Garth is not saying that money laundering is to be “ignored” or that he otherwise condones it. He’s saying that in comparison to overall sales volumes it’s likely to represent a small fraction.

Now back away from the keyboard, imbecile.

Same thing that Sam Sullivan and Henry Yu claim. Blatantly untrue and unproven.

The flows of money being recycled are not represented in the figures reported. The reason we don’t have any good measures of the true flow is exactly that these kinds of people claim we should not measure them because it would be racist to do so.

I repeat it: shame on the bunch of you all. The general public has awoken to your blatant lies.

OMG, you just won’t give up, will you? It was LOCALS buying with cheap credit who fuelled this boom.

Recent immigrants buying multiple properties with foreign money. They need to tax third properties 5% per year with no exemptions so they’re forced to sel.

CRA does well when going after a waitress for her undeclared tips. No so well when going after international tax evaders.

Re CRA

People think its a joke re CRA auditing minimum wage parties( ie tips for service staff…)

…………NO…do a GOOGLE search and see how for decades when SHTF its the little people that are nailed….seems more like psy-warfare so the wealthy can slip through CRA gauntlet.

CRA has been documented as having no appetite for going after the wealthy..ie it is too costly..WTF?…….=go after the weaker and squeeze from 100 people the same shekels as one wealthy party could provide…WTF???

I have noted in the past my EXECUTOR role and how I (and my accountant) are still waiting several months for a CLEARANCE CERTIFICATE to wind up the estate…

Average mortgage in Vancouver is $520k, while in WA it’s $325k (CAD)

https://vancouvertownhouse.ca/blog/vancouver-townhouse-whats-average-size-mortgage-vancouver/

Vancouverites have collectively taken on much more debt. Debt fuels price increases.

WA source:
https://seattlesmortgagebroker.com/the-ultimate-mortgage-loan-documents-checklist/

Wow, that is massive. You must be right.

Now I understand why the average house west of Cambie costs 3.5 million, while east side shacks go for 2 million.

It all makes sense.

But… here’s the key thing.. not too many people are buying those $2-3 million shacks.

I’ve been following Sotheby’s stats for a few years now. High end home sales (+$3 million) amount to only 5-7% of all sales in Metro. In fact, typically, around 80% of sales in Metro in the last decade were for homes less than $ 1mil. Here’s a snapshot from 2014.

http://www.bcrea.bc.ca/docs/economics-publications-archive/2015-06-foreign-buyers-research-report.pdf?sfvrsn=2

And that % has increased since then.

Bubbles, as usually, get pushed up from the bottom, not pulled up from the top.

Watch “The Big Short” again. Listen, learn, look up the stats, be informed.

Watch movies if you want. But the way our housing market has worked over the past 10 years is simple. Some buyers show up at the high end and buy up all expensive SFH is desirable areas. People who would normally live there simply move one rung down and start buying up stuff. Repeat.

The cash injection at the top has been massive. Add to this low-interest rates, the ability to leverage and the greed (of both foreign and local investors) that drives speculation of units in new developments. You get a recipe for disaster.

If people at the top started to liquidate and repatriate their funds, you would see the opposite dynamic take place.

You simply don’t get it. People are only happy to buy a compromise property because they anticipate being to sell it for more to a future sucker. Nobody is ever forced to buy.

Today there are low floor units facing directly onto busy intersections selling for virtually no discount – that will change, fast.

Injecting trillions of dollars of money, conjured out of thin air, into the world economy causes asset inflation. It’s not that the value of a assets like homes that has risen, it’s that the value of money that has fallen.

The vortex was created by central banks. All buyers have been sucked into this perfect storm. Who they are doesn’t really matter.

And as the money supply is now tightening – we are already seeing the slow down.

And you just brushed off facts with “watch movies if you want” and simply repeated your nonsensical unqualified opinions.

First time buyers aren’t the ones buying $2m homes. Move-up buyers will have smaller nortgages. And either way you just made up both of those numbers.

No wonder you’re hopelessly lost and generally fucking clueless.

Even the highest of the high end estimates aren’t a huge amount of the overall market.

The difference between Vancouver and Seattle is that it’s possible for people to hold a conversation there which doesn’t end up on the topic of real estate within 3 minutes. People simply don’t expect their place to magically increase in value for eternity, so there’s no panic to buy.

Again, nobody is saying we shouldn’t measure them.

You’re clearly incapable of honest debate.