It’s the end of another beautiful weekend and that means we’re late for the Friday Free-for-all open topic weekend thread.
Better late than never!
So what are you seeing out there? Post your news links, thoughts and anectdotes in the comments below and have an excellent week!
[…] –NDP with 5 point lead –Fed rate hikes –Who will run for Mayor? –Not concerned about debt levels –3 in 4 houses sold below asking –AI replacing RE agents – […]
[…] It looks like the city is serious about the empty home tax, at least one commenter here has received notice of an audit. […]
“The Fed Is Signaling More Than 3 Rate Hikes This Year”, CNBC
“The economy is in something of a sweet spot for the Fed, but the central bank fears that may soon change. At a minimum, the bipartisan spending package signed into law Feb. 9 should boost growth forecasts for this year and next. Central bankers will nudge up their rate forecasts a notch, arguing that even a slightly faster pace of tightening is still “gradual.””
“Heavily indebted Canadians need to watch U.S. interest rate announcement: Don Pittis”, CBC
http://www.cbc.ca/news/business/us-fed-interest-rates-canada-1.4567900
“New Fed chair expected to raise rate tomorrow, creating a danger of imported inflation”
Actually, higher rates cool inflation…that’s why they are raised or lowered as required.
By “imported inflation”, I believe they are talking about the increased costs of imported goods due to the relative deflation of our CDN currency (if the cdn central bank doesn’t keep up with the rising rates). Think $7 cauliflower as a recent example.
US core inflation running 3.1 % in last quarter….
When America catches a cold, Canada comes down with the flu.
“Uninsured mortgages soar to 8-year high, even as Canada’s housing market cools”, Financial Post
” Mortgages that don’t require homeowner insurance surged 19 per cent from a year ago, accounting for about 53 per cent of the $1.13 trillion (US$864 billion) of home loans at Canada’s federally regulated banks, data from the Office of the Superintendent of Financial Institutions show. Insured home loans fell 6.5 per cent from a year ago.”
Sounds to me like people are digging deep to make sure they don’t miss out.
Borrow from Grandma, borrow from Dad’s RSP. Get your wife to move some equity from the condo she bought before you were married.
Anything to get ahead.
Pshaw! Let’s blame foreigners instead!
“Vancouver Condo Prices Rise At The Fourth Fastest Pace In History”, Better Dwelling
“Vancouver condo buyers may have gone a little overboard last month. Greater Vancouver Real Estate Board (REBGV) numbers show that prices made a huge leap in February. According to the board, prices climbed at one of the fastest rates in the history of the city. All while sales dropped, and inventory climbed.”
Crash?
The technical term is Bull Trap.
Actually it has been one big BEAR trap all along and I don’t expect anything different.
I was told exactly the same thing by my colleague who lamented how much money I was “losing” by staying out of dotcoms in 1999.
Patience, grasshopper. This too shall pass.
It’s not just fraud it’s our immigration policies. We have this waterfall of ultra rich immigrants flooding the country and buying real estate which to them is actually not even expensive. Even if you remove the fraud you have a massive problem with legal immigration. A Chinese acquaintance of mine was bragging to me that gigantic sections of Vancouver are a hundred percent chinese-owned now. Having been around the real estate market the last couple years and being to many open houses I can tell you this is true. I am not a racist but objectively speaking the Realtors and people shopping for these houses are nearly 100% Chinese. These are not foreigners in the legal sense rather landed immigrants who have brought all of their Millions with them. This will never end.
The Lower mainland region will become an Asian/South Asian supermajority area. There is nothing that local whites can now do about it now. Too many people in the immigration pipeline now.
Certain people who are using the racism label (Social Justice Warriors) have no idea what’s coming. Wait until they’re excluded. Haha
1000 whites per month are already moving out of the lower mainland.
They are being replaced by 4000 new immigrants mainly from Asia. So this changeover is going to happen a lost faster than anyone thinks because white flight to the interior, island is going to accelerate.
I think Oracle is missing the point about race: this is about money not about race.
Some of the most vocal opponents to the inflow of Chinese money are Asians (Andy Yan is just one of the many). These BC residents are on normal income and get taxed at a high rate. While households making money abroad are buying houses and paying no taxes.
Race is not part of the problem. Money laundering, criminal behavior and tax/immigration fraud are the real problem in BC.
lower immigration, end chain immigration and the flow of money will stop.
Not missing the point.
It will become about race once another group gets a majority. And it will be you white guys that get the short end of the stick.
But continue being a SJW. You have no idea what’s coming.
Funny: you call me a Social Justice Warrior; SIDA says I am a racist.
I guess trying to ignore race and focusing on facts does not make you a lot of friends!
You ARE a racist.
It will be a region wide Stah Li Pak moment.
For example, there is no way the new majority will want public care home (either pay up or be with family or on the streets), 2 tier health and education, allow tree cutting on private property.
It’s coming.
So what? What’s your point?
If that happens you will definitely need to get your swastika tattoo covered up.
Ever thought of a full Hello Kitty sleeve? It might put you in a better mood.
Well for one i hope you know an Asian language. Because I do.
“This will never end.”
Perhaps you are right. All the more reason to tax them heavily. They might have bought the city, but let us at least try to get out some serious money out of this unadulterated disaster.
Taxing them is the best we can do, given the circumstances. Make them, and their corrupt realtors, pay taxes like everybody else.
What happen when they soon get a majority and don’t want real estate to be taxed? And only want income taxes to go up!
Then what?
What a ridiculous idea.
Shift the burden for the social programs and government employees benefits and retirement packages from income taxes to property taxes. Want to invest in Canadian real estate then support the social safety net. Step up and contribute to society or get out.
I can’t really think of a faster way to alienate every relevant category of voter simultaneously.
That’s why it won’t be done.
There will certainly be public overtures about getting landowners to open their hearts and wallets a bit in support of slovenly renters, but in the end BC’s nouveau riche property barons know that their success is due to moral superiority.
Every British Columbian with home equity knows that he is an ant and poor people are grasshoppers.
Even Gulf Islands hippies are losing their minds when faced with the idea of sharing a bit to make property more affordable for the poor and marginalized.
NOT ON MY WATCH, they cry into the receiver of their landline telephones to every CBC announcer who will answer the phone.
UBC economists have been saying this for ages. We should shift the tax burden from taxation of productive labor to taxation of idle land. This is the most rational economic reform any sane government could do.
The only problem is that landowners do exert a disproportionate amount of political power. But as time voices by, the population is finally waking up to the truth.
If you are a multimillionaire, you can afford to pay a few thousands more per year.
Too late. The lower mainland will be totally lost to whites in 10-15 years. I mean like a exodus of 3-4000 whites per month up from the current 1000/month.
Shouldn’t you be on /r/the_donald ?
Wait, are you from a Russian troll farm?
4chan
I know where your coming from Burnabonian. Us Asians should keep these facts on the low until a point of now return. Inbelive we reached it. So what’s the worry?
Just as the Europeans came and overwhelmed the Natives, Asians will do the same now. It’s simple math.
Besides immigration, Whites are having way less than 1.5 babies per couple while immigrants having way more. Simple math dude.
Another elderly SJW that hasn’t lived in other parts of the world.
Let’s see how this turns out.
I believe Oracle is actually from Europe.
China is banning people with bad ‘social credit’ from using planes and trains
https://ca.news.yahoo.com/china-banning-people-bad-apos-134659404.html
“China has announced new measures that mean citizens with bad “social credit” will be restricted from travelling.
Acts that can earn you a place on the blacklist – barring you from trains and planes – include smoking on public transport and using expired tickets, as well as more sweeping and vaguely defined violations such as “spreading false information about terrorism”.
According to Reuters, the new rules will come into effect on May 1, and it’s all part of President Xi Jinping’s plan to construct a social credit system based on the principle of “once untrustworthy, always restricted”.
PLEASE BAN THEM ALL FROM TRAVELLING OVERSEAS!
It appears that Xi wants to take China back to Mao’s time politically but not economically. I don’t think he can pull it off. Mao’s successors tried to stop anyone from becoming president for life for good reason.
This is counterproductive. The more they restrict their freedoms, the more they will want to come over here and stash their money abroad.
We should try and deflect these flows of rich Chinese to other countries: I expect even more vigorous outflows as XI Jinping completes the transition to fully totalitarian regime. We can barely cope with the ones we already got, adding more would be to write off BC and give it to them outright.
Read this part again:
“a social credit system based on the principle of “once untrustworthy, always restricted”.
They’re ALL untrustworthy, therefor they ALL get their passports confiscated.
Come on Shar-pei faced ruler for life!
I expect to see a moratorium on Chinese travel in the next few years whereby they will be prohibited from leaving their country unless given special government permission. It is coming.
Yes, it is. You can see it.
The more fear you spread among Chinese millionaires, the more they will move their money here.
They are sleazy, not stupid.
Are you sure?
How about “the more they realize that their government is running analytics on their behaviour, communications, movements, finances, networks, habits, histories, friendships, businesses, and purchases, the more they will hold the fuck still and act normal so as not to raise any red flags”?
Occam’s Razor being what it is and all.
Or do you think that it still makes sense for a given Chinese national to make dozens of $49,999 transfers out of country from his government bank account via his friends’, families’, and employees’ government bank accounts?
Like you say, they are not stupid.
Californians fed up with housing costs and taxes are fleeing state in big numbers
As Vancouver’s left heads into ‘uncharted territory,’ who will run for mayor?
“Tim Louis, who was a COPE councillor in 2005 when Vision Vancouver began as an offshoot from COPE, said last week he believes “Vision’s brand is toxic” now.
“Adriane Carr would be my top person,” said Louis, who last year left his position on COPE’S executive after more than 30 years. “She would be a fabulous mayor.”
If Raymond Louie were to run for mayor, Louis said, “he would be more of the same. More Vision.”
“I’m looking forward to an alliance of progressive parties, but that alliance would not include Vision Vancouver,” Louis said. “They’ve been aligned with the developers of Vancouver … In my view, they are not a progressive party, in the same way that the NPA is not a progressive party.”
““Vision’s brand is toxic”
When was the last time COPE elected anyone, Tim? Vision elected 3 candidates in the school board by-election, along with the Greens (3) and One City (1) (who left COPE because they couldn’t stand Louis), which shows that a centre-left unity slate including Vision could do very well in 2018. I do agree that none of the incumbent Vision councilors would be a good choice for Mayor.
Raymond Louie is a double faced liar. And he is totally in favor of even stronger millionaire flows, he sees that as a form of economic development,
In the pockets of developers but pretending to be concerned for the average guy: the wrong type of politician.
Not everyone got the message. Price is up.
3415 W 24th Avenue, Vancouver
Nov 28:$2,580,000
Mar 5: $2,790,000
Change: 210000.00 8%
I almost rented that house back in November. They were asking fairly cheap rent ($2,600 for the whole house) but one year MAX lease. Didn’t work for me, I needed more than a year.
Oh no!
Six seagulls found coated in oil in east Vancouver released Monday http://vancouversun.com/news/local-news/six-seagulls-found-coated-in-oil-in-east-vancouver-released-monday
Why are they trying to make tofu out of seagulls?
New
307
Price Change
68
Sold
120
TI:8862
9K party this week? Inventory growth not nosebleed inducing by any stretch of the imagination….
Inventory are not nosebleed levels, but sales are bull scrotum smashing levels for post CNY.
Interesting point, CNY was a non event this year.
Literally no bump in sales unlike previous years.
If only it did last!
In my opinion a trade war between the USA and China is very bad for the Canada/China relationship. Canada’s likely going to have to choose sides, and unless Trudeau is even dumber than I thought, we will invariably side with the USA. That will mean trade tariffs between Canada and China are possible, and over the longer term their could be travel/immigration restrictions.
Immigration restrictions would be the best thing that could happen….
Negative immigration from the PRC would be ideal.
Immigration should be 10,000 per year maximum per country.
That way diversity is our strength. Not what we have now.
I think I will side with the US rather than China thanks!
“over the longer term their could be travel/immigration restrictions.” GOOD! We have enough immigration from China! This is a bad thing in your eyes?
If we don’t curtail immigration now, the lowermainland will become Asian and the poorer locals (mostly whites) will become the slave class. Remember Stah Li Pak?
Oracle, there is no issue with the Lower Mainland becoming “Asian”, whatever that means.
I appreciate true diversity and don’t care what people here look like, or where immigrants come from as long as their intent is to become Canadians and most of them do.
I don’t want to see one particularly toxic culture set up a parallel nation with the intent of taking over our country.
Ditto. Race plays no role. It always was and will be a matter of behavior. And, of course, money……
Horgan NDP With A Five Point Lead Over Liberals
You may interpret this as you will, the 9% of decided voters for the Conservatives sounds a bit strange. Mainstreet correctly predicted a dead heat in the popular vote for the 2017 election but incorrectly predicted a Liberal majority, just like I did.
I think he would win a majority if he had an election between now and the Fall. The Liberals are a mess right now and don’t have their act together. I also think a lot of Liberals would vote NDP to avoid another Green minority or risk of electoral change. I’d give them 80 to 90% odds of winning in a 2018 election.
You could be right, but Horgan seems pretty cautious to me. I think he’ll bide his time and see if the Liberal Party starts running into serious issues before he tries to pull the pin….
Also, the Provincial Liberals probably have a large war-chest of ca$h left to fight another election – but what about the NDP?
The BC Libs have to change their tack on housing, support demand curbs, distance themselves from RE developers and openly condemn mainland Chinese money laundering.
Until they do that, Metro Vancouver will be guaranteed to go to the NDP. Is Wilkinson willing to take this gamble?
I think he will. I think the Liberals are still acting and thinking like they’re the government and NDP like the opposition. Both parties need to change their thinking to the new reality. The Liberals won’t get back into power until they earn it. Housing was and is a bigger issue than they realize.
NDP 5 point lead? Pffffftttt!
Honeymoon is over sooner than predicted.
Lets check back in 4 years and see how they are doing when BC is in a depression, gas prices and hydro prices have doubled due to carbon taxes, government unions have been given 50% raises and road pricing cost more than the tolls they replaced.
As long as they do the housing file, they’ll be fine.
The other stuff is going to go up no matter what.
The actual voters that live and work here are sick of the Liberals selling our city out to the highest bidder. Strong measures against money laundering and land speculation are winning the NDP a lot of voters. If they can actually enact all the reforms in the budget, it won’t be surprising to see Horgan given a strong mandate by the electorate in the next election and may not require Green support to form government. I never thought I’d see the day that the NDP are the “populist” choice for our province… but thanks to Krusty and her clowns here we are…
“Strong measures against money laundering and land speculation are winning the NDP a lot of voters.”
True. And funny how many people were predicting the opposite just a few months ago. the tide has turned: if you want to win votes in BC you must propose measures that make houses more affordable. And that means (drumroll…..) lower prices.
You meant to keep feeding the freeloaders to win the votes?
For the past 20years the only freeloaders were the homeowners. They really got a great ride, with extremely low taxation and policy geared to higher prices.
Freeloaders.
Now these freeloaders are whining about a tax on second homes.
If you can’t afford to live here, FUCKING MOVE!
God damned freeloaders.
Add flippers, satellite families without an income declaration to CRA, and foreign “investors” to the list of freeloaders…
That’s how I see it. People will give them a chance at a majority.
Taiwanese woman connected to B.C. bawdy houses fights to stay in Canada – Documents detail CBSA sting operation after tip pointing to Taiwanese woman Chun Tao Zhang
😉
“A Taiwanese woman who moved to Richmond, B.C., to marry is being connected to the running of a series of bawdy houses and recruitment of foreign nationals to work in the Lower Mainland sex trade.
According to documents filed in federal court, Canada Border Services Agency agents confronted Chun Tao Zhang after allegedly arranging to meet her for sex through a Chinese-language messaging service.
The 37-year-old is now fighting to stay in Canada, because immigration officials determined she breached her work permit by engaging in the sex trade and wasn’t actually living with the spouse who sponsored her…”
Zhang allegedly claimed she was just trying to make a little extra money. She allegedly said she was unaware her work permit prohibited her from “employment in business related to the sex trade, such as strip clubs, massage parlours or escort services.”
“Neither myself, nor my husband is the boss. I just earn a little bit money as a little person. So you know, it’s not like what you said that I have so many girls who pay me. It’s not true,” Zhang is quoted as saying.
“And also, I didn’t know that providing this service is illegal in Canada.”
Looks a familiar M.O. for the locusts.
Didn’t know….unaware….doesn’t speak the language….
A little bit of marriage fraud, prostitution, and work visa fraud. It’s like a buffet of lies and degeneracy. This quote really is the icing on the cake “And also, I didn’t know that providing this service is illegal in Canada.” . It’s illegal in Taiwan too you imbecile…
Just making Canada a bit more “World Class”…
Moral Society.
Some loser squawking about how him being priced out makes our society immoral.
Once you are ok with killing babies you have lost any claim to being moral.
How many abortions are you responsible for over the years?
“How many abortions are you responsible for over the years?”
Apparently, one too few.
GET OFF MY LAWN!!!!
What the fuck are you talking about?
I think Strata Hacker is off his meds today…….
😀
Why publicly-funded universities should stop pursuing the international student bonanza
Foreign student attendance in universities soared by 88.5% since 2010 while enrolment of domestic students grew 7%
The main reason why you shouldn’t allow foreigners to crowd out your schools is the same reason why you shouldn’t allow them to crowd out your real estate. They represent transient demand, and when they decide Canada isn’t a great place to study anymore (or if Xi Jinping decides he doesn’t want Chinese to leave the country anymore) the demand dries up, and your educational institutions will financially collapse in on themselves. Fostering a strong domestic demand will ensure there’s a more stable base in real estate, schools, and companies should exogenous factors turn toxic.
“In the past decade, for example, the University of Toronto increased the percentage of its foreign enrolment in all courses from 10 per cent to 20 per cent. At UBC, one-third of first-year students were international.”
“… a recent report by a University of British (UBC) Columbia Professor Peter Wylie said they are displacing domestic students, notably in important areas such as engineering. “International students are now able to get into UBC with lower grades than those needed of domestic students in many, perhaps all, programs,” he said. “Meanwhile, many domestic students are on waiting lists to get into these courses. So international students definitely do displace foreign students.”
It’s not enough to sell off our land to foreigners, but we insist on giving away our education/technology too! All for beads and trinkets…..I mean Chinese monopoly money.
How the F*ck are international students accepted with LOWER grades than locals ?
…and given what was discussed earlier…how many are here fraudulently….?
QuestionL if their parents have passports or 10 years visa etc…are they deemed Domestic?….or International?
And they (most) pay for higher grades.
And local students can’t enroll in the same courses at UBC. Grade inflation of foreigners.
People need to wake up.
and it is well known that universities in china have very low standards and often the students can bribe the instructors to get better marks.
3568 Point Grey Road, Vancouver
Nov 20:$3,298,000
Mar 18: $1,599,900
Change: – 1698100 -51%
Half duplex rather than full duplex for sale = 50% off.
Hey that’s my old rental! Judging by the other garbage I see asking far more money then that’s not a bad “deal” Considering 2 bedroom condos are going close for that, I would take that one far before a stupid condo. Massive roof top deck, front yard, side yard, garage and it’s right across the street from one of those small PG parks so you have great views of the ocean and mountains. From my understanding they are in no rush to sell. The price change I THINK was for the original whole duplex, now I think they are just selling the one side.
Assessed value is $1,599,000. So guess they went for a fantasy price to start off with? https://www.bcassessment.ca/Property/Info/QTAwMDAwMDVDRA==
Someone must have forgot to give them the memo that the HAM bidding wars are over and they had to adjust their list price accordingly. It’s also hilarious how the land is assessed at $1,449,000, and the house is only $110,000. Why anyone would participate in such an obviously irrational market is beyond me…
Sebastien – wow, somebody needs to get out in a hurry.
Or they are trying to draw out the tire kickers. Maybe there are a few parties sitting on sidelines and the realtor wants to get them into a bidding war.
Good move by the realtor, bidding war for a cheapest duplex on the west side.
is anything selling for over assessed value now ?
More on the WS news story: West Vancouver woman loses immigration appeal
“Another case linked to Xun ‘Sunny’ Wang’s fraudulent operation that greased wheels of millionaire migration in Vancouver. In this case, a Quebec IIPer who settled in Van, as they do, gets booted. Hundreds more expulsions linked to Wang are likely pending” Ian Young.
http://www.cbc.ca/news/canada/british-columbia/clients-of-convicted-immigration-consultant-facing-deportation-for-lying-1.3868330
“One by one, many of the 1,200 former clients of an unlicensed Richmond, B.C., immigration consultant are getting the bad news — they’re no longer welcome in Canada because they lied.”
Fourth rule of Locust Club:
“If you get caught, pretend you didn’t understand the rules or you don’t speak the language”.
Yes you cannot say it’s the fault of the immigration consultant when his “victims” are actively working with him to beat the system. Come on. I’ve lived in a foreign country, had a work permit. I knew the rules. In fact, I am sure the rules were published in English (and a multitude of languages.) Plus being an expat you talked with other expats and knew the rules. I am sure Canada posts our rules in a multitude of languages as well. And more importantly, the rules are not that complicated. You need to be in the country for a certain number of days.
Remember..only Caucasians cannot be victims.
Pressure is building as many more people realize the sheer size of our immigration fraud problem. If enough people start voiscing their discontent, some politicians might finally listen.
What is happening to our immigration system is disgusting. Period.
It’s not just fraud it’s our immigration policies. We have this waterfall of ultra rich immigrants flooding the country and buying real estate which to them is actually not even expensive. Even if you remove the fraud you have a massive problem with legal immigration. A Chinese acquaintance of mine was bragging to me that gigantic sections of Vancouver are a hundred percent chinese-owned now. Having been around the real estate market the last couple years and being to many open houses I can tell you this is true. I am not a racist but objectively speaking the Realtors and people shopping for these houses are nearly 100% Chinese. These are not foreigners in the legal sense rather landed immigrants who have brought all of their Millions with them. This will never end.
If consultant was corrupt..doesn’t matter…in the big picture client wasn’t in here legally….
……or conversely…… the client needed a crooked consultant or otherwise wouldn’t be allowed in Canada.
Call your Federal MP’s office and complain. People need to speak up about this travesty.
Porportional Rep—> New grassroots party
Will rise quickly if that happens.
If we had a national inquiry into immigration fraud, we would discover that the majority of immigrants from china lied and committed fraud.
Instead of a few hundred deportations, there would be hundreds of thousands.
Mainland chinese are the most crooked people that ever existed, fraud is the norm for them.
Hundreds of thousands for sure. They’ve never passed the English language test, to begin with, let alone fake backgrounds, diplomas, credentials, and all other documents.
“A lot of these people have actually made a significant contribution to Canadian society. They laid roots here, they’ve bought property, they’ve established businesses. So it’s a really tragic situation.”
They made a significant contribution to Canadian society, they’ve bought property, they’ve bought property, they’ve bought property…
What a fuck, are we all idiots and need those Leung shysters to paint us with their shit???
“What a fuck, are we all idiots and need those Leung shysters to paint us with their shit???”
Yes, you all are hence all the bitching and whining. The smart ones are out there making money.
“The crooked ones are out there making money.”
I fixed that for you …
I have met a Chinese businessman immigrant and talked to him about setting up shop here and he laughed. There is no way in hell he will do that, He is currently paying his shop foreman about 3 dollar (cdn) meanwhile he is about to go into surgery courtesy of the Canadian people.
Buying property is not a contribution to. Canadian society. It is a direct damage to Canadian society.
They made a few people incredibly rich, while damaging the majority of the population.
My understanding is that waaayyy back, when HAM was coming from Hong Kong under investor class, RE was NOT on the allowable investment list…ie they should invest in creating real jobs.
Clearly, this never happened or was cancelled.
Not a chance the Federal,government would ever approve such inquiry. They are happier to have pervasive lawlessness than bee being perceived as racists.
I think there is nothing racist in applying the laws of our land, but this would be anathema to pretty much any mainstream party.
Just me – the Federal Government’s primary concern should be “justice” for its citizens, for its laws. Racism, as you say, should never enter into the equation. It should merely be “justice”. If they want to cry “racism”, then let them. They lied to the people of Canada. For that very reason, their appeals must be denied.
I agree. But they are the government, not me!
Let’s see if our judicial system is better than our executive branches (which have proven useless in countering Chinese millionaires’ malfeasance).
LOL, ya right.
Get all that shit out of the country and eventually let them appeal remotely on the fake government website for the sake of fun. They like those games.
Kick them out.
Execute them.
Seize their properties.
Then execute them again.
They bought the property legally, they immigrated to Canada with the approval of Canada Immigration, why their properties should be seized illegally, and why they should be executed? Is Canada still a fair, freedom, democratic, constitutional country?
China can take care of the execution. We could start a kidney-for-criminal exchange program.
Execution seems a little harsh. Forcing them to go back to live in China and seizing their assets seems like an adequate punishment. I certainly wouldn’t want to live there…
They’ll just steal some more and come back under a new name.
China New-Home Prices Rise in Fewest Cities in Five Months
““As long as President Xi Jinping wants deleveraging of the economy, I think the property market is on a long-term downward trend,” Andy Xie, an independent analyst and a former chief Asia economist at Morgan Stanley, told Bloomberg TV.”
Just me – and I read not long ago that the Chinese government were buying up 50% – yes, 50% – of all bad mortgage debt in the 2nd and 3rd tier cities. China is a giant balloon being kept up in the air by the Chinese government.
Since all the banks are state controlled they basically own 100% of the mortgages anyways. Whether the government puts their name on it or not seems mostly irrelevant.
But the Chinese government is not taking ownership of the money made off the sale of these properties in China. Sure, they’re taking on the bad mortgage debt and rolling over in perpetuity bad loans, but they were not stopping (until recently) the money that HAD been made by selling Shanghai properties, for example, and that money headed our way.
“All money you make to the good, you get to keep. All deals that go sour, we’ll take them off your hands.”
Must be nice. How can you lose?
Seems like the deal our banks were getting with bulk insurance through CMHC before that program ended.
“Hate to burst your bubble… Sydney house prices hit by steepest fall in TEN YEARS with some suburbs’ prices dropping by a whopping 30 per cent”, Daily Mail Australia
“Sydney’s housing bubble may be set to burst as prices fell by up to 30% in some suburbs. A steep fall in buyer demand, a crackdown on investor loans and a curbing of tax benefits are all reasons behind the drop, experts say”
” The drop, which is the largest since 2008, is a welcome relief for buyers looking to enter the world’s second most expensive property market, 9News reported. “
Australia sells homes using a bidding system. They pick a date that a home is going to be sold and it goes through an auction like process. I wonder if that causes more volatility both ways. Imagine if all 8,000 listings we currently have were on the auction block. I think we would find the true price more quickly than under our slow moving system. If my view is right on that, I think you should expect Aussie to correct first.
“Experts say a crackdown on investor loans, increased stock and the curbing of tax benefits has contributed. “
Host countries are finally waking up and doing something about the invasion of millionaire migrants, who move in and destroy everything in their path (as I said a few times, some people benefit handsomely but the majority of us loses from these criminals).
Nobody is doing anything except realizing that’s prices cannot increase indefinitely, and that it might be worth holding off if there’s a chance prices might fall. That becomes a self-fulfilling prophecy. Bubble psychology 101, once again.
Well, as far as I know mainland Chinese are extremely susceptible to the allure of bubbles. See the behavior of their stock market sand housing market in the past 10 years. They do drive a lot of this madness, leveraging their money whenever possible and hoarding possessions they expect will gain in value.
You’re such a fucking dumb racist.
How’s he a racist? FFS it’s the Chinese that are giving all immigrants a bad name with their money laundering and breaking laws.
Why is Richmond so poor? Dumbass using the racist card. Won’t work anymore.
One strong and eloquent counterargument, wondrously!
Because they love a quick buck without doing any work for it. Typical commies.
And Canada hasn’t? Where have you been? Under a rock?
Hoarding commodities, i.e. copper. Then pledging that same copper at multiple different banks as collateral for loans. That’s fraud.
That’s just one example. Cheating on basically everything is what I’m seeing: documents, taxes, money laundering.
Unethical, immoral behavior.
Did I say that? You are not paying attention. I did not.
But it is undeniable that house prices in the whole Pacific basin, where mainland China “investors” are active, have experienced heightened and persistent levels of speculation in real estate (known to be the favorite wealth storage for mainland Chinese savers).
How come it’s bursting everywhere but not in Vancouver. Did Vancouver manage to contract the most resilient kind of locust or else?
Because our wealthy immigration numbers are off the charts and the Quebec immigrant investor program is alive and well and like a 3-foot hole in this ship. Not only that but the families that are here can get money from their relatives overseas and the CRA is none the wiser. The foreign buyers tax doesn’t do s*** if all of the foreigners are officially designated as landed immigrants. I personally know people who are doing this and yes I have told them that they are part of the problem.
Parents and Grandparents can immigrate here with whole family. Not the case in Australia.
Good question….
..but I think the inevitable is commencing here.
Too much momentum in the downward side to stop.
Only question is the ability/desire of HAM to hold.
This begets the question of who the sellers are(what is their profile ?)as inventory is rising.
From last thread – Kinder Morgan Pipeline.
Most people have no idea that the protesters such as 350.org are funded by US oil interests who’s sole goal is to keep our oil in the ground so as to not compete with theres or force us to sell our crude to the US at a signficant discount to market prices.
1/2 of BC’ers want this pipeline so the protestors do not speak for everyone.
As this board is very diverse politcally I would be interested in your thoughts and comments.
Its fairly obvious I am for the pipeline expansion. People forget this is not a new pipeline. Its been there forever. Lastly, pipelines are the safest and lowest carbon footprint way of transporting oil. If the pipeline doesn’t get built it will go by train.
Let the attacks from the Eco-terrorists begin!
“who’s sole goal is to keep our oil in the ground so as to not compete with theres or force us to sell our crude to the US at a signficant discount to market prices.”
There’s a contradiction in the above. If our crude can only be only be shipped to the US at discounted prices it’s competing with US production, big time. At any rate it’s not that meaningful to talk about “our” and “their” oil interests as most major producers are active on both sides of the border. If more Canadian crude is exported outside North America that means less supply and higher prices in N.A. Why would US oil interests try to stop this? I think they short answer is they’re not actually trying to stop it in the first place.
Check out “Tides Foundation”…environmental activists at surface….funded by Rockefellers(competition is a sin !)…..Joel Solomon…all tied to Gregor Robertson.
Also GOOGLE “HollyHocks”…an interesting site up BC’s coast.
Hollyhock? Kind of a weird thing to get paranoid about. It’s basically Esalen North. Nothing much to fear except naked hippies in a hot tub.
Check out the Koch Brothers, if you’re looking for foreign agitators. Batshit billionaires, from good ol’ America, with huge holdings in the tarsands — one of the most profitable branches of their oil empire. Dedicated to political meddling, with hundreds of thousands funnelled into the Fraser Institute.
Do DO some homework on Hollyhocks….(more than meets the eye)
Recall Gregor Robertson had a chunk of land next door…in fact look into Robertsons background…his stepdad was a very wealthy old money American ….Gordon Russell…..
……is Gregor a Manchurian Candidate?
North Shore News: West Vancouver woman loses immigration appeal
– “fraudulently facilitated false employment and other documents for expired permanent resident cards”
– Came to Canada with her husband and two sons from China through Quebec’s immigrant investor program in 2005.
– Li’s husband, renounced his permanent resident status in 2015, making Li and her sons what is often described as a “satellite family.”
– “it is clear (Li) did not move to Canada with the intention of living here permanently after obtaining her PR status.”
http://www.nsnews.com/news/west-vancouver-woman-loses-immigration-appeal-1.23204401
One has to wonder how many hundreds of such families are playing the system to their advantage.
If the Feds don’t take action, the country’s immigration system will be the butt of many jokes both in Canada and abroad.
Canada in 2018 resembles a clearinghouse for money launderers and corrupt officials moving their stash abroad.
There appear to be several of these families on my street in Burnaby with no visible means of support while living in 2 million plus dollar houses and driving 100,000 dollar cars.
This occurs routinely all over Metro Vancouver. Auditing these households would be natural, if only CRA was not scared shitless to be accused of racial profiling. One more example of race trumping rule of law.
They are not scared.
They are __________t.
From the article: “In 2011, Li and her sons applied to renew their permanent resident cards, using a Richmond-based company New Can Consultants Ltd., that ‘fraudulently facilitated false employment and other documents for expired permanent resident cards and did so for (Li),’ according to the ruling.”
Ms. Li lied on a government document and lied to government officials! She deserves to be kicked out of the country. She has also wasted taxpayer money on valuable court time.
And please tell me that whoever filled out the false documents at New Can Consultants Ltd. is behind bars. If not, why not? Every single one of the people he assisted in the past should be gone over with a fine-toothed comb, and the operators of that fraudulent outfit should be behind bars for at least ten years.
That would be racist!
According to investigative reporter Ian Young this is just one of the many customers linked to the operation of Xun “Sunny” Wang.
This type of scam has been run on an industrial scale in the last 10 years.
“Li appealed a removal order on humanitarian and compassionate grounds.”
“While the appeal board considered factors including how well her sons fit in at their Canadian schools and their stated preference to remain in Canada, along with the family’s $10 million in Canadian assets, it also considered the family’s considerable ties to China, including Li’s husband’s job at which she testified he earns $500,000 to $800,000 annually.”
“According to the federal court decision, Li, 49, originally came to Canada with her husband and two sons from China through Quebec’s immigrant investor program in 2005. They were declared permanent residents in December 2006.
But just 10 days later, the family returned to China and “over the next seven years, they only intermittently visited Canada,” according to the court decision.”
You gotta love the incipit of the article!
“The owner of an $8-million West Vancouver mansion has had her appeal of a deportation order tossed out by a federal court judge.
Xiao Qing Li requested a judicial review of a June 2017 immigration appeal decision, which dismissed her application to renew her permanent resident status.”
The lawyer had 1500 ? fraudulent cases.
Nice! More of these wins for the Canadian taxpayers.
Kick them out
If we executed these slimy locust fucks, they would stop coming here.
Only an early sign, I think:
Nearly 3 in 4 Vancouver houses sold for below asking in February (a lot of addresses listed)
I thought in a balanced market, the sale prices are usually 10% below asking after some negotiation?
https://thinkpol.ca/2018/03/16/nearly-3-4-vancouver-houses-sold-asking-february/
That would make sense. The seller is incentivized to make their list price slightly above market value in a vain attempt to get a sucker to overpay.