Friday free-for-all! April 27th 2018

Hey it’s almost summer!

It’s also definitely the end of the week and that means it’s time for another friday free for all, our regular end of the week open topic discussion thread for the weekend.

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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Laibach
Member
Laibach
How about some actual poetry? Locust Sweet caress grazes my skin It’s loveless, these hooks sink in Behind an angel’s disguise, an insect preys Mandibles cut like a knife, the reckoning Forming clouds, their shadow shrouds Louder the tattered wings they sound Descending down Down they come, the swarm of locusts Skies above converge to choke us Feast of souls consume the harvest Young and old, suffer unto the locust Surrender, these veins are bled Devoured, nothing sacred Strings pull the marionettes See how they dance upon the winds that beget our pestilence Forming clouds, their shadow shrouds Louder the tattered wings they sound Descending down Down they come, the swarm of locusts Skies above converge to choke us Feast of souls consume the harvest Young and old, suffer unto the locust Bleeding from my eyes, this plague is sent… Read more »
specuskeptic
Member

Why start a brand new thread with an obvious troll post? Lots of articles posted over the last hour where reasonable discussion can occur. Now the whole thread will be the usual bullshit. Of course, admin won’t check in until next FFFA… Enjoy the shitshow!

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

Yet I’m somehow the “race baiter” according to our resident dumbass. What a clown.

Laibach
Member
Laibach

You are a “native” race baiter, not even being cognizant when doing it. “Locust” is behavioural attribute and had nothing to do with race but go ahead and keep playing your stupid games. Luckily nobody gives a shit about it any longer, that trick is gone.

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

You think you’re being clever. But you’re not. Not even close.

Best place on meth
Member
Best place on meth

You’re not “somehow” the race baiter, you’re ALWAYS the race baiter.

Laibach
Member
Laibach

Sorry, didn’t check the previous thread recently but thought a little bit of poetry symbolically depicting Vancouver situation won’t do harm. It wasn’t intention to troll. Piece!

Bestplaceonearth
Guest
Bestplaceonearth

Yes, “piece”!

Best place on meth
Member
Best place on meth

Your English is always spot on, asshole.

Bestplaceonearth
Guest
Bestplaceonearth

I assume you are an exceptional basement dweller and don’t have an asshole.

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

VCI ers all have assholes.

Names are SIDA and SeeSaw

Sebastien
Member
Sebastien

Price drops update:

3830 W 20th Avenue, Vancouver
Dec 27:$3,088,000
Apr 25: $2,388,000
Change: – 700000.00 -23%
A:$2,887,100

2526 Edgar Crescent, Vancouver
Jan 23:$4,868,000
Apr 26: $3,990,000
Change: – 878000.00 -18%
A: $3,998,100

9428 Laka Drive, Richmond
Mar 5:$2,480,000
Apr 25: $1,888,888
Change: – 591112.00 -24%
A: $1,748,000

6211 Dylan Place, Richmond
Feb 5:$3,988,888
Apr 23: $2,299,900
Change: – 1688988.00 -42%
A: $2,503,000

****WTF?***
753 E 15th Street, North Vancouver
Jan 18:$3,190,000
Apr 23: $1,499,900
Change: – 1690100.00 -53%
A: $1,828,600

2342 Westhill Drive, West Vancouver
Apr 12:$4,999,800
Apr 26: $3,999,800
Change: – 1000000.00 -20%
A: $4,606,000

4853 Inman Avenue, Burnaby
Nov 13:$1,998,000
Apr 25: $1,588,000
Change: – 410000.00 -21%
A: $1,803,000

603 1680 Bayshore Drive, Vancouver
Jan 12:$2,880,000
Apr 23: $1,998,800
Change: – 881200.00 -31%
A: $1,594,000

Sebastien
Member
Sebastien

6211 Dylan Place, Richmond has been increased to $2,999,900.

Bestplaceonearth
Guest
Bestplaceonearth

All overpriced at the first place. Did you smell any fart from the homeowners and snitch to moonbeam goon today?

Sebastien
Member
Sebastien

Even the under assessed?

Oracle
Guest
Oracle

Overseas cash changing hands to avoid cap gains. How many years will it take for you to figure this out??

Sebastien
Member
Sebastien

Post documentated evidence of this and I’ll believe you.

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

Are you saying these places have sold, joker?

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

“joker”??

What Batman villain are you SIDA ?

Turd Ferguson ?

Best place on meth
Member
Best place on meth

There’s no Batman villain name The Race Baiter, as far as I know.

It would be the worst character ever, anyway.

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

Wrong lol

Jeopardy question answer re: “WTF is SIDA ” ?

= What is ” Master Baiter” ?!?

Best place on meth
Member
Best place on meth

paulb
New
147
Price Change
57
Sold
89
TI:10347

http://www.clivestevepaul.com

Not a single day this year with 200 sales.

Oracle
Guest
Oracle

Rents still rising and prices still rising on sub $1 million.

Don’t care about sales.

Care about NDP not closing Bare Trusts and backtracking.

Sebastien
Member
Sebastien

What about prices over 1 million then? Any evidence that the bare trust loophole will stay?

bestplaceonearth
Guest
bestplaceonearth

who are these 89 buyers? Did they not read the warnings from the bears?

Name
Guest
Name

the question you should be asking is where did the hundreds of other buyers disappear to.

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

IMHO….even dumbest bull can read the tea leaves.
Let’s categorize buyers as:
First timers,
investors,
move upper and
downsizers.

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

(Cont’d) Buyers
–The first times are increasingly being shut out by lenders
—Investors see too much risk, and/or will sit on what they have and wait
—move uppers can’t sell or can’t afford to move up
—downsizers likely most flexible…bought years ago, can both afford haircuts and wait for haircuts.

Joker in deck is NDP…market was correcting using historical natural forces, but NDP put big turd in punchbowl…even worse…it has not created certainty, but will cobble together legislation as time progresses….and given poll numbers, may get desperate and make even dumber moves catering to hard core NDP supporters.

Name
Guest
Name

So the plan is working then. Good.

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

Question: “Who’s” plan ?

Devil’s advocate bonus question:
What if BC NDP were elected back in 2013….postulate what would have unfolded ?

Bestplaceonearth
Guest
Bestplaceonearth

Not really, and the plans will be no more one the voters show the NDP the door. But by then, the damage has been done.

Bestplaceonearth
Guest
Bestplaceonearth

No, I am a glass half full person. Life is rough already, can’t afford to live in fear like the bears have been.

Just me
Guest
Just me
Just me
Guest
Just me

Poloz admits blame for Canada’s housing bubble.

https://youtu.be/mlm80x9KPFg

Name
Guest
Name

Its quite obvious Poloz is being influenced by something or someone because hes not doing what he should be doing.

Dave
Member

He knows he’s to blame. That’s why he’s scared to raise rates.

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

Poloz is a straw man…a spear catcher… a role player…in the overall scheme of things …insignificant.

He’s damned if do OR don’t.

He…. and ultimately Canuckistan …. are part of the olde Commonwealth enslaved clique of nations…… like New Zealand, Australia etc who “coincidentally” ?!?! are in the same compromising RE situation.

Diadora
Guest
Diadora

Carole James says pre-sale condo assignments (flipping) may be done to avoid tax. Says new legislation will require developers to collect & report information on sales, BC gov and CRA will ensure taxes are collected.
When presold condo flips aren’t disclosed, maximum penalties are going up by more than ONE THOUSAND PERCENT.

bestplaceonearth
Guest
bestplaceonearth

This is the only thing that the NDP has the right intention thus far.

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

Duly noted is SIDA has found his groove.(….which is in the gutter),

Can their “mini- me” SeeSaw be far behind…err…is their auto” chime in” broken ?
Maybe shouldn’t buy it at Aberdeen Mall or off WeChat

Best place on meth
Member
Best place on meth

Another week of nearly non-existent sales on the west side.

261 MARINE DR SW…..Listed $4,684,500 Sold $3,598,888

6650 NEAL ST……Listed $4,680,000 sold $3,888,000

6573 YEW ST…….Listed $2,598,000 sold $2,320,000

6889 ARBUTUS ST…..Listed $5,125,500 sold $4,300,000

2525 8TH AVE W….listed $3,388,000 sold $2,700,000

I fully expect the board to report FLAT prices for April.

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

Many Metro Van RE prices doubled between 2015-2017.

If you bought before the doubling…..you have a lot of room to move.

Smart buyers may pick up on this when making offers…aka research sales history of each given property.

Name
Guest
Name

same thing with estate sales. kids unloading their parents old homestead and they have no skin in the game.

xhistory
Guest
xhistory

No demand for houses to live in at the high end. Further proof that houses have become units of money, that they are hoarded as such, and price appreciation follows Gresham’s law of Competing currency.

The methodology is not new. You found tobacco serving the same function when cigarettes were hoarded as Currency. In those days (early last century), the fascination with cigarettes as objects of trade/currency, was taken advantage by our Elites to shape society in New ways.

Today and in the future, the same will be done with houses.

Just me
Guest
Just me

Just back from a couple of west-side open houses. One place was packed, mostly non-Asians but fairly young and very eager. It seems to me the market is not dead, there is plenty of interest but the share of Asian “investors” has dropped significantly. What this means for prices remains to be seen.

Realtor in the packed place looked fairly smug: did not show interest for customers albeit polite, did not pursue leads and sounded optimistic of multiple bids scenario. This was SFH on the west side in good condition, with a price between 2 and 3 mils.

Go figure, really difficult to guess what will happen next. Anyone else has stories/info to share about what you see in your area?

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

Vancouver West Side?
Lookie loos come out of hibernation…weather is nice…open houses don’t charge for admission to see what overpriced RE charges….maybe then go see East Side and buy equivalent for 1/2 price ?

================================================

Richmond SFD ??? is DEAD
………realtors are trying to assemble SFD to package for Strata developers…if they ever sell interesting how that will be represented in the data.

…..existing Strata ” FOR SALE ” seem to be selling via SOLD signs

Regardless….there are numerous Strata projects in holding pattern.

Overall?….Richmond is in the midst of RE gridlock…canary in the mine/mind.

Confucius
Guest
Confucius

Was the one place priced well below recent sales? Overall sales numbers definitely show the westside SFH market dying.

Just me
Guest
Just me

As I said, the place was packed. My impression is that the realtor was trying to trigger a bidding war. Whether those buyers have the wherewithal to push the price to (or above) the 3 mils mark remains to be seen.
My impression was that many lookers were couple trying to move up from their condos or townhouses. Not millionaires looking for investments.
But the place was packed.

Name
Guest
Name

2127 Stephens Street.:
it’s assessed at $2.257 million and being a 104 year old house on a small lot I doubt it will go for more than its assessment value in this mkt. Even at assessment it’s way over valued.

YVR
Guest
YVR

If you put $625K down your mortgage payment and property taxes are only $10K per month. Sounds like a nice starter home.

Just me
Guest
Just me

By the way, I am not sure whether the place was priced below market. Hard to tell right now. But compared to, say, last Spring, it was competitively priced. Recently renovated and in very nice location.
I guess that explains the crowds. The question is whether these guys have the money.

BS analizer
Guest
BS analizer

give us an address or it didn’t happen.

Just me
Guest
Just me

There are maybe 5 houses in that price range on the west side south of 16th. Do your homework.

And, no, I have no incentive to fabricate facts. I hope the market crashes, and strongly. I just don’t see signs of that yet. We need go eat under assessed values for that to happen for real. Not there yet. But the trend is good.

See Saw
Guest
See Saw

Address? Surely you’re not holding out on us.

YVR
Guest
YVR

If you are going to make up stories at least make it an interesting story.

Just me
Guest
Just me

Sure. Whatever you say YVR.

If someone credible has any facts from the field, let us know.

YVR
Guest
YVR

Here is a fact for you. They are asking over 10% above assessed from last June after the NDP were elected.

Just me
Guest
Just me

Another fact: the place seems to have been renovated quite a bit.

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

It says as much in the property description.

Just me
Guest
Just me

There is a difference between what people claim and what you see with your own eyes.

But I guess to sycophants it is all the same.

If others have info from open houses it would be much appreciated. It is informative and better than just looking at listings.

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

Except what you say you saw with your own eyes is exactly what the listing said.

Just me
Guest
Just me

You are the worst detective I have ever met. Truly, you have no clues. You should question yourself, and your assumptions, a bit more.

YVR
Guest
YVR

The listing says extensively renovated & updated in 2009. Priced into the assessment.

Just me
Guest
Just me

If they don’t sell at assessed, they might lose money,

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

Unlikely. It was bought over 3 years ago.

Best place on meth
Member
Best place on meth

I’d like to know the address so I can look up some history.

Just me
Guest
Just me

2127 Stephens Street.

Just me
Guest
Just me

And of course, I meant north of 16….

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

Thanks for address…

Looks like the house has been gutted and renovated….in a hybrid mode..not really heritage…quasi modern/contemporary.

Makes it a tough call re: ” value”..as renovations can become dated quickly, hence depreciation kicks in.

Best place on meth
Member
Best place on meth

Tiny lot, definitely not “underpriced”.

Just me
Guest
Just me

Yes. Almost no garden space in the back. No garage. Lower level suite is nicely done and would fetch high rent given location.
Really curious what is going to sell for.

Best place on meth
Member
Best place on meth

A lot less than $2.5, probably closer to 2.1

Just me
Guest
Just me

Can you keep an eye on it and let us know when it sells? That would be much appreciated!

Best place on meth
Member
Best place on meth

I’ll try, but 6 months is a long time to keep an eye on a single listing.

Just me
Guest
Just me

The good news is that Asian buyers where noticeably absent. Perhaps just a lull, but it seems the NDP and other measures might be having a dissuading effect.
Last year you would have heard only Mandarin in the room. Today it was just old plain English.
Interesting times.

YVR
Guest
YVR

104 year houses in Kits on small lots were the last properties Asian buyers were ever interested in. Other than ones born here.

Just me
Guest
Just me

Obviously you have not been to many open houses in the area over the past 3 years. Funny how confident you sound, even though I know you are wrong.

I have attended quite a few. And this year is different in terms of customers.

Rabbit One
Guest
Rabbit One

OPEN HOUSE today asking $1.998M

https://www.rew.ca/properties/R2259162/3358-w-8th-avenue-vancouver-bc

Standard lot. Bung. 8th + Blenheim. Moderately renvated. Assessed $2.265.

bestplaceonearth
Guest
bestplaceonearth

so by your definition, Asian buyers cannot be Canadians, and Asian buyers do not speak English? The true color finally showed. And of course, there is the usual NDP propaganda.

Just me
Guest
Just me

I consider local Asians as locals. No adjectives. Period.

The ones who are missing this year are those who used to bring money from Mainland China.

bestplaceonearth
Guest
bestplaceonearth

“I hope the market crashes, and strongly.” Typical mindset of the losers; if they cannot have it, they might as well trash it.

bestplaceonearth
Guest
bestplaceonearth

“The question is whether these guys have the money”. Do you?

bestplaceonearth
Guest
bestplaceonearth

With your humble $65k in saving, and you go seeing a single family detached home in 2018, no wonder, you have been pissing off at the market; and no wonder, no open house agent looked at you. If case you don’t know, go to a mortgage broker and gets a mortgage pre-approval first before going to open houses.

Just me
Guest
Just me

Hi Byron, thanks for your insightful advice.
You clearly understand my circumstances better than I do.

Sebastien
Member
Sebastien

Wait a sec… I was told that condos under 1,000,000 were booming and we still had 20 people bidding wars…
1007 7708 Alderbridge Way, Richmond
Nov 9:$998,000
Apr 27: $799,000
Change: – 199000.00 -20%
A: $923,000

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

When SHTF in Richmond…

Strata near the Owelympic Oweval will realize there is an airport nearby..directly North…

….as will suckers who bought into West Cambie area… located directly under the flight path…

Name
Guest
Name
Best place on meth
Member
Best place on meth
Condo developers in B.C. asked for more information about hot presale market vancouversun.com/business/local-business/condo-developers-asked-for-more-information-about-hot-presale-market “This is a segment of the real estate market that has been exempt from the dampening effect of the foreign-buyers tax and disclosure rules for so-called shadow-flipping. For now, the Ministry of Finance plans to collect the personal or business identity of all parties in an assignment agreement, including name, social insurance number, contact details and the amount paid by the buyer to the seller. It will not only be asking for details about assignments, but also first contract buyer details. “It (would) bring more transparency to that part of the market which currently lacks it,” said Vancouver real estate agent Steve Saretsky, who has been critical of developers selling presale contracts to overseas buyers who then sell them again and again to local buyers at higher… Read more »
YVR
Guest
YVR

“Selling presales to foreigners should be banned.”

Or at least the foreign buyers tax should apply. Funny Eby forgot about that promise. I wonder if what he accused the Liberals of applies to him and the NDP?

“[The Liberals] left the speculation of pre-sale condos out of the tax,” Eby said, suggesting it was done to benefit its major donors in the real estate and development industry. He added that the NDP would require registration of all pre-sale contracts on new homes, and the foreign-buyer tax would be triggered by the sale of such registrations, not just on transfer of title.

https://biv.com/article/2017/03/ndp-would-expand-bcs-foreign-buyer-tax

YVR
Guest
YVR

Eby said government should still close the loophole that allows foreign buyers to buy condos through so-called presales then sell the contract before the purchases close without paying the tax, even if they make a profit flipping the contract. “It will ultimately be an election issue now, not a legislature issue,” Eby said.

http://vancouversun.com/news/local-news/b-c-expands-exemption-on-foreign-buyer-tax-to-include-workers-on-provincial-program

Just me
Guest
Just me

Patience. I know you base your opinions on political hate rather than facts. But we have not seen the end of this yet.

Oracle
Guest
Oracle

Many dumb NDP voters still think Eby doing something.

You are one of the few that knows what’s going on.

Watch the show if the referendum fails. NDP will have blown a huge chance to fix housing. Purposely.

bestplaceonearth
Guest
bestplaceonearth

SIN number? Hmmm, wonder how that would stand with the privacy commissioner.

CRA221
Guest
CRA221

It would be fine. It’s no different than a bank taking your SIN so they know who they can attribute the interest income to.

It’s for tax purposes.

Just me
Guest
Just me

I agree. SIN numbers serve the key purpose to identify tax liabilities. This presale register falls squarely in that category.
No privacy concerns I can see.

Bag it and tag it
Member
Bag it and tag it

The writing is on the wall…we need ways to guarantee identify in Canada such as finger printing for Customs and Immigration and for all real estate transactions (only with foreign purchases)

Bag it and tag it
Member
Bag it and tag it

SIN for buying a home? This is a slippery slope…what’s next, social credit scoring? …but then again, what kind of a country would do that?

Just me
Guest
Just me

The kind of country where, if you are rich enough, you pay your way out and move your family and money to a different place…

Just me
Guest
Just me

OPINION
Why did mortgage rates just surge?
Opinion: The mystery behind TD’s surprise mortgage rate hike—and what it means for consumers
By Rob M Lister

http://www.macleans.ca/opinion/why-did-mortgage-rates-just-surge/

Just me
Guest
Just me

“If the qualifying rate does jump in the next week or two, peoples’ buying power will drop anywhere from 1 to 3 per cent (depending on how high it goes).

That, coupled with rising debt servicing costs and housing tax measures in B.C. and Ontario, adds more negative psychology for a detached house market that’s already softening.”

Oracle
Guest
Oracle

This is for those that can’t shop around for mortgage rates at rental time.

How do they no you can’t? If your dumb enough to do your banking at the same bank you have your mortgage. They know what you earn.

oncebittwiceshy
Guest
oncebittwiceshy

It’s not necessarily a question of being too dumb to go to another bank. If you are just another “keeping up with the jones” kinda person, using your heloc to finance a lifestyle that you can’t otherwise afford, then you will be among a large contingent of consumers looking to “refinance” their mortgage. Ding, ding, ding …. OSFI B20.

If you are with one bank but are looking for a different mortgage at another bank … ding, ding, ding …. OSFI B20.

If you have a Collateral mortgage … everyone at TDBank does … whether they know it or not, you could be stuck there for a long time.

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

Owen Bigland’s recent YOUTUBE video submits the BC NDP gov’t may change the laws so that every strata has to have a certain % of rentals.

His view is that is a good idea, as having rentals increases the value of the strata (….aka attracts more investors hence higher prices. )

Just me
Guest
Just me

Metro Vancouver housing market still ‘vulnerable’ – for eighth straight quarter

http://www.vancourier.com/real-estate/metro-vancouver-housing-market-still-vulnerable-for-eighth-straight-quarter-1.23281969

“Demand and supply fundamental factors such as population, income, financing costs and land supply cannot account for the current price levels.”

Just me
Guest
Just me

“The only area where the risk was seen as low in Metro Vancouver was overbuilding. “Despite record-breaking new home construction over the past two years, new home inventories remain low as developers have not been able to keep up with the demand,” said the report.”

Disgruntled
Guest
Disgruntled

“Demand and supply fundamental factors such as population, income, financing costs and land supply cannot account for the current price levels.””

Sure they account for prices. Just not local incomes. Rather the astronomical overseas incomes of people who we allow to move here in the hundreds of thousands per year. The wealthier the better. #WelcomeToCanada

Just me
Guest
Just me

As the BC Libs never forget to remind us: it is good for the economy…
Didn’t Michael Geller just claim on Twitter that we should not enforce our money laundering laws because we risk jeopardizing investment from Asia? People have lost all shame.

This is about money, not race.

Oracle
Guest
Oracle
For those that think there are many empty homes out there and people are lying: 1) First StatsCan changed the definition empty homes; theyvsaid it was emptynifnoccupied by a temp immigrant such as a foreign student. There are 10’s of thousands in Vancouver proper alone and many have homes bought for them by parents. 2) most of these students have no siblings (China one child policy) and live alone. They don’t spend much time at home or cook. They ‘study’ maybe once a week as the schools are visa mills. Thus the houses look as though they are empty. They are not. That’s why snow and newspapers remain. 3) I hear from sources that the Government is set to announce a work permit exemption for the spec tax. All foreign students would qualify. All post secondary schools including ubc are… Read more »
Sebastien
Member
Sebastien

Why do you care? If I’m out there looking for empty homes that only my problem.

Name
Guest
Name

3948 NOOTKA STREET

$998,888
MLS® Number: R2257460

Assessment: $1,196,500

Name
Guest
Name

1595 E 20TH AVENUE

$949,000
MLS® Number: R2231782

Assessed: $1,232,200

Disgruntled
Guest
Disgruntled

Let’s see what it actually sells for because I know the practice of drawing people in with a very low sticker price is still going on here. Wouldn’t surprise me if these guys would not accept anything less than 1.1. Another word for this is lying but then again these are realtors.

Just me
Guest
Just me

The place is a shack. I think it would not be a nice place to live in unless you can fix it a bit. I cannot imagine people willing to move their families in there for multiple years.

One million for that thing can only be spent if your objective is to resell it within a short amount of time. That is called speculation.

Disgruntled
Guest
Disgruntled

Who knows maybe their price really is a hair under a million for a decrepit shithole. Hilarious how that might be considered a good deal in this city overflowing with foreign wealth.

Best place on meth
Member
Best place on meth

Another tiny lot, it’s not underpriced even in today’s market.

Three months from now it’ll look overpriced.

Diadora
Guest
Diadora

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.”
https://thinkpol.ca/2018/04/28/flipping-houses-condos-cra-reminds-profits-fully-taxable/

Just me
Guest
Just me

“Earnings from “shadow flipping,” where a speculator buys a property and then, for a profit, assign the right-to-sell clause that is in the contract to another speculator or the final buyer”, are also fully taxable, according the tax agency.

The CRA is emphasizing that “the principal residence exemption does not apply to property flipping” and “these transactions may also be subject to GST/HST which you would be responsible for remitting to the CRA.”

Just me
Guest
Just me
““The CRA acquires and analyzes third-party data and has found that some flips are not being reported or are being reported incorrectly,” the taxman says. “The profits from flipping real estate are generally considered to be fully taxable as business income.” And you don’t get a free pass for being a non-resident. Irrespective of your citizenship and residency status, you must report and pay taxes for profits made from flipping property, the CRA says. “A non-resident who invests in property in Canada is liable to pay tax on gains that arise from the sale of that property and is generally not eligible for the principal residence exemption,” according to the tax agency[2]. “There are rules[3] related to the disposition or acquisition of certain Canadian property that require non-residents who sell Canadian property to notify the CRA and to pay an… Read more »
Just me
Guest
Just me

Just a reminder to all those who try to strike it rich this way: ignorance is no excuse when it comes to taxes. Cannot claim you did not know.

Doomcouver
Guest
Doomcouver

Yeah, ironically they’d probably be in a better position if they filed taxes properly and just refused to pay them. It’s the difference between committing a crime, and just being a deadbeat and not wanting to pay your taxes.

Best place on meth
Member
Best place on meth

More garbage from Geller:

Red tape remains a major culprit in Vancouver’s skyrocketing real estate

http://www.vancourier.com/opinion/red-tape-remains-a-major-culprit-in-vancouver-s-skyrocketing-real-estate-1.23277734

specuskeptic
Member
The ideas that guy promotes are fucking toxic. He also thinks that enforcing the law will raise prices… What a dirtbag. http://news.buzzbuzzhome.com/2018/04/tax-evasion-bcs-pre-sale-condo-hamper-supply.html Side note: He’s arguing that rules (you know, accountability) are the problem in one article, and that supply is the issue in the other – as in clamping down on tax evasion will reduce investment -> construction ->supply. From the Vancourier article: ” Increasingly we are told there is an imbalance between supply and demand. However, more supply on its own does not appear to be the answer. One only needs to look at the record number of condos under construction without any apparent price reductions. My colleagues in the development community believe a major problem has been the complex and time-consuming approval system.” From BuzzBuzz: “However, if investors are taken out of the market, Geller says some… Read more »
Just me
Guest
Just me

This sentence says it all:

“My colleagues in the development community believe a major problem has been the complex and time-consuming approval system.”

developers want more business? Shocking, Geller, really shocking. I feel your outrage……

bestplaceonearth
Guest
bestplaceonearth

Keep adding taxes on taxes … and voila… problem solved, right bears!

Just me
Guest
Just me

Taxes are not the issue here. Prices are the problem. Without lower prices, Vancouver will become a resort for millionaire migrants. Taxes serve an ancillary role: they dissuade millionaires from parking their money in Vancouver real estate.

So, yes. Bring on the taxes. Even if I have to pay some of them, I will still be better off if and when the millionaires retreat.

Bestplaceonearth
Guest
Bestplaceonearth

Envy, laziness, entitlement and jealousy are the problem… with bears.

specuskeptic
Member

Self-centredness, greed, arrogance, and no sense of morals are just the tip of the iceberg for you. Did you sign and submit your tax forms? Lying on them is a problem – even more so now.

Bag it and tag it
Member
Bag it and tag it

Bottom line is we all get to decide what kind of a city/province we want to live in, and our vote reflects that….and if the majority want the sae thing it generally happens. So you can call it jealousy and entitled, but I’ll call it democracy.
It’s you that seems entitled, believing you have a right to never ending double digit price increases in real estate.

specuskeptic
Member

No. Pay the taxes owed and don’t hide from them you crook-supporting douche….

Sebastien
Member
Sebastien

Why not? It worked with cigarettes.

Best place on meth
Member
Best place on meth

Toronto foreign-buyer home sales drop to 2.5 per cent of real-estate purchases

https://www.theglobeandmail.com/real-estate/article-toronto-foreign-buyer-home-sales-drop-to-25-per-cent-of-real-estate/

The number of homes sold to foreign buyers in Toronto has dropped steadily over the year since the province introduced a 15-per-cent tax on such purchases, falling from 7.2 per cent of sales in May, 2017, to 2.5 per cent over a three-month period ending in February.

New data from the province’s Finance Ministry show the continuing fall in foreign purchases as house prices in Toronto’s once red-hot housing market have stabilized after a sharp decline that began last April when Premier Kathleen Wynne’s Liberal government introduced a foreign-buyers tax as part of a package of housing measures called the Fair Housing Plan.

Just me
Guest
Just me

Taxes work. If you hit their wallets, they will stop speculating. As simple as that.

Bestplaceonearth
Guest
Bestplaceonearth

Of course, freeloaders love taxes.

specuskeptic
Member

Freeloaders also love evading taxes… like your shadow flipper allies.

Laibach
Member
Laibach

How’s diapers gig going on? Too many walks down to mama’s bunker?

Just me
Guest
Just me

Are you suggesting we should ignore the fact that housing investors are breaking laws and evading taxes?

Name
Guest
Name

keep raising the tax until the foreign buyers are 0.0 per cent.

Best place on meth
Member
Best place on meth

Palma de Mallorca to ban residents renting apartments to tourists

https://www.theguardian.com/travel/2018/apr/25/palma-de-mallorca-spain-to-ban-residents-renting-apartments-to-tourists

“It is the capital of one of Europe’s most popular holiday destinations but Palma de Mallorca will be the first city in Spain to ban private homeowners from renting their apartments to visitors. There will be fines of up to €400,000 for those who violate the new restrictions, which come into force in July.”

Wow, fines up to $600,000 CAD. What kind of fines did Moonbeam come up with for illegal airbnb’s?

A whopping $1000?

Best place on meth
Member
Best place on meth

Moonbeam and his crew have also given airbnb hosts until August 31 to obtain the required business license.

How convenient, the end of the summer tourist season.

http://dailyhive.com/vancouver/airbnb-vancouver-rentals-agreement-2018

Just me
Guest
Just me

Very bad indeed.

Sebastien
Member
Sebastien

Got a drive through Sunset today. More than 180 empty homes for sure.

Bestplaceonearth
Guest
Bestplaceonearth

If you know for sure, why don’t you snitch ?

Sebastien
Member
Sebastien

I did.

Bestplaceonearth
Guest
Bestplaceonearth

Really? You actually did it? You are a snake! You are a loner with no friends, are you not!

Whistler or bust?
Guest
Whistler or bust?

Aren’t the people who are evading taxes and lying the snakes?

Get your priorites straight man!

specuskeptic
Member

Quite supporting people who steal from taxpayers. There’s a word for that. Starts with “F”, ends with “reeloader”.

Doomcouver
Guest
Doomcouver

BPOE you are a sub-human parasite, and I have nothing but contempt for you.

Whistler or bust?
Guest
Whistler or bust?

Good for you. A defender of the everyman!

Anyone who calls you a snitch is someone evading taxes.

specuskeptic
Member

More from Kathy. “Flipping of condo units by insiders fuels hot Vancouver market”

https://web.archive.org/web/20180430015335/https://www.theglobeandmail.com/canada/article-flipping-of-condo-units-by-insiders-fuels-hot-vancouver-market/

Granted, it’s from six buildings so the sample size is small, but it’s most definitely not meaningless.

Whistler or bust?
Guest
Whistler or bust?

Another great article!

Just me
Guest
Just me

Kathy Tomlinson is in full form. One of the best investigative journalists in North America.

“The most sought-after condos under construction in Canada’s priciest real estate market are being snapped up in private deals involving developers, select realtors and speculators.

Many of those players later flip the units for much higher prices, sucking up supply, further driving up prices and leaving Vancouver-area residents increasingly desperate for an affordable place to live.

Those outside the inner circle are in the dark about who those exclusive first buyers are. To shine a light on that, the Globe and Mail spent weeks piecing together available data on just who bought and flipped condos in six new high-rise buildings.”

Just me
Guest
Just me

““The whole process is so unfair. It’s about greed and profits. It absolutely is manipulated before you even get a shot at it,” said Mr. Ross, who also learned that insiders get first access to buy certain units.

“It’s not a free market. There are different rules for different people.”

The Globe’s investigation discovered real estate agents with local or foreign clients who buy multiple units have preferential first access, along with other industry players such as private financiers.”

Just me
Guest
Just me

““You will see the same names,” she said, referring to buyers with exclusive access. “They are not buying just one or two – some are buying lots. It’s all behind closed doors, and there is no regulation of who is getting what.”

In the six developments − three completed and three under construction − there were at least 24 realtors among the speculators who bought in early. Another 20 had the same names as local realtors, but some of them listed their occupation on property records as “businessperson.” (Realtors are required to disclose their interest in a property but only to the other parties involved in a sale.)

A guide written for developers by Key Marketing, a Vancouver firm that markets pre-construction condos, suggests it’s in a developer’s best interest to give such realtors special treatment.”

Just me
Guest
Just me

“Another 56 speculators had no Canadian address or listed a foreign one. Some listed their occupation as “student” or “homemaker,” which, in Vancouver, often indicates that purchases were made with foreign money, usually from China.”

Laibach
Member
Laibach

Those motherfuckers screwed us all up the big time and yet still walk around freely, shame.

Doomcouver
Guest
Doomcouver

We should be blaming the government more than the dirtbags that the government allowed to screw over our housing market. After all, it’s a Chinese cultural norm to exploit the system, and hoard limited resources to price gouge everything you can. You can’t really blame a snake if it bites you it’s the snake’s nature to do it. The government is supposed to protect us from threats, including financial, from foreign and domestic sources. They have summarily failed to do their job at all three levels of government. After the crash they are the ones I will be blaming, and I recommend you join me.

Just me
Guest
Just me

I unreservedly agree. The governments at all levels failed us.
We are in the process of fixing that. But the push back is massive.

We all need to hold steady and provide full support to the ongoing reforms.

YVR
Guest
YVR

Where is Eby? Is he back in hiding? Last year at this time Eby said the BC Liberals were corrupt for not applying the foreign buyers tax to presales. Clearly the problem is worse now than ever. Hypocrite.

Best place on meth
Member
Best place on meth

“We should be blaming the government more than the dirtbags that the government allowed to screw over our housing market. ”

Yes, but most of all we should be blaming, tar & feathering, and hanging the motherfucking scum who constantly cried racism every time people mentioned the disgusting cultural behaviours being practiced in our country.

Scum like AIDS are the vilest lowlifes ever to inhabit this country.

Just me
Guest
Just me

““Half were investors and half people who want to live there, but most of them came back [later] to resell,” he said. “They made the most money in the last two years. Three hundred to four hundred thousand [dollars] they are making on their flips.”

Speculators such as Mr. Ge’s clients, who buy and flip contracts preconstruction, are supposed to report their earnings as income or capital gains; however, other realtors told The Globe that dodging those taxes is part of the attraction for some players.

The B.C. government is trying to change that, by bringing in a law requiring developers to report all condo shadow flips to the province and the Canada Revenue Agency.”

Just me
Guest
Just me

“Two of the condos Mr. Ge picked up for himself were registered in his wife’s name, Qi Mei Han. When the couple sold them postconstruction, they made a gross profit of more than $340,000.”

Just me
Guest
Just me
“Mr. Ge was the listing realtor who sold his own properties, with his wife named as owner and no mention of their connection. He claims he did tell the buyers he had a stake in the transaction. His wife calls herself a “realtor’s assistant” and has served to obscure Mr. Ge’s interests before. She was on a list of “local residents” – along with other realtors’ family members – who wrote letters to Burnaby City Council to voice support for the developer’s plans at Station Square, which the city had yet to approve at the time. Ms. Han even posed as the buyer of a property purchased by one of her husband’s clients a few years back. The client was from China and could not get financing, so Ms. Han agreed to take out a mortgage and put the property… Read more »
Disgruntled
Guest
Disgruntled

#WelcomeToCanada. More high-quality immigrants welcomed in with open arms and open political wallets. Thanks Trudeau. And Harper too of course.

Whistler or bust?
Guest
Whistler or bust?

We’re not in China

Toronto restaurant ordered to pay $10,000 after asking black customers to prepay for their meal
https://www.theglobeandmail.com/canada/article-toronto-restaurant-ordered-to-pay-10000-after-asking-black-customers/

Laibach
Member
Laibach

Multiculturalism, what is wrong with that?

Doomcouver
Guest
Doomcouver

They should have asked all non-asians to prepay then it would have been totally fine. Organizing yourself into asian enclaves and not talking to any other ethnicities is the Canadian way.

Best place on meth
Member
Best place on meth

Here comes AIDS to stick up for these poor victims of racism!

Oh wait, it’s just black people being discriminated against by chinese.

Never mind.

Just me
Guest
Just me

“Retiree Yu Shao purchased at least four units in the Burnaby development, while Han Ting Shao, with the same home address, bought and flipped two more. The younger Shao, listed as a “student,” grossed $281,220 from those transactions.

A speculator listed on the MLS only as “S Li” flipped at least two units in one Vancouver development plus two in another, sales worth $2.3-million. The listings reveal only that he or she is a “seller in Asia.”

Much of the local business still revolves around the so-called “whale realtors,” however, who seek out and open the door for investors, then help them resell.”

Just me
Guest
Just me

“Realtor Shirley Dang-Kramer told The Globe that she is proud of an award she received for selling “most of the units” in three towers still under construction at Westbank’s Kensington Gardens in Vancouver – some multiple times.”

“Everything is going to go up in price, and that’s just the way it is,” she said. “People are either jealous or they are not in the market.”

Laibach
Member
Laibach

“People are either jealous or they are not in the market”

She summed up the VCI usual idiots philosophy in one ridiculous sentence.

Doomcouver
Guest
Doomcouver

“People are either jealous or they are not in the market” … or they believe that widespread speculation and access to affordable housing can’t co-exist and governments should have done something about it 20 years ago. I guess that’s just my jealousy talking again. I should have acted like a greedy Chinese person and bought 10 condos and flipped them when I had the chance.

Name
Guest
Name

yes it’s all about real estate and profits. nothing else matters at all to these people. They would sell out their own mothers for a buck.

Just me
Guest
Just me

China’s Foreign Investment Growth Slows Despite ‘Opening Up’ – Analysis

https://www.eurasiareview.com/29042018-chinas-foreign-investment-growth-slows-despite-opening-up-analysis/

“Derek Scissors, an Asia economist and resident scholar at the American Enterprise Institute in Washington, said that China is not interested in attracting FDI for its own sake, although it would have welcomed more investment in 2015-2016 when it was worried about net capital outflows.

China’s main goal instead is to gain the technology transfer that comes with FDI, Scissors argued.

“What they want is knowledge from foreign companies so they can drive them out of business,” he said.”

Doomcouver
Guest
Doomcouver

Maybe companies are finally getting sick of having their IP stolen then bootlegged on the black market. It took them long enough…..

Best place on meth
Member
Best place on meth

Getting sick and tired of being ripped off, cheated, lied to, scammed, having your ideas stolen?

Just pull out of china and never look back!