Bank of Canada warns of housing market vulnerability

The bank that cried wolf: Housing market vulnerabilities are still high.

Vulnerabilities in the Canadian housing market are still high despite rising interest rates and tighter mortgage rules, Bank of Canada Senior Deputy Governor Carolyn Wilkins said on Thursday.

It also released results of a model it said showed Canadian banks’ capital positions would not be affected by a 20 percent correction in the housing market, with the biggest declines in Toronto and Vancouver.

Read the full article here.

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bullwhip29
Guest
bullwhip29

Chinese Fetanyl Kingpins Have Laundered Over $5BN Through Vancouver Homes Since 2012
https://globalnews.ca/news/4658157/fentanyl-vancouver-real-estate-billion-money-laundering-police-study/

Best place on meth
Member
Best place on meth

Sickening to read.

What an enormous pile of shit we’ve imported from that cesspool, china.

xyz
Guest
xyz

“Even so, the RCMP just doesn’t have the resources to tackle so many suspected money laundering transactions in Vancouver, a source said.”

******

Like it or not, this is why you need to tax every transaction like there is no tomorrow.

YVR
Guest
YVR

“Even so, the RCMP just doesn’t have the resources to tackle so many suspected money laundering transactions in Vancouver, a source said.”

How about the resources to tackle just one or two to start with?

Bag it and tag it
Member
Bag it and tag it

We need way tougher anti-money laundering/org crime laws. Each and every one of those properties should be seized until the owners step forward and prove the legal source of every last penny used to buy those homes.

Laibach
Member
Laibach

Are those fuckers still around? Police should know that, detain the vermin, waterboard them until they master singing in fluent English and confiscate all their and their parents, grandparents, brothers, sisters, cousins and friends properties and belongings. Then send them home swimming. Shame…

Bubble
Guest
Bubble

The number ($5 billions ) seems low, as it only buys 1,667 $3 million properties.
Currently there are 845 properties in Vancouver West and West Vancouver worth more than $3 millions.

bullwhip29
Guest
bullwhip29

with so many purchases done through bare trusts, there is no way of knowing what the actual $ amt is. this is just a starting point much like what we witnessed with Paul King Jin and the 100s of millions of sketchy money he was apparently “refining” out of his basement office.

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

Yes, that’s right – it gives the morons license to let their imaginations run wild and say that the true figure must be 100x larger despite the “allegations” being exactly that and no criminal charges being filed.

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

Our resident Sino Apologist sets the record straight!

There have been no charges filed (or links provided) so this is fake news.

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

I’d expect you of all people to stand up for values such as innocence before proven guilty. Perhaps you can explain why that should not apply?

Canada is for Canadians
Guest
Canada is for Canadians

because we know they are not innocent …

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

Because your toxic prejudices whispered it into your ear?

Canada is for Canadians
Guest
Canada is for Canadians

because common sense says so …

Ultra Bear
Guest
Ultra Bear

I’d waterboard them with a mix of gravy and maple syrup. Add a Canadian twist to it.

southseacompany
Member
southseacompany

“Affordable housing goals hang in delicate balance: Bank of Canada deputy”, CTV News
https://www.ctvnews.ca/politics/affordable-housing-goals-hang-in-delicate-balance-bank-of-canada-deputy-1.4188063

“The central bank’s second-in-command told a national housing conference Thursday that the country will eventually face a point where certain decisions will need to be taken to keep the economy going — even though they may dampen efforts to make apartments and homes more affordable.”

“Bank of Canada deputy governor Carolyn Wilkins pointed to the central bank’s decision to lower interest rates in 2015 to inject some life into a sluggish economy as a recent example. The unintended side effect, she said, was increases in housing prices in some of Canada’s biggest cities. As a result, some people took on large mortgages, which led to a rise in household debt, while others were priced out of the market and unable to find accommodations.

bullwhip29
Guest
bullwhip29
realist
Member
realist

Thanks for posting this significant and overlooked article, entitled “Bank of Canada Expands Balance Sheet List to Mortgage Bonds”. It states “the Bank of Canada plans buy for the first time government-backed mortgage bonds…The move, which is part of a decision of including government-guaranteed debt issued by federal Crown corporations, will allow Ottawa-based central bank to offset continued growth in bank notes… A “small portion” of its purchases will be Canada Mortgage Bonds, which are guaranteed by Canada Mortgage and Housing Corp.” Now why ever would BoC feel the need to do that???

Bag it and tag it
Member
Bag it and tag it

How about don’t inject life into a sluggish economy and let it play out. Cycles are healthy for the economy.

Best place on meth
Member
Best place on meth

Central bankers can’t let cycles play out, the vain motherfuckers have a desperate need to play god at all times.

This is why central banks should be burned to the ground with the bankers still in them.

Mmmmm….fried Poloz….

StupidityCheck
Guest
StupidityCheck

I know, right? Let’s go back to the good old days of financial panics and bank failures!

Best place on meth
Member
Best place on meth

Damn, that really was stupid.

Check yourself.

StupidityCheck
Guest
StupidityCheck

Considering your preferred sources of info, I wouldn’t expect you to understand.

southseacompany
Member
southseacompany

“Housing Shortage, Immigrants’ Struggles Are Signs Canada Is Fumbling Its Population Boom”, HuffPost

https://www.huffingtonpost.ca/2018/11/26/population-growth-canada-housing-immigrants_a_23601374/

“Population growth in Canada has accelerated in the past few years, thanks to higher federal immigration targets meant to help Canada cope with an aging population and a labour shortage. And while experts generally agree that this will be a boost to Canada’s economy in the long run, in the short run the population boom is causing a rental crisis in Greater Toronto, and it appears the country continues to waste the talents of many of its skilled immigrants.”

Bag it and tag it
Member
Bag it and tag it

“thanks to higher federal immigration targets meant to help Canada cope with an aging population and a labour shortage”
Let me correct that statement. The higher targets are meant to boost the profits of big business such as banks, fast food restaurants and other corp retail, real estate cartel, and provide lower cost labor for the above…in exchange for the above lining the pockets of politicians. Some of that money also makes it’s way to influencing the media to plant articles calling anybody that says anything negative about immigration a racist.

southseacompany
Member
southseacompany

“Canadians are obsessed with housing affordability — so why isn’t Ottawa talking about it?”, National Post

https://nationalpost.com/news/politics/canadians-are-obsessed-with-housing-affordability-so-why-isnt-ottawa-talking-about-it

“Housing may be the topic you’re most likely to hear discussed at the local coffeeshop or see on the neighbourhood Facebook page, but it’s not dominating question period.”

“Still, about 60 per cent of young Canadians across the country think the housing market is deteriorating and want the government to do something.”

YVR
Guest
YVR

“so why isn’t Ottawa talking about it?”

They are too busy apologizing and spending time on the big issues people care about like gender neutral washrooms.

southseacompany
Member
southseacompany

“Metro Seattle home prices falling at fastest rate in U.S.”, The Seattle Times

https://www.seattletimes.com/business/real-estate/metro-seattle-home-prices-falling-at-fastest-rate-in-u-s/

“Seattle had led the nation on home price increases for nearly two years and had been among the top two markets in the country for almost three years, but that has changed recently.”

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

Note that they’re blaming high prices themselves for the fall rather than resorting to making unsubstantiated claims regarding flows of foreign money.

Laibach
Member
Laibach
Laibach
Member
Laibach

“In the Seattle metropolitan area, home prices skyrocketed 45 percent between August 2016 and now.”

“In just the last two years, that demand increased dramatically. In 2016, nearby Canadian city Vancouver slapped a 25 percent tax on international homebuyers in an effort to cool its own overheated housing market. Chinese investors, who had been strong in that market, simply moved south of the border to escape the tax.”

Must be Seattle’s locals that got an infection from Vancouver’s locals and went on a shopping spree like crazy because money was cheap and rates were low, moron.

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

1. I said “they” referring to the people who wrote the article. You provided a different source, so you didn’t exactly refute my point.

2. Your new source provides no data, merely a story that you clowns love to lap up. They can’t even state the correct level of taxation.

3. Weren’t you all saying that Canada was way more appealing than the US due to the ways that extended families have the doormat put down for them? Now the claim is that a tax on property would be enough to reduce that enormous upside?

4. Yes, people rushing to buy into a rising market is exactly how bubbles form. Duh.

Laibach
Member
Laibach

“Weren’t you all saying that Canada was way more appealing than the US due to the ways that extended families have the doormat put down for them? ”

That is absolutely correct. Taxation could be a one-off hurdle but in a long tradition, it was always way easier to launder money here, avoid tax, suck on free services, cheat the system hide criminal past, flaunt ill-gotten money, the list goes on and eventually get appreciated for all of that.

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

Thanks for admitting the huge inconsistency in your “argument”.

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

You got owned spitting mad Sino-Apologist.

Get over it and go away.

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

So no valid counterargument from you either? As I expected….

Slava
Member
Slava

You just got toasted again moron, but you are too stupid to realize,. So you will be bound to continue with your crap here, conceived through your mental illness and low IQ.

patriotz
Member

” In 2016, nearby Canadian city Vancouver slapped a 25 percent tax on international homebuyers ”

Hard to take seriously an article that can’t get simple facts right.

StupidityCheck
Guest
StupidityCheck

Reminds me of that old workplace sign:

Answers: 25 cents.
Answers (correct): $1.50

patriotz
Member

“In the Seattle metropolitan area, home prices skyrocketed 45 percent between August 2016 and now.”

Case-Shiller for Seattle was 205 in Aug 2016 and 254 in Aug 2018.

https://seattlebubble.com/blog/2018/11/27/case-shiller-seattle-is-1-for-month-over-month-price-declines/

bullwhip29
Guest
bullwhip29

Inside the Affordable Chinatown Haven That Narrowly Avoided ‘Renoviction’
https://www.vice.com/en_ca/article/9k43qe/inside-the-affordable-chinatown-haven-that-narrowly-avoided-renoviction

bullwhip29
Guest
bullwhip29

Tonino Lamborghini CEO: I think we are successful in China because there are so many young, dynamic, enterprising, people with what we call the special “Lambo-mentality” who are looking for top-class luxury…
https://jingdaily.com/lamborghini-ceo/

Laibach
Member
Laibach

Like the “Lambo-mentality”, it sounds intelligent. Maybe “edited”?

bullwhip29
Guest
bullwhip29

More Melbourne real estate assets have been frozen as part of an investigation into offshore funds allegedly being laundered in Australia by Chinese nationals
https://www.theage.com.au/national/victoria/5-2m-worth-of-melbourne-real-estate-frozen-in-money-laundering-probe-20181126-p50idj.html

bullwhip29
Guest
bullwhip29

SCMP: Chinese big spenders are curbing their offshore property shopping as tougher capital controls bite
https://www.scmp.com/business/article/2174894/chinese-big-spenders-are-curbing-their-offshore-property-shopping-tougher

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

Except only yesterday you claimed they were all buying on Long Island.

Make your mind up.

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

Fuck off.

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

Stop drinking.

Slava
Member
Slava

Wow, you assume much about anonymous people. Must be another offshoot of your mental illness.

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

I can identify obvious patterns. It called being smart.

Hyper-mega-Bull
Member
Hyper-mega-Bull
YVR
Guest
YVR

Xi has already been humiliated by Trump. The questions is does he get humiliated more or conform like the Drama Teacher did.

Best place on meth
Member
Best place on meth

Emperor dogface is too dumb to know he’s beaten.

The even dumber chinese populace will continue to cheer on their beloved emperor while Trump systematically destroys their motherland.

Win-win.

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

Trump did a great job of humiliating himself today regarding his comments on GM. Oh, and climate change. I’m sure there were another couple of things, too. And that’s just one day.

Sad!

YVR
Guest
YVR

The person who was humiliated on the GM closures was Obama who handed over billions for nothing. What a terrible deal by a terrible president. Imagine the GM executives laughing after they made that deal with Obama then awarded themselves 10s of millions in bonuses. What a fool Obama was.

APRIL 30, 2014: U.S. government says it lost $11.2 billion on GM bailout
https://www.reuters.com/article/us-autos-gm-treasury-idUSBREA3T0MR20140430

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

Nice diversion. Why do you always try to change the subject?

Trump looked like an utter fool today.

YVR
Guest
YVR

I didn’t try to change the subject. Obama didn’t just look like a fool. He proved it by flushing billions down the drain. Trump can only do so much to bail Obama out of his bad deals. With Paris Climate and Iran Trump was able to get out of. GM already spent the 11 billion so too late on that.

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

You changed the subject again! The subject is Trump looking like a fool today, just to make that clear to you.

YVR
Guest
YVR

Nope the subject was Xi looking like a fool due to Trump. Then it was noted Xi has a dog face and the Chinese populace is dumb. You brought up GM and then the discussion turned to the fool Obama who gave GM 11 billion for nothing which Trump is trying to solve like the other Obama mistakes he inherited. Try to keep up.

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

So still nothing to refute the fact that Trump looked like an utter fool. He doesn’t even know what subsidies GM benefits from and neither does he have the power to revoke them (which wouldn’t be necessary anyway because they expire pretty soon).

But for your education it was Bush who started the bailout of US automakers in December 2008 under the TARP. You can try and blame Obama for that but it’d be a little unfair given that he hadn’t taken office at that point. You also seem to think that the US government made an investment in GM with an expectation of profit. They did not. It was a bailout to save the industry from going under.

Strata Hacker
Guest
Strata Hacker

Why do you people always want the white man to believe in climate change?

YVR
Guest
YVR

The expectation was not to lose 11 billion and then have the plants shutdown anyway. At least I hope that was not the expectation, but who knows with a moron like Obama.

01/07/15 Obama: Auto bailout ‘was the right thing to do’

The auto bailouts, which were initiated by former President George W. Bush but largely overseen by Obama, were unpopular at the beginning of the Obama administration. The president has moved to take credit for the bailouts

https://thehill.com/policy/transportation/228836-obama-auto-bailout-was-the-right-thing-to-do

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

Of course Bush’s bailoutwas the right thing to do. The companies still exist, don’t they? You make it sound like they shut all the plants down – they didn’t.

And, yes, there was an expectation of losing significant amounts of money in order to save thousands of jobs.

I bet you’ll try and blame Obama for the fact that GM’s inputs now cost more as a result of the tariffs and, like any reasonable business, they’re adapting to accommodate them?

YVR
Guest
YVR

“The companies still exist, don’t they?”

If GM was let go bankrupt a new company would have come in and built cars people wanted, more efficiently, without all the legacy costs. Not Impala’s and the Chevy Cruz’s. The only reason cars like this exist is due to government intervention. That only lasts so long. You lefties will never learn. The more you try to fix things the more you screw things up. Obama and Trudeau have proved that time and time again. Bombardier is next. All at tax payers expense.

Selective Memory
Guest
Selective Memory

Ah, “legacy costs”. That would be code for pensions. So you’re saying GM should have gone bankrupt, screwing over many tens of thousands of pensioners. I guess those billions were good for something besides executive bonuses after all.

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

See above comment.

Can’t find it?

FUCK OFF

Everybody hates China because of their actions and treatment of people.

That’s not rasict even though you will loudly proclaim it is.

In case you missed above,

FUCK OFF

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

Stay away from the booze, loser.

Slava
Member
Slava

More assumptions from the resident with mental illness, as is displayed by its postings.

Selective Memory
Guest
Selective Memory

And of course here in Canada, it was Harper who spent our tax money on the GM Canada bailout. And then sold those shares at a big loss so he could claim he balanced the budget before the election.

Bag it and tag it
Member
Bag it and tag it

His only move now is to call Trump a racist and hope for the best.

Oracle
Guest
Oracle

These Febtabyl reports and housing is a deflection of the primary cause of the bubble.

Which is the local recent immigrants funnelling in illegal foreign money and buying numtioke properties “i buy three”.

Don’t fall for it minions. The $5 billions would only buy a little over a thousand properties. We get that many sales in 5 days in the Fraser valley and Vancouver.

Don’t fall for it minions.

Ultra Bear
Guest
Ultra Bear

How do you know that 5 B$ is the total amount of money laundered in Vancouver?

What if it were 100 B$?

Oracle
Guest
Oracle

Exactly.

Media is putting in $5B limit. Yes could be $100B but they’re not reporting it. But doubt it.

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

The media is doing nothing of the sort.

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

What if it were less? Note that they only looked at 1000 luxury properties in 2016, then extrapolated back to 2012.

Ultra Bear
Guest
Ultra Bear

Are you on the payroll of the BC Libs?

Sounds like it.

Canada is for Canadians
Guest
Canada is for Canadians

Metro Vancouver condo prices to plunge 26% by 2021: analysis

https://www.burnabynow.com/metro-vancouver-condo-prices-to-plunge-26-by-2021-analysis-1.23510154

“Condo market will take three years to slump to average price of $550K, but will be back up to peak prices three years after that, predicts analyst”

>>> it must be so nice to have a working crystal ball ….

Doomcouver
Guest
Doomcouver

I’m sure these Eitel Insights people did a full psychological impact study to know what investors will do after the 20 year bull run on housing ends…

But in all seriousness if there’s a 26% crash in condo prices, a rebound isn’t in the cards for a long while.

paulb
Member

New
156
Price Change
103
Sold
89
TI:13045

http://www.clivestevepaul.com

Oracle
Guest
Oracle

Questions:

1) Has Bare Trusts been closed after 550+ days in government?

2) Has the FBT been applied to presales after 550+ days to do it?

3) Has anyone been charged in the money laundering at casinos? In real estate? In the last 550+ days?

4) Are ICBC rates down? Are there any plans to privatize it if we can’t lower rates. Only 550+ days and counting.

5) Ridefailing?

I can go on and on….

Bag it and tag it
Member
Bag it and tag it

There was a time when you said you were leaving this site for good, assuming we would beg you to come back or something….and then you came back a week later. How about we talk about that broken promise instead?

Oracle
Guest
Oracle

Hey, I don’t represent anyone nor do I deceive with my posts. Totally opposite of the NDP.

The problem is many people get upset with my posts. Have I been wrong? Rents continue their massive upswing. Prices on sub million are holding.

Slava
Member
Slava

Please address the question jat: There was a time when you said you were leaving this site for good, assuming we would beg you to come back or something….and then you came back a week later. How about we talk about that broken promise instead?

Oracle
Guest
Oracle

20% (21-35 years olds) of millenials own their own homes title free in Vancouver. . Means paid off!!!! Highest in country where prices are highest. Hahaha.

Wow.

But let’s ridicule Oracle for suggesting that foreign students are buying with cash from overseas and use that work permit loophole to buy for the family.

Now Oracle is going to suggest that these foreign students who have immigration status are buying multiple homes with foreign cash. 3…2…1. Let’s ridicule Oracle and minions will follow.

ChinaOne
Guest
ChinaOne

I buy 8 home. I student and no tax. 3 home for me and 5 for my cousin coming foreign student too. They do same. We buy all nice home in Vancouver. My parent come and we like rec centre and clean air free. Our home now. You no money so out move out far away. Sorry. We like Horgan and we like Trudeau. Hehe.

Specuskeptic
Member

So. Oracle posts. Logs out. Logs in as ChinaOne and posts a response to his post of ten minutes prior. What a pathetic display…

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

Sometimes he forgets to do it properly. It’s pretty funny.

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

Hopefully you’ll forget this blog and never post again.

Christmas miracles can come true.

Except in countries where Christmas is forbidden and they eat dogs.

patriotz
Member

“Except in countries where Christmas is forbidden and they eat dogs.”

Only one such country as far as I know, namely North Korea. Christmas is forbidden elsewhere, e.g. Saudi Arabia, but they don’t eat dogs.

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

No need to fact-check, he simply forgot that he’s not as funny as he thinks he is when he’s drunk.

MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Guest
MAKE TRUDEAU A DRAMA TEACHER AGAIN!
Did I miss something when I was “drinking”? The disciplinary arm of the ruling Chinese Communist Party has banned its members and government officials from celebrating Christmas, likening the practice to “spiritual opium” for members of the atheist party. A notice issued by the Commission for Discipline Inspection of Hengyang city in the central province of Hunan warned city officials not to engage in meals and gatherings on Christmas Eve, warning that those caught violating the rules would have to “bear responsibility.” The wording of the notice suggests it has been sent to officials nationwide. Want more google China bans Christmas. As far as dogs go… The tradition of dog meat consumption began over 4,000 years ago in China. … The festival is celebrated annually in Yulin, Guangxi, China, during the summer solstice in June, by eating dog meat and… Read more »
Shut It Down Already (original)
Guest
Shut It Down Already (original)

So Christmas is not forbidden then? Thanks for confirming.

Canada is for Canadians
Guest
Canada is for Canadians

You are dense aren’t you.

Best place on meth
Member
Best place on meth

The fucker doesn’t even speak or comprehend English.

He’s just a bot originating in Shanghai.

Rocky
Guest
Rocky

South korea eat dogs..thats what i heard. So that makes south and north korea.

Oracle
Guest
Oracle

10 days the vote will be over. All that is required for defeat is for a quarter of the NDP vote to:

1) abstain because they aren’t happy with current situation sharing power.

2) vote FPTP because they don’t want Greens to have power.

3) not be motivated as much as the Liberals.

Huge turnouts in Liberal dominant ridings, low turnouts in NDP ridings.

Looks great for FPTP.

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

This is even more boring than the daily sales analysis.

Dave
Member

It makes sense that turnout will be low. It’s a lot of effort to vote. One of our packages was missing an envelope A, so I had to pick one up but they’re only open to 4:30 pm at the nearest mall. So I had to leave the office an hourly early to get a new one. And to drop off the package I had to leave an hourly early again, plus the time to park and walk through the mall. So the whole process easily took up a few hours of my time. Just finding a black pen to fill it out was about ten minutes. In contrast, Provincial elections take about 15 minutes of your time. They could have done this in the next one.

What a scam.

Selective Memory
Guest
Selective Memory

In Vancouver, referendum service offices have extended their hours until the referendum period ends. Open until 6, except the final day, when they close at 4:30:

elections.bc.ca/rso

Dave
Member

It looks like office hours are shorter in ridings likely to vote no and longer in ridings likely to vote yes. 4:30 in the Okanagan, 6pm in the City.

What a scam.

Selective Memory
Guest
Selective Memory

What — you mean places like Langley and Richmond? Hours are extended to 6 PM in those Liberal ridings. And yet the government somehow neglected to extend the hours in all those NDP/Green ridings on Vancouver Island and the Gulf Islands, outside of Victoria.

Same old NDP. If we want a well-run scam we’ll have to vote the Liberals back in.

Best place on meth
Member
Best place on meth

Local scumbag realtor and Harbin mafia associate Layla Lang is quite proud in helping one of her fellow vermin scoop up an “agriculture luxury home”.

https://twitter.com/LaylaYangRealty/status/1066221735723204608

Way to support the motherland’s criminal organizations, Layla!

Specuskeptic
Member

LOL. Part of her bio reads “Registered member of UBC Body Donation Program”. Probably doesn’t realise that refers to HER body and not that of former business partners…

Laibach
Member
Laibach

Speaking of body donations, wonder if Julia Lau was her mentor? They definitely have lots in common and apparently share the same values.

Canada is for Canadians
Guest
Canada is for Canadians

Some not very appreciative comments on that Twitter post …

Ultra Bear
Guest
Ultra Bear

They hoard all the farmland and then spit in our faces. Only in Canada!

Rocky
Guest
Rocky

Are you the guy Doug Cochrane? Lol.
Yeah what a scumbag. If i had twitter would have said something in the nature what you said.

Rocky
Guest
Rocky

Just assumed. Forgive me if i am wrong. Time to open twitter account or something. Something need to be said.

Best place on meth
Member
Best place on meth

The first of the sub $2M west side houses.

6076 HIGHBURY ST, assessed 2.958, listed 2.588, sold 1.900

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

While the price is still insane 33% below assement is big.

The crash is in full effect,

Burnabonian
Guest
Burnabonian

$1MM below assessment. Tell me that’s not a psychological barrier.

If the assessments are overly optimistic by full a million dollars, at which point can we declare them to be meaningless?

Reminds me of the guy selling an 86 Fiero on Craigslist for $20k with the line “I know what I have”.

No you don’t.

Simple Solution
Member
Simple Solution

assessments are only meaningless when the City is selling land to developers at 80% discount….

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

It’ll be interesting to see how people react to the new assessments when they’re made available online at the end of the year.

Simple Solution
Member
Simple Solution

city raising mill rate 5%… I bet the new assessments will be close to matching that number…

some people actually think that lower assessments will result in lower property tax… hilarious

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

I guess you don’t know how this works, then.

Simple Solution
Member
Simple Solution

Please educate me…. I was under the impression that property taxes where a function of assessments and mill rate.

Are you suggesting that the mill rate will not increase to offset the drop in assessments? Dont get me wrong, that would be awesome, just cant see the city cutting costs

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

If every property has dropped in value uniformly then everybody will pay the same property tax as last year assuming the city’s budget is unchanged.

If you and your neighbour were paying the same but your house has fallen in values less than theirs then you’ll pay less than them.

Ultimately the city requires certain revenue to pay for services and that amount is wholly independent of property values. Property values are just used to determine how to distribute the burden. The tail doesn’t wag the dog.

patriotz
Member

“If the assessments are overly optimistic by full a million dollars”

All current BC assessments are the estimated sale price as of July 1, 2017. They are not in any way supposed to reflect what the property would sell for today. Markets can change a lot in a year and a half.

Oracle
Guest
Oracle

And rents still rising.

Simple Solution
Member
Simple Solution

how’s the valley doing? still no drop in prices?

Bag it and tag it
Member
Bag it and tag it

Abby townhouses on fire. If you don’t believe me, just ask Oracle.

DaMann
Member
DaMann

Holy shit! That’s crazy! and awesome. Problem is, no one knows. This isn’t being reported anywhere. I mention these things to people and they don’t believe me. Surely condos and mid range stuff can’t hold out much longer

Simple Solution
Member
Simple Solution

people are in denial…. reality will set in….

Bag it and tag it
Member
Bag it and tag it

Reality will start to set in when this year’s assessments come out at the end of the year.

Simple Solution
Member
Simple Solution

big lag between assessments and real prices…. Assessments as of July and they will be higher than prices for sure. Only way to make sure the tax revenue stays up….

Burnabonian
Guest
Burnabonian

Current assessment data is from July 2017 aka peak frenzy.

On January 2, 2019, they release the data from July 2018 aka The Fuckening.

If the assessor doesn’t massively drop most Vancouver assessments, he is going to hear from a LOT of concerned citizens.

Wondering why their tax bill is undiminished when houses in their neighbourhood have been selling for six and seven figures below assessed.

Because people know what’s happening by now.

Bag it and tag it
Member
Bag it and tag it

Assessments have zero impact on how much tax is collected overall. For example, if a person paid $10K in property tax last year, then their home assessment dropped 20% YoY, and the average home assessment drop in the city was also 20%, then that person would also pay $10K again this year.
You only pay less of your assessment dropped more than the average home.

Doomcouver
Guest
Doomcouver

Have to wait for the horror stories to propagate. Marginal sellers are going to spook the market very soon.

southseacompany
Member
southseacompany

“Ben Jones: The Housing Bubble Is Popping Right Now”, Seeking Alpha

https://seekingalpha.com/article/4224702-ben-jones-housing-bubble-popping-right-now

“We’re going to see a collapse. The housing bubble is in the process of popping right now. Everybody’s been behaving like speculators. Housing prices have been just like day trading stocks. What’s happening right now is a lot more suggestive of a bubble bursting much more than it does just a correction or a down cycle.”

“That’s where we’re headed again. I would be very patient right now about catching a falling knife in the current market. Wait for the coming distressed discounts.”

bullwhip29
Guest
bullwhip29

Criminal charges have been stayed relating to a high-profile RCMP investigation that alleged money laundering, underground banking and suspected drug cash used to fund VIP Chinese gamblers in B.C. casinos
https://vancouversun.com/news/local-news/criminal-charges-stayed-in-major-b-c-money-laundering-investigation

bullwhip29
Guest
bullwhip29

no details provided on why the charges against Silver International Investments, Caixuan Qin and Jain Jun Zhu were stayed

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

No details provided means you get to make shit up – it’s your lucky day!

bullwhip29
Guest
bullwhip29

these were the only criminal charges related to the RCMP’s E-Pirate investigation, where the Mounties allege they uncovered more than $500 million from a Richmond money-laundering service

bullwhip29
Guest
bullwhip29

“The RCMP, in collaboration with its partners, remains committed to combating money laundering and financial crime,”

YVR
Guest
YVR

“its partners”

Sounds like it partners didn’t want this to go forward. They prefer consultants to study the issue.

Simple Solution
Member
Simple Solution

charges stayed… can be brought again within a year…. maybe they stumbled on something bigger?

Or most likely, maybe they just want to continue turning a blind eye to everything

bullwhip29
Guest
bullwhip29

system is rotten to the core. this is another example. i suspect certain folks got a call from upstairs directing them to back down. too many fingers in the cookie jar and pursuing the matter further would have resulted in too many players connected to the govt being exposed. let’s see if the Richmond boys can throw a last minute wrench into the Delta-Ladner casino plans…

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

Ooh. A conspiracy theory. How unexpected.

Canada is for Canadians
Guest
Canada is for Canadians

We need to forget about “the law” and just deal with these people with some good old “frontier justice”.

Best place on meth
Member
Best place on meth

I would invite the CCP and a small army to come to Canada for a 30 day open season/house cleaning of their vermin while we look the other way.

No questions asked.

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

More incitement.

Best place on meth
Member
Best place on meth

If anyone shut this down it’s Turd the Manchurian Candidate.

YVR
Guest
YVR

“Or most likely, maybe they just want to continue turning a blind eye to everything”

I am so proud of the NDP and Eby. They have done a great job shutting this investigation down that was started under the previous government. But their study really took it to those money launders. They are probably really embarrassed and there is no reason to criminally prosecute. They have paid enough and will probably make Trudeau’s apology tour.

Oracle
Guest
Oracle

No hope for the minions that will believe anything the NDP says. How the Fuck doesn’t the NDP know what’s going on: Eby said he watch shocked by the cooper journalist reports.

For fuck sakes like he doesn’t know.

Best place on meth
Member
Best place on meth

Eby is pissed that this investigation ended up without charges and wants to know where and why the whole thing failed.

YVR
Guest
YVR

FFS Eby would hold a press conference on this kind of stuff every week before getting power. Now he is the AG and nothing. Come on the guy is a fraud.

Best place on meth
Member
Best place on meth

This is a federal investigation that went wrong .

Naturally you try to pin it on the BC NDP.

Why do you keep doing that?

YVR
Guest
YVR

It wasn’t a federal investigation when the last BC government was in power. Now with the NDP in power it is all federal? Let me get this straight. Your opinion now is there is nothing that can be done provincially on this and this has nothing to do with the provincial government? The NDP have exhausted everything they can do with hiring that single consultant to write a report to clear the casinos of any wrong doing. Got it.

Best place on meth
Member
Best place on meth

Nope, I didn’t say any of those words that you just tried to put in my mouth.

YVR
Guest
YVR

Are you satisfied with the NDP or dissatisfied with the NDP on this matter?

Has Eby done a good job or a poor job?

bullwhip29
Guest
bullwhip29

not a peep about this in the Richmond news…

bullwhip29
Guest
bullwhip29

Rental vacancy rate dips to 2.4% across Canada, CMHC says
https://www.cbc.ca/news/business/rental-market-cmhc-1.4923635

bullwhip29
Guest
bullwhip29
Canada is for Canadians
Guest
Canada is for Canadians

This week, for example, a commenter on the Global B.C. News site included this comment about “the chinese”: “I wonder how long before push come to shove before we push back with great violence.”

That was followed by this response: “Yup kill them all…”

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

Violence and hate speech is all these neo-Nazi pricks know.

Perhaps they should’ve tried harder at school and then they’d not have to look for other people to blame their failure on?

Laibach
Member
Laibach

Right but how about those who are against violence by definition, did well in school, aren’t miserable and didn’t fail (as you adore to say) but aren’t comfortable with criminals, freeloaders, tax dodgers, cheaters, fraudsters, scumbags, smugglers, drug dealers, money launderers, primitives, unmannered, rude and wild people?

Simple Solution
Member
Simple Solution

Guess that makes us “racist”

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

Keep on trying to play the victim.

Laibach
Member
Laibach

Link?

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

Any one of your dumbfuck posts bleating about being called a racist after using racial slurs will do. There are plenty of them.

Laibach
Member
Laibach

Lol, you are hilarious besides moving goal posts as usual. Speaking of dumbfuck, you literally grasped “Link?”. Take a break and get some fresh air. You are making a fool of yourself again.

Best place on meth
Member
Best place on meth

I’d rather the piece of shit stopped breathing altogether.

Scum like him need to be eliminated.

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

Violence is all you mouth-breathers know.

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

You make no sense, as usual.

Oracle
Guest
Oracle

https://www.citynews1130.com/2018/11/28/vacancy-rate-rents-metro-vancouver/

This is what massive immigration and population growth does. But hey, let’s bury our head in the sand with useless links.

Within a few years, nothing will be less than $2000/month.

And Wareeeeee Ebyyyyy?

Joe Fact
Guest
Joe Fact

Fact is Metro Vancouver’s growth rate has been steadily falling from a peak in the 1980’s

https://en.wikipedia.org/wiki/Demographics_of_Vancouver

But, let’s bury our heads in the sand without actual facts.

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

A falling growth rate is still growth.

Doomcouver
Guest
Doomcouver

Like I said the low vacancy rate spike isn’t caused by immigration it’s caused by a collapse in home sales sidelining buyers in the rental market.

Oracle
Guest
Oracle

Troll.

Canada is for Canadians
Guest
Canada is for Canadians

look in the mirror …

Joe Fact
Guest
Joe Fact

Irrelevant, as we are building more units than population growth anyway.

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

Link?

Joe Fact
Guest
Joe Fact

Vancouver CMA
2001-2016 Net Dwelling Unit Growth: 241,336 units
2001-2016 Net Household Growth: 202,184 Households

https://www.kpu.ca/sites/default/files/The%20Housing%20Supply%20Myth%20Report%20John%20Rose.pdf

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

That’s great, thank you. So where are these missing 40,000 units?

Laibach
Member
Laibach

They are here but keys are in China and Hong Kong.

patriotz
Member

“So where are these missing 40,000 units?”

Either empty, supposedly empty (illegal short term rentals), or occupied by temporary residents who don’t count as households (likely students).

Oracle
Guest
Oracle

Hahaha. Math isn’t allowed here. Let people follow the ‘official’ ‘stats’. Makes them feel smart.

Royce McC
Guest
Royce McC

At the beginning of this comment thread right here, didn’t your original comment require you to trust that the “official” vacancy “stats” being put out were accurate?

Oracle
Guest
Oracle

Good gawd. Citing unreliable stats that’s doesn’t even include the 100,000s of temps here.

Bag it and tag it
Member
Bag it and tag it

It’s time for our Feminist Leader to make his announcement…
https://edition.cnn.com/2018/11/28/tech/huawei-spark-nz/index.html

Laibach
Member
Laibach

You mean to say sorry and formally apologize to Huawei and Chinese Gov in behalf of New Zealand?

Best place on meth
Member
Best place on meth

Trump already told the little communist fuck what to say.

Canada is for Canadians
Guest
Canada is for Canadians

OTTAWA — A quick look at October vacancy rates in BC (numbers from October 2017 in brackets):

British Columbia: 1.4 per cent (1.3 per cent)
– Vancouver: one per cent
– Abbotsford-Mission region: one per cent
– Victoria: 1.2 per cent

Oracle
Guest
Oracle

At a time of record building.