Friday free-for-all! May 11th 2018

Its that time of the week again, free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

–realtors, developers brace for crash

–86% want to curb foreign speculation

–gov introduces presales registry bill

–vancouver luxury market worst on continent

–unexplained money

–cut condo flipper taxes in half

–

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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southseacompany

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“Hike to mortgage qualifying rate fresh blow to home hunters’ buying power”, Financial Post

http://business.financialpost.com/real-estate/mortgages/hike-to-mortgage-qualifying-rate-fresh-blow-to-home-hunters-buying-power

“Expect a modest slowdown in housing activity and more demand for cheaper housing with the new qualifying mortgage rate, some experts say. The Bank of Canada raised its mortgage qualifying rate to 5.34 per cent this week, meaning borrowers now face a higher bar in the federally mandated stress test. The rate was previously 5.14 per cent.”

The noose keeps slowly tightening.

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xyz

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“Hike to mortgage qualifying rate fresh blow to home hunters’ buying power”, Financial Post

I was looking at that headline and thinking to myself if mortgage qualifying rates go up and
borrower’s buying power in a broad sense, is negatively effected, then broad market prices will generally speaking have to fall accordingly? Therefore in the long run is their “buying power” really being effected? Just putting the question out there….

VCI experts chime in please

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KickThemOut

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Your phone number has been spoofed….thanks Oracle!
http://www.cbc.ca/news/canada/british-columbia/phone-scam-spoofing-1.4647709

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KickThemOut

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The fraudsters getting scammed – http://www.cbc.ca/news/business/fake-toronto-lawyer-defrauds-clients-1.4276157

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bullwhip29

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from Richmond News letters…
RE: Do you think big houses should be allowed on farmland?
http://www.richmond-news.com/news/your-voice-do-you-think-big-houses-should-be-allowed-on-farmland-1.23297893

“It doesn’t matter. The true logic behind it is that the powerful riches are taking charge of the whole housing market. The government has less power. If you mess with those riches, they will not be happy and won’t allow the government to put a hand in their pocket. That’s what we are facing.” – Ray Lei

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KickThemOut

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So make them unrich…pretty simple if bears aren’t a bunch of lazy ass couch surfers.

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Just me

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No. Just tax them as much as everybody else.

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bullwhip29

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spoken by someone who works feverishly in that recliner parked in your mom’s basement…

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KickThemOut

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Maybe this is why bears can’t save their savings from rent:
CBC – Accused online dating fraudster arrested on Vancouver Island

Jordan Shepherd, 34, was wanted in connection with alleged frauds in Nanaimo, Ladysmith and New Westminster. RCMP arrested him after they found him sleeping in a car outside a motel in Nanaimo early Thursday morning.

RCMP said he’s accused of using social media and Plenty of Fish under the name “Dave Rofter” to connect with and swindle women.

He’d allegedly tell targets — usually in their 20s and 30s — that he’d misplaced his bank card and convince them to write him cheques for up to $1,600 to help a fake business.

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bullwhip29

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i would presume that as a seasoned PoF user you would never fall for this nonsense. having said this, he still somehow manages to get a taste of human contact. maybe you should opt for something along these lines since the playbook you have been using is obviously flawed…

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KickThemOut

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Gotacha!
http://business.financialpost.com/news/fp-street/police-seek-arrest-of-chinese-canadian-businessman-in-fraud-and-money-laundering-case

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KickThemOut

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No wonder Horgan is so dumb

Vancouver server warns people after she lost $8K in Bitcoin CRA scam
https://globalnews.ca/news/3994680/bitcoin-cra-scam-8000/

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Bag it and tag it

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Back in his days as Keg Waiter during his university years, that was considered the best student job you could have…or for anyone in their early 20s really. Great money and women throwing themselves at you (though I’m sure you’re confused at this concept)
Sorry to break this to you but the worst job was considered dish washer as a restauarant.

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Lost,... but not leased

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SIDA thought the dishwasher was racist, as well as displacing traditional job for foreign locusts.

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Diadora

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566 clients, two addresses: How a theft investigation uncovered an immigration scam in P.E.I.
http://nationalpost.com/news/canada/how-investigators-cracked-an-alleged-business-immigration-scam-on-p-e-i
Norwegians ?

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KickThemOut

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No, bears

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Just me

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How many of the 566 are happy residents of Vancouver? Well respected homeowners, most likely. They might even be protesting the new taxes on housing wealth….

“On Monday, charges were laid alleging siblings Ping Zhong and her brother, Yi Zhong, counselled business immigrants seeking permanent residency to provide residential addresses in P.E.I. though they didn’t really live there.

“The 566 clients associated to the two addresses … are well beyond what would be expected for a single dwelling residence and motel,” investigator Lana Hicks said in one warrant.”

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Name

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Hopefully those 566 fraudsters can be tracked down and then we can KickThemOut.

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Whister or Bust?

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They will claim they had no idea they were breaking the rules. When that doesn’t work they will claim that their kids no longer have any ties to China and are doing so well in school. It would be a hardship to send them back.

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Laibach

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Business, as usual, Ping-Pong, Zhing-Zhong and the rest of P.E.I. cargo just follow the process and training…

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Best place on meth

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It’s nothing, just a few million bad apples.

They’re really nice people.

Ask anyone.

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KickThemOut

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Hmmm….which bear do we know that moved to Nova Scotia in the last few years?
CBCB – Nova Scotia woman bilked out of $10K by online romance fraudster

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Lost,... but not leased

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SIDA assuming persona of Pee Wee Herman???

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KickThemOut

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Best Place on Meth & gang’s secret hangout place – https://www.vice.com/en_ca/article/3b7vwn/hanging-with-a-vancouver-meth-dealer

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KickThemOut

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For those of you looking to join BPOM and get some action, you can purchase you gears here maybe?
https://www.yelp.ca/search?find_desc=meth+pipes&find_loc=Vancouver%2C+BC

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Name

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WOW inventory is now over 11,000 and still climbing. Prices dropping everywhere and stuff not selling. Pre-sale condo market dying a quick death. Bulls shitting their pants. NDP introducing more market killing measures. Realtors starving for a sale. Zolo showing prices down across the board. LOL have a great weekend everyone !!!

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bestplaceonearth

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Never mind about everyone else at the current time being. Mark your post, and revisit it three years from now to see if there will be any improvement for bears’ lives!

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Dave

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The majority of people are going to get hurt by the now underway housing correction, bulls and bears.

In three years, we may very well get a second leg down. I expect that we’ll have a global recession around that time. My expectation is that a lot of the liquidity that found it’s way into global real estate will reverse at that time.

I think the first downturn is a 10 to 15% scenario. The second would be another 20% if it plays out the way I said.

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Doomcouver

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Agreement on this. Real estate bears often under-estimate the impact of the housing market on their jobs. There’s a ton of economic activity that only exists because of collateral money flowing from hot real estate. Just because you’re not a realtor or a construction worker doesn’t mean you won’t get financially damaged when housing corrects. Many wannabe vultures will be too broke and underemployed to buy much of anything. Get your house in order and bulk up on your rainy-day fund while there’s still time. Maxing out the TFSA and putting the money in some recession-resistant investment vehicles is an excellent idea. I’m expecting a ~30% total downturn Canada-wide on housing prices, and anything from 50-80% crash peak to trough in Vancouver/Toronto. This is the disaster every Canadian should be preparing for right now, though as we all know most… Read more »

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Oracle

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80%?? Hahaha

The price of a lot is $900,000 in Surrey. To cost to build a house is $400,000.

Do the math.

Worst case scenario is $2-300,000 correction.

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Shut It Down Already (original)

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That lot will soon be $100K, and once the national obsession with real estate subsides construction costs will decrease.

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Name

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$400,000 to build what? Out of cardboard?

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KickThemOut

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Oracle got a lot of cousins to pay off….

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StupidityCheck

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Your “worst case” is laughable. Bought a house in Phoenix in 2009 for $50k less than structure cost.

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Dave

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I think 30% is a realistic scenario that’s out there. I don’t think 50-80% is. I agree with all else you say. I would add that governments are going to fall short of revenue in a real estate downturn. Even right now, the low sales volume is cutting into the Property Transfer Tax. Governments at all levels are going to be looking for revenue which means the worker and consumer are going to get squeezed. The next recession could be a wicked one. Asset values are higher than before the Great Recession and it’s not clear what another round of money printing can do for growth. Corporations are loading up on debt right and buying back stock. The only positive I see is that the US consumer has less debt than 10 years ago. But in Canada, it’s at all… Read more »

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Royce McC

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I’m curious Dave: what’s your take on the data showing housing starts were really high in Q1 this year compared to the previous year? Do you think that’s just a function of a huge swath of people misreading the impact of B20/ not seeing the NDP changes coming? Seems weird to have a potential leading indicator running that direction right now.

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Dave

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Housing starts are a lagging indicator. Those starts you’re seeing today were planned many years ago. It takes a long time (years) to acquire a property and bring it to the point of a housing start. There is a huge number of starts on the books for local developers. The problem right now is capacity. They don’t have enough staff to start them, nor enough contractors to build them. The construction industry will probably remain at full capacity for the next 3 or 4 years in my opinion. Even if we get a downturn and some developers choose to wait it out, we’re still going to see the maximum possible inventory come onto the market because the demand to build will exceed the capacity. Sales will be a different story. I expect that unsold new inventory has bottomed out and… Read more »

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KickThemOut

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Do bears even work? If bears don’t work, likely no impact. Heck, I wouldn’t be surprised if half of the bears living in gov’t subsidized shelter / housing.

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Dave

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I have people to work for me. Trust me on this.

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bestplaceonearth

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Yep, same here, I do also have ton of people working for me, trust me on this! My son is also a creator of jobs here, trust me!

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Laibach

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Certainly! Fentanyl, casino, laundromats, export-import…

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Royce McC

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Yeah, I’ll play the strong odds and say I probably earn more than you. Also, I’ve created jobs for other people in this province too.

And by subsidized shelter, do you mean the homeowner grant? Do you mean the tax coddling that is the ability deferred property tax with simple interest? I’m just trying to figure out your terms. Because no, I don’t use those. But I sure as heck pay them. And, in a lot of cases, it’s garbage that I do.

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ostritch

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What will cause this global recession that is presumably three years out?

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The Most Interesting Bear in the World

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As the money supply tightens, the value of money rises and the value of assets fall.

Those holding assets see declines. Those remaining liquid see improvements. This is already happening.

3 years is too short a timeline. Once CBs embark on tightening cycles they usually last 2-5 years. Because of the historically unprecedented expansion of the money supply after the ’08 financial crisis, the tightening cycle may may take longer.

In the mean time – stay liquid, my friend.

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Dave

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I agree with your premise, but I think it doesn’t take more than 3 years.

I’m already protecting my investment portfolio for late stage growth and moving to cash. I normally 100% equities and now I’m 20% cash. I’ll probably go 50% cash with the rest of my portfolio stocks I think have less downside risk in a downturn.

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Ves

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Hi Dave,
Market timing does not work in along run. I would suggest making a simple investment plan on paper and sticking to your plan regardless of how market is behaving .
What are your investment goals?
Having 100% equities and all in US S&P is not balanced portfolio even in bull market and not recommended in the long run. It would be better to balance between equities and bonds and between US, CDN (try not be influence by home country bias) and International equities. Pick % in Bonds based on your risk tolerance and your retirement plans as shocks in your portfolio and then you have never again to look at market on daily basis.

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Dave

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Lecture me when you get my returns.

I have zero invested in Canada and International. I’m 100% USA equities for the portion not cash.

At my age, nobody should be invested in bonds. Hell, at any age, bonds are a terrible place to be right now. Why would you buy at these levels?

I bet you in four years, cash buys you more of almost every asset you see today. In the meantime, I’ll protect my downside risk and probably still outperform your ‘balanced’ portfolio.

I look at risk very differently than you do.

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Shut It Down Already (original)

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Nobody will remember in 4 years, so it’s a ridiculous bet. Overall, market timing does not work. There’s a colossal amount of evidence for this.

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Dave

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I made lots of bets here over the last ten years. I haven’t forgotten. I don’t even rub it in.

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Shut It Down Already (original)

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How are those inverse financial ETFs doing?

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Dave

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Which ones?

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Shut It Down Already (original)

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Dave
“I bought an ETF that shorts the financial sector.

HFD.to.”

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Dave

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I buy and sell stocks all the time. I can be long or short the same stock at any given time. I don’t even remember all my trades and if I made money on that one or not.

The thing a lot of people don’t get about traders is we constantly change our minds. If I say I went long a stock, I could go short the next day. Changing your opinion on new information is the game. Remember when I was a housing bull? Now I’m a bear.

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Shut It Down Already (original)

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Sounds like a great way to enrich your broker. I suspect you lost a bundle on HFD, too.

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Dave

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Sure, it doesn’t work for most people. But, I’m not most people.

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ostritch

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You sound like a fool. I remember some of your “bets”on housing. It worth bragging about as you didn’t have the courage of your own convictions.

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Dave

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If VCI was the Kessel Run, I did it in 10 parsecs, if you’re still trying to figure this out.

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Shut It Down Already (original)

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A parsec is a unit of distance, not time, so I’d say your analogy is more than appropriate for VCI given how clueless everybody is.

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Ves

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“I bet you in four years cash buys you more of almost every asset you see today” Do you have a crystal ball in your basement? 🙂 Cash is good to have only as rainy fund, you know when you get your roof leaking and you need to fix it, or your car breaks down and you need major repair, otherwise my cash is always invested in market. “Why would you buy at these levels (Bonds)?” That is not good question because it implies market timing, and market timing does not work in long run. The question that you have to ask yourself is: Why would you like to have Bonds in your portfolio? There are very good reasons to have Bonds in your portfolio. “Lecture me when you get my returns.” So you are telling us that you beat… Read more »

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Dave

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RE: Cash Cash isn’t just a rainy day fund, it’s a POSITION. I’ve taken my portfolio to 100% cash at one point in this bull market to protect my gains. I switched back to 100% equities when that risk went away. RE: Returns Since I took over my portfolio five years ago and actively managed it, I have beat all the indices. I have beat pretty much every portfolio manager that I have seen. As far as longer periods, the person I learned my outlook from has done phenomenally well for a 20 year period, across each of the last three major corrections. Warren Buffet would say if you took a million people, 1 of them is going to get lucky. OK, that’s fine. I’ll stick with luck. In any case, I don’t agree with your metric of comparing to… Read more »

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Ves

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“Cash isn’t just a rainy day fund, it’s a POSITION” Sure. I am not against Cash. I am against taking Position. Every time you are making decision to take position you are taking a RISK. That is why Market timing does not work because average investor does not understand the risk. By NOT changing positions you REDUCE your Risk. That is very important for average investor to make a plan before investing and stick to the plan regardless what Market does. Market will always have crashes, every x number of years but that is the nature of the market. Average investor can not do anything about that, but it can do lots of things to amortize the crashes over the long term. That is the role of the Bonds in portfolio. Otherwise portfolio “ride” could be like ride in Wartburg… Read more »

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Dave

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I don’t know either, hence why cash is a position. That’s not the role of bonds in a portfolio. The role of bonds is to make the financial manager look better when there is a downturn. “Hey I saved you from losing 20% and we only lost 10%.” LOL. If you’re buying for the long term (decades), there is no reason for holding bonds, unless you’re only holding them the way I hold cash (to trade for equities after a downturn). Why give up that return? The Kits house was an example of how dummies compare themselves to an index, as if they have no choice in the matter. You don’t have to be in the index anymore than you have to buy a house. I get why Wealth Managers do it because it’s hard to justify being cash heavy.… Read more »

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Ves

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“I don’t know either, hence why cash is a position.” Well, why Cash when you don’t know? That why I have asked you first question what’s your Investment Plan? You did not answer. Mine is to use it for Retirement and that is 20 years for now. If you don’t have Investment Plan written on one page than how are you investing? Saying that you would be in Cash is not a PLAN because you have to say WHEN are you selling and WHEN are buying your Equities? “Why give up that return?” For simple reason that I don’t have crystal ball and don’t know how market will perform. Second reason is for Rebalancing your portfolio as you are getting closer to your goal (in my case retirement). Again, if you have plan with investment horizon you can do rebalancing… Read more »

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ostritch

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Ves. You’re not getting it. Dave is smarter than you. And smarter than me and everyone else. He doesn’t time the market; he outsmarts it. He lives by his wit, his ability to predict the direction the puck is going, yet he doesn’t always invest in his theories. There are just so many of them. There needs to be a Dave Hedge Fund. One that only invests in his best ideas,the ones he mentions here, after the fact.

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Oracle

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1000 Permanent immigrants moving here per week.

Another 1000 temp immigrants.

That’s why rents won’t fall and there is FOMO for sub $1 million homes.

Above $3 million, Xi is doing all the work.

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My life will be even better in three years but yours won’t be !!! LOL !!!

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Shut It Down Already (original)

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Are you finally going to get an education?

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Dave

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A lot of people are about to get an education.

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ostritch

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But not Dave. He’s already smarter than everyone, son.

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Oracle

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No matter what regs they bring in. Metro Vancouver will still be unnafordable.

A 25% correction is the best that can be hoped for imo.

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Best place on meth

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I agree with the 25% correction.

The second year will be much worse.

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Oracle

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I’ll buy everything at the end of the first year.

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Oracle

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I hope you are right.

Otherwise it would be a monumental failure by the NDP not to do anything.

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YVR

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11,000 inventory is the 3rd lowest inventory number at this time of year in the last 20 years. Not bearish. We need 20,000 by summer to turn bearish. Ain’t going to happen.

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oopswediditagain

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11000 is not bearish unless you add in the fact that sales are at the lowest in 17 years.

https://www.theglobeandmail.com/real-estate/vancouver/article-vancouver-area-home-sales-fall-to-17-year-low-for-april/

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Dave

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I think you’re both a bit right. Inventory unto itself isn’t bearish yet. Sales are bearish for sure.

I don’t think we need more inventory to see prices fade. I think hungry realtors will eventually cause that to happen because they need the volume to make car and condo payments.

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Shut It Down Already (original)

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MOI still indicates a buyers market for condos and townhouses. You know, the ratio between inventory and sales that you’ve all forgotten about whilst arguing about whether sales or inventory is the best indicator?

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Dave

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You mean sellers market.

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Shut It Down Already (original)

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Yes. It’s clearly a seller’s market. Thanks for the correction!

When we see MOI 20+ for 6 months then maybe it might be time to buy.

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Name

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Freudian slip …

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YVR

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“When we see MOI 20+ for 6 months then maybe it might be time to buy.”

No, that is the time to sit an watch prices go down.

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Shut It Down Already (original)

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They’ll already have been going down by that point.

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YVR

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Low sales will increase inventory but to go from 11k to 20K is going to take a loooong time at the current rate. In 2008 we had a mini correction and it took 20k inventory before there were any significant price cuts. Once inventory went back to 13K in 2009 prices started to rise again. Prices are still rising so the low sales has only slowed prices from rising at best.

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Laibach

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It took 15 years to inflate the ugly monster so it will take some time to fart all the gases out eventually.

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KickThemOut

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And after all the deflating, bears still can’t afford. I’m sure they will still be blaming CB, gov’t, locusts, foreigners, Oracle’s cousins, etc for making it too hard for them to buy their little house to live in.

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Oracle

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Seems like you got a hardon for me.

And you genius doesn’t think I know who you are. Just wait you twit.

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Shut It Down Already (original)

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You’re a fucking creep.

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Oracle

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These FuckTwats are so dumb that they think a crash is happening.

Utter Idiots who shoot themselves in the foot.

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Name

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You’re the kind of guy who says the plane isn’t crashing until it hits the ground.

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Shut It Down Already (original)

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It’s been a while since somebody has said this is the “Wile E Coyote” moment. Will you be the next?

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Name

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Mayor says farmland off limits in Richmond for pot growers

http://www.news1130.com/2018/05/10/mayor-says-farmland-off-limits-richmond-pot-growers/

Richmond farmland is only suitable for building mega-mansions for azians.

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Doomcouver

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The hypocrisy of Richmond City Hall is almost unbelievable. We need the provincial government to step in and set limits on ALR. The municipal politicians are mostly real estate pumpers that just want to line their pockets at the expense of our local food production.

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Oracle

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Money talks. Bullshit walks.

Canada that you once knew is long gone. Don’t be the sucker that is partying on July 1st. Watch and observe who the smart people are.

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bullwhip29

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and naturally that’s what this is all about….protecting home values. of course anything that is done illegally off the books so to speak (which wouldn’t be noted in any registry nor could be discovered by future buyers) is fair game

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YVR

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“We need the provincial government to step in and set limits on ALR. “

Weaver has been pounding the table on this. Where is Eby?

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Oracle

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Let’s keep the NDP pumping going guys!! Good times!!! Just Me?

They’ve only managed to increase Valley Condos 50% in price in their first year. And record highs for Detached in Valley. BUT BUT BUT the $6 million detached is now $5 million in Vancouver and they are putting a tax on $3 million + properties.

Hahaha. How is this going to benefit the average worker who rents?? Hahaha

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Name

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What was that THUD I just heard ??? Oh right… the real estate market just CRASHED !!!

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Oracle

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So get me a home at 35% off.

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Name

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Wait until next year.

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Oracle

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That’s why hat you say every year though

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myraandrews

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In over two months not a single day of over 200 sales May 10 New 229 Sold 126 TI 10957 May 9 New 309 Sold 172 TI 10914 May 8 New 318 Sold 117 TI 10835 May 7 New 389 Sold 131 TI 10697 May 4 New 191 Sold 110 TI 10540 May 3 New 213 Sold 103 TI 10503 May 2 New 268 Sold 146 TI 10481 May 1 New 363 Sold 134 TI 10420 Apr 30 New 375 Sold 163 TI 10459 April 27 New 147 Sold 89 TI 10347 April 26 New 208 Sold 161 TI 10,332 April 25 New 239 Sold 123 TI 10,345 April 24 New 323 Sold 136 TI 10,299 April 23 New 385 Sold 145 TI 10,180 April 20 no post from Paul April 19 New 211 Sold 133 TI 10,006 April 18… Read more »

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Name

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Lil Tay’s mom wasn’t fired—she just Instagrammed her boss’ car without his permission

https://globalnews.ca/news/4201335/lil-tay-mom-fired-boss-mercedes/?utm_source=Article&utm_medium=MostPopular&utm_campaign=2014

“Instagram star Lil Tay’s mother was not fired from the Vancouver real estate brokerage she was working for.
But she’s apparently resigning — after she used her boss’ Mercedes 500 SL in one of the girl’s Instagram videos, without his permission.”

More azian fakery.
You just can’t make this shit up !!!

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Laibach

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All of them are just cute, lovely people. A great pleasure to have them around and enjoy their inspiring presence.

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bullwhip29

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it would seem that the condo also belonged to a client. where do these people get off thinking that they can do whatever the eff they please with other people’s property let alone their own?

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Best place on meth

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Don’t lump all asians in with the worthless communist chinese.

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myraandrews

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Do think Zolo got pressure from the real estate boards to stop posting price drops in the listing? They stopped a few weeks ago.

MLS® R2258585 Price:$459,900
On Zolo it shows the lower price of $399,900 but there is mention of the original list price of $459,900 under the same MLS number.

Zola says “Apr 17, 2018 $399,900 Listed For Sale” But it was actually listed for sale for $459,900 on April 17

http://macrealty.com/home/Townhouse/10-21960-river-road/Maple-Ridge/BC/V2X%202C3/mlsR2258585/rebgvvrebvirebomreb/
https://www.zolo.ca/maple-ridge-real-estate/21960-river-road/10

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myraandrews

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Oops the MacRealty link has now been updated with the new lower price. The original price was $459,900 on April 17 and was reduced to $399,900 in the past week.

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Diadora

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The major Vancouver real estate brokerage Sutton West Coast took out an ad last week urging people to force their way into and disrupt a town hall organized British Columbia’s Attorney General David Eby to school tax for homes valued at more than $3 million.
https://thinkpol.ca/2018/05/11/vigilante-retaliates-realtors-took-full-page-ad-inciting-wealthy-homeowners-crash-ebys-town-hall/
“The real estate industry has been the single greatest beneficiary of fentanyl dealers from China laundering money in our real estate market causing housing unaffordable to local taxpayers,” Corrupt Wilkinson told ThinkPol. “They paid the BC Liberals off, and in return the previous government went as far as to shutdown the anti-money laundering unit.”

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Just me

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“These career criminals have realized our AG David Eby is both a man of integrity who can’t be bought and an extremely capable white collar crime fighter,” Corrupt Wilkinson added. “So, they’re trying to incite political violence and bully and intimidate the democratically elected government into submission.”

Eby was planning to explain to homeowners that, among other things, seniors and parents of young children are able to defer these taxes under very favourable terms.”

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bestplaceonearth

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What kind of policy is that? “…seniors and parents of young children are able to defer these taxes under very favourable terms” This wealth tax should not have been their at the first place; it steals money from the retirees, the elderly, and the future of the young children as well.
It’s ok senior, I will put a tax on your house now, you don’t have to pay while you are breathing, but I will come for the owed taxes once you are death! Don’t you see how cruel it is?

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Just me

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Not cruel at all. The senior can enjoy his life, as a millionaire.
I think the policy is overly generous and cuts too much slack to people who have more money than they can use over a lifetime.

The bit you don’t understand is that the vast majority of the population has much less money, yet pays much higher taxes per year. This cannot continue.

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Shut It Down Already (original)

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You think a million dollars is more than somebody can use in a lifetime? Lol.

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Just me

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One million dollar is peanuts. The owner of a crappy condo will have that in Vancouver.

But try 3.5 and above, and you get closer to the mark.

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bestplaceonearth

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“One million dollar is peanuts.” Wow, talking like the rich. So what make it your $65k in saving?

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Shut It Down Already (original)

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Having a house worth $3.5m isn’t the same as having $3.5m. Are you that dumb?

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bestplaceonearth

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Millionaire based on what? on what BC Assessment said? Do they have a million cash in the bank? Until you understand a secured roof over their head is just a home, you are helpless.

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WhatsWrongWithThat

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Nothing wrong with this policy. Seniors are one of the major beneficiaries of this speculation. If they can’t afford to pay higher property taxes on a multi million dollar property then sell and move on. BC has one of the lowest property taxes in entire North America at around .3 %. This is subsidized by working people who pay higher income taxes and to some extent by sale taxes.

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“BC Property owners who are disabled, over 55, or with children under 18 years old can defer taxes in a program that has been available since 1974,” Eby explained in a subsequent blog post[3]. “It is a program that offers extremely low fees, very favorable rates, and simple rather than compound interest. In fact it has been criticized for being non-means tested and actually being too favourable in its terms. Seniors who want to stay in their houses and defer taxes are welcome to do so, and many are already using this program.”

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bestplaceonearth

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Typical communist encourages the tax payers getting into debt at their golden age! These people have already paid enough taxes during their lifetime. This wealth tax does not sit well and will have to go.

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Best place on meth

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Wilkinson is politically a dead man walking already.

Who’s going to vote for this evil piece of shit?

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Laibach

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Byron, a.k.a BPOE and alike. There are still loads of such shit around supporting corrupted criminals of all kinds, domestic and foreign.

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bestplaceonearth

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There is no one supporting corrupted criminals of all kinds, domestic and foreign. But, instead of making policies against these criminals, the communists make policies to pick-pocket of the retirees, seniors, parents and children, and it’s criminal too.

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bestplaceonearth

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Whoever will take out the communists will have the votes.

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Just me

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You mean the BC Libs and company? Those are the real communist: welfare for millionaires, with tax cuts and subsidies. You are right: we should stop this form of housing welfare system.

At the next election the victory will go to whoever is hardest on housing. There is a generational shift in the making.

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bestplaceonearth

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Well, then come to the meeting in Point Grey on May 27 to raise your voice against those residents if you dare! eh Bears!

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Just me

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Sure. See you there?

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WhatsWrongWithThat

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People who don’t want to vote for corrupt LIberals don’t have much choice.

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paulb

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New
183
Price Change
68
Sold
132
TI:10938

http://www.clivestevepaul.com

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Slimeballs at Sutton West Coast realty are behind the well organized raid to disrupt David Eby townhall meetings.
Greedy, despicable real estate agents are mounting artificial protests against Eby.

One thing is for sure. If I buy real estate I will not use the services of Sutton West Coast agents. And I will do my best to convince my friends and family to boycott them.

If enough people do it, they might learn a valuable lesson.

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Name

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We will see more of this type of evil shenanigans and dirty tricks from the vested real estate interests as their ship continues to go down. Their easy life gravy train is coming to and end and they will have to get real jobs soon as used car salesmen.

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bestplaceonearth

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You think you will ever buy in this town with the humbly $65k in saving?…There is a few pads in Hope for you.

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Just me

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Sure. How are sales going? I perceive some lingering anger,.,,,,

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bestplaceonearth

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Anger to the thieves trying to steal the people wealth!

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Just me

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You seem to think that moderate and reasonable increase in taxes is theft. Perhaps you should experience some real taxation of housing, like in other jurisdictions (eg California). The you would feel grateful the Province of B.C. is not charging you more.

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Shut It Down Already (original)

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Buying into a certain level of taxation is not the same as having the screws turned on you just because of some losers’ idea of what’s “unfair”. Fuck fairness.

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Doomcouver

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A Fifth Of Canada’s Working Baby Boomers Have Nothing Saved For Retirement, According To Survey https://www.huffingtonpost.ca/2018/05/11/a-fifth-of-working-baby-boomers-have-no-retirement-savings_a_23431846/

Add this factor to rising interest rates, general over-indebtedness, and extremely overstretched valuations, and I don’t know how anyone can’t see that a massive real estate crash is coming soon. Many boomers have no retirement savings and their house is all they have. Once their lottery ticket starts evaporating as the prices go negative, a panic is inevitable.

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Just me

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I blame politicians who, directly or through tax incentives, have led the baby boomers to believe that housing is an adequate form of retirement savings.

There is a danger that politicians might buttress house prices once again if things tiurn south. We need to remain vigilant,

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Shut It Down Already (original)

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The boomers will probably do ok out of such a strategy. Those left holding the bag after they’ve sold are the ones you should pity.

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Just me

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I would be careful. Some boomers will do well. Those with no liquid assets are in trouble.

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Just me

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Unless, of course, they sell or remortgage. Which they often don’t want to do out of sheer greed.

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bestplaceonearth

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It’s their own homes. They have paid mortgage on it, worked hard to have it, paid taxes on it – and you call them sheer greed? What is wrong with the communists? If you have worked as hard as they have, taken risk as they have, you would just be sitting on the other side of the fence defending your wealth.

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Laibach

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“Worked hard to have it…” even an imbecile should somehow grasp the nonsense about “hard work”, Vancouver, housing and last 15 years, so STFUP and get lost.

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Shut It Down Already (original)

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Jealous loser. Not everybody was dumb enough to pass up the opportunity when they saw how low prices were. Now your stupidity is somehow their fault?

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Shut It Down Already (original)

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They’ll take a reverse mortgage and be fine.

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Best place on meth

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Sure, a reverse mortgage is great if you hate your children and want to leave them nothing while behaving like a spoiled brat in your 60’s and 70’s.

What’s the interest rate on these things?

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Lost,... but not leased

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Reverse mortgage?

Very nasty…..best do homework.

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Best place on meth

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Won’t take long for an entitled boomer who deserves a certain lifestyle to piss their house away at these rates.

https://www.chip.ca/reverse-mortgage-rates/

This country has become a cesspool of entitlement.

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Shut It Down Already (original)

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The entitled are those who think they should get a SFH in a premium neighbourhood for 4x their “average” income.

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bestplaceonearth

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Of course, it’s too convenient to blame others. People need to be responsible for their own action too.

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Just me

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BC Liberal MLA Jordan Sturdy caught lying about school tax

https://thinkpol.ca/2018/05/07/bc-liberal-mla-jordan-sturdy-caught-lying-school-tax/

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YVR

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Actually that is a error or mistake, not a lie. Fake news again. Speaking of lies when is the thinkpol guy going to point out how Eby lied about implementing the foreign buyers tax on presales? That was a lie. One that has consequence. The NDP encouraging foreign speculators to buy presales and flip them to locals at a profit. All for a $500K developer donation which again was another election lie.

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Name

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You are the only one not calling him a liar.

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Just me

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“Meanwhile, BC’s Attorney General David Eby, who has borne the brunt of the wealthy homeowners’ anger over the housing reforms, has explained in a blog post that even after the school tax, Vancouver homeowners will end up paying significantly lower property taxes that their counterparts in other major cities in Canada[2].

For example, a the taxes on a four million dollar home in Vancouver, even with the school taxes, would be paying a less than third of what a homeowner in Ottawa or Montreal will pay, and less than half of the property taxes levied in Calgary or Toronto.“

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“The Attorney General was planning to explain this to homeowners at a town hall meeting last week, but had to cancel the even over security concerns after the BC Liberal leader and the Leader of the Official Opposition Andrew Wilkinson incited his supporters to crash Eby’s meeting”.

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bestplaceonearth

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if the minister thought he was right, there was nothing to scare about. Instead, he turned his tail the other way. Why was he scared a bunch of seniors, retirees, parents and children?

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Just me

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Perhaps they should read the law. Then, they would not get scared.

By is simply asking they contribute to common expenses according to their means. They are saying to want to keep contributing zero and getting richer.

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bestplaceonearth

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They already have contributed like the rest. Why are they penalized for what they have left? You just have to stop your jealousy and envy to the rich! So if your friend’s wife is more beautiful than yours, don’t tell me you want to get in bed with your friend’s wife too?

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Name

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What a dolt you are.

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Shut It Down Already (original)

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Loser kids who didn’t try very hard at school now think it’s “unfair” that they’re loser adults.

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bestplaceonearth

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Who cares about other city! The communist compared apple and orange. This city does not have 10 months winter a year, so there are much less road maintenance for one!

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Just me

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Wealthy Vancouver homeowner likens BC NDP housing reforms to Nazi race laws

https://thinkpol.ca/2018/05/06/wealthy-vancouver-homeowner-likens-bc-ndp-housing-reforms-nazi-race-laws/

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Just me

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“Don’t be misled,” Robert Angus is quoted in Shaughnessy Heights Property Owners’ Association newsletter[1]. “These taxes and restrictions are founded on envy and racism. They have nothing to do with building a better society, any more than the race laws in Nazi Germany were designed to bring about a better society.”

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bestplaceonearth

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…”are founded on envy” : nailed it!

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Just me

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I knew you would agree with the corrupt, lying and indefensible. I guess it is your nature.

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bestplaceonearth

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I am against the pick-pocket of people wealth!

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Name

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They can always move to Halifax… or Fort St. John.

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Just me

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I see. So you should be in favour of lower income taxes and more wealth taxes.

The people being pickpocketed are those who go to work every Monday morning.

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bestplaceonearth

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Wealth is accumulated during the life time; people should not be penalized for generating wealth. Wealth tax occurs in the communist regime. You should move to the communist regime, you can work less, and enjoy everything the communists can offer you.
Those who go to work every Monday morning, pay taxes, invest right, generate wealth; and they should not be taxed again and again!

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Just me

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You just made a perfect case for low income taxes and for higher wealth taxes.

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Best place on meth

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“people should not be penalized for generating wealth”

Fucking retard, how does a homeowner sitting on his ass watching his house price go up thanks to offshore money launderers “generate wealth”.

What a simpleton.

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Shut It Down Already (original)

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That’s not what James said, though, is it? She said if you could afford to buy you can afford a bit extra. Those who’ve lived there forever she said should defer the taxes. She doesn’t care how the property was acquired.

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Lost,... but not leased

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“Nazis” did not have race laws….

GOOGLE how many Jews were in German armed forces…even Generals

They also had the most ethnically diverse military in WW2.

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Shut It Down Already (original)

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You’re so weird.

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Lost,... but not leased

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Oh right…..you don’t have internet access(….you have heard of it…right ? )

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Shut It Down Already (original)

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Like I said….

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Just me

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And here comes the millionaire injury lawyer, this rare specimen of honesty and rectitude:

“Other Shaughnessy residents are claiming that the NDP is waging war against wealthy British Columbians.

“Basically, these taxes are all “wealth taxes” directly attacking people that have been able to accumulate assets over time using after-tax dollars,” the newsletter quotes personal injury lawyer Wes Mussio. “These measures will do nothing to improving housing supply. In the result, it’s really a taxation assault on the more well-off people in British Colombia[sic].”

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bestplaceonearth

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Dead on!

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Just me

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I knew you were going to support the millionaire injury lawyer.

Fight to the end for the privileges of the extra rich. Call any reasonable taxes as theft, kick and scream….great strategy.

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Best place on meth

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Best Nazi analogy ever!

So when are we going to round up rich home owners and gas them?

Tuesday works for me.

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The Most Intersing Bear in the Word

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Ah, yes, the old “Reductio ad Hitlerum”.

https://en.m.wikipedia.org/wiki/Reductio_ad_Hitlerum

You know someone’s run out of arguments when they’ve resorted to that logical fallacy.

Stay reasonable my friends.

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Dyugl

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How much of a drop is reasonable if any? During the nineties, the last time the NDP was in power, the number of homes under construction got as low as 7000. We currently have about 39000 homes under construction. In that time Vancouver has grown 30-40%. If we go back to the same level of construction per person then a huge drop in employment would follow. Then there is the exodus of workers and the tightening of lending standards. The flight of foriegn capital would exasperate the situation and there is almost a guarantee that overbuilding took place during the Liberal years. The higher interest rates south of the border and the anti trade rhetoric adds to the political uncertanity in this province. With that level of risk the rewards needed to compensate would be substantial. So is there enough… Read more »

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bestplaceonearth

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The BC economy has been in the uncertain stage since the NDP came to govern. By the time the election comes around, it will be destroyed. Keep on taxes and taxes, and no to economic development, a tofu brain can figure it out where this province is heading.

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Name

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sometimes a full on bust is what it takes to return things to a state of balance. It should have happened in 2008 but the central banks kicked the can down the road.