Friday free-for-all time y’all!
What are seeing out there in the streets?
Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
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Recent BIV survey on housing and foreign RE investment:
86% of British Columbians support measures to curb foreign or speculative investment.
58% – Time to consider banning foreign investment.
86% – Measures to curb speculation.
78% – Province should put measures in place to address housing affordability, even if those measures make their properties less valuable.
90% – Concerned about housing affordability in B.C.
https://biv.com/article/2018/05/most-bc-residents-support-ban-foreign-real-estate-investment-surveyT
Time to act harder for all levels of governments.
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And then some people claim that Eby and the NDP will have a hard time being re-elected. if it keeps going this way they will win a landslide, as long as they are on the right side of the housing issues.
Timne for the BC Libs to re-evaluate their stand on housing, the new guy seems out of touch.
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People want real action not studies, toothless measures and broken promisses. With prices up 20% since the election that is all that matters.
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“People want real action .”
With the BC Libs they got real action. Real action to trigger even higher prices.
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With BC liberals it would be up 50%.
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People tend to act differently when taking pointless surveys than when at the ballot box.
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Wow, just wow (apparently you like this little line….)
You are really good at selecting the data points that most please your ego and made up version of reality.
PS I suppose that many responders are also rabid racists and anti-Chinese. After all, anyone who disagrees with you is a racist.
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“Anyone who disagrees with you is a racist”
Yeah, but nobody gives a shit what a worthless traitor thinks.
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I didn’t say it’s to be discounted entirely, but I am saying that context is important. You should know this, but apparently you’re too dumb to get it or understand why I think you and others here are racist (hint: it’s not because they disagree with me).
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I don’t like NDP but there is no choice. Liberals are just morons when it comes to housing and are totally clueless what majority wants. If NDP keeps doing what they are doing with housing or if they take even harder stand on housing then they are going to win big the next time.
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These numbers show how unrepresentative of their citizens our governments (at all levels) are.
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And yet crocked pricks use every opportunity to scold and teach others a lesson. Disgusting…
China Warns of Canada Investment Chill After Aecon Deal Blocked
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Not everybody buying the Chinese argument….. 🙂
“Canada shows its mettle with Aecon bid rejection”
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“With its usual petulance in such matters, Beijing has reacted by effectively calling Canada a country that needs to grow up. There has been hand-wringing in Corporate Canada over an anticipated dearth of future Chinese investment in the Canadian economy.”
Great article! Suggested reading.
David Olive is one of my new favorite commentators!
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“Prime Minister Justin Trudeau’s government on Wednesday killed a proposed Chinese takeover of the Toronto-based construction firm, citing advice from national security agencies. Following the decision, the Chinese Embassy in Ottawa issued a written statement cautioning the move was not “good news for the investment cooperation between China and Canada.” The embassy later issued a second statement criticizing “politicization” of national security risks.”
Veiled threats. Simple and clear. Beware doing business with Mainland China.
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Chinese vermin, get out of Canada!
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“The move comes at a critical point for the future of Canada’s trade relationships. The country is considering launching trade talks with China as it seeks to become less reliant on the U.S. market. Trudeau has also been working to reverse a drop in foreign direct investment into the country, and China remains one of only a few deep sources of foreign capital, said Jia Wang, deputy director of the University of Alberta’s China Institute.
I still have to see one of our “China experts” from the Mainland ever disagreeing with that totalitarian regime. Even the ones with Canadian citizenship regularly and unconditionally support closer ties with the Mainland Chinese government. Are they scared about retaliation?
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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 »
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You’re forgetting you were banned a couple years ago…hmmm I wonder why?
I for one appreciate what ‘Just Me’ is doing…searching through the article for key sections then posting them for us…saves me a lot of time.
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Make Vancouver Canadian Again
I see 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.
We don’t need you to copy and paste the article into several posts on VCI. I actually believe that is questionable in terms of copyright law.
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“as it seeks to become less reliant on the US market”
Why on earth would you want to become less reliant on the US market, our biggest trade partner, who is the largest market in the world, our friendly neighbour and let’s not kid ourselves our protector, to become more reliant on China. How fucking stupid can anyone be?
Trade with the US over China is a no brainer.
Wouldn’t trust China as far as I can throw them. And people who encourage trade with them are absolute hypocrites as they have bad human rights violations and pretty much zero environmental laws. I’m sick and tired of our government trying to get closer and closer to China. It’s asinine
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+10
Exactly, “How fucking stupid can anyone be?”. Apparently, it is possible otherwise we wouldn’t ruin country and BC/Vancouver as we already did with all Chinese shitshow at all levels and structures. Fucked up society, deteriorated system of values, greed, corruption, tax evasion, segregation, etc. Total fubar, and downhill.
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I agree 100% with DaMann.
And I suspect a vast majority of Canadians (old and new) do too.
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Yep.
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Never mind Eby’s townhall, angry people need to start showing up at the locust vermin consulate in massive numbers armed with Tibetan and Taiwanese flags, and massive bags of shit to throw at those chicom scumbags.
Harass the fuck out of them as they try to enter or exit.
Call them every FUCKING name in the book and tell them to get the fuck out of CANADA.
DEATH TO CHINA!
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999 West Broadway.
Wear you Dalai Lama t-shirt.
Rub a chinese flag on your ass.
Tell them to fuck off and die.
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“The angry reaction to this measure reminds us that homeowners consider rising home equity to be off limits to taxation. But do governments? Homeowners, keep an eye on this story. It’s possible that the tax aspect of home ownership is about to change a little bit.
Support for the B.C. government’s school tax measure has come from the Vancouver-based advocacy group Generation Squeeze, which earlier this month launched a campaign called #TaxShift. The goal is to encourage the use of revenue generated by higher property tax on expensive homes to lower taxes in other areas or improve services.”
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“So far, it’s been a tough slog. “We definitely have some angry multimillion-dollar homeowners,” said Paul Kershaw, a professor in the University of British Columbia’s School of Population and Public Health.”
“Property owners may counter that they already pay increasing amounts in property tax every year. But Prof. Kershaw said the total amount of these taxes collected in comparison with the size of the economy has been falling. He said B.C. property taxes amounted to 3.9 per cent of provincial GDP back in 1981, compared with 2.9 per cent now.”
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“A study by the real estate consulting firm Altus Group says that large tax bases and high property values have allowed Vancouver to cut residential property tax rates for 14-plus consecutive years, and for Toronto to cut rates for nine straight years. For every $1,000 of assessed property value, residents of Vancouver and Toronto pay $2.55 and $6.62, respectively, while the national average is $8.66.
“The amount of money we’re collecting cumulatively [in property taxes] has not kept pace with the growing value in homes, or the growing share of the economy accounted for by real estate,” Prof. Kershaw said.”
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Make Vancouver Canadian Again Speaking of carpet-bombing, I see 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 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 we want to read… Read more »
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Hmmm…can’t help but notice you cut and paste this post twice…oh the irony.
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Make Vancouver Canadian Again
I see 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.
We don’t need you to copy and paste the article into several posts on VCI. I actually believe that is questionable in terms of copyright law.
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If they don’t like it they should sell their house and become millionaires. Oh wait the luxury detached segment is dead they won’t be able to sell. Let the schadenfreude begin.
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Am I in moderation?
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Nope, keep posting! We know you aren’t Oracle and fuck those attacking you, calling you racist and trying to get you off the blog. This is still free country although some mental cases should be definitely banned from the blog for the sake of usability and good taste.
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Nothing about what we’ve seen from you is in moderation…. 100% crazy town.
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There is a very simple reason that all governments are going to be moving away from income taxes toward real estate and wealth taxes, and it actually is quite separate from any stated desire to cool the housing market. The fact is a decade plus of emergency low interest rates has decimated the value of labour. Factoring in inflation and everything else, working people are being paid peanuts, even high earners. There is no way working people are going to be able to keep up with the ever increasing tax burden as their wages stagnate. Wealth has shifted away from work-generated towards being asset-generated as a result of permanently low interest rates. Governments follow the money. Governments will be taxing home values and wealth savings because increasingly in the future that will be the only place where they can get… Read more »
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>governments are going to be moving away from income taxes
when are income taxes going down?
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The income tax rates may not be going down, but the money the government hauls in from income tax will not be enough to pay the bills of society. Wealth and money is relative. A working person who makes $100k per year might be thought of as a high earner. But really that 100k is barely enough to keep your head above water in Vancouver and certainly nowhere near enough to be a homeowner. But other people who don’t work have access to millions of dollars in savings just because of real estate appreciation. The government still has to deal with the elevated costs associated with the real estate bubble. Materials and construction worker and land inputs for all government projects reflect bubble pricing. The government cannot continue financially to rely so much on labour as a source of tax… Read more »
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In an alternate reality that exists in bear’s head.
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“The Bank of Canada has highlighted elevated household debt and imbalances within the nation’s real estate market as the two chief vulnerabilities to the financial system in the event of a recession.
But what could trigger such a downturn? Macquarie Capital Markets offers one simple answer: the housing market itself — highlighting that the share of employment tied to construction as well as finance, insurance and real estate is nearly two standard deviations above its long-term average.”
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“Roughly half of all economic weakness during recessions since World War II is tied to fluctuations in residential investment, he calculates, and the extent to which Canadian output and employment are currently reliant on this is “unprecedented.”
“Macquaire’s best-case scenario is that the fallout, starting in 2020, will be as bad for Canada as the 2008-09 financial crisis. Worst case: The unemployment rate will spike by more than any recession since the Great Depression.”
Thanks, Poloz. Kicking the can down the road…..
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Since winning the election Mr. Dress up has racked up $70 bil in debt and kept rates at emergency levels all while the economy is booming.
What’s going to happen if Macquarie is right? Where’s the ammo?
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“Since winning the election Mr. Dress up has racked up $70 bil in debt and kept rates at emergency levels all while the economy is booming.”
When a politician is elected their first priority is to get elected again. You don’t get elected by popping a housing bubble. Mr Dress up may be dumb but he is smart enough to know people like free stuff. The BC NDP are doing the same thing. Throw out a few crumbs to keep the dummies who voted for them happy but keep the party going is the mandate. Without China and expanding debt the whole thing collapses including the ruling parties chances of reelection.
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Is this legal?
People are renting basement suites in Surrey with discounts. Example: a suite maybe rented for $1800 with a $400 discount for the first year and $200 discount for the second year and discount expiring in year 3.
So rents is not going up but discounts being lessened.
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Do you & your cousins ever care about being legal? Given that you are all for sexual exploitation of young women & mothers you sick pig.
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Haha. You are a coward. I have a strong haunch that this is the only place you act tough?
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You should call the RCMP, stat!
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Nobody cares about Surrey.
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You should as the prices set a base for the rest of metro. Rents go up to $2000/month and homes a $1 million then you really think they will be lower north of the Fraser?
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It works in reverse…prices are set in Vancouver
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Sub-prime rentals
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That was quick, Trump folding to China…
https://www.zerohedge.com/news/2018-05-25/trump-xi-agree-tentative-deal-zte-including-13-billion-fine-fox-news-reports
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I see a condo on Powell St which is relisted due to a subject deal not closing. They say the price is reduced, as well. Perhaps that’s just to try and stir interest for a quick sale. I wonder if financing fell through?
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Oracle,
Senior Manager, Economic Analysis – Office of the V.-P., Housing Markets and Indicators – CMHC
You should definitely apply for this position. You would easily beat any other candidates considering your knowledge, experience at VCI, insight into the housing market, social circumstances, your sources, and connections. Even compensation is not that bad. Go for it!
https://cmhcschl.taleo.net/careersection/2/jobdetail.ftl?lang=en&job=7514&src=JB-11400
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What about sexual favours? Any of that on offer?
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You shouldn’t really make fun of that. It is happening on a grand scale (especially with foreign female students from poorer backgrounds). Of course you can bury your head on the sand if you chose.
Just down ridicule the whole situation as though it’s some made up thing.
FYI:
Fentanyl crisis is real
Homelessmess is real for families; not just addicts.
Just because you are not in that situations doesn’t mean others aren’t.
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If you make an average salary, you need a side gig to make things work in this City. For some people, that’s a sugar daddy, for others it’s special services.
I know a rich guy who lives here because a lot of girls from all over Canada want to be in Vancouver. And they quickly realize the waitress job doesn’t make ends meet. The end result is the quality to cost ratio of prostitutes in Vancouver is quite good.
The next recession in this City will be ugly in a big way.
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The ethnic radio stations had a talk show on this. And the callers blamed the ‘dirty’ girls. Go figure. Importing 3rd world values here.
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I feel sorry for the poor Indian wives your cousins bring here to marry.
They must be clueless to your fifthy behaviour when you go fix the toilet at 9 pm.
At least use a condom.
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Lol.
They’ve been right about housing so far. Anyone on the sidelines has been a generational loser. Me included although I was in the game until 2014. Just missed the last leg up due to believing too much in the internet.
And how’s that B20 thing going that everyone said is going to stop the market in its tracks? The last few prequalified must be done by
Now.
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Horgan taking ‘wait-and-see’ approach on mobility pricing
http://www.news1130.com/2018/05/25/horgan-wait-see-mobility-pricing/
VANCOUVER (NEWS 1130) – BC’s premier isn’t taking a side on mobility pricing just yet, a day after Metro Vancouver mayors approved a new report on the matter. He will need to decide eventually, because any road pricing needs provincial approval before it starts.
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it will not fly.
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Hey, where’s Paul these days?
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Nasty foreigner poisons locals with fentanyl:
http://vancouversun.com/news/crime/major-fentanyl-trafficker-sentenced
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“B.C. Provincial Court Judge Gene Jamieson said Andrew Leach preyed on drug addicts and put his own family at risk by storing fentanyl, hundreds of thousands in cash and firearms inside their Coquitlam home.”
I wonder where did Mr. Leach get his supplies of Fentanyl. I also wonder who was retaining the services of this very valid supplier and whether his employer does, by any chance, live in an expensive West Side home in Vancouver.
Heck, the employer of Mr leach might be even going to protest the new taxes that our A.G. David Eby levied on multimillion dollar homes.
Fentanyl is a mainland Chinese phenomenon. And goes hand in hand with money laundering and the boom in Vancouver house prices in swanky neighborhoods over the past 3 years.
It is not racist to say so, it is just the truth.
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He might be protesting taxes? Why not just make up a bunch of garbage to suit your pathetic narrative? Or perhaps you can copy/paste the part of the article you’re citing. Or all of it?
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Now the finger starts pointing to the drug trade for the landless status. I guess the drug trade only happens in Vancouver. There is no other city in north America with similar problem. ..bhahahaha
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What exactly is your point here? If you think that people are less agitated and disgusted because the criminal isn’t Chinese you are apparently cretin. If this is supposed to be sarcastic or humorous then it is quite pathetic if not sick.
However, the question is, would an actual foreigner of the certain background get the same sentence based on practice thus far?
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It’s neither of those things, and you’re not the brightest.
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Actually Laibach raised a valid question: would an actual foreigner of a certain background get the same sentence based on practice thus far?
You being the dishonest race baiter that you are, there was no response.
In 2018 Vancouver we condone crime by certain individuals to avoid accusations of racism.
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You’re a pathetic waste of space, racist.
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There we go again….every sentence you ever write is interspersed with epithets like moron, racist, idiot, waste of space…
You really are a knight in shining armor.
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He doesn’t even pretend to debate or have the slightest shred of an argument anymore.
He’s totally frustrated, the motherland is going to recall him soon.
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Racists aren’t worth engaging in debate.
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Racist shmacist, you can’t debate to save your life you worthless chinese traitor.
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Oh, I’m not debating you. Nothing you say has sufficient merit to warrant debate.
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It’s time to admit that your “it’s all about the money” position is looking quite pathetic. You’re now trying to give credibility to a completely unsubstantiated claim that Chinese somehow get more lenient jail terms? Just go fuck yourself, you toxic piece of shit.
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It is about money. Completely. Some think it is about race or culture. But it boils down to money.
And yes, one reason why our legal system and tax enforcement system are so cautious in laying charges and investigating is that, if they did it for real, they would end up with a disproportionate number of perpetrators from a particular group.
For some reason, if enough people from a single group break the rules, we need to be cautious lest we are accused of racial profiling. It is disgraceful and fans the flame of real racism. A serious society would go ahead and pursue the guilty parties.
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“one reason why our legal system and tax enforcement system are so cautious in laying charges and investigating is that, if they did it for real, they would end up with a disproportionate number of perpetrators from a particular group.”
Oh, and you have supporting evidence for this theory which is “all about money”? Of course you don’t, you racist prick.
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Say “racist” again, AIDS!
We never tire of this shit.
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Sure, Henry.
No Chinese money launderers in our city. Saying otherwise would be racist.
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To be fair, all nationalities do, but you failures just single one out of jealousy.
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That’s not the point I asked you to comment on. Why are you so dishonest?
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Oh my goodness, spare me the moral compass. Your jealousy is making your really cheap. Bhahahaha!
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BINGO!
The race card out again!
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It’s not “the race card” when played against a fucking racist, dipshit. Perhaps Just Me could bring some fucking data or facts before he spouts his prejudiced opinions? That might help.
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OK, let’s count in the last post: fucking (1), racist (2), dipshit (3), fucking (again, no imagination…4).
For a three lines paragraph that is a great performance. Henry is in great shape tonight!
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It’s another lonely Friday night at home for AIDS.
And an especially angry night, much more so than usual.
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You’re here every Friday. And every Saturday.
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Holy fuck, somebody swore. That’s so much worse than being a fucking racist dipshit.
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Say racist again.
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With pleasure. You’re a toxic unemployable piece of shit racist. You’re also proud of it for some bizarre reason.
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My local Chinese friends openly discuss and recognize the problem with the behaviour of mainland China millionaires.
I guess they are racist as well.
You are clown, SIDA.
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You’re a moron if you think that justifies your toxic behaviour.
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Chinese Library kicker vs Indian thugs beating a man.
Guess who’s photos and names plastered all over media??
That’s all you need to know.
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Locals should have smartened up and stayed away from drugs at the first place.
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Not only you are stupid. You are actually genuinely tasteless and disgusting. Your remarks are a measure of your paucity.
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So it’s ok for locals to use drugs in you book? Wow, no wonder, you want higher taxes for more free needles, and more free containers.
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I want those who turn to drugs to get the help and treatment they need and not be judged for moral failings like you seem to be doing. I also want to see an end to the conditions that have people turning to the harm they do. It’s been demonstrated that those needle problems save lives, but I guess the lives of others aren’t important to you right BPOE? They’re parasites, right you fucking dick? SIDA can complain about racism and the lack of empathy underlying it, but where does this BPOE asshole and his views range on your scale?
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From elementary, you learn to stay away from drugs. There is consequences for every thing in life. Isn’t that ironically that the diabetic seniors have to pay for their own diabetic needles and test strips, while they also pay taxes to fund those “special needs”, and now facing with more wealth tax on their limited retired incomes. So you tell me, there is nothing wrong with this picture? By the way, fucking dick, and parasites are your words, not mine. Or my best guess, you are just lack of a ficking duck!
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…. so no help for them then. You use the term “parasite” all the time and in reference to drug addicts, no less. Your callous disregard is what’s wrong with this picture.
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All the helps thus far have been piece work, and no one dares to admit it. How is that helping, while giving more drugs and needles, but no clinical contravention? You would think it would help by containerising an addict, and he will be ok on his own with the ongoing of addiction? You know squat about life in the living hell, so don’t try to preach.
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What on earth is a clinical contravention?
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I’d say the problem with drugs here is obviously a complex one. Some users are victims themselves and are in dire need of our help. Others made bad choices and are now dealing with the brutal consequences. Either way the city, province, and feds don’t have a cohesive plan to recover this awful situation.
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That’s great advice, Nancy Reagan.
Top notch. You should be a fucking world leader.
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Goosebumps, just goosebumps whenever you speak, unbelievable but at the same time stunning.
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New
210
Price Change
75
Sold
123
TI:11697
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Thanks for tracking the inventory! I appreciate being able to see your chart!
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Did my bit today as a guest on the Lynda Steele show today. Hopefully i presented some reasonable arguments. I’m not bothered about losing anonymity, so if you’re interested you can listen for the full hour using the CKNW audio vault. May 25th, starts at 4pm. You can probably guess I’m “ulsterman” the guy with the Irish accent.
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Good job, Keith!
And the baby boomer complaining about paying 2k on a 2 million dollars on profits, what can I say? He defeated himself. The more they fight, the more they make themselves ridiculous, hideous and unpopular.
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Thanks Just Me, glad you liked it!
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The boomer was absolutely right about the entitled bunch. This is 2018, not Robinhood time anymore. If you want more, you work more. Bitching and whining don’t bring home extra income.
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Whenever I think you reached the ceiling, you outperform and reinvent yourself. You are the living evidence that stupidity is endless. You should donate yourself to science and contribute to humanity as a unique sample. You are impressive, just going through your today’s comments science can learn a lot about brain and mindset, it’s absolutely stunning.
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Spare with your moral value. And I do plan to donate whatever useful once my time is up.
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Donating what? Money you did not earn in the first place?
Paying your taxes while alive is better. If you profit from money laundering and flows of Chinese money during your life, you live better than others without earning it.
We have the rule of law. We all play by the rules and pay our taxes. We use money we earned with local jobs, with clear origin and no dodgy sources.
A guy moving 5millions from China to buy RE here should be obliged to reveal sources and to pay higher taxes. He is removing valuable stock of real estate from the market for local income earners.
If he wants to donate is totally irrelevant.
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Again, moving the goalposts. The topic was locals who’ve enjoyed the gains of increased prices, not some hypothetical individual you just conjured up.
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Locals enjoy high prices exactly because there are “buyers of last resort” who prop up high prices using cash from abroad (and often leveraging it with local corrupt banks like CIBC and HSBC).
The on;y reason locals are so smug is that the Chinese keep pushing valuations ever higher.
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Locals enjoy high prices because they’ve collectively decided that real estate is a sure thing investment. Bubble psychology.
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And polling is showing that collective decision is being re-thought and, perhaps, reversed.
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Exactly. The same forces work in both directions.
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Whatever that I will be donating, be it my body parts or money, or my brain that a loser suggested, still much better than the empty salivating cheap talks that the moral high ground bears offer here every single day.
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You don’t seem to understand. Nobody wants what you have. I would rather kil myself than be a miserable human being like you.
All we want is that housing millionaires contribute by paying proportionally to their real income (realized or not realized yet).
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But you are a miserable human being. That’s precisely why you look to blame everybody else for your failure.
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Giving away something that you don’t need anymore is not the same as sacrificial giving. The first type of giving doesn’t cost you anything.
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“Giving away something that you don’t need anymore is not the same as sacrificial giving. The first type of giving doesn’t cost you anything.”
Speaks volumes about who BPOE is.
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He probably donates his old, soiled underwear to the Salvation Army and feels like the most generous person in the world.
They he tries for a charitable tax deduction.
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Don’t mention the fact that house prices across Canada are almost 300% more expensive in inflation adjusted terms than 40 years ago. I guess we should just pull ourselves up by our bootstraps 300% harder than the boomers did.
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Or rent. Why is home ownership so important to everybody?
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Because rent is not regulated enough in Vancouver, and scarce after the advent of AirBnb.
If there was stability and abundant supply, people would happily rent. But to do that you have to make rents plentiful, reliable and affordable long term.
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Renting under current market conditions is a very good idea. That’s not what we’re talking about though. The issue here is, in monetary terms, it was WAY easier to be a boomer than any of the generations since then. Boomers like to claim that “oh, millenials just don’t want to work hard”, but that’s BS. There’s plenty of millenials that work hard, and they are still struggling way more than any entitled boomer. Sure, renting for now is viable because your landlord is accepting a crappy rental yield to let you live there. If my unit and others had what I would consider a “normal” rental yield I wouldn’t be living in BC anymore. Baby boomers need to pull their heads out of their asses and realize that they’ve totally screwed the next generation.
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They’ve screwed the next generation by telling them to sacrifice everything to buy whatever real estate they can.
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If you don’t make provisions for your housing, your Chinese landlord will.
Even our own politicians acknowledge tha. You are left alone denying it.
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What on earth are you babbling about now?
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That was great you put that moron Peter in his place. He’s a microchasm of how out of touch and ignorant the boomer generation is. The guy thinks that seniors are entitled to being looked after, but doesn’t think that the government should look after the poor or the next generation. What a tool. I say the massive price gains boomers have received on their housing should be extracted by the government. If Canadians aren’t entitled to affordable housing, boomers definitely aren’t entitled to $2 million gains on their housing. If the boomers don’t like it, they should move away, just like many of the millenials have had to do because they can’t afford to live here.
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That’s awesome. Congrats.
Someone actually doing something rather than is fighting amongst ourselves. Kudos.
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Keith: great job. Lots of millennial stereotyping and generalizing by that “Peter” guy but no real argument from him and he was all over the map with his arguments. When I hear “Peter” say “you people” he’s really showing his true colours. I’m a boomer at 58 and when I bought my house (which I have since sold) it was 3X my income. I really feel sorry for the follow-on generations who don’t have a hope to really get ahead in life financially.
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You made a good point about the business capital gains exemption being capped at $750,000 (it’s $800,000 for 2014 and now indexed to inflation). But windfall profits on a house sale are 100% tax free. So everyone should go out and buy a house rather than starting a productive business and just sit on our asses and make out like bandits which is exactly what the baby boomers did. And the boomers accuse millennials of being lazy?
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$800,000, damn i must have looked up a dated stat.
To diffuse the foaming at the mouth and ranting, i tried immediately to state clearly that no one thinks Boomers didn’t work hard, commute, raise families, pay mortgages etc. Millennials just want the same chance to work hard etc. Unfortunately no matter how many times you explain price to income ratios, you just get, “In my day!” thrown back at you.
Thanks for the kind words btw
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That was a great listen. Peter does not get it – – when he says “If you’re making 140K and can’t buy a house – you’re doing something wrong” – – – it shows he doesn’t realize what 140K will get you today. It certainly won’t qualify you to buy a house in Langley.
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I think he’s suggesting that if you’re making 140K you should be saving at least $50K per year. A few years of that plus compound growth is a decent down payment. Or do people these days think that nobody should have to save before buying anything?
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Your net on 140k is around 80k, or just about 6k per month.
If you need to rent a two or three bedroom I think commuting distance, you are looking at anywhere between 2800 and 3800. Let’s tale 2800 for illustration. Add cost of food, olthing, gas and insurance (say, eaten 1000 to 2000k per month, depending on how many kids you have and there you go.
How did you arrive to your 50k figure for savings? Even a single person with no kids would struggle to save that in Vancouver.
Realistically, 200k is the income where you can start to set aside serious savings. If you have kids even that is. Questionable. And I am not talking about living a luxury lifestyle.
Housing costs have to go down.
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$140K after tax is almost $100K. If you make sure $20K of what you save goes into an RRSP you get to take home another $10K.
And if you’re claiming that an acceptable 2 bedroom costs $2800 (it should be way less than that if you’re in savings mode) then you should try doing an accurate rent vs buy using that figure to see whether prices are really that unreasonable….
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You are not including MSP nor any employer mandated transfers. But even allowing for 100k oe year, their figure of 50k savings per year if you have kids is overly optimistic. Again, not because people live a life of luxury.
If you can afford to save money living in Coauitlam or further out, great for you. Not everybody can do that and commute 3 hours per day.
The cost of housing is excessive if compared to incomes.
Even if you saved 50k per year, it would take many years to put together a 500k down payment on a 1.5 million three bedroom place.
Try again.
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Yes. Solid outing. I doff my cap to you, sir.
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Wow I don’t know how you kept it together I would have lost my shit. You were the only person who tried to keep the conversation on point. After listening to that conversation I think there is no hope for BC. I left years ago I really think no one in the province has any brains. You had an entitled boomer who lied that boomers want less government. My ass, take away his MSP and see him shriek. You had a phone in bozo complain about taxes. And another clown talk about apps. WTF!!! I really think the average person in BC fried their brains on drugs years ago. Ironically they made their point. I think you should move not because of housing but because everyone left is a brain dead zombie. Seriously if I didn’t have my parents to… Read more »
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Yeah, the guy yapping about how millennials have so much more opportunity than boomers because they can design an app and become instant multi millionaires was just priceless.
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114,000 more people: Seattle now decade’s fastest-growing big city in all of U.S.
And this despite their new “head tax” 🙂
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Wow. 7 years and grew by 118,000.
Vancouver does it in less than 3 years.
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Proof please.
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Oh I’m sorry.
Metro Vancouver’s population is decreasing. Happy?
Just foreign students alone grow by 30-40,000 per year here.
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NW98: Authorities have no idea who is buying up Canadian real estate.
Transparency International has found Canada lags far behind and has a “weak” beneficial ownership transparency framework which helps anonymous shell companies facilitate corruption and financial crime.
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This is a big deal. The NDP has gone silent on the issue and we should push them to produce legislation that makes ownership structures transparent.
It might be even more important than taxes themselves. Chinese millionaires love anonymity, it helps them hide their loot from the Chinese government.
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“The NDP has gone silent on the issue”
If you have not figured it out yet the NDP have no intention of stopping the housing party. Eby has reneged on 90% of his promises. They have made some minor tweaks that will do little other than raise tax revenue. The proof is in prices. Up 20% since the election tells you all you need to know.
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“Eby has reneged on 90% of his promises”
We’ve tracked every promise the B.C. NDP made in the last election: Here’s where they stand
While some high-profile promises have fallen short, more than 75% of the NDP’s platform is being enacted
http://www.cbc.ca/news/canada/british-columbia/bc-government-ndp-promise-tracker-1.4669968
Can you be more specific with your 90% number, YVR?
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Prices are up. The Spec Tax watered down. But but but the media story says so….
Lol
Why aren’t prices down since Election Day? We are in year 2.
Or are you really a Lib leading the naive astray.
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Here are a few that come to mind:
1. No foreign buyers tax on presales
2. No renters rebate
3. No kick off a rental housing construction boom
4. No housing being built for seniors, for workers, and students
5. No end to rich developers buying access to government ($500K donation)
6. No crackdown on money laundering at the casinos (down 4% – LOL)
7. No closing of loopholes that allow a shell company to buy real estate
8. Watering down of the 2% speculator tax which makes is irrelevant and exempts most
9. No task force to investigate money laundering and tax evasion
10. No 114,000 affordable rental units
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June 6, 2017
there is a systemic issue in that the foreign buyers’ tax doesn’t apply to presale condos, and it should, for the obvious reason that buying and selling or flipping presale condos is just as harmful to affordability for local families as buying a completed home,” says Eby
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You have no basis for your silly statement.
The big one that is really missing is the beneficial owners registry. That should come in due time, if the public opinion keeps the pressure up.
Your partisan rants are nothing more than noise. There is no real content in what you write.
We do need to keep the pressure on the NDP. eBay is probably facing some internal resistance. It is after all the party of Mike Harcourt and Jenny Kwan, who got rich on housing.
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Eby is working with Ottawa on the bare trust issue, as there are tax implications for both levels of government.
This takes time.
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And when they introduce the new rules, they’ll be a “robin hood tax” or they’ll be too heavy handed, or too little, too late, too hot, too cold… etc. etc. Partisan hacks are never happy unless their team is in power. While the BC Libs were running things, I don’t recall anywhere near the current amount of partisan whining. That tells a tale…
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“There is no real content in what you write.”
Eby’s lies are spelled out in a direct quote:
there is a systemic issue in that the foreign buyers’ tax doesn’t apply to presale condos, and it should, for the obvious reason that buying and selling or flipping presale condos is just as harmful to affordability for local families as buying a completed home,” says Eby
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Lies and broken promises.
“[The Liberals] left the speculation of pre-sale condos out of the tax,” Eby said, suggesting it was done to benefit its major donors in the real estate and development industry. He added that the NDP would require registration of all pre-sale contracts on new homes, and the foreign-buyer tax would be triggered by the sale of such registrations, not just on transfer of title.
https://biv.com/article/2017/03/ndp-would-expand-bcs-foreign-buyer-tax
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Eby said that, under the NDP’s proposed Housing Affordability Fund and Speculator Fee Act, a foreign national who did not pay taxes in B.C on his or her income would be subject to a retroactive foreign-buyer tax on all B.C. home purchases, regardless of how long the properties had been owned.
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The NDP would also close what Eby termed two “loopholes” in the foreign-buyer regulations: the use of trusts and other corporate vehicles to disguise home ownership and the exemption on transactions of pre-sale condo assignments.
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“The proof is in prices. Up 20% since the election tells you all you need to know.”
The Teranet HPI for metro Vancouver is up from 266 in July 2017 (when the NDP took office) to 288 in April 2018 (latest value). That’s 8.3%. Even if you use the bogus starting point of May 2017 it’s only up from 252.
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Oh Patriotz, you with your “facts” and “logic”. Don’t you know you have no power against guts and feelings… and partisan hackery?
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Sure. And the ridiculously low sales confirm a sellers market.
Get lost.
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Third lowest inventory in the last 20 years for this time of year. I know the truth hurts.
B.C. Assessment: $552,000
Listed for: $549,000
Sold for: $641,000
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Funny you say that. The two lowest (in the past two years) were both under the BC Libs. But I did not hear you screaming back then. Everything hunky dory with those corrupt crooks.
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We also had significantly lower prices in those two years and in every other year under the BC Liberals. Not saying things were good for housing under the Liberals but they are much worse now under the NDP.
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Lower prices?
Not in SFH, which are now more affordable.
Perhaps condos? Those are attracting the generational housing losers.
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“Not in SFH, which are now more affordable.”
Two weeks ago you just looked an a SFH which sold for 15% above assessed of June 2017 and 15% above asking. A 100 year old house on a small lot with no parking sold for $2.5M. That is more affordable?
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Yes. Compared to what it would have sold in the Spring of 2016, yes.
Overpriced of course. But it would have gone for 3 millions in May 2016.
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The house was assessed at around $2M in 2016 and 2017. It would not have sold for $3M in 2016. More like $1.9M at best. Today under the NDP it just sold for $2.5M. Not quite the definition of more affordable.
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No way you could buy that for 1.9 in the crazy Spring of 2016 . Even the BC Libs had to reluctantly act that summer, as Chinese money raged across the city.
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BS and you know it.
Buy me a house in a abbotsford at 2016 prices.
Or a Langley condo at 2017 prices.
Full of BS.
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I have no idea about Abbottsford or Langley. But west of Cambie the price of SFHs is lower than it was 18 months ago. The volume is also very thin, so few isolated sales can skew results.
Inform yourself.
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Plus drug dealers are huge in this.
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Vancouver Airbnb hosts caught using fake licences
https://thinkpol.ca/2018/05/25/vancouver-airbnb-hosts-caught-using-fake-licences/
“Several local Airbnb hosts have been caught abusing the City of Vancouver’s new short-term rental bylaws.
Concerned citizens took to Twitter to expose a number of hosts who are using one short-term rental business licence for multiple properties on Airbnb. Some hosts are using fake business licences[1], which locals confirmed using the city’s open data catalogue. The city’s open data catalogue is a list of active business licenses in Vancouver and can be found on their website[2].”
Keep up the good work, concerned citizens!
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The NDP is not interested in shutting down Airbnb. They just want the tax cash grab. The NDP do not care about the 18,500 Airbnb units that comes off the rental stock. Give them $18M in sales tax and they could care less.
Finance Minister Carole James announced Wednesday that provincial sales and local tourism taxes will be collected through Airbnb’s platform…
The province estimated there are approximately 18,500 Airbnb listings in B.C., which could have brought in about $18 million in sales taxes had the legislation been in place last year.
https://bc.ctvnews.ca/airbnb-to-collect-taxes-as-part-of-agreement-with-b-c-1.3793737
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I am not surprised. They are deep in the hole, whatever cash grab they can put their hands in, they will. Are you watching the fast ferries version II being formed? Grab your popcorn, it’s gonna be a painful movie.
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I know you want blame the NDP for everything, including the JFK assassination, but they don’t run the city of Vancouver.
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First off Gregor Robertson is NDP as a former NDP MLA for Vancouver Second the NDP have not only legitimized Airbnb in Vancouver but province wide. All for a few tax dollars. Places like Germany have fines up to $100,000 Euro for Airbnb. The NDP did exactly what Arbnb asked them to do and implemented PST on rentals giving the green light province wide.
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“The NDP did exactly what Arbnb asked them to do and implemented PST on rentals giving the green light province wide.”
That is complete nonsense. Municipalities retain the same control as before over short term rentals. In addition, stratas not only retain control over rentals both long and short term, but the NDP has committed to give them increased power to fine offenders.
$1,000 (per day) fines part of Vancouver’s new agreement with Airbnb
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The whole thing was Airbnb’s idea. They proposed it to Carol James and she did exactly what Airbnb wanted. Do you think Airbnb would propose something that would be bad for their business? The NDP are either really dumb or they want more Airbnb province wide.
“Airbnb says it would support B.C. law for hotel tax on its rentals”
Airbnb’s Canadian public-policy head Alex Dagg made the case to B.C. Finance Minister Carole James in an Oct. 20
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But when the BCLibs act like corporate toadies, they’re “collaborating and working productively with the private sector” and looking to “grow the economy”.
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From the BIV survey linked at the top of the thread:
“Almost six-in-10 residents of British Columbia think it is time to look at an outright ban of foreign investment in real estate in the province, according to the results of a Mustel Group survey conducted in partnership with CBC.”
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“The survey also found that 86% of British Columbians support measures to curb foreign or speculative investment and believe the impact of speculative buying is hurting the province. Of these, 65% say it is having a significant impact, 33% say they feel it is having some impact and only 2% said they believe it is having no real impact at all.”
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I don’t expect the pea-brains understand it, but did the people in the survey understand the speculative investments also support local economy too?
By the way, don’t copy and paste the piece that suite your limited understanding.
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The Vancouver economy will always be healthy in the long run. People like you don’t understand the people from this city (ie. born here) understand there are more important things than ensuring the short term success of the local economy. If we have to lose thousands of construction and realtor jobs… and deep pocketed d-bag speculators, to get the soul of the city back, then sign me up.
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People born here get it, people not born here don’t?
What about the people born in Detroit? Did their secret powers save their city?
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“Among property owners, 78% said they think the province should put measures in place to address housing affordability, even if those measures make their properties less valuable.”
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Wrong kind of taxes set an dangerous ground. This time, they tested the water at $3mil; next time, they might as well tax everyone! This robinhood tax has to go!
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Taxation of houses and land in Vancouver is among the very lowest in North America.
It is only fair to charge a bit more, the millionaires can afford it .
If the NDP backs down on the taxes, they can kiss goodbye to re-election. I think they know that, so they won’t back down.
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Charge a lot more.
Make assholes like bpoe homeless.
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“More than 90% of those surveyed said they are concerned about housing affordability in B.C. This concern is highest in Metro Vancouver regions other than the city of Vancouver (96%). Those in the Interior report the lowest level of concern.“
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Why the NDP have no balls to do this?
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And you want them to do it?
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A foreign ownership ban would result in reduced tax revenue and increased enforcement costs which the government would have to make up somewhere. And it would affect only a small segment of demand.
Not hard to see why the government prefers more broadly based measures which bring in increased revenue. And such measures are more than capable of bringing down prices – which is exactly why you’re seeing so much protesting from the RE industry and its advocates like Wilkinson.
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The objective has to be bringing down pric s. and it must be made explicit.
Anything shir5 if that will solve nothing, and we will become finally a suburb of Shenzhen. Better to pay higher taxes elsewhere and have lower economic growth, if it means getting rid of Chinese influence and investment.
You have to draw the line somewhere if you really want to preserve your way of life. Otherwise you are better off moving.
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“And such measures are more than capable of bringing down prices”
The minuscule tax on homes over $4M is going to do nothing to reduce prices. At best they will be reduced the price by the amount of the tax which is like $10k per year and only on houses over $4M which is a fraction of 1% of the housing stock. So if a $5M house goes down by $100K due to this tax should we all celebrate and call the NDP a success on housing affordability?
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So, are you going to support Wilkinson today.
I heard is showing up to protest with millionaires homeowners at Eby ‘s open house.
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A man wanted for manslaughter and a string of related charges after a cyclist was killed in a November hit-and-run is believed to be living in China, say city police
http://edmontonjournal.com/news/crime/man-wanted-for-hit-and-run-that-killed-cyclist-may-be-in-china-city-police
Jiduo Luo, 23, of Xiamen, China, is wanted on Canada-wide warrants for manslaughter and other related charges, including, impaired driving causing death, failure to stop at an accident causing death or bodily harm, failure to appear for identification and failure to appear for court
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Why do these guys always run away after they crash?
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Because they are illegal and have no business being here.
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Except that’s not one of the charges, is it?
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No, it isn’t. At that point it is unknown but it will get reviled once when they get processed therefore they rather run instead of facing the law.
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Thanks for confirming you’re just making shit up.
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Don’t act stupid, you aren’t Byron. The question was why do they run away after the crash, and not what charges are related to crash. Other option would be because they were drunk and they need to buy time to sober up but I doubt that. They usually leave Canada heading to motherland according to different reports over the years.
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Dumbass, I wasn’t responding to the question but to your pathetic answer. The suspect has been identified and clearly there’s no question at this time that they had the right to be in the country when the incident happened.
Racists are the one who have no business being here.
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Wait, are you saying that people who YOU deem to be racists should leave the country?
Is that what you’re saying you worthless, mother fucking, china loving traitor?
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BOOM!
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Learn to read, dumbass.
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That is a lazy response from a “dumbass”.
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Dumbass, racist, dumbass, racist, racist, idiot, dumbass… Holly fuck, how shallow you are actually. Ability to maintain decent language skills doesn’t make you better than the lost case Byron. I was wrong. Same shit different anus, keep going…
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He is a bot with limited vocabulary.
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Possibly waiting for the statute of limitations to run out before they come back?
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“Possibly waiting for the statute of limitations to run out before they come back?”
Canada has no statute of limitations for any criminal offense.
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Chicoms seem to hate cyclists and want to kill them for some reason.
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See? Every Friday and Saturday.
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No, they don’t run them over that often.
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An elderly driver smashed into a Richmond bank on Friday morning, after appearing to lose control of his car
http://www.richmond-news.com/news/elderly-driver-crashes-into-richmond-bank-1.23314447
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more on those wacky drivers:
http://www.richmond-news.com/news/porsche-crashes-into-richmond-s-thai-house-restaurant-1.23194884
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Lawyers handling creditors’ claims against bankrupt West Vancouver Ponzi schemer Virginia Tan have filed a lawsuit against her son, alleging the development property he owns was paid for with the proceeds of fraud
http://www.nsnews.com/news/creditors-target-son-of-west-van-ponzi-schemer-1.23314988
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Oh my god I think I worked for her 28 years ago. She was really nice to me. Won’t say the business in case different Virginia with husband with same exact name. 99% sure its them.
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How’s SIDA…..
I think we should pass the hat and post bail….stuck in fortune cookie factory
….. …mind you typing obscene phrases targetted to recent immigrants should warrant consideration to Order of Canada .
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Here is a collection of old but very informative articles.
https://www.huffingtonpost.ca/news/chinese-investors-vancouver/
It should make great reading for both bulls and bears. It spell out what was happening back in 2013 and 2014.
If we want change, our politicians have to alter the dynamics of the real estate market in Vancouver and dissuade the Chinese from parking their money here. Anything short of that will have no effect and will just make a blip in the crazy oarabolic appreciation of real estate here.
Read those old articles. Humbling but useful.
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Housing Townhall 2.0 and David Eby attendance at event opposing increase in school tax on high value homes
If you are around, make sure to show some support to David Eby. Real estate agencies and political opponents have whipped up protests, that will likely take place before the event.
Shameful, millionaires want their welfare cheques to continue.
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“For those exclusively focused on opposing the increase on taxes on high value homes: The West Point Grey Neighbourhood Association is having an event focused on opposing the increase in school tax on homes valued over $3M on May 27th at Jericho Hill Gymnasium at 2PM. It is not a ticketed event, but it is a large space and it is our understanding that they are open to participation of those in in the Vancouver Point Grey area in general. David Eby is planning to attend this event to speak briefly, then stay and listen. This is an alternative venue for people to interact with him in person who are exclusively focused on opposing high value homes taxation measures in place for 2019.” Wilkinson is going to be thre, to show support to local millionaire migrants and homeowners. Today at… Read more »
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Nobody is giving them a cheque.
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Figuratively, they are getting a big fat cheque in lower taxes every month.
As pointed out by many UBC economists, the current tax and deferral system amounts to welfare for millionaires. And you (and Wilkinson) seem perfectly fine with it.
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The government is recommending that they defer!
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“The government is recommending that they defer!”
The government knows that the property tax deferral is a handout – indeed Eby has said as much – but it gives them the perfect cover from attacks from entitled millionaire homeowners. So for now it stays.
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What’s your $350K Ottawa house worth now? $700K? You should surely be taxed at least half that all, in the name of fairness of course. Disagreeinf would mean you’re entitled and unwilling to pay your fair share.
Perhaps a competent government would have eliminated this benefit before introducing a new tax? Or perhaps their goal isn’t efficiency when they can just dip into people’s pockets whilst waiting for their gold-plated pension?
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1. House taxes are higher in Ontario.
2. yes, there should be a maximum amount of capital gains that are tax free on housing.
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“What’s your $350K Ottawa house worth now? $700K? ”
Ottawa prices have gone up less than 10% over the last 5 years (I mean the whole period, not per annum). You also might like to know that Ontario has no property tax deferral (except a partial deferral for low income seniors and low income disabled), nor does it have a general home owners grant like BC.
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Great, you’ve shown something the NDP should have done before introducing a new tax to give the appearance of being active.
Remove the deferral and home owners grant or make both means tested. But they’re insistent on guiding their policy using lazy “well, 99% of people won’t be affected” class war tactics rather than governing properly. They love big government and inefficiency keeps them in jobs.
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Means testing has been anathema in broad swathes of policy across the country. But do use that class warfare trope. Feel free.
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If the NDP weren’t purely interested in optics there were many other steps they could have taken (which would have raised the same revenues or more) without being designed specifically to target the so-called 1%. Now they’re giving homeowners a property tax grant and the ability to defer whilst calling them entitled millionaires who must pay an extra tax in the name of “fairness. What a waste of resources.
I wonder what their plan will be when there are half the number of $3m+ properties?
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It’s their after-tax money at the first place that they refused to pay more; how is that welfare cheques? And what do you call the freeloaders that receive hand out every month? Productive Contributors to the society? Your jealousy cloud your pea-brain! Head down to English bay and put your head back to the sand.