It’s the end of another week and that means its time for another friday free for all, our regular news round up and open topic discussion thread for the weekend.
Here’s a few recent links to kick off the chat:
–protests cancel Eby town hall
–stress test based on fixed rates
–stop talking about property tax
–
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
The Globe and Mail’s latest claim to have uncovered a Vancouver real-estate scandal managed not only to create the usual policy flaps within B.C.’s snake pit of coiled housing regulators, it also dragged out an all-too-familiar explanation for rising housing prices in the city. Under a headline that claimed “Flipping of condo units by insiders fuels hot Vancouver market,” the Globe this week reported that Vancouver condo speculators were “sucking up supply, further driving up prices.”
Kathy T @ Gobe’s response: “Fair points. What @terencecorcoran fails to mention is much “demand” for VanRE post 2010 was created by speculators/investors who entered market with foreign capital. Many then flipped for profit. It was houses first then condos”
“What the story does not mention is that initial pre-sale price would have been set when Tower One went on the pre-sale market in 2012. By the time Tower One was completed in 2015, overall Burnaby condo prices had risen sharply, suggesting the rising final sale price was directly related to market factors rather than flapping flippers.”
or why does he not think that it would be those same flippers are what is/was driving up those same condo prices?
Terence Corcoran: is this your problem?
“It is difficult to get a man to understand something when his salary depends upon his not understanding it. ”
Upton Sinclair
What they should have said was condo speculators were “sucking up supply, further inflating the massive housing bubble.” . I guess Christy Clarke is the only one brave enough to call it a bubble. 😛
Chinese restaurant ordered to pay $10,000 after asking black customers to prepay for their meal
The “restaurant” should be closed down permanently and the owners deported.
Like I said if they made all non-asians prepay there would be no issue. lumping in some anti-white discrimination would completely obscure their black discrimination. Modern liberals don’t care if whites are being discriminated against.
Eby town hall cancellation- it’s a new tax going into general revenue. no need for any town hall, sorry point grey you made the decision to elect a hardcore lefty.
Carbon tax goes to general revenue. Payroll tax is burden by businesses/non-profit/local governments to fund healthcare. At the end of the day, businesses will have to raise prices to cover costs, local governments will have to raise property tax to cover costs etc…and there is only one tax payer! Tax-on-tax on every thing is the NDP model.
How did Eby get elected in Point Grey ???…seriously?
It has a lot of wealthy constituents…not classic NDP support…
……or perhaps the “UBC students” ???
Renters.
Grandparents pissed their offspring are moving away.
It was Eby vs Crusty last time. This time we just went with the incumbent.
Righty lefty who cares.
Asians will own north of Fraser and south Asians the south of Fraser.
How you gonna like that. Hahaha. I’m loving it. Just the housing I hate.
But you righty lefty white people foghting have no clue what’s about to happen.
Right on, a bribed shill with very concrete agenda. That garbage piece is the part of the orchestrated strategy to quickly recover and continue with housing madness and destruction of Canadian society.
Ping Kuen Shum matched all six numbers in the BC/49 draw last Saturday – which also happened to be his birthday – netting him a cool $2 million to help him enjoy all his well-earned spare time
https://bc.ctvnews.ca/b-c-man-scores-2-million-lottery-jackpot-on-retirement-day-1.3915448
Court Hears Of Unexplained Millions From China And Toronto Real Estate
“This case raises many uncomfortable questions. How could all this activity take place without any intervention by our financial regulatory bodies? Has the CRA conducted any investigation as to where all this “unexplained” money came from, and whether all taxes were paid throughout these various transactions? Were any money laundering red flags raised at the banks that facilitated these mortgages? How
does someone without a job obtain a mortgage for $2,300,000? How does one obtain a mortgage at 100% loan-to-value from a federally regulated lender? But most importantly, has Canada become so complacent that we are willing to air our dirty laundry and questionable conduct in full view of the public without fear of any consequence?
https://betterdwelling.com/city/toronto/court-hears-of-unexplained-millions-from-china-and-toronto-real-estate/
Canada is a gong show. The honest will get killed in the future. Only gonna get worse in BC.
honestly, i don’t know what is more bothersome…that or this sort of nonsense
http://travelwireasia.com/2018/05/chinese-tourists-behaving-badly-what-is-being-done/
“From wrecking corals to throwing rubbish into the sea, to vandalizing heritage and defecating in public, travelers from China have a lot to learn about etiquette.”
Very disturbing, they should be somehow kept in an enclosure while getting ready to catch up with civilization. Perhaps another 150 years will do?
Why should they get a free pass by pleading ignorance.
Citizens of Canada deserve that right too then.
This is their right…regardless of locale….due to massive suffering via the Head Tax. .. even Eskimos and cannibals on South Sea Islands should shoulder some of the guilt…
……pretty sure Trudeau will mention this in his next butt-kissing speech co- authored by SIDA and SeeSaw.
I doubt the two people who upvoted you could even interpret what the fuck you meant.
And I’m sure no non-Chinese tourists have ever been considered to be behaving badly, you fucking clown.
we’re talking about the rule rather than the exception here…basically every major tourist attraction around the world has been disrupted by mobs of pushy rude asian tourists who have completely ruined things for everyone else. for those that think the staycation is the answer, well these options are FUBAR too.
I bet you’ve never even left Canada.
“And I’m sure no non-Chinese tourists have ever been considered to be behaving badly, you fucking clown.”
Nobody EVER said that, you traitorous piece of shit.
It was implied, unemployable racist twat.
“The story begins in 2010 when Ms. Wang and her then husband Mr. Zhang immigrated to Canada from China under the immigrant investor program. Upon arrival, they founded the Yi Hao Investment Company (“YH Investments”) which supposedly was involved in development projects. They arrived with at least six million dollars. How this large sum of money was obtained and how it was brought into Canada is an open question that the court could not answer. The court was further unable to figure out how they sustained themselves in Canada, where neither of them had any employment or businesses, apart from Mr. Zhang’s gambling habit and YH-Investments land development projects.”
And this shit has repeated itself on our shores hundreds of thousands of times thanks to that fucking immigrant investor program.
RE: B.C. rules out changes to tax on high-value homes amid escalating backlash
https://www.theglobeandmail.com/canada/british-columbia/article-bc-rules-out-changes-to-tax-on-high-value-homes-amid-escalating/
>>> as others have mentioned, many of these owners will simply defer payment of property tax if workarounds are not offered to certain groups of owners. given that the age of qualification is only 55, many electing to choose this option could conceivably be deferring payment for many decades. if such actions are done en masse, the result could actually wind up leaving the govt worse off
What if Liberals gain power and then forgive the school tax balances?? I’m hearing that this is the plan going foreard. No one will pay the tax now. Just defer it.
NDP needs to get some balls and make real change and make tax payable immediately.
Now you have all these homeowners motivated to come out and vote in the referendum.
Do something bold you morons so hose that got to you to power are motivated.
It is your real goal to make PR fail??? Hmmmmmm.
whether its deferral or some new kind of grant, raising of the threshold etc, this will hit the folks in victoria like a ton of bricks all at once. i was previously told by certain owners that adopting to defer taxes would be beneath them, but that has changed. i suspect many will sign up now just to spite the govt. imagine how the numbers end up being turned on their head should 1000’s of owners opt for this?
The government could always change the rules. Maybe set a cap on how much can be deferred, or set tighter rules on who can do it. They should anyhow.
They should have done it right the first time.
They keep changing things. –> look at the spec tax waterdown.
That’s not how you run a gov.
As it is, they are losing voters on both sides. They have to pick a position and go all in.
They’re saying they’re not going to water down the school tax.
As for the speculation tax, I don’t mind the areas they took out but wish they didn’t reduce the rates for non-BCers. I guess that was a concession for keeping Kelowna in.
no, but something might be introduced as a offset at a later time to calm the masses of poor destitute million homeowners who claim they are above deferring their taxes. in actuality, the whole exercise is about maintaining property values and abolishing anything that could get in the way of that
also if you can defer from age 55 and onward (until you presumably sell) it’ll potentially take decades for them to recoup this money. as you say, who the hell knows what happens between now and then too…
Deferred taxes are treated as revenue to the government in the year they would have been paid and become a receivable, i.e. an asset going forward like any loan. Forgiving any deferred taxes would be treated as spending, which would adversely affect the province’s budget balance and credit rating.
From that interview with Palmer it appears Eby is OK with tax deferral as it makes it easy to show that the whiners have such a weak case.
sign the petition to build modular housing in RICHMOND, one of canada’s poorest neighbourhoods.
Richmond, Downtown Eastside have similar levels of low-income, working-aged people: study
https://globalnews.ca/news/3773729/richmond-incomes-downtown-eastside/
and the neighbourhood that this housing is going into is literally the poorest in richmond.
SIGN THE PETITION. GET MUCH NEEDED HOUSING RELIEF TO CANADA’S POOREST NEIGHBOURHOOD!
DO IT NOW!
Hahahahaha
I will if the librarian kicker will!
There you have it. Wilkinson now saying that they will get rid of this tax if elected and is urging all to not pay it (code for deferrals).
Liberals are gonna wipe this debt. Nice going NDP morons. Leaving this out for them.
Who’s side is the NDP really on?
I don’t understand why you always get angry with the guys trying to do the right thing.
The problem here is the BC Libs, who consistently side with homeowners.
Oracle is not bad or evil but just openly genuine, emotionally immature.
Emotional maturity is defined by the ability to control your emotions and take full responsibility for your life along with its opportunities and dramas. A large part of being emotionally mature is having the ability to handle anger, disappointment, guilt, resentment, fear, jealousy, disappointment, grief, insecurity, and a myriad of other feelings appropriately. Emotional maturity is defined when you have the ability to experience these emotions and then quickly let them go. People who are immature seem to remain stuck in these negative emotions, unable to get past them.
http://www.heartspiritmind.com/relationships/relationships-with-emotionally-immature-people/
Sadly, emotional immaturity is often rooted in severe childhood trauma.
I was surrounded by RE agents.
Show us on the doll where the RE agents touched you.
The right thing for whom? You loner or the public at large?
The public at large.
The Point Grey protesters are the public at large. Finally someone is learning!
Re protestors….whats the big deal NDP……Eby and Davidoff ?
No problem re: Kinder Morgan pipeline having protestors(many arrested).
WTF happened to Tsur Sommerville..the olde RE expert?
Also……..why does academia foist the same “experts” per given issue?
If Davidoff can’t handle the heat….well…how secure is his tenure?
Seems to me he was imported with agendas in place.
As I submitted before….. a few years ago , I was at a Town Hall meeting at Greek Cultural Center near Arbutus and 33 rd…with Eby, Horgan and Davidoff…holds a lot of people…but are they becoming gun -shy now ?
I don’t know what will happen. But instead of criticizing them, we should support these guys. They are the only ones, so far, who have had the guts to talk straight and take action on housing.
Wilkinson is still going on about protecting the equity of rich homeowners.
You mean the public at large owns 3 million plus homes?
Because Eby could have fixed this mess by now.
It’s not that hard to bring in bold policy. Yet they’ve allowed starts to go up 23% in a year!
Are you that dull not to see this?
Keep pressure on. Otherwise they will backtrack.
No sympathy for John. He gambled, he lost. Period.
i’m pretty sure “John” the so called real estate expert believed wholeheartedly that there was no speculation or risk involved. that is the key take away here…
the other thing that is quite amusing is that during UP markets those that are long RE tend to look down and snicker at those who apparently “missed the boat” due to their stupidity and lack of financial wherewithal. when the tide turns (as it always does…eventually) these same folks immediately play the victim/sympathy card as if they were somehow duped into getting into a financial bind
We have been saying this for ages. Poloz claims the prudent thing is to keep interest rates low. But many people are starting to realize that is completely mistaken: the longer he keeps rates low, the deeper into the hole of debt Canada falls.
The guy knows it full well. But he doesn’t want to be the governor who oversees the painful adjustment.
He knows it. But he is working for somebody. Select few.
Canadians are fools of they think he works for all Canadians or Canada for that matter.
Plan unveiled to build 1,000 affordable rentals units in Vancouver:
http://www.news1130.com/2018/05/04/plan-unveiled-build-1000-affordable-rentals-units-vancouver/
So because speculators have driven up condo prices so high that now we (the taxpayers) have to pay for this…
If I had a dime for every time they announced affordable housing……..
PUNCHLINE=________________
You’d be rich?
Be SIDA’s and SeeSaw’s neighbour ???
Uh, no. He’d clearly spend it all on crack.
Correct, and this is just the beginning. Those in the middle middle and upper middle classes, say, 70th – 99th income percentiles, will be bled white to help compensate the bottom 75 % for their ever increasing immiseration, as David Eby’s Point Grey constituents are finding out. To wit: Palo Alto has considered subsidized housing for families earning $250K / yr:
https://www.reuters.com/article/us-california-rent/palo-alto-considers-subsidized-housing-for-salary-up-to-250k-idUSKCN0WQ0CB
There is growing scrutiny of who is, and who is not, paying what taxes in Metro Vancouver’s presale condo market
http://vancouversun.com/business/local-business/sellers-buyers-and-developers-liable-for-presale-condo-related-taxes
Well now this just got interesting.
“The CRA confirmed the same requirement exists when it comes to selling interests or options in residential real estate such as presale condo sales and assignment transfers: local buyers are required to withhold 25 per cent of the gains made by a non-resident seller.”
I think I feel comfortable in saying that probably not one single person has held back 25% in escrow if the flipper was a non Canadian ( most agents don’t even know of this law let alone the buyers). This means there could potentially be hundreds if not thousands of locals who may get handed a massive tax bill because the non resident flipper didn’t pay his capital gains taxes on the presale and now the buyer is stuck with the bill.
and I really hope this happens. Not because I want these guys to get burned on a tax bill from foreigners but maybe it would help put the brakes on the flipping madness which seems to be lawless. Media stories like that would put fear into would be buyers of assigned contracts.
the more widespread the problem is the more likely all these buyers will be let off the hook and an attempt (albeit a failed one) will be made to go after the sellers who have disappeared into the woodwork. the lawyers on on both sides are supposed to make sure a portion of the proceeds is held in trust until all the I’s are dotted and T’s crossed. if sell side is blatantly lying then this is outright fraud and you would certainly have a strong case should you proceed to sue the relevant parties
IMHO, we are at the precipice of a major clusterf*ck…like a tightly wound spring about to uncoil big time .
CRA must be in midst of WTF ???? cases….
Scads of purchasers who flipped RE and got away with it..till now.
CRA could deem RE sales as NOT a capital gain//but as straight income = bigger tax hit.
Westbank Group, one of the biggest RE perps… must be cutting deals to save their own bacon.
Lots of others encouraged to “rat” out others ????
Laundered casino money used to buy RE will/could l be tapped as “proceeds of crime”.
Whos’ to say RE purchasers from offshore won’t abandon their properties so as to avoid prosecution?
Keep a safe distance…
That is group think and your state of mind. Notnon the precise of anything.
The market is always right.
what difference does the tax treatment make if seller never intended on paying any of it in the first place?
A family member went to a tax professional who calculated their income tax to be $5,000
CRA came back within a month and claimed they owed $1600 more.
IMHO, CRA will NOT go after the big dogs who likely owe tens of thousands of $$$$….they are too politicized and will continue to go after the little fish as a means to keep them in line.
IF CRA went after the big dogs…likely the whole scam economy would unwind, which would include politicians , bureacrats etc who also gorged on the RE F*ckfest..aka can’t let THAT happen.
One thing is for sure: if we suddenly started enforcing our laws (both for flipping and other activities) the RE market in Vancouver would experience a healthy and much-needed slowdown.
16 years of BC Libs rule have introduced a laissez-faire, hands-off approach that actually encourages illegality as long as it produces business for the RE industry.
Even those who do know, think the CRA would never actually enforce it. I wonder how far back this could go. A decade?
If I catch your drift….No….person is in early 20’s…..private contractor….new to workforce……that’s as big a hit as is foreseeable.
I can recall during the last big RE crash..in the early 1980’s….CRA was humiliated by going after children’s bank accounts as a means to extract taxes from the parents who were the original target.
Point is….one indicator the economy is tanking is when CRA is increasingly on the prowl.
“Even those who do know, think the CRA would never actually enforce it”
https://globalnews.ca/news/3630014/canada-revenue-agency-cracking-down-on-presale-condo-flippers/
The NDP’s presale registry will make enforcement much easier and less expensive.
How is your department going to track overseas money exchange for real estate to limit cap gains and taxes payable here? Let’s hear it from Ottawa.
Pen one more down for David Eby.
They will let them off.
Errors and Omissions insurance. Plus Deal has to go through Lawyer. Lawyer can be held responsible.
Great loophole!
Actually this is a non-event IMO.
Let’s say a Chinese national owner of a presale condo wants to assign a condo to a new foreign student.
They will advertise on sites such as Juwai or WeChat and make deals like this: let’s say the gain was $300,000 on a condo. Then those $300,000 would change hands overseas and the profit shown by the Chinese National would be $0. So no tax payable.
Most whites in this country are so gullible if you don’t think this loophole isn’t being used. You think they would want to withhold $75,000 (25%)??
There are enough foreigners in our midst that they account for hundreds of thousands of people here. Gains in housing will be masked by overseas transactions amongst various ethnic groups.
Good point….high probability its happening…
……but then again….if a transaction is registered…CRA would inquire why the unit was not sold at given market price.
They don’t care.
The guy that was recently sentenced by courts regarding CRA gst under reporting; he’s done far worse.
Should have got 20 years for the shit he’s pulled.
No proof ever offered. No arrests ever made. Nobody ever accused. I’d say you’re full of shit as usual.
“No proof ever offered.”
No proof ever sought…so far.
Funny how the absence of proof is construed as proof of absence by SIDA.
Are you getting paid to defend malfeasance? Or do you just do it out of spite?
Right. Nobody has ever asked Oracle for proof of anything, dumbass.
You are a ducking asshole of the worst kind.
Hope the USA blows China out of the water in a future war.
You’re type of thinking is evil you sonnif a bitch.
Vancouver Four Seasons “5 star” hotel is shutting down in Jan. 2020….
Globe and Mail article sites a pissing match between landlord and Four Seasons….
Article cites Vancouver has lost approx. 1600 rooms lost in last 15 years…..yet tourism has gone up.
Interesting….as the hotel that had Cloud 9 restaurant shut down last Fall.
Blame AirBnB ?
Question…..if it ain’t Condo….(or even newer condo)…… it’s on the potential chopping block ? as the hollowing out relentlessly continues?
four seasons is effectively a renoviction. something more upscale will replace it. the new tenant may even be in bed with cadillac fairview. the landmark hotel will the first of many larger tear downs to occur on robson and other main streets downtown. all new projects will be modelled after projects like the shangri-la
Good points…especially the Shangri- La model.
Wiki states Four Season has approx 300 rooms/60 suites.
They may keep the building (like Old BC Hydro building), gut it and renovate)
Of course..with SkyTrain….people have other options on where to book their stays…….Vancouver only has (2) Five Star hotels….but do people care anymore for that level?
Right, I bet the best businesses in town have those illegal “hotels” in Richmond where everything stays in the family.
Michelle Yu, a top-producing Vancouver real estate agent, known for her luxury listings and land-assembly deals, has pledged to donate her entire commission from her $13.8 million West Side listing to global housing charity World Housing
http://www.richmond-news.com/real-estate/realtor-to-donate-massive-commission-from-13-8m-listing-to-world-housing-1.23292109
“World Housing provides homes to families living in slums in the developing world, fostering communities where families can thrive with safety, security, and access to the resources that change lives.”
“Here, people are buying homes, investing in homes, even leaving them empty and trading them for money… But many people in the third world don’t even have a place to live…”
She needs the tax write-off.
This foreign locust has found religion..err…… REligion????
Isn’t she the one that assembles SFD property all over Vancouver….thus displacing locals from rental inventory…whereby the homes sit empty and derelict for years ?
Then she has the gall, after rape and pillage of BC Real Estate..to donate a pittance to FOREIGN parties.
Keep it….stupid b*tch….don’t insult our intelligence.
Land assemblies increase density, dumbass.
Like we need more density….
Hard up realtors all over Metro Vancouver are assembling properties that are not in areas pre-designated for higher density….they seek amendments to the given OCP which are often granted.
That’s not proper planning.
That’s proper moving the goalposts, though. Congratulate yourself.
Uh huh….sino- apologist…time to get a new writer.
……enjoy your date with SeeSaw and Michelle Yu…..
You’re pathetic. And I think you realize that, too.
A marketing gimmick. Yu knows that shit is not sellable at the moment so it won’t sell and will be no commision but attention comes handy. Fucking hypocrisy…
In exchange for free advertising ya sure this must be coming from the bottom of her heart
I would discount any generous claims by MS Yu. She is not the generous type at all, many stories have been covered about her land-assembly shenanigans.
If she really wanted to help the homeless, perhaps she could start from her backyard, right here in Vancouver.
Nothing can please these stupid bears, except the whole world burn down! What good have you done to the world so far?
“Yu said that she has donated a lot of money to local charities in the past, but felt the need to donate to a housing-related charity so that she could transfer some of the wealth within Vancouver real estate to those without homes.”
This lady seems legit, she’s done well and wants to give back.
New
191
Price Change
74
Sold
110
TI:10540
‘Neglected child’ no more, Montreal is the next hot housing market
“One realtor now has seven mandarin-speaking brokers.”
“Montreal’s rebirth is showing in ways big and small. Devimco Immobilier Inc., a developer that sold a record 1,180 condos downtown last year, is moving up two towers because of high demand, with calls coming in from as far away as China, special adviser Marco Fontaine said in a phone interview.
“There’s an incredible buzz,” Fontaine said in a phone interview. “We’re much cheaper than Toronto and Vancouver and that’s attracting a lot of interest.”
“Chinese buyers, who can fly direct from Beijing and Shanghai, have emerged as the third-largest group by nationality after the U.S. and France, accounting for 16 per cent of transactions in the province in 2017, from just 1.3 per cent a decade earlier, according to Quebec budget documents.
“Foreign capital moved east from Vancouver to Toronto, “and now you’re starting to see some of that capital floating into Montreal,” Cameron Goodnough, CEO of Timbercreek Financial Corp., said in an interview.
“The industry has been quick to adjust. Engel & Volkers Montreal now has seven mandarin-speaking brokers, after hiring the first one in late 2015, owner Debby Doktorczyk said in an interview. Foreign demand “is getting stronger and stronger,” said Doktorczyk. “The Asia market has now taken a space it didn’t have just two years ago.”
“A favourite location for foreign buyers is downtown, where the number of new condos sold in 2017 hit the highest in the seven years that advisory firm Altus Group Ltd. has monitored the market.
“Long gone are the days when a glut of condos was giving buyers the power to ask for parking or appliances, Shirley said.
“I say good luck to potential buyers showing up at a sales office today to negotiate anything,” he said. “That’s over.”
RIP Montreal.
They deserve it for harvesting millionaire migrants for years and shipping them over to Vancouver to screw over our property market. Hope they enjoy the taste of their own medicine.
Right on…screw Quebec
…….Payback is Le Grande Karma……tabernac !
“They deserve it for harvesting millionaire migrants for years and shipping them over to Vancouver to screw over our property market. ”
So true. All the data support that, Vancouver got the shit, Quebec benefited and the federal government turned a blind eye and BC did nothing to try to stop it. Time for quebecers to reap what they sow.
Keep posting the same thing over and over, grandad.
Prices will probably double there in the next year or two.
I’m not gonna miss this boat because the genius bloggers here said so….
Numerically illiterate peons.
Montreal is in the midst of a real estate renaissance. Could it have anything to do with residency requirements for QIIP immigrants and Chinese millionaires? Perhaps not, and they just choose to go there because it is significantly cheaper than Van and TO.
Whatever the reason, while interest rates are growing and mortgages are getting more expensive, the real estate market of Montreal is booming and realtors who speak Mandarin are in high demand. You draw your own conclusion.
It’s all part of the China bubble. Soon when the credit market in China turns toxic, many of these “wealthy” people will be just as broke as everybody else.
Ok buddy. Lol
China goes bust and the 300,000 Canadian citizens in Hong Kong will flood YVR.
Immigration is at record highs you moron. That’s all you need to know.
Just because you have good grammar and dot your i’s and crops your t’s doesn’t mean you are smart.
Seven brokers. SEVEN.
The “high demand” part is your imagination playing tricks on you again, dumbass.
That is one RE agency alone. They had zero Mandarin speakers 2 years ago. This is massive.
Why do you make such silly remarks? Why do you pretend Chinese money plays no role?
Credit is tightening, mortgages are much more expensive, yet Montreal prices are going up just when Chinese buyers are stepping in. Just coincidence, I guess. It would be racist to suggest otherwise.
Foreign buyers have recently made up 30% or more of purchasers in some areas of the lower mainland such as Richmond and South Burnaby.
“Credit is tightening, mortgages are much more expensive, yet Montreal prices are going up just when Chinese buyers are stepping in. Just coincidence, I guess. It would be racist to suggest otherwise.”
Crying about racism is the best way to keep this train rolling. No government has the balls to do anything serious about it because it is perceived as racist or xenophobic.
Except Quebecers don’t seem to have such a reluctance to be seen as racist and xenophobic. The FLQ bombing fancy homes in Westmount to scare off the Anglos doesn’t seem too far from the article recently posted on vacation homes being bombed in Corsica.
Another Chinese shitshow in making…
Aecon Pulls Out of Gordie Howe Bridge Bidding Amid Chinese Takeover
“John Beck, Aecon’s chief executive officer, said the decision to withdraw from bidding on the Gordie Howe International Bridge has nothing to do with the proposed C$1.2 billion ($930 million) takeover by China Communications Construction Co Ltd. The deal is being reviewed by the Canadian government on national security grounds.”
No way in hell should this takeover be allowed. Turd’s approval rating will plummet even further if he doesn’t stop this.
This kind of crap is far more important than a fucking pipeline, this is what Canadians should be outraged over.
I agree. Pipelines and all the other noise are dwarfed by the importance of the silent Chinese takeover of key assets in Canada. It should be stopped.
Montreal Is Canada’s Hot Housing Market
“Chinese emerging as new buyers in a still-affordable city”
“More stringent lending rules have curbed transactions and slowed price growth in Toronto but have had little effect on Montreal, where buyers are flocking to new condos and sellers are gaining the upper hand.”
I wonder why.
As locusts do, they strip an area dead and then move on to the next field and repeat.
Join in. Canada is a dead as a country anyways. The whites couldn’t defend it. Lol. Take what you can from this place.
Dude get in.
Montreal and Calgary last affordable cities. The machine is going to let in more immigrants.
Hondurans coming here now. Thousands.
Buy 2 homes and if they double like in Abbotsford, one is paid off.
Crazy.
But thats the new normal. Dont miss the boat on this one.
We’ve been over this already, remember?
Foreign buyers are, what, 1% of sales there? Sure, last year it was 0.5% but morons like to interpret that as OH MY GOD FOREIGNERS HAVE DOUBLED!!11!!
You mean 1% are actually registering as foreign buyers? Yeah that’s really the same thing as saying 1% are foreign buyers. What was your favorite word again? Oh yeah… dumbass.
SIDA willingly ignores the fact that foreign status and foreign funds are two very different things. Especially in Metro Van.
The money deployed in Vancouver is hard to link to taxed Canadian incomes.
Have a relative going down this coming weekend.
Checking out real estate. I might buy a place of cheap enough as well.
Hopefully then it catches vancouver real estate in price.
Out of beer and switched to rubbing alcohol?
Lets see how happy Montreal will be when Mainland Chinese start speaking Mandarin all over Montreal, Chinese ads and signs popping up all over the city.
Considering how much they hate English signs that really will be interesting.
Ok guys. Enough of this shitshow and about being nice and giving the NDP time to fix this.
They need to do this now and we need to hold them accountable now. People like just me and BPOM are doing a big disservice.
People like them get things watered down. Example: Spec tax went to 400K exemption and 0.5% from 2%.
Are you guys pussies or will you fight for change that was promised to you??
I challenged them, show up at the meeting on May 27 in Point Grey to voice their concern. But I am very sure, like their NDP Eby, they just keep turning their tails the other way.
Face up to it BPOE this ship is finally turning and you are butt-hurt the gravy train shit-show is finally over. Too bad and so sad for you !
My house is plummeting in value. And I couldn’t be happier
Unsurprisingly, we are already beginning to hear the cries of outrage from people, rich by any definition, who have been impacted by some of the tax measures the NDP government in Victoria has introduced to deal with a housing mess that developed under the previous Liberal administration.
“Given what houses are currently going for in my neighbourhood, it would appear I’ve lost a couple hundred thousand dollars or so in recent months. I couldn’t be happier.
After spending the past few years lamenting the affordability crisis in Metro Vancouver (and elsewhere), bemoaning the complicity of the real estate industry in it all and heaping anger and scorn at provincial and municipal governments too gutless and conflicted to do anything about the situation, I can hardly cry over the fact that I’m not as rich, on paper, as I once was. I never earned that wealth anyway.
“It would seem that policies brought in by governments in both provinces aimed at cooling the market are beginning to have the desired effect. This is what people were calling for, remember? The condo market still remains relatively hot, in B.C. at least, and hopefully the province will do something about the speculating and other nefarious practices revealed to have also infested that sector of the housing market.
“Unsurprisingly, we are already beginning to hear the cries of outrage from people, rich by any definition, who have been impacted by some of the tax measures the NDP government in Victoria has introduced to deal with a housing mess that developed under the previous Liberal administration. People seem to be particularly incensed with the 0.2-per-cent rate increase in the province’s school tax, applied to that portion of a property assessed above $3-million. (So, for a home valued at $3.5-million, for instance, the extra tax would amount to $1,000.)
So if someone put his hand into your pocket, steal $1,000 and you are ok with? Pity on you!
A pointless comment.
Yeah that’s how I feel every couple weeks when I pay my income taxes. Should it be any different for the ultra-wealthy who have benefited the most from the destruction of our society?
Don’t forget, the ultra-wealthy do pay their shares of taxes. Does the society benefit from the taxes they pay? Hell yes!
Mind you, those Point Grey homeowners are retired teachers, and they have paid fair share of their taxes. Now, at their golden age, the NDP wants to tax-on-tax them! Are they the ultra-wealthy? No, they are not.
Your English skills really go to shit when you are writing panic posts.
Ok, grammar police! can good English skill move you out of the basement?
“Many people, including seniors on fixed incomes, complain that they don’t have the money to pay the increase in their tax bills. They do have the option of deferring property taxes until they sell their homes but many don’t want to do that. In that case, I’m not sure how they can still complain.
Another stupid writing. So the NDP make a wealth tax, and get these seniors into deferring property taxes, another form of debt for to seniors, of whom by the way, have been paying all sort of taxes in their life time. The NDP shill keeps spreading this garbage around.
“Another stupid writing.”
“The NDP shill…”
name calling doesn’t make your point.
“Another stupid writing”…thanks for giving a brief description of your post at the beginning to remind me not to read it.
“There isn’t much sympathy for the west-side millionaires who believe they are being unfairly targeted. That is, outside the B.C. Liberal caucus and Leader Andrew Wilkinson, who has expressed great concern for their plight. Mr. Wilkinson lives on Vancouver’s west side himself. I’m not sure defending rich people upset over policies brought in, in part, to deal with a housing emergency his party refused to do anything about is a good look for the Liberals or Mr. Wilkinson.
“One thing I know, however, is that people all across B.C. (and vast swaths of Ontario, too) saw unfathomable gains in the worth of their homes over the past few years. In some cases, people’s properties doubled in value. Some people added a couple million dollars or more to their bank accounts, at least on paper. Money they did absolutely nothing for. Even if prices were to plunge 20 to 30 per cent, many people will have still “made” a bundle.
what does the author smoke?
“Some people added a couple million dollars or more to their bank accounts, at least on paper”. Which one is it? bank account, or paper gain? If the place is remained as principal residence, of course, there is not millions to the bank account.
And paper gain does not mean squat to the homeowners. Stupid mind keeps posting the rubbish without understanding it.
“Stupid mind keeps posting the rubbish without understanding it.”
you lose your (very little) credibility when you post statements like this.
Byron, a.k.a. Bacteria never had any credibility. Imbecile is only a peak benchmark for stupidity at VCI.
Well, to the question I always ask, if you are so smart, why are you still a basement dweller?
Credibility on a anonymous blog? Really?
“And paper gain does not mean squat to the homeowners”.
You’re joking right? It’s obvious you are quickly losing your mind as your paper gains evaporate.
“The market is still out of reach for many. And it may be too far gone. But at least the NDP is trying to right a wrong here, and I hope they don’t get cowed by interest groups upset that a small portion of their wealth is disappearing. The NDP can’t forget the promise they ran on: to help people realize the same home-ownership dreams held by previous generations.
It’s going to take a lot of political courage to keep pushing onward, but onward they must push.”
The NDP has great idea to generate money for their goons – let capitalize on the “real estate bubble”, tax the bubble, and let the people lives deflate with it should it happens.
When you resort to name-calling (goons) your point becomes moot. You appear to becoming desperate.
BPOE’s desperation (on housing) is a leading indicator. He’s always been desperate in other “incel” ways I’m sure…
If your money is being stolen, are you not desperate to fight back? Of course, basement dwellers like yourself do not have to worry about it! You got nothing to lose.
Thanks, Gary Mason! Great article, someone had to write it.
Eby called out again for going into hiding
Mr. Eby said that he could no longer guarantee the safety of the town-hall organizers and attendees after learning the event was going to be crashed by protesters upset about the school tax. Personally, I think he wanted to avoid being at the centre of an angry scene that would have dominated the news cycle in Metro Vancouver. It’s too bad he did.
Eby chickened out and turn his tail the other way. What was the security concern? All the protesters are retired teachers, families with children, and retired civil servants; Eby though these people posed security risk? He can do whatever the hell he does, but he just cannot pick-pocket from these people.
You mean the protesting millionaires were not being overly aggressive?
1. They threatened to storm a public venue, with no tickets.
2. The activities were orchestrated by two real estate agencies. I wish we knew which ones, so we could boycott them.
3. The whole thing is a finely organized attempt to intimidate
Including the regular raids on Eby ‘s constituency office.
You are defending people who should be ashamed of their behavior. The city at large is against them.
I feel the exact same way. I do own real estate albeit not single family dwelling in an ultra rich neighborhood. I would absolutely love the value of my place to go down a lot. If it meant that the overall benchmark dropped accordingly. Not every homeowner is ultra greed like some of the “bulls” on this blog.
Up, down or side-way, the market will do what it always does, and nothing the bulls/bears/greed can do about it. But stealing money from these homeowners by the No Deal Party is not the option.
Can Markets Make Us Equal?
A new book argues that markets don’t just have to make people rich. They can make society fairer.
“The authors’ first counterintuitive idea is to let people decide how much they want to pay in property taxes by setting their own valuations for their property. Every kind of property, not just real estate. Why wouldn’t people put extremely low valuations on their belongings to cut their tax bills? Because there’s a catch: You are legally required to sell each item to whoever wants it, whenever they want it, at the price you claimed it’s worth. That incentivizes honesty.”
“The upshot of such a system is that nobody would truly own anything. They’d effectively be renting their stuff for the amount of their annual tax bill. Echoing the radical leftist slogan “property is theft,” the authors declare that “property is monopoly”—and they don’t like monopolies.”
“Self-assessment isn’t a brand-new idea. A time-tested way of dissolving 50-50 partnerships is to require each partner to submit a bid, after which the winner has to buy out the loser at the average of their two bids. (It’s called a “Texas shootout.”) ”
“”Radical Markets is dedicated to the memory of William Vickrey, a Canadian-born economist at Columbia University who studied how auctions could be used to solve social problems. Vickrey was “the Master Yoda of the economics profession,” the authors write, “silly, carefree, reclusive, absentminded, and a fount of often inscrutable yet world-changing insights.” He died of a heart attack in 1996 just three days after being announced as a winner of the Nobel Prize in economics.”
“Milton Friedman, the great libertarian economist and Nobel laureate who died a decade after Vickrey, inspired Posner and Weyl for another reason: his fearlessness. “Friedman was uncompromising,” says Weyl. “He would go after things that everybody believed. He just made the argument, even if that made problems for people. That was an incredibly persuasive style.””
If you want to make it equal, move to Venezuela. But of course, we all know what have happened there!
Can’t get past the blatant lies of the first paragraph.
“populists in the Trump mold want to exclude immigrants and restrict foreign trade. “