Canada Housing/Debt: Trust me, I'm a landlord.

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apatheticman: May 13, 2003; Wedge Regret

Give me my money that I "earned"

http://www.metronews.ca/news/calgary/2016/01/28/realtors-claim-brokerage-is-withholding-commissions.html

quote:

Realtors who worked for a now defunct Calgary brokerage are alleging they haven�t received commissions owed to them, according to The Alberta Real Estate Association (AREA).

Royal LePage Foothills, which had 163 Realtors, announced it was folding in December.

Amanda Nielsen, public affairs and stakeholder relations with AREA, said their members are alleging varying amounts have been withheld on deals that were underway when the company folded.

She said AREA is listening to concerns and giving advice to those Realtors.

�Where appropriate, we�re also suggesting they look at legal counsel to represent them to the brokerage and make sure they�re being paid appropriately,� she said.
She said it�s too early to assume bad faith, but they�re making recommendations to Realtors in the mean time.

Real estate brokerages under the Royal LePage banner are franchises, which are independently owned and operated. Foothills was owned by Ted Zaharko, who did not return calls from Metro.
The business� office on Lake Fraser Drive SE has been vacated, and a notice posted by the landlord on the door said Royal LePage Foothills had defaulted on the lease, and was in arrears for $411,158.16.

In a written statement, Royal LePage�s Canadian office said most of the Realtors from Foothills have transitioned to two other Royal LePage franchises in Calgary.
�We understand that Mr. Zaharko may still owe commissions to a minority of his former agents and that he has publicly committed to paying what is owed,� read the statement.
It added that two other franchises, along with Royal LePage Canada, are working to provide assistance to agents who �may be negatively impacted by a delay in receiving commissions owed to them by their former company.�

Nielsen said her association has seen examples in the past where a brokerage closes and Realtors are left with unpaid commissions.
She said AREA is looking at ways to change the industry that might prevent that from happening.
�We�ll pursue advocacy options that will perhaps better protect commissions in the future,� she said.

# ? Jan 29, 2016 14:15

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# ? May 26, 2024 00:24

Rime: Nov 2, 2011; by Games Forum

163 Realtors? Goddamn, put some restrictions in place on the number of these idiots, how the gently caress were any of them making more than minimum wage, that's only one of like five brokerages in Calgary. :psyduck:

# ? Jan 29, 2016 14:28

I would blow Dane Cook: Dec 26, 2008

They're breeding like rabbits.

# ? Jan 29, 2016 14:47

the last signal...: Apr 16, 2009

apatheticman posted:

Give me my money that I "earned"

http://www.metronews.ca/news/calgary/2016/01/28/realtors-claim-brokerage-is-withholding-commissions.html

Oops, guess he was totally wrong when Mr. Zaharko said it was no problem just 3 months ago:

http://calgaryherald.com/business/real-estate/calgary-housing-market-weathering-energy-downturn-royal-lepage

quote:

Calgary�s housing market is weathering the energy downturn as home prices remained relatively flat in the third quarter of this year, says a new report released Wednesday by Royal LePage.

The real estate company�s House Price Survey said the aggregate median price of a home in Calgary rose 0.8 per cent from a year ago to $465,374.

Its aggregate prices are calculated by a weighted average of the median values of homes in the regions surveyed.

The median price of bungalows dropped by 0.4 per cent to $451,937 but for a two-storey home it was up 1.0 per cent to $522,052. For condos, it rose by 3.0 per cent to $310,665.

Ted Zaharko, broker and owner of Royal LePage Foothills, said the size of Calgary has created a more diverse economy with different reasons for people now living here.

�The inventory levels have not been excessive in the residential single-family home market,� he said. �So when you get buyers driving around looking for houses, they don�t have a lot of inventory to look at . . . Generally speaking it�s an inventory situation. Supply and demand.�

He said home prices have held up reasonably well and the relative lack of inventory has been sustaining prices and offsetting decreased sales activity.

According to the Calgary Real Estate Board, month-to-date up to and including October 13, there have been 500 MLS sales in the city which is down 44 per cent from last year and new listings of 1,126 have fallen by 6.1 per cent. The median price of $425,000 is off 3.4 per cent while the average sale price is down 5.3 per cent to $477,075.

As of Tuesday, there were 5,772 active listings in the city, up from 5,526 at the end of September.

Zaharko said many people have lived through similar economic downturns in Calgary caused by a decline in oil prices.

�They�re not going to sell desperately. They�re going to wait it out because they know this is probably more of a short-term situation than a long-term situation,� he said.

At the national level, prices increased 8.0 per cent year-over-year to $502,643 across the country. Royal LePage said the price of a two-storey home rose 9.9 per cent to $615,304, and the price of a bungalow increased 6.8 per cent to $421,757. During the same period, the price of a condominium increased 2.8 per cent to $338,684.

�Economic slowdowns in energy-dependent markets, most notably in western Canada, have in part been offset by both renewed industrial activity in other parts of the country and the Bank of Canada�s recent interest rate cuts,� said Phil Soper, chief executive of Royal LePage, in a statement.

�In line with recent quarters, strong national home price increases are largely being driven by continued double-digit percentage increases in the Greater Toronto Area and Greater Vancouver, where housing affordability is already becoming a growing challenge for many individuals and families.�

# ? Jan 29, 2016 15:11

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

Reverse Centaur posted:

lol if you think spitting and blowing snot everywhere hasn't increased dramatically as a culture known for spitting and blowing their snot everywhere takes over.

Please stop reading so much of the china.jpg thread.

# ? Jan 29, 2016 15:21

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

JawKnee posted:

lol if you think pools aren't full of filth, and haven't always been that way

Yeah, the water has touched everyone's genitals and rear end in a top hat, and it's probably been up their nose already. It's unpleasant to see someone spit or blow their nose into the water, but ultimately I don't think it makes the water that much more disgusting. Also: what the hell are you supposed to do if you get water up your nose? Snort it down?

This is why you shower before and after getting in a pool or hot tub, people...

# ? Jan 29, 2016 17:12

Eej: Jun 17, 2007; HEAVYARMS

Yeah but if they don't honk their nose into the water it reduces the incidence of your face hitting a warm blob of something when you're swimming.

# ? Jan 29, 2016 17:35

Baronjutter: Dec 31, 2007; "Tiny Trains"

The water has touched my butt so I might as well just poo poo in the pool, same thing.

# ? Jan 29, 2016 17:51

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

kids have been making GBS threads/blowing their noses and loving everything into pools forever, not just since the enigmatic and mysterious foreigners arrived

if you go swimming in public pools you deserve what you get (covered in other people's pisswater)

# ? Jan 29, 2016 18:11

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Spitting and blowing your nose are things that will naturally happen in the pool if you're doing more than sitting in the water. Odds are, you will get water in your mouth, and you will get water up your nose. I'm not going to hold the water in and wander to the washroom in order to put it down the sink: that's just unreasonable. I agree that you shouldn't spit and blow your nose into the water for shits and giggles, but that doesn't change the fact that there's plenty of saliva and mucus in the pool already, for entirely understandable reasons.

# ? Jan 29, 2016 18:15

cowofwar: Jul 30, 2002; by Athanatos

What the gently caress is wrong with you germaphobes? The pool is full of chlorine. I bet you guys also sit on a throne of toilet paper in the bathroom and wipe with a half roll toilet paper mitt.

Grow the gently caress up.

# ? Jan 29, 2016 18:17

namaste friends: Sep 18, 2004; by Smythe

ITT gonna with ocd who are so afraid of germs they lock themselves up in their rooms and piss and poo poo in milk jugs

# ? Jan 29, 2016 18:47

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

Cultural Imperial posted:

ITT gonna with ocd who are so afraid of germs they lock themselves up in their rooms and piss and poo poo in milk jugs

My piss and poo poo are clean, I just leave them anywhere in my place. :colbert:

# ? Jan 29, 2016 19:11

Baronjutter: Dec 31, 2007; "Tiny Trains"

Just shave off all your body hair and cover you self in hand sanitizer to stay pure and clean.

# ? Jan 29, 2016 19:16

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

cowofwar posted:

What the gently caress is wrong with you germaphobes? The pool is full of chlorine. I bet you guys also sit on a throne of toilet paper in the bathroom and wipe with a half roll toilet paper mitt.

Grow the gently caress up.

Only in the office.

# ? Jan 29, 2016 19:46

Monaghan: Dec 29, 2006

hope you fuckers get in on this amazing deal:

http://thekavanaghgroup.com/mylistings.html/details-54343858

# ? Jan 29, 2016 22:13

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

UnfortunateSexFart fucked around with this message at 23:42 on Jan 29, 2016

# ? Jan 29, 2016 23:39

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Monaghan posted:

hope you fuckers get in on this amazing deal:

http://thekavanaghgroup.com/mylistings.html/details-54343858

Why even bother taking photos of the property? It couldn't possibly help sell the place and it is 10 minutes they will never get back.

# ? Jan 30, 2016 00:03

snorch: Jul 27, 2009

Monaghan posted:

hope you fuckers get in on this amazing deal:

http://thekavanaghgroup.com/mylistings.html/details-54343858

I can smell the febreze they used to cover up that moldy roof funk right through my screen.

# ? Jan 30, 2016 01:50

Ccs: Feb 25, 2011

Cultural Imperial posted:

I can't believe there's a market for luxury dormitories.

Honestly I could live like this. It looks way better than the lovely student apartment I lived in when I first moved for work.

# ? Jan 30, 2016 04:28

namaste friends: Sep 18, 2004; by Smythe

http://www.theprovince.com/touch/news/vancouver/follow+money+vancouver+real+estate+market+concerns+spring/11683456/story.html?rel=838332

quote:

Follow the money: Evidence submitted at fraud probe points to concerns about Vancouver real estate market

Interviews conducted by B.C. Securities Commission investigators and read into evidence in a Securities Commission fraud hearing against Ayaz Dhanani reveal a complex real estate transaction with connections to alleged fraud and organized crime players.

This raises big concerns about Vancouver�s property market and the B.C. Real Estate Act.

In late December 2014 Vancouver realtor Liang Ming Wei walked into the frenetic dining hall of Floata in Chinatown.

With hundreds of diners and waiters racing around with steaming plates of dim sum, the Keefer Street restaurant was perfect for an obscure transfer.

Wei had arranged for three million yuan to be deposited in a Chinese bank and transferred to a Richmond currency exchange. Exchange owner Tony Xu called Wei and told the realtor his client�s cash had arrived and it was converted to $521,470 Canadian.

It was 10 times the legal amount individuals are allowed to transfer from China. And it was 50 times over the $10,000 limit that must be reported under Canada�s anti-money-laundering laws.

Instead of having Wei come to his Richmond location to pick up the cash, Tony Xu said it was better for the realtor to meet his brother Frank Xu in Vancouver. Wei�s client Zhongyun Zhang, a Chinese transportation professional, had come to Vancouver in August 2014 and set up a Bank of Montreal account with Wei�s help.

She had listed his Burnaby home address as her own. And on the title deed of Wei�s home she claimed to be a homemaker. Bank documents said she was a Canadian resident. None of it was true.

In Floata, Liang Ming Wei took three bank drafts totalling $470,000 and a cheque for $50,000 from Frank Xu, all made out to Zhongyun Zhang.

The money was supposed to come from Zhang�s account in China. But one of the bank drafts came from a Vancouver dentist who did not know Zhang, and was victim of an alleged fraud by a man named Ayaz Dhanani.

The other two bank drafts came from citizens who also did not know Zhang.

According to evidence tendered at a B.C. Securities Commission hearing, the financial instruments handed to Wei in Floata had passed through at least five sets of hands. These elaborate transactions occurred because Wei had told Zhang that �no matter what,� she must have $500,000 in Canada to buy a house.

The linchpin in the exchange was Edwin Shek-Yin Cheng, a Vancouver money launderer and loan shark who was well known to Western Canada organized and commercial crime investigators.

In June 2015, six months after the three bank drafts were deposited by Liang Ming Wei into Zhang�s bank account in West Vancouver, Edwin Cheng was found shot dead inside his car outside a Sikh temple in Richmond. Witnesses said assassins pulled up in a black SUV and blasted Cheng�s car with about 20 bullets.

Details of this disturbing case were revealed in the Securities Commission fraud hearing. But the offshore money transfer and real estate activities investigated by The Province were not the focus of the fraud proceedings. What�s more, the real estate activity that apparently drove these transactions is not being probed by B.C.�s Real Estate Council.

NDP MLA David Eby, B.C.�s opposition housing critic, said facts gathered by The Province provide perhaps unprecedented detail and corroboration of similar allegations reported to his office concerning offshore buyers and local realtors.

�I was really troubled by the facts in your case,� Eby said in an interview. �And I�m concerned this is not a one-off situation, and this could be a systemic, regular practice. There is enough information to raise red flags for investigations.�

DENTIST FILED COMPLAINT

None of the evidence regarding Zhongyun Zhang�s transaction would have come to light unless a Vancouver dentist who was allegedly duped by Dhanani in a gold stock investment scam had complained to the BCSC.

The dentist, who suggested he was afraid to speak on the record, spoke on condition he would be identified only as �John.�

John testified he was befriended in Vancouver by Dhanani, whom he met at a party in late 2014. According to testimony, Dhanani � who is to be arraigned next week in provincial court on charges of assault, obstructing justice, theft over $5,000 and fraud over $5,000 � persuaded John to invest $120,000 by promising the dentist he would get a 40- to 50-per-cent return within months, with zero risk.

Over dinner at The Keg in the downtown Vancouver Shangri-La tower, John said, he was told to make out his bank draft for $120,000 to the name Zhongyun Zhang. According to BCSC testimony, when John asked Dhanani why the draft should be payable to a person he did not know, Dhanani replied: �Bro, I do this many times and in lots of different ways, and it helps me to fly under the radar for tax purposes.�

John filled out his bank draft on Dec. 17, 2014, and allegedly passed it to Dhanani, who passed it to his associate Edwin Cheng, BCSC investigators allege. John testified that he did not deal with Edwin Cheng at all, but knew a bit about him.

�I met him a couple of times at a party at Ayaz�s house, and the way I�ve described him to friends that I�ve talked to about him was somebody who�d be able to look you in the eyes and stab you without blinking,� John testified. �That�s the sense that I got off him.�

Edwin Cheng passed John�s bank draft to Frank Xu. Frank Xu passed it to the realtor Liang Ming Wei at Floata, the Chinatown dim sum restaurant, according to Wei�s statement to BCSC investigators.

BCSC investigators asked Wei about the handoff from Xu that day, and if the dollar amount was correct.

�Money is a sensitive matter,� Wei replied to investigators. �After I received it, I calculated it, I signed, I signed yes, and then I took it.�

And Wei deposited John�s bank draft and two other bank drafts from unnamed persons into Zhang�s West Vancouver BMO account on Dec. 30, 2014, bringing her account total from zero to $470,000.

The three bank drafts could have financed a Vancouver home purchase at any time, a BCSC hearing was told. But John got nervous when he didn�t receive his promised investment return by January. He called the BCSC in March 2015 to launch an investigation. And investigators contacted BMO to order Zhongyun Zhang�s account frozen.

In an interview, John claimed that beyond being �utterly betrayed� in his investment he had no idea that his cash was allegedly laundered in what investigators called a �complicated transaction (in which his) bank draft was deposited into the bank account of a woman with whom he had no connection, and in fact, had never heard of.�

�I�m pretty shocked, actually,� John said. �It just unveils a huge, intricate network. It also begets the question of what money fuels the Vancouver real estate industry? And in what light does it show how well the real estate profession is policed in this city?�

VANCOUVER MARKET 'IS HOT'

While trying to discover the flow of funds and any connections between Ayaz Dhanani and others, a BCSC investigator interviewed Liang Ming Wei, Zhongyun Zhang, and Frank Xu. Frank Xu told an investigator he did not meet Dhanani and knew nothing of a gold stock investment.

�I didn�t know him, like, before this transaction, right. Before � it was through a guy, name�s called Eddy (Cheng). We got the bank draft from Eddy, yeah.�

Frank Xu said that he did not know Zhongyun Zhang, either, but that realtor Wei told him $500,000 handled by the Richmond currency exchange was to be deposited in Zhang�s account for �a real estate transaction.�

Wei told an investigator that he did not know Dhanani, or whether the alleged fraudster was connected to anyone else in the case.

Investigative transcripts read into BCSC hearing evidence do not make it clear why Wei had Zhang�s name on the title of his Burnaby home as a �homemaker,� or whether he counselled her to provide false information that could confuse Canadian or Chinese authorities.

Wei was asked about his advice as a realtor to Zhang, transcripts say, and �why he went through this elaborate transaction to transfer money from China to Canada.�

�The bank in China doesn�t provide this kind of service,� Wei said.

�She was still hesitating about buying a house or a condo, but as a realtor, I recommended her buying a house � I told her that the market in Vancouver is hot � �It�s better for you to send amount money to Vancouver so when there is a house that you�re satisfied with we can place an order right away� � I told her that, �No matter what, you need to have $500,000 in Canada.��

Before Wei was interviewed in June 2015, an investigator met with Zhang, who had come to Vancouver with her lawyer because her BMO account was frozen.

Zhang could not shed light on reasons for the repeated false claims made in Canadian bank documentation. She was asked why she claimed Canada as her residence when opening a BMO account.

�I don�t remember. Perhaps at the time the bank clerk suggested that to put the Canada down,� Zhang answered. Park Royal BMO management did not respond to questions from The Province on this story.

Zhang was also asked by a BCSC investigator why she claimed her realtor�s Burnaby address as her own.

�I really don�t know. What kind of address is that?� she responded.

In an absurd exchange, Zhang could not tell a BCSC investigator the source of the $470,000 that was deposited into her account Dec. 30, 2014.

�Where was that money coming from?� she was asked.

�I don�t know.�

�It�s your account, how is it that you don�t know?�

�I cannot recall.�

�Is it possible that you might have deposited that money?�

�I cannot recall.�

�So do you know why these three people that you don�t know anything about are depositing money into your bank account?�

�I don�t know.�

Corporate documents that were not reviewed in the BCSC case show that in March 2015 Liang Ming Wei took out a lease on a 2014 Rolls-Royce Ghost with another debtor identified as Canada Jiapeng Investment Group. The company was incorporated on Dec. 22, 2014. Director of the company is a person named Zhong Gui Zhang. The Rolls-Royce Ghost retail prices start at $360,000, a Vancouver dealer told The Province.

Liang Ming Wei did not respond to multiple requests for comment, and his lawyer also did not respond to questions for this story.

MURDER PROBE STILL ACTIVE

A BCSC investigator attempted to question Edwin Cheng in June 2015 before learning that he had been shot dead. Transcripts obtained by The Province do not reveal what investigators believed about Cheng.

In 2011 Cheng was arrested and charged in Calgary with three others in a joint organized crime fraud investigation involving the Calgary Police Service and the RCMP Commercial Crime section.

Calgary�s economic crime unit said the four were part of �a commercial enterprise� of �organized� cells sent from B.C. to Alberta to steal cash advances from casinos and buy high-end clothing and electronics using counterfeit credit cards.

Police seized 47 counterfeit credit cards, eight counterfeit driver�s licences and $16,000 in cash.

When Cheng was murdered in June 2015 he was facing bankruptcy proceedings, court records show. As a Vancouver �salesman� he owed the Canada Revenue Agency $743,888.

In several interviews, a Chinese-Canadian businesswoman told The Province that she had known Cheng and had completed financial services for him. She said he retailed expensive goods stolen outside B.C. in Richmond, that he �washed money and take percentage� and was involved in loan sharking at casinos. The woman said she believed Cheng �was standing between real business and gangsters.�

�He was very smooth,� said the woman, who did not want to be named. �He used to say if money can solve the problem � then it is not a problem.�

The investigation into Cheng�s murder remains active, said Integrated Homicide Investigation Team spokeswoman Sgt. Stephanie Ashton.

Tony Xu, reached by phone at his office in Richmond, said he remembered the 2014 transaction involving his brother Frank, the realtor Wei, and Zhongyun Zhang�s account.

�It�s a normal transfer, not much story about that, I think,� Xu said. �A lot of money transfers from China to here to buy property ... The average price of a house here is $3 million, so what do you think is normal?�

BCSC spokesman Richard Gilhooley declined to discuss specifics of the Ayaz Dhanani case.

CONCERNS RAISED

In an interview, NDP MLA David Eby said that a client�s use of a realtor�s home address and misreporting of country of residency and occupancy in official documents raises concerns that Fintrac, Canada�s anti-money-laundering agency, is �intentionally or otherwise� being avoided.

Eby said that, coincidentally, issues highlighted in this story are relevant to concerns about which he has already contacted B.C.�s Real Estate Council. In a Jan. 4 letter obtained by The Province, Eby informs the council of allegations that Vancouver realtors �frequently complete Fintrac required forms� by encouraging clients to provide the realtor�s address rather than �the buyer�s true address (in order) to foil Fintrac�s legislated mandate to track the source of international money.�

�If you are misreporting all those elements, it frustrates the ability of Canadian law enforcement agencies to do their work,� Eby told The Province.

He said a credible realtor brought forward the allegations and claimed to have witnessed other realtors misreporting Fintrac information. Eby also complained to the council about allegations that Vancouver realtors are helping clients quickly flip or �assign� purchase contracts to other buyers by arranging extra-long sale closing periods, thereby assisting buyers to profit in Vancouver�s ultra-hot market by avoiding property transfer taxes. If true, the allegations mean that realtors are being paid to help clients dodge taxes.

Similar anonymous allegations involving West Vancouver�s real estate market have been forwarded to The Province.

Eby provided a response to his Jan. 4 complaint from the B.C. Real Estate Council, in which a lawyer states the council will not investigate the allegations.

�The concerns you raise in your letter appear to relate to compliance with Fintrac and federal and provincial tax laws,� the council�s director of legal services states.

The Province got a similar response after repeatedly questioning the council about specific issues revealed in BCSC fraud hearing evidence.

�The council cannot make a determination as to whether any of the actions in relation to (the realtor�s) opening of the bank account or the handling of the cheques and bank drafts were wrongful,� spokeswoman Marilee Peters stated to The Province. �The material that you have asked us to look at does not appear to involve the provision of real estate services as defined by the Real Estate Services Act.�

The council is a self-regulating industry body funded by B.C. realtors� dues. Eby, who is a lawyer, said that in his opinion the council�s responses show it does not want to dig into connections between offshore money and Vancouver realtors.

�I can only gather that they aren�t interested,� Eby said. �There are enough red flags.�

Fintrac spokesman Darren Gibb said allegations that Vancouver realtors are encouraging clients to misreport Fintrac-mandated information that is used to track sources of offshore funds are �very serious.� Gibb said he could not comment on whether allegations are being investigated.

# ? Jan 30, 2016 05:09

namaste friends: Sep 18, 2004; by Smythe

Just your daily reminder that Prime Minister Selfie is going to do everything he can to protect homeowner equity.

# ? Jan 30, 2016 05:12

namaste friends: Sep 18, 2004; by Smythe

https://www.realtor.ca/Residential/Single-Family/16459933/400-Dixon-Road-Fort-McMurray-Alberta-T9K2Y6

Just in case the crash does come to vancouver, it is worth noting that real estate prices are 'sticky' on the way down. While Alberta has lost something like 60k jobs were lost in 2015, prices have barely nudged downwards. In 2006 when the US housing bubble popped, it took about 2 more years before we started seeing fire sales for homes.

# ? Jan 30, 2016 05:35

namaste friends: Sep 18, 2004; by Smythe

https://next.ft.com/content/e25a5be8-c518-11e5-808f-8231cd71622e

quote:

I�m at the Citi Digital money symposium in London�s Canary Wharf, moderating a panel on �What�s hot in fintech?� � a topic which, safe to say, everyone in finance is currently obsessing about. For me the term is fairly meaningless. Linguistically, it�s a portmanteau that fuses the word �financial� with the word �tech�. But what does that really signify? And why is it necessary?

Financial innovation, after all, is not new. From supposedly low-risk subprime securities to online banking and ATMs, finance is and always has been the story of technique. Hence why the sudden explosive use of the term �fintech� seems suspicious to me � I see it as a marketing or branding exercise to help make banking feel cool and hip to millennials, who, like the yuppies of the 1980s, will be encouraged to move away from more socially constructive professions for a stab at becoming �fintech� billionaires.

I am also tuned into the numerous hypocrisies and paradoxes in front of me. We�re here to talk about innovation, disruption and financial inclusion, and yet everyone on my panel represents the same old stereotype: a white middle-aged man in a suit. What exactly is disruptive about that? They tell me they�re excited about innovative �apps� that aim to control my spending to make me less of a credit risk for them. Fewer Jimmy Choos for me, more loan payments for them. But again, that�s hardly revolutionary or liberating. That�s just banking. And increasingly intrusive banking at that.

I�m reminded of what my favourite innovation-focused economist, Mariana Mazzucato, says: how about if we focus on making finance boring instead?

~fintech~~~

# ? Jan 30, 2016 05:42

cowofwar: Jul 30, 2002; by Athanatos

People will tap every single last source of money before they sell their house and most will stall the bank way in to foreclosure proceedings.

# ? Jan 30, 2016 05:45

Pixelboy: Sep 13, 2005; Now, I know what you're thinking...

Rime posted:

I need to get out of here.

Think about this:

I sold my two paid-for properties in Vancouver and moved to Seattle, because we couldn't afford a yard for our now-born baby girl to grow up playing in.

Vancouver is great in your 20's, I don't see how anyone could raise a family there.

We'll go back after the implosion, and buy back in at $0.70 on the dollar.

# ? Jan 30, 2016 05:54

namaste friends: Sep 18, 2004; by Smythe

The Aquilinis are going to build a ski resort in squamish

it's at the same elevation as the north shore mountains

lol

# ? Jan 30, 2016 06:10

Rime: Nov 2, 2011; by Games Forum

Pixelboy posted:

Think about this:

I sold my two paid-for properties in Vancouver and moved to Seattle, because we couldn't afford a yard for our now-born baby girl to grow up playing in.

Vancouver is great in your 20's, I don't see how anyone could raise a family there.

We'll go back after the implosion, and buy back in at $0.70 on the dollar.

I've got two interviews lined up next week, one in Smithers and the other in Vanderhoof. Double my current salary for the summer, with the potential to extend the contract through the winter. :pray:

It's sad to give up hanging out with friends and the general Lotus Land mentality of the lower mainland, but I'm almost 26 years old. I want to get ahead, do things, not just maintain a standard of living and fritter away my free time on idle pleasures.

# ? Jan 30, 2016 07:49

HookShot: Dec 26, 2005

Cultural Imperial posted:

The Aquilinis are going to build a ski resort in squamish

it's at the same elevation as the north shore mountains

lol

And gets on average 9cm of snow a year.

They're not building a ski resort, they're building chairlifts so they can buy government land at 5% of value to build houses on.

# ? Jan 30, 2016 16:01

Guigui: Jan 19, 2010; Winner of January '10 Lux Aeterna "Best 2010 Poster" Award

Cultural Imperial posted:

ITT gonna with ocd who are so afraid of germs they lock themselves up in their rooms and piss and poo poo in milk jugs

This quote reminded me of a case where we were called by a landlord to investigate a possible hoarding case in an appartment building.They man had a dog, a great dane, but did not walk him much. The kitchen and living room was a land of putrid food and cockroach galore. The old couch was his bed... The outside balcony was caked with half a foot of dog poop...

... Then we entered the bedroom, and the entire room was used to store countless baker boxes, all with dates scrawled on them. You could barely move there were so many...

What was in the boxes? Dessicated dog feces, all neatly organized in bags, with specific dates - some boxes going back to the mid 90's (this was back in 2004). It was so... bizarrely disgusting, yet a sight to behold - this man had archived almost every crap his dog took and stored it away.

The superintendant who let us in started to retch and bawl her eyes out. Most of the boxes were caked to the floor or each other.

Needless to say, the spca and mental health agencies were called. Good times.

# ? Jan 30, 2016 16:10

Seat Safety Switch: May 27, 2008; MY RELIGION IS THE SMALL BLOCK V8 AND COMMANDMENTS ONE THROUGH TEN ARE NEVER LIFT.; Pillbug

Dude was ready if the vet asked for a stool sample though.

# ? Jan 30, 2016 16:38

Rime: Nov 2, 2011; by Games Forum

British Columbia is Dying.

quote:

The city's population has decreased, according to the latest estimate from B.C. Stats, leaving Prince George mayor Lyn Hall both surprised and disappointed.

As of July 1, 2015, the city's population stood at 71,363 people, down 1,958 or 2.7 per cent from the year before, the agency said in a release this week.

For Hall, the decline is at odds with what he's seen and experienced.

"When I take a look at what's occurring in the community - the residential starts in the community, the community announcements that are going to be forthcoming - there is a great deal of activity in the city from an economic perspective.

"So to hear that we've dropped nearly 2,000 is surprising to me."

B.C. Northern Real Estate Board reports have shown a steady rise in both sales and the average price for a single family home in the city.

Likewise, there was a post-recession record 169 starts on single family homes in and around the city in 2015, according to Canada Mortgage and Housing Corporation. However, the number and total value of building permits taken out at city hall are down. In all, 485 permits for $88.4 million worth of work were taken out over 2015, compared to 509 permits for $125.7 million in 2014.

And permits for new single-family homes stood at 111, worth $32 million in total, down from 126 permits for $35.2 million over 2014.

Getting a precise gauge of the city's population is important, said Hall, because it can play a role in deciding how much funding the city can receive from the federal and provincial governments through various programs.

"If your population decreases, it could have some impact," he said.

It only adds to the importance of responding accurately and fully to census takers when they take to the streets this summer for the 2016 count, in Hall's opinion.

"It's so important to get out and vote," he said. "It's equally important for people to fill out the census because that census document that you're filling out means you're being counted for some very important reasons and one of those reasons is to provide for financial opportunity for the city based on population, based on growth, when you talk about transfer payments from the feds or the province."

Hall is trying to get more information on how B.C. Stats arrives at its numbers.

According to an emailed statement from B.C. Stats, they take the most recent federal census figures, from 2011, and looks at various indicators - notably BC Hydro connections and B.C. health client registry numbers in the case of small population communities - to come up with estimates.

For the Prince George census agglomeration, which also covers areas adjacent to city limits, the total is 83,823, a decline of 1,838 people or 2.1 per cent.

Population decreasing across the north

Here's a look at population figures from elsewhere in northern B.C.:

For the Fraser-Fort George Regional District as a whole, the figure was 91,277, down 2,011 people or 0.5 per cent.

Mackenzie's population was 3,499, down 24 people; Valemount's was 955 people, down eight people; McBride's was 577, down seven people; and for the unincorporated areas it was 14,883, down 14 people.

For the Bulkley-Nechako Regional District as a whole, the figure was 39,997, down 153 people or 0.4 per cent.

Vanderhoof's population was 4,492, down 22 people; Fort St. James' was 1,776, down 17 people; Fraser Lake's was 1,149, down 18 people; Burns Lake's was 1,829, down 153 people; Granisle's was 304, down two people; Houston's was 3,120, up five people; Telkwa's was 1,352, down 14 people; Smithers' was 4,932, down 143 people; and for the unincorporated areas it was 21,043, down 211.

For the Cariboo Regional District as a whole, it was 62,263, down 619 people or one per cent.

Quesnel's population was 9,160, down 601 people; Wells' was 232, down two people; Williams Lake's was 11,215, up 266 people; 100 Mile House's was 1,913, up 30 people; and for the unincorporated areas it was 39,743, down 312 people.

For the Peace River Regional District as a whole, it was 63,918, down 888 people or 1.4 per cent.

Fort St. John's was 20,778, down 340 people; Dawson Creek's was 11,944, down 304 people; Chetwynd's was 2,686, down 46 people; Tumbler Ridge's was 2,647, down 284 people; Taylor's was 1,500, up 21 people; Hudson's Hope's was 1,033, down two people; and Pouce Coupe's was 713, down 18 people; and for the unincorporated areas, it was 22,617, up 85 people.

For the Kitimat-Stikine Regional District as a whole, it was 38,621, down 420 people or 1.1 per cent.

Terrace's population was 11,164, down 33 people; Kitimat's was 8,211, down 254 people; New Hazelton's was 653, down nine people; Hazelton's was 263, down seven people; Stewart's was 422, down three people; and for the unincorporated areas it was 17,908, down 114 people.

For the Skeena-Queen Charlotte Regional District as a whole, it was 17,533, down 523 people.

Prince Rupert's population was 11,386, down 443 people; Queen Charlotte City's was 943, up five people; Masset's was 876, down seven people; Port Edwards was 500, down 33 people; Port Clements' was 365, down seven people; and for the unincorporated areas, it was 3,463, down 38 people.

This is concerning for a variety of reasons that shouldn't need explaining. We're larger than most countries on earth, we're drowning in resources, we need a population outside the lower mainland. This province has been neglecting urban centers outside Vancouver for over a decade as an unfortunate economic roadblock, and it's a joke. Run a loving fiber backbone up the center of the province and subsidize the Internet up there or something FFS.

If we spent as much on turning interior cities into something other than poverty stricken shitholes, as we do on fancy loving bridges over the Fraser, it would go a long way towards reducing the population pressure which makes those bridges necessary in the first place.

Rabble rabble rabble gently caress the Liberals rabble rabble. :argh:

# ? Jan 30, 2016 16:39

ductonius: Apr 9, 2007; I heard there's a cream for that...

Prince George: Population is declining. Housing starts are still happening. Home sales and price are up.

Pick any two of these and the third will be the opposite of what should be happening.

edit: :downs:

ductonius fucked around with this message at 20:02 on Jan 30, 2016

# ? Jan 30, 2016 17:03

etalian: Mar 20, 2006

Homeowner equity is pretty useless since it's a illiquid asset.

Being able to raid it for HELOC doesn't count.

# ? Jan 30, 2016 17:34

TROIKA CURES GREEK: Jun 30, 2015; by R. Guyovich

Cultural Imperial posted:

https://www.realtor.ca/Residential/Single-Family/16459933/400-Dixon-Road-Fort-McMurray-Alberta-T9K2Y6

Just in case the crash does come to vancouver, it is worth noting that real estate prices are 'sticky' on the way down. While Alberta has lost something like 60k jobs were lost in 2015, prices have barely nudged downwards. In 2006 when the US housing bubble popped, it took about 2 more years before we started seeing fire sales for homes.

That's only because once the bubble pops it's impossible to buy anything, prices can't come down if the banks aren't giving loans. Also because that's how long the foreclosures took, why the gently caress would you move instead of paying nothing for housing for 1-2 years.

Ironically this is why the people who made the biggest mistakes got the biggest rewards- if you 100% financed a house in 2007 in the US you got free housing basically for 2 years.

TROIKA CURES GREEK fucked around with this message at 17:44 on Jan 30, 2016

# ? Jan 30, 2016 17:42

namaste friends: Sep 18, 2004; by Smythe

Yeah basically if there's a credit crunch prices will stay static because velocity of money goes to zero. Hmmm if only there was some mechanism for market actors to compel a sale

:shrug:

# ? Jan 30, 2016 18:03

Ccs: Feb 25, 2011

My uncle almost lost his home after 2008, but the bank that held the deed went bankrupt, and somehow all the paperwork was lost in all the re-aquiring, so he's been living in a nice house and paying no property taxes since then since the ownership of the house is totally unknown now.

# ? Jan 30, 2016 18:06

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

Rime posted:

British Columbia is Dying.

This is concerning for a variety of reasons that shouldn't need explaining. We're larger than most countries on earth, we're drowning in resources, we need a population outside the lower mainland. This province has been neglecting urban centers outside Vancouver for over a decade as an unfortunate economic roadblock, and it's a joke. Run a loving fiber backbone up the center of the province and subsidize the Internet up there or something FFS.

If we spent as much on turning interior cities into something other than poverty stricken shitholes, as we do on fancy loving bridges over the Fraser, it would go a long way towards reducing the population pressure which makes those bridges necessary in the first place.

Rabble rabble rabble gently caress the Liberals rabble rabble.

This isn't just a BC problem. The focus on the few economic powerhouses in the country while ignoring everything else has completely hosed over every other urban center in the country. We're really seeing a situation where if you don't flock to Toronto, Vancouver, Ottawa, Calgary, (lol not anymore) Saskatoon, (except PotashCorp is hosed now), Winnipeg or Montreal, you're going to be hard pressed finding decent employment in a place that has a healthy job market and infrastructure that's actually being maintained.

Sometime's it's inevitable. When an entire city is based around a paper mill or a mine or any other single industry it's hard to branch out, and a lot of people say it's the natural order of things thanks to consolidation and economy of scale and all that but it really loving sucks if you don't want to live in a poorly planned out sprawling city choked with over a million people and finding it impossible to move in to out of and around said city because everyone has their heads up their asses when it comes to urban planning.

I'd probably be happier if I were living in a city 1/10th the size of Winnipeg and so would a lot of people but finding a good job in a city like that was proving to be impossible.

# ? Jan 30, 2016 19:04

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

People tend to focus on the growth of a handful of major cities but if you look around the world there's actually a huge amount of urban shrinkage occurring as well. As some cities are growing many others are hollowing out.

# ? Jan 30, 2016 20:03

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# ? May 26, 2024 00:24

Antifreeze Head: Jun 6, 2005; It begins; Pillbug

Ccs posted:

My uncle almost lost his home after 2008, but the bank that held the deed went bankrupt, and somehow all the paperwork was lost in all the re-aquiring, so he's been living in a nice house and paying no property taxes since then since the ownership of the house is totally unknown now.

That's the sort of thing I'd associate with 1908, not 2008.

# ? Jan 30, 2016 20:12

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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