Friday Free-for-all! March 9th, 2018

It’s the end of another work week and that means it’s time for another Friday free-for-all! This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

YVR Detached sales hit 27 year low
RBC chief alarm over flood of cash
Region home prices far outstrip incomes
Real estate made up 1/5 of Canadian economy
Tax form sharing game changer

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
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Just me

Stop speculating, start living
China is trying new ways of skimming housing-market froth

https://www.economist.com/news/china/21737069-party-wants-people-rent-china-trying-new-ways-skimming-housing-market-froth

Just me
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Just me

“PAN JINGYUAN has little time for traditional family values. The 26-year-old says she has no intention of ever getting married and loves living far from her parents. But Ms Pan is traditional in one way—she sees a home as the best investment for her savings. She plans to buy a small flat in the southern city of Shenzhen, where she works at the headquarters of a restaurant chain. “There is no way the government would ever let prices really fall,” she says.

Such confidence has long been rewarded. Property prices in cities have roughly quadrupled this century, a rate of growth far exceeding that of the American housing bubble of the early 2000s, albeit from a lower base.”

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

Ms Pan….no intention of getting married..?…parents live far away.?…new wave of Chinese ?
Interesting….sound like modern Japan….

Asian culture was seniors OAS (old age security) was living with adult children in a multi-generational household.
If this becomes a trend, will Asian seniors be farmed out to live elsewhere?

Given China is still COMMUNIST.., and with Xi wanting to become Mao 2.0…don’t be surprised if we see Chinese Seniors subject to death panels.(and don’t think it isn’t happening HERE…I know from experience.)

Just me
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Just me

“This has led to a series of concerns: that homes are increasingly unaffordable, that the economy is too reliant on property and that housing prices, having gone up and up, might someday crash.”

“The government has, until now, tried to reduce the risk by periodically applying brakes on the market. Whenever real estate overheats, the authorities restrict funding to developers and make it difficult for people to buy new homes—for example, by increasing mandatory down-payments. When prices stabilise, they relax the controls. But such measures create volatility. Every three years or so, prices surge again.”

Just me
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Just me

“So officials have started talking about a “long-term mechanism” to calm the housing market. Several times during the past year China’s leader, Xi Jinping, has said that “homes are for living in, not for speculating on.” The government appears to be adopting three main approaches. Together these could reshape the architecture of China’s housing market.”

Just me
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Just me

“A big reason for the slow development of the rental market is that there is not much profit in it. Cities tend to give more benefits to homeowners, such as the right to send children to local schools, so families far prefer to buy homes.”

“One of the government’s new approaches is to offer incentives to developers to build decent rental properties. It is doing this by selling land for rental projects at steep discounts, in effect guaranteeing hefty yields for developers. In some big cities, plans call for these discounted plots to account for about a quarter of future land supply. The government has promised to give renters the same rights as homeowners, though some doubt that it will actually do this. Many urbanites would resent additional competition for school places.”

Just me
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Just me

“A second approach will be the introduction of a property tax. Officials have talked for years about raising an annual levy on homeowners based on the value of their housing, as is commonly done in other countries. A possible benefit would be to nudge speculators to sell or at least rent out homes that they would otherwise leave unoccupied. At the same time it would give local governments a new revenue source, reducing their unhealthy dependence on land sales.

Yet apart from two small trials of such a tax in Shanghai and the south-western city of Chongqing, the government has dragged its feet. It has worried that a full property tax, implemented suddenly, would depress sales, says Eva Lee of UBS, a bank.”

Just me
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Just me

“The other way is more destructive. By imposing population limits on China’s largest cities, officials hope to combat what they call “big-city disease”: congestion, pollution and excessive pressure on urban resources (including, by implication, housing). Beijing aims to keep its population to 23m by 2020, while Shanghai wants no more than 25m people by 2035. Both are incremental increases over their current sizes and far below where, left unchecked, they would wind up. Population caps may help to calm the property market.”

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

China’s one child policy….what are the downstream consequences…

Some research shows that since 2013…..allowed 2 children if one parent is only child.
Fertility Rate (2015) is 1.57 births per woman
GDP growth (2016) was 6.7%

So…..does this suggest more evidence the Chinese economy is one big ponzi scheme ?

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chineeze are their own worst enemies. why? because they can’t and don’t trust anyone either each other or their own government. how do they function in that kind of environment of mistrust? they can’t eventually.

Just me
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Just me

“There are plenty of moving parts, too. Capital controls have trapped cash inside China, making property all the more alluring for investors. Rising incomes and changing lifestyles add to upward pressure on prices. Families want bigger apartments; more unmarried people also want their own homes. Mr Xi might succeed in skimming some froth from a bubbly market. But speculators are a hardy bunch. China has surely not seen the last of them.”

Road Warrior
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Road Warrior

I love articles like the Bloomnerg one about foreign cash being parked in Canadian RE.

Garth Turner calls anyone who says this a xenophobic bigot. LIke he’d know, he had to change politic parties to keep a regular pay cheque coming in when he was in parliament.

BubbleTea
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BubbleTea

Thinkpool: Most Vancouver houses sold for below assessed value in February.
More than half of all Vancouver detached houses sold for below assessment in February, with some going as low as 24% below, MLS sales data show.
https://thinkpol.ca/2018/03/10/vancouver-houses-sold-assessed-value-february/

Just me
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Just me

This would be Adam Cooper’s bread and butter. Shame we are losing him.

What is it with Julia Lau: she manages to always be involved in the dodgiest transactions, often involving murders.

Rabbit One
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Rabbit One

http://www.courts.gov.bc.ca/jdb-txt/sc/18/03/2018BCSC0377.htm

Our favourite realtoress Julie Lau, death of Raymond Huang, this maybe featured in CBC / VaSun article soon.

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

What’s the Chinese equivalent of Hari Kari ?

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

Get your front row seats…this is going to get good !!!!

When SHTF….foreign locusts will start the cannibalization process. IMHO, the illusion of Asians as long term investors will be gone,…the ponzi scheme will be exposed as massive.

The early indications are the Courts are already filled with finger point …errr..locusts claw flailing and buck- toothed mandible as the poor Judges have to wade through who is the least credible/biggest liars.

That stated…is Eby and useless RCMP gonna attempt at least some token prosecution ( given Sam Cooper did a lot of the investigation ? )
How about CRA ?

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and these same locusts are then tying up the bc court system and resources because of their scamming of each other. what a waste of our time and resources.

Best place on meth
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Best place on meth

My god, I would hate to be a judge in this city, having to deal with this sordid locust shit day in and day out.

Best place on meth
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Best place on meth

So much deceptive shit in that sordid tale. Check this out:

“Winnie Yuan first married Raymond Huang, the father of her two children, in 1986 in Guangzhou. Ms. Yuan came to Canada in 1990. In 1991 or 1992, Winnie Yuan divorced Mr. Huang. At the time, neither were permanent residents of Canada. Ms. Yuan married her second husband in 1993 and then, after acquiring permanent residency in Canada, divorced him in 1994 or 1995. In 1996, Ms. Yuan remarried Raymond Huang and sponsored his immigration to Canada.”

Just me
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Just me

This is truly incredible. Are we giving permanent residence to this kind of lowlifes?
You cannot make this stuff up. Turns your stomach.

YVR
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YVR

Welcome newcomers! You strengthen our province!

southseacompany
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southseacompany

“Aboriginals and whites leaving Metro Vancouver”, Vancouver Sun

http://vancouversun.com/opinion/columnists/douglas-todd-aboriginals-and-whites-leaving-metro-vancouver

“Aboriginals and whites are leaving Metro Vancouver for other regions of B.C., particularly to live in the Fraser Valley, Vancouver Island and the Okanagan, according to Statistics Canada.”

“A net total of 9,345 whites and 460 Indigenous people left Metro for other parts of the province in the one-year period ending July, 2016, according to newly released Statistics Canada data.”

“Two other demographic groups that are tending to say goodbye to Metro Vancouver are those who are born in Canada and those between ages 55 and 65.”

“It’s been more than two decades since Metro Vancouver has experienced so many residents depart for other regions of the province, according to data provided by Patrick Charbonneau, a senior analyst at Statistics Canada.”

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

How Jokes Evolve:

Q: Why do First Nations.”.Indians.” .whatever… hate snow ?
A: Because its white and on their land

…now morphs to

” Don’t eat Yellow Snow “

Just me
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Just me

“Several reasons are being offered for the exodus of whites, aboriginals and older people from Metro Vancouver. Some mayors say Metro Vancouver residents are seeking lower-cost housing outside the city. Others point to how retirement-age homeowners are cashing out on Metro Vancouver dwellings that have skyrocketed in price. And scholars point to demographic trends in which people of the same ethnicity often choose to live among each other.”

Oracle
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Oracle

People of their own kind want to live together due to culture,beliefs, etc.

I don’t blame them. Life is short. I’ll determine what I like around me. Not some gov agency.

YVR
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YVR

“Two other demographic groups that are tending to say goodbye to Metro Vancouver are those who are born in Canada and those between ages 55 and 65.”

That indicates those who are leaving are those who own and are cashing out their SFH. Not those who can’t afford to live here.

Name
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Name

Foreign gov’t takeover of BC nursing home chain prompts concern:

http://www.news1130.com/2018/03/11/foreign-takeover-bc-nursing-home-concern/

why this sale to anbang was ever allowed to happen is beyond me. and why we never learn not to do business with the chineeze is also beyond me. i sure hope the bc taxpayer won’t have to bail out these care homes.

Just me
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Just me

Canada’s Federal government has chosen to take a cooperative view to China in spite of growing evidence that it is not in the long term interest of Canadians to do so.

I am not sure whether it is a misled view of multiculturalism or the desire to pick low hanging fruit in terms of economic returns. But the Trudeau government is gravely lacking in protecting us all from these foreign opportunists. Their motivations are anything but innocent in my view.

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

I’m in….

I would love to see glorious almighty future inevitable omnipotent Surrey leader ” Xi ” leading a crew of coolies to expand Canada Line to Beijing and back.

Best place on meth
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Best place on meth

A misled view of multiculturalism?

Its’ simpler than that. Turd is a worthless communist like his father, who also has a bizarre hatred of the USA like his father.

Apparently he would like to destroy Canada, probably because it was founded primarily by the English and continues to be an English country.

Bag it and tag it
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Bag it and tag it

They’re going to be eating vegetables from China fertilized with human waste…and I’m being serious.

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

Not denying…
…..actually it’s called “Night Soil”

ostritch
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ostritch

We’ve lived it. Neighbours off Commercial dr used to take a dump in the garden. Onions were super tasty tho.

Bag it and tag it
Member
Bag it and tag it

One thing Turd may have forgotten to take into account while prancing to approve this deal and to prove again how pro China he is, is that the Senior voting block is a very powerful one and I’m sure they’re not impressed. Most of them are racist as well, which doesn’t help.

Just me
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Just me
Just me
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Just me

“Assumption: Interest rates will remain low because governments and individuals can’t afford higher rates.

When it comes to rates, the affordability argument is regularly put forward, but it’s losing its punch for two reasons.

First, bond buyers are not in the business of giving governments and households what they need. Rather, they’re seeking a return that will leave them better off for taking the risk. If they can’t get a reasonable, real (after inflation) return, they’ll demand a higher yield and/or look for substitutes.”

Just me
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Just me

“Assumption: With low interest rates and credit readily available, leverage is a good thing.

The amount of debt in the world should naturally rise as economies grow, but the pace has been faster. Since the debt-induced crisis of 2008/09, overall debt levels have increased more rapidly than GDP.

Central banks have been expanding their balance sheets and governments are running deficits despite healthy economies and daunting future obligations (healthcare and infrastructure).

Corporations have lenders throwing money at them and their climbing debt obligations have been outpacing cash flow growth. Bond issuance has allowed U.S. corporations to disburse cash to shareholders (dividends and share buybacks) in excess of their profits.”

Just me
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Just me

“And household debt is expanding faster than disposable income, particularly in Canada. Canadians are highly levered with mortgages, home-equity loans, lines of credit, car loans and leases, investment loans and credit cards.

You may be familiar with the expression, pay it forward, which gained prominence with the Helen Hunt movie of the same name. It means the beneficiary of a good deed repays it to other people instead of his/her benefactor.

From a financial point-of-view, we’ve ignored this wonderful philosophy and have been spending forward. The beneficiaries of the goods and services are relying on others to pay in the future. The baby boomers’ lifestyle will ultimately be their children’s burden.”

Bestplaceonearth
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Bestplaceonearth

It doesn’t matter how big a correction of the market is, you will never own your own home. Your thinking will never get you ahead. You never learned the media has to sell doom and gloom for a living. Unfortunately a mind like yours buys into it.

Royce McC
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Royce McC

Wondering whether we’ll see more of these aborted reno/ flips:
https://www.rew.ca/properties/R2244310/4626-caulfeild-drive-west-vancouver-bc

Pretty spiffy in-progress kitchen there…

Doomcouver
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Doomcouver

Worse, “Ghost Estates” will probably be a big problem in BC very soon:
https://www.irishtimes.com/life-and-style/people/weekend-read-the-ghost-estates-that-still-haunt-ireland-1.3181498

Surrey is bound to have a ton of half-finished houses once it all goes down. Should make for some sweet urban exploration videos though…

Oracle
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Oracle

To all concerned here:

The “End the Spec Tax” people arebfloodong social media right now. We are outnumbered.

Stop wasting your time here on this site and start paying on Facebook Instagram Twitter etc.

It’s now or never. Especially you Just Me. Man up and do it people.

See Saw
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See Saw

Pphhhhfffffttt! Yet another “alarme faux” on your part, Oracle?

Oracle
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Oracle

You are a weirdo. Probably a bigger one in real life.

bestplaceonearth
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bestplaceonearth

People just do what they need to do: stop the NDP to pick-pocket them front and back. Just Me is only good for copy and paste.

Oracle
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Oracle

http://vancouversun.com/opinion/columnists/douglas-todd-aboriginals-and-whites-leaving-metro-vancouver

So 1000 whites are leaving metro each month. This is going to accelerate. We will be seeing about 25,000 whites leaving per year in about 10 years as the Asian majority dominates and changes local laws.

Metro will become a Chinese city because the whites allowed it. Hahaha. Unbelievable.

Doomcouver
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Doomcouver
It’s all about the money. The neo-liberals claim that importing mass amounts of non-whites is for “diversity”, but the actual fact is it’s for exploitation. Immigrants bring cash here and often they can work high-skilled jobs that pay low-wages that Canadians won’t touch. Just look at the criteria that immigration Canada generally prioritizes. It’s all about single, highly skilled immigrants, and wealthy people. When the economy inevitably crashes though, many of the immigrants will leave again. The speculator tax will almost certainly catch on with cash-strapped governments. It basically allows you to extract the maximum amount of tax, and barely affects your voter base. So if you’re an immigrant and don’t pay income tax here you get eaten alive, and if you’re a high-skilled worker you’ll get exceptionally low wages and get to pay high taxes just like all other… Read more »
Just me
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Just me

China Banking Crisis Warning Signal Still Flashing, BIS Says
Canada and Hong Kong also seen at risk from high indebtedness
Still, China’s deleveraging campaign is easing credit levels

https://www.bloomberg.com/news/articles/2018-03-11/china-at-risk-of-banking-crisis-in-bis-s-early-warning-signal

Just me
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Just me

“China, Canada and Hong Kong are among the economies most at risk of a banking crisis, according to early-warning indicators compiled by the Bank for International Settlements.

Canada — whose economy grew last year at the fastest pace since 2011 — was flagged thanks to its households’ maxed-out credit cards and high debt levels in the wider economy. Household borrowing is also seen as a risk factor for China and Hong Kong, according to the study.”

Doomcouver
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Doomcouver

This is not a list we want to be on. China has the largest credit bubble on the planet, the fact that Canada was flagged 2nd just shows you how ridiculously high our debt levels are.

Just me
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Just me
Just me
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Just me

“The changes are impacting foreign companies and their joint ventures, too. The vice minister of the party’s organization department, Qi Yu, boasted in October that some 70 percent of the 106,000 foreign firms operating in China already had party committees.

“Companies are concerned establishment of a party unit in the company means the party would play a role in companies’ operational decision making — leading to decisions made for political rather than business reasons,” said Jacob Parker, vice president of China operations at the U.S.-China Business Council. “We are concerned about that. Introducing political objectives and management roles into foreign invested enterprises is not a positive step for businesses.”

Just me
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Just me

“Xi’s changes are beginning to challenge the rules of everyday life. During an October advisory board meeting for Tsinghua University’s School of Economics and Management, Xi described his vision for education. He said it exists to “develop builders and successors to the cause of socialism with Chinese characteristics, not bystanders or opposition groups.”

Universities have introduced additional classes on Marxist theory and inspection teams fanned out across campuses last year to check on the “ideological and political work” of teaching staff.”

Just me
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Just me

“Xi’s expansive vision for the Communist Party extends beyond China.

David Gitter, director of the Party Watch Initiative at the Washington-based Project 2049 Institution said the party has stepped up “united front” efforts to influence other countries by “guiding” overseas Chinese communities to support the party’s agenda. It’s also courting opposition parties to support Beijing’s territorial claims in the South China Sea and beyond, Gitter said.”

Just me
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Just me

“The more a political system comes to depend on fewer and fewer people, the more imperative it is that those people remain in the system,” Blanchette said. “If something were to happen to Xi — a 64-year-old man — do we really believe that political system would peacefully transfer power over to Li Keqiang?”

bestplaceonearth
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bestplaceonearth

Keep doing it for another few years, you will get a doctoral degree in copy and paste.

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

Some VCI posters should remove the ClockWork Orange -esque electrodes from their daily ” shock therapy” regimen and try to corrupt YOUTUBE algorithms.

Just me
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Just me

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

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

Doomcouver
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Doomcouver
Boomers telling millennials to “consider the suburbs” shows how completely out of touch they are with the current crisis. If you factor in commuting and other costs, the suburbs are often significantly MORE expensive than the city. Detached houses are $1.3 million now, in LANGLEY. When the boomers were buying on an average income it was generally a decision between buying a small condo in the city or a big house in the ‘burbs. Now millennials are even getting priced out of condos in the deep suburbs. Boomers that give this awful advice are idiots now and they’ll be idiots still when their houses inevitably plummet in value. Their “got mine” attitude they’ve shown during the crisis will ensure they get no sympathy from anyone else when the bank comes to foreclose and they get kicked to the curb. Even… Read more »
Just me
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Just me

ICBC spends $800K in damage claims for Ferrari that crashed into pole
Driver says insurer breached duty to process claim, ICBC says it’s already paid out more than the car is worth

http://www.cbc.ca/news/canada/british-columbia/icbc-legal-battle-over-ferrari-claim-1.4571913

YVR
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YVR

“ICBC says it’s already paid out more than the car is worth”

That right there tells you why ICBC should be shutdown and private insurance brought in. What kind of insurance company pays more to fix a car than it would cost to write off and pay out the insured? Incompetence.

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Name
Shut It Down Already (original)
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Shut It Down Already (original)

Owner is a local neurosurgeon.

Cynthia Riches
Guest

If you are unable to download AVG antivirus software, you can call us at AVG Helpline Phone Number +1-855-560-0666 to get assistance in downloading and installing the software. Our executives would be available to solve any kind of issues while downloading and installation of the software.

patriotz
Member

Outside-of-B.C. owners push back against proposed speculation tax

Cindy Meston was born and grew up in Abbotsford and Vancouver, and bought her downtown Vancouver condo 19 years ago. She estimates she uses it for about five months a year when she returns from Austin, Texas, where she lives and works as a professor. Three months in the summer. One month at Christmas. Another during spring break…. “I’m hardly a flipper and I resent being called a speculator,” said Meston.

Oh, the humanity!

patriotz
Member

Others like Denise Hamilton’s family might also be wondering where yet-to-be-determined details about exemptions will leave them. They have owned a vacation condo in Kelowna for 11 years and “when we are not in residence, our condo is available to renters from all over the world.”

In other words, she’s running a mini-hotel. Does this conform to Kelowna zoning? Does she pay property taxes to Kelowna at residential or commercial rates? Does she pay BC income tax? How many other “vacation condos” are really mini-hotels?

Just me
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Just me

She is saying: I Airbnb the place 11 months a year. One month I use it.

Bag it and tag it
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Bag it and tag it

“I’m hardly a flipper and I resent being called a speculator”…fair enough, let’s go with ‘entitled’ then.

bullwhip29
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bullwhip29

Canada among three economies in world most at risk of banking crisis, BIS warns
http://business.financialpost.com/news/economy/china-banking-crisis-warning-signal-still-flashing-bis-says-1

bullwhip29
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bullwhip29
Name
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Name

““It’s like Saskatchewan putting (poison) on all their fields,” he said.”

yes because owning a second house is like food it is necessary for survival …

bullwhip29
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bullwhip29

The owner of a Vancouver company that sells encrypted BlackBerrys popular with B.C. gangsters is facing charges in the U.S. of racketeering, conspiracy and drug trafficking
http://www.timescolonist.com/news/b-c/owner-of-vancouver-encryption-company-trafficked-drugs-aided-cartel-u-s-says-1.23198184

>>> now, if authorities could track down the slimeballs using these devices, then we’d be getting somewhere…