Friday free-for-all! June 14th 2019

What if the hammer of higher interest rates never falls? If prices keep rising so young families cant afford to buy?

What’s going to happen to the Vancouver economy moving forward?

Just a few questions on our mind as we kick off another Friday free-for-all open topic discussion thread for the weekend.

Post your news links, thoughts and anecdotes in the comments below and have a great weekend!

125 Comments on "Friday free-for-all! June 14th 2019"

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Party on
Guest
Party on

The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada.

At the end of March, 2019 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $8.165 trillion. At the end of March, 2018 the total debt outstanding was $7.785 trillion. In the 1 year period from the end of March, 2018 to the end of March, 2019 it increased by $379.7 billion. This is an increase of 4.8%.

Canadian total (household, business, and all levels of government) debt numbers as of the end of March, 2019

https://owecanada.blogspot.com/2019/06/canadian-total-household-business-and.html

eastender
Member
eastender
Specuskeptic
Member

That’s a neat graphic. Thank you.

southseacompany
Member
southseacompany

“New study shows almost half of Vancouver condos investor owned”, Globe & Mail

https://www.theglobeandmail.com/real-estate/vancouver/article-new-study-shows-almost-half-of-vancouver-condos-investor-owned/

“New data show that investors own nearly half of Vancouver city condos. Across British Columbia’s Lower Mainland, investors – people who do not live in their properties – own 37 per cent of condo apartments.”

MTADTA
Guest
MTADTA

But but but… foreign buyers make up 3-5% of all purchases.

This article is racist and should be taken down!!!

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

Dumbass, everybody who rents lives in a property which isn’t owner occupied.

Best place on meth
Member
Best place on meth

Why must you keep hurling slurs at people?

southseacompany
Member
southseacompany
Full: New data show that investors own nearly half of Vancouver city condos. Across British Columbia’s Lower Mainland, investors – people who do not live in their properties – own 37 per cent of condo apartments. Those are some of the findings that have come out of the data released today by the Canadian Housing Statistics Program on residential property owners in British Columbia, Ontario and Nova Scotia for 2018. The report includes the new indicator of “not owner occupied.” A property is classified as “not owner occupied” when none of the owners on title declare the property as their usual residence – it is rented out, used as a secondary property, or left empty. The CHSP is part of the federal government’s new initiative to provide better data on housing. While a Statistics Canada release offered numbers from the… Read more »
Laibach
Member
Laibach

“Exactly” as local clown kept parroting “mostly locals”, right…

Almost half the condos in Vancouver are not-owner occupied, and almost one-fifth of the detached homes.

https://vancouversun.com/news/local-news/not-owner-occupied-property-skyrockets-in-vancouver

Oracle
Guest
Oracle

That’s what ChinaOne has been saying. “I buy forty and my cousin buy forty”.

Now question is will the gov bail them on Capital Gains Taxes and failure to declare rental income. Or will they allow land titles to change names on titles without informing anyone else?

Oracle
Guest
Oracle

“Nail them”. Not bail.

Specuskeptic
Member

You admitted that ChinaOne was one of your sock puppets not that long ago. Did you forget that? Who the fuck quotes one of their own sock puppets for corroboration? Such a fucking liar.

Canada is for Canadians
Guest
Canada is for Canadians

Oracle lies so much that he can’t remember all of his lies …

Best place on meth
Member
Best place on meth

Oracle would make a great FBI agent.

Oracle
Guest
Oracle

And what are you gonna do about it Mr Panties.?

You want a shot at the heavyweight title?

Specuskeptic
Member

I’ll keep pointing it out when I notice it.

dude
Guest
dude

Yes it is mostly locals. That video on your link states the following:

$965B – Overall residential RE in Vancouver.
$76B – Tied to at least 1 non-resident. (8% of overall)
$34B – Non resident. (3.5% of overall)

So the number is still small.

NOT-OWNER occupied = RENTED out. Mostly owned by local investors.

Some people keep saying roof over your head should never be an investment. Really?
As long as it has a price and there is a demand, anything is considered possible investment. We are not living in North Korea are we?

Hyper-mega-Bull
Member
Hyper-mega-Bull

>Some people keep saying roof over your head should never be an investment.

the idiots who say that are the same ones that denied HAM, cried racism and stuck their heads in the sand for decades.

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

If you actually understood the article you’d probably not be posting it.

Laibach
Member
Laibach

Parroting your bullshit as usual. How you don’t get tired of continuously playing dumb like a dick.

“One in four condos built in Burnaby in 2016 and 2017 are owned by foreign residents, recently released data shows. ”

… and coincidentally in Richmond even more.

https://www.burnabynow.com/real-estate/non-residents-own-a-quarter-of-new-burnaby-condos-are-they-paying-their-taxes-1.23808252

Best place on meth
Member
Best place on meth

One in four?

If my math is correct, that works out to around 3-5%.

patriotz
Member

“One in four? If my math is correct, that works out to around 3-5%.”

You are mixing up stock and flow. Also the 3-5% figure (that’s the flow part) is for all residential property types in the whole metro (or rather was, it’s lower now). Condos have always had a higher rate than overall and Burnaby has always had a higher rate than the metro. Oh, and new condos have a higher rate than used ones.

patriotz
Member

“and almost one-fifth of the detached homes.”

What, you mean it’s possible to rent a house in Vancouver? What kind of riff-raff is the City getting? If you want to live in a house you should be able to afford to buy one!

/sarcasm

Laibach
Member
Laibach

Another fuckup in making…

“Tung said he’s already been noticing Canadians returning home from Hong Kong over the years, and also predicts many more will do the same in the near future.

“They’re buying new homes, they’re getting jobs and starting businesses,” he said. “There will be more.”

https://globalnews.ca/news/5388549/hong-kong-protests-bc-expats/

Hyper-mega-Bull
Member
Hyper-mega-Bull

oracle and i have been warning about this for years

bullwhip29
Guest
bullwhip29

the difference between now and 25 yrs ago is the dramatic influx of nouveau-riche mainlanders. someone considering moving back here this time around will surely take that into consideration.

Best place on meth
Member
Best place on meth

The only solution to this crisis is to nuke Beijing.

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

We could see a mass exit of companies leaving HK. Just like manufacturing is leaving China. Another nail in the China coffin. All criminal organizations self destruct.

southseacompany
Member
southseacompany

“Vancouver Real Estate Is No Longer The Country’s Most Expensive Market”, Better Dwelling

https://betterdwelling.com/vancouver-real-estate-is-no-longer-the-countrys-most-expensive-market/

“Vancouver’s decline means it gives up the throne as Canada’s most expensive real estate market, giving it up to Oakville, Ontario. For those that don’t know where Oakville is, it’s better known as the traffic jam between Toronto and Niagara Falls.”

patriotz
Member

This comparison is useless. Oakville has always been a small premium market in the GTA. Its counterpart is something like West Vancouver. They don’t define what territories are covered by “Vancouver”, “Toronto”, etc.

ted
Guest
ted

Don’t know anything about the Oakville market but I do know that the benchmark in Vancouver is much higher than what was quoted. Stuff like this makes me mad, shows basic reporting is dead. As Patriotz below stated what is Vancouver define as? And why would Vancouver be compared to one area which is equivalent to a posh suburb.

Bubble
Guest
Bubble

Mortgage cheaper now: Bank is offering an early renewal without penalty: 2.79% for 4 years.

bullwhip29
Guest
bullwhip29

advertised rate means nothing because buyer still has to qualify under guidelines

bullwhip29
Guest
bullwhip29

banks like RBC and even CWB require clients to re-qualify even when doing a routine renewal.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Re : Ownership

I don’t buy the “mostly locals” own…this implies people born here or long term citizens are the main buyers.

There are many categories the foreign locusts can umbrella under and give the illusion it is not foreign money.

dude
Guest
dude

Resident is resident.

There is no such a thing 100% resident and 1% resident. If that was the case, aboriginals supposed to be all living in a Palace in DT Vancouver and new PRs and Citizens supposed to start their life from the streets, homeless.

Big Bear
Guest
Big Bear

They don’t think like that in Asia.

dude
Guest
dude

Yes. They don’t integrate easily. But what other choice do we have?
Any suggestions? One way or another we will have to take them. If not now, maybe the time when we retire? Will be too late. I would prefer 300,000/yr compared to 3,000,000/yr when we are all old and incapable.

Big Bear
Guest
Big Bear

Hogwash. Technological unemployment will create a glut of labor.

patriotz
Member

“I don’t buy the “mostly locals” own”

Are you disputing the official home ownership rate of about 60%? Owner-occupiers are locals by definition. There are also plenty of locals who own investment properties.

Werner Stein
Guest
Werner Stein

Let me get this straight…… most countries have extradition laws and treaties which they vigorously enforce, but China shouldn’t have the right to exercise such a law?

We can hold Meng Wanzhou because we have extradition laws, but we would deny the same right to China. Implicit in this line of faulty logic is that the Chinese cannot be trusted with such power because they are morally deficient.

This would not be so repugnant if it didn’t come from a jurisdiction which allows drug dealers showing up at casinos with bags of blood money to launder.

Hyper-mega-Bull
Member
Hyper-mega-Bull

it’s not about “rights”.

if HK is autonomous it is up to the people of HK if they want to have that treaty with china or not. it isn’t about “rights” it’s about HK citizens agreeing to the treaty because they believe that china will act in good faith.

HK citizens simply don’t trust china.

Hyper-mega-Bull
Member
Hyper-mega-Bull

if HK is not autonomous US will end it’s trade treaty with HK (which it reviews every year and which is conditional on HK being autonomous) and HK’s economy will collapse.

YVR
Guest
YVR

It won’t be just the US exiting. What ever happens HK is now damaged goods. Just like China is now with Trumps tariffs. Nobody is going to invest in a places with uncertainty.

Royce McC
Guest
Royce McC
“Implicit in this line of faulty logic is that the Chinese cannot be trusted with such power because they are morally deficient.” If you sub in “Chinese government” instead of “Chinese”, then the only problem I have with this statement is that you’re calling the logic faulty. That’s not me singing the praises of this jurisdiction and calling it blameless. Canada is flawed. That’s not me being opposed to Chinese people in general or Asians. But since when did it become “repugnant” to suggest that a totalitarian regime with such a bloody history is morally deficient? “most countries have extradition laws and treaties which they vigorously enforce, but China shouldn’t have the right to exercise such a law?” I assume we are all adults here and able to understand the wide range of personal freedoms that people can experience based… Read more »
KickThemOut
Member
KickThemOut

No one is opposed to extradition laws, they are opposed to bowing down to China only by allowing China to legally kidnap its citizens. This video explains it all in perfect clarity. Right now, a HK person can go to China and do whatever s/he feels like without fear as long as they can get back to HK before being detained by Chinese mafia. They have total freedom to do anything and everything as is their right without fear. In fact, this freedom extends to all places where HK doesn’t have an extradition treaty with. If this bill is passed then they have lost this important and vital right. This is why they are fighting.
https://www.facebook.com/376552872550155/videos/388047708713174/

Werner Stein
Guest
Werner Stein

You obviously don’t know the history. HK was simply stolen from China.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Exactly…
This goes back to Opium Wars..China capitulated to the bully-imperialist Brits thus created Hong Kong.
.Hong Kong is a legally constructed fiction.

Many of the world’s greatest fortune were made off Opium Wars and via creating and exploiting millions of Chinese addicts.

KickThemOut
Member
KickThemOut

No one stole HK. Fuck off with your revisionist history. China ceded HK to UK as compensation for illegally destroying UK merchant’s goods and merchandise, as well as UK’s expeditionary army cost & war indemnity according to international norms. In fact, UK even lowered its demand as act of charity to China. It has also developed HK into the Asian jewel it is today, and China is hellbent on destroying in its zeal to get a chip off its shoulders.

bullwhip29
Guest
bullwhip29

speaking of having a chip on your shoulder…

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

You prove my point…
The way Imperialists dealt with China and Hong Kong has had major repercussions globally….majority of it negative.
How has the planet gained by Hong Kong’s existence ?

This begets the “What If ” was no Hong Kong.

Otherwise…your blaming the Chinese for attempting to stop Brits etc from turning Chinese into opium addicts and then blaming the Chinese is off the charts incredulous.

MTADTA
Guest
MTADTA

And it was like winning the lottery 10x’s over. Britain made it an economic powerhouse with rule of law.

You would never have heard of HK if it wasn’t ‘stolen’.

Best place on meth
Member
Best place on meth

History is irrelevant, only idiots like the chinese keep wailing about the past and vowing to get revenge.

YVR
Guest
YVR

“HK was simply stolen from China.”

You can say that about pretty much every piece of land in the world. Should we figure out who owned what in caveman days. Besides HK would be worthless if China had of held it all along. If China takes over it will be worthless in the future.

patriotz
Member

Only HK Island and Kowloon were ceded to the UK by China. The rest, known as the New Territories, was leased to the UK for 99 years ending in 1997. The UK was obliged to give them back according to their own legal system.

The British realized that it would be untenable to hold on to HK Island and Kowloon after giving the NT back to China, so they went for the best deal they could get, which was for autonomy under Chinese sovereignty. The PM in charge at the time was Margaret Thatcher.

Laibach
Member
Laibach

BC NDP housing policies destroying British Columbians’ wealth

Lol, a hard earned wealth…

https://biv.com/article/2019/06/bc-ndp-housing-policies-destroying-british-columbians-wealth

Laibach
Member
Laibach

This retard seriously talks how people could have invested their lost paper money, unbelievable.

“Collectively, British Columbians could have put the money to good use. For example, there is a lot of concern over the escalating cost of managing the growing number of wildfires scorching B.C.

The wildfire budget was increased this year by 58% to $101 million. With the $90 billion, British Columbians had the wealth to pay this bill for the next 891 years.”

bullwhip29
Guest
bullwhip29

well, it was “invested” so to speak, now definitely for the long term

is it any wonder that insurance co’s have ratcheted up premiums by 25-50% in the last few years? what a great business to be in…

bullwhip29
Guest
bullwhip29

Vancouver man accused of following woman home, sexually assaulting her, granted bail
https://globalnews.ca/news/5391474/vancouver-sex-assault-bail/

Canada is for Canadians
Guest
Canada is for Canadians

Hong Kong protests may influence housing prices in Vancouver

https://www.citynews1130.com/2019/06/14/extradition-protest-vancouver-housing/

the pumpers will certainly try to leverage this …

bullwhip29
Guest
bullwhip29

More than a dozen RCMP vehicles were lined up along Ackroyd Road, at No. 3 Road, Friday morning, with police appearing to focus on a building at the northwest corner of the intersection
https://www.richmond-news.com/news/massive-police-presence-in-richmond-city-centre-1.23856280

“…there are no suspicious circumstances and there’s no cause for the public to be alarmed…”

bullwhip29
Guest
bullwhip29

Sold on your behalf: 164 B.C. schools and hospitals, agricultural and industrial lots worth $1 billion
https://vancouversun.com/news/local-news/sold-on-your-behalf-164-schools-and-hospitals-agricultural-and-industrial-lots-worth-1-billion

Dave
Member

The media are such dopes, they got the story backwards.

What’s happening in reality is that the Province expropriates more land than it needs for projects and then flips it for a profit later. It’s a huge win for the taxpayer.

In reality, the government will always be generating surplus land from projects or unused property. And secondly, it’s normal for property owners to buy and sell land and that’s something they will always be doing. The idea that you should never sell land is truly world class dumb.

And finally, the NDP were doing this under their previous government.

What a bunch of idiots.

Dignan
Guest
Dignan

I think the bigger story here is the following.

“In each case, the buyer was a numbered company created about a month before the sale with former Kwikwetlem First Nations chief Ron Giesbrecht listed as director. On the very same day each lot was purchased, the director of the numbered company was changed from Giesbrecht to developer Ryan Beedie.“

Beedie purchased the numbered company from the Kwikwetlem First Nations therefore avoiding Property Transfer tax on the purchase. I would assume the Government in power was aware of that loophole and turned a blind eye to it.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

We parties of European background are supposed to genuflect to this PC bullsh*te

First Nations governance models are ripe for internal corruption………it’s worse than Mafia.

Dave
Member

It sounds like a story but it isn’t. If a First Nation steps up to pay market price, they get to buy it. Those are the rules and they exist to allow First Nations to re-acquire land that was once theirs. If in the process of closing somebody else offers more, they have the option to flip it.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

Sorry….
….I don’t buy into the First Nations bullsh*te and ” their land” crap

Like many other things..it was an artificial construct imbedded in our laws/propaganda/ politics for major exploitation later.

Tsawassen “First Nations” is a prime example. What a scam.

If people of European descent want to self -flagelate as they bend over on PC mind rot …..be my guest.

Dignan
Guest
Dignan

I totally agree, make money where you can. But they aren’t flipping the property, just selling the numbered company to avoid the title changing hands thus avoiding property transfer tax on a $29+Mil property.

bullwhip29
Guest
bullwhip29
Best place on meth
Member
Best place on meth

“The day after Freeland’s statement, the Chinese Embassy in Canada issued its own message, saying: “Hong Kong affairs are purely China’s internal affairs. No other country, organization or individual has the right to interfere. … Recently, some people from the Canadian government made irresponsible and erroneous comments on the Hong Kong SAR government’s amendment to the ordinance and other Hong Kong affairs. We deplore and firmly oppose this.”

Shut down the chinese embassy and kick them out.

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

China is what it is..Hong Kong is what it is…
Why should we get involved in a pissing match ?
Its out of our control.

I am no fan of mainland China…but perhaps it has good grounds to demand extradition treaty..maybe too many crooks are holed up in Hong Kong ?

Doesn’t everyone benefit if they start to clamp down ?

Best place on meth
Member
Best place on meth

This is about freedom vs. evil.

You don’t want to pick a side?

Shit It Down Already(Original)
Guest
Shit It Down Already(Original)

When the situation has degraded into a clusterf*ck I don’t need to pick a side.
It’s LOSE -LOSE.

We are F*cked either way.

paulb
Member

New
132
Expired
6
Sold
83
TI: 15804

http://www.clivestevepaul.com

Werner Stein
Guest
Werner Stein
“I am no fan of mainland China…but perhaps it has good grounds to demand extradition treaty..maybe too many crooks are holed up in Hong Kong ?” Agreed. The people on the streets are being manipulated into thinking it’s about civil rights. But the protest is incited by those who are attempting to preserve ill-gotten huge wealth. The city state will eventually be turned over completely to China it has always been well known, therefore it’s not some kind of devious and covert act. China is actually being patient, and methodical, in setting up a good clean up. My hope is that they will round up the criminals. I’m inclined to think may of them will have a BC connection. It will be interesting to see what Canada’s response will be when they start prosecuting /executing those with Canadian citizenship. There… Read more »
hahahaha
Guest
hahahaha

Every one, just stop responding to this low IQ individual.

Not worth the typing. They are obviously brain dead

SilentBob
Guest
SilentBob

Gee, I wonder where you’re from.

Bubble
Guest
Bubble

Another Sydney condo tower is cracking:
https://youtu.be/ezO99ypLoMc

xhistory
Guest
xhistory

No help for the residents. Look to ‘friends or family’

Hyper-mega-Bull
Member
Hyper-mega-Bull

chinese have been getting into construction industry as builders and suppliers. there are now single family homes built almost entirely out of materials from china. 1/2 the price.

we’ll see how that turns out.

Canada is for Canadians
Guest
Canada is for Canadians

Trudeau to apologize to Italians mistreated in Canada during WWII

https://globalnews.ca/news/5393592/justin-trudeau-italian-apology-wwii/

Turds latest apology ….

Bag it and tag it
Member
Bag it and tag it

When are the Italians going to apologize for enslaving Europe, Northern Africa and the Middle East, during the Roman Empire? I’m still pissed about that. What my people had to endure…it’s as though it happened to me personally.

xhistory
Guest
xhistory

Julius Caesar tried to do something about it. After the assassination the solution turned out to be more of the same. Although a new religion was born, so it wasn’t a total loss.

oooo
Guest
oooo

no one is asking for an apology for the roman empire.

some italians are asking for an apology for treatment during WWII.

you see how it works now?

hahahaha
Guest
hahahaha

Tourist are dieing in Dominican Republic and the suspected cause is counterfeit alcohol.

https://nypost.com/2019/06/13/authorities-eyeing-bootleg-liquor-as-potential-cause-of-dr-tourist-deaths/

Guess what country produces huge amounts of fake booze.

Doomcouver
Guest
Doomcouver

Norway?

Laibach
Member
Laibach

Flood from HK on hold (for now).

Hong Kong’s Leader, Yielding to Protests, Suspends Extradition Bill

https://www.nytimes.com/2019/06/15/world/asia/hong-kong-protests-extradition-law.html

Oracle
Guest
Oracle

27 years and counting down.

The FOMO for that event may happen in 17 years. Good for planning for your kids housing.

Best place on meth
Member
Best place on meth

The PRC will be gone long before then.

Doomcouver
Guest
Doomcouver

Yeah, they’ll go the way of the USSR in our lifetimes probably. The PRC has only existed since 1949 and there are signs the country is starting to come apart at the seams. I think allowing Hong Kong/Taiwan to maintain relative independence will be their downfall. Running a capitalist/communist blended country is something the USSR tried right before it collapsed. I’m expecting the next credit shock in China could easily trigger mass money printing, hyperinflation, and food riots. Weird how history tends to repeat itself, it’s not just a cliche I guess.

Laibach
Member
Laibach

They deserve it by all means. Country, system, society, people are rotten to the bone. It should all get disintegrated, vanish and start again from the scratch.

Oracle
Guest
Oracle

It did.

The new system was called communism. You need it in places where the gene pool gets greedy by nature.

They need this in India as well.