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The Decline of Vancouver.

Aug. 30, 2016, 3:36 p.m.
Posts: 1781
Joined: Feb. 26, 2015

Ian Young's latest article paints a pretty terrifying picture:

http://www.scmp.com/news/world/united-states-canada/article/2008684/canadas-tax-agency-out-blood-not-global-income

This read pisses one right off. Being self employed I am hassled constantly by CRA.
They only have the resources to go after the little guy.
What a joke.

People always ask me what's the phenomenon
Yo what's up? Yo what's goin' on- Adam Yauch

Aug. 30, 2016, 3:40 p.m.
Posts: 1084
Joined: May 29, 2003

This read pisses one right off. Being self employed I am hassled constantly by CRA.
They only have the resources to go after the little guy.
What a joke.

Not just that, but targeting bigger fish also has way more political landmines. It's easier to keep your job by just avoiding that while still doing your job.:/

Aug. 30, 2016, 4:08 p.m.
Posts: 0
Joined: Aug. 29, 2008

Remember the transit tax referendum? "No" was clear defacto support of this polar provincial - municipal problem you're (legitimately) complaining about. I'm not suggesting there weren't serious issues, but the whole tax and it's plan was at least a big step forwards, albeit a shitty one, towards connecting the region via mass transit.

Full Referendums should be tools to resolve political existential issues. Like resolving the Charter of Rights. Not for taxes or transit plans. By getting a "No" we've torpedoed any major long term regionally coordinated plan, leaving only projects like this giant as bridge and the like as a options for the next 5-10 years. :(

I wasn't able to vote as I'm not a citizen but did take a close interest in the story as I will be eventually. The plan offered very little to improve transit options for anyone crossing a major bridge.

Delta was offered additional buses…as were North Van and Whiterock. Not much good when the bridge and feeder routes are gridlocked. Sure 1 bus = 30 cars but with the growth we have seen / they project for the region, busses are not the answer. Efficient, fast transit will get people off the roads. Busses are slow and unreliable, at least on the routes I use.

It is unbelievable that an infrastructure project like this does not include a light rail / skytrain link that gets people off the road. Perhaps if people saw real solutions to the transit issues during the vote they might have agreed to paying for it in such a direct manner…

Regardless of that fact, the government should have just grown a set and implemented the tax without the plebiscite anyway…

Aug. 30, 2016, 4:15 p.m.
Posts: 7707
Joined: Sept. 11, 2003

"5,000 jobs gone in four months, says Vancouver Home Builders' Association - Construction industry says real estate tax on foreign buyers hitting members hard."

Wait a minute … didn't the BC Government say not 8 weeks ago that foreign buyers were only 2.5% of the Metro Vancouver housing market?

Sept. 1, 2016, 3:16 p.m.
Posts: 0
Joined: Dec. 27, 2002

Things are getting nasty now!

http://www.straight.com/news/767491/feedback-received-city-vancouver-reveals-anti-asian-racism-persists-real-estate-debate

Sept. 1, 2016, 3:20 p.m.
Posts: 5189
Joined: March 21, 2005

Some more fuel for the fire.

And if all this means real-estate agents will make just $60,000 for selling a home instead of $70,000 or $80,000, well, I guess they are simply going to need to find a way to adjust to this painful new reality. At least until the next big buying spree hits, as it invariably will, and a fresh panic sets in.

Meantime, remember: The foreign property-transfer tax is a good thing and do not let anyone try to tell you differently – least of all realtors.

http://www.theglobeandmail.com/news/british-columbia/the-motivation-behind-vancouvers-foreign-tax-is-pure-political-survival/article31628911/

wow, M&M, you're a fucking dick!

don't be so politically correct, this is stacy kohut, not fucking rick hansen your talkin too……..

Sept. 1, 2016, 3:23 p.m.
Posts: 10
Joined: Jan. 12, 2006

"5,000 jobs gone in four months, says Vancouver Home Builders' Association - Construction industry says real estate tax on foreign buyers hitting members hard."

If the market crashes, this will be why. With the broader economy so dependent on real estate, a slow down in sales may cause a loss of jobs, which in turn causes a further slow down in sales, etc etc…

I suspect sales outside the GVRD will more than support the existing construction work, but we shall see…

Sept. 1, 2016, 4:33 p.m.
Posts: 1732
Joined: Nov. 23, 2002

"5,000 jobs gone in four months, says Vancouver Home Builders' Association - Construction industry says real estate tax on foreign buyers hitting members hard."

Wait a minute … didn't the BC Government say not 8 weeks ago that foreign buyers were only 2.5% of the Metro Vancouver housing market?

this post and your quote and the headline are all fucking nonsense.

here's what the line in the body of the article says:

"Bob de Wit, CEO of the Greater Vancouver Home Builders' Association, is predicting the loss of 5,000 jobs in the region by the beginning of December."

never mind the fact that the industry typically slows down at this time of year anyway.

Luck is what happens when preparation meets opportunity ~ Seneca

Sept. 1, 2016, 4:52 p.m.
Posts: 1084
Joined: May 29, 2003

Some more fuel for the fire.

http://www.theglobeandmail.com/news/british-columbia/the-motivation-behind-vancouvers-foreign-tax-is-pure-political-survival/article31628911/

A +1 find and post.

This isn't just fuel to the fire. It's an absolute precision callout of all the crap that's floating around this right now.

It is clearly impossible for the real-estate industry to separate the public good from its own self-interest. Consequently, most anything realtors or their proxies say about this issue needs to be greeted with profound skepticism, if not outright dismissal.

Even goes so far to say that it's been only a 1 month and maybe we should wait a bit longer before calling in the Four Horsemen.

IMO a brilliant piece.

Sept. 1, 2016, 6:26 p.m.
Posts: 7707
Joined: Sept. 11, 2003

this post and your quote and the headline are all fucking nonsense.

here's what the line in the body of the article says:

"Bob de Wit, CEO of the Greater Vancouver Home Builders' Association, is predicting the loss of 5,000 jobs in the region by the beginning of December."

never mind the fact that the industry typically slows down at this time of year anyway.

I suspect if things cool off, some the slack may be picked up by all the homeowners who have put off doing repairs/renovations/upgrades because the labour market for hiring good, reliable tradespeople is so tight.

Sept. 1, 2016, 6:45 p.m.
Posts: 33665
Joined: Nov. 19, 2002

good, reliable tradespeople

The dictionary has this statement as an example of an oxymoron.

It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp

Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells

Sept. 1, 2016, 7:44 p.m.
Posts: 15163
Joined: Nov. 20, 2002

If the 15% slows down the industry it would indicate there was a problem with foreign buyers and the tax is working

OR more likely the 15 % fucked with presold deals that were already in the process

or maybe its just the natural bursting of the overinflated bubble?

my sister tells me the market is still strong to dump our condo

Sept. 1, 2016, 8:18 p.m.
Posts: 18109
Joined: Oct. 28, 2003

my sister tells me the market is still strong to dump our condo

I'd wait till next spring for the next surge.

Sept. 1, 2016, 8:22 p.m.
Posts: 33665
Joined: Nov. 19, 2002

August unit sales down about 50% from July.

It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp

Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells

Sept. 2, 2016, 9:15 a.m.
Posts: 0
Joined: Aug. 29, 2008

If the 15% slows down the industry it would indicate there was a problem with foreign buyers and the tax is working

OR more likely the 15 % fucked with presold deals that were already in the process

or maybe its just the natural bursting of the overinflated bubble?

my sister tells me the market is still strong to dump our condo

It hasn't done anything yet but create un-certainty. Which is affecting the entire market. I doubt there are many locals lining up to urgently buy real-estate right now.

That in itself will be enough for some people but the fact that the tax was implemented on public opinion vs. hard facts and numbers is an issue in my eyes.

While I don't believe the 5% numbers the govt. released; If that, or even double that was the extent of the problem they should have been looking at domestic measures to sort out the affordability issue. But that doesn't win votes.

Crashing the market is bad for everyone in Vancouver. Unless you have a bunch of cash and don't need to work for 5+ years.

If the market drops 20% but you live in China and don't give a toss about the economy for while. Do you think a 15% tax will slow any foreign investment?

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