Legal rent increase to be reduced?

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.

Sort by:   newest | oldest | most voted
Lost...but not leased
Guest
Lost...but not leased

First…!!!
…..yeah baby !!!

paulb
Member

New
236
Price Change
113
Sold
78
TI:13724

http://www.clivestevepaul.com

Specuskeptic
Member

Peak seems to be shrinking in the rear view mirror…..

Best place on meth
Member
Best place on meth

Back to normal.

+75

New high

Best place on meth
Member
Best place on meth

East Van!!

6987 BALMORAL ST, assessed 1.736, listed 1.688, sold 1.525

2010 KASLO ST, 1.403, 1.350, 1.250

448 30TH AVE E, 1.842, 1.649, 1.600

6060 TYNE ST, 1.578, 1.499, 1.420

2212 3RD AVE E, 1.349, 1.450, 1.188

3141 19TH AVE E, 1.307, 1.199, 1.170

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

When you look at these shit boxes you realize if they dropped another 50% they would still be overpriced.

I wouldn’t put my dog in some of these.

Doomcouver
Guest
Doomcouver

Never mind dogs, I don’t even think a rat could survive in some of the dilapidated east Van crapholes. When the market normalizes, these crack shacks will be the hardest hit in the detached segment. The state of the house will become more important as the land under it becomes less valuable. Crummy bungalos far from downtown could easily lose 90% of their value in less than a decade… and some of them still might be overpriced…

Oracle
Guest
Oracle

90%???

Are you serious? Ok then.

Simple Solution
Member
Simple Solution

But wasn’t duplex zoning going to just further inflate prices?

Best place on meth
Member
Best place on meth

West side!!

1703 36TH AVE W, assessed 4.103, listed 3.498, sold 3.200

1748 58TH AVE W, 3.187, 2.999, 2.690

3933 32ND AVE W, 2.817, 2.588, 2.320

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Wow great stats!

Really appreciate you taking the time to dig this stuff up!

Simple Solution
Member
Simple Solution

Hey Oracle, I thought the duplex zoning was an instant overnight lotto win? How do you reconcile this??

Oracle
Guest
Oracle

Those sales haven’t shown up yet. Try to keep up.

bullwhip29
Guest
bullwhip29

still waiting for one of these sellers who just closed on deal to cry foul and attempt the reverse-Jing Li manoeuvre and wondering who, if anyone, knew of the rezoning announcement in advance and used this info to their advantage?

Simple Solution
Member
Simple Solution

Those sellers will be happy to close…. 95% of price changes this month have been down

Prices got a long way to go… Duplex zoning was a giant non event

patriotz
Member

“3933 32ND AVE W, 2.817, 2.588, 2.320”

Love the first picture in the listing LOL. Probably not much more than lot value but it’s not a dump by any means.

https://webcache.googleusercontent.com/search?q=cache:hWq3ur2WALoJ:https://www.pixilink.com/125942+&cd=2&hl=en&ct=clnk&gl=ca

Lost...but not leased
Guest
Lost...but not leased

Almost $9,000 in annual property taxes?

WTF ?

Simple Solution
Member
Simple Solution

yes… tax of 9K… you can be sure that is going up though… prices may come down but taxes will not

patriotz
Member

“prices may come down but taxes will not”

I would expect taxes to come down on lot value West Side properties since they are leading the price decline in % terms. Sale price was 18% below assessed. Remember what matters is your assessed value is relative to others in the City.

Simple Solution
Member
Simple Solution

In theory yes, BUT lets not forget what really matters is the city budget… money has to come from somewhere unless of course services are reduced…

patriotz
Member

“money has to come from somewhere”

Of course. It comes from property owners. The point is that if your assessment nosedives and the rest of city remains relatively constant, your slice of the pie gets smaller and it’s likely you will see a nominal tax decline in the short term.

Simple Solution
Member
Simple Solution

ok… so my assessment is gonna nosedive and the rest of the city will remain constant? Highly unlikely.

A better solution would be for the city to stop the “community garden” scam and tax that land assuming highest and best use (the same way it is valued by the market)

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

The fake lawn is nice.

Could you imagine having those houses towering over you on either side of you?

Simple Solution
Member
Simple Solution
Lost...but not leased
Guest
Lost...but not leased

Condo project cancellation ?

……….start of the deluge.!

Fix?= BAN pre-sales…a practice imported by/from foreign locusts.

Just me
Guest
Just me

Migration Drives Canada’s Biggest Population Gain Since 1957

https://www.bloomberg.com/news/articles/2018-09-27/migration-drives-canada-s-biggest-population-gain-since-1957?srnd=premium-canada

“Canada’s population grew by more than half a million over the past year, the biggest increase in six decades.”

Oracle
Guest
Oracle

People here won’t believe it. Nah nah nah. Vancouver only grew by 30,000 because they say so. Lol

500,000 people ! Think about that. And Vancouver probably got 10-15% of the total.

Nomad
Guest
Nomad

Just 10 yrs ago I don’t recall seeing any black people in Van. Now I see them everyday maybe more than 5 times. I bet yellow and brown people increased at more rate than the blacks. Whites too. You hear many different languages from the white people in the streets now.
Heck, look at the crazy long line ups at Van bus stops. It wasn’t like that 10 yrs ago!

So yeah, population is increasing like there is no limit – maybe there won’t be any major housing crash! 😉

bullwhip29
Guest
bullwhip29

taking NIMBYism to a whole new level…

Langley non-profits slapped with fines for feeding homeless in the park
https://globalnews.ca/news/4491211/langley-non-profits-slapped-with-fines-for-feeding-homeless-in-the-park/

Oracle
Guest
Oracle
Simple Solution
Member
Simple Solution

The liberals raided ICBC treasury to make the budgets balance….

NOW is a perfect time for the government to get out of the insurance business…. no need for the taxpayers to help subsidize insurance for drivers of 100K+++ cars who like to play bumper cars with them.

Also no need for the taxpayers to pad the pockets of all the body shops in town with their inflated billings…

Im sure that the nice shiny super car will be very easy for the “N” driver to insure privately…

If you can’t get insurance then boo fucking hoo… dont drive. Not the governments job to make sure its affordable for you

Ralph
Guest
Ralph

My car was rear-ended and the damage looked fairly minor and the body shop submitted their estimate to ICBC for $4,000 and the final bill was $6,000 so explain to me why ICBC would be okay with a final bill that’s 25% over the original already inflated estimate???

Simple Solution
Member
Simple Solution

mainly because there is no accountability… private insurers would never put up with that..

The government should NOT be in the insurance business… they have a monopoly BUT still cannot break even.

Lost...but not leased
Guest
Lost...but not leased

I heard that there is a flex of approx. 25%…..

Also ICBC will write off vehicle is it is within the same range,,,,given sophistication of new vehicles

If you have an older vehicle in an accident….and airbag goes off…the vehicle may still be in good shape but cost of new air bag may make it a write- off.

bullwhip29
Guest
bullwhip29

yup, this is another scam
a have a neighbor that buys these so called written off cars, buffs out the scratches and resells. makes more per car than the original sales guy who sold the car brand new. what a world…

bullwhip29
Guest
bullwhip29

the worst part is that the $6000 remains on file, totally blows the amount of damage out of proportion and further depreciates the value of the car you have no choice but to keep now. so, to a large degree you are getting it coming and going and this is the real scam of it all.

i remember some broker pitching me on Boyd Auto shares maybe 15-20 yrs ago when it was a couple of bucks trading on the VSE. current ticker symbol is BYD.UN trading around $127 now…F#@k me!

M-
Member

I’m not saying that what the body shop did was right or wrong, but here’s how it went when I crashed into somebody a few years ago (100% their fault)…

-Bodyshop did a quick initial estimate, $6K, based on visible damage only.
-After ICBC approved the initial estimate, they started pulling off damaged body parts, got into the engine bay, and found more stuff that was damaged (but not visible from outside).
-ICBC approved the increased scope of work, and the final bill was $10K.
-Then I found some hidden damage a couple weeks later (hairline crack in a $1000 lamp assembly), which further increased the cost.

Simple Solution
Member
Simple Solution

I think we can all agree that like most things the government is responsible for ICBC is a giant clusterfuck. Time to do away with it.

I have no sympathy for the supercar driving population getting non subsidized private insurance.

Lost...but not leased
Guest
Lost...but not leased

Liberals skimmed $$ from ICBC???

People forget ICBC existence is due to NDP……ie no ICBC….no more problems.

Oracle
Guest
Oracle

Canada grew by 518,000 people in ONE year!!

Wow o wow. They are floooding the country. I bet that Vancouver probably got about 70,000 of those people. No wonder rents are exploding.

LazyCanadian
Member
LazyCanadian

The current population of Canada is 37 million. So our population increased by 1.4%. Whew, what a flood!

Laibach
Member
Laibach

Justin can’t get 5 min with Trump but can all immigrants in the world.

KickThemOut
Member
KickThemOut

Landlords should thank their lucky stars that society is allowing these parasitic leeches to even exist. There is a reason why Adam Smith hates landlords with a passion and highlights the evil of rentiers in his groundbreaking treaties. Frankly, landlords should be offering voluntary rent freezes and even rent rollbacks if they know what’s good for them. Society only has so much patience and trying to oppose rent freeze just means they are a step closer to the guillotines!

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!

Perhaps the landlords should sell all their buildings at current market prices and let the renters qualify for mortgages and come up with down payments to buy them.

KickThemOut
Member
KickThemOut

You are a sick, sick, sick person for reveling in the plight of renters.

Lost...but not leased
Guest
Lost...but not leased

Landlords??

Do some research on “social housing” in the USA (aka the gov’t as developer and landlord) then report back.
hint= disaster.

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Not reveling at all. You may not be aware but I am a renter.

I am simply saying if we did away with landlords 97% of renters would be screwed because they can’t afford to buy.

Doomcouver
Guest
Doomcouver

Yes because we all know that a large group of owners all selling at the same time means that prices stay high.

Stand up for Canada
Guest
Stand up for Canada
bullwhip29
Guest
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.

Laibach
Member
Laibach

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

Ralph
Guest
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.

Come on down
Guest
Come on down

Money is their God. All hail money.

bullwhip29
Guest
bullwhip29

LeMoney is LeMine

Ralph
Guest
Ralph

and LeHomes

Hyper-mega-Bull
Member
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

Hyper-mega-Bull
Member
Hyper-mega-Bull

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

https://apnews.com/823dcdd6a1d4469880c536766a296639

Hyper-mega-Bull
Member
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.

bullwhip29
Guest
bullwhip29

stahnlee pawk!

Doomcouver
Guest
Doomcouver

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

Hyper-mega-Bull
Member
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

bullwhip29
Guest
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 »
southseacompany
Member
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/

Stand up for Canada
Guest
Stand up for Canada

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

Simple Solution
Member
Simple Solution

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

southseacompany
Member
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/

Dave
Member
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 »
MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
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.

Dave
Member

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

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
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??

Lost...but not leased
Guest
Lost...but not leased

GT latest post analyzes this …recommended reading.

KickThemOut
Member
KickThemOut

surprised anyone would still read and believe Turcoat Turner.

M-
Member

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!

patriotz
Member

“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.

KickThemOut
Member
KickThemOut

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

Lost...but not leased
Guest
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.

Shut It Down Already (original)
Guest
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.

Doomcouver
Guest
Doomcouver

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

Ralph
Guest
Ralph
Laibach
Member
Laibach

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

Shut It Down Already (original)
Guest
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.

Laibach
Member
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 »
Shut It Down Already (original)
Guest
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.

Laibach
Member
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.

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

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

Laibach
Member
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

Simple Solution
Member
Simple Solution

not to mention the 500K tied up in cars…

MAKE TRUDEAU A DRAMA TEACHER AGAIN
Guest
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!

patriotz
Member

“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.

Lost...but not leased
Guest
Lost...but not leased

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

bullwhip29
Guest
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

KickThemOut
Member
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”.

patriotz
Member

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

Chinese speakers have trouble with irregular English plurals.

Doomcouver
Guest
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.

bullwhip29
Guest
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

M-
Member

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?

KickThemOut
Member
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….

Lost...but not leased
Guest
Lost...but not leased

If she is a porn actress its quid pro quo…

KickThemOut
Member
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

Doomcouver
Guest
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.

KickThemOut
Member
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!

Simple Solution
Member
Simple Solution

will that extend to ALL chinese airports? Even YVR?

KickThemOut
Member
KickThemOut

I don’t see why not?!

Best place on meth
Member
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”.

southseacompany
Member
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

southseacompany
Member
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.

patriotz
Member

“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.

VanRant
Member
VanRant
Lost...but not leased
Guest
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..

Laibach
Member
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.

Stand up for Canada
Guest
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.

Best place on meth
Member
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.

Shut It Down Already (original)
Guest
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.

Best place on meth
Member
Best place on meth

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

Shut It Down Already (original)
Guest
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.

Ralph
Guest
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.

Best place on meth
Member
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.

Shut It Down Already (original)
Guest
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).

Joe Money
Guest
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.

Vice
Guest
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.

YVR
Guest
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.