Friday free for all! 420 dude!

Well, it’s the end of another glorious work week in the best place on earth. How are your investments doing?

It’s friday and that means it’s time for another Friday free-for-all, our open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

10k y’all

1 year sold sign reprimand

suckers blame foreign buyers

buy a vote

warning on real estate recession

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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backwardsevolution

Following up on what Specuskeptic said down below, many of these housing/condo transactions are being flipped once or twice before there is a final buyer, thereby avoiding the property purchase tax. But what they are really after are the tax-free capital gains. What do you want to bet that a lot of these assignments are being done by realtors? In the past decade, you could have made some serious tax-free money if you were doing this on every condo you flipped. The government should go back through all of these developers’ records. It could be a windfall for the province!

“If approved by the legislature, the new amendments to the Real Estate Development Marketing Act will require developers to collect and report information on pre-sale condo assignments to ensure buyers are paying the appropriate taxes.”

backwardsevolution

The article also said: “‘It may take investors out of the market, especially those whose primary motivation was to flip the agreement before they closed. The net result may be a number of projects being put on the back burner because they can’t achieve their pre-sale targets demanded by the bank,’ Geller tells BuzzBuzzNews. Pre-sale condo assignments are a common occurrence in Vancouver. An assignment refers to a transaction that involves the owner of an unbuilt property selling the pre-sale contract to another buyer, while in turn making capital gains off the property’s increased market value. Although developers keep records of pre-sale condo assignments, the sales are not registered with the City and no property transfer taxes are paid. ‘For too long, people who resell condos before they have been built have been inflating real estate prices, without necessarily paying… Read more »

backwardsevolution

What do you also want to bet that some of these Asian realtors have been working with the drug trafficking/money launderers, flipping assignments between themselves, jacking prices up, thereby allowing more money to be laundered on every sale. Maybe the realtor kicks back most of his tax-free gains to the drug traffickers, keeping some for himself.

Spec

The vast majority of this was happening outside of cultural enclaves to be sure. This was an equal opportunity gamed operation (as long as you had a realtor’s license and/or a connection with the developers)

paulb

New
147
Price Change
57
Sold
89
TI:10347

http://www.clivestevepaul.com

Spec

I think Michael Geller has perfectly (and inadvertently) captured the essence of the attitudinal problem we’ve had around here for well over a decade. The idea that it’s OK for people to break the law as long as money is being made reeks throughout the area and it’s poisonous. He re-tweets the buzzhome article, “Cracking down on tax evasion in BC’s pre-sale condo market could hamper housing supply” Abominable.

https://twitter.com/michaelgeller/status/989304355332411392

Just me

China’s new rules have resulted in a big dropoff in Puget Sound-area real estate investments

https://www.bizjournals.com/seattle/news/2018/04/27/china-new-rules-seattle-real-estate-investors.html

“Buyers from China still are eager to buy U.S. real estate, but new capital controls are limiting their ability to do so. The value of office acquisitions by investors from China plummeted 92 percent in 2017.”

backwardsevolution

Just me – I also see a new patriotism building in China. They are calling for the Chinese to buy “local” products, to buy “Chinese”, and not to buy American. Could be they’ll stop coming for patriotic reasons. One can hope!

bullwhip29

English language learners now make up about 40 per cent of the Grade 1 students and 37 per cent of kindergarten students in the West Vancouver school district
http://www.nsnews.com/news/english-language-learners-on-the-rise-in-west-vancouver-school-district-1.23282671

Name

“The big increase in ELL students entering the school system happened in 2016 – when there was a 13 per cent increase – coinciding with a boom in real estate sales in West Vancouver. I think that’s a correlation there, definitely,” said Yioldassis. The majority of new immigrant families are from mainland China.”

… and the rest of the population pays dearly for it.

bestplaceonearth

If these are international students, they are paying for their own tuition fees, which is very needed in the public system. If they are local, their family do pay the school tax through the property tax. “The population pays dearly for it” is overstated.

Name

I meant “pay dearly for it” in the sense that ESL students suck up teaching resources so the other kids are impacted by their teachers having to deal with students who can’t properly understand the lesson. This is why so many parents want their children enrolled in French Immersion schools; because the students there need to have a firm grasp of the English language before they are admitted so there is not a problem in F.I. with ESL students.

Also it can be argued that whatever dollar International Students pay, it is not nearly enough.

Laibach

It is called “Applied Verminology”.

Combat Roach

You mean where teacher is dealing with 20 students who can’t understand what the fuck they are saying, instead of 10? You do understand that in FI, they speak French only, not English right?

See Saw

Nonsense. no need to have a “firm grasp” of English when going into French Immersion. That’s why it’s called “immersion”.

Just me

You obviously have no kids. Read the rules.

Oracle

Wrong. Barely anyone pays interanational rates. People get a work permit to qualify for exemption

Just me

Income taxes?
Wealth abroad anyone?

Combat Roach

No, the biggest locust invasion happened in the 90s when UK wisely decided against granting locusts British citizenship.

bullwhip29

Mounties are looking for a masked suspect in connection with several bizarre break-ins in Richmond, B.C.
https://bc.ctvnews.ca/bizarre-break-in-suspect-in-surgical-mask-snuck-into-home-moved-items-1.3905530

>>> not sure why Cpl Hwang thinks this is bizarre. the suspect who happened to be sporting a poor man’s Yihao Wang outfit, was likely searching for something specific. lastly, is there any doubt the person in question is asian?

C.Junta

C’mon, he did them a favor by re-arranging the furniture according to feng shui principles.

Name

“a thin build who is possibly of Asian descent.”

… that surgical mask is a dead giveaway.

Just me

“While still low by historical standards, at almost six per cent, MacBeth says rates are now approaching the level where the interest costs double the price of the home over 25 years.

“With a $100,000 down payment and an assist from the bank of mom and dad,” he said, “you buy a $600,000 house with a $500,000 mortgage.”

At 6.5 per cent interest, that $500,000 mortgage ends up costing more than $500,000 in interest over 25 years, he says, bringing the actual price tag of the home to almost $1.1 million. “

Just me

“It’s funny how people focus on the rate, because it’s not the rate that matters, it’s that we’re paying almost triple what we did 15 years ago for our houses,” MacBeth said.”

Just me

TD, Royal Bank both raise their fixed mortgage rates
At 6.5%, interest payments would double cost of the mortgage over 25 years

http://www.cbc.ca/news/business/bank-mortgage-rates-1.4638206

Just me

“Fee-only financial planner Jason Heath says the move is obviously bad news for first-time buyers, but those hit hardest are likely to be existing owners, almost half of which are due to renew their mortgages this year.

“I think you’ll see more banks able to raise rates, because they have some borrowers captive,” Heath said in an interview.

“There’s going to be less competition between banks and less ability for borrowers to move from bank to bank.”

Just me

This is exactly what BPOM pointed out yesterday: banks have many borrowers captive, because of B20. Hence, they will juice them nicely. I would be surprised if prices are not at least 10% lower in a year from now. Possibly more. If you account for inflation, it gets even more interesting: the price of homes might finally adjust downward significantly.

Time will tell.

Dave

It will be the gift that keeps on giving, because it’s going to play out over 5 years. It puts a lid on future price gains.

Combat Roach

That’s why I put $200+ with private lenders…those homeOWERs doesn’t know what’s going to be hit them and I will be there collecting $$ from their misery. Landlord? Can’t beat MoneyLord….hahahahah…fuckers.

Name

https://globalnews.ca/news/4161338/canada-labour-shortage-job-vacancies/

“With unemployment near a 40-year low, job vacancies stood at 470,000 by the end of 2017, up nearly 25 per cent since the beginning of the year. It’s the most severe labour shortage the country has seen since the onset of the financial crisis, said Dan Kelly, CEO of the Canadian Federation of Independent Business (CFIB).”

Everybody who wants a job has a job. Easy credit, money flowing, interest rates still in the ditch. But housing prices are sky high. Gasoline prices are through the roof. Debt loads are off the charts in Canada and inflation is over target and there is lots of room to raise interest rates but still the BoC does nothing…

backwardsevolution

Name – “…but still the Bank of Canada does nothing.”

Yep. Ponzi Polozi is taking his orders, keeping the game going. With the inflation we have had, what he has done is absolutely criminal. He should be in jail.

Oracle

Exactly. That’s why you should have no allegiance to Canada unless you are willing to fight for it. Take from it what you can before it becomes third world.

southseacompany

“RBC hikes mortgage rates, joining TD”, Globe & Mail

https://www.theglobeandmail.com/investing/personal-finance/article-rbc-hikes-mortgage-rates-joining-td/

“Royal Bank of Canada is raising the posted rates on some of its fixed-rate mortgages, becoming the second big bank this week to make adjustments following sharp increases in government bond yields.”

KickThemOut

Word around the office with all the Chinese visa waiting workers is that David Eby & Carol James recall petitions are starting soon. They are trying to work out how to get enough signatures quickly and what kind of checking / validation do gov’t do on the data.

Name

I’m sure they will find a way to scam on this, too.

Diadora

Is your office New Coast Reality?

Laibach

No, his office is the Richmond Branch of 50 Cent Party, responsible for Western Canada. The Branch is mainly focusing on the following objectives.

(2) Do not directly confront [the idea of] democracy; rather, frame the argument in terms of “what kind of system can truly implement democracy.”
(3) To the extent possible, choose various examples in Western countries of violence and unreasonable circumstances to explain how democracy is not well-suited to capitalism.
(4) Use America’s and other countries’ interference in international affairs to explain how Western democracy is actually an invasion of other countries and [how the West] is forcibly pushing [on other countries] Western values.

https://en.wikipedia.org/wiki/50_Cent_Party

Just me

You really nailed it. Could not have written it any better.
Thanks for taking the time to write it all so clearly.
Kudos!

KickThemOut

Bullwhip, BPOM, LBNL, etc are all so right. We need to fucking ban all the foreign drivers who can’t drive. First Houmblt hockey team tragedy, now the Toronto van attack. How many good innocent Canadians have to die before we realize that foreigners can’t drive?! We need to ban them and kick them out to stop this massacre of Canadians!

Name

Chineeze drivers are a blight on Canadian society. Everything from buying their licenses and bribing driving examiners to speeding through school zones in their McLarens, and crashing into random buildings and people, they are a danger to Canada and need to be stopped.

Combat Roach

Scalp them all.

Oracle

https://globalnews.ca/news/4172644/woman-pinned-gas-pump-vancouver/

Kick me out , SIDa, any input on how the Rick this happens?

Shut It Down Already (original)

For Rick’s sake, even the article says they don’t know how it happened. But I doubt you read it.

bullwhip29

The City of Richmond is not contemplating any street design measures, such as steel bollards, that would separate traffic from high-pedestrian areas that could be vulnerable to very rare but increasing vehicle-ramming attacks
http://www.richmond-news.com/news/intentional-vehicle-rammings-not-top-of-mind-for-city-s-street-designs-1.23282795

“However accidental vehicle intrusions onto pedestrian areas are becoming more common, or reported, in this city…”

“The city has used steel bollards along No. 3 Road, such as in front of Parker Place mall, to prevent vehicles from driving on wide sidewalks under the Canada Line station…”

Mr Relevant

Hi.

This is a real estate blog.

For posts on street design try: https://www.planetizen.com

Thank you.

Name

Mr Relevant: your post is irrelevant.

Combat Roach

You are irrelevant. We should be out there actively exterminate these locusts….

southseacompany

“US Federal Reserve Indicators Show Canadian Real Estate Buyers Still “Exuberant””, Better Dwelling

https://betterdwelling.com/us-federal-reserve-indicators-show-canadian-real-estate-buyers-still-exuberant/

“Canadians are still overly enthusiastic about real estate prices. US Federal Reserve Bank of Dallas (a.k.a. the Dallas Fed) indicators show buyers actually became more irrational in the prices paid in the fourth quarter of 2017. Analysts from the reserve bank warn prices are still overheated across the country.”

Name

It’s typical bubble euphoria behaviour.

southseacompany

“Toronto-Dominion Bank lifts mortgage rate in ‘biggest move in years'”, Financial Post

http://business.financialpost.com/news/fp-street/toronto-dominion-lifts-mortgage-rate-in-biggest-move-in-years

“Toronto-Dominion Bank has lifted its posted rate for five-year fixed mortgages by 45 basis points to 5.59 per cent as government bond yields touched their highest levels since 2011 this week.”

“The big question now is will other banks follow?”

bullwhip29

Chinese Robocalls Are Bombarding New York, Vancouver, Los Angeles, Australia, and New Zealand…
https://www.wnyc.org/story/chinese-robocalls-bombarding-new-york-are-part-international-phone-scam/

Name

These are happening in Vancouver too. My wife received a call from the “chineeze consulate”. I am so sick and tired of these locusts and their constant scamming. Everywhere we turn they are trying to pull a fast one….

Shut It Down Already (original)

Except you’ve no idea who is behind the scam and are making your usual toxic assumptions.

bullwhip29

yes, it is a given that you view the chinese as being the victims here…

Just me

It must be the Norwegian government……

You lost any credibility years ago, despite your big ego. Stop making a fool of yourself. And stop race baiting.

If something is true, accept it.

Laibach

Credibility? He had credibility? He ever had any credibility? Lol…

Shut It Down Already (original)

You have no concept of truth, and the race-baiters are those who continually post irrelevant shit like this on a real estate blog, you fucking clown.

Just me

And you resort to insulting again.

You are hopeless.

The robocalls (of which I have received a few lately) are clearly in Mandarin. But you keep blaming the “racists” for even mentioning them.

Shut It Down Already (original)

Are you suggesting that the guy who posted a link to a neo-Nazi website ISN’T a racist, fucking clown?

Just me

I am suggesting a scam of massive proportions is being run as we speak.
I had three calls in Mandarin over the past three days. And I am on a no calls list.

Sycophant.

KickThemOut

No wonder I”m getting so many calls from CRA!!! Fuckers even trying to fake Indian accents and frame Oracle’s cousins!

Oracle

Protecting the Chinese by scapegoating Indians. Pathetic.

If we can’t drive in a foreign country properly, we don’t. But your country people ….

Combat Roach

Indian, Chinese, they are all the same. Scientifically it’s been shown that Asian simply lack the proper hand-eye coordination, intelligence, and reaction time to drive in a safe and efficient manner.

bullwhip29

Wilkinson’s plan to cancel the speculation tax would hurt people, says Finance Minister James
https://www.voiceonline.com/wilkinsons-plan-to-cancel-the-speculation-tax-would-hurt-people-says-finance-minister-james/

YVR

If canceling the speculation tax would hurt people what did reducing it by 85% do? I would think giving the first $400k as an exemption and cutting the balance to 0.5% would hurt people too.

Just me

So, you are saying at least some tax is no better than no tax at all? What is your reasoning?

The BC Libs would roll back all taxes on housing. Wer know that already. But it does not dissuade you from voting for them. Clown.

Oracle

He’s saying it will have no effect.

Spec tax having no impact at all.

Just me

16 years of BC Libs had a great effect instead. Prices exploded.

Oracle

I agree. They should never have watered it down UNLESS that was their intention.

Sebastien

RE: Empty homes tracking

I think most people miss the point of doing this. The point is not that a locust has to sell his house for me to buy but it’s about assumptions. With locusts, it all comes down to psychological warfare. Imagine if we snitch one and this forces a tax sale, the local MSM would pick the story up and it’ll send a chill in all the locusts spine. They’ll have to come clean or sell all at once, forcing the collapse.

Whistler or bust?

I think its a great idea. Ignore these idiots. I think you are standing up for the community by forcing people (who don’t want to) pay their fair share!

Please keep us posted on your progress.

KickThemOut

why don’t you just go squat and advocate for squatting rights. Nothing better than free!

C.Junta

Not that I am arguing, I just have a link about psychological warfare handy:

Corsicans Are Using Bombs to Protect Their Island Paradise
https://www.vice.com/en_ca/article/jmb8ed/piss-off-a-corsican-and-theyll-bomb-your-holiday-home

/dev/null

Thanks, Sebastien! I’m going to start with the four or five empty houses within a block of mine, that have been sitting empty for years. (I know that KickThemOut thinks I’m “lazy” and a “dumbass” but my job and family keep me busy so I haven’t had time to do this yet). I’d like to only report the ones I’m really sure about – flooding the tip line with lots of incorrect tips is just going to slow down their work. And I totally agree that a few people getting caught may help make scammers feel unwelcome.

Combat Roach

I know some homeless people that can take care the occupancy problem for you. Just list the address here.

bullwhip29

Vancouver’s condo craze claims 2 iconic Kitsilano restaurants
https://globalnews.ca/news/4171695/moderne-burger-closing-bennys-cafe/

bullwhip29

Zhi Ping Guo, accused of helping himself to close to $50,000-worth of mushrooms from Langley B.C. warehouse, Champ’s Mushrooms Inc., has been ordered to pay a fine after he was caught on video allegedly secretly pilfering pallets of fungi worth close to $50,000 over a three-month period
http://www.cbc.ca/news/canada/british-columbia/mushroom-theft-fine-champs-warehouse-langley-1.4637085

Best place on meth

Strange, it’s just not like the locust to simply “help themselves” to whatever they want to take.

Big mistake messing with Vietnamese too, obviously this guy doesn’t know much about history.

“Guo counter-sued for defamation and infliction of emotional harm because of the manager’s actions but lost.”

Ah yes, get caught being a thieving prick, then claim that you’re actually the victim.

AIDS would know about this type of behaviour.

Name

I like this part:

“I’m coming after everything you own … I will make your life miserable,” wrote manager Tri Quach, in a letter that the judge described as “outrageous” in his April 24 ruling.

Combat Roach

Vermin fighting locust, love it! Fucking left fascism cowards and appeaser. We should have never pulled out of Vietnam.

Oracle

Bears: even if there are 20,000 empty homes, they will be filled within a year by new immigrants.

Focus on the real issue of you can. But too dumb I think.

Bestplaceonearth

Stupid bears got trick by the NDP and vision that taxes would solve their problems. Pity on bears.

Best place on meth

You can tell it’s time to bail out of this insanely overpriced real estate market immediately.

The shrillness, repetitiveness and desperation from Byron and the fake Indian are at a fever pitch.

Bestplaceonearth

Haha, stupid bears don’t understand how resilient the homeowners are. They will work extra hard to protect their castles. Don’t believe me? Ask your mama. Otherwise, there’s no basement for you to dwell.

Best place on meth

At least you still remember to answer to your name, Byron.

Good doggie, you and AIDS are so smart.

You always come running when called.

Laibach

Good doggie especially runs whenever mama calls it down to the basement to change her the diapers, otherwise why would it always talk about mama and basements?

Bestplaceonearth

So you are basement dweller too?

Laibach

Lol, you are getting buried deeper and deeper. Do yourself a favor and get the fuck outta here.

Bestplaceonearth

You are allowed to call me any thing you want, mama, papa, Nana, grandpa…I take it. Basement dwellers are just dumb!

Just me

Ok Byron. We know you.

bestplaceonearth

So what? In this town, if you have a good social live, you know everyone, and vice versa. You-loner-basement-dweller with a sad life always hide…in the basement.

Oracle

Oh pleez.

Watch and see. And FFS I want a crash/correction if you haven’t figured it out yet Einstein.

But our side littered with dummies and the other side laughing all the way.

Now with way less empty homes, what you think the NDP and Developers gonna say??

Yup. Supply problem. Kickbacks to NDP by developers building the so calle d14,000 rental units.

Shut It Down Already (original)

Except that’s not remotely true, because we know the net migration rates and average household size.

Oracle

Of course colonizers downplay this. It’s an invasion.

Shut It Down Already (original)

You’re a proven liar.

Oracle

You’re a proven Chinese.

paulb

New
208
Price Change
63
Sold
161
TI:10332

http://www.clivestevepaul.com

Just me
Just me

“For city coffers, Vancouver’s new levy was no doubt a winner. The Pacific coast city expects to raise C$30 million ($23 million) from the tax in the first year. That will more than cover the one-time cost to implement the system, C$7.5M million, and the annual operating cost of about C$2.5 million.”

“Taxing ghost owners is also more lucrative than annual property levies. The empty homes bill was as high as C$250,000 for at least one vacant multi-million dollar home. That’s more than the roughly C$200,000 in annual property taxes that Lululemon Athletica Inc. founder Chip Wilson pays on his Vancouver home, Canada’s most valuable residence.”

Just me

“The supply of homes available for lease in Vancouver remained below 1 percent as of early October for the third year in a row, according to data from Canada Mortgage and Housing Corporation. When the city announced the tax in late 2016, it expected it would boost the rental vacancy rate to about 3.5 percent.”

“Robertson, who isn’t seeking re-election in October’s municipal ballot, has called the program a “carrot-and-stick approach” intended to capture ghost homes and help return them to the rental supply. “Those who are not playing ball here and who are skirting the system, we will get you,” he warned this week, saying audits are underway.”

bestplaceonearth

B20 has keeps all renters at bay, so the rental market continues to be very tight, in case your tofu brain does not know this.

Best place on meth

So you hate vegetarians too, fucker?

Just me

“Vancouver’s program relies on owners to self-declare if a property was used or rented for less than six months in a year. If so, they are subject to an annual fee equal to 1 percent of the property’s assessed value. False declarations incur fines of up to C$10,000 a day.”

Lost,... but not leased

I’m calling bullshite on the “reported” vacant home numbers….

In addition…..unless the COV gets solid numbers on strata..the whole thing is a waste of time.

Strata will be the only realistic affordability option. Quit puckering up to Bob Rennie’s ass.

ALSO reported: 1300 COV employees earn $ 100,000 +

Sebastien

Then join me. I’m taking this issue into my own hands.

bestplaceonearth

Welcome to the peeping tom team! I hope some the bears still have some decency by not looking into people homes.

Sebastien

Every homeowner in Vancouver is a millionaire. Anything is fair game.

Shut It Down Already (original)

Jealousy and greed. Also not true. If you have an asset worth $1.2m and owe $800K on it are you a millionaire? I’m thinking you might know this one.

Bestplaceonearth

So what? If you work as hard as they do, you would not be a basement dweller.

Just me

Many homeowners are quite accidental millionaires in Vancouver. This story that everyone deserves to be a homeowner millionaires is quite frankly ludicrous.

Bestplaceonearth

Yes, and you could have been one. Unfortunately you failed yourself, big time.

Best place on meth

Byron, they’re not “homes” if they’re empty.

They’re safety deposit boxes owned by vermin.

Got it, fucker?

Bestplaceonearth

They are someones’ homes. One thing I know for sure, those homes don’t belong to basement dwellers.

Best place on meth

You don’t know what a home is, you fucking china apologist.

An empty property is nothing more than a poker chip.

Shut It Down Already (original)

You won’t do anything.

See Saw

Hmm, how would YOU know about “puckering up” to anyone’s ass let alone Rennie’s?

bestplaceonearth

The NDP shill only partially posted what he wants to show. How about “the city estimated some 20,000 homes were empty or “under-utilized” when it proposed the tax. Months later, a study based on census data pegged the number of vacant dwellings at more than 66,000” or “Yet the new tax only captured 8,500 properties as empty”.

The shill is so easy to let the moonbeam goon to convince it was all about freeing out rentals. So dumb, when has it been about people? It’s all about taxes and money, stupid!

Just me

And you think that the discrepancy has nothing to do with people misreporting to avoid the tax?

Shut It Down Already (original)

I’m sure some wil misreport either deliberately or accidentally. But if you want to argue that it’s a significant number you should probably bring some evidence. But you suck at that, so you won’t.

Just me

Time will tell. Evidence will spar either way, as long as audits are done seriously.
For the time being, your posts are as meaningless as any other. You have no evidence either. Nobody does.

One more reason we should spend some of the tax revenues to audit people and do it quickly.

Bestplaceonearth

Truly rotten tofu brain you are. You debate The very same data from the very article you posted, and you said there is no evidence. Put your head back between your behind and keep it there.

Shut It Down Already (original)

I don’t need evidence if I’m not the one making claims, dumbass. The burden of proof is squarely on you.

Best place on meth

But….you claim he’s a dumbass.

Prove it.

Checkmate, fucker.

Just me

And as usual, you end up insulting and making claims…..
Garth, we know your number. You failed as a politician, and you are going to fail as an investor. What is your next job?

Best place on meth

“What is your next job?”

Angry unemployable loser never had a last job.

Or even a first job.

Bestplaceonearth

So, which is it? 57,500 or 11,500 units misreported? And rental vacancy is barely improved. See how tofu your brain is!

Oracle

I want a housing correction but can’t even speak out for it as the dumb voices drown out true action.

Seriously Just me and others. Empty homes are no the problem. Now good luck fighting the supply argument.

FFs. Dumb.

Oracle

No dumbass. No one is misreporting. You are being played.

Most houses are full of people. The definition of StatsCan didn’t include temp immigrants.

backwardsevolution

A lot of rental units are taking cash, and these landlords are not declaring that cash income to the Canada Revenue Agency. A realtor I know has two units in his basement, and he’s probably not paying income tax on this income.

As well, a lot of strata buildings only allow so many rentals at a time. So a lot of units are just sitting there empty, and the speculators only bought them to gain capital appreciation.

Once prices start to head down, things will look completely different. We’ll have a better picture in a few months, after all the pre-approval B20’s are rolled off.

Of course, once interest rates start to mirror what’s happening in the States (which Poloz will be forced to recognize), this will change everything.

Bestplaceonearth

New strata rules don’t allow the rental restriction.

Oracle

Still talking about b20???? Not a factor anymore.

Oracle

Of course.

StatsCan defined any home with temp immigrants (foreign students, tfw, etc) living in it ’empty’.

Now when tax collected, barely any homes empty.

They’ve mislead the dumb bears. Good luck talking about supply now. Morons.

It’s about record immigration and population growth. And foreign money being brought in by these locals. Maybe you guys will get it in a few years.
Even Carole James conceded yesterday nothing can be done. She said will take a long time. Hahaha

Just me

Meanwhile, in Poloz little cozy world:

Bond Bears to Lose Bravado With Canada Yields at 7-Year High

https://www.bloomberg.com/news/articles/2018-04-26/bond-bears-seen-losing-bravado-with-canada-yields-at-7-year-high

Yields may fade again after steep run up, Sun Life, TD say
Aggressive Bank of Canada rate hikes in question despite Fed

Just me

“Bears feasting in Canada’s government bond market may be getting a little too greedy.

Yields on two-year and five-year government debt have reached the highest since 2011, surging 120 basis points since June. That mirrors a rise in 10-year U.S. Treasury yields which pushed past the 3 percent barrier for the first time since 2014 this week.”