Canada’s top spy agencies claimed that they have identified distinct groups of people that are “working with the Chinese government to gain influence through some of their ‘financial ventures’ in Canada.” They further allege that the Chinese government is using tycoons, triads, and spies to ‘attain influence over the economic levers and prominent Canadian figures’. ” https://betterdwelling.com/csis-warns-of-chinese-influence-on-canadian-real-estate-20-years-ago/… Read more »
The article also says: “What’s interesting in this report is something that’s been undiscussed for 20 years. RCMP-CSIS analysts claim China is after “soft” sectors, such as “real estate, hotels, transportation, oil companies, and travel agencies”. Activity in “soft” sectors doesn’t attract the scrutiny of larger, regulated industries. A look at Lenovo’s rejected bid for handset maker Blackberry vs. Anbang’s successful bid for the Bentall Centre in Vancouver is an example of this. The former received great scrutiny because it was technology, the latter not so much. ” I am glad that Michael Lee lost his bid for the leader of the B.C. Liberal Party. His campaign was being assisted by none other than Mark Marissen, Christy Clark’s ex-husband, who was instrumental in her successful 2013 campaign. We don’t need more people who are aligned in any way with Christy… Read more »
I’m sure when Anbang starts refusing to provide senior care and leaves the old folks there to starve to death in a pile of their own feces the government may take notice… or it may not… I honestly don’t know what it takes to have the Canadian government push back against never-ending sinification these days.
We could try to offend them by dressing Justin and his brood up in hanfus or Mao suits, braiding their locks into pigtails, and shipping them off to perform in China. The downside would be that they would send them back.
Re: Anbang/Gangbang and senior homes
One aspect , as described above, is NO Gov’t can claim ignorance that the COMMUNIST CHINA gov’t is behind these purchases, a litany of tactics going back 20+ years.
Are the Chinese simply diversifying their foreign investments..or perhaps there is something rather insidious for a COMMUNIST GOV”T to purchase on of the largest senior care facilities ?
One possibility is they may try to extort higher fees, or set us up for catering to Chinese seniors as part of the same scam such as international students etc…whereby local infrastructure is exploited by these foreign locusts.
Wouldn’t a better approach be to run it really well, expand and increase profits? Definitely a growth industry.
Anbang retirement facilities ( Retirement Concepts ) charge North of $6500/month per senior
Gov’t subsidies to them are North of $87 Million
So..why did anbang buy this company?
They won’t be able to make it work here. Millenials do not want to work senior care so they’ll have to pay high wages, the $6500 a month isn’t much money when you will have to pay 80k + a year for 24 hour nursing care. That’s 20k a month for just 3 nurses. Add to that real estate costs, utilities property tax, and business taxes they’ll find the profits are razor thin. It might work if the TFW is expanded again, but it’s very politically unpopular right now. I think they’re going to drop their retirement home holdings.
TFW expanded again??
Hahaha. Dude the foreign worker program is bigger than ever. They just remained a whole bunch of streams.
IMP.
Once again Oracle you’re spewing factually inaccurate propoganda. The TFW has seen significant reform after Harper and his cronies got booted out of power. It’s still a crummy program, but it definitely has NOT gotten worse. https://www.canada.ca/en/employment-social-development/news/2017/04/government_of_canadastrengthenstemporaryforeignworkerprogramthro.html
Again…DISBAND the RCMP…they are a combination of corrupt and incompetent.
Seems like Gov’t sends them on search missions for political optics/ fact finding…then yanks on their chain to STFU and not proceed.
Again..get rid of these clowns…the literal and figurative” obstructions of justice “.
Lost,… but not leased – the RCMP DID do their jobs. I want to know who shut them up. Who ordered that report be buried? I’m not going to stop until I find out who did that.
Just like how the RCMP were doing their jobs ticketing Chinese drivers with their fraudulent Chinese licenses, but ICBC shut them down. It must be frustrating being an RCMP officer, you try to make a difference but get cut off at the knees by bureaucrats every single day.
So what is a satellite family?
Jetsons…
A Chinese family orbiting the earth as far as possible from the CCP.
And CRA.
A family that needs to be shot into space.
I can see people immigrating from 3rd world countries who are coming to Canada for a better life financially.
What the mainland Chinese are doing is they are already well off and then they come here and become leeches on our society by evading taxes.
Utterly despicable. You should be ashamed of this behaviour by most of your countrymen.
His countrymen are incapable of feeling shame, they do as they please without feeling anything.
Shame on you for not knowing that.
Sounds just like your cousins…except you left out the part about raping 8 months babies. Fucking sick.
Canadian Real Estate Prices To Be Impacted By OSFI More Than Foreign Buying Taxes, Says Top Chinese CEO
https://betterdwelling.com/canadian-real-estate-prices-to-be-impacted-by-osfi-more-than-foreign-buying-taxes-says-top-chinese-ceo/
Duh. People need a |”Chinese CEO” to tell us that?
Apparently because the bears have 0 IQ.
KickThemOut – and you put an “o” in to denote a “zero”? Shouldn’t it be an actual “0”? Talk about low IQ!
Awkward…
Who told the CRA to back off on “assuming an income” on these foreign buyers who had enough money to buy a $2 million mansion, yet apparently didn’t make enough income to pay taxes? What group lobbied (maybe bribed) the politicians to put pressure on the CRA? You can take it to the bank that this happened. One commenter said: “It’s entirely within the abilities of the CRA to ‘assume’ an income, and apply income taxes on that assumed income. Anyone paying a mortgage on a mansion, without declaring supporting income on that mortgage payment, can be taxed at a rate that assumes an income sufficient to pay the mortgage. If CRA were to apply the policies it is legally entitled to apply, the problem would be solved.” Who are the politicians that benefited from this Ponzi? Who are the… Read more »
Re: CRA
From my understanding,…..they have a lot of LeeWay.
For Example….if one plays the stock market, one is taxed at a certain rate on capital gains……….UNLESS the CRA determines one may be doing it full time ie a job..thus taxed differently.
Our concerns should be that CRA, under political pressure, will attack waiters and waitresses as opposed to ” The Usual Suspects “.
To be blunt, I don’t hold out much hope ANY Gov’t has the will to go after foreign locusts and their ill gotten gains….they will kill the patient trying to remove the cancer.
Lost,… but not leased – the government is already talking about “retroactively” going after these foreign locusts. Just think of the money to be had from these ill-gotten gains.
Talk does not equal action…
Gov’t and their ilk know full well that wealthy targets will drag any charges through the courts…..
They do NOT want to lift up the rug per se…for fear of what the spider web of intrigue and connections may show.
By the time they even try an audit etc..the RE lobby will be screaming about what the NDP etc. have done and with data to support their case.
This will end up a gong show…….. rest assured much NDP backpeddling, though they left many details out ,perhaps for a$$ covering reasons.
Lost,… but not leased – too late. They’re already going after them retroactively.
Some good comments there… Grizzly Gus 5 HOURS AGO It will all crash. The narrative and justification this time last year for explosive pricing growth in Toronto and the surrounding GTA was that there was a huge shortage of supply, everyone dreams of that single detached home to raise a family, and a two hour commute to work each day is the sacrifice one makes to have that dream come true. You even have big name players like Brad “the Condo King” Lamb stating that “Hamilton is Toronto’s Brooklyn”. Buy Buy Buy. Now that the freehold home sales have lost momentum, inventory has jumped big time, and prices are down, the narrative has changed to how the new generation prefers the condo lifestyle and are more than willing to forgo larger properties and space for faster commute times and the… Read more »
this one too, can’t agree more… Bluetheimpala 5 HOURS AGO “Our data shows that Chinese buying interest in Vancouver peaked in 2015,” she explains. This is bad news or she is lying (which could be the case for a gov’t proxy). Assuming she is not full of shit, and the unidentified ‘peak’ means end of 2015, the massive gains seen in 2016/2017 were a combination of late overseas money, offloading to local Chinese in Canada who got in on it and others/Canadians who wanted to build a life. Pure FOMO by a number of cohorts. Oh and the usual money launderers and drug dealers a la the Globe Article. a couple of weeks back. Thinking about when New Zealand and Australia started to heat up, it does seem like Mainland Chinese $$$ moved on by 2016 and had a new… Read more »
Laibach – you can follow the bouncing ball all over the globe to see the effects of Chinese buying (Seattle, San Francisco, Los Angeles, New York, Vancouver, Toronto, Auckland, Melbourne, Sydney, etc.)
Yes, all demand has been sucked forward. This is going to be a terrible mess.
Agree..the condo market IS the last pillar holding up our economy…much like hockey cards and beanie babies produced en masse… bubble till SHTF.
Where bob rennie these days haven’t heard a quack from him saying everything is going to be okay buy high or be left dry. Wadda goof he is
Boob Rennie?
Good…….I hope the F*dgep@cker STFU in perpetuity.
This D -bag is one of the main culprits in the dysfunctional RE which infests Metro Vancouver via the pre- sale condo market he and his ilk promoted and made $$$$$ millions from.
Bob Rennie – he’s laying low as his reputation is absolutely done! He used to be ethical.
I heard he’s semi-retired and his son Kris has taken over.
Joe Offspring – he’ll never retire. It’s the only thing he really cares about. He’s just laying low for now.
I thought he was gay?
No, asexual and gender neutral.
Sounds like you are disappointed.