BC, economy, politics, renting

Legal rent increase to be reduced?

139
139 Comments

A BC government panel recommends reducing the maximum legal rent increase to help deal with the housing crisis:

The recommendation tries to strike a balance between renters struggling to keep up with rent increases and landlords who need to maintain their properties, Mr. Chandra Herbert told reporters Monday.

While some groups had called for a rent freeze, the task force decided that wasn’t a fair approach, he said.

“We tried to stake a bit of a middle path between those views – one that will allow increased affordability for people, as well as an ability to maintain properties,” Mr. Chandra Herbert said.

“We don’t want to lose rental properties in this province when for so many years, there was no focus on building them,” he added.

Read the full article here.

139 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
Simple Solution

b b b b but duplex zoning…

sold 3.088 assessment 3.5

MLS® Sales History (Since September 2014)
1115 W 58TH AVENUE
Date Comments MLS® Number
2018-Sep-25 Sold $3,088,000 R2268700
2018-May-14 Listed for sale R2268700
2018-May-14 Terminated $3,799,800 R2237773
2018-Feb-05 Listed for sale R2237773

0
0
Oracle

So the Casino re view was run by a guy named German. He said $100 million was laundered in buying $363 Billion worth of real estate over 10 years.

That report was shady. Nothing was seized. None was charged. No one went to jail.

Now the same guy is heading the real estate study. And the industry welcomes this. Hahahaha. Could it get any more obvious?? The results next year will find something like $1 billion was laundered out of $363 Bilkion. Nothing will come out of that study too.

But you minions can jump up and down.

And to further complicate matters, we may get an election by Christmas.

NDP at its corrupt best.

0
0
Oracle

Vancouver is becoming a national security threat to the USA because of the millions of Chinese nationals (spies included) given 10 year visas.

This is huge and the USA will put a wall up at the northern border and punish Canada.

Canadians better wake up and become a good neighbour. Time to rescind all the temporary visas.

0
0
Oracle

You can see a taste of this when SIDA attacks all the Canadians here when one little fact tidbit is mentioned about the Chinese. If there are millions here, the USA will mobilize contain the threat.

Already the Pentagon and the CIA are on our side well knowing this threat exists.

0
0
Shut It Down Already (original)

You’re just pissed that I’m able to see through your lies. I’d say this one falls more into the “fantasy” category, however.

0
0
Just me

British Columbia Cracks Down on Dirty Money in Real Estate

https://www.bloomberg.com/news/articles/2018-09-27/british-columbia-cracks-down-on-dirty-money-in-real-estate?srnd=premium-canada

“Attorney General David Eby said that his office is launching an independent review into potential money laundering in real estate, horse-racing and luxury car sales. The review comes in response to recommendations from a previous review into money laundering in the province’s casinos. In addition, Finance Minister Carole James has appointed an expert panel to look directly at money laundering in the housing sector. Both probes will be done by March.”

0
0
Vice

Nothing will come of this. It’s just a ‘fact’ finding mission that will have conflicts of interests and is due out in 2019.

Kicking the can down the road.

Why haven’t they closed Bare Trusts? Now they going to study it for a year? Lol

0
0
Simple Solution

230 Pervil Avenue

INVESTORS, BUILDERS! OPPORTUNITY KNOCKS! Rarely available! EXCELLENT level 50ft frontage x 125 RS1 Building lot! SELLER OFFERS QUALIFIED BUYER’S EXCELLENT SAVINGS INCENTIVE: ONLY 2% for 2yrs Mortgage for Purchaser OAC, interest only and no penalty for early repayment! located on a Treelined street with Beautiful Mountain views in Very Sought after Cambie location next to QE Park. Build Your dream home or Hold to rent. Beat the Bank and the City’s extended wait times for permits! Own in desirable Cambie location, a fast developing and diverse community! Hold, and build later. No Oil Tank cert and survey available.

new price 2,999,999

Date Comments MLS® Number
2018-Apr-28 Listed $3,168,000 R2263950
2018-Feb-05 Terminated $3,588,000 R2215703
2017-Oct-18 Listed for sale R2215703

0
0
Laibach

This is alright but what about those hundreds of thousands “Canadians” That lied, cheated, falsified and who knows what did to get citizenship or PR?

https://www.ctvnews.ca/mobile/politics/mps-vote-to-revoke-aung-san-suu-kyi-s-honorary-canadian-citizenship-1.4112163

0
0
Shut It Down Already (original)

“Hundreds of thousands”.

Moron.

0
0
Best place on meth

You’re right, moron.

It might only be a hundred thousand.

0
0
Lost...but not leased

Them there foreign locusts breed like toxic racists.

0
0
paulb

New
184
Price Change
79
Sold
81
TI:13755

http://www.clivestevepaul.com

0
0
Bubble

Have to sell? Listing price reductions on west side:

4533 W 4th Avenue, Vancouver
Mar 20:$6,880,000
Sep 10: $5,388,000
Change: – 1492000.00 -22%

4554 Langara Avenue, Vancouver
Apr 20:$8,800,000
Sep 21: $5,888,000
Change: – 2912000.00 -33%

0
0
Simple Solution

What happened here? Oracle??? comments??? Duplex zoning was gonna make values jump.

2490 W 49TH AVENUE

2018-Jul-25 Listed $2,999,999 R2292519
2018-Jul-24 Terminated $2,999,999 R2237591
2018-Feb-06 Listed for sale R2237591
2018-Feb-06 Terminated $3,600,000 R2225045
2017-Nov-27 Listed for sale R2225045
2017-Nov-27 Terminated $4,288,000 R2219199
2017-Nov-02 Listed for sale R2219199
2017-Nov-01 Expired $4,288,000 R2176096
2017-Jun-08 Listed for sale R2176096
2016-Nov-09 Terminated $4,800,000 R2037696

0
0
Lost...but not leased

Recommend Ross Kay interview….

Duplexes have turned 60,000+ SFH into “potential” duplexes.
Only winner is COV via higher and best use and HIGHER taxes.

Build out for duplexes will be decades, at which time they will probably rezone to even higher density.

Overall message from COV is locals can F*ck off and move.

0
0
southseacompany

“How Interest Rate Hikes Will Trigger The Next Financial Crisis”, Forbes

https://www.forbes.com/sites/jessecolombo/2018/09/27/how-interest-rate-hikes-will-trigger-the-next-financial-crisis/#74e3e13c6717

“The businesses or other investments that are made due to artificial credit conditions are known as “malinvestments” and typically fail once interest rates rise to normal levels again. Some examples of malinvestments are dot-com companies in the late-1990s tech bubble, failed housing developments during the mid-2000s U.S. housing bubble, and unfinished skyscrapers in Dubai and other emerging markets after the global financial crisis.”

0
0
Ralph

Real estate, horse racing, luxury cars: Fight against money laundering in B.C. expands

https://www.citynews1130.com/2018/09/27/real-estate-horse-racing-luxury-cars-money-laundering-review/

VICTORIA (NEWS 1130) – First casinos, now real estate, horse racing and luxury cars.
The fight against money laundering in B.C. has expanded to include two more reviews ordered by the provincial government.

0
0
VanRant

B.C. launches new money laundering review in real estate sector
https://vancouversun.com/news/local-news/b-c-launches-new-money-laundering-review-in-real-estate-sector

0
0
Lost...but not leased

The dam is bursting….( like this wasn’t on the radar screen)

PS: Run for cover as the shitstorm accelerates.

……..ie the average person has no idea of the massive web of corruption that has infested and integrated into BC economy and politics etc..

0
0
Laibach

Lol… the same old shit still goes around. Always ready shitheads to spin and shill to protect the “industry”.

Larry Lapointe

Low interest rates, demand supply imbalance, easier mortgage rules (than we have now), were more likely the reason real estate prices rose. While I don’t deny the existence of money laundering, I see the term thrown around as an excuse to justify racism against Asian people. I got lots of Asian neighbours that I’ve gotten to know through the school Parent Advisory Committees. We got a doctor, engineers, social worker, paramedic, medtechs, government employees, bankers, insurance people etc. Sorry to disappoint, no gangsters, just a bunch of hard working family types.

0
0
Stand up for Canada

If it was really just low interest rates, why had real estate really only taken off in two cities in Canada? Do we have higher mortgage rates in Alberta, Sask, Manitoba, etc versus BC and Ontario? So sick of these idiots commenting on something they know nothing about… or for being politically correct.

0
0
Best place on meth

Why did detached go ballistic in 2015 just when the corruption crackdown in china was launched?

Interest rates didn’t suddenly crash then.

0
0
Shut It Down Already (original)

Interest rates were cut twice in 2015. From 1% to 0.75% in January and down to 0.5% in July.

So they were reduced by half.

0
0
Best place on meth

A lousy 1/2 percent reduction in interest rates doesn’t make prices shoot up 50%, moron.

0
0
Shut It Down Already (original)

It may have been half a percent but that represented rates being halved. But you said rates didn’t suddenly crash so I must be mistaken.

0
0
Ralph

We need to give credit where credit is due (excuse the pun) but SIDA is correct abt the interest rates in 2015 and it was IMO a large factor with prices shooting up back then. There was no doubt other issues also in play at that time.

0
0
Best place on meth

The BOC rate isn’t what mortgage payers pay, you lying fuck.

Nobody was paying a 0.5% mortgage rate, so mortgage rates weren’t halved.

What a lying scumbag you are.

0
0
Shut It Down Already (original)

I never said mortgage rates were cut in half, so it’s a little unfair to call me a liar wouldn’t you say? But the BOC slashing the overnight rate sent a clear message to borrowers that the punch bowl wasn’t about to be taken away any time soon. Psychology plays a huge part in speculative bubbles – surely you must have at least learned that in the last decade.

The fact that rates are now rising should make it all the more terrifying that Canadians have somehow managed to get themselves into epic levels of debt (despite somehow foreigners being the ones who are buying all the houses).

0
0
Joe Money

“Poloz says cut to key rate a hedge against plunging oil prices”, January 12, 2015;

https://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-rate-cut/article22548417/

“But lower interest rates could encourage already heavily indebted Canadians to borrow even more, further inflating home prices in cities such as Toronto and Vancouver.”

Thus it was foreseen. Thus it did occur.

0
0
Vice

Foreign students and the 10 year visa boomed. Along with suoervisa.

And we got a huge population boost. Last year we grew by 518,000 not including the above group.

Include the above and we are pushing a million people per single year.

0
0
YVR

You’d think they would have taken some action on the casino money laundering study first, as bogus and corrupt as it was. Hopefully we get more than a partisan press conference out of this one.

0
0
southseacompany

“These are the world’s biggest property bubbles as ranked by UBS”, Bloomberg

https://www.cnbc.com/2018/09/27/ubs-real-estate-bubble-index-reveals-property-crash-risk.html

Vancouver ranked number four.

0
0
patriotz

“Toronto, Vancouver at risk of housing bubble, UBS study finds”, Financial Post
“These are the world’s biggest property bubbles as ranked by UBS”, Bloomberg

And the prize for correct headline writing goes to CNBC/Bloomberg. There is no risk of getting something you already have. Or perhaps the FP is trying to pretend that UBS isn’t really saying that TO & VCR have bubbles.

0
0
southseacompany

“Toronto, Vancouver at risk of housing bubble, UBS study finds”, Financial Post

https://business.financialpost.com/real-estate/hong-kong-sits-atop-property-bubble-chicago-is-a-steal-ubs-finds

0
0
KickThemOut

Travel to China at your own peril – face scan and storage and full biometrics scan will be in place in all airports by 2021
https://www.zerohedge.com/news/2018-09-27/dhs-report-complains-biometric-scans-passengers-hindered-because-airlines-want

Though who would be going there anyways? Going to be lots of empty airports!

0
0
Simple Solution

will that extend to ALL chinese airports? Even YVR?

0
0
KickThemOut

I don’t see why not?!

0
0
Best place on meth

I hope so, then we’ll be able to see who’s coming in from china 8 1/2 months pregnant, just to “see the sights”.

0
0
KickThemOut

China RE presents a global economy risk for a hard landing – no responsibility from China whatsoever! Disgusting!
https://www.zerohedge.com/news/2018-09-26/how-invest-market-due-hard-landing

0
0
Doomcouver

The Chinese debt bubble has been out of control for a while now. It makes the US sub-prime crisis look tiny in comparison. The Chinese government will lose total control of the economy when the RE market inevitably goes into freefall.

0
0
bullwhip29

Actress Shu Qi sells Hong Kong villa at a loss as world’s priciest property market starts to cool
https://www.scmp.com/property/hong-kong-china/article/2165542/actress-shu-qi-sells-hong-kong-villa-loss-worlds-priciest

0
0
M-

Wait, what??? She bought in 2011 for HK$18.3M, and now sold for HK$17.6M. I thought prices have risen massively in HK? How on earth is she down after holding it for so long?

0
0
KickThemOut

How do you know it’s really down? Didn’t Oracle tell you people many times that the reported selling price is not the actual sell price because of exchange of cash elsewhere? Or in this case, she probably didn’t even pay for the house out of her own pockets….

0
0
Lost...but not leased

If she is a porn actress its quid pro quo…

0
0
bullwhip29

Singapore immigration official charged for allegedly receiving sexual favours from Chinese women in exchange for helping them extend their visas
https://www.scmp.com/news/asia/southeast-asia/article/2166037/singapore-immigration-officer-charged-sex-bribery-case

0
0
KickThemOut

No wonder Patriotz defends these vermins so verminously!!! Wonder what he sees in them? All butt plain fugly sticks, flat as a door. I would take a real women any day over these locust “women”.

0
0
patriotz

“No wonder Patriotz defends these vermins so verminously!!!… I would take a real women”

Chinese speakers have trouble with irregular English plurals.

0
0
Doomcouver

I think I’d rather the millionaire migrants were trading sexual favors than giving us near worthless interest-free loans to get residency… Canadians need sexual favors too.

0
0
Ralph

Exactly how unaffordable are Metro Vancouver’s detached homes? (INFOGRAPHIC)

https://www.richmond-news.com/real-estate/exactly-how-unaffordable-are-metro-vancouver-s-detached-homes-infographic-1.23428761

0
0
Laibach

Yap, greedy locals supported by greedy banks. It all makes sense now, nothing to do with offshore money.

0
0
Shut It Down Already (original)

The obvious flaw in these metrics is that they’re looking at the median income of all citizens rather than the median income of all SFH buyers.

It’s just a ratio; it doesn’t mean that individuals actually exist with these precise characteristics.

One day you might finally understand this.

0
0
Laibach

You are probably right as always. Poor math and just misunderstood ratio peddled by some bozos. It is never money from China but either greedy locals or bad statistics and wrong data. Good on you! “It is not logical that so many low-income residents buy expensive houses. The analogous situation would be people reporting minimum wage routinely buying Rolex watches and luxury limousines.” Sounds familiar? “The housing affordability ratio created by these very low incomes and very high housing prices makes it clear that either house prices are being unrealistically reported, which is highly unlikely, or not all income is being reported for tax purposes, which is likely and perhaps the only possible explanation. Otherwise, for no apparent reason, Richmond has perhaps the highest income to house price ratio in the world(must be a coincidence). Again, it is important to… Read more »

0
0
Shut It Down Already (original)

Congratulations for demonstrating that you still don’t understand how to interpret these sorts of metrics. I even gave you a clue. But by all means keep your blinkers on.

0
0
Laibach

You are right again, it must be due to a perfect diversity. An exquisite example of a “mosaic” society where a tremendous amount of multimillion mansions are spontaneously mingled with slums and social housing. A perfectly mixed society of the ultra-wealthy wage earners living the next door to super-low wage earners resulting in a flawed interpretation of the given metrics. I have to admit you are a genius.

0
0
Shut It Down Already (original)

You’re clearly not interested in learning anything. That explains a lot.

0
0
Laibach

Apparently, there is no common denominator for these particular neighborhoods, when it comes to ethnicity, and the ways how things are working for them.

“The neighborhood south of Oakridge Shopping Centre also has a curiously high proportion of residents reporting poverty, even though most people there own either expensive houses or stylish condominiums.

In addition, a large collection of adjacent neighborhoods (which StatsCan technically calls “census tracts”) in north-central Richmond, where roughly 40,000 people tend to own either pricey houses or condos, has an unusually strong percentage claiming low incomes.”

https://vancouversun.com/news/staff-blogs/thousands-of-metro-vancouver-mansion-owners-avoiding-taxes

0
0
Simple Solution

not to mention the 500K tied up in cars…

0
0
MAKE TRUDEAU A DRAMA TEACHER AGAIN

And in the 6th round AIDS goes down for the count.

With another KO AIDS professional VCI record drops to 2 wins 78 losses.

But with the heart of Rocky he’ll be back!

0
0
patriotz

“The obvious flaw in these metrics is that they’re looking at the median income of all citizens”

It’s not a flaw if they use the same metric to make comparisons of affordability between different metro markets. I agree that trying to compare different municipalities within the same metro isn’t very useful, as they have widely varying demographics.

0
0
Lost...but not leased

You mean SIDA might have guessed right for the first time ???

0
0
southseacompany

A desperate way to squeeze money out of dwindling supply of willing buyers?

“As dreams of home ownership fade, B.C. startup offers shares in Vancouver homes for as little as $1”

https://globalnews.ca/news/4487219/as-dreams-of-home-ownership-fade-b-c-startup-offers-shares-in-vancouver-homes-for-as-little-as-1/

0
0
Stand up for Canada

Zero holdings and zero liquidity. Why not buy a REIT if you’re so house horny?

0
0
Simple Solution

REIT doesn’t “target” 35% return…. this will also end in tears

0
0
southseacompany

Yeah, that promise of 35% return is shady.

Developing costs money and the City takes around 80% of the ‘land lift ‘ in a rezoning.

Developer profits are usually in the 12% – 20% range.
https://torontorealtyblog.com/blog/cost-construct-condo-2018/

0
0
Dave

Yes and no. It’s correct that developers target profit in that range, but that’s not your return on equity. For example, let’s say you have 25% equity and a 15% profit margin on you development. You will have made a 60% return on your equity. Leverage… But that cuts both ways. Falling house prices, inflation and construction delays can quickly eat into your margin. I know some developers are walking away with $0, in this current market. They pre-sold too early and had to pay higher costs to build then projected. We’re going to see more of this. BTW… I’ve never felt those returns are good enough on real estate for the amount of effort, risk and lack of liquidity involved. People do it because of leverage and they get away with low margins because real estate has generally appreciated… Read more »

0
0
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

Could you imagine if RBC said they are targeting 35% on their ETF’s or Mutual Funds?

The fine print and disclaimers must be lengthy.

0
0
Dave

I thought I was doing good with my average annual return of 24%.

0
0
MAKE TRUDEAU A DRAMA TEACHER AGAIN

That is execptional. With returns like that you are besting 99.5% of professionals.

I would suggest you could make a lot of money running the Dave total return ETF.

At 24% a year you are doubling your money every 3 years. What the heck are you doing wasting time with us??

0
0
Lost...but not leased

GT latest post analyzes this …recommended reading.

0
0
KickThemOut

surprised anyone would still read and believe Turcoat Turner.

0
0
M-

IMBY’s missing the biggest opportunity they could’ve included: a way to re-sell the housecoins.

As it stands, you buy into the project, and roll with it until completion. You need to contact them if you want to liquidate your investment before completion, and they will “arrange to re-sell it.”

If there was a way to have liquidity via re-sale, I would imagine this would be able to attract more investors to get more properties purchased and faster. If the RE market crashes, maybe the housecoins drop in value to a few cents, or to nothing. If a repeat of 2016 happens, maybe the housecoins double/triple in value– wouldn’t it be nice to be able to treat it like bitcoins? Too bad it can’t!

0
0
patriotz

“IMBY’s missing the biggest opportunity they could’ve included: a way to re-sell the housecoins.”

My guess is that if they wanted to do this they would have to register as a securities offering with all the regulations that go with it.

0
0
KickThemOut

They already did, bet you didn’t actually the article before commenting, as usual.

0
0
Lost...but not leased

Probably best advice for those considering any stock is that the insiders are set up to take the gravy before the other 99.9 % even have a chance.

0
0
Shut It Down Already (original)

They’ve no even raised enough to buy their first property, even if they didn’t intend to use it to repay existing debt. So there is no gravy.

But I’m sure it’ll just be those nasty foreigners investing because no locals have the get-rich-quick mentality and definitely don’t think that real estate always goes up.

0
0
Doomcouver

Strap in, we’re jumping the shark on BC real-estate.

0
0
bullwhip29

RE: legal rent increase reduction… i am inclined to now believe that this wasn’t a “flip flop” but rather a series of staged announcements designed to make it appear the NDP are indeed taking action and righting previous wrongs. this task force was setup months ago and for all intents and purposes, the 4.5% shouldn’t have come as a surprise to anyone. the question we all should be asking is why they bothered to announce this and then a matter of days later come back with a so called solution that they had in their back pockets for weeks, maybe months? why now? why the end of Sept? other than trying to sucker punch landlords, i see no other reason… expect more confusion and frustration when they get to officially capping annual increases for rental units regardless of change in… Read more »

0
0
Hyper-mega-Bull

local thieves starting to smarten up and target high value targets?

>Police managed to catch the boy at the dyke. They arrested him, and found he was carrying a “large amount” of cash, including foreign currency, as well as a change of clothes.

https://www.richmond-news.com/news/teenage-break-and-enter-suspect-leads-richmond-police-on-wild-foot-chase-1.23443680

0
0
Hyper-mega-Bull

upvote if you think we will see US armed forces liberating vancouver from communist china in our lifetime.

i think iona beach would make an ideal landing site.

0
0
bullwhip29

stahnlee pawk!

0
0
Doomcouver

Could be in the next 5 years if Trump gets re-elected…

0
0
Hyper-mega-Bull

Trump to world leaders: China out to meddle in 2018 election

https://apnews.com/823dcdd6a1d4469880c536766a296639

0
0
Hyper-mega-Bull

one person, two passports with different names. two identities.

> he blamed the fact that Lotfifar had two passports under different names

https://www.cbc.ca/news/canada/british-columbia/travel-agent-s-spelling-mistake-strands-mom-and-toddler-in-iran-1.4838510

0
0
bullwhip29

thinking that this would be like taking candy from babies, this know-it-all a-hole was probably thinking of doing of the Vivagrand-Langara West rug pull on his investors but got caught with his pants down when the market suddenly turned. this always seems to happen with these guys in the very late stages. betcha this cash is now tied up in some other sketchy venture and now he has a liquidity problem. looks good on all parties…with the wannabee real estate developer/magnate looking like a ding dong now and buyers who should have known better than to do business with someone with no track history, experience or credentials.

0
0
Laibach

Strange, judging by the photo he looks smart, intelligent, reliable and honest. Sometimes face could be misleading.

0
0
Ralph

“Tong (Thomas) Liu, head of LeMine Investment Group, is a developer who dreams big but can’t seem to get anything built. ”

Typical asian mentality; try to make a quick buck from the backs of unsuspecting investors. Never do business with these people.

0
0
Come on down

Money is their God. All hail money.

0
0
bullwhip29

LeMoney is LeMine

0
0
Ralph

and LeHomes

0
0