Friday Free-for-all! March 2nd 2018

It’s the end of another week and that means it’s time for another Friday Free-for-all!

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

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

Hey hey hey..NUMBER ONE is #1

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

See the BC Utilities Commission will not agree to a ZERO % increase in BC Hydro rates, approving a 3% increase commencing in April.

Way to go NDP….toothless twits.

Bubble
Guest
Bubble

Van West SFH sales:
90, Feb., 2017
32, Feb., 2017
That’s still about a billion dollars? Where is the money from, banks?

Bag it and tag it
Member
Bag it and tag it

I assume that 32 was this year?

Bubble
Guest
Bubble

32, Feb., 2018

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

A billion? More like $50m.

Oracle
Guest
Oracle

woild like to see total Metro detached sales. HAM has moved on to other areas as westside considered boring now.

See Saw
Guest
See Saw

Well, Oracle, you’re now an expert in demographics, I see, Nice try.

YVR
Guest
YVR

“Where is the money from, banks?”

Credit unions.

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

Richmond News is reporting that REALTORS are organizing to oppose Container City…

Hyper-mega-Bull
Member
Hyper-mega-Bull

they’re showing that they have HAM’s back in this fight.

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

What is interesting is directly EAST of this Richmond Container City site was a large parcel once owned by the City of Richmond.

It bought the raw land from a Richmond Car dealer……then flipped it to ONNI who built a number of hi-rises.
One can observe this ONNI site is likely THE most densely developed site in Richmond…implying the City granted very generous zoning in order to maximize return……..much the same as the Olympic Oval site

gord320
Member
gord320

Undoubtedly a bit of “quid pro quo” in that transaction.

Just me
Guest
Just me

Been monitoring prices for SFHs in a few areas: Point Grey, Kerrisdale, Kits, Main and King Ed, Main and 33rd, Cambie and King Ed.

So far, asking prices are as mad as ever. Barely any reductions and almost 160%anove their 2013 level. Does any of you guy notice any changes worth reporting.

The madness is (still) alive and well.

Sebastien
Guest
Sebastien

Before #BCBudget2018

3112 W 5th Avenue, Vancouver
Nov 9:$2,998,000
Feb 7: $2,499,000
Change: – 499,000 -17%

4568 W 1st Avenue, Vancouver
Aug 1:$7,388,000
Feb 6: $6,188,000
Change: – 1,200,000 -16%

After #BCBudget2018

1463 E 58th Avenue, Vancouver
Sep 14:$2,588,000
Feb 27: $1,980,000
Change: – 608,000 -23%

369 E 21st Avenue, Vancouver
Jul 31:$3,788,000
Feb 28: $3,108,000
Change: – 680,000 -18%

255 N Kootenay Street, Vancouver
Nov 2:$2,600,000
Feb 26: $1,999,000
Change: – 601,000 -23%

801 1383 Marina Side Crescent, Vancouver
Aug 31:$4,888,000
Mar 2: $3,788,000
Change: – 1,100,000 -23%

backwardsevolution
Guest
backwardsevolution

Sebastien – thank you.

Oracle
Guest
Oracle

And now the price increases??

Just me
Guest
Just me

Thanks, very useful info.

I suppos3 that even after the price reductions, I find those locations insanely expensive. Three millions east of Main seems insane to me.

gord320
Member
gord320

being a bit “old school”, I find 3 million anywhere, to be insane.

See Saw
Guest
See Saw

You don’t get out much then, do you? They’re dropping “like mad”.

bestplaceonearth
Guest
bestplaceonearth

Good for your. I hope $65k saving of yours will be good enough for a 20% down pmt on a big lot in Point Grey some day. LOL!

See Saw
Guest
See Saw

It’s all about the trends, you dolt.

Name
Guest
Name

and bpoe don’t have 65 cents … but do rant on …

bestplaceonearth
Guest
bestplaceonearth

you are right, noting in my pocket. I don’t bitch how unfair it is though.

Oracle
Guest
Oracle

Asians won’t sell a Detached unless they have to as owning land is a goal. In the westside, probably 50% detached now owned by Asians hence the low inventory. Prices won’t budge.

New HAM flowing into farmland, Burnaby, Coquitlam etc.

See Saw
Guest
See Saw

Just another idiotic “assertion” on your part, Oracle.

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

He’s simply trying to stir the pot. Notice how he keeps making wild assertions whilst calling for a revolution? Also he ends almost every post with an exclamation. Just wow!

See Saw
Guest
See Saw

He’s such a waste of skin let alone a wasted mind. That is, if there was one to begin with.

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

C’mon..

MyRealtyCheck shows vast majority of listings are into haircut mode.

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

It doesn’t. It shows that the number of price changes is small in comparison to the total number of listings, and unsurprisingly those changes are down (because there’s almost no reason to revise a price upwards).

BubbleTea
Guest
BubbleTea

The requirement for the submission of Canadian tax forms is huge, immigration lawyer Richard Kurland says.
“It’s the information-sharing component which is the core explosive game-changer,” he says. “When banks report information, our Canadian financial security authorities get to communicate with their foreign counterparts. And that can mean foreign tax authorities, like Beijing tax collectors or Uncle Sam get the heads up. Canada says, ‘Show me what was reported to you as global income property and we’ll show you what was reported to us.’
https://www.theglobeandmail.com///real-estate/vancouver/cibcs-new-rules-for-foreign-clients-could-squeeze-vancouver-market/article38125303/?cmpid=rss1

Just me
Guest
Just me

“All banks contacted for a comment, including CIBC, Royal Bank of Canada and Toronto Dominion Bank, said that they have always done due diligence to verify income and assets for all applicants, and that they’ve met regulatory requirements.

Royal Bank of Canada said in a statement that it requires the non-resident applicant to confirm that they or a family member intends to live in the Canadian property. The person residing in the property would need to provide proof they are allowed to reside in Canada, for example, a student study permit.”

Scam right there.

Bag it and tag it
Member
Bag it and tag it

I’ve heard they always answer these questions honestly, as per Chineeze custom.

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

Know a person lived most of their life in Nelson…back in the day, say 1940’s their mother only access to a hospital was in the US across the border, so they were born American.

To this day they are obligated to pay income taxes to US based on their Canadian income is considered a global source , even though the worked their entire lives in Canada.

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

They probably don’t have to pay a penny in US taxes but will have to fill a return, like any other citizen of the USA. If the inconvenience is too great they could always renounce their US citizenship.

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

In addition..if you own a place in the US..you are forbidden to employ Non Americans to do any work….aka illegal.

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

You’re also not allowed to do the work yourself. But again, if that’s too much of a burden then selling the property is an option.

Bag it and tag it
Member
Bag it and tag it

This info best saved for a discussion that is not about an American citizen.

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

IMHO.., blowing more smoke up the @ss.
I’ll believe it if and when I see it.

Mountains of evidence to move forward with an aggressive approach to not only investigate but to prosecute.

As I have commented ad nauseum…the powers that be have allowed the ” $ino-cancer” to grow to the point they dread lifting up the rug , as well as the fear they could be deemed accessories via obstructing justice.

In addition…given our politicians and senior civil servants are basically whore$$$, rest assured many have benefitted handsomely welcoming foreign locusts.

Best place on meth
Member
Best place on meth

Home buyers were less active in February

https://www.rebgv.org/news-statistics/home-buyers-were-less-active-february

Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were 5.5 per cent above the 10-year February average.

Detached up 0.4%
Condos up 3.0%

specuskeptic
Member

This kind of bifurcation signals things, typically. Downturn is nigh (but not holding breath).

Best place on meth
Member
Best place on meth

In addition to sales being down compared to Feb last year, listings have also increased by 15%

Detached from 1433 to 1810
Condos from 1615 to 1744

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

My guess is people who own SFH/detached are not as leveraged as those who buy condos.

See Saw
Guest
See Saw

I would guess you are wrong.

specuskeptic
Member

I wonder how long it will take for the news to get out? As long as listings don’t swell, we’ll be at a standoff.

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

Probably need a new metric to get a handle on things.

Boomer parents are dying off….

What % of Boomers bought RE…?

Leading edge of Boomers are in their mid 70’s..life expectancy maybe??? 10 more years?..then downsize and end up in an Anbang err Chinese Communist owned seniors home?

Millennials bitch directed as Boomers….yet Boomers were handicapped by much higher mortgage rates prior to this literally free money era.

Previous RE cycles lasted what..2 years before correction?….but this latest has gone on for how long..10..20..30+ years ????

Pensions are not sustainable..even Gov’t jobs are being relegated to contract basis.

Even if 90+% of RE was purchased by “locals” it is NOT sustainable. Everything points to delaying the inevitable correction.

etc. etc.

crash-already
Guest
crash-already

by news, do you mean this website consistently calling a crash since 2007?

southseacompany
Member
southseacompany

“Vancouver Feb. home sales fall amid mortgage, interest rate changes”, Financial Post

http://business.financialpost.com/pmn/business-pmn/vancouver-feb-home-sales-fall-amid-mortgage-interest-rate-changes

“Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday.”

southseacompany
Member
southseacompany

“Vancouver housing sales slump as market braces for tax impact”, Globe & Mail

https://www.theglobeandmail.com/real-estate/vancouver/vancouver-housing-sales-slump-as-market-braces-for-tax-impact/article38195805/

“Home sales slumped 9 per cent last month in the Vancouver region as transactions for detached properties sagged while prices remain high, with the full impact yet to be felt of new residential taxes levied by the B.C. government.”

southseacompany
Member
southseacompany

“Vancouver Detached Home Sales Plunge Nearly 40% From A Year Ago”, Huffington Post

http://www.huffingtonpost.ca/2018/03/02/vancouver-detached-home-sales-plunge-nearly-40-from-a-year-ago_a_23375609/

“The market for detached homes in Vancouver has softened so much that it is “beginning to enter buyers’ market territory,” says the president of the region’s real estate board.”

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

Let me guess. It’s a good time to buy and a good time to sell?

Doomcouver
Guest
Doomcouver

It’s always a good time to pay your local realtor’s mortgage.

southseacompany
Member
southseacompany

“Vancouver home sales tumble amid mortgage, interest rate changes”, BNN

https://www.bnn.ca/vancouver-home-sales-tumble-amid-mortgage-interest-rate-changes-1.1016015

“Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday.”

specuskeptic
Member

Higher rates… LOL Just getting started. https://youtu.be/YrYe-ezyegY

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

Steve Saretzky’s latest…

SFH home sales are LOWEST in 27 years…

Total of 55,000 UNITS (TOTAL ) under construction as of Feb. 2018
NOTE: approx. 40,000 units just before 2008 crash.

Ripe for a collapse?!?!?
…as fair to say majority of these units were in the approval and financing pipeline prior to B-20, Stress Test,,OSFI..and BC NDP 2018 budget.

..$$hitstorm approaching

See Saw
Guest
See Saw

Interesting to see that you are finally getting the memo, LBNL. Took awhile.

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

Perhaps review some other information, such as Owen Bigland videos, where he states, in essence, foreign locust have numerous loopholes that give them quasi -citizen status.

The Liberal loan to FTB is closing..apparently only 1400 parties applied.

This implies NDP is blowing smoke…as economic indicators show how dependent our economy is on what will effectively facilitate and become histories largest ever Potemkin Village.( GOOGLE the term if not aware )

See Saw
Guest
See Saw

Still grasping at straws, I see.

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

VCI nomination for most vacuous comments…

….mind you Andrew Weaver award for minimum impact on %$#@*……&*^% ……..and evil tofu cartel.

Doomcouver
Guest
Doomcouver

Let’s wait and see if we get some desperate asking price-slashing at the margins. That’s the way the panic will start.

crash-already
Guest
crash-already

is that guy a reputable source? has anything he said been proven correct?

bullwhip29
Guest
bullwhip29

Man who kicked Richmond library worker identified
https://bc.ctvnews.ca/man-who-kicked-richmond-library-worker-identified-1.3826949

– according to witnesses, “the man is a regular in the area and has developmental challenges…” >>> so, this makes it OK to behave this way in public??? if one simply claims they were not thinking clearly, they get a free pass??? would the outcome have been the same had it been a young white guy assaulting an asian senior??? i think not…

>>> the attack was an “isolated incident” that was “unrelated to the community presentation being held at the library that evening.” >>> again, what difference does it make what his motivation was for doing this???

>>> and that as the say it that…nothing will happen to this person, case closed…

Best place on meth
Member
Best place on meth

Space, why did you kick that elderly librarian in the kidneys? Even your barbaric culture should know you can’t harvest organs that way.

You can’t just “Kick them Out”.

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

BPOM…
Re: Organ Harvesting.

GOOGLE Dr. Paul Byrne..
Whistleblower on this scam……very creepy shite.

You CAN NOT harvest from a corpse..the party has to be alive at time of harvesting….that is a very subjective definition, abused by the system and powers that be……based on the even more subjective definition of ” Brain Death”….which was defined by a Harvard panel of non experts in 1960’s .

TEAR UP YOUR DONOR CARDS !!!!! asap.

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

He’s a shining example of why religious freaks should be kept far away from science.

Doomcouver
Guest
Doomcouver

Sure you can, you just have to kick harder.

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

SIDA and See Saw were X -ray’d…
…….nothing there…
……donation application declined……,possible fraud charges.

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

That joke needed a second attempt, huh?

Best place on meth
Member
Best place on meth

The only time you ever made a joke was at the time of your birth.

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

You should probably have another go at that one, too.

Best place on meth
Member
Best place on meth

Fuck you.

You want that again, cunt?

Bag it and tag it
Member
Bag it and tag it

Somehow I sense that in a year or 2 this man will receive a $10mil cheque from Trudeau…call it a hunch

patriotz
Member

“according to witnesses, “the man is a regular in the area and has developmental challenges…” >>> so, this makes it OK to behave this way in public???”

Nobody said that made it OK. Note also this information came from witnesses, not the police.

““unrelated to the community presentation being held at the library that evening.” >>> again, what difference does it make”

The difference it makes is that the police do not want people to think it’s part of a bigger social conflict.

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

C’mon patriotz…..

Damage is done……(reports are ,ironically, this was an “anti bullying” campaign he was in midst of.)
…….. and I will bet dollars to donuts that if the PERP was of European ethnicity….. aka Caucasian….. SHTF and lynch mobs crying to Horgan and Trudeau etc.

Screw RCMP…equivalent of FBI….useless and gov’t sanctioned “obstructors of justice”.

Next up is does ASIAN dude have a record/ history of violence?..I’d like to see his particulars re: was he born here or “immigrated”.
……..as we speak I’m quite sure the victim has a lawyer.

bullwhip29
Guest
bullwhip29

more importantly, let’s see if school/work history support claims he developmentally challenged and unfit to interact with others.

Best place on meth
Member
Best place on meth

If he’s from mainland china, he is automatically “developmentally challenged and unfit to interact with others”.

bullwhip29
Guest
bullwhip29

“The difference it makes is that the police do not want people to think it’s part of a bigger social conflict”

>>> imho, this sends the wrong message entirely. instead of doing their jobs, they are handling this situation with kid leather gloves so as to not potentially piss off the asian community. the fact is that a woman was assaulted in broad daylight and nothing whatsoever is going to be done about it. who is to say that it WASN’T racially motivated too? meanwhile, some random white guy could accidentally brush the arm of some female student and be arrested on the spot.

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

You’re clearly more informed than the people who investigated. What good are facts when you have opinions, anyway?

Best place on meth
Member
Best place on meth

Why the fuck are the police telling the public what they should or shouldn’t think?

Stick to police work, mounties.

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

Sh*te…

Its almost 9 PM…PST

About time for another 25 or more RCMP scandals……give or take 1,000

Best place on meth
Member
Best place on meth

It’s been a long time since the real estate market has been in this situation, but from now on all fixed 5 year renewals will be at a higher interest rate with higher monthly payments.

Any attempt to change the mortgage will trigger the stress test.

Aloha, suckers.

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

Exactly….a significant number of buyers have their mortgages up for renewal in the VERY near future.

…..lets say in the next 12 months we will have a dam good idea where the market is going.. …..combination of speculators and those who cannot afford mortgage payments ( give or take job losses directly related to RE ponzi scheme)

…….exacerbated by parties who GOOGLE how the market is tanking and the predictable kneeejerk instinct to “cover yer @$$ ” and try to bail.

Finally…the collateral damage of FOMO and ” Bank of Parents”….

Doomcouver
Guest
Doomcouver

Does changing the amortization period trigger the stress test? If so then yes this will screw over lots of people. I’ll be watching the delinquency metrics very closely it will be the final canary in the coal mine.

Best place on meth
Member
Best place on meth

Yes it does.

Any change to a mortgage including increasing the amount or length of time.

Oracle
Guest
Oracle

Even at a credit union? I think they left that loophole in there.

Best place on meth
Member
Best place on meth

CU’s are still exempt from the stress test for now.

They’re about 15% of the mortgage market.

clever Mortgage
Guest
clever Mortgage

Coast capital and New Westminister Saving already stopped taking new mortgages that are not insured.

Oracle
Guest
Oracle

The homes with suites are just raising the basement rents.

I have a buddy with 2 suites and I tiled him that rates going up for renewals. He said he’ll just raise the rent.

Entitled yes but he does have a point.

And one other thing. Is Tom Davidson against the spec tax on twitter now saying it affects vacation properties. WTF????

Burnabonian
Guest
Burnabonian

He can only raise the rent if they are untenanted.

If they are untenanted, his asking price is already too high.

Is your buddy also helping you learn about MLM and all the blessings it can bring?

clever Mortgage
Guest
clever Mortgage

if they simply renew… no stress test and the lender can be changed. Any changes to amortization or mortgage amount will required refinance and borrowers will need to qualify with stress test.

specuskeptic
Member

Report: Most popular kink among millennials is role-playing as a couple that owns a house

“BURNABY, BC – A published study out of Simon Fraser university on generational sexuality has found that the most popular sexual kink among millennials is roleplaying as a couple that owns a house…..”

I LOLd.

https://www.thebeaverton.com/2018/03/report-popular-kink-among-millennials-role-playing-couple-owns-house/

Doomcouver
Guest
Doomcouver

I love the Beaverton. Their article that Gregor Robertson had to quit because he can’t afford to live in Vancouver anymore almost made me spit my coffee out that morning.

kabloona
Member
kabloona

More Beaverton…..

😉

“Realtors warn that if Toronto housing market continues to collapse everyone could one day afford house”

https://www.thebeaverton.com/2017/08/realtors-warn-toronto-housing-market-continues-collapse-everyone-one-day-afford-house/

and….

“Study: 94% of new homeowners not sure what a mortgage actually is”

https://www.thebeaverton.com/2017/07/study-94-new-homeowners-not-sure-mortgage-actually/

Doomcouver
Guest
Doomcouver

This is bloody hilarious. Our housing market is so ridiculous the headlines are shockingly believable.

Just me
Guest
Just me

Am reading the 2018 Federal budget carefully. Loads of interesting details that escaped attention. Here is one:

“Reporting Requirements for Trusts

The budget proposes new reporting requirements, and related penalties for non-compliance, effective for the 2021 and subsequent taxation years that will require a trust to report the identity of all trustees, beneficiaries and settlors of the trust, as well as the identity of each person who has the ability to exert control over trustee decisions regarding appointment of income or capital of the trust (e.g., a protector). This will create a T3 “Trust Income Tax and Information Return” filing obligation for certain trusts where a filing requirement currently does not exist. The new reporting requirements will apply to certain trusts resident in Canada and non-resident trusts that are currently required to file a T3 return.”

https://www.pwc.com/ca/en/services/tax/budgets/2018/federal-budget-analysis.html

Screwed
Guest
Screwed

You mean we will have to wait till 2021?

Doomcouver
Guest
Doomcouver

Sounds like it. That’ll give these crooks 3 years to try and offload their properties before the tax man exposes them. It should amplify the rush to the exits over the coming years.

Just me
Guest
Just me

If my interpretation is correct, many arrangements in Vancouver’s corrupt real estate market will be subject to new Federal disclosure requirements.
One loophole remains and will allow people to use lawyers to hide. Among the exemptions, I found this one:

“— lawyers’ general trust accounts”.

The problem with anonymous money laundering by lawyers remains a serious issue. Something that only th Supreme Court of Canada can eliminate at this point. And they should: lawyers are using their privilege to launder money from China.

backwardsevolution
Guest
backwardsevolution

Just me – it all hinges on the word “general”. Ontario outlawed the bare trust loophole in the 1980’s. You can bet Eby will follow suit.

See Saw
Guest
See Saw

STILL grasping at straws to spook the locals , I see. You just never give up, do you? Again, does that RE shill job of yours come with a pension? After all, you DO put in the hours so that should count for something.

See Saw
Guest
See Saw

Actually, playing “good cop, bad cop” must get not only tiresome, but exhausting on your part. Right?

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

Sea Hag…..What’s with this ” straw” fetish ?

On the brighter side…
…..maybe create another “barnyard ” orientation , …….run for office in West End …….and give opposing VISION mayoral candidates a run for their Yuan. Guaranteed the LBGQT sea cucumber vote at Vancouver Aquarium.

PS : isn’t this about the time you say dumbass/idiot to one- handed applause ?

See Saw
Guest
See Saw

How about fuck off?

kabloona
Member
kabloona

Do the decent thing and ban yourself already…

😀

Oracle
Guest
Oracle

I’ve come across many posts posted as Oracle that weren’t me.

Stop. Who ever it is.

Best place on meth
Member
Best place on meth

It would be a shame to see your good name sullied by imposters.

Just ask AIDS what that feels like.

Oracle
Guest
Oracle

Focus your energy to make sure the spec tax has bite.

Laibach
Member
Laibach

I hear you, being celebrity comes with the price even on VCI. Have you thought about signing in and registering the name, although Larry Ellison could complain?

Bag it and tag it
Member
Bag it and tag it

Irrelevant since I don’t read your posts. This one I read accidentally because it’s so short.

Just me
Guest
Just me

China’s Savings Glut Turns to Asia
Asia is the primary beneficiary of China’s global buying spree, even as Beijing tries to stem the outflow of funds.

https://thediplomat.com/2018/02/chinas-savings-glut-turns-to-asia/

Just me
Guest
Just me

“China’s overseas investment surge has slowed, amid tightening controls at home and abroad. But the so-called “great wall of money” driving asset prices higher may have already found a new destination, according to analysts.

With China accounting for an estimated one quarter of the world’s gross national savings in 2017, up from just 9 percent in 2005, the savings glut has sparked a surge in overseas investments by the world’s second-largest economy. In 2017, China’s gross national savings were estimated at $5.4 trillion, up fivefold since 2005.”

Just me
Guest
Just me

“Yet following a 2017 directive from Beijing restricting overseas investment in real estate, hotels, entertainment, and sport, last year saw a near 30 percent decline in outward direct investment to $120 billion, below the 2015 level.“

“Meanwhile, property markets worldwide have grown accustomed to Chinese buyers and could feel the effects of their reduced influence. From London to Tokyo and across the Asia-Pacific region, property data has revealed a surge in Chinese buying that has sparked concerns from locals about being priced out of overheated markets.”

Just me
Guest
Just me

“This has led to cities imposing extra taxes or restrictions on overseas buyers, ranging from penalties for leaving apartments vacant, as seen in Sydney, Melbourne and Vancouver, to additional stamp duty, as imposed in all of these cities along with Hong Kong and Singapore.

The resulting slowdown in Chinese buying may be seen in cities such as Sydney, which at one point saw one in four new homes being “snapped up by a Chinese buyer,” but has since cooled following state government duty surcharges on foreign buyers and Beijing’s restrictions. After rising at a double-digit pace, Sydney house prices dropped by 0.9 percent in December, with Chinese buyers reportedly now eyeing other markets.

ANZ Research sees China’s overseas investments shifting to Asia, reflecting Chinese travel trends.”

Dave
Member

My number has been over 25% of our market. Since we’re seeing that elsewhere, it validates it as being within reason. We’re so incompetent in Canada that we can’t even track this number. Heads should roll.

I’ve read that the Aussie market has turned. We’re next.

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

Seeing what elsewhere?

Name
Guest
Name

duh ?

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

I SIDA dead people….

patriotz
Member

” which at one point saw one in four new homes being “snapped up by a Chinese buyer,””

Read that again. 25% of new homes (which are the only properties foreigners can buy in Oz) are bought by Chinese buyers. New homes comprise a fraction of the total market in Oz, as in Vancouver.

Just me
Guest
Just me

I take the 25% as a lower bound estimate. There is enough evidence to reliably suggest that many transactions involving Chinese money are accounted as local buyers.

We have been here before. If we allow for the proper accounting of beneficial owners and source of funds, things will likely appear very different.

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

That’s the other awesome application of bear logic – once the highest number has be found claim that it’s actually a minimum. Genius!

patriotz
Member

“I take the 25% as a lower bound estimate. ”

25% of new properties is the official Oz figure. Chinese can legally buy new properties in Oz. What evidence do you have that they are resorting to subterfuge when they can buy legally in the first place?

Just me
Guest
Just me

One obvious argument for you: if I am a mainlander and I desire to acquire existing properties in Australia, I can just as easily use proxiy residents or companies. Laws on dislosure are better than in Canada but still dramatically weak. Do your own research if you doubt my hypothesis.

Chinese millionaires are alive and well. We need to tax them to the point they go somewhere else. Or they will never leave.

patriotz
Member

“if I am a mainlander and I desire to acquire existing properties in Australia…”

What does that have to do with the veracity of the 25% figure for new properties?

Just me
Guest
Just me

Again, and you are really stretching my patience, it means that the real number of transactions bankrolled by Chinese money is much larger than official measures convey.

Disagree if you want. But in due time you will be proven wrong. The evidence is piling up. There us a tsunami if cash coming from China. We need to stop it. The NDP measures are just a start.

patriotz
Member

” it means that the real number of transactions bankrolled by Chinese money is much larger than official measures convey.”

The official measures in Oz, as here, deal with foreign buyers. Of course money from China accounts for more transactions, since immigrants aren’t counted as foreign buyers.

Here’s what I have a problem with: “I take the 25% as a lower bound estimate. ” Estimate of what? What is bigger than 25%?

Just me
Guest
Just me

You maup6 have a problem with it, but it is yours alone.
What I mean is clear. The market is on drugs. And the drug is money from China. We t distorts valuations, prices local earners out of decent housing, introduces corruption and illegal behaviour, encourages money laundering and political interference.

Overall, money from China is altering the normal functioning of our institutions, not just the housing market. It is a massively corrupting and detrimental influence. It needs to be stopped.

This is not about immigration. It is about the corrupting power of Chinese money.

See Saw
Guest
See Saw

Forget it, Patriotz; this guy is a paid shill to play up the “Leiningan Versus the Ants” scenario of endless hordes of Chinese buyers gobbling up Van RE; all designed to spook local FOMO-buying. Why some of these other cretins on this site can’t see that is beyond me. Unless of course, they’re worried about the coming devaluations on their shoe box condos.

Just me
Guest
Just me

If I were Patriotz I would actually get worried about the fact that only SeeSaw and SIDA seem to agree with his view. Generally not a good sign.
The majority of posters here are certainly much more reasonable, honest and informed than those to characters.

Mind the company you keep……

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

Come back when you have some data that supports your bullshit opinions, dumbass.

See Saw
Guest
See Saw

That’s a laugh, shill. Keep on typin’ away ’til those fingers get raw and bloody! Hopefully, you’ll get a little extra in overtime pay now and again.

Oracle
Guest
Oracle

He’s a paid immigration Canada employee troll. You won’t win with him.

backwardsevolution
Guest
backwardsevolution

patriotz – I didn’t see where this was the “official” Oz figure. What I saw was “ANZ Research”. And even if 25% was some official figure, after all of the shenanigans we’ve seen in the Vancouver market, are we supposed to blindly believe anything “official”?

patriotz
Member

” I didn’t see where this was the “official” Oz figure. ”

Using revenue figures obtained from state governments under freedom of information requests, Credit Suisse calculated that 26 per cent of new homes sold in New South Wales between September 2016 to June 2017 were purchased by foreign buyers

http://www.abc.net.au/news/2017-10-11/foreign-buyers-not-deterred-by-rising-stamp-duty/9038014

What I said is that given it’s legal for foreigners to buy new properties in Oz, I would like to see evidence that supports the claim that real number is greater than the official figure.

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

It also says “at one point”.

It’s just yet another example of the dumbasses twisting the facts to suit their prejudices. Just pick the highest number you’ve seen worldwide, take it out of context, and apply it blindly to Vancouver despite us having data of comparable veracity telling a different story.

Name
Guest
Name

Doh !!!

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

HAM deniers…..why bother debating with them….???

Its only 5 %…well maybe 10%………OK 16.5%……its the martians..the gay leprechauns….blah blah blah.

Simply Trolls …

Name
Guest
Name

Yup. And the ham deniers have their own ulterior motives for that denial.

Just me
Guest
Just me

“Meanwhile, property tightening measures in China have discouraged household buying of domestic properties, preventing any overheating of the domestic property market. According to ANZ Research, buyer prepayments are now the major source of finance for local property investment, as opposed to mortgage loans, which accounted for more than 50 percent in 2016 but have since fallen into negative territory.

Yet at the same time, deleveraging by the authorities has pushed down government bond prices, giving local investors little choice of investments “other than to buy equities or wealth management products,” ANZ Research said.”

Just me
Guest
Just me

https://www.lexology.com/library/detail.aspx?g=c4ef7c02-7079-4fb8-a065-5582f4f2980d

“With the Chinese government tightening its control over overseas direct investments (“ODI”) and strictly regulating capital outflows from mainland China, many enterprises have reverted to so-called “domestic security for overseas debt” structures (Chinese: nei bao wai dai, “NBWD”) to finance acquisitions by their overseas subsidiaries. These commonly used financing arrangements are now subject to tighter scrutiny.“

xhistory
Guest
xhistory
Just me
Guest
Just me

“The greatest threat to our economy comes from its ageing population. With the baby-boomer generation making up a large proportion of society, we find ourselves in a situation where public policy is mostly geared towards shoring up the gains made by boomers over the past 40 years, and industrial disputes are driven by an ageing union membership most worried about its pension entitlements.”

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

Politics of envy solve nothing…
Boomers entered the work force around the time that USD was decoupled from Gold and the Petro Dollar created.

Many of their parents and grandparents were impacted the creation of Federal Reserve ,Great Depression and 2 World Wars.

Boomers ran the gauntlet of massive social engineering , ie abortion, women’s movement, high divorce rates etc.etc. brought on by their Gov’ts. That millenials etc even exist should be a testament to parents who sacrificed to raise them, not the constant whining.

Regardless, the economic models of the past were not sustainable, if nothing else the curse of compound interest re: Gov’t debts/deficits..etc.

Direct your energy at Gov’t…..don’t let it resort to the olde bag of tricks to pit one group against the other.

Just me
Guest
Just me

“An example of wealthy boomer behaviour could be seen in the Yorkshire Dales last week, where a plan to impose a 500% rise in council tax on second homes was defeated. The Dales Homeowners Action Group, set up to fight the proposal, said the planned increase, which would raise the average band D charge to £8,500 a year, would have caused a house price crash as property flooded the market. When an estimated 3.4 million people in Britain own a holiday property, and with most of these owners likely to be over 50, it is not hard to see this as a powerful lobby of baby boomers acting to protect their gains.”

Name
Guest
Name

same thing with old employees not retiring to make way for younger workers …

xhistory
Guest
xhistory

That problem was at its severest during the 1970s.

You see all kinds of shortages hoarded through xhistory.

Housing is todays great prize “CURRENCY”

Another past shortage was Publishing. The printing press… and book makers. This group generated their own Shortage during the 20s and 30s. Ask anyone who suffered through multiple Stephen Leacock offerings… there was a Hoarding of the printing press, a reluctance to promote new talent..

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

Re:Shortages…

Yeah..I can recall very mundane things like sugar…..canning lids….every time the gas gouging happens due to some refinery having problems or ” due to maintenance ” …

In hindsight….housing was predictable…..was often out of sync with stock market…a lot of primal needs are tapped as well as the run up of the market. Gov’t deftly allowed HAM in to prime the market..how people either can’t see or are in denial is beyond me.

xhistory
Guest
xhistory

Very clever, I do agree. Solf a bunch of problems all at the same time. Want to kill fertility rates amongst the young adults? Goose housing. Loosen regulations so that there is no limits to how many houses you can buy. Keep them empty. Low interest rates, easy refinancing.. QE.. Whole whack of boomers now with too much house. 40% of the economy dedicated to the FIRE industry. It definitely separated the winners from the losers. China QE haven’t even mentioned that

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

Builders’ mantra- metric was ” you make your profit when you buy the lot”

This is translated into builders MAIN profit is based on the LAND VALUE increasing..so is say takes 6 months to build…the land price is rising.

Simply building on a lot with flatlining prices has a very low return vs risk.

Question is..is speculation building a major impact…or custom homes.

Re Non Detached..I see many projects sitting vacant for years prior to construction commencing…but again they are feeding into a market prime for correction..dare I say collapse??

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

xhistory..

great summary…
……. do people actually think these issues evolve organically without
some form of overarching synchronicity ?

Women’s movement was a CIA operation, designed to disrupt the classic family structure, and thus the lynchpin for Western Culture was in the crosshairs.

Funny how many BOOMERS came from large families, yet when they were of parenting age children were somewhere between luxury and a nuisance. Of course, diminishing birth rates, by design, allowed @ssholes like Trudeau to open….aka “justify”….. the immigration gates to 3rd world hordes in what can best be summarized as a multiculturalism “divide and conquer” strategy .

Basically…..by the time Canada was 100 years old its demise was set in motion…..irrefutably for the last 50 years

Just me
Guest
Just me

More than 80 per cent of New West pre-sale condo buyers chose higher prices to keep contracts alive

http://vancouversun.com/business/local-business/more-than-80-per-cent-of-new-west-pre-sale-condo-buyers-chose-higher-prices-to-keep-contracts-alive

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

Greedy, greedy locals.

Lost...but not leased
Guest
Lost...but not leased
Shut It Down Already (original)
Guest
Shut It Down Already (original)

You think rational investors would just hand over more money knowing that the market could be on thin ice? You think they’d do that rather than take the profit share or an immediate 50% return on their downpayment to walk away?

Of course you do, because your blinded by your fear and envy of foreigners. You’re as irrational as those greedy buyers.

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

SIDA and Sea Hag should be given special privileges…

Their VCI objectivity , analysis and contributions are unsurpassed..we should pay homage to them.

EXAMPLE: The controversial Westbourne project in New West.

SIDA and Sea Hag expertise picked THE most critical and thus most valuable unit on the entire site..at minimum there is no possibility the price can crash..albeit at minimum a leasehold.

https://www.youtube.com/watch?v=Y4HSQKUAPKM

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

You need to proofread your nonsense every once in a while.

Bag it and tag it
Member
Bag it and tag it

Yeah, greedy local developers.

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

Not greedy…
………more like HIRE NDP and their death stars masters.. ..Darth Weaver and his 50% of a quartet MLA’s.

NDP have unjustified reputations as useless default party…when they have not had societal contributions as ALR ( UNcompensated expropriation)……ICBC ( HAM subsidy ), …..Fast Ferries…photo radar….deck subsidies for Prermiers…..Bingogate…..etc etc. submitted as NOBEL prize candidacy…..

bullwhip29
Guest
bullwhip29

not local developers

Name
Guest
Name

suckers all of them …

Bag it and tag it
Member
Bag it and tag it

And the ones that decided not to keep their contracts alive, were resold by the developer for the higher price. This is something that should not be legal. Either build the place at a loss, or declare bankruptcy, these should be the only choices…this is a scam…watch this little trick catch on with all the developers. If prices are falling, buyers don’t get to renegotiate their contracts lower.

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

These New West Westbourne project suckers SHOULD BAIL….ASAP….morons.

In a hot RE market everyone and their dog wants in as ” developer ”
…….cut losses …….morons……time is running out.

Then again……if it is mostly HAM $$$…..bwhahahahahaha ……flu$$$hhh

Dave
Member

There will be more of these stories to come. Construction costs have gone through the roof and all the big players have a tonne of projects on the books that will keep trades busy despite a potential downturn in the market. This is going to hurt smaller and new developments.

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

How high would buyers be in the creditors list in the event of bankruptcy?

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

Q: What do you get when you cross a PhD with SIDA and Sea Cucumber.

A: A F*CKING KNOW – 4Q – all

patriotz
Member

“How high would buyers be in the creditors list in the event of bankruptcy?”

First of all the deposits are in trust until closing, so the pre-sale buyers get them back regardless. Beyond that there’s breach of contract by the developer in failing to deliver, which in principle would be worth the difference between market price at promised delivery and pre-sale price. I think that would be an unsecured liability which the buyers would be unlikely to collect on.

bullwhip29
Guest
bullwhip29

it depends on what is contained in the fine print of that contract, which buyers often never read or fully understand. even if builder follows thru and delivers completed unit, there is no guarantee that dimensions or finishing will match what buyer originally viewed.

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

Good to know. I also discovered that under certain circumstances the deposit can be transferred to the developer. There’s deposit insurance then to protect the buyer.

Patiently Waiting
Member
Patiently Waiting

Well, at least it’s in a nice neighbourhood.

bullwhip29
Guest
bullwhip29

the equates to nothing more than a shakedown by these weasel like developers. but hey, if the system allows it, then why not? buried deep down in the fine print was certainly a clause that would allow for this nonsense if “certain conditions” were triggered

heads i win, tails you lose…

kabloona
Member
kabloona

Great group shot with Geoff Meggs standing beside Eric (“I’m the stupid One!”) Trump…..an older story from Sam Cooper:

http://vancouversun.com/business/local-business/son-of-one-of-malaysias-wealthiest-tycoons-planning-vancouver-developments

😀

Yeah, that’s the same Vancouver development now being investigated by the FBI …..

“Ivanka’s $360 Million Vancouver Deal Is Reportedly Being Investigated by the F.B.I.”

https://www.vanityfair.com/news/2018/03/ivanka-trump-organization-vancouver

😉

Just me
Guest
Just me

I am no expert, but Geoff Meggs seems a sketchy character to me.
The NDP would be better off distancing itself from this career politician with a strange set of business connections.

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

JerkOff Meggs is a closet COMMUNIST….

The End..
PERIOD.
Exclamation !!!!!
(…… any more punctuation req’d )

Meggs is an aparatchnik… …idealogical survivor….a basic political pimp/whore that is waaaaaay ahead of the curve re: survival….his bailing from COV was irrefutable evidence VISION was toast. They cannot ever get a REAL job…they float like turds in societal cesspool till their libtard cronies throw them a life support.

Meggs bona fides include DOORKNOBS …aka round doorknobs impact defineable groups….WTF ? WTF?? WTF?????…..YET
small businesses should suffer the COMMUNIST ideology of bike lanes.

The sad -yet -ad nauseum litany is the LEFT is orders of magnitude more incompetent( than their deemed opposition…) MEETS Corrupt.

Name one G-Dam thing the NDP has done that has benefitted society at large..

(________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________)

Oracle
Guest
Oracle

Not going to name names but there must be a politician that does one hell of a job collecting cash taxi donations and redirecting them into the political ether.

Best place on meth
Member
Best place on meth

Italian elections: the shift to the populist right continues as voters in western democracies tire of the globalist agenda to flood their homelands with incompatible third world immigrants.

Our little gender neutered PM Mr. Dressup should take note as his time is also running out.

https://globalnews.ca/news/4058984/justin-trudeau-india-trip-ipsos-poll/

NIce hair, though.

Just me
Guest
Just me

Talking about the globalist agenda, here are some news from Europe.

https://www.bloomberg.com/news/articles/2018-03-04/amid-china-m-a-drive-eu-rushes-for-investment-screening-deal

“The European Union may beef up a plan to screen foreign investments as China’s pursuit of acquisitions abroad fosters political unease in the bloc, according to a key EU lawmaker.”

Trudeau and McCallum better take notice, people have had enough of the Chinese flushing their cash around. Their yuan’s buy companies and, very often, clean consciences. It is a Faustian pact.

Doomcouver
Guest
Doomcouver

I think it’d be in their best interest of Europe to “beef up” their civil forfeiture laws. That way you get the cash injection into your economy from money fleeing China, and could get the assets back if China tries to exert power through foreign assets. The real issue is thanks to massive red-tape, once China buys real estate or a foreign company, trying to get it back will be extremely difficult. Anbang’s holdings are a good example. Once Anbang fell to direct control by the Chinese government, control should have been automatically relinquished to the host-countries in civil forfeiture.

backwardsevolution
Guest
backwardsevolution

Doomcouver – “Once Anbang fell to direct control by the Chinese government, control should have been automatically relinquished to the host-countries in civil forfeiture.”

It was a sneaky way for the Chinese government to get their foot in the door without the Canadian public screaming, but I predict they will sell Anbang and leave.

Doomcouver
Guest
Doomcouver

All the Trudeau hate is overplayed. Sure he’s more inept than other Canadian politicians have been in matters of global diplomacy and public image, but the Cons, NDP and Liberals are all cut from the same cloth. Regardless of who you vote for federally in Canada you will still get: 1. excessive immigration, 2. wage suppression from globalization, and 3. destruction of the middle class. I disagree with a lot of Trudeau’s policies, but at least he “should” be able to end the pointless marijuana drug-war, plus I don’t have to look at Harper’s disturbing zombie death-stare anymore.

Dave
Member

If we’re not in recession, Trudeau gets elected again IMO… It’s rare we give politicians one term absent a broad issue that affects everybody.

Canada was being flooded with immigrants well before Trudeau. The difference for the next election though is the effect of this policy has been real estate bubbles and there is some level of backlash brewing for sure. But, I don’t think it’s enough to topple him.

Just me
Guest
Just me

Tax the Wealth of Older Britons to Help the Young, Report Argues

https://www.bloomberg.com/news/articles/2018-03-05/tax-the-wealth-of-older-britons-to-help-the-young-report-argues

“Willetts, a former minister in the ruling Conservative Party, will make the case for reform of council tax — a property-based levy that helps fund local services — and of inheritance tax. Failure to act could fuel a sense of grievance among young people who are already struggling to match to the living standards enjoyed by older generations, he will say”

Doomcouver
Guest
Doomcouver

Growing wealth inequality requires higher taxes on the rich. Anyone who disagrees with this is either a greedy rich person themselves, or a moron who believes they will one day magically ascend to the upper-class.

Imagine
Guest
Imagine

Pregnant women engaged in birth tourism staying at Trump family hotel in downtown Vancouver.

Oracle
Guest
Oracle

Went to Metrotown today. Let’s just say most babies born in the lower mainland are not white these days.

I’m now thinking lower mainland will be 75% visible minority in 20 years. I simply can’t see the white population stickin around.

Interesting times ahead.

Doomcouver
Guest
Doomcouver

What makes you think the asian population will stick around? They all know they can make more money back in China where they’re from. In my opinion the bilingual kids will get their education here, then leave because of our crummy economy. The whites are stuck here because many of them can’t get green cards in the US, and english-speaking European countries are just as bad as here for jobs. If anything the white population will probably rebound in the GVR after the next great recession.

Oracle
Guest
Oracle

They will stick around because they will one day be majority. It will be their land.

backwardsevolution
Guest
backwardsevolution

Oracle – they won’t be sticking around. I agree with Doomcouver – they’ll be gone. We’re just milking them like we did to the Japanese.