BC, data, economy, hype

Social housing for Richmond

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181 Comments

Did you know that Richmond BC matches the downtown Eastside for one of the poorest neighborhoods in Canada? Shared by hyper-mega-bull:

Sign the petition to build modular housing in RICHMOND, one of canada’s poorest neighbourhoods.

https://www.change.org/p/malcolmbrodie-let-s-get-housingjusticermd-for-richmond-s-modular-housing-loveoverfear?utm_medium=email&utm_source=petition_signer_receipt&utm_campaign=triggered&share_context=signature_receipt&recruiter=292398037

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!

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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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Dave

The last four months of presale condos sounds brutal, especially into a Spring market.

Condos are the last leg holding the proverbial chair up.

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Name

http://www.news1130.com/2018/05/09/vpd-virtual-kidnapping-extortion/

yet more chineeze scams …

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trackback

[…] justme: people that own homes worth more that 3 million dollars may have to pay an extra housing tax. For a […]

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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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bestplaceonearth

Or, they just simply pay enough taxes.

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Royce McC

“Enough”? They pay far lower property taxes than other Canadian cities – and many can defer those taxes with only simple interest accruing. 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… Read more »

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backwardsevolution

Royce McC – “Same thing when people tout real estate as a free market while failing to acknowledge the myriad forms of special government coddling that is needed to sustain high prices.”

Good post! Yeah, like we’ve had a ‘free market’! Nothing could be further from the truth. The government has aided and abetted this whole nightmare from the get-go. I agree completely with your post.

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Name

and he shouldn’t pay for fire insurance because he’s never had a fire?

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Polozi Scheme

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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backwardsevolution

Polozi Scheme – I like your name! Yes, and had we had transparency all along, the citizens would have been screaming a long time ago. Money laundering, drug money in housing, rampant speculation from China, and other schemes are just starting to trickle out. Over and over we were told that nothing untoward was occurring, and the media, along with government and the real estate industry, have kept a tight lid on negative news. They have all been complicit in NOT getting the true story out. Of course, the damage has already been done. Heads really should roll over what’s been done to the country. People should go to jail. The vested interests don’t want this stopped. They’re trying desperately to discredit all who try to stop the carnage because they want the Ponzi scheme to continue, at least long… Read more »

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bestplaceonearth

Surprisingly I don’t hear NDP supporters talking about the pension fund loading up Kinder Morgan shares. Why is that?

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Dave

Because John Horgan doesn’t pick the investments, nor should he.

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Royce McC

A few reasons, I think: 1) Because 2 seconds of research shows that the BCI pension fund entity is a separate body that makes investment choices outside of governmental policy choices? 2) Because crafting policies that would theoretically HARM the value your of pension fund doesn’t seem like a particularly strong conflict situation? 3) Because the KM holdings of the BCI pension fund (~$18M) amount to around 0.01% of its total value, and whether or not the pipeline comes through will amount to maybe a few bucks different for individual pension holders? 4) Because your point of view is hilarious given that you’re up in arms about this, but refuse to acknowledge that the previous government engaged in this on a far bigger scale when they were outright suing tobacco companies while BCI held close to a half a BILLION… Read more »

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Dave

Yes, I thought it was a ridiculous article for the Vancouver Sun to run. Literally fake news.

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Name

Home Capital anticipates mortgage renewal surge as it reports steep profit drop The Canadian Press, at 10:05 on May 9, 2018 TORONTO – Home Capital Group Inc. is anticipating the highest mortgage renewal rate ever in the alternative lender’s history, in the wake of new regulations and company initiatives to stay competitive. Home Capital CEO Yousry Bissada says the Toronto-based mortgage lender is “back in all aspects of our business” despite reporting a 40 per cent year-over-year drop in net income in the latest quarter, compared to a year ago. It reported fiscal first quarter net income of $34.6 million, beating analyst expectations but falling short of the $58 million earned a year ago before the lender was hit with allegations of misleading investors and faced a run on its deposits. Bissada says Home Capital expects higher levels of mortgage… Read more »

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KickThemOut

Fuck shit…now Just Me’s cousin / partner Southseacomopany is taking over the post and spam, polluting this blog.

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kabloona

Nah, you are……

🙂

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bullwhip29

For the 3.4 million Canadians with subprime loans, Poloz can’t go slowly enough on rate hikes
http://business.financialpost.com/real-estate/mortgages/for-3-4-million-subprime-canadians-poloz-cant-go-slowly-enough

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southseacompany

“The BC NDP’s housing moves are so popular, even BC Liberal supporters like them: poll”, Global

https://globalnews.ca/news/4196524/bc-ndp-housing-bc-liberals-poll/

“One year after the provincial election — and 10 months after they took power in a minority government — the BC NDP are implementing housing measures that have won the approval of many BC Liberal voters, a new poll shows.”

“But that doesn’t mean the BC NDP has won majority support for the job they’re doing.”

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southseacompany

“Mortgage rate hikes at Big Six banks could trigger rise in qualifying rate today”, Financial Post

http://business.financialpost.com/real-estate/mortgages/mortgage-rate-increases-at-big-six-banks-could-trigger-rise-in-qualifying-rate

“Bank of Canada could raise this rate as early as Wednesday, making it more difficult for some to take on home loans”

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Dave

That 0.2% increase in the qualifying rate would trim 2% off what a borrower could take on. Since demand is driven by the margin, it’s a big negative on prices.

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southseacompany

“Party’s over for Vancouver’s luxury property market — it’s now the worst performer on the continent”, Financial Post

http://business.financialpost.com/real-estate/vancouver-luxury-property-is-continents-worst-performer

“Prices at the top end of the market plunged 7.6 per cent in the six months to March, making it the world’s second-worst performer during that period”

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Joe Condo

That’s why these west side entitled boomers are so cranky.

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Just me

Yes.

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southseacompany

“Lots of housing, just not enough affordable housing: city planner”, Business In Vancouver

https://biv.com/article/2018/05/lots-housing-vancouver-just-not-enough-affordable-housing-city-planner

““Vancouver has actually been producing each year since the recession more housing than our population growth would justify,” Gil Kelly said. “The difference there is that really it’s produced largely as an investment commodity, which is not necessarily a bad thing on the development side, but what we’re finding is a lot of Vancouver families and middle-income folks are just sort of squeezed out of the ownership equation.””

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southseacompany

“Breaking down the B.C. economy’s risky reliance on real estate”, CBC

http://www.cbc.ca/news/canada/british-columbia/breaking-down-the-b-c-economy-s-risky-reliance-on-real-estate-1.4653589

“The province relies so heavily on the real estate industry that a crash would have major impacts on both the economy and the everyday British Columbian, according to academics and former finance ministers who spoke with CBC News.”

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Royce McC

I think it will be a good bear-ish indicator when we see a mainstream media source someone raise this point about our dependence on real estate as a reason to AVOID a collapse in real estate values.

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YVR

You have to love when dumb people talk about things they know nothing about.

“Their property values go up just last year almost six per cent, on a $3-million home that’s a realized gain of almost $200,000 and the tax burden will be about $1,000.”

Note to Horgan there is a big difference between a “realized gain” and an unrealized gain. If it was a realized gain the house would be sold and they wouldn’t have to pay the tax. They do not have the $200k except on paper (unrealized). Didn’t they teach you this at the Keg? At least he is admitting prices are going up.

http://www.news1130.com/2018/05/08/horgan-defends-school-tax-taxation-policies/

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Just me

Learn math, then talk.
The tax rate is 0.002, which means that the tax on 200k is $400 per year. Peanuts.

More generally, you are saying they should repeal their tax? That is what the BC Libs want to do. They argue that we need more investment from Asia, and that any measure that dissuades Asian investors to park their cash in Vancouver is misguided.

YVR, not only you are hyper partisan. You are also not very bright.

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bestplaceonearth

Ok, genius, that is stealing $400 more out of pockets for the pensioners! Of course, it’s not from your own pocket, so you don’t care right!

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Royce McC

I’ll you what, let’s revisit taxation on real estate at multiple levels.

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

yup, i guess he failed math and opted for this line of work instead…

surtax on 200k “lift” from 3.0 to 3.2M would be only $400 not $1000, so he overstating how much additional tax this would generate and makes me wonder what the heck these house poor multi-millionaires are rioting about?

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KickThemOut

That’s why this blog is AWESOME

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Name

more bad chineeze drivers….

http://www.news1130.com/video/2018/05/08/exclusive-collision-involving-2-luxury-cars-caught-on-video/

driver runs away. chineeze passport is found in the wrecked car.
$500,000 plus worth of damage.

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KickThemOut

This is why I take transit…not only green but avoid the fuckers….

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YVR

“Many British Columbians feel uneasy about the direction of the province under the NDP government”

The survey found more British Columbians are more likely to say the province is on the wrong track (42 per cent), compared to those who are optimistic about the direction it is headed (29 per cent).
only 35 per cent of British Columbians approve of the government’s performance on the housing affordability file. Close to 50 per cent disapproved
A larger number (53 per cent) gave a thumbs down to the government’s handling of the Kinder Morgan TransMountain pipeline project, while 36 per cent are in favour.

http://vancouversun.com/news/local-news/new-poll-shows-mixed-feelings-about-b-c-ndp-government

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Just me

What is new? AS large chunk of BCers love high house prices. But an even larger chunk want lower prices and curbs to foreign capital flows.

The NDP only needs about 35% of motivated voters to stay in power. And if they keep their course on housing reforms, they will get even more than that.

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bestplaceonearth

Then the “larger chunk ” should work harder and invest right – take some risks too for their lives. Just don’t sit on McDonal arses and hope for the market to satisfy their entitlement.

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Name

Your desperate posts trying to discredit the NDP are waste of time here.
The NDP are in and they have a high approval rating so get used to it.

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Dave

The honeymoon period for Horgan is quickly being eroded and it was self inflicted with his stance on Kinder Morgan. What’s going to hurt him next are the Cabinet Ministers he has little control of (e.g. Popham, Heyman).

If I were Horgan, I would postpone the Referendum and drop the lawsuits against Kinder Morgan (by doing a deal with Trudeau), all the while promoting LNG. That would surely force Weaver to pull the plug. And it would win him a lot of votes in the centre, while keeping his NDP votes. He would catch the Liberals flatfooted with an unknown nerd of a leader. I think he would win an easy majority.

Or, his popularity can slowly drift downwards as BC heads into a period of economic tumult.

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YVR

I simple directly quoted a news paper article with actual poll data. The NDP are discrediting themselves.

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Just me

“Former B.C. Liberal finance minister Kevin Falcon acknowledges there were signs of an imbalance while he was in office in 2011 and 2012.

He remembers visiting Asia to promote the province’s credit rating to the world, and hearing stories about how huge sums of money were flowing out of China and into the housing markets of major cities.

“I remember saying to staff, we need to take a harder look at this,” Falcon told CBC News.

“I wish in some ways I’d hung around, because I think there were some policy things that maybe we could have considered earlier.”

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Dave

Unlike Wilkinson, Falcon wants a shot at running the Province.

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Just me

Yup. Seems like it.

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Just me

Breaking down the B.C. economy’s risky reliance on real estate
Experts say a market crash could have serious consequences and something needs to change

http://www.cbc.ca/news/canada/british-columbia/breaking-down-the-b-c-economy-s-risky-reliance-on-real-estate-1.4653589

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Just me

“Fellow-Liberal Colin Hansen, who preceded Falcon in the finance ministry, is similarly dismissive of the theory that B.C. is in a real estate bubble.

And he argued that housing-related industries — particularly construction — have helped B.C.’s GDP grow at “very healthy rates.” He said that if a crash happened, it would be devastating for the province’s construction workers.”

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patriotz

And he argued that housing-related industries — particularly construction — have helped B.C.’s GDP grow at “very healthy rates.” He said that if a crash happened, it would be devastating for the province’s construction worker.

Um Colin, why do we have to be afraid of a crash if there’s no bubble as you claim?

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Just me

“Hansen said he supports gentle moderation of the market that would cause prices to plateau, rather than drop. That includes construction of even more housing, and redirecting foreign investment away from luxury homes and condos and toward things like purpose-built rentals.

“If we are simply going to discourage foreign investment from coming into the British Columbia economy, that would not be a good thing,” Hansen said.“

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xhistory

Back in the day of temporary school portables, with thousands of kids growing up quickly, the biggest concern to a kid, considering he came from a fairly average, well adjusted home, was his Clothing. Clothing was, and still is the First line of defense to secure your body from the elements. You are growing fast and what happens to your clothes? See the problem? So clothes back then totally took over as the big issue for a person in the 60s and 70s, depending when you were a teenager. Is clothing a problem today? No. 2nd hand clothes are practically free for the taking. Clothes donations fill Shipping containers in major cities everywhere. To solfe todays housing problem, think like a teenager growing out of her clothes: She spends a lot of time making alterations, new styles emerge, the body… Read more »

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bullwhip29

Free Land Is Now Up for Grabs in Toronto and Vancouver
https://www.bloomberg.com/news/articles/2018-05-09/free-land-now-up-for-grabs-as-canada-rushes-to-fix-housing-mess

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myraandrews

Zolo no longer shows price drops.

MLS® R2258585 Price:$459,900

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

Zola says “Apr 17, 2018 $399,900 Listed For Sale”

But it was actually listed for sale for $459,900 on April 17

A few weeks ago Zolo would show the initial list price but they just stopped doing that. Wonder why.

http://macrealty.com/home/Townhouse/10-21960-river-road/Maple-Ridge/BC/V2X%202C3/mlsR2258585/rebgvvrebvirebomreb/

https://www.zolo.ca/maple-ridge-real-estate/21960-river-road/10

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myraandrews

Sorry I should have said “but there is NO mention of the original list price of $459,900 under the same MLS number”

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Spec

Dubious human and unmistakable douchebag Hector Bremner bounced off NPA ticket. https://thebreaker.news/news/npa-questionnaire/

Worms be turnin’….

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Just me

Questions in the package include:

Have you ever been a member or been employed to represent a special interest group or to lobby on behalf of that group?
Have you ever registered for lobbying with the province of British Columbia, other provinces in Canada, or with the federal government?
Do you own or work for a real estate development company in Canada?
Is there anything from your past that could present a conflict of interest?

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Just me

“Bremner won last October’s by-election by exploiting left-wing vote-splitting and low voter turnout. His campaign was managed by veteran BC Liberal lobbyist Mark Marissen, the ex-husband of ex-Premier Christy Clark.”

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Just me

“Despite the seat on city council, Bremner continues to work as a vice-president at the Pace Group and even promotes his position on the civic website. The BC Liberal-aligned public relations and lobbying firm’s website lists developers Aquilini Investment Group, Concert Properties and Intracorp among its clients. The Aquilinis own the Vancouver Canucks, Rogers Arena and its surrounding towers. The Aquilinis partnered with the Musqueam, Squamish and Tsleil-Waututh first nations on major acquisitions of provincial and federal land in the city. Redevelopment proposals are expected to come before city council during the 2018 to 2022 term.”

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YVR

Horgan and the NDP took $500,000 from developers. That is okay though. They won’t let it impact their decisions. Cutting the spec tax by 85% and not implementing the foreign buyers tax on presales were the right thing to do.

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Just me

“Bremner, a former aide to Deputy Premier Rich Coleman, is already the subject of two conflict of interest complaints from party members under city hall’s code of conduct. An investigator has been appointed in one case. ”

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YVR

Nice to see the NPA vetting candidates properly. Vision accepts card carrying communist party members like Meggs. Then again Meggs ran for the NDP prior to that and now is Chief of Staff to Horgan. I guess those commies fit in well with Vision and the NDP.

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xhistory

As a user of school portables over many years in the 1970’s, (Ontario), In theory I support temporary housing, wherever it’s needed.

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xhistory

I’m 56, my first year in a Portable was grade 4, in an elementary school named St Gregory, Galt, Ont. the years went by and we were bused to a Junior High that serviced a wider geographic area. It was very crowded school, and I remember counting 13 portables. For grades 7 and 8 I must of spent half my classes in Portables. I remember my Grade 7 English teacher debating weather she should buy a fur coat or spend her money on a two week Caribbean vacation. By the time Grade 9 rolled around, another school was built in town, and half the towns kids went to this school, the other half remained in the original High School. It wasn’t long before they had to add portables to the new school. Grade 11 was in a private school in… Read more »

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xhistory

In 1971, Robert Louis Perry, authored a book, “Galt, U.S.A, the American presence in a Canadian city” chronicling the flood of money and industry coming into my town. A year later we were conglomerate into Cambridge. Somebody in government analysed the duplicitous govt services, and like efficient workers self organizing in the manufacturing plant, 3 towns became ONE city.

When I graduated from High School in 1980, and after a few Punk rock years, by 1982, I was eager to start my work career, which happened to be at one of these American owned companies building nuclear reactor parts. I had a really excellent run back then.. about 7 years..

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xhistory

If someone was to ask where my story fits in today’s BC I might say between Grade 4 and Grade 7.. somewhere in there. Govt has a bit of window to set things up.

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paulb

New
318
Price Change
103
Sold
117
TI:10835

http://www.clivestevepaul.com

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Spec

Probs too early to be making this call, but TI growth has been increasing its rate of growth… https://www.youtube.com/watch?v=Q07pCYmOvVs

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Best place on meth

They’re stampeding toward the shrimp buffet.

https://www.youtube.com/watch?v=qBCLXZmMQNs

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Name

And they have the same behaviour with real estate.

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