It’s been our position for years that money laundering isn’t a primary driver of the Vancouver real estate market, but we’re now willing to admit it may be a factor.
So, does anyone have any good money laundering tips? The government doesn’t seem to mind and it looks like a good way to fund retirement.
As always post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
Vancouver’s birth-tourism issue could soon become Ottawa’s problem
https://vancouversun.com/opinion/colby-cosh-vancouvers-birth-tourism-issue-could-soon-become-ottawas-problem/wcm/d98841f7-a124-4636-9c5c-ec0f7deeb705
Ads promote Canada’s benefits to would-be birth tourists: ‘Go to Canada to vacation and give birth to a child’
https://vancouversun.com/uncategorized/staff/health-blogs/medicine-matters/ads-promote-canadas-benefits-to-would-be-birth-tourists
The Federal Liberals need to grow a spine and stop this birth tourism practice. With the Meng Meng issue front and centre now is a perfect time to use that as an excuse to stop birth tourism. We need to keep Canada for real Canadians, not these opportunists who buy their way in.
Birth tourism is a backdoor for rats and roaches to get in. They have no sense of ethics but raw instincts. Vermin doesn’t show up on the house door either, they come through pipes and holes. Close the fucking holes and pour insecticide and rodenticide generously, problem will be solved.
Today, readers are responding to The Globe’s weekend read: Bubble trouble: In Vancouver’s housing market, pain has set in
https://www.theglobeandmail.com/canada/article-from-the-comments-i-am-definitely-feeling-the-schadenfreude/
Officials worried about invasive species in B.C. want people to report insects, plants or animals that don’t appear as if they they belong in the province
https://www.cbc.ca/news/canada/british-columbia/how-to-report-invasive-species-british-columbia-metro-vancouver-1.5124914
This is too obvious a punchline….
Start with Richmond, there’s plenty to report there.
Here’s an anecdote for the crowd: a co-worker of mine who’s wife works at a bank as a teller told me that, according to his wife, the past several months have seen a significant uptick in people of a certain ethnic persuasion withdrawing large sums of cash, i.e. cleaning out their local accounts. According to him (according to her) many have been using IDs that don’t quite pass muster to the bank, resulting in more than a few calls to the RCMP. Make of it what you will.
Yet ANOTHER right-wing party selling out their people for dirty foreign money — just like BCLiberals and GOP.
Biden and the Clintons are not with the GOP.
Just ban them all for the next 25 years and keep the shit away until the current garbage is cleared. Enough is enough.
https://globalnews.ca/news/5290630/commentary-money-laundering-inquiry-immigration-system/
“It’s been incredibly frustrating,” he said. “If you drive over the speed limit, you can get a speeding ticket. You’re held accountable. But if you laundered millions of dollars, there was no accountability.
“This public inquiry is necessary. People need to go to jail.”
Mike Smyth: Dirty-cash train ‘insider’ ready to rock B.C. money-laundering inquiry
This is going to get interesting. https://theprovince.com/news/bc-politics/mike-smyth-dirty-cash-train-insider-ready-to-rock-b-c-money-laundering-inquiry
“Alderson produced an internal BCLC report in September 2015 that warned high-rolling “whale” gamblers at the River Rock were likely laundering cash derived from organized crime.
And a November 2016 presentation he prepared for regulators showed the vast majority of the biggest-betting casino gamblers came from China and many were connected to the real-estate business.
“The casinos were like a gateway for a lot of the other money-laundering,” he said. “I’m not surprised Peter German’s later reports revealed money-laundering in real estate and luxury car sales. It’s all connected.”
China, china, china….
Rats jumping ship ???…
….all these insiders coming out in order to cover their own asses ?
How many more ?
Regardless…nothing repeat NOTHING will happen…the web is so intricate it could take thousands down. ie where do you start and stop re proceeds of crime etc. ???
Family member was at RiverRock on Friday..it was DEAD .
Wow.
Wow.
New low for record breaking rates.
2.94% for 10 year !!!!
I’m calling a bottom now.
This one has your name on it: https://www.realtor.ca/real-estate/20613428/2-bedroom-single-family-row-townhouse-5717-garrison-boulevard-sardis
bye now.
With regards to interest rates, the 2.94% is a psychological weapon the media and developers are going to use.
Remember, half the population is below average IQ and these are the people that will be easily manipulated.
They are also the ones likely to buy on the low end. Anything below $800 is the target for these people and the realtors.
So my view is the bottom isbprobably here for the low end.
I’ll stop using the ‘wow’ words if it offends you. Just there for effect.
This one? : https://www.realtor.ca/real-estate/20616141/5-bedroom-condo-19-31450-spur-avenue-abbotsford
Go and buy now!
Ditto to MTADTA..
Thanks for the G&M article..I hate f’n paywalls
Pretty detailed and comprehensive re the whole BC Real Estate ponzi scheme.
IMHO…since HAM invasion..we have, in essence, delayed natural order of several long overdue corrections, so when..not IF the SHTF… fasten seatbelts..aka how LOOOWWW can we go ?
aka Foreign Locusts are running scared and locals are SOL re: financing.
[…] Nothing about being ashamed of importing fentanyl? — Selective Memory on Vancouver Condo Info, May 17, 2019 […]
How do you not get jail for $400,000 in fentanyl? I wonder what the odds of somebody dying would be with that many doses. In other words, is it likely somebody would have died?
Accessory to mass murder should carry at least a few weeks in a real prison, no?
Fuck this country, what a pathetic liberal joke it’s become.
I’d put him in front of a firing squad.
Anything connected with China and it’s supreme beings is off limits in Canada.
If only Trump would invade Canada.
“If only Trump would invade Canada.”
Now who’s the traitor….
Good Morning fellow bears! This from GM (posted for those who don’t have a subscription) Jon Buss has spent the past four months looking for a home in West Vancouver. Every weekend, he and his wife attend an open house in the exclusive coastal community, where their kids are starting school in the fall. They have noticed the same thing at almost every one: “No one ever shows up.” Often it’s just them and a realtor, sitting in a chair, staring at his phone. “Nothing is moving.“ Mr. Buss, an entrepreneur who invented slip-on covers to rejuvenate old baseboard heaters, currently lives in Delta and is shopping for a house in the $3-million-to-$5-million range. He does most of his research on his bike, to get a better feel for the livability of a home and neighbourhood. He’s seen prices in the… Read more »
It states the property registry starts next month. I thought it started in 2020? Anyone know if in fact it is next month? Chinese courts have begun jailing nationals for life for moving money illegally out of the country, part of Beijing’s ongoing effort to halt currency outflows, Vancouver lawyer Christine Duhaime explains. Ms. Dumaine, an expert in financial crime, represents Chinese banks hunting fraudsters in Vancouver. Many took out sizable business loans in China, then fled to B.C.’s Lower Mainland, where they hid the money in real estate, shielding their identities through corporations, numbered companies and trusts. Transparency International, a corruption watchdog group, estimates that 50 per cent of owners at the high end of Vancouver’s housing market have hidden their identities this way. Like it or not, their identities will be made public next month, when the province unveils a… Read more »
Thanks for the G&M article MTADTA.
It not only confirms the magnitude of the bubble that was fueled by HAM, but that there is no possible way out, short of a painful hard landing for speculators and innocent suckers alike.
Too bad it’s too long a read for the likes of Dave, suffering from attention deficit disorders or mood swings from whichever way the wind the wind happens to be blowing.
Vancouver Tulip Mania is officially over. Let the long soup kitchen lines and massive homeless camps begin.
I like the headline:
“Bubble trouble: In Vancouver’s housing market, pain has set in. ”
“With falling sales and prices, patient buyers are sitting on the sidelines, waiting for sellers to face reality “
Anyone know why Zealty is not working this morning
Oracle bought it with the money he saved on the $200k Chilliwack pressboard condos he bought.
Growing calls for Canada to stop deportation of international student who worked too much
This young man should be allowed to stay in Canada. We need hard working young people like him. He can speak English, works hard, will pay his taxes, maybe start a family, and become a contributing member of society. He is not selling drugs, laundering cash, skipping his taxes, cheating the government and other Canadians or any of the other slimy things that the chineeze do and yet we let the chinques waltz in here and run amok.
So this guy’s law-breaking is OK, but Chinese law breaking isn’t? You see an inconsistency here, don’t you? The law needs to be applied evenly (even though it often isn’t).
I see a difference here because the “law” is not black and white. Laws are open to interpretations and there is blatant law-breaking (drug money laundering) vs. this guy’s lawbreaking (for survival) if someone stole a loaf of bread to feed their family they are technically breaking the law but practically they are not. This is about intentions, and the intention here is clear that he was trying to make ends meet for his future and I’m okay with that. My guess is that he will be allowed to stay in Canada on humanitarian and compassionate grounds.
This is your government developers and media behind this. What a way to support rents and house prices.
Let the newcomers work so they can qualify for mortgages.
Connect the dots minions.
New
148
Price Change
102
Sold
227
TI:15398
Wow.
227 sold and inventory going down.
Apparently market turned on a time due to the psychology of record low rates and th fact that no other housing policy is coming in to correct housing for at least 2 years.
These numbers are fishy.
No way this market turned on a dime.
I expect to see sales pick up as prices decline. We will reach a new equilibrium.
No further policy by NDP and loopholes in legislation means clear sailing.
Get out there!
Watch out for Dave. He’ll be bidding against you.
Hmm the sole info looks overstated compared to zealty. Is it right?
Interesting day for sure.
It’s not month end so the last two days should be concerning for bears. It’s only two days so not yet a trend. I’ve seen bullish signs on the ground in the last couple weeks, so it fits.
I am not concerned at all Dave. You really should get out there and buy. Prices will be back to 2016 before you know it. It obvious you, like Oracle have a major vested interest in seeing this market appreciate. I believe this market will have many ‘bounces’ in prices on its way down. Even a few months of positive prices will not stop and cannot stop the forces that will drag this market down. Simply, people can’t afford the prices. Period. A few months of positive prices and all the pent up sideline demand you talk about will be exhausted as they rush in thinking its the bottom, articles will be written by the experts about how the bottom is in and sanity has returned and then inexplicably prices start to drop again. This market will be in decline… Read more »
I have no vested interest.
I just have fun with you brainwashed cultists.
You are no different than the ‘climate emergency’ people.
No different.
Maybe expand your minds and inject with some common sense?
record low mortgage rates!!!!
Told you not to count the chickens ….
2.99 for 10 year. Those $200,000 condos in chilliwack are looking awefully good right now.
Who’s providing that rate then?
Nobody, as usual?
the bank gives hime a cash kickback that makes the effective rate 2.99
Only available to the super elite valley buyers though…
HSBC
3.24, not 2.99
Actually the 2.99 rate does exist. For high ratio mortgages only apparently
Hahaha. The minions just couldn’t believe it.
Thanks Simple Solution.
That caveat is a pretty big one. But thanks for the dishonesty.
You should buy a bunch of those chilliwack condos
I just may. If the rent carries them for 10 years.
[…] Tyabji posed a question to him via video. I came across the interview today as I was perusing the Vancouver Condo Info blog, who, in light of recent events, are enjoying a good laugh at Tyabji’s […]
“Judi Tyabji’s question for the Attorney General of BC is another example, quite a galling example, of the tactic of crying racism to prevent scrutiny of mass criminality that has led to an unprecedented #HousingCrisis and #FentanylCrisis in BC”
Tyabji = SIDA
Race baiters.
with China declaring a “People’s War” against the US and the US banning Huawei to me it seems clear all pretence has dropped and the US China cold war is officially on.
we saw history friends. defending ourselves against the “People’s War” will bring civilized societies together in a common cause, which will create economic opportunities, better technology, and improve everyone’s lives. factories will leave China and move to countries that need jobs and development creating stability. i am very optimistic for our future.
everyone’s on board except Sleepy Joe
Bernie Sanders slams Joe Biden for downplaying China’s economic threat to the US
https://www.cnbc.com/2019/05/02/sanders-slams-bidens-china-trade-stance-in-2020-democratic-primary.html
Biden has shady business dealings in china, he used his position the same way Hillary did, to enrich himself and his coke snorting son.
We will be hearing much more about this lowlife in the months ahead.
Scheer speaking in Toronto to the Economic Club of Canada. : Scheer also touched on a housing-policy change that could have a significant impact on the economy and financial stability. Without providing much detail, he promised to adjust the tougher mortgage-lending rules introduced in recent years. The policies were designed to cool sizzling housing markets in Toronto and Vancouver, and to slow further build-up of household debt loads already at record levels. “I will re-work the mortgage stress test the Liberals brought in a couple of years ago that have pushed the dream of home ownership out of the reach of so many Canadians across this country,” Scheer said. He also promised to work with provinces and municipalities to make sure new homes can come on the market at lower prices by eliminating regulatory barriers for construction. The tightened mortgage… Read more »
Scheer is a write off.
Most homeowners paying speculation tax are out of province
https://www.citynews1130.com/2019/05/17/most-homeowners-paying-speculation-tax-are-out-of-province/
“Based on the declarations received so far, foreign owners, satellite families and Canadians living outside of the province make up more than 80 per cent of those paying the tax.”
So all the crying and whining from the liberals and the industry shills was BS… shocking
Former B.C. casino supervisor blows whistle on when Macau-style money laundering may have exploded https://globalnews.ca/news/5215614/money-laundering-canada-bc-casinos-whistleblower-journal/ QUOTE: Muriel Labine liked her job at the Great Canadian Gaming casino in Richmond, B.C. She was a dealer supervisor, monitoring the integrity of the gambling happening around her. Labine hoped to work for Great Canadian until she retired. But in May 1997, the NDP government increased bet limits from $25 to $500 per hand, introduced baccarat tables and extended gambling hours. That’s when, she says, everything changed. Within days, Labine noticed the VIP gamblers start to come in. But it was strange, she says, that these high rollers were almost always accompanied by young Asian men who gave them cash. Many employees in the Richmond casino started to call these young men “Human Teller Machines.” etc etc. =================================== COMMENT: Excellent article….very comprehensive ALSO: Check… Read more »
Not excusing the NDP for a fraction of a second here. But I think having politicians intervene to raise limits from $5k to $100k – especially after real estate prices were already moving to the stratosphere for many, many years – might have been a bit more impactful.
https://globalnews.ca/news/5086278/b-c-liberal-minister-intervened-to-raise-betting-limits-ignoring-money-laundering-warnings-about-chinese-vips/
I agree..and BTW I am not exonerating Liberals either…
In typical Canadian head up ass…..politicians are in denial/claiming ignorance = “its different here”.
Follow the history of Vegas…the Mob needed a money laundromat…it’s a given that money will be laundered at casinos unless strict safeguards in place.
Seems the game plan was to let err rip , turn a blind eye….till SHTF.
City of Richmond taken in over $200 million as its cut….and pisses it away building things like ego trip Olympic Oval…What many don’t realize is casino funds help Local Gov’ts bypass referendums for capital projects…BUT if casino revenues drop…they have to dip into reserve funds…which may raise taxes
Regardless..as we speak… major cover-ups planned and scapegoats being groomed.
Even GT says re: Inquiries … Gov’t always set the terms and conditions.
Yup – lots of good points in there.
I definitely don’t expect that we will see actual consequences for elected officials. My main hope is continued downward pressure on real estate prices as more and more people realize “it was Earth all along”. In addition to dampening the appetite for corruption and citizenship of convenience, I would love to see meaningful changes to the way real estate business is done here. Otherwise, when the dust settles, we’ll go back to the boom and bust this place has had for over a century.
“But I think having politicians intervene to raise limits from $5k to $100k – especially after real estate prices were already moving to the stratosphere for many, many years – might have been a bit more impactful.”
And even worse than that is after the Peter German money laundering report that ‘blew Eby’s mind’ the NDP has left the $100k betting limits in place.
Blue State Blues: An Unexpected Bipartisan Convergence on China
Amazing how many things Trump ran on that nobody else talked about but him. Who mentioned China trade except for Trump. Now everyone is behind him. The guy is two steps ahead of everyone else. The wall is the next flip flop of the left.
NY Times: Amnesty International Is Denied Lease at New York Tower Owned by China, Group Says
https://www.nytimes.com/2019/05/13/nyregion/amnesty-international-lease-china.html
They should try Trump Tower, plenty of vacancies there.
it is better to have the FBI spy on you than the PRC
Do we even get that choice in Canada? The Liberals are happy to sell us out and let Huawei be part of the 5G network.
thankfully we are still dominated by the US or we would have ended up like NZ long ago. canadians will no doubt follow the US as both sides dig in. weaker minded canadians will bitch about itwhile not proposing any realistic alternative and enjoying all the benefits of the relationship.
China-born New Zealand MP denies being a spy
A China-born MP for New Zealand’s ruling party has denied being a spy after it emerged that he had spent years studying and teaching in universities with links to Chinese intelligence services.
the 55-year-old MP rejected the accusations as a racist “smear campaign” targeting him “just because I am Chinese”.
https://www.theguardian.com/world/2017/sep/13/china-born-new-zealand-mp-yang-jian-denies-being-a-spy
the “racism” defense…. the go too in the playbook
“According to the New Zealand Herald the 55-year-old MP rejected the accusations as a racist “smear campaign” targeting him “just because I am Chinese”.”
Same old locust playbook, get caught and claim racism.
The only way to flush out these scumbags is to ask them to denounce the communist party.
If they refuse, well, all options are on the table.
You’re already part of the Five Eyes network.
Does the Five Eyes network use chinese made routers.
In China’s heartland, once-flush shoppers turn cautious
https://ca.reuters.com/article/businessNews/idCAKCN1SN02T-OCABS
Not sure if many actually realize/understand that China is COMMUNIST……its “billonaires/millionaires ” are simply proxy warriors..
WE have not been invaded by a military per se… but WORSE…..addiction to foreign capital and that spigot can be turned off at any time.
Then SHTF…..
China is far from being communist. They are totalitarian capitalists, which is closer to fascism if anything. China will use Chinese companies for nationalist ends, but that’s outside of what the billionaires and millionaires want. It’s the biggest reason why the rich in China want to park their money outside the country. They know their wealth exists at the mercy of the state.
I think the Chinese government is less in control than most assume. I think the ‘deal’ the public has accepted is economic growth in exchange for control. The minute people start believing they don’t have a prosperous future, is the minute, they’ll start demanding political change. It’s just a matter of time.
communism is more than an economic and political philosophy. it is a cultural philosophy. communism seeks to destroy religion, tradition, and families, morality, nation states. in these respects it has been very successful in china.
of course communist party will lean on family values, or “5000 year tradition” when it is convenient because the ends justify the means.
Communism is a 2 class system…the Elites + cronies and the other 99.9% slaves.
China was set up decades ago to be the place that middle class jobs (ie manufacturing) would flee to…leaving us with bogus economies based on fiat currency , manipulated interest rates, speculation etc. etc
China is a kleptocracy
Reef wipeout: surfers fight China-linked mega resort in Fiji
https://www.theguardian.com/global-development/2019/may/17/reef-wipeout-three-surfers-fight-china-linked-mega-resort-in-fiji
Perfect example of turd worlders attitudes to environment and sustainability. “Rape and Run…”
Need leaders like they have in Phillipines…below zero tolerance
Amazing how many people crave brute authority. Just hire a dominatrix already, and spare the rest of us the Dutertes.
