CRA goes after Reno flips

One way to make money without paying taxes is to live in a home you are renovating to sell so you can claim the principal residence tax exemption. Of course if you do this as a way to make money you are actually operating a business and you owe those taxes anyways, either as capital gains or income taxes.

The CRA is going after people using this loophole to illegally avoid paying taxes and are using third party data to find them. If you are thinking of Reno flips without considering the tax bill, this might not be your best money making strategy.

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MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

About time. My buddy’s parents were doing this scam in the 90’s.

Best place on meth
Member
Best place on meth

I would gladly spend my weekends working for the CRA for free uncovering these slimy tax evaders.

The looks on their faces as they were busted would be payment enough.

BubbleTea
Guest
BubbleTea

Perhaps this is more important: “Trading tax info with China will allow Canada to monitor tax evasion among foreign-property owners”
https://www.theglobeandmail.com/canada/british-columbia/article-china-pledges-to-exchange-tax-financial-information-with-canada/
CRA rules say a non-resident who buys and sells Canadian property must pay capital gains and other taxes on earnings from those investments. If the investor has a primary residence and family living in Canada, the investor must file resident tax returns and report all income.

Just me
Guest
Just me

This is great news. Before I get my spirits up, a word of warning: CRA has made grand promises also in the past, but the execution is patchy. Let your MLAs know that you want tax disclosure to be complete, universal and targeted to high risk areas (Vancouver West side comes to mind).

Bag it and tag it
Member
Bag it and tag it

First thing they need to do is to ban purchases of individual residences by corporations, especially foreign ones. But might be better to make it all corporations since foreigners often create corps in BC. This would provide much greater transparency into who owns what and who owes what in terms of taxes. Purchases of apartment buildings could be exempt as well as land zone for the construction of mulit-unit projects.

Just me
Guest
Just me

Bare trusts must be banned. We need that ,egislation as soon as possible.

Oracle
Guest
Oracle

Good luck. NDP hasn’t touched it and it’s year 2. They could have said they were going to ban it one year ago.

But nope. Pay to play.

Dave
Member

That’s a bad idea. Every single development property is purchased by a corporation. That’s how new supply is brought to market. The exception you suggest is actually a Catch-22. For example, all the inventory being added on 41st and Cambie was purchased well ahead of rezoning or the new OCP. All that land was purchased in anticipation of it eventually happening, but it might not have.

If you wanted to implement something like this, the whole approach to zoning and development would have to change at City Hall. Never going to happen…

KickThemOut
Member
KickThemOut

Only because city hall is in the pockets of developers!! Down with corporation ownership of all residential RE!

All in
Guest
All in

There are so many nails going into the real estate coffin that this thing is really done now. All that’s left is the crying.

Just me
Guest
Just me

Caution. We live in Vancouver and this beast has shown it can read its ugly head even when you give it for dead.

Keep the pressure up, go to town halls if you can, don’t let this beast revive.

Laibach
Member
Laibach

Right on, curbing enthusiasm is a mandatory. City and society already degenerated as much that anything normal, realistic, based on economical fundamentals is utopian if not fictional. Just consider a mindset of a typical local and foreign idiots and think how many Byrons and other parasites exist in Vancouver and count on RE perpetuity. Then think, what RE is to them? The meaning of life, employment, career, entitlement, fulfilment, food, religion and obsession and think how are they going to give up on it?

bestplaceonearth
Guest
bestplaceonearth

Are you going? …or just salivating?

Oracle
Guest
Oracle

I haven’t seen anything if substance

Hence why prices still going up in the valley.

Laibach
Member
Laibach

Valley is the bottom of the barrel, end of the game. Remember where it started, on the west, right?

Name
Guest
Name

Valley prices are dropping. See Zolo.

bullwhip29
Guest
bullwhip29
Just me
Guest
Just me

Hopefully they caught bpoe and sida.

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

You’re such a loser.

Just me
Guest
Just me

Actually, I was hoping you would do lose some of your idle rent money. It is unearned and undeserved.

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

You know nothing about me, racist loser.

Just me
Guest
Just me

Anyone who wants lower house prices is racist in your view.

Anyone who thinks people should make money by working, rather than hoarding land is a jealous loser.

Get your head checked. And your moral compass fixed.

bestplaceonearth
Guest
bestplaceonearth

Where is your moral compass? Piling up taxes to the retired citizens so the welfare cheques get bigger?

Road Warrior
Guest
Road Warrior

Being called a “racist” is a badge of honor to any honest man.

Bestplaceonearth
Guest
Bestplaceonearth

Wow, in a very jelousy mood today, aren’t we! Hahahaha! There’s no such thing as idle money. How is your $65k saving? Is it growing?

bestplaceonearth
Guest
bestplaceonearth

Hahahahaha, you are such a loser! I hope you declare your interest earned from your $65k saving! How much has it grown to now since 2015? $72.5k? Bwhahahahaha!

Name
Guest
Name

tool.

Just me
Guest
Just me

““I am delighted,” said Richard Kurland, a Vancouver immigration lawyer who for years has lobbied for more scrutiny of real estate transactions, as well as several immigration programs that were directed toward wealthy investors.

“It’s a reasonable representation,” he said of the amount of unpaid taxes, “but I don’t think it tells the whole picture at all.”

KickThemOut
Member
KickThemOut
Make Vancouver Canadian Again Speaking of carpet-bombing, I see KickThemOut [really: Just Me] has just carpet-bombed this site with several comments that are simply cut a paste block quotes from an article that was linked to, effectively re-posting much of the entire article here. Boy, has this site gone down hill over the past few years. I was a frequent commenter a number of years ago although I now mostly just read. You would think this site would want the casual commenter to be able to get through to increase readership and diversity of voices. I made two comments. The first appeared. The second is held up in moderation. Yet someone like KickThemOut [really: Just Me] can post multiple consecutive comments within a few minutes of each other all on the same topic all just quotes from an article. If… Read more »
Just me
Guest
Just me

“In a statement, CRA staff said a number of factors increase the risk of tax evasion in the country’s two hottest real estate markets, including a questionable source of funds to buy properties, property flipping, unreported GST, unreported capital gains and unreported worldwide income.”

Just me
Guest
Just me

“A mismatch between reported income and lifestyle (such as owning a multimillion-dollar home) can trigger a closer look from CRA auditors to discover whether income is not being reported or being earned illegally.”

Just me
Guest
Just me

“Kurland said he believes a new tax information-sharing agreement that will come into effect in September between Canada and 60 other countries will reveal more tax evasion. That’s because even though residents of Canada (who may or may not be citizens) must report their worldwide income to the CRA, the system was not well enforced, resulting in something of an “honour system,” he said.

“It’s what I call the show-me game,” Kurland said of the new agreement between countries. “You show me what this person declared to you … as global income and property, and we will show you what this person declared to us as global income and property holdings.

“It puts people who have not exactly been open with their property transactions in a quandary.”

bullwhip29
Guest
bullwhip29

Want to own a piece of the Rio? East Van indie theatre launches equity drive
https://globalnews.ca/news/4225303/rio-theatre-equity-drive/

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

Everybody loves illiquid investments.

southseacompany
Member
southseacompany

“China’s lending bubble is history”, Financial Times

https://www.ft.com/content/45bd8052-59dc-11e8-bdb7-f6677d2e1ce8

“China’s shadow banking sector has been a major source of speculative lending to the global economy. But 2018 has seen it entering its end-game, as our first chart shows, collapsing by 64 per cent in renminbi terms in January to April from the same period last year (by $274bn in dollar terms).”

Just me
Guest
Just me

Another major flow of money into Vancouver RE market has dissipated.

The Most Interesting Bear in the World
Guest
The Most Interesting Bear in the World

Yep, along with the BoC, the US Fed, and even the ECB, which was also affecting Canadian mortgage rates.

https://www.ratesupermarket.ca/blog/how-european-bonds-affect-canadian-mortgage-rates/

The taps are slowly being turned off.

Just me
Guest
Just me

Douglas Todd: Who cares for Canada’s 71,000 minor international students?

http://vancouversun.com/opinion/columnists/douglas-todd-young-and-often-alone-in-a-foreign-land

“Lee and Vancouver immigration lawyer Richard Kurland believe one of the latest migration trends in China and other countries is for parents to send their children to Canada, which has no cap on foreign students, to attend high school and even elementary school so they will be at a competitive advantage when later applying to immigrate.”

Just me
Guest
Just me

“Since they are coming as young children,” said Lee, “their parents believe they will adapt much easier to Canadian culture and language and the workplace” and thus be ranked highly when they apply for permanent resident status. Most Chinese foreign students who are minors, Lee said, have the added pressure of knowing their parents, many of whom invest in property in Canada’s major cities, expect them to eventually sponsor them to immigrate.“

Sheesh
Guest
Sheesh

This has been going on for years, and is very disturbing in the case of young children. My mother was an elementary school teacher for years and the Surrey School Board allowed kids of elementary age (like, 10? Not sure what the cut off is/was) to live with strangers so they can go to school here and learn English. The kids were totally traumatized, and as soon as they could string enough words together would say things like, “My mother lied to me!” I think in Vancouver the kids have to at least be in high school.

Name
Guest
Name

Bill Good on News1130 today “don’t let the government tax your house. First 3 million dollar houses next one million dollar houses”. Next up Bill Good for Capital Direct Lending, “if you own your own home…”

Just me
Guest
Just me

Bill Good is a joke. And dishonest to the bone.

Name
Guest
Name

yes he’s a total sellout and a shill.

bullwhip29
Guest
bullwhip29

agreed. he is on record having been a table pounding supporter of a bridge to sunshine coast as he is an owner of a waterfront estate there. also on record bashing the vacancy tax as he is an owner of a condo in coal harbour too (which i’d imagine is his ‘principle’ residence now) and so on and so forth…

Just me
Guest
Just me

It is so blatantly clear that Bill Good is in the pocket of the real estate lobby that I really don’t understand who would actually think what he says makes any sense. If you agree with Bill Good you are either benefitting from high house prices (hence you want this madness to continue) or you are a moron. I cannot see anyone else supporting the nonsense being spouted by Bill Good.

bestplaceonearth
Guest
bestplaceonearth

and you are not? hwahahahaha!

Best place on meth
Member
Best place on meth

Bill Good looks like someone who should have died years ago.

bestplaceonearth
Guest
bestplaceonearth

Of course, the losers love the tax, it’s not their money. They want to see their welfare cheques getting bigger, and more free needles.

Name
Guest
Name

The point was Bill Good’s conflict of interest. But you only see what you want to see.

patriotz
Member

“The point was Bill Good’s conflict of interest.”

No conflict of interest because CKNW exists to serve the interests of its advertisers.

Royce McC
Guest
Royce McC

@bestplaceonearth: It bears repeating – I’ll support scrapping the school tax if you support scrapping handouts to owners (i.e. homeowner grants). Deal?

bestplaceonearth
Guest
bestplaceonearth

This deal does make any difference. If the government hands out tax break, great. If the government imposed unjust taxes, the people fight. The government is not here to support you nor me, but their re-election.

Royce McC
Guest
Royce McC

So it’s a non-answer then? Cool.

You go on and on (and on) about losers loving taxes and free money, but it sure seems like you have a tough time EVER commenting on the many special tax privileges extended to real estate.

Tell you what – I’m just going to assume that you’re opposed to:
– homeowner grants
– property tax deferrals with simple interest
– the scale of market interference via the CMHC
– the special allowance for penalty-free pillaging of RRSPs for down payments
– etc.

I mean… you wouldn’t want to be hypocrite about special tax treatment, right? You wouldn’t want to be a loser parasite addicted to handouts, right?

bestplaceonearth
Guest
bestplaceonearth

I pay taxes because of my legal obligation. If there are allowed incentives to save money, then I take them. Don’t tell me that you are stupid enough not taking advantage of the RRSP and TFSA.
The homeowners pay in enough taxes and they have rights to enjoy the privilege. If you want all those, take the risk of a mortgage like those home owners do.

KickThemOut
Member
KickThemOut

I think people like RoyceMcC take full advantage of those legal tax avoidance schemes and probably a few more. People like him just have an issue with richer people and homeowners taking advantage of those same legal methods too.

Royce McC
Guest
Royce McC
Laaaaaaazy characterization. Of course people take advantage of existing tax incentives, including me. That was NEVER the point. bestplaceonearth says that some of these tax incentives are wrong/ parasitic/ etc. but then refuses to ever say whether those other tax incentives are similarly wrong/ parasitic/ etc. If you’re going to say that a tax incentive scheme that benefits one group of people is immoral/ shouldn’t exist but that another tax incentive scheme that benefits a different group is good, you need to provide justification for that point of view. That holds true regardless of your politics or your views on housing. I’ve come to be of the mind that we need far less government influence on real estate taxation in general. I am also 100% going to challenge anyone who wants to try arguing against a new real estate tax… Read more »
Bestplaceonearth
Guest
Bestplaceonearth

By the way, the home owner grant threshold is $1.6 millions or something. Look up if you don’t know what that is. The people who will have to pay the Robinhood tax don’t get HOG. Of course, I don’t expect you to know it.

Royce McC
Guest
Royce McC

Uh-huh. If you’re going to try to be condescending, at least be right. The threshold was moved up from $1.6M to $1.65M by the NDP.

And no shit that the school tax people (properties >$3M) are not receiving the homeowner grant. I’m critiquing real estate tax policy in general. The home owner grant is a cash handout from government. Full stop. If you’re going to decry welfare and leeches while defending that one, good luck finding some credibility.

Specuskeptic
Member

“good luck finding some credibility.”
As far as BPOE and KTO/Space are concerned, barn door open, horses long gone on that credibility count…

Bestplaceonearth
Guest
Bestplaceonearth

You are just too easy to toy with. If a chocolate bar is priced at $10, but It was jacked up to $20, and sell back to you at a 50 percent discount. Would you would be happy dancing around believing you have a deal, or you give the seller a finger for ripping you off? What kind of leader are you again?

Royce McC
Guest
Royce McC

If you think the school tax is bad or threats to homeowner grants are bad, wait until you start seeing the upward pressure on salaries for essential services if there’s no correction. You’re going to get bled.

And who am I? I’m the guy who is young(ish), sees his generation (and those who follow) getting hosed by poor real estate policies, and is using his voting, advocacy, time, and dollars to work against those policies because they don’t stand up to even five minutes of rational thinking. You must be the other guy. Good luck with that.

bestplaceonearth
Guest
bestplaceonearth
There is always upward pressure on salaries, and the pressure cannot be entirely blame on the real estate market. Look what the government has done to gas price, and the change from carbon neutral to general revenue ! Does it have anything to do with real estate? No Does it have anything to do with the cost of living? Hell yes! Or look at what the government will be doing to to the payroll taxes and double dipping to the MSP. Does it have anything to do with real estate? No it does not. Will it affect to the cost of living? Hell yes. So, we are all gonna bleed, hence we just don’t need more taxes jamming down the homeowners’ throats. And the worse part is, a big portion of these taxes go to waste. So you claimed you… Read more »
Royce McC
Guest
Royce McC
The cumulative costs from things like gas, MSP, etc. are not trivial, but they aren’t in the same ballpark as the impact of shelter/ real estate on cost of living. “We’re all going to bleed.” I doubt it. Why? Because you can’t get blood from a stone. ~50% of the region – and a disproportionate number of its young workers – are renters. Your typical earners here who rent will not have any more to give. Go to them for more and the only thing you’re going to do is guarantee that they’ll leave the area (bye-bye to finding workers in general, essential services, and the future tax base). Face it: the only major area of wealth growth in BC for a very long time has been real estate. And that wealth is what’s going to get tapped to address… Read more »
Bestplaceonearth
Guest
Bestplaceonearth

I would not worry about an anonymous poster, and my sleep is sound. I keep hearing, since 2004, that people would leave town in drove. Vacancy is almost zero despite all the newly builts. Should this town become a Sahara?
Yes, big part of the economy is real estate. Look at all the taxes the government has collected from real estate related transactions. Look at the kind of jobs real estate related fields provide. Unfortunately, the pessimistic people only see glass half empty.
The common themes for anonymous posters are that they are rich, pillow cash rich, career big shot, moral high ground, rent, and blame others for whatever happens.

Royce McC
Guest
Royce McC
In 2004, most of the people you like to trash as lazy parasites were in high school or undergrad. Fact is, population growth in this region has slowed steadily over the last couple decades (with growing losses among the young family cohort in particular – prime working years). Also, low vacancy rates have a lot more to do with supply not being made available for rent than you’d like to admit. But maybe you’re right. Maybe I’m out of touch. Perhaps it’s always been this way in Vancouver and nothing has changed or will change. Funny to see articles like this though: https://www.theglobeandmail.com/investing/personal-finance/article-a-line-has-been-crossed-on-taxing-soaring-home-values/ Funny also to see election of a provincial government with the stated goal of moderating prices and 80%+ approval for tax measures targeting real estate wealth. It sure looks like a lot more people are taking a… Read more »
Bestplaceonearth
Guest
Bestplaceonearth

Yep, the jelousy attitude of bears.

Royce McC
Guest
Royce McC
I will take it that you are an owner here. I’ll put it simply: I don’t care at all if you take advantage of real estate tax incentives available to you (or any tax incentives). Of course I do the same. But you are saying that certain real estate tax incentives shouldn’t be allowed to exist because they are flat out wrong/ parasitic/ whatever (e.g. the new school tax) while flat out ignoring the question of whether other real estate tax incentives could be described in the same way (e.g. homeowner grants). I don’t care if you use these incentives. Tell me why some should exist and why some shouldn’t. How is someone receiving a homeowner grant – a cash handout from the government – NOT also a taker/ freeloader/ etc. (by your definition)? The only response I’ve ever seen… Read more »
Bestplaceonearth
Guest
Bestplaceonearth

It’s my hard earned money that the government take it away legally. It’s not their money. Am I supposed to be thankful that they give me tax incentives? No, those are my after tax money that I suppose to keep. How is that a freeloader when I keep contributing to the system? Am I a freeloader when my taxes keep going up so some body can get free drugs and needles to get high? Are you sure you are a big shot of some sort? Your point of view said otherwise.

Royce McC
Guest
Royce McC
Take every (poorly worded) argument you just made and apply it to me. My household paid more taxes than the vast majority of households in this region. Why is my hard earned money bankrolling a homeowner grant cash handout I don’t receive? How is a government renter rebate a Commie plot but the home owner grant totally fine? Why are various levels of government reducing tax revenue on real estate instead of reducing taxes on my income or my consumption? A handout is a handout is a handout. This is a simple concept. I’m saying do away (or at least greatly reduce) ALL of the special tax treatments real estate gets. Look up cognitive dissonance. That’s what must be happening when you try to justify existing real estate tax policies (that favor you) while decrying new ones (that don’t). Scrap… Read more »
Specuskeptic
Member

He won’t respond plainly and truthfully to your line of questioning because the essence of his argument is “I got mine so fuck you!”.

Best place on meth
Member
Best place on meth

Typical greedy boomer.

Bestplaceonearth
Guest
Bestplaceonearth

Sure, and my household tax paid for the Port Mann bridge.

Specuskeptic
Member

^ THIS! I wish I could upvote Royce here a few more times…

Just me
Guest
Just me

Tax breaks to homeowners are welfare for millionaires. As simple as that.

it is shameful that in Vancouver and BC we give tax cuts to people who are very rich and contribute nothing (a big fat zero) to society. They just sit and look at land prices soaring.

Most economists agree we should move towards land taxation, rather than income taxation.

bestplaceonearth
Guest
bestplaceonearth

Well then, take risk, have a mortgage, become a homeowner to receive the privilege. Why did not you? Oh I know, you just want the NDP to hand you over a free condo. And of course, tax the rich.

Laibach
Member
Laibach
Dave
Member

It’s almost like the banks help draft the new mortgage rules. Poloz hasn’t worked for a bank before has he?

In the short run, the banks could do OK under the new rules because it forces people to stay with them, preventing negotiation of a better rate. In the medium and long term, it hurts the housing market because it cuts into affordability. And eventually it hurts the economy as people get squeezed more.

bullwhip29
Guest
bullwhip29
KickThemOut
Member
KickThemOut

Garth is freaking out about NDP winning Ontario….guess he & his clients have to pay more taxes now?

Name
Guest
Name

Airlines obey Beijing’s demand to call Taiwan part of China

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=f38555&mobile=false

“The spread of “Taiwan, China” on the drop-down menus and maps of airline websites represents another victory for China’s President Xi Jinping”
“We strongly object to China’s efforts to bully, coerce, and threaten their way to achieving their political objectives,” Taiwan’s Ministry of Foreign Affairs said in a statement to the AP. ”

the typical chineeze operations at play here …

KickThemOut
Member
KickThemOut

Taiwan calls itself Republic of China, says so on their own passport moron.

Name
Guest
Name

The whole point is Taiwan don’t want to be part of a commie dictatorship as you do well know …

KickThemOut
Member
KickThemOut

Airlines classify Taiwan under China, not under PRC or ROC or Red China, just China which Taiwan itself considers to be part of officially, so what’s the big deal? Seems like Xi lost here if that was his goal of putting Taiwan under Commie Dictatorship China banner.

Btw, I’m stilling for Taiwan to demand airlines to put Mongolia under ROC as they still official claim it.

Nomad
Guest
Nomad

Dude, paste link here, where did you see Mongolia being claimed under ROC?. Nomads and Farmers are like day and night, black and white. They didn’t get along from their root – hence the Great Wall – there is a reason. As for Taiwan and China, sorry to say this, but in my view, they look same, talk same, move same, eat same and both are farmers.

bullwhip29
Guest
bullwhip29

Housing prices are going up in Ottawa, but experts say it’s too early for panic
https://globalnews.ca/news/4223224/ottawa-housing-market-real-estate/

>>> hmm…Montreal and now Ottawa…I recommend that shareholders of Cda Goose do not sell

bullwhip29
Guest
bullwhip29

City of Richmond and Onni shake hands on rezoning Steveston waterfront
http://www.richmond-news.com/news/city-and-onni-shake-hands-on-rezoning-steveston-waterfront-1.23311286

In the near future, instead of walking by empty buildings, one may see the likes of a bank, grocery store, offices, a café and a hotel

Just me
Guest
Just me

Or a NuCoast realty office….

Laibach
Member
Laibach

What City of Richmond is going to do with animals that don’t behave and cause danger in Steveston?

https://www.cnn.com/2017/05/21/world/sea-lion-pulls-girl-in-water-trnd/index.html

Name
Guest
Name

Fed minutes: Gradual rate hikes on track

http://www.news1130.com/2018/05/23/fed-minutes-gradual-rate-hikes-on-track/

“… many economists are looking for a June rate hike.”

hello Poloz are you listening?

bullwhip29
Guest
bullwhip29

40 minutes from Vanc, no foreign buyer’s tax, no vacancy tax, no speculation tax

eye roll, swipe, scroll, touch, buy…buy…buy (then pass phone to husband)

http://eagleviewheights-cn.com/

Name
Guest
Name

and not chineeze real estate agents either ….

bullwhip29
Guest
bullwhip29

area still undergoing quiet, stealth transition. an in your face New Coast office with a parking lot full of range rovers and bentley’s wouldn’t sit well with locals right now. this said, many properties scooped up in last two years by chinese, who then rented out to locals and/or using as airbnb.

Just me
Guest
Just me

Chinese ‘investors’ are not selling on the west side. look at the dearth of listings west of Cambie. And I am not talking condos.

Name
Guest
Name

CIBC expects 50 per cent drop in new mortgages in latter half of year

http://www.news1130.com/2018/05/23/cibc-reports-second-quarter-net-income-up-nearly-25-per-cent-from-year-ago/

TORONTO – The Canadian Imperial Bank of Commerce anticipates it will issue half as many new mortgages in the latter part of the year as it did in the same period of 2017 amid cooling in the real estate market.

Just me
Guest
Just me

Let’s cross fingers is even lower than that. We need lower house prices. Badly. To save our way of life.

Dave
Member

The damage is already done in my view. There is no saving our way of life. The price of living in Vancouver has been affected for decades. The next stage will be the BIG SQUEEZE. Gas prices will keep going up, car insurance is headed up, taxes are going up, cost of money is going up, etc…

There is no easy fix to all this.

Oracle
Guest
Oracle

This is what gets me to post all that nasty stuff.

Most people suffereing don’t get it. They think prices will go down. So what if they go down from $3 million to $2 million.

They should be worried about the rental and low need that are seeing huge increases.

Dave
Member

Since this looks to be an affordability driven correction, the drop in prices will be offset by the higher cost of money. You’re no further ahead. If rates keep going up after you buy, your costs go up and equity goes down.

Rent isn’t going down… never does.

Everything is going up except your pay cheque*.

* Unless you work for minimum wage.

Welcome to hell. Best place on earth.

patriotz
Member

“the drop in prices will be offset by the higher cost of money. You’re no further ahead”

You’re ahead if you have a decent size down payment, because the same $ amount gets you a larger % of the purchase price.

Dave
Member

That’s like predicting zero sales. Mortgage renewals have to be about half the business.

Oracle
Guest
Oracle

80%

Bag it and tag it
Member
Bag it and tag it

‘new mortgages’

Oracle
Guest
Oracle

People priced out.

Foreign money buying continues.

Means rents explode.

Name
Guest
Name

Four Esso gas stations for sale in Metro Vancouver

http://www.news1130.com/2018/05/23/four-esso-gas-stations-sale-metro-vancouver/

“Vancouver currently has 67 gas station business licenses, down from 75 five years ago. The city’s last downtown gas station is currently for sale.”

the destruction of Vancouver continues. But it won’t matter if no one lives here any more.

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

Who lives in the Esso?

KickThemOut
Member
KickThemOut

Renters like Name apparently.

KickThemOut
Member
KickThemOut

We still have 65 gas stations?! Well, that’s 65 too many for Vision / COPE!

bestplaceonearth
Guest
bestplaceonearth

Vision would not be pleased until Vancouverites drag themselves to work on foot – back to the ice age.

KickThemOut
Member
KickThemOut

I think bike might be ok…

Best place on meth
Member
Best place on meth

Isn’t it interesting how you locust people were all riding bikes 30 years ago, but look down on bike riders now as peasants?

Meanwhile, the first world countries embrace bike riding as a healthy way of life.

Why are you assholes always so fucking inferior and so far behind?

Bag it and tag it
Member
Bag it and tag it

Too many for NPA too…they’ll want condos built on those sites.

KickThemOut
Member
KickThemOut

And why are gardens allowed on former gas stations? You can eat food grown on a gas station lot that’s too toxic to build a high rise on? WTF?!

Bag it and tag it
Member
Bag it and tag it

uh….maybe because they’re grown in boxes that don’t make contact with the ground.

KickThemOut
Member
KickThemOut

Neither does say the 10th floor condo you dummy.

KickThemOut
Member
KickThemOut

And the dirt the stuff is grown in, it doesn’t touch the ground? Do you have some magic anti-gravity dirt?

Name
Guest
Name

An NDP government could mean endless strikes, high unemployment, rivals warn

http://www.news1130.com/2018/05/23/an-ndp-government-could-mean-endless-strikes-high-unemployment-rivals-warn/

the fearmongering ramps up now that the centre-right is running scared …

Just me
Guest
Just me

Funny they never mention it could mean lower house prices for local income earners…

I guess they know that would be too popular and there might be a NDP landslide. People are waking up to the fact we need politicians who don’t seel our land to the highest (often foreign) bidder.

bestplaceonearth
Guest
bestplaceonearth

There won’t be any incomes left over. By then, tofu brain like yours will be begging for more foreign investments.

Just me
Guest
Just me

BC was starving before the Chinese invasion. It was awful. Right?

bestplaceonearth
Guest
bestplaceonearth

Look at everything around you, on you, where are they made? High class people like yourself only use stuff made in heaven! bhahahahahaha!

Best place on meth
Member
Best place on meth

Idiot, the chinese don’t MAKE anything.

They simply assemble products like robots for superior nations who invented the products.

All in
Guest
All in

And steal ideas and copy with cheap knockoffs and make crap that breaks as soon as its bought.

Oracle
Guest
Oracle

This is wat of you haven’t figured it out. The meek will lose.

Got to fight for your rights.

Oracle
Guest
Oracle

‘War’

bestplaceonearth
Guest
bestplaceonearth

obviously you were not around in the 90’s.

patriotz
Member

“obviously you were not around in the 90’s.”

I was. That’s when a professional couple could buy a character house on the West Side (I knew one case personally). How awful.

Bag it and tag it
Member
Bag it and tag it

Will be known as the last decade in which this city was worth living in…

Best place on meth
Member
Best place on meth

The 90’s was right before the locusts invaded.

Good times.

KickThemOut
Member
KickThemOut
KickThemOut
Member
KickThemOut

Then again, sometimes you can’t blame them totally either when they are held back by their own language & writing systems.
http://akarlin.com/2011/05/walled-off-by-complexity/

bullwhip29
Guest
bullwhip29

your problem, not mine…

Best place on meth
Member
Best place on meth

Who needs writing when all you care about is numbers?

Oracle
Guest
Oracle

Reddit saying Surrey Basement suites 2 bdrm rents have shot up to $1400. Was like $800 a few years ago.

I see $2000 for 2 bdrm and $1500 for 1 bdrm in 2 years.

Thanks NDP.

Don’t say you weren’t warned.

Oracle
Guest
Oracle

Basically renters will never be able to save a down payment as all disposable income will go to rent increases.

What’s that rent increases are capped?? What happens when you have to move ?

Also we will see a 2 class society. Homeowners and the renters.

It’s happening NOW.

No Chump
Guest
No Chump

Duh. If “renters” and many others can’t save enough for a down payment then prices will just have to keep coming down, won’t they?

Oracle
Guest
Oracle

This is where you are wrong.

More than enough immigrants coming in.

Locals will be the homeless ones.

You don’t have to believe me. Just watch what happens next 20 months.

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

This is where you start accusing everybody of faking the net migration stats and yapping about foreign students, I believe.

Wow! Just wow!

Laibach
Member
Laibach

Are immigrants going to get all those jobs that will be left after locals going homeless or locals will still have jobs but be homeless and live in shelters or parks? Something is wrong in that logic unless the new model is introduced where only those with homes will be able to afford jobs and not the other way around? Confusing…

Simple Solution
Member
Simple Solution

BILLIONS… Maybe even TRILLIONS of immigrants right?

No Chump
Guest
No Chump

Fuck off.

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

Oracle’s signature move is making a prediction that everybody will have forgotten about by the time it comes around. He thinks it makes him look smart.

Best place on meth
Member
Best place on meth

“Oracle’s signature move is making a prediction that everybody will have forgotten about by the time it comes around. He thinks it makes him look smart.”

He’s still only one tenth the worthless cunt you are.

Still, both of you are useless to the discussion.

bestplaceonearth
Guest
bestplaceonearth

Yes, heard this since 2005! Is price coming down?

No Chump
Guest
No Chump

You’re too stupid to know why prices went up in the first place. Duh. Do some research instead of listening to idiots like Oracle. And, as someone already mentioned, prices ARE coming down and they WILL revert to the mean.

Bestplaceonearth
Guest
Bestplaceonearth

Hahahaha, revert to the mean, good one.. .bhahahaha. ..

All in
Guest
All in

You should be getting very nervous about now.

Specuskeptic
Member

He is… clearly.

Specuskeptic
Member

And here, ladies and gentlemen, I present Exhibit “A”. It’s always a good time to buy….

KickThemOut
Member
KickThemOut

What the fuck are you talking about moron? Everyone knows that renters are living the high life subsidized by their stupid homeower landlords, investing their rent differences earning way better return than RE, annual Europe trips, fine dining, Friday nights entertainment, long weekend trips, kids activities, etc.

Oracle
Guest
Oracle

No name calling unless in person. It is a cowardly act.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

They are for me.

Once again I want to thank my excellent landlord for renting me their $5.5 million Westside house for 5 years.

My rent wouldn’t cover the mortgage and taxes on a shit box in Abbostsford.

For my family the lifestyle choice is perfect.

KickThemOut
Member
KickThemOut

NDP/Green will also soon pass legislation allowing you to take your rental rates with you and that new landlord must honor your existing / previous rent rate + annual inflation allowance.

bullwhip29
Guest
bullwhip29

lol…good one…

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

Wow, that’s almost – but also absolutely nowhere near – 50% y/y.

Oracle
Guest
Oracle

Huge thread on Vancouver Reddit.

$1400. And expect another 20% increase in each of the next 2 years. = $2000/month.

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

You know rents are a function of incomes, right?

bullwhip29
Guest
bullwhip29

middle to upper class parents of intl students dictate what rents are/will be to a large extent. a few thousand here or there makes no difference to them in the scheme of things.

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

They’re but a small fraction of the population. And anyway, aren’t they the ones you say are buying SFH?

Simple Solution
Member
Simple Solution

no no no… function of sexual favors according to oracle

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

A big thread on reddit told him so.

bestplaceonearth
Guest
bestplaceonearth

but …but…my rent/buy calculation tells me renting is better…and …and…prices will come down to …fundamentals…and…interest rates have …nowhere…but up! I want to rent in Yale town for $800 a month.

Oracle
Guest
Oracle

It’s almost a given rents won’t go down.

What’s happening is Fraser Valley rents are rising fast. A decent 2 bdrm will be $2000+ within 2 years.

Condo prices may go down a little but if rents and population increases continue, then not likely.

It’s unfortunate this is happening but this is just a warning to people like Just Me.

I’ve seen this happen overseas and it will take a brutal toll on renters. The landholders just don’t give a fuck because they think differently.

The only hope is to pressure NDP. But too many cheerleaders working against their own self interest.

Name
Guest
Name

Rents can drop as easily as they can rise, it is simple supply and demand. Rental rates are much more elastic than prices are.

Name
Guest
Name

We are in the process of reverting to the mean. It is obvious that is happening now.

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

“Reversion to mean” is nonsensical technical analysis. Future prices are not encoded in the past.

bullwhip29
Guest
bullwhip29
Name
Guest
Name

again and again, never do business with the mainlanders … nothing good can come of it.

Best place on meth
Member
Best place on meth

Anbangs properties should be expropriated by the government of Canada (Turd will have to be put in a cell during this action) and the china men should never be allowed to buy anything in Canada ever again.

Just me
Guest
Just me

McCallum probably disagrees. But nobody really cares.

MarKoz
Member

The article says that Chairman Wu got sentenced to 18 months in prison. Actually, it was 18 years.
http://www.scmp.com/business/companies/article/2145458/anbangs-ex-chief-wu-xiaohui-sentenced-18-years-behind-bars-us12

bullwhip29
Guest
bullwhip29

Feds block $1.5B takeover of Aecon by China-owned company over national security
https://www.ctvnews.ca/business/feds-block-1-5b-takeover-of-aecon-by-china-owned-company-over-national-security-1.3942406

Name
Guest
Name

Yay !!!

Bag it and tag it
Member
Bag it and tag it

Finally they are starting to clue in..about time.