Friday Free-for-all! June 1st 2018

It’s the end of another beautiful week and that means it’s time for another open topic discussion thread for the weekend. Friday free for all time!

Here are a few recent links to kick off the chat:

Survey on housing and foreign investment
Why are Vancouver and Toronto so unhappy?
UIsterman on CKNW
Short term rental investigation
Reliance on housing fuels recession call

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

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Best place on meth
Member
Best place on meth

How fucked up is our real estate market when Victoria makes the news on Zerohedge?

https://www.zerohedge.com/news/2018-06-07/city-officials-struggle-fend-unstoppable-juggernaut-chinese-homebuyers

Should have nuked those fucking chinese in 1950.

Just me
Guest
Just me

“….foreign – mainly Chinese – buyers seeking to park their ill-gotten gains beyond the reach of the Communist Party have – in addition to global capitals like New York City and London – favored a handful of cities in the Pacific Northwest, as well as Australia and New Zealand. Many of these cities – for example, Vancouver – have seen property values rise to levels that are unaffordable for local buyers.”

Bestplaceonearth
Guest
Bestplaceonearth

The failure keeps copying and pasting what comfort him most.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Except local buyers are still the dominant force. The fact that’s it not affordable is the thing which makes them even more eager to buy. They can always sell a year later and walk away with $100K if they change their minds.

Just me
Guest
Just me

“…with the flow of buyers refusing to slow despite efforts by the Chinese government to stop money moving offshore, many of these cities are getting desperate. And after years of occasional headlines, it appears the crisis has finally become dire enough for the mainstream press to start paying attention.”

“Jon Ellis, chief executive of Investorist, an online portal for cross-border property transactions, said Chinese property buyers are an “unstoppable juggernaut”. In some markets with large Mandarin-speaking populations, locals can spot real-estate ads in Mandarin at bus stations and benches in the surrounding area.”

Just me
Guest
Just me

“Officials complain that fending off foreign homebuyers is like squeezing a balloon: No matter where you press, the air moves elsewhere. After New Zealand passed a ban on foreign speculators buying homes (a measure the IMF blasted as “discriminatory”) last year, buyers moved back to Canada. And investors are already looking to Malaysia and Thailand as the next markets ripe for foreign buying.

Foreign capital is now returning to Canada, driving the latest surge in home prices. Buyers from China and the U.S. have found Victoria, the small capital of British Columbia that sits on an island west of Vancouver.”

Just me
Guest
Just me

“In Australia, Chinese buyers are believed to be responsible for between 10% and 15% of homes under construction. Chinese buyers prefer newer homes, and will demolish old homes to rebuild from scratch. The share is highest in Melbourne and Sydney, where foreign buyers account for a quarter of newly built apartments. At one swanky new development in Melbourne, Chinese buyers are said to be behind 10% of the sales.”

Just me
Guest
Just me

“Officially, Chinese citizens are only allowed to move $50,000 worth of yuan offshore every year.”

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Just another Friday night for you?

Just me
Guest
Just me

New jobs data cement the case for an interest rate hike next month

http://business.financialpost.com/news/economy/new-jobs-data-cement-the-case-for-an-interest-rate-hike-next-month

Bottom line: the latest jobs data support a quarter-point increase in benchmark rate in July.

Bestplaceonearth
Guest
Bestplaceonearth

But NAFTA and tariff said otherwise. Bhahahaha!

franko
Member
franko
paulb
Member

New
202
Price Change
86
Sold
108
TI:12271

http://www.clivestevepaul.com

Just me
Guest
Just me

Sales are terrible. But listings are not much better.

West of Cambie I keep seeing the same old listings: it seems that people are holding off listing their property, in an attempt to time the market. Perhaps they believe the madness will start again in the Fall or next Spring. I somehow doubt it, but in the meanwhile, the only new listings are re-list of the same stuff at a slightly lower price.

If there are realtors or other insiders, I’d be happy to know their opinion about this.

Best place on meth
Member
Best place on meth

Listings are very healthy for June, 281 per day so far which is higher than most years.

Sales are extremely poor at 117, and seem to be getting worse.

Sell list is a miserable 42% at this point in June, the only year in the last decade in that ballpark is 2012.

Just me
Guest
Just me

I see. But I reiterate that there are very few SFHs being listed on the West side, no matter the price point. It is quite striking, at least in that segment of the market.

My attention on SFH on the west side is due to the fact that any other category of housing follows movements at the top.

Bestplaceonearth
Guest
Bestplaceonearth

$64k in saving and this jealousy person keeps looking at West of Cambie. Bhahahaha!

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Relistings are a seedy way of hiding the true history.

BubbleTea
Guest
BubbleTea

Wow, today is friday and “Friday Free for All” and we have 727 comments already.

All in
Guest
All in

And apparently it is June 1st.

Oracle
Guest
Oracle

The blog owner bought so not really interested in keeping this site going.

Strata Hacker
Guest
Strata Hacker

As usual the perpetual failure bears are wrong again. This is what Dougie’s win means for #vanre: the people will not tolerate a drop in their equity. No way no how. As soon as Horgans misguided initiatives start to bite he will be out the door and Christy 2.0 will be back fiercer than ever.

In other words there is no hope for you.

Laibach
Member
Laibach

Well said, now fuck off!

Strata Hacker
Guest
Strata Hacker

You mad bro?

Truth bites, hu? You always have the Bourdain option dude.

Laibach
Member
Laibach

Not at all. Just bored with usual morons jerking off to “bears” and their “wrongness”. Btw. is that some traditional drill you learned back home or you just comforting yourself?

Name
Guest
Name

Let’s not feed the trolls.

Laibach
Member
Laibach

Of course, no point.

Strata Hacker
Guest
Strata Hacker

Laibach

If you don’t like hearing about how wrong you always are why not try being right instead of whining like a little bittch.

Do you really think I am a chinaman? You are even weaker than I thought.

Enjoy your irrelevance.

Best place on meth
Member
Best place on meth

“the Bourdain option”

You worthless cocksucker. You should take that option.

Just me
Guest
Just me

A fair confident bet: Anthony Bourdain was a much nicer human being than you.

A bit nervous about the market lately? Worrying about retirement yet?

Just me
Guest
Just me

From the G&M article linked above. Dr David Ley:

“Dr. Ley also addressed government’s continuing desire to keep the foreign money flowing into the region, as part of the “growth coalition.” Dr. Ley explained in an email that sociologist Harvey Molotch had coined the term “grown machine” in 1976 to describe the alliance of politicians and developers.

“I’m using the term ‘growth coalition’ to describe that convergence of political and land development interests, both of them pursuing growth for overlapping but not identical reasons,” Dr. Ley says.”

Just me
Guest
Just me

“British Columbia, he says, has been particularly active in its trade tours to Hong Kong and China’s Mainland cities, “to prime the pump of economic relations.” The province has become dependent on the fees generated by the Business Immigrant Program (BIP) and real estate tax revenues. He cites the NDP opposition to the federal government’s effort to get tough with tax evasion in the 1990s, with tougher enforcement of the BIP. The development community also reacted.

“It seemed that more important than accurate reporting of global income was the imperative to keep the money flowing into BC,” he writes.”

Just me
Guest
Just me

And here is Andy Yan:

“He critiqued Dr. Yu’s and Dr. Lauster’s reports for disregarding the vast documentation and media reports on the globalization of residential real estate.

“Governments around the world have implemented policies including taxes to limit the role of foreign nationals in [the] local residential real estate market,” he writes. “These reports also fail to acknowledge the agency of Chinese Canadians and other visible minorities as political and social actors who have actively and publicly advocated for policies to deal with foreign ownership and capital in Vancouver.”

Just me
Guest
Just me

And here is Justin Fung:

“Mr. Fung is a Vancouver-born Chinese Canadian who works in the tech industry. He helped launch the non-profit group, Housing Action for Local Taxpayers (HALT), which takes the position that the affordability crisis is due largely to offshore wealth buying into the region’s housing market. It’s wealth that has been “facilitated by a powerful property development and real estate lobby that have too long influenced government policy and have profited significantly off this foreign investment and housing affordability crisis,” Mr. Fung writes in his affidavit, on behalf of the crown.”

Just me
Guest
Just me

Justing Fung is making sense:

“One of the reasons why I personally became involved in HALT and started speaking out was because I saw that others who were publicly citing the role of foreign buyers in price escalation – in particular, the role of wealthy Chinese foreign buyers – were attracting accusations of racism… I considered that I was in a position to contribute usefully to the public discourse, without the fear that others might have of being labelled racist,” he says.
He says that public concern about Chinese wealth flowing into Metro Vancouver is not about race. Instead, he argues, “the concern is fundamentally about class and wealth inequality…”

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Someone asked if Doug Ford winning the election in Ontario was bullish or bearish for Vancouver real estate. Who cares? Everything that happens is bullish for Vancouver real estate. I am honestly tired of the question, “Are real estate prices going up or down?” It doesn’t matter at this point. Even if it goes down, it will still be unaffordable to the vast majority of locally employed people. It’s a moot point now. The city is lost forever to global capital and working landless renters are now in a state of permanent serfdom. The battle has now moved on to being a battle against political correctness. After all, it was political correctness that brought us here, preventing people from speaking out about foreign investment and the destruction of their communities for fear of being labeled “racist”. That is why I… Read more »

Bag it and tag it
Member
Bag it and tag it

I think it’s likely bearish for a couple reason. First, if he cancels their FBT, it will attract most of the HAM and spec money there and away from BC.
2nd, if prices start going crazy there again, increases the chances of more cooling measure at the federal level.

Just me
Guest
Just me

Agree on both counts.

bestplaceonearth
Guest
bestplaceonearth

hmm, let see, if the cancellation of FBT attracts HAM back, the Toronto market will be up again. It will be up to a point, that prices will catch up to Van. By that time, HAM would return to Van instead of plunging the same amount of $$ to Toronto. How screwed are you either way!

Just me
Guest
Just me

If TO goes mad again, BoC and Feds will step in to cool it. Van would be roadkill under that scenario.

Bestplaceonearth
Guest
Bestplaceonearth

Yeah, like you know it. Bhahahaha!

Best place on meth
Member
Best place on meth

It would be an interesting experiment if Ford cancels the FBT.

Of course, the HAM denying scum like Garth and AIDS would blame locals if prices suddenly reversed and headed up again.

Oracle
Guest
Oracle

Will be a crazy rush. I don’t buy the least expensive condo and flip it.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Prices are already heading up again in Toronto according to Zolo.

patriotz
Member

“After all, it was political correctness that brought us here, preventing people from speaking out about foreign investment and the destruction of their communities for fear of being labeled “racist”.” No, it was greedy homeowners, politicians, and the RE industry who supported them. They never believed in “political correctness” themselves (remember who was in power), they just used charges of racism as a convenient club. “Many have said the unproven sexual misconduct allegations were really just a smear campaign against Brown from the politically correct left.” Wrong, it was done by Brown’s enemies inside the PC party. They had bigger issues with him than a few teenage girlfriends. If the left had really been behind it, the story have come out during the election campaign when it would have been too late for the PC’s to recover. Remember it was… Read more »

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

The expert who is testifying in support of the Foreign Buyers Tax, Dr Ley, does not agree with you. According to Ley quoted in the Globe and Mail article linked to just below, “This policy has been attractive to BC development and real estate companies, and they have formed an informal growth coalition with government,” he writes. “In the face of growing public criticism, the growth coalition has engaged in various discursive tactics to preserve capital flows to property and disqualify dissenting voices. One tactic has been to allude to racist motives when reference is made to East Asian sources of property capital in the Vancouver region.” The only reason why the tactic Ley describes could work is because political correctness has become so pervasive in our culture. People were actually willing to sit back and watch as their communities… Read more »

Just me
Guest
Just me

“This policy has been attractive to BC development and real estate companies, and they have formed an informal growth coalition with the government,” he writes. “In the face of growing public criticism, the growth coalition has engaged in various discursive tactics to preserve capital flows to property and disqualify dissenting voices. One tactic has been to allude to racist motives when reference is made to East Asian sources of property capital in the Vancouver region.” Every single word in the paragraph above is spot on. A short, accurate description of Vancouver in the last 15 years. Some massive fortunes have been made by a few individuals. The majority got royally shafted in the name of politeness. Now part of the minority that gained from all this is protesting in West Point Grey. Shame on the lot of them, I hope… Read more »

Laibach
Member
Laibach

Absolutely and locust knew that well and used it impudently to the point of no recovery. They totally destroyed the society while making few local bastards rich in the process.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

It does not matter whether the smear campaign came from Brown’s left wing opponents in other parties or if it came from his opponents within the Conservative party. The main point is it was part of the me-too movement, which is part of politically correct culture. This rabid political correctness that is behind the me-too movement originated with the left wing and it was used to take down Brown, as it has been used to take down many men. This underhanded and undemocratic politics is enabled by the political correctness of the left, but it is ultimately backfiring on them and the election of Doug Ford is absolutely a delicious example of this.

Joe Money
Guest
Joe Money

Doug Ford becoming premier has no effect on real estate. No politician has an effect on real estate. No China man has an effect on real estate. No local has an effect on real estate.

The values of the world’s assets are controlled by a few men who meet in Basel Switzerland every six weeks; The Monarchs of Money.

They decide the future.

https://www.youtube.com/watch?v=7T_VxdLJdDU

bullwhip29
Guest
bullwhip29

‘Growth coalition’ kept foreign money flowing into B.C. real estate, professor says
https://www.theglobeandmail.com/real-estate/article-growth-coalition-kept-foreign-money-flowing-into-bc-real-estate/

Oracle
Guest
Oracle

Developers, land holders, FIRE

Aided by hardworking homeowners. Lol

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Wow! Just about every word in that article would have been pure heresy just a few years ago.

PS: Isn’t it time for this blog to be updated? We are still on last Friday’s Friday Free For All.

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Wow, just wow!

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

You are so ridiculous that you are not even worthy of a response so I am making an exception right now by typing this. Apparently, the phrase ‘Wow, just wow!’ is something Oracle used before and I used in a post so that means Oracle and I are one and the same and every time in the future when I use the word ‘Wow’ you will reply with these idiotic posts. This is character assassination and internet bullying because you are trying to undermine a point of view you disagree with without using facts or argumentation but simply implying that this particular point of view can be dismissed because it is all coming from one person. I don’t think that kind of behaviour should be allowed on a blog that is supposed to be about public discussion. I have no… Read more »

KickThemOut
Member
KickThemOut

You are Oracle. S/He loves to call ban on people too.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I am not Oracle and I don’t like people to be banned. I’m actually pretty libertarian and I believe in unrestricted free speech and I do not like censorship or banning people for their opinions. I am making an exception by calling for you and the other idiot to be banned because, well, you are exceptionally stupid. You are not engaging with this blog in good faith. Your posts are disingenuous. New readers will think you genuinely are someone who is critical of foreign ownership when really you present a caricature of that point of view in order to ridicule it. It is a form of weaponized discourse and it is fundamentally dishonest and serves no fruitful purpose other than to obscure the debate. That is why I think you should be banned; it has nothing to do with whether… Read more »

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Why would you care what new readers think?

Specuskeptic
Member

Boracle often posts things that start with “To the new readers out there”. He’s the only one (until today ;-)) who showed any concern for that audience.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Bingo.

Just me
Guest
Just me

For SIDA:

“All levels of government have courted foreign money and actively encouraged it for decades, and we are seeing the consequences of that policy in Vancouver’s unaffordable housing market today.”

Is Ley a rabid racist as well?

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I didn’t see any racial slurs or support of them in that paragraph. Sorry to disappoint.

Just me
Guest
Just me

David Ley:

“Dr. Ley doesn’t mince words in his expert opinion. He draws a direct line between the development industry and past governments that courted foreign investment. Government enthusiastically invited foreign capital, he says, and today, we see the consequences.

He explains that B.C. governments, facing a declining resource-based economy, have sought out East Asian investment since the 1980s. Starting with the sale of the Expo 86 site in 1988, the province made it abundantly clear that it was open to doing business with Asia, particularly in residential-property development, says Dr. Ley. “

Just me
Guest
Just me

And this. Could not put it more clearly myself:

“In regard to Dr. Lauster and Dr. Yu, who argue that the foreign-buyer transfer tax is part of a legacy of racism in Vancouver, Dr. Ley concurs with the historic part of their account. However, he says, “in Vancouver’s challenging housing market, Chinese Canadians are equally subject to acute affordability pressures and are among the leaders in urging solutions. Unlike the colonial period, there is no ethno-racial divide that neatly separates, homogenizes, and penalizes populations of East Asian origin.”

KickThemOut
Member
KickThemOut

Boooohoooo! Now you gotta share with Hispanics and African Americans, too bad! Suck it up, this is what a free integrate society looks like! No segregation or prejudice based on race. Don’t like it? Move back to the shithole that is Asia!

https://www.zerohedge.com/news/2018-06-08/pat-buchanan-asks-mayor-de-blasio-anti-asian-bigot

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Entrance to university based on merit. I have to say that I am with the Asians in this story.

KickThemOut
Member
KickThemOut

Sure it is…just like the exam questions are all fair and unbiased, totally not slanted to favor Asian students. Ever heard of “coffin” problems? Same excuses there used to keep the Jews out in Soviet Union. We have entered the twilight zone and you are here cheering for locusts!

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Just to be clear, I am not “cheering for locusts”. I am cheering for a merit-based entrance system. I reject the term ‘locusts’ outright. As much as I dislike political correctness, I must say that I think the term ‘locusts’ is a genuine example of racism and I refuse to stoop to that level.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’ll find many here stoop to that level and lower. And they’re proud of themselves for some strange reason.

Best place on meth
Member
Best place on meth

Then you believe chinese in Hong Kong are “racist” against chinese on the mainland shithole.

Good luck with that idiotic concept.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

http://www.ohchr.org/EN/ProfessionalInterest/Pages/CERD.aspx

“1. In this Convention, the term “racial discrimination” shall mean any distinction, exclusion, restriction or preference based on race, colour, descent, or national or ethnic origin which has the purpose or effect of nullifying or impairing the recognition, enjoyment or exercise, on an equal footing, of human rights and fundamental freedoms in the political, economic, social, cultural or any other field of public life.”

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

TV host and self-described community leader Wei Qiao Zhang announced he’s throwing his hat into the ring of this year’s municipal election
http://dailyhive.com/vancouver/wei-qiao-zhang-vancouver-city-council-2018

Best place on meth
Member
Best place on meth

What’s his position on the Tiananmen square massacre and the massive human rights abuses by the ruthless totalitarian regime in the PRC?

No comment?

Well fuck off then Wei.

bullwhip29
Guest
bullwhip29

The organizer of a recent conference in Vancouver organized in part by the Chinese government says around 200 would-be attendees, including dozens of high-ranking officials, had their visa applications rejected
https://www.theglobeandmail.com/canada/british-columbia/article-two-hundred-chinese-citizens-denied-visas-for-vancouver-conference/

William Ma, a businessman who was among the local organizers for the conference, said most of the denied visas involved people from mainland China, including a team of more than 20 government officials

“Only one person [from the co-host team] came. This is absurd,”

“Of course, I am unhappy. Besides that, I feel why Canada is so nervous now? They came to spend money. Why deny their visas?”

Just me
Guest
Just me

“They came to spend money. Why deny their visas?””

The assumption here is that, as long as they come to spend money, we should be admitting and welcoming anyone. No questions asked.

Do you all see why this is crazy, or I need to spell it out for you?

Name
Guest
Name

“The spokeswoman for Immigration, Refugees and Citizenship Canada, Shannon Ker, said there would be a compelling reason why someone would be prevented from entering Canada”

“NDP immigration critic Jenny Kwan said she was “taken aback” when she learned about the rejected visas.”
So Jenny Quan has to chime in…
Well Jenny, perhaps you are not as “in the know” as you think you are. The main reason for a visa rejection is these people are wither criminals or are deemed a risk of not leaving Canada and the government does not want them in our country.

Dave
Member

Jenny Kwan is quite possibly the dumbest MLA ever elected in BC.

I remember the contrast between her and Joy MacPhail when Gordon Campbell knocked the NDP down to two MLAs. Joy did her job and a good public service to BC by providing a much needed voice of opposition. Kwan just made anybody who listened to her dumber for having heard it. So many intelligent people were voted out and it’s too bad the dumbest one survived through geographic luck of being in a permanent NDP riding.

Laibach
Member
Laibach

Agree, she even looks quite dumb.

Best place on meth
Member
Best place on meth

Often dresses, like a whore as well.

Quite unbecoming of an elected representative of mainland china.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Yes, I always respected Joy MacPhail.

Oracle
Guest
Oracle

The 10 year visa is colonization.

People better get this changed so max 2 month stay in Canada per year.

This is treason.

Just me
Guest
Just me

Jenny Kwan has always had this attitude. Rules and facts take second row in her view. It is all about cultural sensitivities.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Jenny Kwan is ridiculous and one of the reasons why I am no longer an NDP supporter.

Sheesh
Guest
Sheesh

Interesting. It says one of the discussion topics of the conference was the “One belt, one road” initiative. There is some weird stuff going on around the world related to China’s efforts to secure resources for this project. Apparently governments are starting to take notice and there are related prosecutions in the US. I wouldn’t be surprised to learn that has something to do with these visas being denied.

Check out the Planet Money podcast episode #837: The Belt, The Road And The Money. Only 20 minutes long and super interesting. ttps://www.npr.org/podcasts/510289/planet-money

Best place on meth
Member
Best place on meth

“Besides that, I feel why Canada is so nervous now? They came to spend money. Why deny their visas?”

That’s all these vermin understand, money.

Why are we getting nervous? Everyone is starting to understand exactly what that evil country’s intentions are.

Oracle
Guest
Oracle

Just found out that the 10 year visas is much worse for locals than possibly imagined.

First, it can be automatically renewed 2 times. That’s 30 years. Wow!!!

Second, you can stay in Canada 6 months at a time. All you have to do to reset that 6 months is be outside a border checkpoint for 24 hours. Take a trip back to motherland every 6 months and you can live here. Wowowowoeoe!!!!

Third, you can work under the table. Canada hasn’t sent a single person back for working. WOWowow.

Trudeau needs to go. Or people need to wake up!

Oracle
Guest
Oracle

3,000,000 ten year holders at last count. Projected to rise to 12 million in 5 years.

That’s 33% of the entire Canadian population.

Wow. Complete colonization.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It’s not automatically renewed, and I believe the maximum length of a single trip on such a visa is 2 years – not 6 months. Do you know anything at all about your favourite topic?

Just me
Guest
Just me

The problem remains: this is informal residence of Canada, with no tax obligations. All you need to do is cover your health insurance, which is very easy for millionaire astronaut fathers.

This should be scrapped.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

A total stay of over 183 days in a year means you do have tax obligations.

Oracle
Guest
Oracle

As if anyone files a tax return. No filing means no record of you existing in system. And if that’s the case, the system algorithms don’t audit you.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’ve got no idea who files and who doesn’t – and neither do I.

bullwhip29
Guest
bullwhip29

You’ve got no idea about pretty much everything…

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Says the person who struggles with capital letters….

Just me
Guest
Just me

Exactly. But that should apply to citizens , not to everyone.

Giving free mobility to non tax residents who are not citizens or PR is calling for abuse and cheating.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

What exactly are you proposing?

Oracle
Guest
Oracle

It’s 6 months. 2 years is supervisa.

And you just need 1 day out of country to get a 6 month reset.

And a 1 page application renews visa another 10 years.

The chinese on this site should be concerned as well. You guys escaped china and one is being set up here.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’re correct, the 10 year multiple entry visa allows a stay of 6 months. But each time you enter the country you may still have to explain your plans to a border guard and justify to them that you’re not using you visa to live in Canada. Entry to the country is never guaranteed, and a day trip to Blaine will raise suspicion. Perhaps you get away with it once. Either way the visa will not extend beyond the validity of your passport.

Thanks for confirming it’s not an automatic renewal, too.

Bag it and tag it
Member
Bag it and tag it

more lies

Oracle
Guest
Oracle

One reason to vote for NO on the referendum is to stop minimum wage increases.

It hurts everyone who is above that wage.

Something to think about. A lot of people in Ontario voted Dirs because they don’t want these minimum wage increases.

All it does is raise rents.

YVR
Guest
YVR

On Global news tonight Eby looking to sell off most of ICBCs real estate. Lets hope Horgan’s Chinese buddies at least pay market value.

YVR
Guest
YVR
Specuskeptic
Member

Who’s going to be first to declare Ford’s win is bullish for Van RE? I have my guesses…

Just me
Guest
Just me

If he abolishes foreign buyers tax and tries to revamp RE prices, that is bearish for Van RE. Capital from China will find TO more inviting than us.

One can only hope….

Oracle
Guest
Oracle

That’s selfish.

bestplaceonearth
Guest
bestplaceonearth

Isnt that great news for you? You can turn from failing to succeeding now…but will have to see if you have a pair to win it! Bhahahaha!

Specuskeptic
Member

I’ll come clean and state that it will make somewhere between zero and fuck all of a difference….

Best place on meth
Member
Best place on meth

“This one’s for you, Rob!”

*snort*

YVR
Guest
YVR

I have no idea what it will do for real estate but it is going to be fun to watch Ford dismantle everything Wynne did over the past decade. What a mess.

patriotz
Member

If Ford is able to get Toronto RE prices rising again, the federal government is likely to push back with new measures that would affect the whole country including Vancouver.

However I don’t think dropping Ontario’s FBT or even the PTT will turn things around at this point given the rising interest rates and worse, a possible recession.

bestplaceonearth
Guest
bestplaceonearth

Can’t know for sure, but, if you give back the people their hard earn money, you will have their vote. If you steal from people’s wealth, just have to look at the On Lib.

paulb
Member

New
232
Price Change
89
Sold
117
TI:12226

http://www.clivestevepaul.com

Just me
Guest
Just me

Millennial housing crisis? Turns out, it’s real and worse than you thought

http://vancouversun.com/real-estate/millennial-housing-crisis-turns-out-its-real-and-worse-than-you-thought/wcm/7a9596f9-b6d0-41ec-b1ac-d72ee4b695c7

““Across the country today, the typical home price is up by hundreds of thousands of dollars while young people’s earnings on an annual basis have gone down by about $5,000,” said Paul Kershaw, a professor at the University of British Columbia.”

Just me
Guest
Just me

“An analysis by Kershaw found that in 1976 — around the time the baby-boom generation was coming of age — the price of an average Canadian home (figures adjusted for inflation) was $213,030 and the median full-time earnings for a 25-to-34-year old were $54,700. That’s a ratio of roughly four to one.

Compare that to 2017, when the average home price was $510,179 and income for the same age group was $49,800, pushing the ratio to 10 to one.”

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Yet more than ever they want to buy and get themselves into unimaginable debt. Go figure.

Just me
Guest
Just me

Have you ever considered the possibility that buying a rather modest condo costs 1.5 million dollars in Vancouver? This is not catching up with the Joneses, this is survival.

And why do you think buying a 900sqft condo costs so much? Is it all about credit and people willingly shooting themselves in the foot? Why is it not happening in other locales in Canada?

I think your continued denial of the massive influence of Chinese money (foreign-generated income) in the face of overwhelming evidence on Vancouver real estate is disgraceful.

You, just like Garth Turner, Henry Yu and a procession of other characters, have either an interest in keeping this thing going or a grudge of another kind against society at large.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Unfortunately all the data is in support of my argument, not yours. Nobody is forced to buy. They’re buying because they saw everybody around them get rich and want a piece for themselves. It’s the same reason you’re sniffing around $2m teardowns in Kits.

We don’t just have stats about RE sales. We know about mortgages, HELOCS, TFSA contributions, RRSP contributions, how close people are to insolvency, and how much they prefer RE to other investment classes. All paint the the same picture – one of a nation addicted to real estate and willing to do anything to get their fix.

Whereas you have nothing except a willingness to ignore everything else in order to defend your prejudices. My grudge is against people like you.

Just me
Guest
Just me

“Unfortunately all the data is in support of my argument, not yours.“

Not really, no. It is just that you select data points that suit your view. And keep denying the obvious: that Vancouver is fast becoming a mainland Chinese city.

Lie to yourself, if you want.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

That would have been a great opportunity to put forward a counter argument which shows how I’m misinterpreting the data to my own ends or present some data of your own. But you have neither – only opinions and fear.

Best place on meth
Member
Best place on meth

“We know about mortgages, HELOCS, TFSA contributions, RRSP contributions, how close people are to insolvency”

None of this would be occuring were it not for the the massive inflows of dirty, illegal money from china driving up prices.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

No. None of it would be happening if people weren’t prepared to buy in at any price.

Laibach
Member
Laibach

… and they didn’t have shitload of money from China to compete with. Fucking good times without locust on the horizon.

Laibach
Member
Laibach

… or Hong Kong or other global shit.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

They’re competing with themselves. Hence the country’s colossal mortgage debt and low savings rate.

Just me
Guest
Just me

“In Ontario, the ratio for 2017 rises to 12 to one, he adds. And in Vancouver, where home prices have taken the steepest climbs, the figure shoots to 14 to one. “Across the country today, the typical home price is up by hundreds of thousands of dollars while young people’s earnings on an annual basis have gone down by about $5,000,” Kershaw said. Paying for the house once you are in it, hasn’t got any easier either. Back in 1976, it took five months of full-time work to pay the annual mortgage on an average-priced Canadian home, after saving 20 per cent as a down payment, Kershaw said. In 2017, it took six months nationally (6.5 months in Ontario and eight months in B.C.). “Even if housing prices aren’t rising as fast this year as the last, the damage has… Read more »

Oracle
Guest
Oracle

But the millenials are digging their own grave. Need to vote for a populist national party.

They busy believing the msm. Their loss.

bullwhip29
Guest
bullwhip29
Just me
Guest
Just me

Not “could”. they are already doing it. This morning on CBC radio they had a tech worker who filed a freedom of information requests to disclose the agreement between Airbnb and the city of Vancouver. It turns out there is no obligation for Airbnb to remove listings that are in contravention to city bylaws. Instead, all enforcement will have to be shouldered by the city. The tech worker questioned the motives of the city for this: apparently enforcement is willingly slack and it would be cheap to make it harsher by requiring an automatic code verification snippet on the website. Yet, the city of Vancouver has no plans to request this cheap and powerful fix on the Airbnb posting page. In other words, the city wants to use soft power to dissuade, rather than actually pursue and fine. This is… Read more »

Simple Solution
Member
Simple Solution

Function by design….

That was the intention the whole time. To shut the sheeple up with a press conference….

Oracle Sockpuppet Doppelganger III
Member
Oracle Sockpuppet Doppelganger III

Hi Oracle 🙂

Oracle
Guest
Oracle

FFS not this again.

It’s not me. Other people have views similar to mine.

But you’ve outed yourself as one of the lower iq people on this blog.

Good going.

southseacompany
Member
southseacompany

“‘Debt cost will rise’ as ECB signals end of QE”, Irish Independent

https://www.independent.ie/business/irish/debt-cost-will-rise-as-ecb-signals-end-of-qe-36984035.html

“borrowers are being warned to prepare for an era of higher borrowing costs, as the European Central Bank gave the clearest signal yet that it will wind down its €30bn-a-month quantitative easing programme.”

KickThemOut
Member
KickThemOut

Bears are the laziest I’ve seen – both physically and intellectually bears: We LOVE EBY! Go EBY! me: Eby is having a town hall property tax, protests by locusts are planned, show up to support Eby! town hall – no bears in sight me: Eby is getting recalled in Nov, massive preparations underway bears: fuck you! Wanna bet Eby doesn’t get recalled? Loser can’t post me: The organizers are undergoing serious preparation, hundreds of volunteers sign up and gung ho to recall Eby bears: FUCK YOU! Why don’t you take the bet you loser?! Stop huffing & puffing if you are so cocky! me: there are serious plans to recall Eby in Nov, never seen foreign students so worked up bears: FUCK YOU! FUCK YOU! FUCK YOU! Why don’t you take the bet?! seriously…if this is how bears treats and… Read more »

Royce McC
Guest
Royce McC

Yeah, you’re the one cursing, not me. Also, every time you rage-post without accepting the bet only makes this funnier.

My suggested wager has clearly hit a nerve. To be clear: none of your words change the fact that you do not believe enough in your position to make a simple, honor-based bet for ridiculously low stakes.

Keep ranting (and assigning wacky motives and thoughts to your perceived enemies/ “Eby lovers”).

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Which bet is this? It’s hard to find anything here with all Just Me’s spam.

Royce McC
Guest
Royce McC

KickThemOut: “Dude is getting recalled in Nov.”

Royce McC: “Would you like to bet?

If [Eby] is recalled in November, I will refrain from posting here for 3 years. If he’s not recalled in November, you will refrain from posting here for 1 year.”

Everything else has been KickThemOut… well, I don’t quite know what. Working through some fantasy role-play about Eby lovers and taking attendance? Something like that.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I don’t think he’ll get recalled, but I don’t think it’s as simple as patriotz seems to think it is. Voting in an election requires getting off your ass. Adding your name to a piece of paper only requires getting to your front door.

patriotz
Member

“I don’t think he’ll get recalled”

There isn’t going to be a serious recall campaign in the first place because the Liberals and their supporters aren’t going to waste their resources on it. The angry birds in WPG might try something but they won’t get anywhere.

KickThemOut
Member
KickThemOut

No, clearly this Eby recall campaign has hit YOUR NERVE extremely bad! Guess, you can’t count on being a slacker if Eby is gone in Nov. Is that why you are so pissed?

And why should I take a bet that I have no position, no involvement in?! Apparently you also have 0 reading comprehension, which really shouldn’t surprise me anymore after the first year. I’m just going to get the popcorn out and watch the fireworks show. Recall Eby successful or fail makes no difference to me, it’s gonna be fun either way. However for lazy ass, gambling addiction bears? That’s another story.

Royce McC
Guest
Royce McC

Huh. Tell you what: Count up my posting volume on the topic of Eby on this thread (both number of posts and length). Count up my use of ALL CAPS, my use of profanity, my name-calling, etc. Then do the same for yourself. Then maybe ask yourself who seems “pissed”.

In reality, I’m just a guy who saw an opening to get you to leave with an easy bet. You’re not into it. That’s cool. Since you referenced addiction, the least you might want to do here is reflect on why you’re so afraid to jeopardize your presence here.

KickThemOut
Member
KickThemOut
KickThemOut
Member
KickThemOut

In a report that continued the upbeat tone set last week when the central bank signaled more rate hikes were coming, the bank said slowing credit growth among households and higher incomes have eased vulnerabilities since its November report, but they remain elevated and will persist for some time.

The central bank has raised rates three times since July 2017 and expectations of a hike next month have risen.

KickThemOut
Member
KickThemOut

While the bank said it was encouraged by the easing of the two main financial system vulnerabilities around debt and housing, the closely watched Financial System Review report noted “some evidence of speculative activity” in condominiums in Toronto and Vancouver.

DaMann
Member
DaMann

” Some evidence of speculative activity” HAHAHAHAH. Some? It would have been far more accurate if it said
“Some evidence of people buying condos with only the intention to live in them as a home” The rest is pure speculation!

KickThemOut
Member
KickThemOut

The condo markets in Canada’s two most expensive housing markets have remained strong even as the detached market has swooned following higher borrowing costs and tighter mortgage rules.

It said speculation may be supporting condo resales as investors bet that price gains will continue, and noted the risk that speculators may quickly sell their assets if prices fall.

Still, the bank said it expects the housing market to stabilize, with strong labor markets supporting fundamentals.

bullwhip29
Guest
bullwhip29
Dave
Member

Don’t underestimate the stupidity/ corruptibility of BC Judges.

I think our legal system needs a serious overhaul. The idea that a single person has the judgement to decide major things is crazy. A lot of our judges are deeply biased and can’t think their way out of it. I think all judicial decisions should be reviewed by a committee of decision makers, the trial judge being just one. I think that committee needs a public representative and a couple voices of balance.

patriotz
Member

How strongly does P.E.I. feel about the issue? When the Constitution was brought home and the Charter of Rights created in 1982, P.E.I., along with Saskatchewan, demanded that a section that included the right to hold property be taken out. Saskatchewan is one of several Canadian provinces that restricts farm land ownership by non-Canadians.

“They lobbied,” said Peter Ghiz, a Charlottetown lawyer. “The draft of the Charter excludes property rights. Now, when you make a challenge under the Charter that this is discriminatory or affects your liberty, the non-exclusion means if it’s a property right you can’t claim Charter discrimination.” Legal challenges to P.E.I.’s double taxation of non-residents have all failed, said Ghiz.

http://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

Just me
Guest
Just me

“In his affidavit, David Ley, author of Millionaire Migrants, says a key tactic of pro-growth real-estate advocates has been to claim that opponents of rapid expansion are xenophobic.

Developers first began playing the racism card in Vancouver and Los Angeles in the 1990s, Ley says. He notes Bob Rennie, a famed condo marketer and former chief of fundraising for the B.C. Liberal party, has alleged racism is “a huge undercurrent” in the housing debate.

Ley accepts Lauster and Yu’s analyses of B.C.’s discriminatory history up to the repeal of the immigration act in 1947. But he laments neither acknowledge how attitudes have changed. “Unlike in the colonial period, there is no ethno-racial divide that neatly separates, homogenizes and penalizes people of East Asian origin,” Ley says.”

Just me
Guest
Just me

““There is significant resistance within Vancouver’s Chinese‐Canadian community to inflationary pressures in the property market primed by foreign capital, dispelling innuendoes that such resistance is inherited from old racist attitudes held by white Canadians.”” “‘An Angus Reid poll found 89 per cent of the city’s ethnic Chinese support the foreign-buyers tax. Even the then-Chinese consul general in Vancouver, Liu Fei, said, “The Chinese government would have no hesitation in stepping in and regulating (house) price increases like this, unlike governments here.” Indeed, China has a range of restrictions on foreign buyers. And Yan’s affidavit makes it clear that jurisdictions throughout the world limit the purchasing power of foreign nationals. Yan says Yu and Lauster should not have ignored curbs on foreign buyers in Prince Edward Island, Ontario, Manitoba, Singapore, Hong Kong, Britain, Australia and the U.S. He could have added… Read more »

Just me
Guest
Just me

Douglas Todd is in great shape again. Here is one key question he asks:

“Li’s lawyer did not reply to questions about who has so far been paying for the lawsuit’s substantial costs.”

DaMann
Member
DaMann

I can’t believe this is even going to court. How bloody stupid are we as a country? Obviously VERY stupid. Other countries around the world are laughing at us.

Just me
Guest
Just me

If this is repealed, it means not even Quebec could set these taxes? It would upend the country.

I think the whole discussion is frankly moronic. Of course, different localities have a right to set taxes based on legal immigration status. Unless you really mean that having Canadian citizenship boils down to only paying taxes.

Oracle
Guest
Oracle

Fools. That’s what Canadians are.

Sold your country out. Need a new party fast and need to educate the people asap.

southseacompany
Member
southseacompany

“Homebuyers inflating income on mortgage applications, study says, but don’t blame the brokers”, Financial Post

http://business.financialpost.com/real-estate/mortgages/homebuyers-inflating-income-on-mortgage-applications-study-says-but-dont-blame-the-brokers

“Haider Moranis Bulletin: A study found an increase in housing prices increased the incidence of homebuyers exaggerating their incomes on loan applications”