The Decline of Vancouver.

"We have agreed on banning the purchase of existing homes by foreign buyers," Ms Ardern said on Tuesday, while also announcing plans to slash immigration and focus on job creation.

The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor.

The ban follows fears that overseas buyers of homes were putting too much pressure on infrastructure and house prices. Chinese investors have been among the biggest offshore buyers of property in the New Zealand market.

http://www.bbc.com/news/business-41745129

"The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor."

Was this ever in question?  Capitalism is capitalism.  Providing for the poor is not what it is designed to do.

Posted by: syncro

This is definitely worth a listen - lots of juicy details including how the liberals were well aware of the shenanigans going on with Vancouver r/e. Of course it without saying the majority of the perpetrators of this fraud are Chinese. 

The most staggering fact in this interview is that there are over 200,000 households who declare less income that what their yearly property taxes are. Let that detail sink in for a moment.

https://omny.fm/shows/the-jon-mccomb-show/immigration-fraud-tax-avoidance-real-estate-scheme

That was 20 minutes well spent.

It's funny how conservatives and liberals can join forces when they realize how easy it is to pass the buck on to future generations to clean up the god damn fucking mess they're leaving.

Posted by: chupacabra

"The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor."

Was this ever in question?  Capitalism is capitalism.  Providing for the poor is not what it is designed to do.

Yes, it's always in question.  It's used to stop any conversation when topics like this arise.  SOCIALIST! COMMUNIST!

And then you go and vote for a political party that transfers funds to the largest donors.

A newly-built, farmland mega mansion, owned by a shell company, has driven a 26.6-acre lot it sits on from an assessed value of $88,000 to $8.3 million, underscoring the impact such large homes are having on prices in Richmond’s Agricultural Land Reserve.

“One by one, each of these farms is being taken out of production, making sure it is never farmed by a farmer who can live on that land” said Gillanders.

Transparency International, a non-government organization, has reported how Metro Vancouver real estate is a prime target for speculation due to Canada’s weak laws surrounding beneficial ownership via numbered companies.

http://www.richmond-news.com/news/richmond-mega-mansion-propels-farm-prices-1.23142403

http://www.cbc.ca/news/canada/british-columbia/real-estate-companies-top-list-of-vision-vancouver-donors-in-2017-1.4491930

https://www.youtube.com/watch?v=z7B8CQr7fnU

Posted by: ReductiMat

Posted by: chupacabra

"The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor."

Was this ever in question?  Capitalism is capitalism.  Providing for the poor is not what it is designed to do.

Yes, it's always in question.  It's used to stop any conversation when topics like this arise.  SOCIALIST! COMMUNIST!

And then you go and vote for a political party that transfers funds to the largest donors.

There will be an AI run from a moon server to manage mankind's existence soon enough, don't worry.

Posted by: syncro

This is definitely worth a listen - lots of juicy details including how the liberals were well aware of the shenanigans going on with Vancouver r/e. Of course it without saying the majority of the perpetrators of this fraud are Chinese. 

The most staggering fact in this interview is that there are over 200,000 households who declare less income that what their yearly property taxes are. Let that detail sink in for a moment.

https://omny.fm/shows/the-jon-mccomb-show/immigration-fraud-tax-avoidance-real-estate-scheme

there are a whole shwack of laws already on the books if the fed gov wanted to bring their guns to bear and  prosecute them the way they could

Sweet juicy jesus, this was some sweet nectar.

http://www.news1130.com/2018/02/07/battle-clean-bc/

Posted by: ReductiMat

Sweet juicy jesus, this was some sweet nectar.

http://www.news1130.com/2018/02/07/battle-clean-bc/

i think i need a cigarette.

ps - i wonder how all the people who have been saying we have to vote liberal because the ndp will ruin our province are feeling these days?

Posted by: syncro

ps - i wonder how all the people who have been saying we have to vote liberal because the ndp will ruin our province are feeling these days?

Now that they are likely going to have to declare more income than their property taxes they are probably pissed off.  :)

Seriously though, I still don't know what to think.  BC politics has been a shit show since I can remember and I didn't even bother to vote in the last 2 elections.  The NDP might get things sorted out, but I am not all that hopeful.

Can we rename this thread, "You dumb fucking monkeys"?

http://www.macleans.ca/economy/realestateeconomy/andy-yan-the-analyst-who-exposed-vancouvers-real-estate-disaster/

I think most of our threads could have that title.  It might get confusing.

Posted by: ReductiMat

Can we rename this thread, "You dumb fucking monkeys"?

http://www.macleans.ca/economy/realestateeconomy/andy-yan-the-analyst-who-exposed-vancouvers-real-estate-disaster/

Places outside of NA are becoming flush with cash and I'm not sure why its such a surprise that people who live there want to deploy it toward real estate in more appealing locations like Vancouver, Toronto, many places in the US and Australia, etc... This is a global trend with Vancouver being just one of the targets. This world is not the same as it was 20yrs ago when China and other places had no cash.

And re the mortgage thing in that article, if CIBC and HSBC are facilitating and circumventing transfers of foreign cash across borders and adopting increased risk by holding big mortgages in any market, then that's their Risk Department making bad business decisions that could destroy those companies. I know when I worked with RBC (in TO) for my mortgage here I was shocked at how little they would give me all things considered. I signed that mortgage thinking that lending was already tight in Vancouver (3yrs ago). Conversations with my RBC Rep showed that RBC wanted to reduce their risk in Vancouver relative to elsewhere (including TO). Very possible CIBC and HSBC have had a diff strategy, but my experience suggests that banks are lot feeding a real estate frenzy here - the opposite in fact.