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

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

“….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

The failure keeps copying and pasting what comfort him most.

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

“…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

“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

“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

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

Shut It Down Already (original)

Just another Friday night for you?

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

But NAFTA and tariff said otherwise. Bhahahaha!

franko
paulb

New
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TI:12271

http://www.clivestevepaul.com

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

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

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

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

Shut It Down Already (original)

Relistings are a seedy way of hiding the true history.

BubbleTea

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

All in

And apparently it is June 1st.

Oracle

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

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

Well said, now fuck off!

Strata Hacker

You mad bro?

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

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

Let’s not feed the trolls.

Laibach

Of course, no point.

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

“the Bourdain option”

You worthless cocksucker. You should take that option.

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

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

“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

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

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

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…”

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

Developers, land holders, FIRE

Aided by hardworking homeowners. Lol

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)

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

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

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

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

bullwhip29
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

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

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

“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

“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

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

Agree, she even looks quite dumb.

Best place on meth

Often dresses, like a whore as well.

Quite unbecoming of an elected representative of mainland china.

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

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

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

“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

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

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)

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

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)

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

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)

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

bullwhip29

You’ve got no idea about pretty much everything…

Shut It Down Already (original)

Says the person who struggles with capital letters….

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)

What exactly are you proposing?

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)

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

more lies

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

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
Spec

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

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

That’s selfish.

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!

Spec

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

Best place on meth

“This one’s for you, Rob!”

*snort*

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

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

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

New
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TI:12226

http://www.clivestevepaul.com

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

“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)

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

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)

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

“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)

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

“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)

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

Laibach

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

Laibach

… or Hong Kong or other global shit.

Shut It Down Already (original)

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

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

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

They busy believing the msm. Their loss.

bullwhip29
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

Function by design….

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

Oracle Sockpuppet Doppelganger III

Hi Oracle 🙂

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

“‘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

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

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)

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

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)

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.

“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

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

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
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

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

” 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

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
Dave

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

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

“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

““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

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

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

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

Fools. That’s what Canadians are.

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

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”

Just me

Bank of Canada Says Household Debt Vulnerabilities Are Easing

https://www.bloomberg.com/news/articles/2018-06-07/bank-of-canada-says-household-debt-vulnerabilities-are-easing

““The two main vulnerabilities we have been watching closely are showing continued signs of easing, which is encouraging,” Governor Stephen Poloz said in a statement Thursday from Ottawa. “Higher interest rates and the changes to the mortgage guidelines have reduced credit growth and improved the quality of new lending.”

Canada’s economy has been powered for the last decade by debt-fueled consumer spending, leading to a surge in home prices, particularly in Toronto and Vancouver. That’s led to concerns about the risks of high debt levels in an environment where interest rates are rising.”

Just me

“Pain from the increase in monthly debt payments will be spread out over time because only about half of mortgage borrowers in any given year are affected by higher rates, the central bank said.

“Higher levels of debt mean that interest rate increases will have a larger effect on households’ financial positions and consumption spending than they had in the past,” the bank’s report said.

Household debt — mortgages and consumer debt such as credit cards — has swollen to C$2.1 trillion ($1.6 trillion), and as a share of income tops the Group of Seven. Two-thirds of that is mortgages.”

Dave

To compare, the total US household debt is $13 Trillion. Proportionally, we have a LOT more debt. And unlike the US, our economy is relatively small and our interest rates will largely be dictated by what happens south of the border.

What could possibly go wrong?

Shut It Down Already (original)

Nasty foreigners made them do it.

Just me

“The initial effect of tougher regulations and higher interest rates in recent months won’t be seen until perhaps September as data for the second quarter is reported”