City following up on declarations for empty home tax

It looks like the city is serious about the empty home tax, at least one commenter here has received notice of an audit.

Well it seems the City is following up on the declarations made for its Empty Home Tax.

We were just notified that we are being audited for declaring our home as occupied as a principal residence. Interesting, since we’ve been in the same location for many years, and there are many empty homes in our area. You’d think the City would look at the homes that have changed hands more recently, since these are the ones that are left empty!

 

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Lost...but not Leased
Guest
Lost...but not Leased

Not 2nd or 3rd….

#1

Bag it and tag it
Member
Bag it and tag it

‘Zero’ is closer to the truth.

Best place on meth
Member
Best place on meth

Come on, let’s not turn this blog into a sad joke like Garth’s site.

Specuskeptic
Member

Once people see that they’re serious, they’ll have to think seriously about their options. Perception that bluffing season is over will move mountains.

paulb
Member

New
279
Price Change
56
Sold
142
TI:8931

http://www.clivestevepaul.com

Lost...but not Leased
Guest
Lost...but not Leased

Thanks paulb…

Inventory continues rising…..I’m guessing 10,000 by summer.

Best place on meth
Member
Best place on meth

Better be 10K by the end of April or all of these measures are not having much of an effect.

YVR
Guest
YVR

Which measures? B20 has no impact in BC with credit unions being exempt and the 2% speculation tax does not kick in until next year.

Best place on meth
Member
Best place on meth

Do you need me to repost the NDP’s 30 point housing plan again?

“B20 has no impact in BC”.

No impact, you say?

Bestplaceonearth
Guest
Bestplaceonearth

The speculation tax is a joke. Carol James should take a few months off and think oi through.

Best place on meth
Member
Best place on meth

Carol James should take a few years off, like all those lazy, entitled, freeloading homeowners who live off their “hard earned” equity gains courtesy of chinese kleptocrats.

Why work at all?

YVR
Guest
YVR

She does own 2 houses like Horgan. What do you think the average person in BC owns?

Bestplaceonearth
Guest
Bestplaceonearth

Wow, those home ownes take all the risk to have their homes and the basement dwellers called them freeloaders? Why not just take their houses away, and give them freely to the basement dwellers eh!

YVR
Guest
YVR

No, you said it:

“Better be 10K by the end of April or all of these measures are not having much of an effect.”

I was just explaining to you why.

Just me
Guest
Just me

You were explaining nothing. Just twisting the truth.
OSFI regulations are very real and have bite, despite your nonsense about credit unions.

Speculation tac has bite, that is why so many people are complaining. They thought it would be some cos,eric little change, like ten BC Libs used to do. After all, homeowners have been spoiled by two decades of policy tailored to make them ever richer. They are not used to pay any sizable taxes.

YVR
Guest
YVR

What is the definition of bite? Record high prices and record low inventory?

Just me
Guest
Just me

You are getting your timing wrong. Plot a graph of detached home prices (land) pve the past three decades, then ask yourself who was in power when the growth was highest.

Christy Clark organized trade missions with scope of convincing corrupt Chinese kleptocrats to come and launder money in BC. You cannot best that.

YVR
Guest
YVR

Way to go NDP!

A shack in Vancouver is selling for $7 million. Here’s what you could buy elsewhere.
Why settle for a $7 million hovel in Vancouver when you could buy a mansion almost anywhere else, not to mention a Polynesian island or a luxury yacht

http://www.macleans.ca/economy/realestateeconomy/a-shack-in-vancouver-is-selling-for-7-million-heres-what-you-could-buy-elsewhere/

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

10K in summer would still be ridiculously low. Think 20K+ sustained before we start to see meaningful price reductions.

YVR
Guest
YVR

Funny how that bar has been lowered since the election. Prices up 20% year over year, record surge in condo prices last month and close to record low inventory for this time of year. But there is a 30 point plan!

Bestplaceonearth
Guest
Bestplaceonearth

Why 10000? It was double that for much less money, and bears priced out already. What are you gonna do if it reaches 12000 or 15000? Nothing, Nada, zip!

Whistler or Bust?
Guest
Whistler or Bust?

Not a crash as much as I’d like one.

Our market is still sadly very strong.

xhistory
Guest
xhistory

http://www.chpc.biz/history-readings/persistent-risk
3 month Liber vs overnight Index swaps.

Perhaps we’ll see Brian return, and he can post his own links.

CRA221
Guest
CRA221

Anyone know how you report a suspected empty home? Does the city take leads like the tax department?

Best place on meth
Member
Best place on meth

Usually a Molotov cocktail hurled through the front window will alert the proper authorities to the home’s vacant status.

Bestplaceonearth
Guest
Bestplaceonearth

Call. 1-800-I-SNITCH. Moonbeam loves it.

Just me
Guest
Just me

That is a great name. I would certainly report illegal behavior if there was such a line.

Too many decades of freeloading by greedy ho,eowners.

Lost...but not Leased
Guest
Lost...but not Leased

1-800 SINO BUSTERS

(Note: may be directed to call center in India)

Doomcouver
Guest
Doomcouver

Report it to the homeless of Vancouver so they can go squat in it.

West Coast Woman
Guest
West Coast Woman

Call the City at 311, and you can leave a “tip” about an empty home – you just need the address and any info you may have about how long the home has been empty. They will give you a reference number to follow up on it.

Just me
Guest
Just me
Just me
Guest
Just me

“Chinese companies are taking advantage of America’s financially strapped higher-education system to buy schools, and the latest deal for a classical music conservatory in Princeton, New Jersey, is striking chords of dissonance on campus.

Beijing Kaiwen Education Technology Co. agreed in February to pay $40 million for Westminster Choir College, an affiliate of Rider University that trains students for careers as singers, conductors and music teachers. The announcement came just weeks after the government-controlled Chinese company changed its name from Jiangsu Zhongtai Bridge Steel Structure Co.”

Best place on meth
Member
Best place on meth

I wonder if the chinese know that everyone hates their fucking guts and trust them as much as they trust drug addicts, or if they’re completely oblivious.

These pathetic attempts at setting up more “Confucius Institutes” seem incredibly stupid.

Bestplaceonearth
Guest
Bestplaceonearth

Not everyone, just you. If it is not for them, people cannot survive. Just ask those customers at the dollar stores.

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

He imported his shitty attitude, unfortunately.

Best place on meth
Member
Best place on meth

How did people survive before dollar stores? They seemed to do just fine.

Are you saying our society has degenerated so badly that the loss of those shitty dollar stores with their landfill garbage would cause social havoc and distress?

Name
Guest
Name

I read something awhile ago that said Dollarama would be at financial risk if a trade war erupts with China because their supply chain could be interrupted. In other words they would not exist without cheap shit from China.

kabloona
Member
kabloona

The Dollarama stuff isn’t even cheap anymore…..should rename it the ‘Two, Three, or Four Dollar Store”…

Just me
Guest
Just me

People go to dollar stores exactly because of the Chinese malfeasance. First, they got all manufacturing jobs ruining many local blue collar workers; then they reinvested the proceeds into western housing markets, making price grow to insane levels and forcing people to spend their meager pay Chequers almost all in housing bills.

Dollar stores do not exist in prosperous societies. Ask yourself why we are not as rosperous as we were 20years ago.

Bestplaceonearth
Guest
Bestplaceonearth

The device you were typing on, where was it made?

Best place on meth
Member
Best place on meth

Who cares which shithole it was “assembled” in by human robots , the important question is where was it invented, designed, came to life?

Why are you so pro china?

Just me
Guest
Just me

There is atwosted way in which people of the PRC are unable to openly criticize it. They know that State is evil, but they are unwilling to admit it.

BubbleTea
Guest
BubbleTea
Just me
Guest
Just me

An oldie but goodie. Again, good memory. I wonder what happened to the customers of the scam….should have been kicked out of the co7ntry by now.

Best place on meth
Member
Best place on meth

Yet another rate hike from the Fed tomorrow, while Poloz the coward sits on his hands afraid of detonating the massive debt bomb in Canada with a puny 25bp raise.

The leadership in this country is pathetic, incompetent and third world.

Just me
Guest
Just me

But PolozWilkins get the prize even in this substandard set of public servants and politicians.

Polos calls are just bad calls. Over and over again. To be fair, he was nominated to the job by Harper. Hopefully he will not get a second term. The guy has been a total disaster.

Whistler or Bust?
Guest
Whistler or Bust?

Harper will go down as an excellent prime minister.

I can tell you history will judge him much better than Sunny Boy.

Selective Memory
Guest
Selective Memory

A few of Harper’s excellent policy accomplishments that seem particularly relevant to this forum:

•40-year, 0-down mortgages even as the US real-estate bubble was imploding.
•Doubling of CMHC mortgage insurance, ditto.
•35-year locked in FIPA with China on horribly disadvantageous terms.
•Approval of Chinese SOE takeover of Nexen in the oil sands
•tripling the threshold for government review of corporate takeovers from 295 million to 1 billion.
•expansion of Temporary Foreign Workers == downward pressure on Canadian wages.

kabloona
Member
kabloona

In retrospect, we should have unloaded the entire Tar Sands on the gullible Chinese. Government…

😀

YVR
Guest
YVR

Are things better today under Trudeau than they were prior to him taking office? Nope they are worse including housing prices up about 50%.

YVR
Guest
YVR

To be fair to Poloz the rest in the rest of Canada real estate is tanking. It is only BC where were prices are surging and inventory is ultra low. Coming up to the 1 year NDP anniversary. Any bets on year over year gains for their first year? I say we pass 25% by April.

Best place on meth
Member
Best place on meth

Any bets on what you think the 1 year NDP anniversary is?

I bet you think it was election day in May.

YVR
Guest
YVR

Call it June, July or even September. Prices will still be up close to a record amount for a BC governments first year in office. That is nothing to be proud of. Meanwhile everywhere else in Canada is tanking. The NDP were gifted B20 and higher rates but chose to exempt credit unions. I doubt we get back to where prices were at prior to them taking office in their term. They are Trudeau part deux.

Just me
Guest
Just me

So far the speed of appreciation is a fraction of what it was under the BC Libs. And I am talking about really has value: land (not glass fishbowls in the sky).

All the protests you see about the speculation tax are a sign it has the potential to invert the trends. That’s why entitled homeowners are up in arms.

Whistler or Bust?
Guest
Whistler or Bust?

Union 313 has an opening.

Oracle
Guest
Oracle

MLA’s spouses are on the boards at Vancity and Coast Capital.

KaChing!!! $$$

patriotz
Member

“Meanwhile everywhere else in Canada is tanking…. They are Trudeau part deux.”

If everywhere else in Canada is tanking, who should take the credit for it?

YVR
Guest
YVR

The provincial governments. Have you not been paying attention to Ontario?

YVR
Guest
YVR

Also note B20 and the BoC are not controlled by Trudeau. Unlike our credit unions in BC which are controlled by the NDP.

Selective Memory
Guest
Selective Memory

Regulations governing the BC credit unions are unchanged from what they were under the BC Liberals for 16 years.

Oddly enough, Coast Capital is in process of seeking approval to become a federal credit union, which would bring them under OSFI rules, I believe. How does that fit in with your narrative?

YVR
Guest
YVR

“Regulations governing the BC credit unions are unchanged from what they were under the BC Liberals for 16 years.”

Correct and in those 16 years the OSFI regulations aligned with those used for the credit unions. It was not until 2018 under the NDP the credit unions have a more lax lending standard that do not align with OSFI regulations including the new B20. Are you saying this is good policy?

Selective Memory
Guest
Selective Memory

You don’t like the Feds, who tightened the regulations, and you don’t like the NDP, who left them alone. Your opinion of a policy seems to be based entirely on who makes it.

Personally, I would like to see the BC credit unions conform to the new OSFI restrictions. But I don’t find it helpful to pretend the NDP have loosened the existing regulations, which you have been doing constantly.

You say the NDP control the credit unions, and they want to keep the rules loose. Yet Coast Capital, the 2nd largest credit union in BC, is going federal — despite those MLA spouses on its board. Your theory does not fit the facts.

kabloona
Member
kabloona

ha-ha! Give your head a shake….

Lost...but not Leased
Guest
Lost...but not Leased

Feb.31 ?

Just me
Guest
Just me

There is no crash in the rest of Canada. Big slowdown in TO. Calgary threading water. The rest of the country doing OK.
You cannot have growth of 20% every year.

bestplaceonearth
Guest
bestplaceonearth

Only your loud mouth claimed about 20% growth, no one else claimed it. Getting panic with your useless $65k in saving , aren’t you!

YVR
Guest
YVR

Anyone wonder why there is so much squawking about Trump taking the boots to China?

China Used Business Deals to Influence Families of Mitch McConnell, Joe Biden

https://www.wsj.com/articles/author-alleges-china-used-business-deals-to-influence-families-of-mitch-mcconnell-joe-biden-1521141489

patriotz
Member
backwardsevolution
Guest
backwardsevolution

Chinese money is not flooding into the U.S. now.

YVR
Guest
YVR

That damn Trump. Making America great again brings in investment from around the world. Trump is making prices rise the proper way. By boosting the economy.

“Trump’s long involvement in the real estate industry gives confidence to the Chinese that the United States will continue to be a good place to invest.”

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

Yes, why not buy property in a country that you might arbitrarily be denied entry to at zero notice? Makes perfect sense.

YVR
Guest
YVR

You mean those ‘immigrants’ swimming the Rio Grande are being denied entry now? Or the the terrorists who want to destroy America and blow up planes and buildings? Lets hope the corrupt Chinese are next. That would be just another step in making America great again.

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

You think the citizens of half a dozen countries are terrorist?

Idiot.

YVR
Guest
YVR

Actually Obama named those 6 countries as terrorist nations.

backwardsevolution
Guest
backwardsevolution

Chinese money has been influencing political leaders all over the world for years now, same as U.S., French, British money and (fill in the blank) has been influencing country after country for centuries. Politicians tend to go into government poor and come out rich. Any politician taking money should be behind bars.

Trump will take the boots to China because China (or should I say the U.S. multinationals who set up shop there for the cheap labor and no environmental controls) has basically enjoyed one-way trade: accept our imports, but we don’t want your exports, resulting in a huge trade deficit.

Can’t run a country like that.

Hyper-mega-Bull
Member
Hyper-mega-Bull

american elites are waking up to the threat. canada will soon follow. it will be spy-vs-spy on alberni street. do intelligence agency safe houses have to pay the empty home tax?

Doomcouver
Guest
Doomcouver

This is a possibility if the trade war intensifies. Trade wars can turn into threats of real war pretty easily. When that happens the government of Canada and the USA won’t be so friendly to Chinese nationals.

Best place on meth
Member
Best place on meth

We’re gonna need camps.

Lots of them. Big ones.

Whistler or Bust?
Guest
Whistler or Bust?

Keep arresting them until we run out of jails then build containers. If you are so passionate about your cause you should be prepared to accept the consequences of breaking the law.

Another dozen arrested at Trans Mountain expansion protest http://vancouversun.com/news/local-news/another-dozen-arrested-at-trans-mountain-expansion-protest

Just me
Guest
Just me

U.S. Mortgage Refinancing Drops to Nine-Year Low as Rates Rise

https://www.bloomberg.com/news/articles/2018-03-21/u-s-mortgage-refinancing-drops-to-nine-year-low-as-rates-rise

Poloz where are you?

Just me
Guest
Just me

Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide

https://www.bloomberg.com/news/articles/2018-03-20/soaring-u-s-libor-rate-trickles-into-funding-markets-worldwide

“From Riyadh to Sydney, short-term funding markets worldwide are starting to feel the effects of soaring U.S. dollar Libor rates.”

patriotz
Member

Pat Carney owns a residence on Salt Spring and also a million dollar condo in Vancouver. Just the typical poor Salt Spring Islander, don’t you know? As a former long term MP, cabinet minister, and Senator, she gets well over $100K a year pension. But she’s speaking out against the spec tax.

http://vancouversun.com/news/local-news/speculation-tax-will-hurt-rural-b-c-and-should-be-withdrawn-former-senator-pat-carney-tells-john-horgan

Just me
Guest
Just me

This spec tax must be doing something right. So many entitled boomers are up in arms.
It really touched a nerve.

Advise to the NDP: do not give up. Enforce the spirit of the tax . It will pay off at election time. Especially in Metro Van.

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

The tax wasn’t supposed to negatively impact those who live and pay taxes in the province, remember?

Whistler or Bust?
Guest
Whistler or Bust?

Yep. This isn’t a jealousy tax. People who paid taxes in BC and continue to should not be punished.

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

“Enforce the spirit of the tax”, right Just Me?

patriotz
Member

“People who paid taxes in BC and continue to should not be punished.”

The question is how much taxes. What would you say about someone who has never paid more than $1000/year income tax and owns a million $ “second home”? I’d say it’s very likely they’ve been engaging in income tax evasion.

And the government has said that they will take past taxes into account for people like retirees.

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

Is that the case here? No? Then why are you moving the goalposts?

Lost...but not Leased
Guest
Lost...but not Leased

Gov’t has SAID a ” LOT ” of things….convert this vagueness to something more concrete and tangible.

Rest assured many NDP supporters have 2nd(or more) properties.
The NDP credibility is already shot, they should be in damage control, (unless of course everything is going according to plan.)

OR they may instead focus on 300,000 civil servants who feel they are” owed” something in next contracts. Owed what ?

patriotz
Member

” So many entitled boomers are up in arms”

Actually Carney isn’t a boomer. But she is from China 🙂

bestplaceonearth
Guest
bestplaceonearth

It touched a nerve because the NDP and Carol James got it all wrong. And the freeloaders like yourself want to have your filthy hands in the pockets of others. Let see if the NDP will have gutt to stand up to all the unions.

Oracle
Guest
Oracle

Without unions it’s a 7 day workweek and 12 hour days.

Oracle
Guest
Oracle

Make sure you write to the 2 people in charge. Eby and James. By far the most important people.

Name
Guest
Name

Pat Carney doesn’t seem to hear the irony of her own words …

Name
Guest
Name

if Pat Carney owns a million dollar condo in Vancouver while living on Saturna Island then she is by definition a speculator and should pay the tax. I don’t see what the problem is here. She could sell the condo or the cabin if she wants to avoid the tax.

Strata Hacker
Guest
Strata Hacker

How’s owning 2 homes “by definition “ a speculator? Obviously English is not your native language.

Name
Guest
Name

You are either not paying attention or you are as dense as a rock. For the purpose of this exercise owing two or more homes is the definition of a speculator. That is the whole point of this tax; to encourage speculators to unload their empty and unused homes back into inventory.

patriotz
Member

“owing two or more homes is the definition of a speculator.”

No, you could own 10 properties and if you just want to get your returns from renting you’re not a speculator. REIT’s aren’t speculators. But if you own a property and keep it empty, you’re a speculator.

patriotz
Member

“owing two or more homes is the definition of a speculator.”

If by “home” you mean personal residence, yes. I’m used to seeing people use “home” to simply mean “property”.

Whistler or Bust?
Guest
Whistler or Bust?

Why is it a crime for BC residents to own more than one property. This is not the USSR. People are allowed to do whatever they want with their money that they paid income tax (in BC) on. This tax was to stop non-residents from parking money in BC homes.

Simple Solution
Member
Simple Solution

Yes, people are allowed to do whatever they want with their money. Governments are free to tax how they want. Its a free world….

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

They paid tax when they earned it, they paid tax when they spent it, they pay annual taxes to own the thing. But that’s not enough for the have-nots. They want to drag everybody down to their level rather than pull themselves up.

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

No, that’s not the point. It wasn’t meant to impact those who pay income tax in BC. And you call others dense….

kabloona
Member
kabloona

If poor ol’ Pat Carney the Senior Citizen needs to visit Hongcouver to occasionally go to the Doctor (as she claims in the piece) why not just sell the condo? A million bucks pays for a lot of AirBnB rentals, I imagine….

They have doctors in Victoria, too, I understand….

😀

And you’re in you 80s, woman!!! Spend it now while you’re still breathing air instead of dirt!!!

Or just stop whining and PAY THE TAX!!!

Bag it and tag it
Member
Bag it and tag it

Or just stop whining and PAY THE TAX!!!
But then should be less rich…

YVR
Guest
YVR

Pat Carney is right.

“The issue is fraudulent corrupt speculation which is destroying our cities … that is who he is targeting and it shouldn’t be rural British Columbians.”

I bet the NDP flip flop on this anyway and people like Carney will not pay any extra tax.

patriotz
Member

“The issue is fraudulent corrupt speculation which is destroying our cities … that is who he is targeting and it shouldn’t be rural British Columbians.”

It’s Carney’s empty million $ condo in Vancouver that might be subject to the tax, not her home in Saltspring.

YVR
Guest
YVR

Once they come out with the details I bet all seniors will be exempt and it will be a very low bar for income taxes paid in the past to be exempt. Personally I would like to see everyone with a vacant second home taxed but I bet Carney and others like her will be exempt.

Lost...but not Leased
Guest
Lost...but not Leased

patriotz…you are usually a details person….
Carney’s cabin is on SATURNA…

Regardless….I say she is spot on.
As a politician/senator, she sees through the legislation as seriously flawed and alludes to it as irreparable.

The NDP lead us to believe that tax would NOT impact BC residents with 2nd properties who pay income tax here…correct ?

How come more and more parties are coming forward exposing this, while the NDP seems happy with the status quo of uncertainty ?This implies that the tax is a go and we will see economic carnage as people will flood the market with “For Sales”.

I’ve stated numerous times the rural market is its own creature and has little to do with affordability, availability etc.
If we need to delve further, this follows “AGENDA 21” with an agenda to depopulate the rural areas.

YVR
Guest
YVR

“As a politician/senator, she sees through the legislation as seriously flawed”

More like she see her tax bill potentially going up. Do you think if she wasn’t impacted directly she would be speaking out?

Lost...but not Leased
Guest
Lost...but not Leased

Carney experience as legislator and senator implies she can smell BS in forthcoming laws and their consequences.

So what is she has skin in the game…..maybe that adds credibility. How come people are pissed?..because the evidence clearly states we were lied to by Guichon’s bad choice.

People are missing the point….forget the speculators tax…the NDP true colours are showing…class warfare, incompetence, left wing dogma….

NDP are too scared to admit they f*cked up…..honeymoon appears over.

kabloona
Member
kabloona

I wept when I read about poor, poor Pat Carney and her million dollar Vancouver condo, the poor thing….

Unfortunately for her, they were tears of laughter….

😀

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

She likely has a modest 2 bedroom condo given the stated value. Is that now considered to be a status symbol for the ultra rich?

It really is an envy tax, it seems.

Name
Guest
Name

“envy tax” you gotta stop parroting Garth.

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

He’s right. So why shouldn’t I? The have-nots here have confirmed that they simply believe that other people shouldn’t have nice things, because it’s not possible to be wealthy without being either lucky or a criminal. They want equality of outcome rather than equality of opportunity.

Perhaps you should consider changing back to your old name?

YVR
Guest
YVR

I think what people want is lower RE prices.

Name
Guest
Name

You gotta start thinking for yourself.

Just me
Guest
Just me

Working families on nominally decent income cannot afford to rent nor buy 2 bed condos in Vancouver in 2018.

She wants the privilege to have a pied-a-terre in Vancouver. She must pay for it. The world has changed.

Cannot have high home values and no taxes.

Whistler or Bust?
Guest
Whistler or Bust?

I am sure the property tax on both her home is high.

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

Funny how(in the past) people have the right to choose their own paths..play by the rules that have been in place for years…..only to have default political parties “Guichon’ed” and cater to the lowest common denominators and effectively punish people.

aka If the NDP want to “fix” the issues..simply submit offers to purchase for fair market value ..as opposed to their historically cowardly tactics of taxation and uncompensated expropriation.

YVR
Guest
YVR

Vancouver has some of the lowest residential PT rates in North America. Not good for a place where most of the residents pay little or no income tax. In Texas there is no state income tax but close to a 2% property tax for everyone. For this property $13144 per year tax on a $700K (asking) property. Also not what you get for $700K in Dallas. That house could be $15M in Vancouver West. The tax and property price are related.
https://www.zillow.com/homes/for_sale/Dallas-TX/26651521_zpid/38128_rid/globalrelevanceex_sort/33.10017,-96.338425,32.534657,-97.217331_rect/9_zm/

UBC in crisis
Guest
UBC in crisis
Burnabonian
Guest
Burnabonian

Sounds like >4.6 million didn’t sign the petition.

Or more if you count Alberta residents who will also be affected.

Doomcouver
Guest
Doomcouver

All their belly-aching is like music to my ears. This petition will do nothing because the NDP don’t care about people outside BC because they don’t vote: as it should be. If the Albertans don’t like it, they can sell their vacation home and rent an illegal airbnb like everyone else. Under-utilized real estate by the wealthy is a big reason why it’s so impossibly expensive to buy a home in the province.

patriotz
Member

The first person to make a comment. How many realtors in BC?

Marv Beer·3 weeks ago
This is an unfair, poorly thought out tax that is simply a cash grab on hard working Canadians. It will kill tourism, kill job creation and send BC into an economic tailspin. Ok the BC NDP should cancel this tax immediately!

https://www.royallepage.ca/en/agent/british-columbia/salmon-arm/marv-beer/34916/

Bear Vancouverite
Member
Bear Vancouverite

In 2015, the BCREA said this: ” there are 22,005 licenced real estate professionals in the province”.

So even if 30,000 sign the petition it could be all realtors and speculators.

Remember, “It is difficult to get a man to understand something, when his salary depends upon his not understanding it” (- Upton Sinclair)

YVR
Guest
YVR

Actually for realtors this tax would be good if it causes sales.

Doomcouver
Guest
Doomcouver

“How many realtors in BC?”
– Too many

Best place on meth
Member
Best place on meth

“How many realtors in BC?”

More importantly, how many of them couldn’t pass a grade 12 English test?

Burnabonian
Guest
Burnabonian

Lady on the news this morning from some BC association of Daycares.

Said that the NDP’s promised day care price break “by April 1” was done without consulting with the providers, is unfair to smaller operations, and is an unclear jumble in which the advice from the minister contradicts the legislation which contradicts the advertising. #justndpthings

No doubt that the spec tax will be just as badly done.

But that’s the point. Ironically, that’s why it will work.

Moving too fast and ignoring subtleties and complexities creates a hostile, changing, unclear regulatory environment. Which is the enemy of wealth preservation.

This will torpedo BC’s status as a stable and opaque piggy bank for both wealthy Albertans and global money launderers — purely by accident.

Buckle up for this decade’s Fast Ferries folks.

Lost...but not Leased
Guest
Lost...but not Leased

Re Daycares….

Left wing ideology, which seems to be the operating system lurking below the surface, would likely have an end game of gov’t funded DayCares being unionized…ironically as NDP is ideologically opposed to Private Schools.

YVR
Guest
YVR

“No doubt that the spec tax will be just as badly done.”

Everything the NDP will do will be poorly thought out.

Look at how they came up with the bridge toll plan. There was no plan.

http://vancouversun.com/news/local-news/for-whom-the-bridge-tolls-how-the-ndp-decided-one-morning-to-scrap-tolls

Sebastien
Member
Sebastien

Here’s an idea I had regarding taxes and astronaut families:

– Impose a 2% property tax on every single real estate owner in the province. Personal or corporate.
– Abolish the PST.
– Abolish personal and corp. income taxes and the new payroll tax.

Would it balance?

DaMann
Member
DaMann

Not even close…by a long shot

patriotz
Member

Total RE assessment province wide is $1.86 trillion, $1.86 * 10^12.

Times 2% is $3.92 * 10^10, $39.2 billion.

Total budget is $47 billion, So that might well balance given there are other revenues such as federal cost sharing and resource royalties. Details here if you’re interested. But the problem is if you actually imposed the 2% tax province wide, RE prices would crash so 2% wouldn’t do it anymore.

http://bcbudget.gov.bc.ca/2016/bfp/2016_budget_and_fiscal_plan.pdf

Simple Solution
Member
Simple Solution

How about this:

1% asset tax on ALL assets
No income tax
Consumption tax on everything except food and shelter
Get rid of ICBC

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

Sounds like an awesome idea if you have no assets.

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

So call it BS

We need to impose a “vacancy tax” for NDP politicians and supporters
……aka between their f*cking ears.

Specuskeptic
Member

Also, no too many folks would view themselves as “winners” in this situation, so it’s a political loser (even though it may well be sound policy).

kabloona
Member
kabloona

CNBC: Here’s how artificial intelligence is replacing real estate agents
9:15 AM ET Tue, 20 March 2018

“To sell homes, REX computers crunch thousands of data points to identify likely buyers & targets them with digital ads.”

https://www.cnbc.com/video/2018/03/20/heres-how-artificial-intelligence-is-replacing-real-estate-agents.html

Will likely be banned in Canada….

😉

Specuskeptic
Member

Been saying this for years: If the business model relies on information asymmetry, it is doomed. Information cartels are on their way out.

Simple Solution
Member
Simple Solution

Transparency would put realtors out of business. Imagine how efficient the stock market would be if pricing data was as tightly controlled….

Name
Guest
Name

Yes because we can never see the price or bid/ask of a stock at any given time. LOL.

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

That’s the point he was making, dummy.

YVR
Guest
YVR

The RE industry could be replaced with an Ebay like platform. Just wait for Amazon in the US to take over the industry there as the first step. Bezos has to be considering it.

Best place on meth
Member
Best place on meth

You don’t need any intelligence to replace real estate agents.

kabloona
Member
kabloona

Fed hikes rates, lifts economic forecast, signals two more rate hikes this year

https://ca.finance.yahoo.com/news/federal-reserve-fomc-announcement-march-2018-183508716.html

“On Wednesday, the central bank announced an increase in its benchmark interest rate target range by 0.25% to a new band of 1.5%-1.75%. This move puts the effective fed funds rate at around 1.63%, the highest since September 2008. All eight voting members of the FOMC voted in favor of Wednesday’s decision.”

Over to you, Poloz….

😉

Doomcouver
Guest
Doomcouver

Poloz will fall in line with Federal Reserve policy like every BoC Governor before him. Bye bye housing bubble.

backwardsevolution
Guest
backwardsevolution

Yes, you are right, along with every other central bank out there who have been part of this massive liquidity experiment.

Doomcouver
Guest
Doomcouver

Yup, next stop, 1980s interest rates.

Specuskeptic
Member

For 1980s interest rates, there’d have to be late 197os/early 1980s inflation. I have that in the “not likely” column.

Doomcouver
Guest
Doomcouver

If he falls behind the fed on jacking up interest rates, watch how high our inflation gets. I don’t think it’s likely, but definitely within the realm of possibility.

SilentBob
Guest
SilentBob

$1.50+ for a liter of regular gas, $3 for a loaf of bread. Nope, no inflation here, carry on.

Gnomes of Zurich
Guest
Gnomes of Zurich

‘Dark money’ rules the world.

https://dailyreckoning.com/dark-money-runs-world/

They meet every month in Switzerland

And you thought it was our celestial friends.

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

Interesting article…but no surprises
However…there is even DIRTIER $$$$ out there…

When the crash of 2008 occurred, the system was bailed out with proceeds from drug cartels which provided a massive $$$ injection.

Best place on meth
Member
Best place on meth

“Over to you, Poloz”

Poloz elects to punt.

Name
Guest
Name

BC’s Attorney General going to Ottawa to talk to MPs about money laundering:

http://www.news1130.com/2018/03/21/bc-attorney-general-ottawa/

“BC’s attorney general plans to head to Ottawa to ask for more support as that politician ramps up his crackdown on dirty money.”

Where’s that idiot who keeps asking ‘where’s Eby’?
Well he’s on the case trying to fix 15 years of corrupt Liberal government.

Doomcouver
Guest
Doomcouver

You mean you can’t fix 15 years of systemic government incompetence on the first day? Shocking…

YVR
Guest
YVR

We are on about day 200. Still nothing fixed.

Money laundering is illegal. Why have we not seen charges? Under the Liberals people were charged. They didn’t waste their time grand standing.

Casinos still doing same old, same old. All consultant studies and political spin.

Best place on meth
Member
Best place on meth

“Still nothing fixed.”

Corporate political donations were banned in the first week.

That’s the most important move of all, it sets the stage for the rest of the massive clean up.

YVR
Guest
YVR

First week, no way. In fact similar legislation was put forward by the Liberals in the first week. It was rejected by the NDP. Then Horgan held several pay for access dinners over the next few months before the legislation was brought in by the NDP and Greens. In any event Horgan and the NDP have been receiving massive donations for 16 years from unions which they have yet to pay back with high priced contracts. Wait until you see your taxes and the deficit after the coming government union contract negotiations.

Best place on meth
Member
Best place on meth

First month then, whatever.

Desperate Libcreds were falling over themselves trying to copy the NDP platform to stay in power.

Krusty is such a disgusting piece of shit.

Bestplaceonearth
Guest
Bestplaceonearth

And putting their hands on the tax payers pocket. They screw the rate payers either way.

Lost...but not Leased
Guest
Lost...but not Leased

“Who’s” Eby?

Just me
Guest
Just me

You gotta love David Eby.

Lost...but not Leased
Guest
Lost...but not Leased
Few tidbits.. Apparently Eby has to(via legislative obligation) submit some sort of report to Lt.Gov.”useless”Guichon by March 31. I guess he’s going to thank her for her stupid move to allow NDP and 3 Greenhorns under auspices they could actually form a viable (aka useful)gov’t. Maybe that’s why Eby is going to sit on Trudeau’s lap and cry about the corruption in BC R.E…as he is too afraid to say”foreign locusts” BTW..we had a look at Government House last week….Public Tours once a month. It sits on approx 30 acres of prime real estate. Talk about underutilized public asset. So Guichon is effectively a renter, with a primary residence in the Interior. She should have either rented out rooms or AirBnB’d the place. Only good news is “useless” Guichon will be evicted soon..to be replaced by another female, with blessing… Read more »
Bear Vancouverite
Member
Bear Vancouverite
I think I finally understand YVR’s constant blaming of the NDP for the housing bubble. What YVR is saying is this. Imagine he was being fed 3 meals of KFC and McDonald’s every day for the past 16 years, and was now facing the consequences of being 3 times the average weight of his peers and at serious risk of heart failure, he’d be blaming the fitness trainer his wife hired last September for not correcting his health and obesity problems quickly enough. He might also constantly complain about how his doctor has reformed his diet so he can’t gorge on food anymore, but his fitness instructor still allows him to eat light snacks that comprise maybe 15% of his former diet of junk food. Absurd? Absolutely, and yet we see this type of denial all the time, in housing,… Read more »
Doomcouver
Guest
Doomcouver

Don’t forget it’s also like getting paid more the bigger a debt-pig you are.

YVR
Guest
YVR

I only blame the NDP for the part under their watch. I like to look forward and talk about who is in power now not in the past like you. Lets look at the facts. If you estimate property values are 50% too high then the NDP are 35% responsible for this in their short time in power.

Today $1,000,000 property price
At election $825,000 same property
Fair value $500,000
NDP responsible for for 35% of the bubble (as of now)
Within the 1 year anniversary they could be up to 50% responsible.

Oracle
Guest
Oracle

I agree. Condo prices up 40% in Fraser valley since election. Like WTF?.

Name
Guest
Name

Scotiabank CEO downplays concerns raised over Canadian debt levels

http://www.news1130.com/2018/03/21/scotiabank-ceo-downplays-concerns-raised-over-canadian-debt-levels/

“TORONTO – Scotiabank’s chief executive says he disagrees with recent red flags raised over Canada’s high debt levels by an international body, and that he is “comfortable” with the lender’s risk profile.”

please move along, nothing to see here …

Lost...but not Leased
Guest
Lost...but not Leased

Re Scotia Bank

Isn’t this bank the one that had THE most liberal lending practices of all the big banks ?

Doomcouver
Guest
Doomcouver

Yeah, “Relax guys, it’s all going to be fine. Can I offer you a massive sub-prime loan?”

Burnabonian
Guest
Burnabonian

“…I get my bonus whether you go bankrupt or not. And if you do, I am covered by insurance PLUS I get to lend you the same money at higher rates. It’s a win-win in the sense that I win and I win! Relaaaax fella…you need a rest guy!”

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

Under what circumstances would he say he’s “uncomfortable” with the risk profile? How would the shareholders react if he did?

Burnabonian
Guest
Burnabonian

RE: Empty Homes audits, this is free money for the city as executed by self-righteous snivel servants.

Calling them modern day carpet baggers is is a little strong of course.

But it’s hard to imagine their enforcement to be weak since pretty much every time they tape a notice to a door and nobody obliges, the city gets a cheque for tens of thousands of dollars.

That’s enough to pay a hairy-assed assessment worker’s union salary and benefits package for literal WEEKS.

TL;DR empty homes audits are a license to print money and they city will be conducting them with vigour.

Disgruntled
Guest
Disgruntled

Stephen Poloz: “Even I don’t know when interest rates may go up again”

https://ca.reuters.com/article/topNews/idCAKCN1GP1Y2-OCATP

Burnabonian
Guest
Burnabonian

TRANSLATION:

“First person to touch rates crushes the Canadian economy and the Canadian middle class…NOT IT! I will wait for war or Trump or something and blame it on that.”
-Stephen Poloz, March 21 2018

Doomcouver
Guest
Doomcouver

Poloz is acting like he’s got the balls to lock in rates while the Federal Reserve is jacking them up. Good luck with the inevitable massive currency inflation of the Canadian dollar there… 30 cent CAD/USD incoming…

Burnabonian
Guest
Burnabonian

+1

Bag it and tag it
Member
Bag it and tag it

He’ll just create a new formula for inflation then increase the acceptable inflation range or say that it’s acceptable to exceed the range in certain circumstances.

kabloona
Member
kabloona

Poloz tries that and then the loonie falls outta bed……most goods are imported so they shoot up as a result of the falling dollar. Poloz suddenly realizes he’s behind the 8-ball, jacks rates higher that he might have in the first place which gives the economy an unpleasant shock to the system……

Result no 1: House prices crash.

Result no 2: Canadian recession.

Result no 3: Poloz gets fired.

Screwed
Guest
Screwed

T2 is unable to fire anybody, including himself.

Name
Guest
Name

So Poloz either crushes the CDN dollar or he crushes the CDN economy. Talk about a rock and a hard place. What to do …. what to do ….

kabloona
Member
kabloona

I predict he will play for time…drag his heels…hem and haw……eventually, of course he must follow the Fed on interest rates.

Doing otherwise would be idiotic and counter-productive in the the long run.

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

Poloz must be NDP…..

Vague on details…..Pulls policy out of his arse when cornered.

backwardsevolution
Guest
backwardsevolution

If Poloz were NDP, he would have hiked. But it soon won’t matter because he won’t have any say at all; rates are going up!

YVR
Guest
YVR

“If Poloz were NDP, he would have hiked.”

If the NDP were in power at the BoC they would have put a freeze on rates in BC last time the BoC raised just like they exempted credit unions from B20.

Selective Memory
Guest
Selective Memory

Constantly lying just highlights the weakness of your argument.

The NDP did not exempt the credit unions, they were never subject to OSFI regulations in the first place.

Just me
Guest
Just me

You seem to believe that 16 years of BC Libs really introduced valuable legislation.
The effects are out there. For all to see.

paulb
Member

New
193
Price Change
45
Sold
138
TI:8948

http://www.clivestevepaul.com

Oracle
Guest
Oracle

Just got verbally attacked by a white racist.

I’m gonna have to pick a side here soon.

Be against immigration and face these assholes. Was it you BPOM?

Or be for immigration and not have to face these assholes but contend with high house prices.

I may have to change my stance after this ugly incident.

See Saw
Guest
See Saw

Why don’t you just get lost? Then you won’t have to feign outrage about that or anything else for that matter.

Oracle
Guest
Oracle

I feel like slapping you silly.

Oracle
Guest
Oracle

Multiple times.

Best place on meth
Member
Best place on meth

Oh my god oracle, that’s just horrible!

Were any of your sock puppets injured?

Oracle
Guest
Oracle

Sickening feeling.

Open the floodgates to immigration and never own a house or

Close immigration and own a house.

Rock and hard place.