BC, Budget, Canada, economy, equity, politics, prices

Millionaires protest exorbitant unfair tax

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207 Comments

From justme: people that own homes worth more that 3 million dollars may have to pay an extra housing tax. For a 3.5 million dollar property that could cost as much as $50 to $100 per month.

“Owners of multi-million dollar homes are probably not going to endear themselves to the public by pleading financial hardship. Nevertheless, more than 100 Vancouver residents gathered in a park last week to protest a surtax introduced by the provincial NDP government on homes worth more than $3 million. They wielded signs claiming the government “wants to confiscate your hard-earned home savings!” The tax, they said, is “unfair,” “exorbitant” and “predatory.”

Read more here.

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[…] –realtors, developers brace for crash […]

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bullwhip29

Can’t afford B.C.’s school tax? Defer it, says finance minister
http://www.cbc.ca/news/canada/british-columbia/can-t-afford-b-c-s-school-tax-defer-it-says-finance-minister-1.4657571

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Just me

Great to have that luxury.
I wish I could defer my taxes. Unfortunately I am not a spoiled millionaire boomer.

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Shut It Down Already (original)

Life just isn’t fair is it? None of this is a consequence of your own decisions.

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Just me

You mean we should all cram into overleveraged investments unfairly subsidized by the government?

Is that your solution to unfair subsidization?

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bestplaceonearth

and of course, the jealousy keeps jealous!

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Just me

“Anyone who will have bought in the last number of years will have needed to have those kind of dollars to be able to buy, and should be able to afford the [the tax],” James told host Stephen Quinn on CBC’s The Early Edition.

For example, properties assessed at $3.5 million in Vancouver would have to pay an additional tax 0.2 per cent tax on $500,000 — or about $1,000. Over the last five years, those properties have generally risen by about $1 million in value.

“I think that’s a reasonable approach,” she said.“

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bestplaceonearth

Stealing money from the people is always a reasonable approach for the communists.

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Just me

The only theft is what happened over the past 20 years. As people got rich without working, by just looking at their gardens and paying zero taxes on gains.

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southseacompany

“How much can you spend on a home? It may have changed drastically”, Globe & Mail

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-home-affordability-has-drastically-changed-heres-why/

“In a matter of months, home affordability has changed drastically across Canada.”

“A major reason is that a new stress test on uninsured home buyers – known as the B20 rules – went into effect at the beginning of the year, following a similar test on insured buyers.”

“Now, there’s another factor weighing on affordability: rising rates.”

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Best place on meth

Five offers for Oakridge house close to SkyTrain station

https://www.theglobeandmail.com/real-estate/vancouver/article-five-offers-for-oakridge-house-close-to-skytrain-station/

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Laibach

In other words, insanity continues…

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Shut It Down Already (original)

5 offers and yet it only sold for the asking price.

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YVR

Wow. Prices are accelerating more
than I thought.

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Best place on meth

CBC-hosted forum debates state of Vancouver housing

http://www.vancourier.com/real-estate/cbc-hosted-forum-debates-state-of-vancouver-housing-1.23298879

The CBC Vancouver-hosted public forum focused on the state of housing in Vancouver, including how we got here and what can be done to alleviate the problem. The event was moderated by Early Edition host Stephen Quinn, who recently launched the new podcast “SOLD!” which explores housing in Vancouver.

A panel of realtors, housing advocates, professors and other experts shared their views and answered questions from the packed house. At the heart of the debate was the question, “Is housing an investment or a human right?”

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Just me

“Other NDP housing tax initiatives came up throughout the evening, including a decision to levy a new property tax on homes valued over $3 million. An Angus Reid poll released this week showed provincial support for this initiative — along with other tax changes — was high, although the new tax has attracted protests by some homeowners.”

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Just me

“UBC Sauder School of Business professor Tom Davidoff pointed out that the property tax increase was actually quite small, but due to Vancouver having some of the lowest property taxes of any major city in North America, any attempt to bring things more in line with other urban centres was going to appear drastic.”

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Just me

“One thing everyone on the panels could agree on was that starring role housing will play in October’s municipal elections. “It will be the issue,” said Jon Stovell, president of development company Reliance Properties.
Gordon agreed, going so far as to say Mayor Gregor Robertson was not running again because of his housing record during his tenure.”

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patriotz

One thing everyone on the panels could agree on was that starring role housing will play in October’s municipal elections. “It will be the issue,”

Since all the major factors behind the housing crisis are under the control of senior governments, it’s an issue local governments will be able to do little about. But the voters don’t want to hear that so the municipal candidates will play to the “issue”.

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xhistory

We know housing can be a currency. Most recently this is the case. Unlike times past when Gold and Silver might be hoarded. True, housing is a right, but the rules of the game are changing. I live in a Vehicle, my home, a non currency.

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paulb

New
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Price Change
79
Sold
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TI:10957

http://www.clivestevepaul.com

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xhistory

International Retirees lining up in the street to purchase Godland Vancouver…. as we speak.

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Name

WOW almost at 11,000 now !!! This crash is really picking up some momentum !!!

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bullwhip29

The “Caring Citizens of Vancouver Society” is continuing its battle against temporary modular housing for the homeless in Marpole by seeking leave to appeal the case to the Supreme Court of Canada
http://www.richmond-news.com/news/marpole-modular-housing-opponents-want-to-be-heard-by-supreme-court-of-canada-1.23297825

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Just me

“The Caring Citizens Society’s application for leave to appeal to the Supreme Court of Canada is regrettable,” said deputy city manager Paul Mochrie in a statement to the Courier. “In the face of two clear rulings on the matter, the city is now compelled to spend additional public funds in responding to that application. Furthermore, the success of the modular housing operation in Marpole provides clear evidence to counter the misapprehensions that the society relies on as the basis for its opposition.”

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KickThemOut

I don’t see you taking in any yourself. Maybe do that first before criticizing people who want to live in a nice neighborhood without drugs & crimes. Oh wait, I forgot, this blog is populated by leeches and freeloaders who think owning a home is a sin, and people caring about their community & schools and oppose moronic money wasting polices are just plain cold hearted evil communist sympathizers. Never mind none of you ever did anything to help ever.

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Laibach

Right, as many other people want to live in a nice neighborhood without corrupted scumbags, tax cheaters, smugglers, launderers, homemakers, students, astronauts and the other sorts of locusts and yet nobody cares about their wishes and needs.

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bestplaceonearth

It’s ok for kids running around on a playground full of used needles?

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Just me

1. How do you know what I do and where I live? You must be a psychic.

2. These protesters (mostly RE investors) are worried about their equity. Legitimate, I suppose. But devious if you try to fake concern for the poor.

3. There is zero evidence that social housing increases crime.

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bestplaceonearth

These homeowners have a point. And the city failed to address that.
Do you near a social housing complex for the homeless? Feces, needles, condoms are just to name a few in the surrounding areas. Majority of these people are addicts. Until the politicians have the ball to call the problem as is and solve their addiction, the homelessness always exists and taxpayers foot the bottomless barrel. Do you think these addicts are capable of living on their own independently? No, they are not. So, moonbeam and the NDP always dream in technique colors.
By the way, you don’t have to show your moral high ground. You are just a self-fish full of jealousy individual. You missed out the chance to own real estate, now you trash talk to revenge it.

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Just me

I see. You think the Caring Citizen Society is right to protest and wave their hands.

Your call.

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Shut It Down Already (original)

The protestors did nothing to warrant levying a tax against them. They are right to be angry.

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Spec

They are fighting against temporary modular housing in their neighbourhood – NIMBYism.

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Just me

Just like the Trinmle Park millionaires.

Apparently every millionaire in Vancouver has a right to be angry. But poor people should shut up and be grateful.

Canada in 2018.

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bestplaceonearth

Poor people do have a voice, but advocating for the stealing of the people money should not be one the action. Work harder!

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Name

People have taxes levied against them all the time for any number of reasons without doing anything in particular. Your point is moot.

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Lost,... but not leased

SIDA ….time is running out to pay Head Tax….ancestor wrote bum cheque….major compounding of interest.

Pay up or CRA will be knocking on your West Van mansion door….(won’t even mention UNpaid speeding tickets from leased turbo KIA).

PS capisce dum bass ????

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Shut It Down Already (original)

Fuck off, you predictably stupid unemployable moron?

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xhistory

Angry. I have the Right!
https://m.youtube.com/watch?v=4Oygz3lWkYc

Forgotten Rebels, 1979, Hamilton, On.

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xhistory

Temporary residents of portables should probably be of a certain age, as was my experience in Portables in Ontario. They packed us in like sardines in Grade 7 and 8. Less so in the grades before and after. I say Ontario and yet we are in BC. The reality is that the Country has moved Out west quite massively, as has the ridiculous immigration program, wich was exacerbated by imported Fascist tendency.

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Name

Region at risk of becoming an international retirement community, says GVBoT

http://www.news1130.com/2018/05/10/metro-vancouver-retirement-community/

“Black says we are going to have major recruitment problems if we don’t address the issue of housing affordability. “You need 12.6 years of your gross income to buy the median priced house in this area. It’s just not sustainable. It’s putting a squeeze on an entire generation.”

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Just me

“What this report did on the topic of housing affordability is, from an empirical research standpoint, remove any doubt that this is just a passing issue and that it is not a substantial numerical issue, as well,” says GVBoT CEO Iain Black.”

So much for people arguing that our housing situation is just “normal” and people who cannot afford Vancouver should move out. Most people, including highly paid professionals, can no longer afford decent housing in Vancouver.

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KickThemOut

Then why do we have a problem with empty homes if there are thousands that are sitting empty with no one to rent them?

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Just me

Because we sold the city to Chinese millionaires. And they use homes as gold bars, effectively removing them from the market.

Prices of course cannot be afforded by the local income earners, if you have a large set of foreign millionaires injecting liquidity in a variety of ways.

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Shut It Down Already (original)

Locals are buying 9 times as many homes as foreigners. That doesn’t mean they can afford them, but it does mean they’re greedy.

By the way, anybody who lives in a house removes it from the market.

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Confucius

They don’t remove their housing demand though. A local would no longer need to buy or rent, thus removing demand.
Housing should never be left empty purely for price speculation.

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Shut It Down Already (original)

And it wouldn’t be if there was no expectation of future capital gains.

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Just me

But people who buy three remove even more….

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Shut It Down Already (original)

They probably sold them to a greedy local for a huge profit. Who’s laughing now?

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Name

We keep seeing “news” stories like this and yet there are thousands of various rentals on Craigslist for all over town.

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Oracle

In your dreams. Craigslist can be spammed you know. Lol

Rents are exploding here. Probably up 50% year over year.

Prices of Detached rocketing higher in Valley.

Where is Eby?

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southseacompany

“Realtors, developers brace for crash”, Business In Vancouver

https://biv.com/article/2018/05/realtors-developers-brace-crash

“High-profile real estate developers, marketing executives and real estate agents are bracing for a sustained downturn in the housing market after sales in April – usually one of the most active months of the year – plunged by double-digits across Metro Vancouver.”

“(Cameron McNeill, a partner in MLA Canada) added that, like the last downturn in 2008, people would likely be surprised at how quick the recovery will be.”

Optimistic thinking on McNeill’s part. Will governments reverse their current tightening policies and bail out the market like they did in 08? Time will tell.

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Doomcouver

This is what cresting over the top of the pricing parabola looks like. Sell now or be priced in forever.

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bestplaceonearth

oh no, it’s the end of the world all over again! Version 10.1

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Name

it will happen for you.

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Laibach

Perhaps a nutfuck expects China to loosen control over money outflow and massive laundering to continue to the general joy.

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KickThemOut

And I love to see a 75% crash and bears still bitching about how housing are too expensive and they can’t buy, and it’s all other people’s fault.

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Doomcouver

Wow you really destroyed that straw man didn’t you? What an amazing victory.

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ItsAboutTime

It’s coming, those who think that people have been saying that market will crash but never does will be for a big surprise. Just 1-2% increase in interest rates in the states will cause wide spread bankruptcies here in Canada. Remember Bank of Canada is a very small player in all this and can’t do much if rates start going up in the states. All Fixed rate mortgages depend on the rates in the States.

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Dave

It’s not just going to bounce back anytime soon. The market is dead for the year. Look at the change in tone already in the past 6 to 9 months. We went from real estate never goes down to it’s going to be a short correction. But this time around, the forces behind the correction aren’t going away, and some can only get worse (e.g. interest rates). Condo absorption should be the biggest bull concern right now. The link in the previous thread showed a very drastic drop in pre-sale absorption from January to May. A tonne of inventory is coming online for the next few years and nothing is going to stop it because it’s already in development. Inventory is the next shoe to drop. We’ve had a few weeks of very low sales for a Spring market and… Read more »

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Oracle

No correctiom in valley prices

Take a look at Langley condo prices. Up 50% in 12 months. .

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Name

why do you keep spewing such nonsense?

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Dave

Soon to be known as Ground Zero.

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Whistler or bust?

China sentences founder of Anbang — which owns billions in B.C. assets — to 18 years in prison http://vancouversun.com/news/world/china-sentences-founder-of-anbang-which-owns-billions-in-b-c-assets-to-18-years-in-prison

1 day trial?

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Just me

Hopefully his wife and kids have a few properties in Vancouver to get by until he comes out of jail.

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xhistory

Wu’s exwife’s Grandfather is none other than Deng Xiaoping. Anbang was a black op. The trial and sentence memorable for a an 18 year sentence, ie, the Lunar Node cycle…

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Laibach

Given the size of population involved in this type and size of scams, 1 day trials are within the length of average duration for them.

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Name

in Canada you’ll go to jail if you bribe the officials. In China you’ll go to jail if you don’t bribe the officials…

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bullwhip29

other than serial rapists, no one goes to jail in this country. hey, you can even spazz out, slice someone’s head off, plead insanity and walk away…

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Shut It Down Already (original)

Bullwhip would treat the mentally ill as they do in less civilized countries, presumably.

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bullwhip29

I have an opening tomorrow if you are free…

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Laibach

Lol, a good one!

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Laibach

…or you just wear a surgical mask…

https://tinyurl.com/ydz8os7y

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Name

“In the effort to obtain a light sentence for his client, Baker claimed his client had been “harassed” by media. In Baker’s mind, asking questions about the source of Wang’s wealth and the nature of his parents’ profession qualify as harassment. (Wang lives with his wife and their 22-month old boy in a $6.29 million British Properties mansion that is registered in the name of Xinghui Wang. Fuerdai is a Mandarin term meaning “rich second generation.”)

another quality chineeze immigrant …. we are truly blessed. Thank you Canada for permitting these fine folks to settle down here.

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Just me

Christy Clark used to say these immigrants are “good for the economy”.

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bullwhip29

look to Russia and the Putin mafia to see how this one plays out. outcome will be the same. the garbage will get dumped into some opaque taxpayer backed entity which will never get turned around in our lifetime. the crown jewels will be seized and divided up among friends and family, not liquidated for pennies on the dollar. if a sale is to occur, it will be of the rigged, non arms length variety. so, all those local RE conglomerates looking to add properties like the Bentall Centre at a firesale price to their portfolios can move along…

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Best place on meth

Russia and china should have been nuked in 1945 and 1949 respectively.

So much shit from those two could have been avoided.

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xhistory

Between those two years the USA military made a journey to Antarctica.

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Best place on meth

Andrew Wilkinson introduces bill to reduce taxes on condo flippers by half

https://thinkpol.ca/2018/05/07/andrew-wilkinson-introduces-bill-reduce-taxes-condo-flippers-half/

I’m so glad the Libs picked this sleazebag.

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Just me

“Under Canada Revenue Agency interpretation of Income Tax Act, profits made from flipping real estate, including flips and assignment sales (of both pre-construction and resale homes), are generally considered to be fully taxable as business income[1].

But BC Liberal leader Wilkinson’s bill would make profits from presales be classified as capital gains, and only 50% of the income would be taxable.”

What a slime ball.

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Just me

“For example, a speculator flipping a condo and making $200,000 under the existing CRA rules would be taxed $94,000 at the highest tax bracket.

That number falls to $47,000 if Wilkinson gets his way.”

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Just me

“The timing of Wilkinson’s bill is also strange, considering that the governing BC NDP introduced legislation to crackdown on real estate flipping just two weeks ago.

The proposed changes to the Real Estate Development Marketing Act will require real estate developers to collect and report information on pre-sale condo assignments to ensure people are paying the appropriate taxes when these contracts are assigned[2].

“For too long, people who resell condos before they have been built have been inflating real estate prices, without necessarily paying taxes on their gains,” Finance Minister Carole James said. “We are making it fairer for people who want to buy a condo, by making sure those who flip pre-sale condos are paying their fair share.”

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Shut It Down Already (original)

It isn’t the sellers of presales who are driving up prices. It’s the idiot buyers.

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Just me

Sometimes the “idiot buyers” need a place to live.

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Shut It Down Already (original)

You can live somewhere without owning it.

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Just me

Sure. Good luck finding stable family sized rentals.

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bestplaceonearth

so you know how tough it has been. Why did you buy back in 2015? Or you were just speculating the market would go down in your favour, like the rest of the speculators!

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Shut It Down Already (original)

It’s easy. There’s been a steady stream of people here telling us how awesome their rental house it, how their landlord subsidizes them, and it’s better than buying.

Or maybe you’ve not been paying attention? Oh wait. It’s you.

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Just me

I never said that, although it is true in many cases in Vancouver,
However the current focus on 600sqft apartments means that supply of family size rentals is missing.

In fact, the government should force minimum shares of big apartments, so that their supply grows and their prices drop.

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Shut It Down Already (original)

If renting isn’t cheaper than buying then stop complaining that prices are too high and blaming everybody who doesn’t look like you for it.

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Just me

From the comments section:

“The Liberals just keep finding new ways to screw over British Columbians, don’t they? The NDP is trying to find ways to reverse the disaster of the 2001-2017 increase in property values that put us in the shameful position of 3rd least affordable housing market in the world.
To do that requires clamping down on the practices which took us here: where per Stats Can the Median Household Income in Metro Vancouver is under $80K but the Benchmark Detached house is over $1.6M.
Local income tax paying full-time residents are being systematically shut out of decent affordable housing within a reasonable commute to work so that the moneyed class can make a killer profit building, flipping, selling our housing like a commodity.”

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patriotz

“Andrew Wilkinson introduces bill to reduce taxes on condo flippers by half”

Of course the BC government can’t change Federal tax law. The BC government could only change its own income tax, which is a fraction of Federal tax. This means BC would have to set up its own income tax processing for this asset. Wilkinson has really surprised me, I though nobody could be any worse than Christy but it looks like he is.

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Just me

Wilkinson is doing his best to make me vote NDP again.

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bestplaceonearth

…like he cares!

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YVR

The only one who can do anything to control condo flippers right now is the NDP. They have chosen to renege on their promise to apply the foreign buyers tax which is all you need to know about what their intention. They want foreigners to buy then flip to locals at a higher price. Is there any other explanation?

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Just me

Whatever you say, dude.

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YVR

So why no foreign buyers tax on presales? If a foreigner buys a presale and keeps it they pay the tax at completion. The only way for them to avoid the tax is to flip it. The NDP policy is encouraging foreigners to flip presales.

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Just me

You are missing the bit where the foreign buyer does not want to carry the risk for half the monetary return, as income taxes are higher than capital gains taxes.

Wilkinson is suggesting a tax break for flippers.

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YVR

Provincial governments do not classify how income or capital gains are classified or taxed. It is fake news.

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Oracle

Yes.

They are hoping the dumb miss this and keep cheering their ’30 point’ useless plan.

Here is what they needed:

1) Presales can only be bought tax free by Permanent Residents or Citizens. Foreigner can buy a presale with a 20% non-refundable tax paid upfront.

2) set up a government registry on presales that links with CRA whenever a name on contract changes or title is registered.

3) set up a provincial Developers licensing system. Those that try to push or mock government rules lose their licence. Example: Bosa licence cancellation would mean they can’t build.

NDP needs to play hardball.

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Oracle

He’s right.

Prices of condos up 50% in Langley since Election.

After you get your head out of the NDP sand, ask why presales aren’t banned for foreigners.

Think about that for a moment before you start cheering the NDP like a moron.

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YVR

The Thinkpol article is obvioulsy fake news. As you pointed out it is not even possible to legislate provincially.

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patriotz

“The Thinkpol article is obvioulsy fake news.”

It would replace the ill-conceived NDP Speculation Tax, which does nothing to slow down or stop speculation. The Act would instead impose a provincial capital gains tax on sellers making quick profits on paper condo deals. Any profit would also be subject to federal capital gains tax.

http://bcliberalcaucus.bc.ca/blog/newsreleases/taking-real-action-curb-speculation/

In fact, as we have discussed, profits on flips are taxed by CRA as business income, not capital gains. Given this, I’ll pass on trying to interpret what they are saying.

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YVR

What they are saying is add an additional tax for flippers on top of existing taxes. It would likely include principal residences. A true speculation tax.

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Just me

Sounds more like five flippers a tax break.

Read carefully.

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YVR

Taxes on income or capital gains is defined by CRA. A provincial government cannot reduce federal taxes or define how income is classified. They can only add additional taxes to what CRA has in place which is what the Liberals are proposing. I guess the thinkpol guy writes the articles for dumb people like you.

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Name

The new boss is the same as the old boss.

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YVR

Horgan and James caught with their hand in the cookie jar. Claiming for travel means when they are at home.

The B.C. Liberals provided figures showing Premier John Horgan (MLA for Juan de Fuca) had claimed $1,684.50 in per diems on days the legislature had been sitting between forming government and March 15, with Finance Minister Carole James (MLA for Victoria-Beacon Hill) at $1,587.00.

http://www.cbc.ca/news/canada/british-columbia/liberals-milobar-victoria-mlas-diem-1.4655896

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Whistler or bust?

John must have been dining at the Keg.

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Best place on meth

Wow, Horgan’s been spending $200 a month on meals while working at the legislature.

Meanwhile:

“B.C. NDP Leader John Horgan is slamming Premier Christy Clark for bringing a videographer with her on private planes and charging taxpayers for the bill.

Documents obtained by freelance journalist Bob Mackin show Clark spent more than half a million dollars on private planes over the past five years.

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Just me

Do,you realize that you just confirmed that John Horgan is a honest man? These expenses are ridiculously low for a Premier.

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patriotz

It’s not a travel allowance. Andrew Weaver:

“Why can B.C. Liberal MLAs claim $61 a day as a per diem, but it’s not OK for the local person every now and again to claim a lunch or dinner, because they have to work late when the legislature is sitting?” he said.

Weaver suggested that if any bill went forward, it should target any MLA who stayed in a place with a kitchen while staying in Victoria. “All this does is feed that narrative of why people don’t like politics,” he said. “I say shame on Peter Milobar.”

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paulb

New
309
Price Change
84
Sold
172
TI:10914

http://www.clivestevepaul.com

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Whistler or bust?

11k coming up! Anyone have the numbers at where we where last year and when we hit 11k last year?

Thanks

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Shut It Down Already (original)

Because you’re too lazy to look them up?

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Best place on meth

Would anyone else who isn’t a vile, motherfucking douchebag care to answer?

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Shut It Down Already (original)

So you have time to throw insults but ultimately you’re also too lazy and stupid to provide the answer? paulb has been wasting his energy, I guess.

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Best place on meth

Paul contributes more to this board in 1 fucking second than you have in 10,000 posts.

Asshole.

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Shut It Down Already (original)

The best part is I think you know what a spectacular loser you are.

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Shut It Down Already (original)

This time last year:

TI:8570

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Best place on meth

Thanks cocksucker.

Now go die.

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Whistler or bust?

Is that the real number or a Chinese number?

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Shut It Down Already (original)

You’re free to verify it, dumbass.

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Spec

They can be ball-parked from the graphs here. http://housing-analysis.blogspot.ca/

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YVR

We are higher than 2016/17 but way lower than any of the 11 years prior. 2008 we climbed from about 15K in April to 18K in May to 20K in June. That is what a correction will look like. 11K in May is still very low inventory and way lower than in years from 2005 to 2014 when prices were for the most part rising double digits.

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Just me

If the B.C. Libs were still in government we would be at 7k in May.

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YVR

When the BC Liberals were in power inventory was higher in 14 of the 16 years compared to today under the NDP. Those are the facts.

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Shut It Down Already (original)

Just Me doesn’t do facts, only opinions.

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Just me

I see. You are the facts guy. Interesting.

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Shut It Down Already (original)

My opinions are backed by data. Yours are based on prejudice and what you read in the right-wing media. Quick! The immigrants are coming!

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Just me

Sure. And house prices were going down as a result.

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Best place on meth

Inventory is up 27% over this time last year, according to the worthless traitor from china.

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KickThemOut

And still down 40% from those 17K & 18K parties. But I’m sure 11K inventory will just crush this market.

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Best place on meth

No, but 15K with no sales will.

Looking forward to July.

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Just me

It sure is not helping the market, if you compare prices to last year.

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Just me

Apparently, 2127 Stephens street sold a couple days ago.
If you know the sale price, can you let us all know?

Asking was 2.5 million, well above assessed value (that was 2.3 million).

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DSJJ

2.63

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YVR

Wow 17% above assessed of $2.25. That is a 17% increase for a Westside detached since June when the NDP took power. Nice job Eby!

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Name

you really believe that huh?

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Oracle

The nutjobs here can’t even see what’s going on. I’ve oven up trying to explain to them what’s going on.

Over assessed and under assessed. Hahaha. They are so lost.

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Just me

Ok, thanks for letting me know. I am assuming this is verified by others?

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Best place on meth

No.

Won’t the realtor answer this?

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Shut It Down Already (original)

Paul is trying to distance himself from there racists. It’s a stain on his business.

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Name

don’t be so hard on yourself …

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Just me

Feel free to leave any time in disgust. You won’t be missed.

Unfortunately you will stick around. Hypocritical to the end.

Any confirmation on price of 2127 Stephens very welcome.

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Best place on meth

I was talking about the realtor who sold the property, AIDS.

Strange how you always drag Paul into your sewer.

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Name

my guess is $ 2.1

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Bag it and tag it

Well done Eby. Impressive considering you’ve been in hiding and nobody knew where you were.

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YVR

Where is the bill to add the foreign buyers tax like Eby promised before the election? A pre-sale registry is a joke and will do nothing. People are so easily fooled.

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Just me

Right. I am sure that any tax or registry is useless as long as it is introduced by a party you don’t like.

Care to comment on Michelle Yu’s statement that the NDP is a major drag for the housing market. After all you deny that unashamedly.

The registry is going to be a major stake in the RE speculators’ hearts. It cuts off their ability to use bare trusts to avoid taxes and maintain anonymity. It is a biggie.

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Oracle

Hahaha. The Chinese weren’t afraid of breaking laws in China. What you think this is going to make them tremble ?

THey can pay off developers to change the registry.

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Oracle

It’s not even a government registry.

Laughable.

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Best place on meth

WEAR TRANZLASHON TOO MAANDERYN??!!!

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ItsAboutTime

That’s not enough. Withhold tax at source as soon as presale condo is sold, especially for foreigners. That’s how this is done in the States.

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Just me

@Polozi Scheme posted this on the previous thread:

86% of British Columbians want to curb foreign and speculative investment
Six in 10 survey respondents think it’s time to consider a foreign buyer ban on B.C. real estate

http://www.westerninvestor.com/news/british-columbia/86-of-british-columbians-want-to-curb-foreign-and-speculative-investment-1.23295053?rew.ca%2Fnews=rew.ca%2Fnews

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Shut It Down Already (original)

Of course we already know that foreigners are blamed no matter what the actual sales data tells us, so this survey provides no new information.

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Just me

Why don’t you go and ask Kevin Falcon (former BC Libs minister).
Yesterday he confirmed that stats based on place of residence of official buyer are junk. He actually is on record saying that the real effect of foreign money iOS much, much higher.

This is as much faith our own politicians have in the data they are gathering on the influence of foreign money.

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Shut It Down Already (original)

Read the full interview. You’ll see that he had an opinion, never acted on it while in a position to do, cannot justify never acting on it, gave no data to support his opinion, and retired soon after. He’s just another irrelevant old-timer with opinions from another century. Like you.

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Just me

This was posted by @Royce McC on the previous thread (and I could not agree more):

“Let’s scrap the school tax that’s being placed on places worth over $3M, the foreign buyer tax, and the so-called speculation tax.

Instead, we’ll scrap property tax deferrals with simple interest, homeowner grants, penalty-free use of RRSP funds for down payments, and capital gains tax exemptions for primary residences, while also massively decreasing taxpayer guarantees for mortgage loans (both via CMHC and the 90% taxpayer-backed private lenders like Genworth.

Basically, we’ll get rid of these new things you don’t like AND all of the other special tax handling rules for real estate that make a mockery of anyone’s argument that real estate is a free market.

Sound like a deal?”

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bullwhip29

High-profile real estate developers, marketing executives and real estate agents are bracing for a sustained downturn in the housing market after sales in April – usually one of the most active months of the year – plunged by double-digits across Metro Vancouver
https://biv.com/article/2018/05/realtors-developers-brace-crash

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Just me

““I have been seeing more and more price reductions in the detached housing market,” said Michelle Yu, a top-producing Vancouver agent.”

“All you can expect is capital gain. However, as long as the NDP is in power, I strongly believe the double-digits gain honeymoon is over. On top of that, there are many different new taxes, stricter rental rules,” Yu stated in a missive to clients this week. “

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Shut It Down Already (original)

“All you can expect is capital gain”

A financial advisor would never be allowed to get away with making such a claim.

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Name

“Our industry, though, is driven by fear and perception, and fear and perception trumps fundamentals every time,” McNeill said.”

I think he means “fear and GREED”

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Shut It Down Already (original)

Yup, local speculators sure are greedy and fearful of missing out.

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kabloona

“These Vancouver neighbourhoods have the highest proportion of people who can’t afford their homes” https://www.thestar.com/vancouver/2018/05/08/these-vancouver-neighbourhoods-have-the-highest-proportion-of-people-who-cant-afford-their-homes.html “VANCOUVER—In many ways, Coal Harbour is the picture of prosperity, the quintessential combination of natural views and cityscape that attracts so many people to live in Vancouver in the first place. Except half the people who live there can’t afford to do so. A StarMetro analysis of affordability in Metro Vancouver census tracts — the small, stable neighbourhood portions Statistics Canada measures — shows 30 per cent of people living in the median tract couldn’t afford their homes — already a high number that secures Vancouver as the least affordable Canadian city. A tool released Tuesday by the BC Non-Profit Housing Association uses data from the 2016 census to visualize how much Canadians are spending on rent in municipalities across the country. It shows 23… Read more »

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Just me

These stats are misleading some times. In the west side areas in the article, people do not declare their true income. It is tax evasion, plain and simple.

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Name

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

http://www.news1130.com/2018/05/09/how-investigators-cracked-an-alleged-business-immigration-scam-on-p-e-i/

and still more chineeze scamming ….

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bullwhip29

do we need any more proof that these boiler room operations are likely set up in every nook and cranny right across the country? and richmond being only steps away from the private runways at YVR not to mention various money refinery operations is ground zero

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Best place on meth

You guys are being racist.

It’s just a few million bad apples.

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Shut It Down Already (original)

Yes, you need way more proof if your claim is as ridiculously broad as that.

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Hyper-mega-Bull

Who is Lil Tay? Behind the illusion of the foul-mouthed nine-year-old Asian rapper and internet sensation

The rising internet star’s foul-mouthed videos are viewed by millions, but despite her persona as a streetwise Los Angeles gangsta, clues point to her living in Vancouver, with a realtor mother behind the camera

http://www.scmp.com/culture/music/article/2144729/who-lil-tay-behind-illusion-nine-year-old-asian-rapper-and-internet

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Hyper-mega-Bull

Momager for Instabrat ‘Lil Tay’ fired from Vancouver real estate firm

http://dailyhive.com/vancouver/angelia-tian-lil-tay-fired-vancouver-real-estate-firm

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Name

doesn’t matter because she never works anyways …

“Upstairs at Angela Tian’s office, a receptionist said she was unavailable and only came into work infrequently. A phone call to Tian’s number went to voicemail, which was full. Emails to Lil Tay’s management went unanswered.”

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Name

and they wonder why they are stereotyped ….

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Best place on meth

Chiggers are the latest thing in Vancouver and LA.

Two awful cultures combined into one.

It’s a win-win for all of us.

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Best place on meth

I can’t wait until she’s old enough to drive.

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bullwhip29

and space/kickthemout/SIDA can wait til she’s old enough…

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Royce McC

@backwardevolution (from the previous thread): Thanks for agreeing! To go further with my comment: I think the argument for all of the special tax handling on real estate is based on the belief that shelter is a fundamental need for citizens in a community and that it is in a community’s best interests to have its citizens owning their shelter within that community. People can debate whether that sentiment is accurate. That’s beside the point. Without the above rationale, how do you justify taxpayer-backed residential mortgages (CMHC, etc.), capital gains exemptions for primary residences, property tax deferrals, home owner grants, and the million other special handling policies we see for real estate? Does anyone think that those special tax treatments were put in place to promote residential real estate investment outside of the context of shelter? When those tax policies… Read more »

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Just me

And more from Royce McC on the previous thread (it is as if this guy is reading my mind!) “No one wants to pay taxes. My (renting) household paid nearly 6 figs in federal and BC taxes this year. The Homeowner grant program costs BC almost a BILLION dollars annually and some of that involves putting around $500 into the pockets of people sitting on an asset worth as much as $1.6M (meanwhile a renters credit is denounced as a commie plot). Does that seem reasonable to you? Does it seem reasonable to you that tax revenues can be depleted through property tax deferrals? Do all the other special tax treatments that real estate receives – which promote investment in that sector over all others – seem reasonable to you? There is cognitive dissonance at play when people gripe about… Read more »

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Just me

Related to your point, @PoloziScheme posted this in the previous thread:

Polozi Scheme

Wealthy Vancouver homeowner objects to school tax because his children are no longer in school

https://thinkpol.ca/2018/05/09/wealthy-vancouver-homeowner-objects-school-tax-children-no-longer-school/

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Just me

David Wrinch is quoted in Shaughnessy Heights Property Owners’ Association newsletter as saying: “In actual fact those of us who have owned a home for many years and have seen value and city taxes increase at a unbelievable rate have paid our school taxes and now our children have gone and we no longer send them to school and thus place a lower burden on the school board .”

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Royce McC

Ugh. Tell you what Mr. Wrinch, I’ll happily lobby the government to pay you back DOUBLE every dollar you spent on school taxes and add in interest on that sum for every year since they graduated if YOU assume full responsibility for the cost of your own medical care for the rest of your life.

If you don’t like that deal, then you should really consider keeping quiet.

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SilentBob

“it is in a community’s best interests to have its citizens owning their shelter within that community”

The active word being CITIZENS. Ignoring that is what sent us off the rails.

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Shut It Down Already (original)

Trust the dumbass racist to misinterpret the word “citizen”.

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stagnate

for a number of years these inflationary fears have alternated with deflationary fears. debt is a deflationary force ultimately. is a government/market slobberknocker in the near future? maybe stagflation ? have the bond vigilantes been amassing?

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Dave

I don’t know that we can say that about debt in general. I think it depends what the debt buys you relative to it’s cost. I would say that misallocated debt is ultimately deflationary, while debt allocated with discipline is generally not.

As far as real estate goes in Vancouver, I think we have billions of misallocated debt.

I think we’re headed for stagflation in Vancouver. I have been calling it the Big Squeeze, in that people are getting squeezed from all directions (i.e. cost of living, taxes, etc..). In Britain, they called this effect ‘Rip off Britain’. I think a similar thing is coming here… everything is going to cost more than it does everywhere else.

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patriotz

“everything is going to cost more than it does everywhere else.”

Going to cost more? 🙂

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YVR

You’re right. Under the NDP everything is already expensive. Hydro used to be cheap, not anymore. Gas used to be cheap, not anymore. Taxes used to be relatively cheap, not anymore. Car insurance used to be cheap, not anymore. Housing has been expensive for a while, now it is even more expensive. Thanks NDP!

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Best place on meth

A steak at the Keg used to be cheap, not anymore.

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Just me

Yes. I am sure all tariffs were raised despite ICBC, Hydro et co. Being managed with great acumen and care over the past 20 years.

Clearly, the previous administration left those companies in great shape.

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C.Junta

US: fed rate 1.75%, 5/1 ARM mortgage rate 4.25% (Wells Fargo)
Canada: BoC rate 1.25%, 5 year fixed mortgage rate 5.34% (bank posted and BoC quialifying rate)
No BoC rate hike on May 30 or July 11 will mean Poloz is shit scared and the end is nigh.

Am I missing something here?

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Whistler or Bust?

5 yr GOC rate is a 2.20% a multi-year high.

The market is deciding for Poloz.

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Stand up for Canada

US 10 year hit 3% again today. Doesn’t matter what Poloz does. Bond traders don’t give a shit about Vancouver real estate.

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Spec

Yes… and the effects cascade around http://www.cbc.ca/news/business/bank-canada-mortgage-stress-test-interest-rate-1.4655460

Drip drip….

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