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  #8861  
Old Posted May 5, 2018, 9:36 PM
Docere Docere is online now
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Originally Posted by someone123 View Post
This is one of the silliest sob stories going around today. Often what it is really about is preserving an inheritance for children, which is a much less compelling reason to give seniors special tax breaks. This amounts to taxing all of the children so certain lucky one with rich parents can get extra money!
Andrew Wilkinson's constituency.
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  #8862  
Old Posted May 5, 2018, 9:49 PM
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And you even forgot to use the most powerful argument - they can defer those taxes if they're too cash-poor to afford them while living (in that multi-million dollar house).

They're still going to be paying less than their fair share even after this tax increase, so there's no reason to feel sorry for them.

Actually I'd be hard-pressed to find a more extreme case of a Canadian paying less than their fair share than a low-education, low-income Vancouver resident who, thanks to a mortgage, managed to buy a well-located cheap bungalow in the 1970s, never paid much if any taxes on their minimal wage income during their lifetime, and is now retired, costing a fortune in healthcare in their old age, living modestly on pension income without paying any income tax, in a multi-million dollar free-and-clear home that costs nearly nothing in property taxes (and they don't even pay them until they die!)
In Ontario property tax deferral is very expensive; as soon as the year ends, any unpaid balances are charged at a rate of 1.25% per month--so basically 15% per year--and you'll end up getting your property seized after a few years.

Seniors who are house rich and cash poor should honestly just move. We have this taboo against the idea of seniors moving but it's honestly a good thing for older people to downsize and move out. For an empty nester couple to hold onto a huge house is a waste of bedroom space and it only drives values up. Plus it's not good for their mental health; they'll ultimately end up trapped in a lonely, miserable environment.
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  #8863  
Old Posted May 6, 2018, 3:32 PM
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Originally Posted by Docere View Post
Andrew Wilkinson's constituency.
Andrew Wilkinson may be doing a great job of representing his Vancouver-Quilchena constituents in that regard, but to swing voters he comes across as just another uptight, rich white guy defending multi-millionaire homeowners.
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  #8864  
Old Posted May 6, 2018, 4:30 PM
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Andrew Wilkinson may be doing a great job of representing his Vancouver-Quilchena constituents in that regard, but to swing voters he comes across as just another uptight, rich white guy defending multi-millionaire homeowners.
My point exactly. Wilkinson's BC Liberals are the "Thurston Howell III party" basically. Just defending wealth and privilege and no populist element at all.
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  #8865  
Old Posted May 8, 2018, 3:10 PM
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Montreal Surge Highlights Resilient Month for Canada Home Starts

Montreal’s housing market showed fresh momentum in April, helping extend Canada’s above-average run of residential construction.

Starts in Canada’s second-most populous city jumped 63 percent in April from the prior month to an annualized 32,935, the nation’s housing agency reported Tuesday from Ottawa.

Signs of a broader housing boom also showed up with gains in Alberta and three smaller provinces on the east coast, Canada Mortgage and Housing Corp. said. Toronto starts, meanwhile, fell 31 percent to 26,768 units, and Vancouver’s dropped 28 percent to 23,366.
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  #8866  
Old Posted May 8, 2018, 4:41 PM
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Originally Posted by travis3000 View Post
Last April was the peak of the frenzy. I'd expect less crazy year over year comparisons as we get into the summer months.
Exactly.

My house gained $300,000 only to lose as much in about 4 or 5 weeks. I've heard of a few people that got screwed buying at the peak and selling after it bottomed out.
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  #8867  
Old Posted May 8, 2018, 4:55 PM
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Originally Posted by 1overcosc View Post
In Ontario property tax deferral is very expensive; as soon as the year ends, any unpaid balances are charged at a rate of 1.25% per month--so basically 15% per year--and you'll end up getting your property seized after a few years.

Seniors who are house rich and cash poor should honestly just move. We have this taboo against the idea of seniors moving but it's honestly a good thing for older people to downsize and move out. For an empty nester couple to hold onto a huge house is a waste of bedroom space and it only drives values up. Plus it's not good for their mental health; they'll ultimately end up trapped in a lonely, miserable environment.
In Quebec, cities charge between 12% and 15% annually.

Sherbrooke charges "only" 12%, and I've consistently beaten that ROI, so I've had a two years balance (the maximum allowed) on my property taxes for over a decade. Basically every September 1st I pay the City some ~$50k instead of ~$40k (you also have to clear the interest on the oldest year), but that money's at work for me in the meantime.

In Florida the way it works is very interesting. You can defer for two years like in Quebec, but the interest rate is fixed by private lenders who bid for this very safe investment (and may end up seizing your property for themselves if you end up letting them).

It would obviously be a win-win if some rich risk-averse wealthy Canadian could buy my Sherbrooke property tax liens and "only" charge me, say, 8% rather than 12%. And then someone else would "outbid" that guy and declare himself satisfied with only 7%, etc.

With that system, I win, the investor wins, the City loses. Which is probably why the govt here wouldn't allow that - I bet they count on interest on late taxes the same way they count on speeding and parking tickets in their yearly budgets.

It's one of these things that work well if it's always worked like that ideologically, but that's hard to change once governments have become addicted to the revenue source.
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  #8868  
Old Posted May 9, 2018, 4:42 AM
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The overheating in Canada's top markets has resulted in the first fall in home ownership % since 1971:

...Between 2011 and 2016, nearly 753,000 new households were formed. About 396,000 of those were rentals, which now account for 32 per cent of the country’s homes, according to data from the 2018 Canadian Rental Housing Index.

Over the same period, the percentage of home ownership fell from 68.9 per cent to 67.8 per cent, the first drop since 1971.

“For 50 years, we’ve been trending toward home ownership, but now that average and even upper-income workers are being priced out of home ownership, they are staying in rental housing for far longer,” said Jill Atkey, acting chief executive and managing director of the BC Non-Profit Housing Association....


https://www.theglobeandmail.com/real...ome-ownership/
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  #8869  
Old Posted May 9, 2018, 5:28 AM
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A new study out Monday suggests Canadians can expect a $750 billion windfall from their aging relatives over the next decade, an inheritance inflated 50 per cent compared to what was passed on in the previous decade.
There may be lulls here and there, but there is still plenty of fuel for this bubble to continue for years to come, and it's not Chinese money launderers.

http://business.financialpost.com/pe...er-next-decade
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  #8870  
Old Posted May 9, 2018, 6:13 AM
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Originally Posted by logan5 View Post
There may be lulls here and there, but there is still plenty of fuel for this bubble to continue for years to come, and it's not Chinese money launderers.

http://business.financialpost.com/pe...er-next-decade
I think some people are racist and have certain views to dictate a geography of immigration because of a social prejudice. The transfer of wealth is just one indicator. The strong economy from the previous liberal government is still evident. The death by a thousand cuts from the B.C. N.D.P. government on the housing market has not been as successful as some might think. That with the federal government raising interest rates.

I know from a previous post this link is not very attractive but it is still true!

https://www.huffingtonpost.ca/2018/0...mf_a_23412706/

The globalization of housing markets is not a myth.

The simple supply vs demand has not been met in this market. Sure sales have slowed but prices have increased.

Most of the benefits to this global market are Canadians that will pass on their inheritance to their kids and taxes to the government!
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  #8871  
Old Posted May 9, 2018, 6:44 AM
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'Amazon effect' may push Vancouver home prices even higher

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A spate of government policies have tried to temper Vancouver’s housing prices, to little avail. Now Amazon.com Inc. may give Canada’s costliest market another boost.

The Seattle-based company plans to increase its Vancouver workforce five-fold to 5,000 by 2022 - mostly high-tech positions, said Jesse Dougherty, Amazon’s general manager of web services. Dougherty spoke Monday in the bunker-like former Canada Post mailing center that’s set to be re-developed to host Amazon’s new 416,000-square-foot office.

“It’s no joke for any metro when Amazon comes in, especially in a mid-market city," says Aaron Terrazas, senior economist at real estate portal Zillow Group Inc., which calculates Seattle rental prices increased by 50 per cent and home values nearly doubled since Amazon’s start as a bookseller in the mid-1990s.
Seattle was a city of about 3 million people -- roughly on par with the population of Greater Vancouver -- before Amazon’s workforce exploded from about 5,000 workers in 2010 to about 40,000 today, helping turn it into one of the fastest-growing U.S. cities, said Terrazas.

“It’s the Amazon effect," he said. “Amazon attracts other companies that also want that talent so they build, have offices next door or adjacent to it - supply becomes a challenge."
https://www.bnnbloomberg.ca/amazon-e...gher-1.1069535
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  #8872  
Old Posted May 9, 2018, 1:59 PM
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  #8873  
Old Posted May 9, 2018, 7:23 PM
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NIMBYism, skilled labour, permit issues dog Vancouver CRE

Quote:
Several reasons for high costs
Moore said there are several reasons it costs so much to live in Metro Vancouver, but most pressing are the slow and ineffective public hearing process hindered by opponents to virtually every development proposal, and a shortage of skilled construction labour.

“Never does a large contingent of ‘yes’ come out to public hearings,” he told a packed ballroom of developers, realtors and other stakeholders. “It’s a public speaking contest for the ‘no’ side.”

He said mayors and councils struggle to get an accurate read on the true public mood for any given project when their chambers are always filled with opponents to density and development.
Quote:
NIMBYism “kicking crap” out of politicians
“Where are you at public hearings? Where are you when your friends are at public hearings? We as politicians are getting the crap kicked out of us by the NIMBYism,” Moore said. “We need the other side to come out.”
Quote:
Too few skilled workers for housing building boom
The problem, however, is there are too few workers to build them, McCauley said.

“We all experience it on a daily basis,” he said. “The accelerated and elevated construction costs, the shortage of skilled trade labour and everything else.”
Quote:
Red tape, costly fees, slow permitting, land costs
Panelist Anne McMullin, the president and CEO of the Urban Development Institute, said the bottom line is housing supply isn’t keeping pace with demand. Metro Vancouver remains about seven years from any notable affordability relief, given the current path of development and new government stimulus, she said.

“We do know that (the affordability problem) is a lack of supply,” she said, blasting “layers” of red tape at various levels of government, slow and expensive development permitting and high land costs as major causes.
https://renx.ca/vancouver-cre-nimbyi...permit-issues/
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  #8874  
Old Posted May 9, 2018, 11:24 PM
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Real estate turns to tech to fill in labour market gaps

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Limits on the federal temporary foreign worker program, strains on the region’s transportation network and high housing costs for workers are putting the region on the path toward “crisis levels in terms of labour,” according to third-generation real estate developer Mike Bucci.

Conditions have gotten so bad in the past year the vice-president of Bucci Developments Ltd. is bringing in workers from his Calgary operations to finish up work on condos dotting the Metro Vancouver landscape.
https://biv.com/article/2018/04/real...ur-market-gaps
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  #8875  
Old Posted May 10, 2018, 6:05 AM
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Realtors, developers brace for crash

‘Perception and fear trump fundamentals’ in pre-sale condo market

By Frank O'Brien | May 9, 2018

High-profile real estate developers, marketing executives and real estate agents are bracing for a sustained downturn in the housing market after sales in April – usually one of the most active months of the year – plunged by double-digits across Metro Vancouver.

Vancouver lawyer Richard Bell, executive vice-chair and founder of Avesdo Inc., told a real estate seminar May 8 that the Vancouver new home market has seen an “incredible run over the past 10 to 15 years.” But, he added, “We all knew it would come to an end and the end is nigh.”

In April, just 43% of pre-sale condos offered in Metro Vancouver sold, compared to 94% in January, 83% in February and 63% in March, said Cameron McNeill, a partner in MLA Canada, the real estate marketing firm that hosted the Pre-Sale Pulse seminar at Olympic Village.

In the resale sector, April sales of detached houses plunged 34% through the Real Estate Board of Greater Vancouver, compared with a year earlier, while townhouse and condo sales were down 25% and 24% in the same period.

“I have been seeing more and more price reductions in the detached housing market,” said Michelle Yu, a top-producing Vancouver agent with Coldwell Banker Wesburn Realty. Yu, known for her eight-figure land assemblies, said investors should not expect a quick return on investment if they had bought recently.

“All you can expect is capital gain. However, as long as the NDP is in power, I strongly believe the double-digits gain honeymoon is over. On top of that, there are many different new taxes, stricter rental rules,” Yu stated in a missive to clients this week.

“This would be the seventh cycle since I got into the business in 1992,” she said. “The fact is when the market swings back up again, the next peak is always higher than the previous peak.”

Meanwhile, she is “looking for U.S. investment opportunity for many of my investors.”


...

https://biv.com/article/2018/05/real...rs-brace-crash
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  #8876  
Old Posted May 11, 2018, 1:35 AM
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Originally Posted by lio45 View Post
Sherbrooke charges "only" 12%, and I've consistently beaten that ROI, so I've had a two years balance (the maximum allowed) on my property taxes for over a decade. Basically every September 1st I pay the City some ~$50k instead of ~$40k (you also have to clear the interest on the oldest year), but that money's at work for me in the meantime.
Wouldn't your money work harder for you if your tax bill was 20% less?
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  #8877  
Old Posted May 11, 2018, 1:44 AM
Tourist9394 Tourist9394 is offline
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Originally Posted by Acajack View Post
Why couldn't it? Is there something in its constitutional law that would disallow it?

It's a totally sovereign country, and can do whatever the hell it wants.

They can ban grey track pants and flip flops if they want.

http://www.scmp.com/culture/books/ar...-public-ethics

https://www.youtube.com/watch?v=RM3W5XBrVEA
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  #8878  
Old Posted May 11, 2018, 1:58 AM
Docere Docere is online now
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Uh-huh

Quote:
An estimated 11,000 new condos will start marketing this year in Metro Vancouver, McNeill said, but this “will barely scratch the surface” of the true demand. He added that, like the last downturn in 2008, people would likely be surprised at how quick the recovery will be.

“This is Vancouver,” agreed Bell.

“It will come back.”
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  #8879  
Old Posted May 11, 2018, 3:59 AM
whatnext whatnext is offline
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Quote:
Originally Posted by SpongeG View Post
Realtors, developers brace for crash

‘Perception and fear trump fundamentals’ in pre-sale condo market

By Frank O'Brien | May 9, 2018

High-profile real estate developers, marketing executives and real estate agents are bracing for a sustained downturn in the housing market after sales in April – usually one of the most active months of the year – plunged by double-digits across Metro Vancouver.

Vancouver lawyer Richard Bell, executive vice-chair and founder of Avesdo Inc., told a real estate seminar May 8 that the Vancouver new home market has seen an “incredible run over the past 10 to 15 years.” But, he added, “We all knew it would come to an end and the end is nigh.”

In April, just 43% of pre-sale condos offered in Metro Vancouver sold, compared to 94% in January, 83% in February and 63% in March, said Cameron McNeill, a partner in MLA Canada, the real estate marketing firm that hosted the Pre-Sale Pulse seminar at Olympic Village.

In the resale sector, April sales of detached houses plunged 34% through the Real Estate Board of Greater Vancouver, compared with a year earlier, while townhouse and condo sales were down 25% and 24% in the same period.

“I have been seeing more and more price reductions in the detached housing market,” said Michelle Yu, a top-producing Vancouver agent with Coldwell Banker Wesburn Realty. Yu, known for her eight-figure land assemblies, said investors should not expect a quick return on investment if they had bought recently.

“All you can expect is capital gain. However, as long as the NDP is in power, I strongly believe the double-digits gain honeymoon is over. On top of that, there are many different new taxes, stricter rental rules,” Yu stated in a missive to clients this week.

“This would be the seventh cycle since I got into the business in 1992,” she said. “The fact is when the market swings back up again, the next peak is always higher than the previous peak.”

Meanwhile, she is “looking for U.S. investment opportunity for many of my investors.”


...

https://biv.com/article/2018/05/real...rs-brace-crash
Buy-bye Michelle , don’t let the door hit Yu on the way out!
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