advice, BC, Canada, economy, presales

Don’t forget to pay your condo flipping taxes

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149 Comments

Just a reminder, flipping condos as a money making venture means you have to pay taxes on that income and the CRA is going after those who don’t report condo flipping profit.

From April 2015 to December 2017, the CRA audited 4,951 files in British Columbia and assessed $140.0 million as a result of these audits.

The penalties for non-compliance are harsh.

“The CRA will apply a penalty equal to 50% of the additional tax payable if a taxpayer knowingly makes a false statement when filing a return,” the CRA says. “During the period of April 2015 to December 2017, the CRA applied 1,254 penalties, totaling $38.6 million. The highest penalty was almost $2.5 million.”

Read the full article here.

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Diadora

“If the Chinese market doesn’t want it, I have no interest in it” – Vancouver developer
https://thinkpol.ca/2018/05/02/chinese-market-doesnt-want-no-interest-vancouver-developer/
WTF! Developers are not building for Canadians but for Norwegians.

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backwardsevolution

The Bank of Canada has a Governor, Stephen Poloz, a Senior Deputy Governor, and four Deputy Governors. For doing a worse job than a pack of monkeys could, their yearly salary for 2015 was:

Governor: $436,100 – $513,000
Senior Deputy Governor: $305,400 – $359,200

I would imagine the four Deputy Governors aren’t far behind in terms of salary. Is it a half a million dollars a year for a blind man who doesn’t see any inflation, or is it half a million dollars a year for looking the other way? I’m going with the latter. IF he has a conscience, which I highly doubt, then his later years will not be happy ones.

https://www.bankofcanada.ca/about/board-of-directors/

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backwardsevolution

And that’s just the top executive staff. That doesn’t include the other vested interests who are on the payroll. Lying doesn’t come cheap, I guess.

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xhistory

At least Poloz was kind enough to give his one topic speach from Yellowknife. Sending the message from this geographic latitude was intended to trigger an oblique angle on the housing issue, without slipping on a banana peel.

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backwardsevolution

Re flipping of assignments and realtors getting first dibs on condos, the CEO of BCREA, Darlene Hyde, tries to play dumb and says she is “troubled” by the allegations. Like she didn’t know! Typical lying salesman.

“However, the head of the B.C. Real Estate Association, a trade group for roughly 23,000 agents in the province, said it would consider opening up the whole pre-sale market to any buyer. Chief executive Darlene Hyde said on Tuesday that her organization, which guards access to the lucrative MLS system, was troubled by the allegations uncovered by The Globe and wants to work with the provincial government to close any regulatory loopholes. “The whole situation it’s just a little murky,” she said. “We stand by a strong regulator and we stand by an informed public.”

https://www.theglobeandmail.com/canada/british-columbia/article-bc-realtors-regulator-react-to-globe-condo-flipping-investigation/

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backwardsevolution

The BCREA wants an informed public? Since when? Since maybe the day before yesterday? Darlene Hyde is well named. She apparently can’t “hide” anymore, and now she’s suddenly found Jesus and wants to “work” with the government. I’d just love to hook her up to a lie detector and see the upward spikes on the graph every time she opened her mouth.

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southseacompany

“CIBC follows TD, RBC to raise its five-year fixed mortgage rate today”, Financial Post

http://business.financialpost.com/news/fp-street/cibc-will-raise-5-year-fixed-rate-mortgage-rate-by-15-basis-points-on-tuesday

“That makes the third big Canadian bank to raise mortgage rates in the past week”

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YVR

“Another tenant says Kitsilano landlord used leak in apartment as grounds for eviction”

Last week, Steve Lepage told Global News that his landlord offered to fix a leak in his kitchen’s ceiling. But he claims the landlord said the scope of the work meant Lepage would have to move out — and then move back in under a new tenancy at a much higher rent. He turned it down and was served with an eviction notice. Elisa Valentine lives in a different building owned by the same landlord, and tells a similar story. Records show the landlord’s name is Hong Li Yu and she owns a number of rentals in Vancouver’s Kitsilano neighbourhood.

https://globalnews.ca/news/4181021/another-tenant-says-kitsilano-landlord-used-leak-in-apartment-as-grounds-for-eviction/

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Laibach

Is that swollen Jabba The Hutt manager a younger sister of Stahnee Pok lizard? Not that they are fucking the same but they are in the same mission. What a sewer this place became…

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Name

just yet more chineeze ruining vancouver for honest hard working canadians …

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Just me

“On Tuesday, Poloz devoted an entire speech to household debt. He assured his audience in Yellowknife that he wouldn’t spend so much time on a single subject if he didn’t take it seriously. In fact, the credit burden of individuals ranks among the two or three things that worry policy makers most. And he knows that if things go bad, he will take some of the blame.”

http://business.financialpost.com/news/economy/poloz-stays-clear-of-doomsday-scenario-there-is-good-reason-to-think-that-we-can-continue-to-manage-these-risks-successfully

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Just me

““Today’s record level of household borrowing reflects the evolution of the financial system and the comfort level of Canadians in taking on debt,” Poloz said. “But it also reflects a prolonged period of very low interest rates and rising house prices.”

So, let us keep interest rates unnaturally low for a bit longer. What might go wrong?

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Just me

“Poloz observed in Yellowknife that “aspiring to own a home is part of our culture.” When the global economy crashed in 2008, policy-makers knew they could harness that impulse to spark a rebound. A once-in-a-lifetime chance to get a mortgage for almost nothing would stoke demand for housing, which would be good for builders, contractors and agents. The strategy worked, although few realized that the rest of the economy would be so slow to follow.”

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southseacompany

“Whether housing bubbles will trigger crippling busts will be determined over the next couple of years because the bank has stated that interest rates will be moving higher”

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Doomcouver

Yeah he’ll definitely take some of the blame because he was too chicken to fix the fact that his predecessor Mark Carney painted us into a corner. Poloz was content to leave rates at record lows and let the bubble keep growing, just as long as he got to keep his job. God forbid he actually grow a pair and try to stem the tide of ridiculously inflated asset prices.

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Doomcouver

“The governor noted in his latest speech that the debt-service ratio, or the amount we owe as percentage of our disposable income, has held steady at around 5 per cent since the early 1990s. That suggests households are able to manage their debts about as well as they ever were.” Can someone explain to me where is he pulling his numbers from? I may be completely missing what he’s talking about, but the debt service ratio I’m familiar with is actually at about 14% right now and has held at that level since about 2008. The ratio was around 11-12% in the 90s. Even if his numbers were right, doesn’t he see the obvious fallacy in his logic? We have a disproportionately large amount of our GDP tied to real estate. What does he think will happen to the income… Read more »

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backwardsevolution

Poloz and Bernanke both knew the bubble existed, as did Carney, Yellen and Greenspan. All intentional and purposeful.

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Best place on meth

How Do You Control 1.4 Billion People? Great news for Canada’s immigration department, in addition to our own merit-based points system we may soon be able to tap into china’s coming “social credit” system to appraise potential immigrants from that awful country. https://newrepublic.com/article/148121/control-14-billion-people “China’s social credit system, which becomes mandatory in 2020, aims to funnel all behavior into a credit score. Decades of political upheaval and endemic corruption has bred widespread mistrust; An endemic lack of trust is corroding society; frequent incidents of “bystander effect”—people refusing to help injured strangers for fear of being held responsible—have become a national embarrassment. “Fraud has become ever more common,” Lian Weiliang, vice chairman of the CCP’s National Development and Reform Commission, recently admitted. “Swindlers must pay a price.” While outside observers agree that the situation likely bodes ill for many unwitting citizens, few… Read more »

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Just me

Perhaps we should ask Yuen Pau Woo, our own representative in the Senate.

I suspect he would argue that even asking the question is racist and culturally insensitive. Crime is OK< if the group committing it is sufficiently large.

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Laibach

Knowing this Canada should send the most of that toxic waste back to the supplier due to a false specification and fake warranty.

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Name

‘Amazing China’ documentary more fiction than fact

http://www.news1130.com/2018/05/01/amazing-china-documentary-more-fiction-than-fact/

and the brainwashing continues …

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Name

“I did not know how good our country is until I watched this movie,” said Zuo Qianyi, a 68-year-old retiree. “I have been to many countries, Britain, Spain, and they are not as good as China, at least not as Shanghai. I am very happy, and I will love my country more.”

It’s a good thing he had this propaganda movie to tell him how good his country is. Otherwise he would think it’s a shit hole and he’d want to move to Canada.

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Best place on meth

Random idiot in the crowd still wearing a surgical mask to protect against SARS.

You see them around here as well.

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Name

And not wearing it correctly because their nose is not covered.

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Laibach

They just hide rotten teeth, no SARS whatsoever. Hardly washing hands after toilet but taking care of SARS, no way.

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Just me

Just heard on CBC On the Coast that Andrew Wilkinson promised to repeal the extra property tax on properties worth more than 3 million people. Apparently, he claims he needs to defends poor British Columbia’s homeowners who are mistakenly targeted.

The battle lines are being drawn along ownership lines. I really hoped the BC Libs would wise up and stop supporting the millionaires in the face of the housing crisis we are facing. They decided to keep the course traced by Christy Clark. Shame on them for siding with developers, corrupt Chinese officials and millionaire owners.

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bestplaceonearth

You watch! your NDP god will be wiped out in the next election! You think they are here to save your sorry arse; nope, they are here to save their seats. Only you can bail out of your own failure.
By the way, why don’t you to Point Grey to night and protest against those who oppose the school tax? Yeah I know, you don’t want to do that either. The best you can do is to salivate this blog!

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xhistory

Education is a tough one to figure out in the New Age. Our future faces a crisis of existence. Kids maybe need a military education, dealing with far-reaching external threats. Say goodbye to your kids at age 12. How we deal with taxation becomes a Fed and Global issue.

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xhistory

The tax shouldn’t apply to houses that are homes and not financial products (treated like currency). Apply the tax evenly to all areas of the province where the owner treats the house like currency. Eliminate the tax in all areas where the house is treated like a home. You do that by reviewing Heloc and refinance history. The issue is people using refinancing to speculate, adding spec housing to their portfolios, while leaving places underused … meanwhile thousands of homeless freeze in the winter. It’s insane. The Earth we call home, got caught on this one. They dropped the ball on the house-as-currency, Lycurgus effect and New Application of Gresham law. I xhistory have rights to this insight, always and forever, amen.

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YVR

Andrew Wilkinson won’t have to repeal it. The NDP will do it first just like they did with the spec tax. Eby will not be winning his Point Gray seat again with this tax in place. That was one angry mob (of all white folks) on the news today. Not good when the people who voted you in are asking for your head.

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paulb

New
363
Price Change
77
Sold
134
TI:10420

http://www.clivestevepaul.com

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Best place on meth

No drop in inventory despite a new month.

Very interesting.

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Just me

With a bit of luck we’ll hit 11k by mid May.

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Oracle

500,000 foreign students in Canada.

What’s the net inflow per year?

If all in 4 year degree programs (not the case), then 125,000 per year before they get a work permit (TFW, etc).

If all in 2 year programs (most likely as this is duration for immigration purposes), then net 250,000.

Most likely 166,000 net new students coming here. And no, they don’t return. Goal is to get PR.

Add these 166,000 to the 310,000 regular immigrants being accepted this year. Add then the TFWs and IMPs. Add then the Supervisas. Add to that the millions of parents being given 10 year visitor visas.

Now you know why your rents are rising as well as the sub million properties.

Ignore this at your peril.

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Name

“Ignore this at your peril.”

I always ignore you .

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Oracle

You are a dumb one indeed. Ignoring numbers and trusting feels.

How has that worked out for you so far?

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Whistler or bust?

BINGO!

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Whistler or bust?

Orcacle mentioned ‘sources’ AND is 10% + of the posts in a thread.

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Shut It Down Already (original)

Wow wow wow! Just wow!

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Oracle

Relinquish yours Chinese citizenship Or STFU

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Royce McC

YES!!

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Shut It Down Already (original)

No need to guess at numbers or make assumptions about proportions of those who stay:

https://www.statcan.gc.ca/pub/75-006-x/2015001/article/14299-eng.htm

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Shut It Down Already (original)

You know that the point of that article isn’t the point you were trying to make, dumbass?

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Oracle

Watch the homeowners create a violent racket and yelling to make NDP backtrack on the school tax like they did on the spec tax.

That’s how you get change.

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Spec

Gary Mason piles on…https://www.theglobeandmail.com/opinion/article-the-deplorable-condo-shell-game-that-needs-to-end/

“Get ready for all the excuses, and the condescending talk about how we don’t understand how the business really works and how developers need to be able to sell to speculators. Don’t buy it – any of it. It will be self-interested nonsense from people who once filled the financial coffers of the political party previously in power in B.C., likely banking on that government to not change the rules of the game.”

High marks for accuracy…

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Just me

Brilliant!

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Just me

“The scheme is pretty simple. A developer gets approval for a project and then has to go out and raise money to satisfy the banks. He does this through presales of his project. Most of the units are being offered to select realtors, who have investor clients, many from China, who are willing to put down whatever it takes to get a piece of the action. And they are getting this access ahead of young people desperate to get into the market.”

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xhistory

Always buy wholesale ….and sell retail.

This planet has a chronic illness of Middlemanmania.

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Just me

“The insiders who are flipping their properties are often not paying tax on their financial gains and not paying fees and levies (like property transfer tax and foreign buyers’ tax) that others do. And they are often making hundreds of thousands of dollars through these transactions. The developers are happy because they get a cut of every deal that takes place. They want to see price escalation take place because it means more profit for them. There are whole towers being built and designed with the speculator and investor first and foremost in mind.”

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Dyugle

This just is begging for a CRA audit. They get a cut of every transaction means they have records of every transaction. Looks like a slam dunk!

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Just me

“The practice is unconscionable and the fact that it’s been done with the real estate industry’s knowledge makes it even more egregious. Now that it’s been exposed, many in the field are ducking for cover.”

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Just me

“There can’t be a lower price for insiders and another for the general public, as there often is now. There can’t be any secret deals. There can’t be flipping. Yes, people sometimes need to get out of their presale contracts because their personal circumstances have changed. Fine. But they should only be able to resell those contracts at the same price they originally paid for them, which would help prevent the crazy inflationary price spiral we see being created today.

There needs to be far, far more transparency in the condo market.”

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Whistler or bust?

While I do disagree with realtard insiders making profits on the working class shouldn’t private sellers be allowed to set whatever price they want for their product?

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Just me

Hoarding and gouging is regulated in most markets.
Not in real estate.
Try doing that with natural resources, financial assets, companies or utilities.

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bestplaceonearth

It’s a free market, and this is what free market does. You hate China so much, and you try to have the mindset of commie regulation…do you have multiple personalities too?

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Just me

Housing is a highly regulated market. It is implicitly and explicitly supported by various government agencies and institutions.

For the first time in ages, government is withdrawing its helping hand. And millionaires are not happy about their privilege being reversed.

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Shut It Down Already (original)

This is where patriotz bores us all with the definition of “fungible”.

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Just me

The only slightly annoying thing on this blog is you. With a sprinkling added by your race baiting, morally corrupt friends, who support the pillage and corruption occurring very day in our city.

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Just me

“The fact the NDP government in B.C. is indicating it is prepared to halt the deceptive practices Ms. Tomlinson revealed is encouraging. But it should be prepared for a major pushback from an industry that understands the house of cards it has built around the current system. It likely wouldn’t take much for it all to come crashing down, either.”

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Oracle

By the time they do something, it’ll be time for another election.

Also, nothing I have seen proposed so far is going to have any effects on rents.

They are going much higher. Lots of stores and restaurants empty today. Rent poor. Lots of vacations being booked by the landlord class. Record number in fact.

THe divide gets wider and will only grow. Hello Eby?

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Laibach

“Lots of vacations being booked by the landlord class. Record number in fact.”

This delicate information got me seriously thinking about data, privacy, statistic, machine learning, artificial intelligence and some unknown forces (eg. Masonry). What kind of informers or investigators you have access to, this is like Matrix, Neo, and Oracle? Usually, when people travel or book vacations there is no mentioning of their housing status so this one would definitely require some deep research and analysis which I assume you have access to. Please do tell us, this is the first time I ask you to point out your source.

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Whistler or bust?

+1

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YVR

“The fact the NDP government in B.C. is indicating it is prepared to halt the deceptive practices Ms. Tomlinson revealed is encouraging. ”

The NDP also said they were going to apply the foreign buyers tax to presales and didn’t. They did accept $500K in “donations” from developers recently but I am sure that has nothing to do it. I am sure the NDP will start a study soon to see if action is needed. Report out by late 2019. Eby’s expert consultant Cameron Muir will be working on it.

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Just me

Andrew Wilkinson justly announced he plans to make life a lot easier for homeowners. But you will vote him anyway. You don’t vote on facts, you vote on hate.

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bestplaceonearth

What facts? What have your facts done for you? Nothing good thus far! Your facts are just penny a hundred.

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Just me

You make no sense. But that is normal, I guess.
P{lease take an ESL course.

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Laibach

Only sense that subhuman organism or bacteria or Byron makes is being a living showcase or a textbook example of what became of people living in Vancouver. Soon that mentally and culture will be prevalent, Greedy and rotten dog who eats other dog to get ahead, but literally.

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kabloona

Yeah, but then Poloz says everything is A-OK with massive household debt……..

He’s got this.

😉

https://sg.finance.yahoo.com/news/outlook-good-even-shadow-debt-bank-canadas-poloz-192506391–sector.html

“Outlook good, even with shadow of debt: Bank of Canada’s Poloz”

“YELLOWKNIFE, Northwest Territories (Reuters) – Bank of Canada Governor Stephen Poloz said on Tuesday that the view of the Canadian economy is quite good despite record levels of household debt, and he was confident the central bank can manage the risk of that debt even as interest rates rise.

Speaking in Yellowknife, Poloz reiterated that policy makers will be cautious as they watch to see the impact on households of the bank’s three rate hikes since last July, but said rates are far below the level considered neutral and will naturally rise….”

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Name

Myself and others here have said he should not have dropped rates below 1% in a knee-jerk reaction to crashing oil prices but since it’s amateur hour at the BoC he panicked instead of waiting to see how lower oil would affect the overall economy. Now we have rates just above where they should have been kept all along and in reality at this point we should be much higher than where we are currently. He has helped to create the mother of all bubbles in real estate and debt and there will be no way out other than a big pop.

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Oracle

But you guys don’t pad their foundations. Learn how the new Canada works first.

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Doomcouver

The BoC just does whatever the Federal Reserve is doing. Poloz knows he has no real power. After the housing bust expect the mandate at the BoC to expand to include controlling house price inflation.

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Disgruntled

Right now the mandate seems to include attempting to stop house price correction. Also I would not expect the BoC to raise more than one in every two increases in the US. Poloz and company will do the very barest minimum to keep our loony above $0.50 US, real inflation be damned.

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Name

Poloz says Canadians owe $2 trillion as central bank mulls next rate hike

http://www.news1130.com/2018/05/01/poloz-says-canadians-owe-2-trillion-as-central-bank-mulls-next-rate-hike/

OTTAWA – Bank of Canada governor Stephen Poloz says Canadians have amassed a $2-trillion mountain of household debt that is now casting a big shadow over the timing of his next interest rate hike.

so there we have it folks. He is concerned about how much debt there is out there, even though he`s supposed to be dealing with interest rates and inflation, his decision is being influenced by our collective debt levels. He has really painted himself into a corner and he is freaking.

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Name

and …

Poloz says the volume of what Canadians owe is an important vulnerability for individuals and the entire economy — and it’s one of the key reasons why the bank has been taking a cautious approach to raising its trend-setting rate.

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Oracle

Disagree. With the Canadians thing. About 25% of the people own the vast majority of debt of $2T. The other 75% laughing.

I think you are the 25%. No?

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Shut It Down Already (original)

Again, no need the make shit up:

https://www.statcan.gc.ca/pub/75-001-x/2012002/article/11636-eng.htm

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Laibach

Why do bears (a.k.a. freeloaders or basement dwellers) have to suffer consequences of the greedy morons (a.ka. bulls), and be held as hostages of the equally stupid monetary policy?

https://www.bloomberg.com/news/articles/2018-05-01/canada-s-poloz-says-high-debt-rate-sensitivity-to-persist

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Just me

“Macroprudential policies — essentially government regulations to slow the accumulation of debt — improve the “trade- off,” he said.”

“While recent steps to tighten mortgage rules were welcome, he added, the measures will only impact new mortgages. “The stock of household debt, including the $1.5 trillion in existing mortgages, will persist,” Poloz said. “And this debt has increasing implications for monetary policy.”

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Just me

Poloz cracks me up.

He candidly admits that debt is a bit problem. Then goes on to say we need to keep interest rates low so that the debt stock will increase even more.

We have had negative real interest rates for years. Right now inflation is above 2% and interest rates are at 1.25%. This erodes the incentives to save and increases the incentives to borrow. Poloz is digging even deeper into the hole. Someone should stop him.

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Oracle

It’s only a problem for those in debt. Most homes barely have a mortgage.

It’s the lower 25% who got in late the last 8 years or so that are in debt.

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Name

http://www.news1130.com/2018/05/01/vancouver-city-hall-council-meeting/

Protestors angry about a development proposed at 58 West Hastings street block entrances at Vancouver City Hall. Police called in.

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Shut It Down Already

Peppa Pig is censored by popular Chinese video app for being ‘subversive’

http://www.dailymail.co.uk/news/china/article-5677567/Peppa-Pig-censored-popular-Chinese-video-app-subversive.html

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Shut It Down Already (original)

School holidays already?

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Shut It Down Already

Don’t you have anything better to do, faker.

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Shut It Down Already (original)

I bet you were dumb enough to register your account with your real email address.

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Shut It Down Already

You need professional help. Your obsession with me is not healthy. You disgusting, pathetic, pervert.

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stagnate

the yvr people understand you can’t count on the ndp to facilitate a core service like providing fuel, might as well do it yourself. the ndp is also finding out the hard way there is no such thing as easy new tax sources.

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Doomcouver

Pretty sure providing fuel isn’t within the government’s mandate. If you don’t like the prices, go electric.

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Dave

There are no electric jets yet.

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Shut It Down Already (original)

You fly to work?

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ostritch

Amazon is coming. Which one of you bears is going to swap 85 hours of your time each week for $65,000 CAD? Meanwhile locusts will find a workaround to CRA or take their maniacal flipping schemes elsewhere until low prices draw them back in. How will you afford to jump on low prices with a salary of 55K a year tho?

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Sebastien

What tells you that we won’t be able to afford a place with 55K/year?

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C.Junta

>85 hours of your time each week for $65,000 CAD
May I ask where the $65K number is coming from?

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Shut It Down Already (original)

His ass?

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Oracle

Most are people being relocated from USA because H1B expiring and changing there.

Locals? Highly unlikely.

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Shut It Down Already (original)

You know the source of employees for an office that not even opening for a few years?

You’re a fucking genius, you are.

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bullwhip29

Condos slated for ‘Vancouver’s most haunted house’ site
http://www.vancourier.com/real-estate/condos-slated-for-vancouver-s-most-haunted-house-site-1.23285774

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bullwhip29

‘Amazon Effect’ May Push Vancouver Housing Prices Even Higher
https://www.bloomberg.com/news/articles/2018-05-01/-amazon-effect-may-push-vancouver-housing-prices-even-higher

>>> isn’t it funny how these supposedly bullish articles all seemed to be queued up ready to publish the moment the AMZN news was announced? as per usual this story will undoubtedly make the highlights on this evening’s news broadcast and will be set to autoreplay for many more days/weeks. what hasn’t been reported on, however, is what sort of terms AMZN got on this deal. i would assume they called all the shots and walked away with a sweetheart deal complete with each and every out clause should things go into the crapper for a myriad of reasons.

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Doomcouver

The real estate pumpers never miss an opportunity to stoke FOMO.

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bullwhip29

Vancouver-Point Grey MLA David Eby has cancelled an upcoming town hall on the new school tax after a planned protest prompted security concerns around the event
http://www.cbc.ca/news/canada/british-columbia/david-eby-postpones-school-tax-town-hall-amid-security-concerns-over-protest-1.4642927

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Name

The freeloader millionaire homeowners are upset they will have to pay a bit more tax on their multi-million dollar houses.

“he said two real estate agencies encouraged non-constituents and people without tickets to attend, and then a subsequent letter distributed by the B.C. Liberals did the same. He also said the staff at his office had been subject to verbal abuse.”
“People were opening the door and shouting at my staff and calling up the [constituency] office and yelling at my staff and so on.”

‘Utterly unfair’
“Jonathan Rubenstein, a semi-retired homeowner from Shaughnessy, says his property — which is valued at $6.3 million — is not a financial asset that should be taxed by the government.”

Talk about entitled. Meanwhile some people are living in their vans on the streets.

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Just me

“Jonathan Rubenstein, a semi-retired homeowner from Shaughnessy, says his property — which is valued at $6.3 million — is not a financial asset that should be taxed by the government.”

Dear Mr. Rubenstein: people pay higher marginal taxes on their meager financial savings. What is your point? Since your millions are in real estate you are exempted?

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Doomcouver

Boohoo for these rich a-holes. We really need a tax revolt for the working class. Wealth inequality has gotten completely ridiculous. “Let them eat cake” moments are happening all over Vancouver.

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Just me

This is truly shameful. Owners are effectively complaining because the BC Libs’ welfare system for millionaires has been marginally tweaked (not eliminated, mind you. Taxes on the first 3 millions of values are still low, and you can defer them indefinitely if you are a mature owner).

Shame on them. Really, they should hang their heads in shame. Their greed is astounding.

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Just me

“In a statement, Eby, who is also B.C.’s attorney general, said he had hoped the event could have been an opportunity for a community discussion about the school tax.

However, he said two real estate agencies encouraged non-constituents and people without tickets to attend, and then a subsequent letter distributed by the B.C. Liberals did the same.”

I really wonder which real estate agencies are behind this shameful protest. Anybody knows? We should start a boycott campaign that makes them aware of their mistakes.

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Just me

“He also said the staff at his office had been subject to verbal abuse.
Point Grey is home to some of Vancouver’s most expensive properties. (Tina Lovgreen/CBC)

“People were opening the door and shouting at my staff and calling up the [constituency] office and yelling at my staff and so on. We’re vulnerable at that point,” Eby said.

“We pressed on … but the tactics of the opponent groups ramped up.”

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Just me

“Rubenstein says many of the people who live in these highly valued houses might not have the liquid income to keep up with the tax increases.

Instead, he suggested increasing the tax for high-income earners as a way of generating education funding.”

This guy is nuts: high-income earners are taxed at a marginal rate of over 50% in BC. His marginal rate is less than a 10th of that.
Talk about freeloaders!

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Whistler or Bust?

Wow that is truly astounding that some can think like that. Add tax to an already overtaxed segment of the population that is doing something productive while exempting a massive tax free asset.

These owners can defer their taxes or do a reverse mortgage for 1% of the value of the property if they can’t pay their taxes. Woe is me!

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Whistler or Bust?

This said, if the NDP would spend within their budget they would not need all these new taxes.
Income, property and carbon.

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Just me

The point is not just to raise revenue. The point is also to limit house price growth by reducing the incentives to use homes as gold bullion.

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Dave

It’s generational warfare. The retired boomers want and consume a lot of government services but don’t want to pay for them.

Taxing the working guy who can’t afford real estate is World class stupid. You need to get the unproductive people out and keep the productive people in.

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Ulsterman

“The retired boomers want and consume a lot of government services but don’t want to pay for them.” No generation has had it so good yet gripes when they get charged for some of the services they enjoy. Individually they’re just people and i don’t begrudge their smart decision to be born at such a good time. But please don’t pretend you had it as tough as today’s Millennials just because they can afford a cell phone, a Netflix subscription, and Starbucks.

I bet they’d swap for virtually free education, little globalized competition for jobs, strong unions, benefits, pensions, the no-gig economy, houses at four times incomes, less traffic, entry to UBC with a C+ average, and walking uphill to school both ways etc etc.

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Whistler or Bust?

Not sure if this is true but thought I would share it for comment. As Hypocrite Horgan Opposes Trans Mountain Expansion, The Vancouver Airport Authority Is Building A Pipeline To Import Fuel From Asia NewsSpencerFernandoApril 18, 2018 Insanity. If you thought the hypocrisy and insanity surrounding the B.C. NDP government’s opposition to the Kinder Morgan Trans Mountain expansion couldn’t get any worse, then hold on tight. Even as all attention focuses on Trans Mountain, it turns out that the Vancouver Airport Authority is working on a pipeline that will be used to import jet fuel from Asia. As reported by BIV last year, “The project involves building a new marine terminal on the south arm of the Fraser River, a tank farm and a 15-kilometre pipeline that will run through Richmond along Highway 99 and stretch west to Lulu Island.… Read more »

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Name

This line has been in the works for awhile now (and may already be completed) but it is to import fuel from Washington State not Asia which is currently sent by tanker truck up highway 99 from a refinery in Washington State. This guy is making a strawman argument because not all pipelines are the same and also the Asia connection in this case is not accurate as far as I know.

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Laibach

Here we go again, the new ammunition for shills…

https://www.bloomberg.com/news/articles/2018-05-01/-amazon-effect-may-push-vancouver-housing-prices-even-higher

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