Frances Bula has some comments about a recent proposal to tax vacant properties, pointing out the bizarre lack of logic in most arguments against:
… Real-estate marketer Bob Rennie said it would kill foreign investment in everything, since it would inevitably lead to a tax on foreign investment in manufacturing or other sectors. (Never heard of that in other jurisdictions with housing taxes.)
The mystery documents from the finance ministry surfaced again, claiming it would kill off $1 billion and 4,000 jobs related to construction. (Puzzling claim, since this surtax wouldn’t affect, say, foreign investors who are putting capital into major construction projects.)
And Premier Christy Clark claimed again that somehow this could end up targeting seniors who spend part of the year in the hospital or vacationers. Yet the proposal clearly stated that people who do or have contributed to the local economy (in other words, people collecting pensions) would be exempt.
Read the full comment here and Bulas’ article in the Globe and Mail here.
This is a weird story.
Guy buys a house in Toronto and pays off the mortgage in 3 years by working all of the time, living in his basement and spending little to no money.
And people are angry?
But after CBC News reported Cooper’s story late last year, reader comments flooded the internet, either praising or reviling the 30-year-old’s financial achievement.
“What is he going to do next, buy a car and sell one of his kidneys to pay for it?” snarled one reader.
An era of cheap interest rates has helped ignite an escalating and troubling household debt binge. The topic has become such a touchy one it can spark polarized opinions, finger pointing and even contempt.
Read the full article here.
It used to be there was a time when shops had sales on the day after Christmas to get people out shopping again and to get rid of their unsold Christmas sweaters.
In recognition of the fist fights that would break out over parking spaces this was called ‘boxing day’.
Then someone noticed that suckers would buy anything that had a big enough sale sign on it so they stretched it out for the full week.
It’s now that time of year, may all your shopping dreams come true, go fill those condos!
When it comes to job market opportunity the city of North Vancouver does well at a respectable 3rd in the province. Here in Vancouver we come in as the 17th best city in BC.
For the second year, BC Business has ranked 36 communities in B.C. based on their job markets.
The publication looked at core economic indicators – average household income, income growth, population growth, unemployment rate, people with degrees – and added a new indicator of average household income for the under-35 demographic.
Peter Miron, senior research associate with Environics Analytics, who compiled the data for BC Business, says measuring income for the under-35 age group “is a good way of measuring the overall economic health of a community.”
Read the full list and original article here.
Here’s a prediction:
“US interest rates will rise – and hit 3.5pc by the end of 2017”, The Telegraph UK
“A momentous change looms large in the US. It seems highly likely that the US Federal Reserve will raise interest rates this week.”
“What makes the probable rise in interest rates so significant is not the size of the increase. The rate rise is likely to be a mere 0.25pc. But this would represent the first rate increase for nearly 10 years. Moreover, we all know that once rates have begun to rise, usually the process does not stop after only one increase.”
Does anyone believe we’ll see a rate increase by the Fed from 0.25% to 3.5% in the next two years?
Space889 added a link to this story: BC assessment is sending out warning letters to a few thousand property owners whose property tax is going up.
“Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey,” says B.C. Assessor Jason Grant.
It should come as no surprise that as property values rise their taxes may too, but it’s worth noting that doesn’t necessarily mean more money in government coffers.
That’s because property taxes here are based on a properties value in comparison to its neighbors, not the properties absolute value.
Vangrl posted a link to an article over at the Globe and Mail this weekend about the growing number of new and empty homes in Vancouver.
Ms. Cullen and others said their once-ordinary street has an eerie feel. Large new homes loom darkly over their smaller, lived-in ones. Gardens and big trees have been mowed down. There are fewer parked cars, she said, and it is too quiet.
“There is a slight feeling that it’s almost unsafe, too – like if I suddenly run into trouble in the street, whose house would I knock on?” Ms. Cullen said.
Read the full article here.
Harper has announced an interesting goal: 700,000 new home owners by 2020.
Harper says home ownership provides Canadians with financial stability and strengthens communities.
According to information provided by the party, the target would raise Canada’s home ownership rate to approximately 72.5 per cent. The Canada Mortgage and Housing Corp., citing information from Statistics Canada’s National Household Survey, says the home ownership rate was 69.0 per cent as of 2011, the most current data available.
Meanwhile in the Metro area home ownership rates have moved from 56% in 1986 to 65% in 2011.
Ulsterman dug up this blast from the past: a posting from this here site in 2006. At that time we recommended Vancouver real estate as the easy road to riches. If you followed that advice you’re probably reading this now on a solid gold iPad while you recline on silk cushions with your feet in a bath of Diva Vodka.
YOU can GET RICH in REAL ESTATE!
Are you ready to become so INCREDIBLY RICH that you no longer have to adhere to the standards and conventions of ‘civilized’ society? Are you TIRED of eeking out a day-to-day existence while you can smell THE REEK OF WEALTH all around you? Would you like to be able to walk through the mall without any pants and be so EXCESSIVELY WEALTHY that no one can utter a word about your pantless state, lest you unleash your personal squadron of vicious attack lawyers destroying their lives and reputations?
Well NOW you CAN!
Yes! Thanks to the MIRACLE of BOUNDLESS increases in PROPERTY VALUE you can now become a MULTI-MILLIONAIRE by investing in real-estate. And the best thing about it? This process requires NO EXPENSIVE COURSES OR SPECIAL EQUIPMENT. You don’t need any special skills or knowledge – In fact, you don’t even need a brain! THAT JUST HOW EASY IT IS!
Here’s how its done:
1) buy real-estate
2) sell real-estate (for more than you bought it for)
3) repeat and profit!
This SIMPLE MONEY-MAKING PLAN will see you swimming in your own personal GOLDEN BATHTUB filled with 50 dollar bills within a week. Within a month you will have SO MUCH MONEY coming in that you can hire people to MAKE MONEY FOR YOU. Within a year you will be so RICH, so INCREDIBLY WEALTHY that you will be able to buy yourself a SOLID GOLD SPHERE THREE HUNDRED MILES IN DIAMETER!
You will have the power to BUY AND SELL other people for your own amusement. Earth will be your playground and all that hear your name will COWER IN FEAR. So what are you waiting for? GET RICH NOW!
Why am I sharing my MONEY MAKING SECRETS with you? Because I care. I know that you personally have the RIGHT STUFF to dominate the globe and I want you to SUCCEED. And just to show you my generosity, my utter lack of personal greed or selfish motivation, I have just the thing to get you started. It’s a small leaky condo on the east side and it can be your stepping stone to UNLIMITED MIND-BOGGLING RICHES.
Remember, it’s never too late to take this advice! It’s entirely free and worth every penny paid! Stop slumping and start Trumping!
RFM has updated the Realtor Hunger Index over at VancouverPeak.
The VANCOUVER REALTOR HUNGER INDEX is the percent of realtors who earned no commission income for the stated month. For August 2015 the VRHI was 49%. How does this compare? The 18-year average for August is 50%. At 49%, the 2015 August VRHI was higher than 8 years and lower than 9 years since 1998.
Despite turmoil in the speculative equity markets, an ‘official’ recession in Canada, oil prices that are plumbing the bottom of the barrel, foreign money-laundering investigations by the Canada Revenue Agency, corrupt politicians, greedy realtors, rapacious real estate marketing firms and a plethora of other factors that should cause a collapse of the Vancouver housing bubble, continued lower-than-average inventory and strong demand forced already high prices higher, especially in single family homes, where the HPI increased a whopping 17.5% from August 2014 to $1,159,600. Endlessly-low interest rates (and clueless BOC leadership), a flood of foreign investment money and knee-jerk buying by uninformed and delusional buyers, the August sales rate is extraordinary! And unsustainable. My official opinion of all this is available 24/7/365 for US$0.05! Call now! Operators standing by! However, for a more detailed and scientific analysis of the market dynamics of this firestorm, consult the DSM-5! (The Diagnostic and Statistical Manual of Mental Disorders (DSM-5), published by the American Psychiatric Association, offers a common language and standard criteria for the classification of mental disorders.)
Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64