- Adbot
-
ADBOT LOVES YOU
|
|
|
#
?
May 15, 2024 14:15
|
|
- LemonDrizzle
- Mar 28, 2012
-
neoliberal shithead
|
Newsflash: No one in the entire world generally wants to mix with those of a significantly lower income bracket, particularly when said low income bracket is low enough where finding feces in the elevator is real concern.
|
#
?
May 6, 2015 06:59
|
|
- Bloody Hedgehog
- Dec 12, 2003
-
💥💥🤯💥💥
Gotta nuke something
|
It's perfectly normal in London to have council estates right nextdoor to multimillion pound homes.
Sure, but a lot of places are like that. But these new mixed building are liking having a council estate in your basement.
Say what you will about the crazy prices in Vancouver or wherever, but people did shell out a lot of money to live someplace nice. At least with separate entrances you continue to live someplace nice, as opposed to the place where you have to tell your daughter to step around the dirty, snoring man in the lobby, and the guy doing god knows what in the corner.
|
|
#
?
May 6, 2015 07:52
|
|
- PT6A
- Jan 5, 2006
-
Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane
|
I'd rather live in a donkey's rear end in a top hat than move to pretty much anywhere in BC, thank you very much.
|
|
#
?
May 6, 2015 17:12
|
|
- Bloody Hedgehog
- Dec 12, 2003
-
💥💥🤯💥💥
Gotta nuke something
|
I'd rather live in a donkey's rear end in a top hat than move to pretty much anywhere in BC, thank you very much.
Why would you want to live in Toronto?
|
|
#
?
May 6, 2015 17:21
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
I guess that's why he lives in Calgary
|
|
#
?
May 6, 2015 17:51
|
|
- triplexpac
- Mar 24, 2007
-
Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you
|
This grosses me out
quote:
7895 GRANVILLE ST., Vancouver
ASKING PRICE $1.298-million
SELLING PRICE $1.505-million
DAYS ON MARKET 10
TAXES $4,079
LISTING AGENT Mackenzie Close, Sotheby's International Realty
The Action: Only investors showed interest in the house. The area is expected to undergo rezoning for higher density as part of the Marpole community plan, which could mean future land assembly.
“Nobody looked at it to live in,” says listing agent Mackenzie Close.
“It was all investors looking to cash in later on with the land assembly. But they are getting $3,500 rent out of it. So it’s not just a holding property, but it’s a holding property that gets some good economic value out of it.”
What They Got: The cute 1949 bungalow sits on a corner lot and has been lovingly maintained, with two bedrooms, inlaid hardwood floors, retro tiled wood burning fireplace, and updated kitchen. The 1,688-square-foot house includes a fully renovated downstairs suite, new furnace, hot water tank, and new electrical.
The Agent’s Take: “We had four offers. Two were below asking and two were over. We managed to pit them against each other and squeeze as much as we could out of them. And we got a lot more than that,” Close said. “My guys were thrilled. It put them in a whole new bracket to go shopping on the east side.”
http://www.theglobeandmail.com/life...rticle24223818/
|
|
#
?
May 6, 2015 19:29
|
|
- Femtosecond
- Aug 2, 2003
-
|
Ugh gently caress this poo poo. East Van is getting filled with west side boomers flush with cash.
|
|
#
?
May 7, 2015 04:12
|
|
- Fuzzy Mammal
- Aug 15, 2001
-
-
Lipstick Apathy
|
Are there jobs outside of major metro areas like Toronto or Vancouver? I just assumed that houses were cheap elsewhere because no one made any money.
Come to Seattle. I figure there are about 5 years before everyone is priced out like all the other west coast cities.
|
|
#
?
May 7, 2015 04:37
|
|
- ocrumsprug
- Sep 23, 2010
-
by LITERALLY AN ADMIN
|
Wow! $38k before income taxes on a $1.5m investment is some hot hot hot return.
|
|
#
?
May 7, 2015 05:21
|
|
- I would blow Dane Cook
- Dec 26, 2008
-
|
https://www.youtube.com/watch?v=PNMOYPUWLZ0
Good little video on the Sydney apartment market, including shoddy construction, floods and sinkholes.
|
|
#
?
May 7, 2015 13:58
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
lol Winnipeg housing market
|
|
#
?
May 7, 2015 14:58
|
|
- ocrumsprug
- Sep 23, 2010
-
by LITERALLY AN ADMIN
|
lol Winnipeg housing market
See this is what happens when the CMHC acknowledge that Winnipeg has a bubble. Cause and Effect.
Luckily they said Vancouver was still good, so activity is still quite brisk here.
|
|
#
?
May 7, 2015 16:07
|
|
- EvilJoven
- Mar 18, 2005
-
NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?
-
Fun Shoe
|
So so glad I talked my wife in to putting the brakes on her house hunting after we didn't win that bungalow.
|
|
#
?
May 7, 2015 18:05
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
quote:
Glavin: The questions politicians don't want us asking about Chinese money
There are quite a few things that Foreign Affairs Minister Rob Nicholson and Public Safety Minister Steven Blaney would rather not discuss about their government’s role in the handling of tens of thousands of jet-setting Chinese multimillionaires and the dilemma in dealing with the Beijing regime’s increasingly long-armed, vindictive and ferocious police-state apparatus. There is an election coming up, after all. The opposition parties, too, have their own reasons for wishing it would all just go away.
But it won’t, at least not for a growing number of wage-earning Canadians. The Canadian housing market is overvalued by 35 per cent compared to Canadian incomes, and 89 per cent compared to rents. Chinese money, of the hot and cold type as well as the clean and dirty variety, is no minor factor in the calamity. In Vancouver, as much as half the dollar value of detached housing sales went to Mainland Chinese buyers last year. Most of the $3 billionpoured into the purchase of west-side Vancouver properties last year originated in China, a reflection of the spike in Chinese money that has entered Canada since China’s ruthless Xi Jinping took charge three years ago. There is also the predicament of all those voters who have mortgaged themselves to the hilt on the bet that their houses are going to continue to rise in market value.
“The Conservatives want all of this to go away and not be noticed, and not just the Conservatives, either. Nobody wants to say anything that might cause the property bubble to deflate a bit — certainly not before the election,” the veteran diplomat Martin Collacott told me the other day. A former Foreign Affairs director-general for security services and a Chinese-speaking negotiator in the lead-up to Canada’s diplomatic recognition of China in 1970, Collacott says Beijing has got us all over a barrel.
The case of Vancouver property developer Michael Ching isn’t helping to quieten things down. Ching is either some sort of big-money embezzler and a fugitive from justice back in China, or an upstanding would-be Canadian citizen of nearly 20 unblemished years’ standing who deserves the asylum he’s seeking here. The latest developments in Ching’s story reveal him as a person of lavish generosity in his political contributions, especially to Liberal Party accounts, and his daughter has turned out to be none other than Linda Ching, president of the Liberals’ youth wing in British Columbia.
Political hay is not easy to make of any of this.
A lot of it is bound up in the Immigrant Investor Program, a racket championed by the previous Liberal government but avoided by the New Democratic Party for reasons arising largely from twitchiness about insinuations of “Sinophobia” and a bias against foreign investment. Before the scheme was shut down last year, the Conservative government had issued permanent-residency certificates to more than 50,000 investor-class immigrants, mostly from China.
These people were by no means all crooks. But the IIP was a busy conduit that allowed Canada to become a robber’s roost for various kinds of swindlers and corrupt officials from China. Billions of dollars in rotten yuan got stashed away in Canadian real estate. Now, President Xi is determined to get as much of that money back as he can and to muscle Canada into handing over the culprits who have been absconding with all the loot.
Ottawa is unlikely to respond by giving Beijing any backchat. Three years ago, after Prime Minister Stephen Harper declared that CNOOC’s $15 billion Nexen purchase was going to be China’s last big oil-patch hurrah, Beijing put the screws to us. Within 12 months, Chinese investment in Canada dropped from $21.5 billion to roughly $220 million. So, this time around, Ottawa appears to be telling Beijing that Canada will play along. We’ll just want a cut of the proceeds, is all — and we’ll throw in any scoundrels that Beijing wants, too — but we just need to deal with this cultural pastime known as a federal election, first.
But how much money are we really talking about here? How much should be expected to drain out of the Canadian economy if we cut a deal with Beijing? How much of it is really stolen money?
We already know that President Xi’s own family amassed a fortune of about $400 million in tandem with his rise to power. His regime’s anti-corruption drive is intricately bound up in a purge of out-crowd party bigshots and a rapid retrenchment in Central Committee power consolidation and general repression. By what standards of evidence will Canada be sending President Xi’s enemies back to the farce of his regime’s judicial system?
Last December, Canada’s ambassador to China, Guy Saint-Jacques, told the China Daily that Beijing and Ottawa were enjoying “good collaboration,” and that Canada had returned more than 1,200 people to China during the previous three years, including more than 60 who were sought in China for criminal reasons. Really? So Canadian law-enforcement agencies are already collaborating with Beijing? We’ve already started sending these alleged looters back?
Blaney’s office has told me is that 1,838 Chinese nationals were returned to China in the four years leading up to December, 2014. Almost all of them were found to be in non-compliance with Canada’s immigration laws — which can mean any number of things, including failed refugee claims, overstays, and working without a proper permit. But 80 were sent back for “misrepresentation,” and 81 were sent back because they committed serious crimes or were involved in organized crime. Were these alleged crimes committed in Canada or in China? I got no answer.
What about safeguards to ensure that people wanted in China on criminal charges are guaranteed due process of law? “Pre-removal risk assessment is one of the safeguards in place to ensure people in need of protection are not removed,” I was told, but this is a cruel joke according to human rights lawyer David Matas.
“China tells the Canadian Border Services Agency that somebody is corrupt, and the CBSA takes it as 100 per cent gospel, as reasonable grounds to believe. The government in China concocts a theory, scoops up the target’s friends and relatives, then they torture, they fabricate evidence, and we take the allegations at face value,” says Matas, who also happens to be counsel in Ching’s continuing refugee-status fight. Matas says he’s handled at least 20 such cases in recent years. “That’s what I see in case after case.”
Ottawa requires commitments that returned Chinese nationals won’t be executed for whatever crime they are supposed to have committed, but beyond that there is only the cockeyed and hollow 1994 Canada-China “Mutual Legal Assistance in Criminal Matters” treaty. China wants a formal extradition treaty with Canada, but that looks like a bridge too far, so President Xi is eager to clinch a deal with Ottawa through the Sharing of Forfeited Assets and the Return of Property deal that John Baird initialled when he was foreign minister in 2013.
“The Government of Canada is committed to working as expeditiously as possible to sign this agreement,” Caitlin Workman, a spokesperson for Nicholson, told me this week. “While Canada remains determined to sign the agreement, it is premature to set a precise date.”
Which is to say that Ottawa will want the federal election done and over with before ratifying the thing. So long as neither the Liberals nor the NDP make a big deal of it, all the better, too.
http://ottawacitizen.com/opinion/columnists/glavin-the-questions-politicians-dont-want-us-asking-about-chinese-money
|
|
#
?
May 7, 2015 21:16
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
I'm not in favor of this argument. Im just wondering when housing become relevant in party platforms.
|
|
#
?
May 7, 2015 21:30
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
Policies like helping middle class Canadians obtain funding for million dollar homes.
|
|
#
?
May 7, 2015 21:44
|
|
- I would blow Dane Cook
- Dec 26, 2008
-
|
I wonder if this stuff is being used in Canada too:
quote:
Fears grow as apartment cladding debacle ignites
Cheaply imported aluminium cladding from Melbourne’s fire-damaged Lacrosse tower was so flammable CSIRO scientists had to abandon combustibility tests after only 93 seconds to avoid damaging their equipment.
A CSIRO report obtained by The Australian reveals that the sub-standard Alucobest cladding — suspected of also having been used in thousands of buildings nationwide and linked with fires in large buildings around the world — sustained extensive “flaming” after 55 seconds and had to be extinguished after 93 seconds because of “excessive flaming and smoking”.
“The single sample failed the sustained flaming clause in the first minute of the test,” said the report by the CSIRO group leader of fire safety engineering Alex Webb. “The test was terminated soon after, and prior to (the required) 30 minutes, to prevent damage to our equipment.”
The tests, commissioned and financed by the Metropolitan Fire Brigade and carried out on April 1, concluded the Alucobest cladding from the Lacrosse tower — co-developed by publisher and developer Morrie Schwartz — was combustible and failed Australian combustibility requirements that cladding have “zero” sustained flaming.
An MFB incident report into the November Lacrosse fire also reveals there have been seven high-rise apartment fires around the world directly attributed to the unsafe cladding with plastic cores, with more than seven deaths. Four high-rise towers in Dubai including The Torch — all with aluminium cladding with the plastic core — have suffered extensive damage from fires spreading up the facade of the buildings.
In France, seven people died in an 18-storey apartment complex in Roubaix, clad in similar aluminium facade as that used at the Lacrosse Tower.
In South Korea, a rapidly spreading fire in a 42-storey fire high-rise apartment complex was directly attributed again to the same sort of cladding used at Lacrosse as was a fire in a 41-storey building in Atlanta City in the US.
Of those international fires, the MFB reports say: “What is evident is the rapid and extensive vertical fire spread up and down the buildings in direct correlation with the fire (at the Lacrosse tower). Whilst the brand and make of the panels are not identified in the report, they would all appear to be of very similar material and construction to the material installed in the facade at the (Lacrosse building).”
CFMEU national secretary Michael O’Connor yesterday predicted an Australian worker or apartment owner would die from flammable cladding unless the issue were urgently addressed.
He said there was a growing problem of builders substituting quality products at the last moment for cheaper, dangerous, imported products to increase profits.
He also warned about companies in China selling building products such as cladding with questionable quality control and compliance certificates.
“People are going to be killed or seriously injured if something is not done about the quality control of products such as the cladding which are being imported from China,” Mr O’Connor said.
The Alucobest cladding used at Lacrosse and widely used across Australia’s booming apartment building sector contains a polyethylene, or plastic, core and does not meet Australian building code or fire safety standards.
The safer Alucobond product with a fibre core does comply with Australia’s building code and does meet fire safety, but is considerably more expensive.
It is not known how many apartment towers across Australia have used the dangerous alternative as cladding, with one industry expert describing it as the building sector’s “dirty little secret”.
Fire Protection Association chief executive Scott Williams described the issue as a “time bomb”, with tens of thousands of apartment buildings nationwide at risk of a rapidly spreading and intense fire because of the widespread use of Alucobest or similar cladding with a plastic core.
The Australian has asked Mr Schwartz if he was aware of similar sub-standard cladding having been used in any of his other extensive developments. He has yet to respond.
Residents of the Lacrosse tower are pursuing legal action over the use of the sub-standard cladding against the builders LU Simon, surveyors Gardner Group and the co-developers Pan Urban, owned by Mr Schwartz, and property funds manager Charter Hall.
The residents’ lawyer, Ben Hardwick from Slater and Gordon, said litigation was also being considered against others involved in the construction and design process.
The MFB report says labelling on the cladding from the Lacrosse building indicated it had been imported from China-based company Shanghai Huayuan New Composite Materials Co Ltd.
The CSIRO was called in to test the Lacrosse cladding as only an invasive test can determine the difference between non-compliant cladding with a plastic core and the compliant cladding with a fibre core. Otherwise they look, feel and smell exactly the same.
http://www.theaustralian.com.au/bus...872578d6ea1b519
|
|
#
?
May 8, 2015 01:40
|
|
- Brannock
- Feb 9, 2006
-
by exmarx
-
Fallen Rib
|
on the bright side will be ironic when mainland chinese investors living in a overpriced condo get killed by a cladding fire.
What will be ironic about that?
|
|
#
?
May 8, 2015 04:14
|
|
- tagesschau
- Sep 1, 2006
-
Guten Abend, meine Damen und Herren.
|
Get the gently caress into #Diefenbunker on SynIRC, there is a HOT BUBBLE ARGUMENT goin' down right now! 
I think it may have died down now...
|
|
#
?
May 8, 2015 04:26
|
|
- HookShot
- Dec 26, 2005
-
|
The crash is coming guys, I accidentally ended up on RFD today and the number of people that are expecting a crash and the people literally claiming real estate is going to go up forever is pretty much at 50/50, whereas it used to be everyone versus that one guy that said it was going down.
|
|
#
?
May 8, 2015 06:18
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
yvr housing analyst has literally turned into a crypto housing market bull. So I guess you're right.
|
|
#
?
May 8, 2015 06:21
|
|
- namaste friends
- Sep 18, 2004
-
by Smythe
|
In other news, mission accomplished.
http://www.theglobeandmail.com/report-on-business/cmhcs-tighter-mortgage-rules-succeed-in-reducing-exposure/article24316220/
quote:
Ottawa’s attempts to play a smaller role in Canada’s housing market are having a noticeable impact, as the federal housing agency reported the total value of its mortgage insurance continued to shrink in 2014 driven by a series of measures to tighten mortgage rules.
The total value of Canada Mortgage and Housing Agency’s mortgage insurance fell $14-billion in 2014 to $543-billion, the housing agency said in its annual report. It expects insurance to decline another $10-billion in 2015 as borrowers repay their loans faster than CMHC writes new premiums. The federal government has capped CMHC’s insurance at $600-billion.
Federal officials have been vocal about their plans to limit taxpayer exposure to the housing market and encourage the growth of private sector mortgage financing and insurance.
In an effort to shrink its presence in the market and boost its capital reserves, CMHC hiked premiums 15 per cent last year and raised them again earlier this year for borrowers with down payments of less than 10 per cent. Higher insurance fees brought in an additional $7-million in new revenue for the federal agency last year.
It scrapped insurance for second homes and self-employed borrowers without proof of income, as well as for condominium construction financing. The agency also moved to slow growth of its portfolio insurance, which allows lenders to take out insurance on bundles of uninsured mortgages so it can securitize and sell them, by lowering its annual limit to $9-billion from $11-billion.
In December, the Crown agency also boosted the fees it charges lenders to sell off mortgages through its securitization programs, a measure that came into effect last month, saying it was “an important step toward further reducing taxpayer exposure to the housing sector and encouraging alternative funding options in the private market.”
CMHC reported $422-billion in total guarantees for mortgage-backed securities, up from $398-billion a year earlier. Roughly one-third of all Canadian mortgages are securitized through the program.
CMHC president Evan Siddall said Thursday that recent steps taken by housing agency have been effective and the agency has no plans to further limit its mortgage insurance programs this year.
“We’re quite comfortable with the reduction in risk at CMHC and with the current levels of market share,” he said, adding the agency is still exploring some policy ideas to reduce its exposure.
One idea CMHC has floated is risk-sharing with lenders, likely through a deductible on its mortgage insurance. That would require a change in federal government legislation, Mr. Siddall said. “We continue to look at different options over the medium-term, but there’s no progress to announce right now.”
Efforts to shrink the federal government’s role in mortgage financing come as private insurers such as Genworth MI Canada Inc. report they’re working to expand their presence in market, particularly among smaller lenders. Despite the government pull-back, Ottawa guarantees private mortgage insurance up to 90 per cent, meaning it still shoulders the bulk of the risk.
The federal agency reported its loss ratio, a measure of claims paid compared with new premiums written, rose slightly in 2014 to 19.4 per cent, although it remained far below its recent peak of 31 per cent in 2011.
While CMHC saw a drop in claims paid for homeowner mortgage insurance, claims paid on multiresidential condo and apartment projects jumped from $4-million to $28-million due to “several large claims paid in 2014.” (The agency wouldn’t discuss details of the projects involved.) CMHC has paid out close to $3.7-billion in insurance claims since 2007, although its annual numbers have been steadily dropping over the years. The estimate average claim is around $70,000, the agency said, although it doesn’t publish official details of claims paid.
CMHC expects the housing market to slow slightly over the next two years, predicting national average resale home prices will rise 1.5 per cent this year and 1.6 per cent next year, reaching $420,900 by the end of 2016. It forecast growth will be slower outside of Toronto and Vancouver.
Despite its expectations for a slowdown, CMHC said it was lowering the amount it sets aside to pay claims by 10.5 per cent, to $778-million in 2015, citing “improving economic conditions including rising house prices and lower unemployment rate.”
|
|
#
?
May 8, 2015 06:25
|
|
- Adbot
-
ADBOT LOVES YOU
|
|
|
#
?
May 15, 2024 14:15
|
|
- ocrumsprug
- Sep 23, 2010
-
by LITERALLY AN ADMIN
|
Nothing wrong with that. It is good if you can pay more than you promised.
Typo on Rimes part.
Half a trillion liability, less than a billion in funds.
However since they are essentially the government of Canada, they can just write the cheques. Whether they will in the event smog a serious crash is another matter.
|
|
#
?
May 8, 2015 06:46
|
|
#
?
May 6, 2015 04:23
