Friday Free-for-all! March 30th 2018

It’s the end of another work week and that means it’s time for another free-for-all post!

This is our normally scheduled end of the week round up and open topic thread for the weekend.

Sometimes we post news links, sometimes we don’t.

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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Just me
Guest
Just me

Great new article by Douglas Todd.

Douglas Todd: Here’s the next weapon in the battle for B.C. housing affordability

http://vancouversun.com/opinion/columnists/douglas-todd-heres-the-next-weapon-in-the-battle-for-b-c-housing-affordability

Just me
Guest
Just me

“Arguing that the federal government’s anti-corruption measures have been a “colossal failure,” Eby confirmed his government is preparing to create a “beneficial ownership database” that would require public disclosure of the actual owners behind thousands of trusts and numbered companies. “The bottom line for British Columbians is they want to know who owns the property and they want to know where the money’s come from.”

The fact that massive volumes of foreign capital have long been fuelling the housing markets of Metro Vancouver, Toronto and elsewhere is no longer in serious dispute in Canada. Polling shows the public is intensely concerned. And even mortgage-lending banks are admitting to the crisis”

Name
Guest
Name

We should all be intensely concerned about this foreign capital corruption because it is undermining our society and will eventually lead to the collapse of our economy.

Just me
Guest
Just me

“B.C. immigration and anti-corruption specialists look forward to the B.C. NDP, and possibly the federal Liberals, doing the legislative work and information-sharing necessary to crack down on the loopholes that allow the transnational rich to avoid taxes.

Bare-trust loopholes are “pervasive” in B.C.’s real-estate industry, says Vancouver immigration lawyer Sam Hyman. The tax avoidance involved is “enormous.”

Adam Ross, a Vancouver researcher for Transparency International, said the B.C. government “will go a long way” to closing the bare-trust loophole if it follows through on its Feb. 20 budget pledge to collect information on the actual owners behind the companies used to buy properties. ”

Oracle
Guest
Oracle

Most homeowners love it. It’s the 20% who are renters who will get no inheritance who think the sky is falling.

It will basically lead to a poor class of 30% of the population.

Like the rest of the world.

Best place on meth
Member
Best place on meth

“The fact that massive volumes of foreign capital have long been fuelling the housing markets of Metro Vancouver, Toronto and elsewhere is no longer in serious dispute in Canada.”

That’s right, serious people don’t dispute this.

Only a tiny handful of pathetic crackpots with an agenda still dispute it.

Specuskeptic
Member

It’s real, but I do wonder about the degree of the effect. Given one hypothetical magic bullet to normalise the market, I’d still pick “normal” interest rates/rational lending standards as that single, most important magic bullet for use nation wide. (To fill out the clip, I’d definitely include speculation taxes and, of course, the end to these bare trusts.)

Just me
Guest
Just me

“B.C. immigration and anti-corruption specialists look forward to the B.C. NDP, and possibly the federal Liberals, doing the legislative work and information-sharing necessary to crack down on the loopholes that allow the transnational rich to avoid taxes.

Bare-trust loopholes are “pervasive” in B.C.’s real-estate industry, says Vancouver immigration lawyer Sam Hyman. The tax avoidance involved is “enormous.””

Oracle
Guest
Oracle

Don’t hold your breath. It won’t be retroactive and then there will be a complete waterdown at a later date.

But NDP loves naive people like you.

They had a year to fix this. Nothing. And prices up 30% in low end.

Lost...but not Leased
Guest
Lost...but not Leased
Re: Bare Trust Loophole.. I won’t hold my breath either… Ontario closed this in early 1990’s, at at time long before the onslaught of foreign capital, so at least that was in place when HAM started to invade Canada. This implies BC has allowed the Bare Trust for 30+ years, ,so fair to say major infiltration into our economy like a cancer. So where do you start..if you even can or want to? Of course it won’t be retroactive, as it was technically legal. Any investigation would likely expose some nasty surprises re naming names..ain’t gonna happen. Unfortunately, NDP will likely go after the middle class who are caught up in this 30+ year mess, that’s almost a certainty. We already have people sniping about “speculators”…owning more than one piece of RE etc. etc. Take out the middle class????…then you… Read more »
Laibach
Member
Laibach

Another investigation in 2015 by a media outlet reported that one third of 250 multi-million-dollar Vancouver houses purchased in neighbourhoods popular with Chinese buyers were registered to homemakers, students and corporations, all of which were said to obscure the real buyers’ identities, which meant they could escape the notice of tax authorities.

It’s outmost imperative that these verminous, parasitic elements also called “homemakers, students, astronauts and corporations” get exterminated and eventually disappear in order for local society to start healing and eventually recover.

Just me
Guest
Just me

The case for a land tax (exactly what the UDI and developers oppose, for obvious reasons)

https://www.economist.com/blogs/freeexchange/2015/04/land-value-tax

Just me
Guest
Just me

https://www.adamsmith.org/blog/tax-spending/tax-simplification-the-case-for-a-land-value-tax

“Ground-rents, so far as they exceed the ordinary rent of land, are altogether owing to the good government of the sovereign, which, by protecting the industry either of the whole people, or of the inhabitants of some particular place, enables them to pay so much more than its real value for the ground which they build their houses upon… Nothing can be more reasonable than that a fund, which owes its existence to the good government of the state should be taxed peculiarly, or should contribute something more than the greater part of other funds, towards the support of that government.”

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

So not quite “every sane economist in the world would agree” then. Thanks for clarifying.

Just me
Guest
Just me

Yes. Every sane economists. Including the Classical forefathers of the discipline.

““ David Ricardo termed unearned income from land as a pernicious anomaly: “that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil”.

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

No such thing as a sane economist…
Basically who has an aptitude for both math and bullsh*t.

Economics is the only Nobel Prize category where you can be wrong and still win.

Just me
Guest
Just me

I suppose we should instead listen to your deep musings about the world? Funny how experts are considered intelligent only when they agree with someone’s opinions.

Incidentally, many theoretical physics hypotheses, which won Nobel prizes for their proponents, have since been falsified. Yet those Nobel prizes have never been revoked. Science is an incremental process.

As for the taxation of land, the consensus is so wide and strong that I doubt it will be reverted. Land taxation is an efficient source of government revenue, and way more desirable than most other kinds of taxation. Our politicians would be well advised to actually shift the tax burden from productive incomes to unproductive land. Especially vacant lots acquired for pure speculation of future appreciation.

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

NDP orgasm is to go back to the feudal system…..what do you think the ALR was all about..that was NDP feudal system 1.0.

Specuskeptic
Member

The future the NDP wants (in LBNL world)

https://www.youtube.com/watch?v=R7qT-C-0ajI

Royce McC
Guest
Royce McC

Lost…but not Leased said: “Economics is the only Nobel Prize category where you can be wrong and still win.”

False.

Start with the Moniz and Hess Nobel Prize in Physiology and Medicine from 1949 and carry on to a list of Nobel Peace Prize winners after that.

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

It’s so sane, and all the alternatives supported by the insane, that nobody really has implemented it. Gotcha. Read you own link next time as you copy/paste it.

Just me
Guest
Just me

OK, I see. You chose to make a fool of yourself.
Fair enough, your call.

Just me
Guest
Just me

“His best-known follower was Henry George, perhaps the only tax theorist in history whose beliefs have become the object of almost cult-like devotion. One of his fans invented the game now known as Monopoly, to exemplify the evils of untaxed rent. In a book called “Progress and Poverty”, published in 1879, George argued that land-value levies should replace all other taxation, leaving labour and capital to flourish freely, and thus ending unemployment, poverty, inflation and inequality.”

Whistler or bust?
Guest
Whistler or bust?

Rent is taxed as ordinary income which is the highest taxed form of income.

Just me
Guest
Just me

Well, there is vast agreement that it is more efficient the stock of wealth than the income it generates. There is a key difference.

You will be hard pressed to find an economist that disagree with this basic taxation tenet.

Just me
Guest
Just me

““Other economists like it too. Adam Smith said “nothing could be more reasonable”; Milton Friedman termed it “the least bad tax”. Winston Churchill said scornfully that a landlord “contributes nothing to the process from which his own enrichment is derived”. The Organisation for Economic Cooperation and Development, a Paris-based thinktank for industrialised countries, supports the idea. So too did a recent working paper by the International Monetary Fund and the Mirrlees Review of British taxation by the Institute of Fiscal Studies. ”

Whistler or bust?
Guest
Whistler or bust?

A landlord pays property tax and tax on the income received as rent.

What more do you socialists want?

Just me
Guest
Just me

Satisfied? Or do you want to make a fool of yoursel?

Whistler or bust?
Guest
Whistler or bust?

A landlord pays annual property tax and tax on the income received as rent.

What more do you socialists want?

Sebastien
Member
Sebastien

What’s going on over there?:
8091 Lucerne Road, Richmond
Sep 1:$1,680,000
Mar 29: $999,999
Change: – 680,001 -40%
A: $1,938,400 (2017)

Name
Guest
Name

Richmond prices appear to be collapsing .

Disgruntled
Guest
Disgruntled

We got a long way to go if a piece of s*** like that is still a million bucks

patriotz
Member

Last sale 07-Jan-2016 $1,188,888.

Sebastien
Member
Sebastien

8s!!!! Thus the actual seller is a locust. Drug money firesale?

Cra221
Guest
Cra221

They forgot to put a 1 in front of the price. Probably just a typo

Just me
Guest
Just me

After all, a million dolllar has become a rounding error in Vancouver!

bestplaceonearth
Guest
bestplaceonearth

Wow, so many deals to be had, market is crashing hard! Are bears gonna jump in and buy up? Give Paul a call!

Sebastien
Member
Sebastien

Too soon. When this house will be 399,999$ I’ll jump in.

Name
Guest
Name

it has to be $388,888 for me to jump in …

bestplaceonearth
Guest
bestplaceonearth

It will come! Your NDP will subsidize you. You bears are all being looked after!

Oracle
Guest
Oracle

Overseas or cash money exchanged hands. win for buyer.

Win for seller as no cap gains now likely payable.

Sebastien
Member
Sebastien

Didn’t we debunk that theory a year ago?

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

Repeatedly.

Oracle
Guest
Oracle

Not a theory. I see it happening every month.

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

Many Richmond prices for RE detached doubled between 2015-2017.
Recent prices may simply reflect this was an anomaly now correcting.

Diadora
Guest
Diadora

Canadians Paid A Record $42 Billion In Interest To Service Their Mortgages In 2017
https://betterdwelling.com/canadians-paid-a-record-42-billion-in-interest-to-service-their-mortgages-in-2017/

patriotz
Member

“Canadians Paid A Record $42 Billion In Interest To Service Their Mortgages In 2017”

At at time when the average interest rate being paid on those mortgages is at a record low. Don’t worry, be happy.

Just me
Guest
Just me

Poloz must be freaking out when he thinks about interest payment.

Sadly, every additional day of low interest mortgages all make the problem worse.

bestplaceonearth
Guest
bestplaceonearth

Worse? 0.24% of total mortgages is in arrears as at Nov 2017. Why the paid shill always make a mountain out of mole hill is beyond me. Do you eat your dinner while fearing getting hit by a car at the same time?

Just me
Guest
Just me

Exactly. Lowest interest rates in history are making sure people can still make ends meet. What if rates go up by a couple percentage points?

No worries, everything will always be fine with housing….

bestplaceonearth
Guest
bestplaceonearth

Yes, everything will be fine with those with good planning. You, well, it’s another sad tale.

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

.24% of total mortgages in arrears….????

OMG….time to call fiscal proctologist !!!

Just me
Guest
Just me

Again, the point is not whether people can service debt at current rates. The question is whether they can handle significantly higher interest rates.
Unless you really believe that interest rates will stay at this level forever.

Disgruntled
Guest
Disgruntled

Personally I pretty much do believe this. I think it’s been demonstrated after 20 years that The new normal is free money. Remember “even Poloz doesn’t know when interest rates might go up”. At most he will raise once every two increases in the US if not even less. Over-extended borrowers will never have to face the consequences and hence perhaps we should not even be calling them overextended.

Just me
Guest
Just me
OK, suppose that interest rates stay low for long. The math still does not work. To keep things humming along in the RE market you need declining interest rates. In other words, all appreciation comes from extending cheaper and cheaper credit. When you hit rock bottom, you cannot make it any cheaper and the asset market (in this case RE) will unravel. If you doubt me, consider the case of Japan. They have has stagnant real rates for the best part of the last 25 years. No great spikes in nominal rates over the period, so this is exactly the scenario you fear. What happened to their real estate prices? Today, they are only a fraction of what they used to be 25 years ago. So, here you have it: if rates don’t keep declining, the market is in for… Read more »
Lost...but not Leased
Guest
Lost...but not Leased
Was at RiverRock casino last night… Hadn’t been there a while… Cashiers will only accept up to $9900 in Cash…anything more has to be accounted for. Upstairs…looks like a James Bond set..when you get off the elevator..there is a double glass door with a lock mechanism…the large room , about 2/3 of the upstairs…appears to be for high rollers. I peaked in as best I could and it appeared quite empty. So…..has Eby and NDP had an impact? Or are the high rollers scared off..as well as the money launderers via the publicity? Lower floor was quite busy. ….most card games were baccarat and blackjack ……lot of slots… No roulette. Will be curious following the casino revenues….City of Richmond gets a cut..I think 10% of annual revenues. A few years back, Richmond garnered over $20 million one year, my guess… Read more »
Specuskeptic
Member
Specuskeptic
Member

Shit. Sorry Just Me. Didn’t realise you’d already posted.

Just me
Guest
Just me

The more attention to this, the better.

I think many posters on this site are highly educated and informed commenters. Some of our politicians would do well to take the advice they read here.

bestplaceonearth
Guest
bestplaceonearth

Taking advise from the failures? Hmmm, no thanks.

Name
Guest
Name

Don’t feel bad bpoe you are not that big of a failure…

Just me
Guest
Just me

His real name is Byron….

Don’t feel bad Byron, as you often write “renters gonna hate”. Right?

Bestplaceonearth
Guest
Bestplaceonearth

Byron? Did your father tell you that? Actually I feel really good. Ever see me whine about anything? Is your rent check Ready? The freeloaders like you assume any thing. What a waste of resources!

Name
Guest
Name

cheque.

Best place on meth
Member
Best place on meth

Yes, you constantly whine about everyone who doesn’t own real estate being a “freeloader”.

What a dumb shit you are, Byron.

bestplaceonearth
Guest
bestplaceonearth

No, not everyone, just the one that put their filthy hands to others’ pockets and expect things for free. Btw, I dumb sh*t every day, what is your point?

Just me
Guest
Just me

I see. Thanks for your brilliant commentary Byron. Hope you had as good day selling your condos today.

Royce McC
Guest
Royce McC

@bestplaceonearth
No one actually “winning” at life would have the time or the inclination to be a high volume poster on a website he felt was populated with those he considered losers.

And enjoying petty torments (even where they are weakly delivered and routinely fail) is not an activity for someone who is doing well in their life.

Best place on meth
Member
Best place on meth

Expose the vermin, shine a light on them, watch them scatter.

Best place on meth
Member
Best place on meth

Great comment at the bottom by bpoe using his real name, Byron.

Specuskeptic
Member

Hard to tell if it’s BPOE, Strata Hacker, KickThemOut/Space, or any of the other extremely angries on this board… Same agenda though. Drive by substance-free insult…

Laibach
Member
Laibach

Fucktard missed to mention “freeloaders and needles” for some reason?

Bestplaceonearth
Guest
Bestplaceonearth

You are one does not make the rest fucktard. Fail!

Bestplaceonearth
Guest
Bestplaceonearth

So you just pick a random person on the street and make him your father, all because he is a man?

Diadora
Guest
Diadora

In September 2018, the (China) State Admin of Taxation will, with the Canadian Taxation Bureau, formally exchange the tax-related information of the non-resident financial account of their respective countries for the first time in accordance with the CRS rules.

Sebastien
Member
Sebastien

Endgame.

Just me
Guest
Just me

Finally something useful out of the CRA. With any luck, the financial dealings of expatriate Chinese millionaires will be finally visible to the Chinese government. Any predictions what that means?

Oracle
Guest
Oracle

Dual identities.

Sebastien
Member
Sebastien

Dangerous game. If the Chinese govt finds out you lose your kidneys.

kabloona
Member
kabloona

They only take one…..

😀

Best place on meth
Member
Best place on meth

That’s 50%.

Sounds like the taxes I pay as a working stiff in this fucking country while freeloading home owners and offshore money launderers pay little or nothing on their monetary gains.

bestplaceonearth
Guest
bestplaceonearth

Whatever that means would not make any difference to you! Your cash saving is worthless! You have been priced out all the way to Hope due to your inaction. Pity! Call Paul, he will change your life.

Just me
Guest
Just me

OK, Byron. Whatever you say.
Hope your tax affairs are in order. And that you have no dealings with mainland Chinese — going forward is going to become an issue if you do.

bestplaceonearth
Guest
bestplaceonearth

No need to put your nose into other’s business. You can’t even wipe your nose clean.

Bag it and tag it
Member
Bag it and tag it

Cash savings is never worthless. Underwater mortgage, now that’s something that’s worse than useless.

bestplaceonearth
Guest
bestplaceonearth

Let see, Just Me had $64k in saving back in 2015, he could have bought something decent. Fast forward to 2018, what can he buy? Oh I forgot, you did not know that, it’s why you are here complaining every single day. Do tell, Just Me, how much has your cash grown since 2015?

Just me
Guest
Just me

You are right Byron. Having 64k can change your life. Wow, if only I could have double that I would be rich….

Take care Byron. Hope you can close some deals over the long weekend.

Name
Guest
Name

Most people don’t have two nickels to rub together and are so far in debt they will never get out from under it.

bestplaceonearth
Guest
bestplaceonearth

You could have it all, had you not sat on your lazy arse all day long whining. There are many deals to be had!

Just me
Guest
Just me

Thanks Byron. Not sure what you mean by “have it all”. But I suspect you mean an 800sqft box in the sky. Living the dream…….

Best place on meth
Member
Best place on meth

You shouldn’t have been so lazy.

You could have been working hard right now watching your home equity rise.

Burnabonian
Guest
Burnabonian

It’s not a binary decision. It’s not “invest in housing or invest in nothing”.

You put all your money into an ultra-high-risk, currently-overpriced asset that the entire world’s financiers are warning each other about. And you leveraged into this asset so as to amplify your potential losses — multiplying your risk.

This means that you have NOT put that money into equities that would have given you a massive return at much lower risk, the option of liquidity when needed, the absence of $50k or $100k in transaction fees every time you trade, and the ability to rebalance dynamically as market conditions change.

And you are here telling someone that HE is stupid?

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

CRA?

Have people figured out that Chinese here are simply agents of the Communist Party ?
,……. either from the start or end game?

Best place on meth
Member
Best place on meth

Hopefully it means we synchronize our execution policy for thieving, money laundering vermin.

First we’ll have to get rid of Turd.

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

People should call Liberal MPs to tell Mr. Turd Dressup to go F*ck himself…

Next day we see news reports he is in traction in the ER ward.

Specuskeptic
Member

Seriously. We need to move past the scalping economy. “I got in line first” is no road to growth and prosperity. “I got here first and innovated” is a completely different (and better) thing.

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

Swap “property” with “Blue Jays tickets” and there are eerie parallels.

Oracle
Guest
Oracle

Ask the 70% of homeowners. They would rather have it this way for centuries.

Bubble
Guest
Bubble

Although very few, some of SFHs on Van West have prices going up:

3775 W 12th Avenue, Vancouver
Jan 19:$3,380,000
Mar 12: $3,790,000
Change: 410000.00 12%

3415 W 24th Avenue, Vancouver
Nov 28:$2,580,000
Mar 5: $2,790,000
Change: 210000.00 8%

See Saw
Guest
See Saw

Ha, that’s a laugh. They’re just trying to “position” themselves for an imaginary Spring bounce. Good luck with that.

Oracle
Guest
Oracle

You’re a laugh. Armchair real estate agent.

Oracle
Guest
Oracle

Money exchanges hands globally now. nobody knows the true selling prices anymore.

paulb
Member

Mon-Fri

New
793
Price Change
204
Sold
455
TI:9032

http://www.clivestevepaul.com

kabloona
Member
kabloona

Inventory over 9k……. nice.

Specuskeptic
Member

Definitely on the lower end of the normal range….

Best place on meth
Member
Best place on meth

Sales are horrible, they appear to be declining into the spring market.

Thank god Paul escaped his captors.

paulb
Member

Ski trip but I’m back 🙂

Best place on meth
Member
Best place on meth

I thought the cartel had you murdered!

Welcome back, hope you had a great time.

paulb
Member

Lol, was great thanks. Big White. Got our youngest (just turned 5) able to ski green run on her own. Good weather too.

MarKoz
Member

China says the former chairman of Beijing-based Anbang Insurance Group defrauded mom-and-pop retail investors of more than US$10 billion and the company used that money to buy trophy assets overseas, including prime office towers in downtown Vancouver and a major B.C. seniors’ care company.

http://vancouversun.com/business/local-business/billions-in-b-c-assets-caught-up-in-high-profile-chinese-fraud-case

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

Communists defrauding Communists is both redundant and not worthy of any sympathy…..

Confuscious /Confused – ass says ” when you sleep with dogs expect to get fleas/fleeced.”

Best place on meth
Member
Best place on meth

The world’s leading corruption watchdog is urging Canada to create a publicly accessible beneficial ownership registry to fight money laundering and terrorist financing.

Transparency International Canada Senior Advisor Denis Meunier made the call during his testimony to the House of Commons Standing Committee on Finance, which is currently reviewing the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA )

“In Canada, more rigorous identity checks are done for individuals getting library cards than for those setting up companies.

https://thinkpol.ca/2018/03/28/corruption-watchdog-calls-public-beneficial-ownership-registry/

Can you imagine a money laundering locust attempting to obtain a library card? The struggle is real.

Just me
Guest
Just me

This is a good test of the political will at the Federal level.

Will the Liberal introduce an ownership registry to scrap anonymity? Or will they make some cosmetic changes, while leaving the foreign money free to slush around Canada?

Bestplaceonearth
Guest
Bestplaceonearth

Keep chasing whatever you cannot have. You people are miss allocation of resources.

Just me
Guest
Just me

The problem, in a nutshell.

“Currently in B.C., true ownership of real estate can be hidden,” the budget document Homes for BC reads. “This means numbered companies, offshore and domestic trusts, and stand-in owners obscure the source of funds in the real estate market.”

Just me
Guest
Just me
The comments to the article are the best thing ever.. Here is comment #1: “Gee. A simple, common sense solution to an epic, ongoing problem. Why would politicians of every municipal, Provincial and Federal stripe oppose such far reaching legislation? Why would they? Could it be the thousands, millions and billions of dollars shovelled in their election war chests each and every election year after year after year? In every ‘democracy”. Creating huge conflicts of interest? Or could it be the perks, favours and jobs waiting for them when the finally retire from public life provided by the people, companies and groups that benefit from back room deals? Speaking of which. Christy Clark must be getting low on cash now that the BC Liberal Party has stopped giving her $50,000 annual per diems. Where WILL she pop up next? What… Read more »
Lost...but not Leased
Guest
Lost...but not Leased

NDP tend to be professional politicians….sucking on the public teat.

Specuskeptic
Member
kabloona
Member
kabloona

Luckily, we have David Eby….. who, coincidentally, slew Krusty in her original Point Grey, Vancouver riding way back in 2013.

Unfortunately, then she just parachuted herself into rock-solid Socred Kelowna…..

🙂

Best place on meth
Member
Best place on meth

“she just parachuted herself into rock-solid Socred Kelowna”

Our political system is a joke that needs to be reformed.

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

Luckily ??
..for who ?

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

Eby is like Weaver….many constituents are university based….ie UBC and UVic aka idealistic and gullible…..prime NDP recruits. till they turn 30(age and IQ)

Best place on meth
Member
Best place on meth

Honest people?

Just me
Guest
Just me

For mankind.
Removing Christy Clark is always a positive thing, whatever it is she is doing….

Bestplaceonearth
Guest
Bestplaceonearth

Huh? What bleach did you drink for tonight?

Just me
Guest
Just me

Byron, I guess people like you are the ones who vote for Christy Clark.

They like it a bit dishonest, it is good for business.

Just me
Guest
Just me

And comment #2:

“But but
Why do we need a “Corruption Watchdog” when we have the Real Estate Industry’s self regulating clowncil handing out $5000 “fines” and 1 year suspensions.
THAT will scare shady real estate dealers
What a farce.”

Doomcouver
Guest
Doomcouver

I heard getting a library card was as easy as kicking old ladies. Pretty darn easy…

kabloona
Member
kabloona

Ouch! That hurt….. 😉

Best place on meth
Member
Best place on meth

That comment goes straight to my gut.

Diadora
Guest
Diadora

Did they ever catch the asshole that kicked the librarian?

Just me
Guest
Just me

They know who he is. But they will not push charges. Not clear why.

kabloona
Member
kabloona
Somewhat off topic but interesting nevertheless….. “Housing Bear” Garth Turner still trying to sell his 2016 flip property in Caledon, Ontario. Price dropped by $250k since last year…. https://www.thestar.com/life/homes/2018/03/10/updated-caledon-country-home-boasts-large-property-plenty-of-original-1886-charm-home-of-the-week.html 🙂 “Updated Caledon country home boasts large property, plenty of original 1886 charm: Home of the Week” 16065 Mississauga Rd. sits on about 18-acres and features a two-car detached garage with workshop, private drive and in-ground pool. By Allison HarnessSpecial to the Star – Sat., March 10, 2018 “My husband Garth and I have always admired this landmark property, so when it came up for sale we bought it the next day,” says homeowner Dorothy Turner. “Inside we splurged on the creature comforts of kitchen and bathrooms, but left many of the original features, along with the belvedere. This home has such a long history as it has been occupied by… Read more »
Just me
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Just me

What is with all the fake columns sprinkled around the place? Is he trying for a Ceasar’s Palace kind of theme?

Specuskeptic
Member

Fake columns? Are you talking about his blog?

kabloona
Member
kabloona

Tacky, tacky, tacky…..

Look closely, he also has a painting of himself and his wife up on the wall….

😉

Whistler or bust?
Guest
Whistler or bust?

What does $2.3 get you in YVR?

patriotz
Member

“What does $2.3 get you in YVR?”

Caledon is on the outer fringes of the GTA and is well off the GO train network, it should be compared to rural Maple Ridge or Mission. Here’s a property for the same price. Still Caledon looks like the better deal, as is GTA versus metro Vancouver generally.

https://www.realtor.ca/Residential/Single-Family/19227433/25350-124-AVENUE-Maple-Ridge-British-Columbia-V4R1T9

Name
Guest
Name

that’s his huge ego for you …

backwardsevolution
Guest
backwardsevolution
kabloona – oh, this is interesting. Explains why Mr. “I don’t see any foreign money” is now calling everyone who is trying to fix this mess a commie, socialist or “Comrade”. He’s got some rather substantial skin in the game. He was fine when it was “socialism for the rich”, when government policies engineered and manufactured the largest bubble in history in order to pay off property developers, realtor associations and corrupt foreigners. I didn’t hear him mentioning Comrade Harper or Comrade Clark when they were doing everything they could to inflate the bubble, but now that Garth might lose money on his property purchase, the “Comrades” are flying fast and furious in his articles. Not a very ethical person, after all. I was rather amazed at the 180 he did when things began falling apart. If I were a… Read more »
backwardsevolution
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backwardsevolution
“Arguing that the federal government’s anti-corruption measures have been a “colossal failure,” Eby confirmed his government is preparing to create a “beneficial ownership database” that would require public disclosure of the actual owners behind thousands of trusts and numbered companies. “The bottom line for British Columbians is they want to know who owns the property and they want to know where the money’s come from.” Just imagine, transparency! “While Hyman applauds the efforts Eby and Finance Minister Carole James are putting into making property purchases more transparent (including to ensure non-residents don’t avoid the foreign buyers tax), the lawyer said the B.C. government has a way to go to restore the integrity of the B.C. Land Title system, which was meant to be an authoritative record of who owns which properties. Costly court trials are increasingly being fought in B.C.… Read more »
backwardsevolution
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backwardsevolution
Welcome to the world of China’s “wealth management products”. Before the 2008 financial crisis, there was very little shadow banking (banking outside the regular banking system) in China, but since then it has taken off. “The two couples sank about 5 million yuan (about $762,000) into the investment product, which offered 9.5 percent annual interest over two years – substantially higher than the 3.75 percent they could earn on a fixed, two-year deposit at the same bank. Xing’s sister said she sold a property for 3 million yuan to fund her investment. The two families say they didn’t know exactly where the money was going at the time. When the contracts arrived weeks later, it turned out they had entered China’s $9.8 trillion shadow banking industry. […] And then it all went bust. Some of these wealth management products are… Read more »
backwardsevolution
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backwardsevolution
“For banks, these funds can then be lent to borrowers prepared to pay higher rates. But the banks want to sidestep rules designed to restrict lending to overheated sectors including property, mining and other resources. So, people in the shadow banking industry say, these loans are often disguised by directing them through a complex chain of intermediaries, including trusts, securities companies, other banks and asset managers. To earn interest on these loans, a bank will buy a financial product from one of the intermediaries, which directs earnings back to the bank. That allows the bank to describe what is really a loan as an investment on its books. This type of lending can be more profitable because banks can set aside much less capital than they are required to hold for regular loans as a safeguard against defaults.” So the… Read more »
Just me
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Just me

The whole country is built on quicksands. Both the Chinese institutions and economy are essentially unstable constructs.
And people do not care about social good, it seems they all want want to get into a grow rich quick scheme. Recipe for disaster.

Name
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Name

Chineeze fake ‘ghost cities’ fraudulent companies (Anbang, Istuary, etc. ) tax cheaters, lie, scam, fraud, etc.

Just me
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Just me

I suspect some of these trusts do invest in foreign real estate. And Vancouver RE is almost certainly part of their assets.
So, yes. There is very little chance that our land is being used as a form of investment to generate the disproportionate returns being promised to households in China.

Until our regulators make it harder to use our RE as an internationally traded asset, our RE market will continue to be a total circus.

backwardsevolution
Guest
backwardsevolution
“They were billed as the jewels in the crown of the Northern Powerhouse: a multimillion-pound series of property developments that would have brought thousands of new homes and hundreds of jobs to Liverpool and Manchester, complete with helipads, Chinese bazaars and a Banksy street art gallery. But now the plans have collapsed amid accusations of fraud – all strongly denied – leaving the cities scarred with abandoned building sites and a trail of angry investors from around the world demanding to know where their money has gone. It was one of many such glamorous projects devised by property company North Point Global, marketed with great fanfare in China and Hong Kong and sold off-plan to investors with the lucrative promise of high yields, before mysteriously grinding to a halt. Three years on, the company has pulled out of its planned… Read more »
backwardsevolution
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backwardsevolution
“This risky form of buyer-funded development (sometimes known as investor-led fractional sales) has mushroomed since the 2008 financial crisis, after which banks grew reluctant to finance property. Instead, many developers have turned to individual buyers to fund the entire cost of development, using their hefty deposits to pay for everything from marketing to professional fees and construction costs. Whereas a conventional model of off-plan development sees the buyers’ deposits (typically 10% of purchase price) held in a secure escrow account, and only released on completion of the building, this alternative form of buyer-funded development sees investors paying up to 80%, which can be spent on all manner of costs and fees before construction has even begun. […] “We were wined and dined, and taken for celebratory banquets with Peter McInnes and Gary Millar,” says Mr Cheung. “It was presented as… Read more »
Just me
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Just me

“ At the first promotional roadshow, Cheung was convinced to buy three units in Baltic House, followed by another three a month later. One year on, he was persuaded by promises of ever-higher yields to buy six more. “They even funded travel costs for us to come and see the site in Liverpool, so it all felt legitimate,” he says.”

I have absolutely no sympathy for MR Cheung. Zero.

Just me
Guest
Just me

The lesson? Trust the Chinese at your own peril.

Just me
Guest
Just me

“700 Hong Kong investors decided to invest in a project halfway around the world so they could rent to British people and make 9% returns in rental income.”

Greed.
It makes you blind.

Name
Guest
Name

Chineeze are easy to scam because they are greedy and like money for nothing and they want all their returns up front. That’s the same reason they drive up real estate prices in Vancouver because they see it as an easy road to riches. Also, never do business with any chineeze because of this and also realize that fraud and cheating are ingrained into their culture.

Strata Hacker
Guest
Strata Hacker

That’s rich coming from a rag head.

Name
Guest
Name

“Rag head” That’s quite a derogatory and racist name.

Best place on meth
Member
Best place on meth

Here comes AIDS to defend the victims of racism!

Oh….wait….

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

You’re a dumb unemployable hypocrite. And you know it.

Best place on meth
Member
Best place on meth

See, came to their defense just like I predicted!

Oh….wait….

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

Why not just fuck off, you toxic racist?

Just me
Guest
Just me
Just me
Guest
Just me

China FX reserves fall in February, first drop in 13 months

https://www.reuters.com/article/china-economy-forex-reserves/update-1-china-fx-reserves-fall-in-february-first-drop-in-13-months-idUSL4N1Q33A2

* China’s FX reserves fall $27 bln in February
* Economists polled by Reuters expected reserves to drop by $1 bln
* Regulator says decline due to global currency rate fluctuations
* Rising U.S. rates could pressure yuan, revive outflow worries

Strata Hacker
Guest
Strata Hacker

Reserves down = capital fleeing. Abandon hope all ye bears. The correction is over.

Just me
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Just me

I actually think this is good news. Capital is still finding it hard to abandon China. All we need is an inhospitable environment in BC, and the remaining millionaires might decide to go elsewhere.

We need to make them feel unwelcome.

Doomcouver
Guest
Doomcouver

The 2% FBT seems unwelcoming enough to me. We’ll have to see how damaging it is to Chinese investment sentiment in 2019. I’ve heard many Chinese don’t like marijuana either so a legal weed smoke cloud over the city should help illustrate they should look elsewhere. haha

Just me
Guest
Just me

Toward the end of the month, however, the authorities announced the removal of term limits for the office of President and Vice President. Gauging public reaction is tough, but Chinese Google searches for the “emigration” spiked to a high around the announcement. Chinese people are big users of Baidu, but the trends function appears to have been disabled for this term.

https://tradecaptain.com/news/economy/18622-will-president-xi-s-power-grab-scare-capital-outflow-of-china-12-mar-2018

Strata Hacker
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Strata Hacker

Exactly what I said when Xi became emperor for life: get ready for the floodgates to open.

Name
Guest
Name

Nice try at fearmongering but it will be the opposite whereby they will be prevented from leaving

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

Agree with Name….
While one may deduce Xi’s moves in theory would inspire a mass exodus…the only problem is WHERE do they G-O ?

Seems like most Western Nations are on the verge of revolt by their own citizens based on this foreign capital invasion continually marginalizing them and relegating them to the ” working poor ” class within their own country.

Time to shut the door and let the dust settle, enough damage has been done without exacerbating the situation.

backwardsevolution
Guest
backwardsevolution

Not when his reserves are falling.

Doomcouver
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Doomcouver

China can deny exit applications for any arbitrary reason they come up with. Xi will not want a mass exodus as he is consolidating power. He’ll likely cut almost all emigration if the economy really runs into trouble, and at this point a credit crisis and slow death of China’s GDP seems likely in the coming years.

Diadora
Guest
Diadora

Quebec announces changes to Quebec Immigrant Investor Program (QIIP). Applicants will now be required to have net assets totalling at least CAD $2MM and make an investment of at least CAD $1.2MM to qualify.
http://www.balglobal.com/bal-news/quebec-changes-threshold-for-popular-investor-program/

Whistler or bust?
Guest
Whistler or bust?

So they have to have enough to buy a nice condo in Vancouver. What a joke! That program is a scam. It should be min $10 mil and a promise to stay in Quebec for 5 yrs or forfit the money.

Just me
Guest
Just me

Unfortunately, this means the program keeps going. The Feds are not forcing Quebec to shut it down.
The changes are pitiful and certainly not sufficient to dissuade Chinese millionaire migrants. Quebec gets the money, BC gets the corrupted Chinese “investors” and satellite families.

Why are our politicians selling us out so cheaply?

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

Immigrant Investor Program ?
What investment ?
The immigrant lends the gov’t $X….interest free..for Y years….then the principal is returned.

The immigrant is simply playing banker…so why don’t gov’t simply go to the bank instead of rolling out the welcome mat to foreign locusts. Under the old $800,000 benchmark…what does gov’t get…let say optimistically $ 100,000 in lieu of bank loan. So effectively we’ve sold out for peanuts as the immigrant has quasi citizenship rights while native born citizens pay high taxes throughout their lives for same rights.

Gov’t likely do this ( and avoid banks ) so they can skew statistics and employ creative accounting to fool all citizens that all is well in economy.

I say get rid out the F*cking program…… its a joke and a disaster.

Just me
Guest
Just me

In fact, it is even worse.
You can go and borrow that money from a bank. It is risk-free for the bank, as the loan is effectively backed by the trust and faith of the Canadian government.

You don’t need to have that money, you can get it from the bank and give it out to the Canadian government. Your only cost will be the fairly low interest the bank will charge you.

This is the most disgusting scam. It degrades our immigration and citizenship system to the level of a third world country. Being Canadian means no longer anything.

bestplaceonearth
Guest
bestplaceonearth

and I supposed you know this by facts, or pull another one from your fat arse!

Just me
Guest
Just me

Hi Byron!
Not sure what you are on about, but good to see you are still alive and kicking!

Best place on meth
Member
Best place on meth

I propose a reverse referendum on sovereignty, whereby the rest of Canada votes on kicking Quebec out of the country.

Just me
Guest
Just me

Quebec is, as usual, giving a big fat finger to the rest of the country and doing what it wants. Trudeau and Morneau should have stopped the investor program a long time ago. The fact they did not do it speaks volumes.

patriotz
Member

“The fact they did not do it speaks volumes.”

The fact that Harper, who unlike the Liberals never had a large number of seats in Quebec, didn’t do it either speaks even louder. BC will have to go after these people using its own powers to tax RE.

Laibach
Member
Laibach

Chinese should be excluded from program due to proven abuse and dismal performance as investors.

Just me
Guest
Just me

That would be fact-based policy. Unacceptable!
It would be racist to base actual policy on facts.

Diadora
Guest
Diadora

NY crashing?
A sprawling triplex penthouse at 12 E. 13th St., which once asked as much as $30.5 million, has sold for $11.5 million, according to city records filed Wednesday.
https://nypost.com/2018/03/29/nyc-mega-penthouse-sells-for-a-19-million-discount/

Whistler or bust?
Guest
Whistler or bust?

As much as Vancouver -,not at all.

Name
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Name

The stats say otherwise check Zolo.ca

Just me
Guest
Just me

As much as I would like a crash, Zolo does not indicate any significant price changes relative to a year or two ago. To bring prices back to 2014 levels we would need a lot bigger declines.

Volumes are down, but prices did not budge.

Name
Guest
Name

The monthly change is -5.7% and the yearly is -2.6% these are not insignificant numbers especially for this time of the year. The trend is your friend.

Just me
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Just me

I know what you are talking about, and I am very sympathetic. But those numbers are volatile. From month to month they switch from positive to negative.
When we start seeing a continuous downtrend in the shape of the average price, then we will know we are in business. Right now all we have are large swings with no clear trend.

Strata Hacker
Guest
Strata Hacker

Dumb bears. They think egghead Ebby is going to save them now.

You know why he made such a show of asking the Feds to help? So he can blame THEM when nothing happens. Meanwhile doing nothing himself….

And yes, there is plenty he could do himself but chooses not to.

Wake up credulous chumps.

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

I agree…Eby is posturing
…which is too bad….he does stand out amongst a bunch of dim bulbs in NDP caucus and cabinet.

As I have stated numerous times..when SHTF..Gov’ts tend to go after their own citizens as opposed to non- citizens.

Name
Guest
Name

‘Suspicious’ B.C. casino-cash transactions plummeted in February: Eby

http://vancouversun.com/news/local-news/suspicious-b-c-casino-cash-transactions-plummeted-in-february-eby

“We have reduced it by a factor of 100,” said Eby.

this doesn’t sound like ‘doing nothing himself’.

Just me
Guest
Just me

Eby is doing his job. Whether people in BC will let him clean up the house remains to be seen. The push back is very real.

Specuskeptic
Member

“The push back is very real.”

You can see the panic on this blog.

Bull fear tears are delicious, if not salty. I could do without the toxic rage from them though. No sense of humour… or irony.

backwardsevolution
Guest
backwardsevolution

Just me – Eby is smart enough to know that these are vested interests who are whining and screaming. They always scream the loudest when the gravy train ends. Eby knows this.

Specuskeptic
Member

Waaaayre EEeebeeee…. RAaawwwrrrkkk….

Name
Guest
Name

Vancouver supercar dealerships next target in B.C. money laundering crackdown

https://www.thestar.com/business/2018/03/28/vancouver-supercar-dealerships-next-target-in-bc-money-laundering-crackdown.html

here’s another example for you of Eby ‘doing nothing’.

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

Was at the Vancouver auto show last Thursday…held at Vancouver Trade and Exhibition Center

Interesting layout..all the high end luxury cars were at the first level..aka you had walk past them first before proceeding to the lower level where the lower end vehicles were on display.

Talking to salesmen, leasing seems to be the most popular option….versus outright purchases.

Laibach
Member
Laibach

Were hungry locusts swarming at the event or was it somewhat civilized ?

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

Actually…was quite pleasant…..

Sad thing is most new vehicles are becoming on par with Space Shuttles re technology etc.

Sebastien
Member
Sebastien

Once locusts abandon their 8,000,000$ homes to go back to China. I’m planning to get one of them by adverse possession. It can be done ( http://www.vancouversun.com/news/mulgrew+longtime+squatters+battle+over+kootenay+lake/11782332/story.html). Who’s with me?

patriotz
Member

Although the doctrine of adverse possession was legally extinguished in the 1970s, the disputed land was initially acquired before that.

At any rate, nobody’s going to abandon any property unless the mortgage is underwater, and in that case the lender will end up foreclosing.

Name
Guest
Name

China Uncensored:

https://www.youtube.com/watch?v=M-KWsUcR3HA

Chris sits down with Clive Hamilton to discuss China’s silent takeover of Australian politics.

The same thing is happening in Canada but we are too chicken to call it out due to ‘racism’.

Just me
Guest
Just me

Everybody talks about Russian meddling. But the real danger to liberal democracies is China.

Unlike Russia, they are discrete in their efforts, often willing to play the long game. It is like a relentless drip, which slowly but surely digs a hole in the stone that it targets.

China is leveraging the power that comes from having over a billion people pushing for a larger share of the world’s resources. And Canada, with its 35 million or so, sits on a large chunk of the world’s resources. You draw your own conclusions.

Best place on meth
Member
Best place on meth

We’re all aware of the level of infiltration by these commie vermin, only an obvious and blatant traitor would still play the racist card at this point.

xhistory
Guest
xhistory

House prices and rentals are set at the Margin. Invariably for rentals this is short term accommodation via AirBNB.

.. in other words, prices are unaffordable because of a global market.

This leads to a lack of community. Local community is under a shroud of importance. It is a lie.

What matters is the price someone’s posted on the internet.

Just me
Guest
Just me

Sad but true. And our city is doing absolutely nothing about it. They are terrified of pissing off amateur landlords.