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Friday Free-for-all! September 23, 2016

It’s the end of another work week and that means it’s time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread. Here are a few recent links to kick off the chat:

Mother of all stock market corrections
Alternative lending on the rise
OECD slashes Canadian outlook
Poloz signals delay in rate increase
Empty home tax
Variable rates will soar
Sold as percentage of inventory data
Canadians buying ‘too much car’

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

HALT Rally Recap

HALT_YVR wrote in with a recap of this weekends rally and a link to video of the first 4 speakers:

Hi all,

We just wanted to say thanks to everyone that managed to make it out to our rally this Saturday. Despite the lousy weather, we managed to get 200 people out to make noise about this housing crisis slowly grinding local Vancouverites into dust. We had some great speakers that ran the gamut from average citizens to lawyers, economists, and activists. For those that didn’t get a chance to make it out, here’s a video of the first 4 of our 6 speakers. It’s long at 45 min but well worth the listen: https://youtu.be/h6wRS-fMHi4

We’ll keep you posted on future events that are just now in the planning stages. Expect another event to draw attention to our housing crisis and pressure government in the next two months.

In the meantime like our FB Page to keep up with all the latest updates: https://www.facebook.com/HALTVancouver/

Thanks again for your support,
The HALT Team

$500 Million for Affordable housing

The BC government has announced that they will fund $500 million of affordable housing projects in the province using money brought in via property transfer taxes and the new foreign buyer tax.

Real estate related taxes are now the single largest revenue generator for the BC government, surpassing the 1.2 billion from gambling and all individual resource industry taxes.  In fact, when you combine all resource industry taxes the cumulative figure only exceeds real estate tax income by a few decimal points.

The BC real estate economy is possibly the finest example of a perpetual motion machine in existence. Taxes raised via real estate goes into buying and building more real estate. Win-win!

There’s a new sheriff in town

In an attempt to bring more regulation and oversight to the BC real estate market a new ‘superintendent of real estate‘ position has been created by the provincial government.

Micheal Noseworthy has been named as the new superintendent of real estate.

He’s an experienced regulator having recently served as a senior government regulator for Yukon. Noseworthy most recently served as superintendent of Real Estate, superintendent of Insurance, registrar of Lotteries and registrar of Medical Practitioners.

“I look forward to drawing upon my experiences as both a regulator and a lawyer with experience in real estate and administrative law to serve the interests of British Columbia’s real estate consumers by working swiftly to implement the reforms initiated by the government,” said Noseworthy in a statement.

Read the full article over at News 1130.

Friday (afternoon) Free-for-all!

It’s that time of the week again!

Let’s do our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Ottawa making housing fix a top priority
Thanks for the help
Impact of housing on economy
Fake assets
Goodbye Vancouver
Empty Land
Household debt bigger than GDP
Average Weekly Inventory chart
Why the borrowing binge will end badly

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!